Ukrenergo

State power transmission system operator Ukrenergo reported 2023 revenue of $2.3bn (-11% y-o-y), EBITDA of $281m (vs. close to zero in 2022), and net income of $10m (vs. $189m net loss in 2022). Net operating cash flow stood at $127m (vs. neg. $105m in 2022), net investment cash outflow totaled $43m (vs. $124m outflow in 2022) as the company received $68m from a state-owned coal mine as repayment of an earlier interest-free loan, and CAPEX expanded by 2.7x y-o-y to $111m. Net financing cash flow stood at close to zero (vs. inflow of $40m in 2022) as new borrowings of $167m offset scheduled debt redemptions of $60m and interest payments of $105m.

State-owned power transmission system operator Ukrenergo reported that a group of holders of its Eurobonds hired legal firm Cleary Gottlieb Steen & Hamilton LLP to discuss a restructuring or liability management transaction with Ukrenergo’s $825m bond issued under a direct government guarantee. The bondholder group voiced its support for restructuring on a standalone basis and not as part of Ukraine’s prospective sovereign restructuring.