14:44 27.07.2021

Naftogaz could see UAH 105 bln of losses instead of declared profit of UAH 12.6 bln in Q1 2021 – head

2 min read
Naftogaz could see UAH 105 bln of losses instead of declared profit of UAH 12.6 bln in Q1 2021 – head

CEO of NJSC Naftogaz Ukrainy Yuriy Vitrenko doubts the correctness of its financial results in the first quarter of 2021 and admits losses of up to UAH 105 billion, in contrast to the company's declared profit of UAH 12.6 billion.

"Now there is a discussion about entering two problems that were in the first quarter in the report for the six months. If they were fully presented in the report for the first quarter, then instead of profit, a loss for the state, as the owner of Naftogaz, up to UAH 105 billion would be shown," he said in an interview with RBC-Ukraine.

According to him, firstly, this is about entering the financial condition of the heat supplying enterprises, which already at the time of reporting for the first quarter did not give firm grounds to count on the repayment of debt for the gas consumed.

In addition, he drew attention to the debt of Naftogaz to PJSC Ukrnafta for the selected gas.

"At the time of drawing up reports for the first quarter of 2021, it could be clear that Ukrnafta would demand its return, and there is reason to assess these obligations of Naftogaz at the current market price," the head of Naftogaz said.

At the same time, he said that the company's statements for the first quarter of 2021, formed under the previous management of Naftogaz, were not properly audited by auditors.

"We should use audited reporting. Otherwise, real losses can turn into" drawn profit" because of the desire of management to talk about profit and show a supposedly good result to get a bonus as soon as possible, and postpone the showing of losses until later," Vitrenko said.

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