Donbasenergo reports FY12 profit, may pay dividends

Donbasenergo reports FY12 profit, may pay dividends



19 лютого 2013 года
Конкорд Капитал

Донбассэнерго (DOEN)


Power GenCo Donbasenergo (DOEN UK) posted preliminary profit of UAH 30.98 mln in 2012, based on an AGM announcement on Feb. 15. The company will hold an AGM on Mar. 20, with profit distribution and approval of significant deals being among the agenda items.



Alexander Paraschiy: The company’s full-year bottom line suggests it generated a UAH 274 mln loss in 4Q12 (after UAH 145 mln profit in 3Q12 and UAH 305 mln profit in 9M12). These losses have no fundamental explanation – we see that management is not willing to get rid of cash that its parent NAK ECU will demand as dividends. The state energy holding NAK ECU applies a standard 30% dividend payout policy to all its controlled companies, while the management of these companies usually considers it as essentially a hidden tax on profit.



The relatively small profit for the year suggests the company will agree to pay the dividends (which did not happen before). The DPS will likely be UAH 0.39 that yields 1.8% at the current market price.



Given the company’s AGM agenda contains approval of significant deals, there will be an opportunity for minority shareholders (who will vote against the deals) to sell their shares back to the issuer at UAH 22.16/share, or 2.7% above Friday’s close.

Источник: Конкорд Капитал

Аналитик: Александр Паращий
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