Dniproenergo EBITDA falls 27% in 1H14

Dniproenergo EBITDA falls 27% in 1H14



24 липня 2014 года
Конкорд Капитал

Днепрэнерго (DNEN)


Power generation company DTEK Dniproenergo (DNEN UK) generated UAH 4,006 mln in revenue (4% less yoy) in 1H14, according to the company’s July 24 filing. Its EBITDA fell 27% yoy to UAH 533 mln in 1H14. The company’s losses for 1H14 amounted to UAH 119 mln (vs. UAH 331 mln profit in 1H13).

The company’s semi-annual result implies that Dniproenergo’s 2Q14 EBITDA was UAH 266 mln (-54% yoy, flat qoq), and its bottom line for the quarter was UAH 9 mln (vs. UAH 353 mln in profit in 2Q13 and UAH 128 mln in losses in 1Q14).



Alexander Paraschiy: The weaker operating profit in the second quarter was broadly expected, given that coal prices on the Ukrainian market increased more than 5% yoy, while the average rate for electricity sold by coal-fired GenCos fell more than 10% yoy. We expect other Ukrainian power generation companies, except Donbasenergo, will report similar decreass in their operating profit in 2Q14. We expect Dniproenergo’s power tariff will slightly improve in the second half of the year so that its EBITDA in 2H14 will be flat yoy.

Источник: Конкорд Капитал

Аналитик: Александр Паращий
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