DTEK Energy

DTEK Energy has launched a consent solicitation for its $1.4bn 2027 Eurobond (with an effective outstanding volume of $931m), seeking approval to amend certain terms, including those related to bond buybacks and restricted payments such as dividends.

DTEK Energy reported 2024 revenue of $1.4bn (-22% y-o-y), EBITDA of $554m (-20% y-o-y), and net income of $148m (-60% y-o-y), with a largely stable EBITDA margin of 38.5% (+0.6pp y-o-y). Net operating cash flow declined 60% y-o-y to $349m, impacted by a $143m increase in working capital (compared to a $263m release in 2023). Net investing cash outflow fell 58% y-o-y to $184m, as the company had provided $225m in loans to related parties in 2023 but made no such loans in 2024. Net cash outflow from financing activities shrank 78% y-o-y to $97m, reflecting the absence of 2023 cash expenses related to $175m in dividends and $133m in Eurobond buybacks.