DTEK ups coal mining 1.7x, power generation 1.6x, power export 2.1x in 9M12

DTEK ups coal mining 1.7x, power generation 1.6x, power export 2.1x in 9M12



22 листопада 2012 года
Конкорд Капитал

Integrated power holding company DTEK (DTEKUA) reported a 73% yoy increase in coal mining to 29.3 mmt in 9M12, it reported in its operating update released on Nov. 21. Power sales by generating units grew 57% yoy to 38.5 TWh, and power purchases by grids rose 3.6x yoy to 7.1 TWh. DTEK also exported 7.1 TWh of electricity in 9M12, up 2.1x yoy. For 3Q12 alone, DTEK increased coal mining 68% yoy, power generation 65% yoy and power purchases from grids 4.3x yoy. The holding’s 9M12 results only partially include its assets acquired this year: Zakhidenergo, Kyivenergo and Donetskoblenergo are consolidated from January, Dniprooblenergo from April, Kyivenergo from May, and Russian coal mines from July.

Alexander Paraschiy: The operating results in the coal and power production sectors are of no surprise and we note that the majority of the growth was non-organic. The assets that are currently under DTEK’s control showed yoy growth that is comparable to Ukraine’s average numbers. The power units of DTEK’s five electricity companies increased production 5% yoy in 9M12 (vs. +3% yoy output growth for Ukraine in total), and six currently controlled Ukrainian coal assets showed 7% yoy growth in mining (vs. +8% for Ukraine in total). The main achievement in organic growth was in electricity exports (2.1x yoy): this year DTEK has become the only exporter of Ukrainian electricity, while its share in total export was 69% in 9M11. The company boosted Ukraine’s total power exports by 1.7x yoy in 9M12. The growth was achieved mainly due to a new regulation (lobbied by DTEK) that allowed buying power-for-export at a discount compared to purchases for the domestic market.

Источник: Конкорд Капитал

Аналитик: Александр Паращий
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