090309 Investors Presentation Ukraines Power Sector
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Transcript of 090309 Investors Presentation Ukraines Power Sector
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BENCHMARK FOR UKRAINES POWER SECTOR
March 2009
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Sector Overview
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4
Ukrainian Market: Opportunities for Growth
0
2,000
4,000
6,000
8,000
10,000
12,000
2005 2006 2007 2008 2009 2010 2011 2012
GDP/Capita
Country info
Ukrainian
energy policy
Security of energy
supply
Environmental
concerns
Modernisation
National, social
and politicalconstraints
The Ukrainian economy has seen the
fastest growth among CEE countries in
recent years
Investment needs are driven by thedemand to modernise outdated existing
production capacities and introduce
energy saving technologies
Energy policy is driven by these
investment needs as well as security ofsupply for both commodities and
electricity
Source: EIU
GDP per capita (USD PPP)
Slovakia
Poland
Hungary
Romania
Belarus
Ukraine
Moldova
Russia
Donetsk
KYIV
Slovakia
Poland
Hungary
Romania
Belarus
Ukraine
Moldova
Serbia
Russia
Donetsk
KYIV
Slovakia
Poland
Hungary
Romania
Belarus
Ukraine
Moldova
Russia
Donetsk
KYIV
Slovakia
Poland
Hungary
Romania
Belarus
Ukraine
Moldova
Serbia
Russia
Donetsk
KYIV
Area: 603,700 km3
Population: 46.3 mln GDP (PPP): USD 324 bln
Local currency: Ukrainian Hryvnia (UAH)
USD 1 = UAH 7.7 (30/01/09)
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Fuel and Energy Resources Consumption in Ukraine
TOTAL 205 mil toe including
oil and gas 112 mil toe (55%)
coal 48 mil toe (23%)
uranium and other
types of fuel 45 mil toe (22%)
Imported fuel
Own fuel resources
112.4 mil toe(55%)
92.8 mil toe(45%)
26%74%
47%53%
89% 11%
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6
Current Electricity Market Model
Benefits of the existing model:
Simplest in terms of organisation, pricing and market management
Actual guaranteed purchase of electricity by the single wholesale supplier (bilateral contracts market does not have such a guarantee)
Flaws of existing model:
High level of administrative interference in tariff-setting
Imperfect system of contractual relations and price-setting, cross-subsidising Absence of system and ancillary services market
As part of ECU NJSC45.58 TWh
DTEK: Eastenergo12.61 TWh
Market operator:Energorynok PE
As a part of
NJSC ECU76.41 TWh
DTEK:
Servis-Invest
PES Energougol
7.48 TWh
Export
Export Operator:
PE Ukrinterenergo8.38 TWh
Independentsuppliers
13.74 TWh
NPPs83.31 TWh
HPP
11.95 TWhCHPP
5.58 TWh
Other generators,
wind power plantsinclusive
0.16 TWh
AES
6.28 TWh
Energy Standard
8.46 TWh
VSE12.61 TWh
Ukrenergoconsulting13.23 TWh
System and Main
Network Operator:Ukrenergo NJSC
Other suppliers at regulated tariff
7.84 TWh
Suppliers at regulated tariff
132.30 TWh
Generation Electricity supplyRegulator/market operators
NERC
Ministry of Fuel and Energy
146.05 TWh159.19 TWh
Consumersin Ukraine
Export
Consumption
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2008 2009 2010
Power supply companies privatisation
Stage-by-stage switching to incentive tariff setting for power distribution
Thermal generation privatisation
Implementation of the target model of electricity market
Revising the concept of WEM development. Preparation
of legal and technical base for the new model
Passing the Law on
State Regulation
Switching to competitivecoal market model
