Economy 2021-01-15T04:06:21+02:00
Ukrainian news
Naftogaz Group Sustains Loss Of UAH 17 Billion, Negative EBITDA Of UAH 1.2 Billion, Cuts Revenue By 6.5% To UA

Naftogaz Group Sustains Loss Of UAH 17 Billion, Negative EBITDA Of UAH 1.2 Billion, Cuts Revenue By 6.5% To UAH 104.5 Billion In 9M

Naftogaz, Naftogaz of Ukraine, loss

In the first nine months of 2020, the group of the Naftogaz of Ukraine national joint-stock company sustained a net loss of UAH 17.034 billion, and reported a profit of UAH 21.309 billion.

The Naftogaz has said this in a statement, Ukrainian News Agency reports.

In compliance with the report, the reasons for sustaining the loss in the first nine months of 2020 were terminated activity, lower demand and gas prices.

Besides, according to the report, payments for a portion of supplies provided before July 31, 2020 under the public service obligation (PSO) conditions remain overdue, which reasoned the accrual of reserve of bad debts of UAH 3.7 billion in the first nine months of 2020.

At the same time, the reserve of the bad debt is likely to again have negative influence on profitability next quarter.

In the first nine months of 2020, revenue from sales and other revenues decreased by 6.5% or UAH 7.261 billion year over year to UAH 104.529 billion.

In the third quarter of 2020, a loss of the group made UAH 5.5 billion over the loss of UAH 4.8 billion sustained in the third quarter of 2019.

Considerable fall in gas price and a rise in gas sales affected the financial results of the group quarter over quarter.

In the first nine months of 2020, the group received a negative corrected Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) of UAH 1.236 billion over UAH 26 billion of EBITDA in the first nine months of 2019.

In the first nine months of 2020, the explosions and production segment attracted the EBITDA of UAH 16.3 billion (UAH 34.5 billion in the first nine months of 2019).

The segment of oil transportation, refining and sale of petroleum products brought the EBITDA of UAH 1.3 billion (UAH 1.9 billion in the first nine months of 2019).

The segment of commerce conditioned the negative EBITDA of UAH 16.3 billion (the EBITDA also was negative (UAH 9.9 billion) in the first nine months of 2019).

In the first nine months of 2020, the Naftogaz group’s EBITDA in the segment of natural gas storage was UAH 3.8 billion (UAH 0.8 billion in the first nine months of 2019),

Ukrnafta, the largest Ukrainian oil-producing company, had the negative EBITDA of UAH 2.2 billion (the EBITDA of UAH 1 billion in the first nine months of 2019).

Other segments brought negative EBITDA of UAH 4.1 billion (it also was negative in the first nine months of 2019).

In the first nine months of 2020, the capital expenses made UAH 11.8 billion, down over the overall volume of UAH 20 billion expected in 2020.

A free movement of monetary funds remained at the level of UAH 4.1 billion.

A net debt of the group fell from UAH 42.6 billion late in 2019 to UAH 19.7 billion late in the third quarter.

The overall amount of monetary funds sent to the state budget made UAH 87 billion.

According to the report, as for the dividends for 2019, UAH 39.6 billion was paid to the state budget this year, and UAH 8.5 billion was prepaid late in 2019.

In the first nine months of 2020, the group produced 10.7 billion cubic meters and sold 12 billion cubic meters of natural gas.

As Ukrainian News Agency earlier reported, in 2019, the Naftogaz group boosted its net profit 5.5 times or by UAH 51.7 billion to UAH 63.3 billion, including UAH 55.7 billion from the Russia's gas monopoly Gazprom thanks to the positive decision of a court of arbitration in the case upon the natural gas transit.

Naftogaz of Ukraine monopolizes transportation of gas and oil via transit gas pipelines and oil pipelines. It is also the largest Ukrainian producer of gas and oil in Ukraine.

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