The best indicator of management of the Company – profitable work


7.04.2016


PJSC "Centrenergo" ended the first quarter of 2016 with the expected profit of over UAH 200 mln. For comparison, the loss for the first quarter of 2015 amounted to almost UAH 230 mln., i.e., the Company showed the growth in the net profit of UAH 430 mln. or by 187%. Such a fantastic result of economic activity was achieved through carefully thought-out, the more cost-effective and efficient operating modes of basic equipment. Moreover, PJSC "Centrenergo" ended 2015 with a profit of almost UAH 22 mln. too, which is confirmed by an independent auditor company “Baker Tilly”, while the other generating companies reported multimillion losses. Profitable activity of the Company and improvement of its financial and economic growth are the main objective for the Company management and the entire team, as it is the key to the future welfare of the workers.

Given the results of the first quarter of 2016, we may already dare to report that the PJSC "Centrenergo" not only successfully prepared for, but also successfully pass the autumn-winter period of 2015-2016. Over the period from November 2015 to March 2016 3,916 mln.kWh of electricity was supplied, which is 34% more than over the same period of last year, as well as 228 thousand Gcal of heat, which is 12% more than last year. During the autumn-winter period of 2015-2016 none of TPPs of the Company didn’t emergency stop with down to “0” loading (last year it happened 6 times). Even at the end of the autumn-winter period coal stocks in the warehouses of the Company were the largest among the other generating companies. Thus, as of April 1, 2016 642 thousand tons of coal remained in the TPPs’ warehouses (as of April 1, 2015 there was only 78 thousand tons coal). These coal reserves will further ensure stable operation of the Company’s power plants in the off-season period.

Furthermore, despite the increase in debt due from SE "Energorynok" for electricity supplied by the TPPs of PJSC "Centrenergo", the Company has resumed payments on VAT in 2016 and in the first quarter of 2016 transferred UAH 440.8 mln to the state budget, which reduced the tax debt from UAH 473 mln. as at January 1, 2016 to UAH 139 mln. as at April 1, 2016. The Company is trying to pay off all tax debts accumulated in the previous periods and to regain the status of conscientious taxpayer.

One of the most difficult exams, such as the going through the autumn-winter period, was passed excellently by the Company and its management, but very ambitious plans are ahead:

- carrying out the repair program in its entirety, as due to the extremely difficult financial position of the Company in 2015, the significant part of the repair program was postponed to 2016;

- modernization of two power units of Zmiyivska TPP to switch them to the burning of coal grade “G”, which is now a national priority for supporting Ukraine's coal industry and reducing dependence on irregular supplies of coal;

- and gaining a net profit of about UAH 1 bln. on the results of work in 2016.