Passing the Law on privatisation in Coal SectorMines privatisationProduction
Generation
Distribution
2011
Key Stages and Expected Timelines of SectorReformation
7
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BUSINESS OVERVIEWBUSINESS OVERVIEW
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Companys Business Development
9
A group of 15 enterprises ranging from coal production and enrichment to electricity supply is combined asDonbass Fuel-Energy Company (DTEK)DTEK Group is formed by three key companies: power generating company Vostokenergo, power supplycompany Service-Invest, and coal mine Komsomolets Donbassa
DTEK acquires State Holding Company Pavlogradugol OJSC comprised of 10 mines and 2 coalenrichment plants in the Western Donbass region
DTEK Corporation is officially registered on July 6, 2005, and the vertical integration of Donbass Fuel-EnergyCompanys enterprises is completed
DTEK acquires PES-Energougol OJSC, a company supplying power to 25,500 consumers, with more than1,000 km of overhead transmission lines and 380 step-down sub-stations
First credit ratings from Moodys (B2) and Fitch (B+). Both ratings are one notch belowUkraines sovereign rating. Company buys two coal enrichment plants: Oktyabrskaya CEP andDobropolskaya CEP
2002
2005
2006
2007
2008 DTEK successfully places its first public syndicated loan of US$150 millionDTEK publishes its first Social Responsibility Report
Signs first ECA Finance deal
2004
2009
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DTEK INTEGRAL PART OF SYSTEM CAPITAL MANAGEMENT
10
Coking coalproduction
Coke production
Metal production
Energy and cokingcoal production
Electricitygeneration
Electricitydistribution
Banking
Insurance
Telecommunications Real estate
Construction
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DTEKs Assets
11
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Market Share
Total for Ukraine in 2008:
Coal production 77.8 Mt
* excluding export
DTEK market share:22.6 %
Source: DTEK, Energobusiness
DTEK market share:25.4 %
DTEK market share:6.5 %
Total for Ukraine in 2008:
Production 72.4 TWh
Total for Ukraine in 2008:
Transmission* 161.3 TWh
COAL GENERATION DISTRIBUTION
DTEK is the largest privately owned company in the Ukrainian power sector
DTEK controls significant market share in key segments, second only to the state owned enterprise
Energoatom
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OPERATING STRUCTURE
2008 Revenue Structure (unaudited)
(in USD* MM)
COAL GENERATION DISTRIBUTION OTHER
Source: DTEK
Komsomolets Donbassa, OJSC(1 mine)
Pavlogradugol, OJSC(10 mines)
Enrichment plants(5 plants)
Vostokenergo, LLC(3 TPPs)
PES-Energougol, OJSC
Service-Invest, LLC
Sotsis, LLC(social infrastructure maintenance)
Service Enterprise, LLC(transportation and security services)
Ecoenergoresurs, LLC(processing of colliery waste and tailing
storages)
1378(41.8 %)
1079(32.6 %)
78(2.4 %)
765(23.2 %)
*-the average annual exchange rate is 5.27
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BUSINESS OVERVIEW
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15
Overview of Business Divisions
CoalProduction
Generation
Distribution
Assets Operating statistics Historical
Pavlogradugol OJSC
KomsomoletsDonbassa Mine
Pavlogradskaya CEP
Mospinskoye CEP
Kurakhovskaya CEP
Eastenergo
Zuevskaya TPP
Kurakhovskaya TPP
Luganskaya TPP
Tehrempostavka
Service-Invest
PES-Energougol
Historical coal production (ths. t)
Historical electricity generation (GWh)
