Government revises fiscal plan of Centrenergo for 2017
The Cabinet of Ministers of Ukraine at a meeting on May 31 revised the financial plan of PJSC Centrenergo for 2017.
According to the draft resolution put on the agenda of the Cabinet meeting, in particular the company's net profit was revised to UAH 116.333 million against the previously expected profit of UAH 101.987 million, net income to UAH 13.666 billion (previously UAH 12.839 billion), gross profit to UAH 644.917 million (previously UAH 694.117 million), EBITDA to UAH 607.581 million (UAH 490.156 million).
Expected payments to the national budget by Centrenergo are UAH 3.406 billion.
According to the explanatory note, the need to make changes to the financial plan is connected with the introduction of a state of emergency in the electricity market, the suspension of coal supply from the uncontrolled territories of Donbas and, as a consequence, the need to import it at higher prices.
In addition, the price of coal extracted in state mines rose from UAH 1,730 to UAH 2,000 per tonne from April. In future, the price of coal might rise to UAH 2,400 per tonne.
Additional expenses for fuel purchases in the adjusted financial plan will increase by UAH 703.296 million, from UAH 9.682 billion to UAH 10.385 billion. At the same time, compared to 2016, the expenses of the generating company for fuel purchases in 2017 will increase by UAH 3.818 billion.