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KenGen Limited Audited End Year Results 30 June 2016

KenGen PBT up 29.6%y/y, diluted EPS (weighted) down 38.3%y/y to KES 1.08, no dividend
Kenya Electricity Generating Company Limited (KenGen) announced FY16 results for the year ending June 2016 with the utility posting an impressive PBT growth of 29.6%y/y to KES 11.3bn. PAT fell 41.5%y/y to KES 6.7bn as a result of a tax credit of KES 2.8bn in the previous year (as a result of investment allowances) versus a tax expense of KES 4.5bn in FY16. Units of electricity sold climbed 11.3%y/y to 7,819GWh – attributable to sales growth from geothermal and hydro sources on completion of projects and better hydrological conditions. Combined contribution of Hydro and Geothermal power (slightly in favor of Hydro) rose from 91.2% to 93.7% - +14%y/y, with thermal generation falling 24.7%y/y to 435 GWh and wind up 54.1%y/y to 57GWh. Electricity revenue rose 15.4%y/y, with 72% comprising capacity revenue vs 74.6% in the previous year.
EBITDA came in 48.6%y/y higher, with steam sales weighing in positively to overall contribution with KES 3.7bn profit. Depreciation and amortization climbed 57.8%y/y as a result of newer equipment and revaluation of assets in the previous year. Included in the numbers, is a provision for compensating tax of KES 2.4bn (as a result of dividend payment on income that is not taxed – relevant for KenGen as a result of substantial investment deductions on capital expenditure). EPS, fully diluted for the June 2016 rights issue came in at KES 1.08. KenGen raised KES 26.5bn (92% success rate), out of an intended amount of KES 28.8bn – increasing the government stake in the company to 73.9%. KenGen’s outstanding project pipeline, when implemented is intended to deliver an additional 706MW by 2020, a 43.5% increase from the current installed capacity. This explains the departure from the dividend policy (typically, the company would pay 30% of PBT or 50% of PAT) – to finance these projects. Overall, we are pleased with the performance delivered by the utility. (Company filing, Standard Investment Bank)

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