Historical electricity transmitted (GWh)
unit 2008
Generation GWh 18,519
Utilisationrate
% 51,7
Market share % 25.4
unit 2008
Transmission GWh 13,510
Losses % 1,6
Market share % 6,5
unit 2008
Coal
production ths. t 17,594.6
Coalenrichment
ths. t 11,729.3
Market share % 22.6
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COAL BUSINESS
DTEKs two coal enterprises are locatedin the eastern part of Ukraine
Pavlogradugol OJSC is the largest coalmarket player in Ukraine and includes10 fully operational mines
Komsomolets Donbassa mine is thelargest steam coal producing mine in
Ukraine with a total annual output of3.4 Mt
KomsomoletsDonbassa minePavlogradugol
for 2008 PavlogradugolKomsomolets
DonbassaTOTAL
Coal output (in Mt) 14,2 3,4 17,6
# of mines 10 1 11
Ash content (%) 36,9 33,7 35,3
Market share (%) 18,2 4,4 22,6
Recoverable reserves (in Mt) 716,6 123 874
Reserves useful life span (years) 61 36 56
Labour productivity (t/worker) 62,7 71,7 64.3
Headcount (# of ppl) 28308 5 194 33502
Coal grade* G, DG T
DTEK
* G, DG grades High volatile thermal coal ; T grade - Low volatile thermal coal16
KIEV
KEY STATISTICS
GEOGRAPHICALLOCATION
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4 673 4 611
4 231
4 0293 784
3 566 3 5603 319
3 1742 92 9 2 97 2
Krasnoarmeyskaya-Zapadnaya
Donbassminegroup
Krasnolim
anskaya
KomsomoletsD
onbassa
Nadiam
ine
Pavlogradugol
Anthracite
Rovenkianthracite
Sverdlovanthracite
Krasnodonugol
Dobropolyeugol
Market Position in 2008
Production of ROM coal, thou.tons and ash content, %Production cost of 1 ton of ROM coal, UAH/ton
Average monthly productivity of extraction miner, ton/minerAverage monthly wages of personnel, UAH/month
14163
6181 61106000
50874095
3432
2063 1830 1561
41,9%36,9%
39,1% 39,3%
36,1%38,3%
33,7%34,4%
39,7%
35,3%
Pavlogradugol
Krasnodonugol
Sverdlovanthracite
Rovenkianthracite
Krasnoarmeyskaya-Zapadnaya
Dobropolyeugol
KomsomoletsD
onbassa
Antra
cite
Krasnolim
anskaya
DonbassMineG
roup
530,9
377,9
329,4 328,9
267,4 250,1222,2 21 8 211,9
DonbassMinegroup
Krasnolim
anskaya
Antra
cite
Krasnoarmeyskaya-Zapadnaya
Rovenkianthracite
KomsomoletsD
onbassa
Pavlogradugol
Sverdlovanthracite
Dobropolyeugol
72,1 71,7
62,7
55
41,4 40,1 35,9
33,9 30,2 29,2
Krasn
oarm
eyskaya-Za
padn
aya
KomsomoletsDonba
ssa
Pavlog
radu
gol
Sverdlovan
thracite
Krasnolim
anskaya
Rovenkianthr
acite
Krasno
donu
gol
Anthracite
Dob
ropoly
eugol
Donba
ssmin
egrou
p
17
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GENERATION BUSINESS
Vostokenergo Ltd includes 3 TPPs Kurakhovskaya, Zuyevskaya andLuganskaya
All three TPPs are located in theeastern part of Ukraine
Total installed capacity of DTEKpower generation in 2008 was 4,058
MW
DTEK
for 2008Zuyevskaya
(TPP)Kurahovskaya
(TPP)Luganskaya
(TPP)Vostokenergo
Installed capacity (MW) 1 200 1 460 1 398 4 058
Available capacity (MW) 1 200 1 400 1 261 3 861
Electricity generation (GWh) 5,1 5,8 5,9 16,8
Thermal generation market share (%) 7,7 8,8 8,9 25,4
ICUR* (%) 51,79 50,45 53,11 51,77
Equivalent fuel consumption (g/kWh) 354,6 398,5 413,7 390,6
Coal grade** G, DG G, DG T, A
Headcount (# of ppl) 1 800 1932 1922 5799
* ICUR Installed Capacity Utilization Rate
** G, DG High volatile thermal coal T Low volatile thermal coal A - Antracite
LuganskayaTPP
ZujevskayaTPP
KurahovskayaTPP
18
KIEV
KEY STATISTICS
GEOGRAPHICALLOCATION
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Vostokenergo
18,1
27,0%
Dneprenergo
15,3
22,8%
Donbassenergo
6,19,1%
Zapadenergo
13,7
