26 July 2010
Ukraine’s traded power generation companies, Centrenergo (UX: CEEN UK), Dniproenergo (UX: DNEN UK), Donbasenergo (UX: DOEN UK), and Zakhidenergo (UX: ZAEN UK) all published 1H10 UAS financial results in filings with the State Securities and Exchange Commission last week.
1H10 key financials, UAH mln
Revenue yoy EBITDA mgn yoy
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Centrenergo 2,709 48% 129.7 5% 7pp
Dniproenergo 2,642 45% 354.7 13% 14pp
Donbasenergo 1,377 29% -66.0 -5% -2pp
Zakhidenergo 2,177 1% 31.1 1% 8pp
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Source: State Securities & Exchange Commission
Yegor Samusenko: Most GenCos returned to the black after seven quarters of negative margins thanks to accelerated growth in electricity tariffs, which grew by an average 15% y-o-y in 1H10. We expect a positive market reaction for Centrenergo, Dniproenergo and Zakhidenergo.