Zakhidenergo Announces 2004 Results

Zakhidenergo’s (ZAEN) net revenue rose 18% yoy to USD 367.7 mn, while net income totaled USD 10.9 mn. The company sold 12.4 TWh of electricity to Ukraine’s wholesale market operator in 2004, an increase of 6%, and obtained 100% of payment due. Concorde Capital: The results were nearly in line with our projections of USD 368.5 mn (see the 19 January Strategy report). ZAEN is the only thermal generation company to increase electricity production in 2004. Its competitive advantage is its ability to export to the Burshtyn and Dobrotvir power plants near he EU border.