20,5%
Centerenergo
13,920,6%
NPPs
84,6
49,0%
TPPs
66,0
HPPs and
HPSPs
10,8
6,2%
Others
11,1
6,5%
NPPs
87,3
49,8%
TPPs67,1
38,3%
HPPs and
HPSPs
9,6
5,5%
Others
11,3
6,4%
Market Position in 2008
Electricity supply structure in Ukraine, TWh
Total supply
volume
TPP supply
2007175.3 TWh
2008172.5 TWh
2007 2008
Vostokenergo
16,8
25,4%
Dneprenergo
14,7
22,3%
Donbassenergo
6,59,8%
Zapadenergo
13,620,6%
Centerenergo
14,4
21,9%
19
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Market Position in 2008
22 24
3136
56
Dneprenergo Centerenergo Donbassenergo Zapadenergo Vostokenergo
386
402
421
406
391
Dneprenergo CenterenergoDonbassenergo Zapadenergo Vostokenergo
5,9
14,1
6,3 6,3
1,1
Dneprenergo Centerenergo Donbassenergo Zapadenergo Vostokenergo
Installed capacity utilisation rate, % *Specific fuel consumption, g/kWh
Share of gas in fuel structure, %
31,13 32,2634,10
35,5433,75
30,4331,26 31,10
34,43
27,12
Dneprenergo Centerenergo Donbassenergo Zapadenergo Vostokenergo
Supply tariff and production cost ofelectricity, c/kWh
*Vostokenergo ICUR net of unit 12 and turbine -100 (1ststage) ofLuTPP
Vostokenergo ICUR including this equipment 51.7%
20
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DISTRIBUTION BUSINESS
In the power supply market DTEK isrepresented by two companies:Service-Invest LLC and PES-Energougol OJSC
Both distribution companies arelocated in the eastern part of Ukraine,near a number of big industrial
customers
DTEK
PESEnergougol
Service-Invest
for 2007 Service-Invest PES Energougol TOTAL
Transmission of electricity (GWh) 12 492,8 1 038,5 13531,3
Market share (%) 5,8 0,7 6,5
Losses: (%)
- allowed
- actual
2,2
1,1
8,6
4,9
2,67
1,39
# of customers 900 26 620 27 520
Network length (km) 2 576 1 215 3 791
Revenue per customer (in US $000) 4007 16 147
Collection rates (%) 100 101 100
21
KIEV
KEY STATISTICS
GEOGRAPHICALLOCATION
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Market Position in 2008
Tradable electricity supply from the wholesale market (WEM) to electricity suppliers, TWh
2007 2008
ECU NJSC AES VSE Privat+DK LEO
VinnitsaoblenergoTernopoloblenergoKhmelnitskoblenergoChernovtsyoblenergo
DneproblenergoZaporozhyeoblenergoDonetskoblenergoKievenergoCherkassyoblenergoKrymenergoVolynoblenergoZakarpatyeoblenergoNikolaevoblenergoKharkovoblenergo
KievoblenergoRovnoenergo
KirovogradoblenergoZhytomiroblenergoSevastopoloblenergoOdessaoblenergo
Khersonoblenergo
ChernigovoblenergoPrikarpatyeoblenergoLvovoblenergoPoltavaoblenergo
Sumyoblenergo
Lugansk EnergyUnion
Tradable electricity supply
from the wholesale market
in 2008 decreased by 1%
compared to 2007
Share of state-owned
companies in the totalvolume of purchased
electricity reduced to 47%
of total electricity supply
from the market
Share of DTEK distribution
companies in the total
volume of electricity
purchased from WEM
increased to 6.5%
ECU
NJSC(control
ling stakes)
81,8
47%
Independen
t suppliers
19,7
12%
LEO
7,8
5%
Privat+DK
11,4
7%
VSE
13,9
8%
AES
7,14%
Other
16,4
10%
DTEK
11,0
7%
ECU
NJSC(controllin
g stakes)
85,3
50%
Independent
suppliers18,5
11%
LEO
8,3
5%
Privat+DK
11,6
7%
VSE
13,4
8%
AES7,1
4%
Other
17,3
10%
DTEK
9,2
5%
22
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Equivalent fuel consumption (g/kWh)
BENCHMARKING AGAINST UKRAINIAN PEERS*
POWER GENERATION
Production of ROM coal, thou.tons and ash content, %
COAL MINING
ICUR** (%)
POWER DISTRIBUTION
23
* for 2008** installed capacity utilization rate
Average monthly productivity of extraction miner,
