Naftogaz pays 2021 dividends in advance: UAH 2.3 bn transferred to state budget

At the end of March 2022, National Joint Stock Company “Naftogaz of Ukraine” made an advance transfer of dividends totalling UAH 2.3 bn to the state budget for 2021 pursuant to the Resolution of the Cabinet of Ministers of Ukraine No.244-р dated 25 March 2022. This amount represents 95% of net profits pre-calculated based on the results of financial and business activities of the Company in 2021.

According to Yuriy Vitrenko, “Naftogaz has executed the Government’s decision in due time.”

The relevant indicator of net profit was in the Company’s financial plan approved by the Supervisory Board and the CMU. Having transferred 95% of planned profits to the state budget, the Company has also actually met a key indicator of the financial plan set by the Government for Naftogaz for 2021.

As of today, the audit procedures required to issue the final statements for 2021 continue. However, due to ongoing hostilities, it is impossible to predict exactly when it will be released.

In general, since the war started, Naftogaz Group has paid UAH 12.3 bn to the state budget. By the end of the current month, further payments of UAH 3.2 bn are planned. This means that the total amount will be UAH 15.5 bn.

We would like to remind that National Joint Stock Company “Naftogaz of Ukraine” did not take money from the state budget in 2021. On the contrary, it increased payments compared to 2020.

According to the data given in the Company’s consolidated financial statements prepared in line with the international financial accounting standards and verified by auditors, Naftogaz became loss-making in Q2 2020, was loss-making by the results of 2020 (that is why the dividends for 2020 were not being paid), and continued being loss-making in Q1 2021 before becoming profitable again in Q2 2021.

Note that the current CEO of Naftogaz actually left the Company in Q2 2020 and took office again in Q2 2021.

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