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Khmelnytsky’s UFuture Group holding company. "UDP Renewables has built an 18 MW solar plant in Rykove (Kherson region). Considering the fact that the Kherson sun is much more efficient than in Kyiv, we plan to fully pay back the investment ($18mn) in five or six years. The station will be connected in a few months," Khmelnytsky said in his post. Khmelnytsky added that much of the plant was constructed using locally produced inputs, although the solar panels themselves were imported from China. Khmelnytsky has already built a first stage solar plant with a capacity of 6 MW in the village of Velyka Dymerka in the Kyiv region. Spanish-based Acciona Energia Global was then attracted as an investor to expand the project. UFuture Investment Group is headquartered in Brussels and established in autumn 2017. The group includes the Ukrainian development company UDP, which specializes in the implementation of large infrastructure projects. The group also includes the Bila Tserkva industrial park, the innovative parks UNIT.City, and LvivTech.City.
Ebitda of Ukraine's leading coal and power holding DTEK increased by 30% year-on-year to UAH12.56bn in January-June , according to estimates of Kyiv-based brokerage Concorde Capital published on August 31. The company generated UAH83.18bn in net revenue in the first half of the year, according to its non-audited preliminary report released the previous day. DTEK's operating cash flow before working capital changes improved 21% y/y to UAH13.22bn. The company’s bottom line amounted to UAH5.40bn in January-June, up from negative UAH1bn a year before. The company’s January-June results imply that in April-June, its revenue increased 23% y/y to UAH36.84bn and Ebitda improved 47% y/y to UAH5.49bn. DTEK’s total debt decreased 6.3% YTD to UAH65.80bn as of the end of June, solely due to the appreciation of the local currency (most of the company’s debt is denominated in foreign currency). Year-on-year, its debt increased by 1.1%. The company's net debt dropped 9.2% YTD to UAH58.70bn and net debt-to-LTM Ebitda ratio improved to 2.27x as of end-June, down from 2.81-fold as of end-2017 and 2.50-fold as of the end of June 2017. "We attribute DTEK’s P&L improvement solely to higher prices for its outputs (recall, its coal mining fell 1.2% y/y, while power generation improved 3.7% y/y and power distribution gained 1.5% y/y in January-June)," Concorde's Alexander Paraschiy wrte in a note.
Ukraine’s second largest thermal electricity generation company by installed capacity CentrEnergo reported a 77% y/y drop in its net profit in July to UAH271mn ($10.1mn) in 2Q18, according to the company’s financials published on Jul 27. On the top line the company’s net revenue rose by 33.5% y/y to UAH3.83bn while EBITDA sank from UAH1.53bn in 2Q17 to UAH406mn in 2Q18. For the 1H18 period, CentrEnergo’s net revenue grew by 32.2% y/y to UAH7.97bn, EBITDA slumped 3.8x y/y to UAH705mn, and net profit was UAH439mn compared to net profit of UAH2.02bn a year ago. On the balance sheet side, the company reported available cash of UAH1.0bn ($37mn) and no interest bearing debt as of 30 June 2018.
9.2.10 Metallurgy & mining corporate news
The Ebitda at Ukraine’s largest producer Metinvest decreased 3% month-on-month to $224mn , according to its monthly results published on August 28. The company’s revenue contracted 6.4% m/m to $998mn. Metinvest’s operating cash flow before working capital changes increased 4.4% m/m to $189mn, whereas cash flow from operations (before profit tax and interest) plunged
60 UKRAINE Country Report September 2018 www.intellinews.com