ton/miner
72,1 71,7
62,7
55
41,4 40,135,9
33,930,2 29,2
Krasnoarmeyskaya-Za
padn
KomsomoletsDonba
ss
Pavlo
gradugo
Sverdlovanthracit
Krasnolim
anskay
Rovenkianthracit
Krasnodonugol
Anthracite
Dobropolyeugo
Donba
ssminegrou
14163
6181 61106000
50874095
343220 63 1830
1561
41,9%
36,9%39,1% 39,3%
36,1%38,3%
33,7%34,4%
39,7%
35,3%
Pavlo
gradu
gol
Kras
nodonu
gol
Sver
dlov
anthra
cite
Rove
nkian
thracit
e
Kras
noar
mey
skay
a-Zapad
naya
Dobr
opolyeu
gol
Kom
som
olet
sDonba
ssa
Antracit
e
Kras
nolim
anskay
a
Donb
assM
ineGro
up
386
402
421
406
391
Dneprenergo CenterenergoDonbassenergoZapadenergo Vostokenergo
22 2431
36
56
Dneprenergo Centerenergo Donbassenergo Zapadenergo Vostokenergo
Tradable electricity supply from the wholesale market (WEM) to electricity suppliers, TWh
ECU
NJSC(control
ling stakes))
81,8
47%
Independent
suppliers
19,7
12%
LEO
7,8
5%
Privat+DK
11,4
7%
VSE
13,98%
AES
7,1
4%
Other
16,4
10%
11,0
7%
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MANAGEMENTMANAGEMENT
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OPERATING STRATEGY OVERVIEW
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2008 2009 2010 2011 2012 Total
$240
$226
$250
$240
$165
$1,121
2007 2008 2009 2010 2011 2012
37.636.9
35.634.9
34.332.8
33.131.5
31.3 31.0 30.6
30.6
Pavlogradugol Komsomolets Donbassa
Production ConsumptionProduction Consumption
10.5
6.0
15.4
6.7
3.5
2.7
4.0
2.4
T g rade G grade*
Risks
Competition from Russian coal imports
Unfriendly regulatory environment
Cost increase
Key initiatives
Introduction of plough technology
Mechanization of coal sorting
Increasing efficiency of existing equipment
Reducing downtimes for commissioning-decommissioning oflongwalls
Increasing lengths of longwalls
Designing, together with state bodies, a programme for coalmarket transformation, switching to the direct contracts model
COAL BUSINESS
20082012
Fuel supply to own TPP (in Mt)
* - Mining & consumption of steam coal G grade
Capital expenditure programme (US $MM)
Ash content (%)
Strategic goals
Provide sustainable supply of fuel to support growth of DTEKgeneration business
Maintain strategic growth reserves
28
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2008 2009 20102011 2012 Total
$73
$149
$145
$170
$120
$657
2007 2008 2009 2010 2011 2012
388 389386
378
369
363
2007 2008 2009 20102011 2012
18.1
16.4 16.5 16.6 16.8
17.9
GENERATION BUSINESS
Electricity output (TWh)
Capital expenditure programme (US $MM)
Equivalent fuel consumption (g/kWh)
Strategic goals
Extensive units retrofitting and replacement programme
Increase fuel efficiency
Increase installed capacity
Risks
Unfriendly regulatory environment
Increased competition post privatisation of power generationsector
Construction of new nuclear power plants
29
Key initiatives
Component-by-component reconstruction of TPPs:
Upgrading all units of Zuevskaya TPP, # 5-8 ofKurakhovskaya TPP, # 10, 11, 13 of Luganskaya TPP
Designing reconstruction projects for other units,
including new construction (unit # 8 of Luganskaya TPP) Optimization programmes:
Optimization of maintenance programme
Optimization of operating & non-operating costs
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2008 2009 2010 2011 2012
14.014.2 14.3 14.4 14.5
2008 2009 2010 2011 2012 Total
$23
$15
$14
$12
$11
$75
Allowed ActualAllowed Actual
2.21.5 2.1
1.5
6.5
4.2
6.2
4.0
Service-Invest PES Energougol
DISTRIBUTION BUSINESS
Electricity transmission (TWh)
Capital expenditure programme (US $MM)
