Daily monitor

According to information from Ukraine’s State Treasury, the budget profits in January reached UAH 12.2 bln (USD 1.6 bln), which is 1% higher than the planned figure. Previously, the Treasury reported that as of January 26, 2009, the budget profits were 55% below the planned indicator for the entire January.

Interfax-Ukraine reported on pipes and tubes production for January, which amounted to 84 thsd mt. This is down 62% MoM, and 59% below the average 2008 monthly output of 205 thsd mt, and 62% below the average 2007 monthly reading of 220 thsd mt.

Interfax-Ukraine reported on steel production numbers for January. According to our calculations, the total crude steel output of Ukrainian steelmakers amounted to 2.12 mln mt last month.

Interfax-Ukraine reported on coke production for January, which amounted to 1.28 mln mt. This is up 13% MoM, but still 21% below the average 2008 monthly output of 1.62 mln mt, and 24% below the average 2007 monthly reading of 1.68 mln mt.

Poltavaoblenergo [POON UZ, BUY] increased its net income in 2008 by 24.5% to UAH 19.9 mln. The net revenues of Poltavaoblenergo in 2008 increased by 28.3% to 1,302.0 mln UAH. In 2008, POON reduced electricity distribution by 3.2% YoY to 2,612.7 GWh. The level of payments for purchased electricity in 2008 reached 100%.

System Capital Management (SCM) has officially stated that it is no longer a major shareholder in the Luhansk brewery. SCM sold its beer asset to Keg Service Ltd., the deal details for which have not yet been disclosed.

Ukrproduct [UKR LN, N/R], a Ukrainian independent dairy producer, held an emergency general meeting on January 29, 2009.

On January 21, 245.0 thsd mt of crude oil were sold at Resources Auction 125, which took place on the floor of the Ukrainian Interbank Currency Exchange. According to our source at the UICE, the average price of oil was UAH 1,334 per mt (down 8.0% from the previous Auction on December 24, 2008), or USD 19.4 per bbl (excluding VAT, at USD/UAH 7.8075, down 6.5%).

The total volume offered at Auction 125 was 416.4 thsd mt, 55% of which was sold.

The Austria-based Slav AG Company and Russia's Vnesheconombank were expected to transfer UAH 1.1 bln to PromInvestBank by the end of December 30, according to Interfax-Ukraine.

At a December 30 EGM, shareholders of Poltava GOK [PGOK UZ, U/R], also called Ferrexpo Poltava Mining, voted two representatives of DCM DECOmetal International Trading GmbH, off of its Supervisory Board. According to a company press release, the decision is related to the fact that on December 22, 2008, Poltava GOK bought back all shares that were owned by DCM DECOmetal International Trading GmbH.