International audit company BDO has provided an unqualified opinion on the audit of the financial statements of Open joint stock company “Ukrhydroenergo” for 2016.
According to the published financial statements of OJSC “Ukrhydroenergo” finished 2016 with a net profit of 2.21 billion. In 2015, this figure amounted to 1,091 billion UAH.UAH, in 2014 – 0,476 billion.
Net income of the company in 2016 has increased compared to the previous period of 34%.
“We focused on the efficient use of own resources, compliance settlement and credit discipline, the achievement of efficient ratio of own and borrowed funds. This policy is yielding positive results. Yield rises, despite rising costs due to the devaluation of the hryvnia, as well as a significant increase in mandatory taxes and fees,” commented financial results General Director of OJSC “Ukrhydroenergo” Igor Sirota.
By the end of 2016, the society paid to the budget in the amount of 1,757 billion UAH, which is three times more than in 2015. Also in 2016, the company paid to the budget 0,327 billion of dividends (0,143 billion in 2015).
In 2016, significantly increased the solvency index of JSC “Ukrhydroenergo”. If in 2015, the figure was 0.36, in 2016 – already 0,80.
“We showed that even under difficult conditions our company is able to generate cash assets to implement all necessary payments”, – said Igor Sirota.
In the liabilities structure the equity of the company amounted to 79%. Financial indicators current liquidity ratio of 1.75, solvency is 0.80, the debt service ratio is 2.6.
“Keeping the capital structure and the dynamic balance of assets and liabilities, we were able to provide high liquidity, the current and prospective solvency,” – says the General Director.
For many years the company attracts investment funds from international financial organizations for implementation of the project “Rehabilitation of hydropower”. At the same time, the share of long-term liabilities in the total liabilities as at 31.12.2016 year amounted to only 6.7%, which reduces the sensitivity of the company’s foreign currency risk.
PJSC “Ukrhydroenergo” provides financial reporting according to international financial reporting standards (IFRS). Independent international audit confirms the accuracy and completeness of the financial statements. Subject to verification of the statements of financial condition of the company, comprehensive income, cash flows and equity.
PJSC “Ukrhydroenergo” – the largest hydroelectric generating company of Ukraine. The company provides coverage of peak loads, frequency control and power, mobile emergency reserve in the United energy system of Ukraine.
BDO is an international network of audit and consulting companies, which has more than 67,000 employees working in over 1,400 offices in the world. BDО in Ukraine provides a wide range of services in audit, corporate Finance, risk management, business restructuring, business and it consulting, tax and legal practice, accounting outsourcing, valuation practice, sustainable development, and the like. The company meets the criteria of decree No. 390 of June 4, 2015, which involved the audit company to audit financial statements or consolidated financial statements of certain entities of the public sector (the first group).