SOEN, VOEN, ZOEN, VIEN, CHEON report 1H09 results

————————  —————  —————-  —————-                                                         Net revenue         EBITDA       Net income
                          UAH mn  Chg yoy  UAH mln  Chg yoy  UAH mln  Chg yoy
————————  —————  —————-  —————-
Sumyoblenergo      SOEN   331.6     21.5%  69.5       27.2%  39.5       27.3%

Volynoblenergo     VOEN   212.4     14.2%  31.4        4.7%   9.3       32.9%

Zakarpatoblenergo  ZOEN   272.7     15.1%  36.8       37.3%   8.2      103.3%

Vinnytsyaoblenergo VIEN   341.6     12.3%  41.9      -19.1%  17.1      -13.2%

Chernihivoblenergo CHEON  315.4     19.3%  55.7       40.4%  37.5       72.4%

Mykolaivoblenergo  –          397.0     15.8%  42.3      255.6%  31.0          9x
————————  —————  —————-  —————-

Source: Company data

Yegor Samusenko: Electricity distribution remains a crisis-resistant sector. The 1H09 EBITDA of all companies except Vinnytsyaoblenergo imply that they are on track to beat our full-year expectations.