Daily monitor

Boryspil Airport published strong financial results for the second quarter of 2009. The airport’s net sales increased to UAH 238 mln, showing growth of 42% YoY, net income totalled UAH 85 mln (81% YoY growth). As a result, the net margin in 2Q09 was up to 35.4%. Net Debt comprises UAH 86 mln.

As a result of a put option, Ukraine will have to redeem Eurobonds totaling CHF 768 mln (USD 719 mln) on 15 September 2009.

According to a note from the Ministry of Finance, the sovereign debt grew 0.3% MoM in June to USD 12.54 bln while the sovereign-guaranteed debt was up 21.0% to USD 7.95 bln. Therefore, the gross sovereign foreign debt has grown 7.5% to USD 20.49 bln.

Centerenergo [CEEN UZ, U/R], the last of the Ukrainian fossil fuelled power plants, reported 1H09 financial results. As with other GenCos, CEEN had all the margins in the negative.

According to a press release issued by the Azovmash holding, which includes freight railway producers Azovhalmash [AZGM UZ, U/R] and Mariupol Heavy Machinery Plant [MZVM UZ, U/R], the company ended 2Q09 with a net profit of UAH 0.653 mln, which is 7.9% YoY growth.

According to information from Kyivmedpreparat [KMED UZ, U/R], a top 5 domestic producer of medical products, the company boosted net sales by 34.5% YoY to UAH 167.8 mln; net income decreased by 38.1%YoY to UAH 3.26 mln in 1H09.

Bogdan Automobile Plant [LUAZ UZ, U/R] recorded a net loss of UAH 207.9 mln (USD 26 mln.) in 1H09, compared with net income of UAH 144 mln (USD 29mln) in 1H08. LUAZ’s net sales decreased by 8 times YoY to UAH 460.15 mln in the first half of 2009.

The National Energy Regulatory Commission (NERC) has lifted gas prices for population by 20% beginning September 2009. Utility service providers will have their gas price rise 35% from October 2009. The decision still needs authorisation by the Ministry of Justice, which should not be an issue.

Finance and Credit Bank (FICBUA) paid out a coupon payment totalling USD 5.2 mln. The bank had earlier offered a USD 100 mln Eurobond restructuring, with conditions according to which the bank would postpone the repayment of the principal for three years (to January 2013) and keep the coupon rate close to the current level, which is 10.375%.

According to financial information published by Turboatom [TATM UZ, HOLD] – the largest power turbine producer in Ukraine, the company’s net income jumped by 77.5% YoY to UAH 51.04 mln in 1H09.