Electricity losses (%)
20082012
Strategic goals
Growth in electricity consumption volumes
Expansion of consumer base
Change of tariff system improving the incentive tariffs(revenue/price cap)
Increasing the reliability of energy supplies to end customers
Risks
Administrative tariff regulation
Increase of costs
30
Key initiatives
Implementation of investment programme
Raising the level of marketing function
Participate in tariff reform with NERC and other interestedparties
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Investment and Growth Programme
DTEK I t t P
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32
DTEK Investment Programme
Direction Unit2007
(fact)
2008
(fact)
2009*
(plan)
Deviation
2009/2008, %
Coal mining USD mln 132.6 227.8 132.5 -41.8
Enrichment USD mln 6.0 7.9 0.9 -88.6
Generation USD mln 23.6 69.2 32.3 -53.3
Distribution USD mln 13.7 20.9 11.6 -44.4
Others USD mln 5.9 13.4 3.3 -75.3
TOTAL USD mln 181.8 339.3 180.9 -46.6
After a remarkable rise in investments during 2008 the company is planning to cut its
internal investment programme for 2009. There are three main reasons for this decision:DTEK is currently accumulating its liquidity to be better prepared for the upcoming
privatisation of government-owned enterprises in Ukraine
The company is expecting a further decrease to capital expenditure in its main
investment areas, thus considerably lowering its liquidity needs for internal investment
projectsIn todays quickly changing business environment, DTEK is adopting a selective
approach to investment opportunities and has postponed a number of its non-critical
investment projects until a later date
*Revised investment plan.
Pl d d P t
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33
Pledged Property
The trend in reducing the share of pledged property is
consistent with the Companys policy of switching to
unsecured crediting
01.01.2007 01.01.2008 01.07.2008
Pledged property value, USD mln 452.5 745 365
Credit volume, mln USD mln 169.5 452 684.1
Pledge ratio 2.67 1.65 0.53
The share of unsecured loans inthe credit portfolio, % 0 26.5 50.7
01.01.2009
197.43
524.9
0.38
74.8
R t P i d L I B h k
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34
Recent Priced Loan Issues Benchmark
Borrower Signingdate
Country Loancurrency
Deal value$m
Rating Maturity,years
Interestrate
Lenenergo 04.2008 Russia USD 200 - 3 Libor+125
SUEK 05.2008 Russia USD 267 - 5 Libor+150
SUEK 05.2008 Russia USD 533 - 3 Libor+140
SUEK 09.2007 Russia USD 500 - 5 Libor+115
Inter RAO UES 03.2008 Russia USD 130 - 1 Libor+125
DTEK 05.2008 Ukraine USD 150 B+ (Fitch),
B2 (Moodys)
2 Libor+300
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Investment Potential
Main Trends & Forecasts: Ukrainian Energy Industry
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36
Main Trends & Forecasts: Ukrainian Energy Industry
Source: Companys estimates
DTEK Debt Track Record
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DTEK Debt Track Record
1 year term loanEUR 16,400,000
2008
4 months term loanUAH 7,580,000
2008
3 years credit line
USD 55,000,0002008
3 years credit lineUAH 200,000,000
2008
5 years credit lineUAH 150,000,000
2008
5 years credit lineUSD 20,000,000
2008
1 year term loan
USD 45,000,0002008
3 years credit lineUSD 50,000,000
2008
1 year term loan
EUR 11,830,0002008
1 year term loan
EUR 85,000,0002008
2+1 years syndicatedloan
USD 150,000,000
2008
5 years credit line
EUR 12,957,2102009
1 year term loanUSD 100,000,000
2007