DTEK ups 2Q12 operations 1.5x-4.2x yoy in main segments

DTEK ups 2Q12 operations 1.5x-4.2x yoy in main segments



29 серпня 2012 года
Конкорд Капитал

DTEK (DTEKUA), a diversified Ukrainian energy holding, increased coal production 75% yoy to 20.1 mmt in 1H12, mainly on the acquisition of the two largest state miners in late 2011. The holding’s electricity segment also grew non-organically in 1H12 on the consolidation of two electricity generators and four distribution and integrated utility companies. Electricity production increased 59% yoy to 26.5 TWh, and electricity purchases for distribution grew 3.3x yoy to 23.6 TWh. In 2Q12 alone, coal output grew 74% yoy, electricity production grew 48% yoy and electricity purchases grew 4.2x yoy.

Alexander Paraschiy: As a result of new acquisitions made in 4Q11 and 1Q12, DTEK was able to increase its share in Ukraine’s fossil fuel electricity generation from 43% a year ago to 62% in 2Q12, in power distribution from 10% to 45%, and in mining of energy coal from 40% to 66%. We also note that the recent acquisitions will allow DTEK to more than double its revenue yoy in 2Q12, while the effect on EBITDA and net income will be much smaller, mainly because the bulk of the acquired assets (in the electricity distribution sector) are low-margin businesses or even loss-making. Nevertheless, the fundamental position of DTEK remains strong as electricity tariffs is Ukraine were growing in 2Q12 and remained high throughout the summer.

Источник: Конкорд Капитал

Аналитик: Александр Паращий
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