JSC Turboatom (Kharkiv), the largest manufacturer of turbine equipment in Ukraine, 75.2% shares of which belong to the state, tentatively saw UAH 764.235 million in net profit in 2018, which is 7.6% more than in 2017.
Thus, Turboatom’s net profit target being UAH 763.166 million was slightly exceeded.
According to an agenda of the general meeting of the company’s shareholders scheduled for April 17, 2019 and posted in the information disclosure system of the National Commission for Securities and the Stock Market, retained earnings as of January 1, 2019 totaled UAH 3.629 billion.
The issue of distributing net profit for 2018 and the approval of annual dividends was put on the agenda of the meeting.
The draft minutes of the meeting has several options for profit distribution, in particular, to send 90% of net profit to pay dividends (UAH 687.75 million) and 10% to cover expenses foreseen in the financial plan for 2019 or to send 80% and 20%, 75% and 25% and 50% each respectively.
According to the report, in 2018, Turboatom increased current liabilities by 11%, to UAH 1.715 billion and noncurrent liabilities fell by 17.8%, to UAH 253.07 million.
Total receivables remained almost unchanged, being UAH 1.457 billion. Assets grew by 4.6%, to UAH 7.555 billion. Net worth as of early 2019 accounted for UAH 5.587 billion, including UAH 105.62 million of the charter capital.
The financial plan of Turboatom for 2019 foresees net profit to be UAH 798.3 million and net revenue UAH 2.737 billion.
Turboatom is the sole producer of turbine equipment in Ukraine for hydro, heat and nuclear electricity stations. The enterprise supplies its products to 45 countries in Europe, Asia, Americas and Africa.
