Three more Oblenergos announce preliminary 2008 results

Yesterday three more Ukrainian Oblenergos posted preliminary 2008 financial results. Donetskoblenergo (DOON) showed positive EBITDA for first time in the last five years (we expected zero EBITDA), increasing its net income by UAH 290 mln (USD 55 mln). Dniprooblenergo (DNON) increased its EBITDA 2.6 times – still a smaller amount than we expected (the decrease in power demand in industrial Dnipropetrovsk region spoiled its last quarter’s bottom line). There was more positive news from DNON’s financials: the company restructured UAH 1.9 bln debt to Energorynok.   

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                                           Net revenue        EBITDA        Net income
                                              $ mln   yoy  $ mln   yoy  mgn  $ mln   yoy  mgn
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Dniprooblenergo        DNON  1,542.9  14%   45.6  161%   3%   16.1  196%   1%
Donetskoblenergo      DOON    577.5  27%    4.7     n/m   1%   -0.8   n/m      0%
Kirovohradoblenergo  KION    102.2   34%    8.4   -35%   8%    0.2  -93%     0%
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