Page 66 - UKRRptMar21

● DTEK
Ukraine’s leading coal and power producer​ ​DTEK​ Energy mined 18.9 mmt of ROM coal in 2020​, Concorde Capital calculated based on sector-wide data provided by Ukraine’s Energy Ministry. This is 15.7% less y/y and 4.0% short of the holding’s initial plan. In December alone, the holding produced 1.6 mmt of ROM coal, which is 20.5% less y/y and 1.4% more m/m (on daily average basis).​ ​In other news, DTEK reported on February 8 that it had finished transferring Dobropillia Coal mine under the government control on January 26. As part of the deal, DTEK Energy repaid in full its lease arrears to the government in the amount of UAH231mn, as well as sold to the newly created state company all the mining equipment that had been purchased and installed at the mine by DTEK. DTEK Energy has been leasing the mine from the state since 2010. Last year, the mine produced 2.34 mmt of ROM coal, or 12% of DTEKs total.
Ukraine’s leading coal and power producer DTEK Energy reported on Feb. 8 it had agreed on key terms of debt restructuring ​with ad hoc committees of bondholders and creditors. As part of the deal, DTEK Energy will appoint an independent supervisory board member (out of at least three candidates offered by creditors) who will have a veto right on M&A, large truncations with related parties and excess CapEx, as well as on paying PIK interest since 2022. Based on the announced terms, existing obligations of DTEK Energy (par value of its debt and accrued unpaid interest with contractual rate until the end of January 2021 and 5% for February-April 2021) will be covered by the company itself and its related company DTEK Oil & Gas. DTEK Oil & Gas will issue $425mn notes maturing at the end of 2026 with a coupon rate of 6.75%. The notes will amortize by $50mn annually starting December 2023. Upon the company’s choice, the note can amortize by additional $50mn annually.
9.2.12 ​Other sector corporate news
NASA has awarded a $93mn contract to Firefly Aerospace Inc. to deliver 10 payloads to the Moon’s Mare Crisium in 2023, ​the Ukraine-originated company reports from its headquarters near Austin, Texas. Founded by Ukrainian-American Max Polyakov, Firefly has almost half of its workforce of 330 in Dnipro. Under the contract, a Firefly rocket and its Blue Ghost Lunar Lander will deliver NASA and 50 kg of commercial cargo to the Crisium basin. Data gathered from this mission is to pave the way for a 2024 manned mission to the area. Firefly also is participating in this mission, called Artemis.
Yuriy Gusev, Ukroboronprom’s director general, signed $1bn worth of agreements and contracts in the United Arab Emirates in February ​with the country’s two leading military equipment manufacturers, the EDGE Group and Tawazun Economic Council. “We are delighted with the opportunities for the UAE and Ukraine to cooperate, exchange and benefit from the military and the technical capacity of the two countries," said EDGE CEO Faisal Al Bannai, according to Zelenskiy’s presidential website.
66​ UKRAINE Country Report​ March 2021 ​ ​www.intellinews.com