Zakhidenergo Announces 2005 Results And Votes To Pay Dividends.

Zakhidenergo (ZAEN: BUY) reported USD 482 mln net revenue (+26% yoy), USD 23.2 mln EBITDA (+6% yoy) and USD 4 mln net income (-74%). The company’s AGM decided to pay 40% of its net income in dividends (USD 0.13 per share, dividend yield 0.5%). Concorde Capital: Both EBITDA and net income were lower than we forecasted in September – this is due to an unbeneficial change in pricing policy for ZAEN’s electricity produced in the fourth quarter of 2005. According to the company’s management this unbeneficial pricing was improved in January 2006.