17:38 14.06.2018

Ukrnafta shareholders oblige board to adjust report for 2017 due to auditors' remarks

1 min read
Ukrnafta shareholders oblige board to adjust report for 2017 due to auditors' remarks

The shareholders of PJSC Ukrnafta have obliged the head of the board, Mark Rollins, to adjust the company's financial statements for 2017 in connection with the remarks of the PWC audit company.

The shareholders made the corresponding decision at a meeting on June 14.

According to the decision, the conclusions of PWC testify to a lack of sufficient and acceptable grounds for the further recognition and accounting of prepayments issued in 2015 for the supply of petroleum products with a total nominal value of UAH 14.13 billion and a book value (as of the end of 2017) of UAH 2.97 billion.

This decision of the shareholders might influence the figure of Ukrnafta profit over 2017.

As reported, Ukrnafta in 2017 saw a net profit of UAH 444 million against UAH 8.739 billion of net loss a year earlier.

Ukrnafta is the country's largest oil producer.

Naftogaz Ukrainy owns a 50% plus one share stake in Ukrnafta, while a group of companies associated with the former shareholders of PrivatBank holds about 42% of the shares.

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