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Economy 2019-07-15T04:37:14+03:00
Ukrainian news
Cabinet Approves Sales Conditions For 78.3% Of Centrenergo, Starting Price UAH 6 Billion

Cabinet Approves Sales Conditions For 78.3% Of Centrenergo, Starting Price UAH 6 Billion

The Cabinet of Ministers of Ukraine has approved the conditions of sale of the state's 78.289-percent stake (289,205,117 shares) in the Centrenergo power generating company with the starting price of UAH 5,984.992 million.

The Ukrainian Government passed respective decision on Wednesday, Ukrainian News Agency reports.

The Cabinet of Ministers gave the State Property Fund three days to elaborate the document.

As Ukrainian News Agency earlier reported, the Cabinet of Ministers of Ukraine has approved the schedule for preparation for privatization and auctioning of the 78.3-percent stake in the Centrenergo energy generating company to sell the state stake late in November 2018.

In compliance with the international financial reporting standards, in 2017, in the first half of 2018, the Centrenergo energy generating company cut its net profit 4.6 times or by UAH 1.58 billion to UAH 439.264 million year over year.

In H1, the company raised its net revenue by 32% or UAH 1.94 billion to UAH 7.974 billion year over year.

The prime cost of electric energy produced by Centrenergo made UAH 7.339 billion, and other operating revenues amounted to UAH 166.046 million.

In the first half of 2018, Centrenergo boosted electric energy production 1.6 times to 4,121.267 million kWh year over year.

In 2017, the Centrenergo energy generating company boosted its net profit five times or by UAH 1.5 billion to UAH 1.891 billion year over year (then the net profit of the company made UAH 386.867 million), having increased its net revenues by 2.1% or UAH 222.491 million to UAH 10.919 billion.

The company has said this in a statement, Ukrainian News Agency reports.

As at late 2017, the assets of the company made UAH 10.074 billion, the total receivables made UAH 903.731 billion and current obligations made UAH 2.6 billion.

In 2017, self-cost of sold products (goods, works and services) made UAH 8.39 billion, by 2.2% or UAH 187.467 million less than in 2016.

In 2017, electric energy production slumped by 36.52% or 3.248 billion kWh to 5.648 billion kWh year over year.

In the first nine months of 2017, Centrenergo boosted net profit twice or by UAH 1.073 billion to UAH 2.094 billion year over year.

Centrenergo operates the Vuhlehirska (Donetsk region), Trypilska (Kyiv region), and Zmiivska (Kharkiv region) thermoelectric power plants, which have a combined capacity of 7.66 GW and account for about 14% of Ukraine's total installed capacity.

Installed at the company's thermoelectric power plants are 23 power units with capacities ranging from 175 to 800 MW, of which 18 units are powered by coal and five are designed to be powered by gas/oil.

The state owns 78.289% of the power generating company through the State Property Fund.

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