Naftogaz Ukrainy’s net loss reaches UAH 40 bln in 2022 – Naftogaz head

NJSC Naftogaz Ukrainy, preliminary, following the results of 2022, saw a net loss of around UAH 40 billion, Board Chairman of the company Oleksiy Chernyshov has said.

"We will declare certain losses within the limits of UAH 40 billion if I'm not mistaken," he said during the Forbes Business Breakfast stream on Wednesday.

According to him, unprofitable activity is largely associated with significant receivables that arose after the state's use of Naftogaz's working capital to meet the needs of consumers in terms of energy supplies.

Chernyshov said that the underlying receivable of the company consists of three components: the difference in tariffs (UAH 36 billion), the debt of regional gas suppliers and gas distribution companies (UAH 76 billion), and public service obligations (PSO) for 2022-2023 (UAH 158 billion).

"We have logic. We are now strengthening this direction. We are implementing a certain restructuring to turn non-performing accounts receivable into a working asset," he added.

The head of Naftogaz also expressed confidence in the successful restructuring of the company's eurobonds 2022 and 2026.

"Naftogaz is in default with respect to eurobonds, certain obligations, which are now actively restructuring, offering very interesting conditions to bondholders. And they are motivated in the form of additional payments to go for restructuring. We will achieve this. I see no problems in this," Chernyshov said.

Source: www.en.interfax.com.ua