DTEK to cut electricity to Sadovaya mine

DTEK to cut electricity to Sadovaya mine



18 лютого 2014 года
Конкорд Капитал

Sadovaya Group (SGR)


Power DisCo DTEK Donetskoblenergo announced on Feb. 17 it plans to cut electricity to the Rassvet-1 Mine of Sadovaya Group (SGR PW) as of Feb.18. The mine hasn’t been fully paying its electricity bill since April 2013 and has total accumulated debt of UAH 12 mln (around USD 1.4 mln), the power DisCo stated.



Roman Topolyuk: Solvency issues are mounting for Sadovaya after the company defaulted on debt in 2013. So far, there is no sign that the debt will be covered by the company’s ordinary business activity. Rassvet’s unpaid electricity bill is close to Sadovaya’s estimated 2013 annual revenue, while the company’s total interest-bearing debt was USD 39.8 mln as of end-September 2013.



Thus, we expect that some of Sadovaya’s assets, primarily the Rassvet-1 Mine, might be involved in a sale aimed at restructuring the company’s indebtedness. Ironically, we see that DTEK (DTEKUA), the majority owner of Donetskoblenergo, is the most likely bidder for Rassvet-1: the licensed area of one of DTEK’s biggest mines, Komsomolets Donbasa (SHKD UK), is located nearby.

Источник: Конкорд Капитал

Аналитик: Роман Тополюк
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