Non-audited consolidated financial statement of DTEK Energy for HY1 2019
Key financial indicators for the reporting period:
Revenue – UAH 53,426 mln
Net profit– UAH 3,342 mln
Capital investments – UAH 3,112 mln
Taxes paid – UAH 8,198 mln
Kyiv, 27 September 2019
DTEK Energy has posted its non-audited interim consolidated financial statement for the first six months of 2019.
"The power sector and electricity market are undergoing transformation that was initiated by Ukraine’s energy sector reform. The reform has accomplished its mission: a bilateral contracts market and short-term trading electricity market have been established. We will continue to develop our production capabilities in order to successfully operate in a competitive electricity market. We maintain high performance rates in coal mining and electricity production. The coal mining of steam coal in the first half 2019 amounted to 11.3 Mt, electricity production - 15.8 TWh. We are already generating 89% of electricity from domestic coal, and that gives a major boost to Ukraine's energy security," said Dmitriy Sakharuk, DTEK Energy's CEO.
DTEK Energy's net profit for six months of 2019 amounted to UAH 3.3 bln, which is down by 38.2% year-over-year. This was mainly driven by the strengthening and stabilization of the national currency, which resulted in profit from foreign exchange differences decreasing by UAH 1.4 bln.
During the reporting period, DTEK Energy invested UAH 3.1 bln in the development of power generating facilities, which is up by 19.2% year-over-year1. In turn, the company increased its capital investments into development of the coal mines and reached UAH 2.3 bln. This allows to maintain high rates of coal production. In order to increase the production of electricity from steam coal, the company has made a decision to switch DTEK Kryvorizka TPP Unit 1 from using anthracite to G-grade coal, which is scheduled to be completed by the end of the year.
The national and local budgets received a total of UAH 8.2 bln from DTEK Energy in taxes and duties, which is close to the same period in 20181.
DTEK Energy's consolidated statement does not include the results of electricity distribution companies. The company unbundled its distribution and supply functions from electricity generation in line with the energy sector reform.
For more information, please contact:
Tel: +38 (044) 581 84 82
This press release may contain forward-looking statements related to the planned measures or future financial indicators of DTEK ENERGY. Words such as ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘forecast’, ‘intend’, ‘may’, ‘plan’, ‘project’, ‘predict’, ‘should’ and ‘will’ or the negatives of these terms or variations of them and similar expressions are intended to identify such forward-looking statements. Accordingly, actual results may differ materially from those expressed or implied by the forward-looking statements. We undertake no obligation and do not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. By their nature, forward-looking statements are subject to numerous assumptions, risks and uncertainties. Such risks include concerns over the general economic status, environment and risks associated with doing business in Ukraine, significant technological and environmental changes in our sector, as well as many other risks specifically applicable to DTEK ENERGY and its business.