DTEK Energy

DTEK Energy reported 2023 revenue of $1.8bn (-16% y-o-y), EBITDA of $695m (-10%) and net income of $374m (vs. $457m net loss in 2022), booking EBITDA and net margins of 38% (+2.5pp y-o-y) and 20% (+29pp). Net operating cash flow surged by 182% y-o-y to $872m, net investing cash outflow jumped by 181% to $440m, and net cash outflow from financing activities stood at $443m (+86% y-o-y). Total debt fell by 19% y-o-y to $1.1bn and net debt dropped by 10% y-o-y to $1.0bn, yielding a Debt/EBITDA of 1.5x (vs. 1.6x in 2022) and Net Debt/EBITDA of 1.5x (vs. 1.7x in 2022). End-2023 cash fell by 21% y-o-y to $44m, with the equivalent of $3.7m held in foreign currencies.

DTEK Energy Executive Director Dmytro Sakharuk said the company needs $350m to repair equipment damaged by Russian attacks, including $250m for equipment purchases and $100m for repair works. This is more than triple the $110m DTEK spent last year to repair the damage inflicted by earlier Russian strikes. Sakharuk also said DTEK had no immediate plans to restore its Kurakhivska power plant (1 GW capacity) in the Donetsk region due to its proximity to the front line and damaged local railway. To repair its other power plants, the company is considering several financial sources in addition to its own capital while also hoping to receive necessary parts for repairs from Germany, Bulgaria, Greece, and Lithuania. This would be the quickest way to begin repairs, yet insufficient, Sakharuk said. Additionally, DTEK is looking to the Ukraine Energy Support Fund, a special vehicle set up by the EU to consolidate international support for the Ukrainian energy sector, for partial funding for its repair program.