For the first time in the last 10 years, “Naftogaz” has not received money from the state budget and become profitable
In 2016 “Naftogaz of Ukraine” for the first time in the last five years received a net profit of $ 26.5 billion UAH, which was mainly driven by the income from transit. At the same time the company for the first time in the last 10 years did not take money from the state budget, but rather, plans to list the state 15.7 billion UAH.
Such data results in “Naftogaz”, which was published audited financial statements of the company as a separate legal entity (not consolidated) for the year 2016.
In “Naftogaz” said that was a loss for the activity “Wholesale trade of gas” in the amount of UAH 2.9 billion. 40% loss due to the sale of gas to consumers subject to special duties (the resolution KMU from 01.10.15 No. 758).
“The company plans to pay the state a dividend in the amount of UAH 13.3 billion (50% of profits in 2016). In addition, we plan to pay UAH 2.4 bln advance payment from income tax. These figures of the Board of “Naftogaz” laid the financial plan for 2017. These proposals were supported by the Supervisory Board of “Naftogaz” and will be presented to the Cabinet of Ministers of Ukraine. It is expected that a final decision on the amount of dividends will be made by the shareholder of the company (the Cabinet of Ministers of Ukraine) till April 30, 2017″, – stated in the message.
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At the same time, the company noted that there are significant liquidity risks “Naftogaz” and its ability to make payments. After all, “remains the failure of legislative acts and decisions that are provided in the government action plan for corporate governance reform “Naftogaz”. As the credit line, which is extended by “Naftogaz” from international financial organizations directly associated with the implementation of the reform of corporate governance any breach in the execution of the approved plans may result in the cancellation of credit lines and demand an instantaneous refund from creditors”.
For 2016, the “Naftogaz of Ukraine” as a separate legal entity paid to the budget taxes and other obligatory payments in the amount of UAH 16.3 bn and became the second largest payer of taxes in Ukraine after PJSC “Ukrgasdobycha”, which is included in the group of “Naftogaz”.
For the first time in the last 10 years, the company has not received budgetary financing. In 2015, Naftogaz paid taxes 17.9 billion, but it received a budget of 29.7 billion UAH.