Centrenergo reports strong P&L in 1H16
26 July 2016
Power generation company Centrenergo (CEEN UK) reported a 80% yoy increase in net revenue to UAH 5,126 mln in 1H16, according to its July 25 regulatory filing. The increase was caused by 44% yoy growth in electricity sales to 4.86 TWh, as well as a 25% yoy increase in the average electricity selling price. The company’s EBITDA was UAH 915 mln in 1H16, implying an EBITDA margin of 17.8% (rising from a negative 6.7% margin a year before). Its net profit amounted to UAH 686 mln, vs. UAH 268 mln in net losses in 1H15.
The semi-annual result implies that in 2Q16, Centrenergo’s revenue was UAH 2,614 mln (+4% qoq, +63% yoy) and its EBITDA was UAH 546 mln (+48% qoq).
Alexander Paraschiy: The state-controlled Centrenergo appears to be the main winner of the increases in thermal power plants’ electricity rates that the government imposedin recent months. The company’s results indicate how profitable DTEK’s power-generating assets could be if they didn’t employ transfer-pricing practices.
