Donbasenergo reports strong 2Q12 results

Donbasenergo reports strong 2Q12 results



26 липня 2012 года
Конкорд Капитал

Донбассэнерго (DOEN)


Donbasenergo (DOEN UK), Ukraine’s smallest electricity generation company, reported a 29% yoy increase in net revenue to USD 285 mln in 1H12. EBITDA improved 3.4x yoy to USD 29 mln during the period, and net income reached USD 20 mln vs. USD 0.2 mln a year ago. Financials for 2Q12 were strong as well: EBITDA turned to positive USD 37 mln (vs. negative USD 8 mln in 1Q12) and net income stood at USD 33 mln (vs. a USD 13 mln net loss in 1Q12).

Alexander Paraschiy: The company’s strong result was expected given the spectacular report from its peer, Centrenergo (CEEN UK), which posted its financials a day before. The key top-line growth driver was a 15% yoy increase in its achieved power tariff, as well as growth in power output (+12% yoy). Tariff growth, on the back of a coal rate decline made the company’s 2Q12 spark spread widen to allow it to fully cover its operating losses for the previous quarter. As with Centrenergo, we expect a favorable market environment will continue in 3Q12 but end in 4Q12 when regulators traditionally decrease power tariffs.

Источник: Конкорд Капитал

Аналитик: Александр Паращий
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