Daily monitor

On Thursday, August 14, the National Bank of Ukraine (NBU) made an Interbank intervention and bought excess USD at the 4.77 UAH/USD rate, UAH 0.074 lower than the official NBU 4.844 UAH/USD rate.

Ukraine’s State Treasury announced that profits of the State Budget’s general fund exceeded planned figures by 9.2% (UAH 8.3 bln, USD 1.7 bln) in 1M-7M08. A month ago, a surplus in profits was announced for 1H08.

The State Statistics Committee of Ukraine announced that unemployment in July fell to 1.8% compared to 1.9% in July, 2% in May and 2.2% in April 2008. Hence the overall number of registered unemployed was 0.519 mln on August 1, 2008. The overall number of unemployed receiving welfare payments was 387.2 thsd. The average monthly payment was UAH 443 (USD 91.3).

Shareholders of Poltava GOK [PGOK UZ, HOLD] will vote on a share capital increase at a September 23 EGM.

On August 12, Concern Galnaftogaz [GLNG UZ, Speculative BUY] disclosed its selected consolidated UAS 1H08 results.

DTEK, the major shareholder of electricity generation company Dniproenergo [DNEN UZ] will invest USD 41 mln annually for reconstruction and modernization of power blocks at Dniproenergo during 2008-2012.

Electricity generation company, Dniproenergo [DNEN UZ], plans to put into operation 300 MW of installed capacities of #10 block at Kryvyy Rig TPP by the end of November 2008.

Electricity export from Ukraine decreased overall during 7M08 by 26.5% YoY. Exports to Hungary which account for the larger share of Ukrainian electricity exports decreased by 10% YoY or by 187 mln kWh to 1,670 mln kWh.

Today Slavutych [SLAV UZ, BUY] held a conference, where the IFRS financial results for 1H2008 were released: net revenues increased by 40% to USD 223 mln, EBITDA rose by 60% to USD 22 mln, and net income improved to a positive USD 2 mln ( vs. a negative USD 2 mln in 1H2007).

The Holding Company (HC) “Luganskteplovoz”, a Ukrainian monopolist manufacturer of mainline freight locomotives increased production in January-July more than four-fold over the same period in 2007 – rising to USD 123 mln.