The Cabinet of Ministers of Ukraine at a meeting on May 20 approved the financial plan of Turboatom (Kharkiv) for 2020 with a net profit of UAH 522.201 million, which is 37% less than the same target for 2019, but 66.3% more than the actual figure.

According to the documents available to the Interfax-Ukraine agency, the net sales income of Turboatom this year is expected to reach UAH 2.83 billion, which is 2% more than the plan for 2019 and slightly more than last year's actual figure.

As expected, the financial result of Turboatom from operating activities should amount to UAH 624.22 million (against UAH 534.38 million in 2019), and UAH 844.22 million of EBITDA (UAH 767.49 million in 2019).

"The implementation of the draft plan will ensure the payment by Turboatom in 2020 of UAH 712.504 million to the state, including profit tax in the amount of UAH 105.365 million. Net profit in the amount of UAH 522.21 million is envisaged," the explanatory note says.

According to the document, payment of dividends to the state should be UAH 118.127 million.

Capital investments for the current year are planned in the amount of UAH 50 million, at the plan level for 2019 (in fact they amounted to UAH 39.87 million), including UAH 13.4 million for the acquisition of fixed assets, and UAH 18.5 million for their modernization and reconstruction.