General Meeting approved the 2016 financial results

General Meeting approved the 2016 financial results
Annual General Meeting of Slovenské elektrárne approved the results for 2016, and appointed new chairman and vice-chairman of the Supervisory Board.

Annual General Meeting of Slovenské elektrárne, a.s. approved financial results for 2016, and appointed new chairman and vice-chairman of the Supervisory Board.

Slovenské elektrárne, a.s. reported EBIDTA in the amount of 376 milion euros, with y/o/y decrease caused by the change of estimates of reserves for nuclear decommissioning and storage costs, as well as the fair value adjustment of the company’s assets in 2015. Net profit in 2016 increased to 116.8 million euros, primarily due to continuing optimization, realized savings and absence of one-off extraordinary measures. Total investments in 2016 reached 541 million euros, most of which was used for the completion of unit 3 and 4 of the nuclear power plant in Mochovce. Total indebtedness of the company increased by 494 million euros.

The General Meeting also decided that the profit will not be distributed to shareholders, but as in the past years, will be invested in the Mochovce project.

“Wholesale electricity prices in 2016 reached the lowest levels of the past decade, despite this we were able to stabilize the company and reach solid results. However, the whole energy market is undergoing a substantial transformation and there is a lot of work ahead of us in the coming years to increase efficiency and performance of the whole company. The completion of the two units in Mochovce remains key for us.”

Bohumil Kratochvíl
Chairman of the Board of Directors and CEO of Slovenské elektrárne

In 2016 Slovenské elektrárne produced 18,981 GWh of electricity, of which 14 774 GWh in nuclear power plants, 2,146 GWh in hydro and 2,059 in thermal. Photovoltaic power plants produced 1.96 GWh of electricity. Thanks to nuclear and hydro production, Slovenské elektrárne generated 90 % of electricity without CO2 emissions.

The General Meeting appointed Mr. Georgios Karavas, nominee of Slovak Power Holding, B.V., for the Chairman of the Supervisory Board and Mr. Richard Paško, nominee of the Slovak Republic, for the Deputy Chairman of the Supervisory Board.

Slovenské elektrárne is a leading producer of electricity in Slovakia and one of the largest in Central Europe. It operates two nuclear, 31 hydroelectric, two coal-fired and two photovoltaic plants with installed capacity of 4,176 MWe. The company generates 90 % of electricity without CO2 emissions.

In terms of ownership structure, Slovak Power Holding B.V. is the majority shareholder with a 66 % stake in Slovenské elektrárne; Slovak Power Holding B-V. is jointly owned by EP Slovakia B.V., a subsidiary of Energetický a průmyslový holding, a. s. and Enel Produzione S.p.A. The Slovak Republic is a minority shareholder owning a 34 % stake.