NAK “Naftogaz” has left profits at the end of 2016, for the first time in ten years without receiving subsidies from the state. This is stated in the consolidated report of the company published on the website of “Naftogaz”.
Presenting the report, Chairman of the Board Andriy KOBOLEV said that Naftogaz for the first time in five years to become profitable, for the first time in ten years without receiving support from the state budget.
The financial result of the group changed from 88.4 billion UAH of net consolidated loss for 2014, and 35,062 billion net loss in 2015 to 22.5 billion consolidated net profit in 2016.
The main profit last year more than 26 billion UAH, “Naftogaz” received from the segment of transportation and distribution of gas. In addition, profitable were the segments:
- gas production (15.3 billion UAH);
- oil production (1.7 billion UAH);
- transportation of oil (1.6 billion).
Losses according to the results of 2016, “Naftogaz” received from the following segments of activity:
- oil and condensate (net loss of 6.8 billion UAH);
- gas trading (net loss of 3.5 billion UAH);
- gas storage (a loss of UAH 1.6 billion).
Furthermore, the lawsuits, the losses from the hryvnia exchange rate fluctuations and other costs that are not allocated to operating segments $ 11.9 billion.
Thus, according to the report, the average cost of borrowings of the group decreased by 1.4 percentage points, from 13.5% in 2015 and 12.1% in 2016, thanks to which “Naftogaz” has saved about 1 billion UAH.
The report also stated that “Naftogaz” has become the most active user of e-procurement systems ProZorro. According to the document, since the official launch of the system in 2016, the companies of the group spent 13 thousand public tenders and saved 8.4 billion UAH, that is 9% of the expected procurement cost.
“Naftogaz Ukraine” unites the largest oil and gas enterprises of the country. The holding is a monopolist on transit and storage of natural gas in underground storage, and oil transportation by pipeline transport through the territory of the country.