NPC Ukrenergo publishes its audited financial statement 2019 (hereinafter – the Statement), compiled according to International Financial Reporting Standards (IFRS).
The independent auditor – Deloitte & Touche USC – has provided an unconditionally positive audit opinion stating that the Statement accurately reflects the financial position of the Company, its financial results, etc.
According to 2019 results, NPC Ukrenergo’s net profit 2019 amounted to UAH 1.86 billion. At the same time, the Company transferred to the state budget in the form of taxes and deduction of the share of net profit of UAH 4.9 billion, having paid all tax liabilities for the terms of payment defined in the Tax Code of Ukraine forthe reporting period.
Payments to the state budget as part of the net profit amounted to UAH 905 million and were paid in full. In addition, by 1 July 2020, Ukrenergo, as a private joint stock company, should transfer more than UAH 559 million of dividends to the state budget calculated at the rate of 30% of the net profit 2019 in accordance with the provisions of Article 11 of the Law of Ukraine “On Management of State Property Objects”.
Key indicators of financial and economic activity of NPC Ukrenergo in 2019 (billion UAH)
|Primary activity income||26,3||6,0|
|Net profit, %||13%||42%|
– available funds
– special accounts
Ukrenergo’s primary activity income quadrupled in 2019 (up to UAH 26.3 billion) due to the components of the new electricity market. In particular, income from electricity transmission in the reporting period amounted to UAH 16.6 billion (UAH 10 billion more comparing to 2018). This amount includes the funds allocated for the performance of special obligations amounted to UAH 6.57 billion (offset for the feed-in tariff). Unbundled from 1 July 2019, the income from dispatch control services amounted to UAH 1.1 billion, the income from selling electricity in the balancing market – UAH 8.6 billion.
At the same time, Ukrenergo’s net profit 2019 amounts to UAH 1.86 billio (comparing to UAH 2.6 billion in2018). The decrease of the indicator was due to the low level of settlements by market participants for Ukrenergo’s services. Today, the receivables of Ukrenergo amount to UAH 3.9 billion (comparing to UAH 195.3 million in 2018). At the same time, the Company had to accrue a reserve of uncovered credit losses in the amount of UAH 1.89 billion in 2019, which as of 31.12.2019 amounted to UAH 3.22 billion, which directly affected the amount of profits. Also, the negative effects were caused by losses during balancing market settlements.
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