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22.03.2017 17:02
Bulgaria’s Kozloduy NPP Posts A Mere BGN 2.283 Million EBT for 2016
Following the bankruptcy of the Corporate Commercial Bank (CCB) Kozloduy NPP has suffered a 20 per cent write-down on its receivables which shrank to BGN 4.537 m, interim financial statement shows

  • © Kozloduy NPP

Bulgaria’s state-run Kozloduy nuclear power plant posted just BGN 2.283 m (about EUR 1.17 m) earnings before taxes (EBT) in 2016, compared to BGN 123.337 m a year earlier, a preliminary financial statement of the power plant shows. There are no details on the reasons for the severe 99.99 per cent drop in the EBT, with more information expected in the audited financial statement which could take up to end-July 2017 to be published.

Kozloduy NPP also reported a BGN 15.4 m y/y decrease in electricity sale incomes, reaching BGN 813.569 m in 2016. Expenditures, except financial ones, have risen on all accounts, hitting BGN 830.224 m for 2016, or BGN 71.949 m more than in 2015.

As on December 31 2016 when the interim financial statement was published, associated debts towards Kozloduy NPP amounted to BGN 120.348 m, BGN 113.424 of which on the accounts of power incumbent NEK. Both NEK and Kozloduy NPP are subsidiaries of the Bulgarian Energy Holding (BEH).

Kozloduy NPP has also recurred to debt assignment amounting to BGN 39.672 m, owed by NEK, and has subsequently raised its capital with the same amount. The amount was deducted from the distributed dividend of Kozloduy NPP.

Following the bankruptcy of the Corporate Commercial Bank (CCB), which at a certain point serviced large portions of the energy state-run companies’ financial assets, Kozloduy NPP has suffered a 20 per cent write-down on its receivables which shrank to BGN 4.537 m.

In 2016 Kozloduy NPP did not transport spent nuclear fuel for treatment in Russia, even though the power plant had spared BGN 29.942 m for its transportation a year earlier. The reason cited for this decision was “physical defects on its construction which led to the need of additional analysis on safe ways for transportation”. This process stretched longer-than-expected in time and following the severe winter conditions in January of this year, a new transportation deadline was set for July 30 2017.

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20.03.2022  Teodor Bobochikov, Managing Partner, V-Ridium
Energy Transformation – Trends and drivers
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