Daily monitor

As of May 15, 2009, 88.9% of the winter crop in Ukraine is either in good or satisfactory condition. According to an official statement made by the Ministry of Agriculture, 54.1% (5.3 mln ha) of the crop is in good condition, and 34.8% (3.4 mln ha) is in satisfactory condition.

According to a press release, Kharkiv-based OJSC Turboatom [TATM UZ, HOLD] – the largest turbine manufacturer in Ukraine – has signed a new contract with Iran’s Azar-Ab company to supply an FFPP (Fossil-Fuelled Power Plant). The plant will receive two new power turbines, each with a capacity of 315MW. The contract calls for the new turbines to be delivered to Iran’s FFPP in the next 24 months.

Dnipropetrovsk Iron & Steel Works named after Petrovsky [DMZP UZ, U/R], or simply Petrovka, reported its FY08 financial results.

According to Interfax, Motor Sich [MSICH UZ, BUY], a large aviation engines producer in Ukraine, recorded 1Q09 net sales of USD 51 mln (-41 YoY). EBITDA increased by 4% to USD 11 mln and net profit rose by 23% to USD 4.8 mln (though in grivnya terms net profit almost doubled), EBITDA margin was 21.5% (+9.4bpp), net margin 9.5% (+4.9bpp).

According to a note from the State Statistics Committee, the industrial output fell 31.8% YoY in April 2009 as compared to a 30.4% YoY decline last month. The output has shrunk 4.8% MoM (but given a shorter month an average daily output has dropped 1.6%).

According to a note from the State Statistics Committee, the net FDI inflow to Ukraine was USD 1.11 bln in 1Q09 compared to USD 3.41 bln in 1Q08. The FDI volume, therefore, has grown 11% and has reached USD 36.53 bln.

Astarta [AST PW, BUY] posted its unaudited 1Q09 financial and operational results on its web-site. The company increased its revenues by 55.2% YoY to UAH 233.8 mln (USD 30.6 mln), EBITDA shrank by 36.4% YoY to UAH 41.2 mln (USD 5.4 mln) and net income shriveled to UAH 9.6 (USD 1.3 mln).

Yesterday Kernel [KER PW, BUY] released its unaudited financial results for 3Q 08/09 and consolidated unaudited financial results for 9M 08/09. Key highlights for 9M 08/09: net revenues increased by 75% YoY to USD 865.9 mln, EBIT expanded by 107% YoY and net income jumped by 183% YoY to USD 113.8 mln.

The privatisation of a 25% stake in Chernigivoblenergo [CHEON UZ, BUY] was successful yesterday, as expected. Surprisingly, the bidders competed severely and as a result, the purchase price of the CHEON stake was 88% above the initial asking price.

According to a note from the State Statistics Committee, merchandise balance in 1Q09 were USD 1.44 bln, compared to USD 5.03 bln in 1Q08.