The largest oil producing company, Ukrnafta, revised its net profit for 2017 from announced in early May UAH 444 million to UAH 102 million, as stated in the company’s message in the information disclosure system of the National Securities and Stock Market Commission, Interfax-Ukraine reports.
According to the report, the adjustment of the financial statements is related to recalculation of the book value of receivables on advances issued and retrospectively accrued depreciation on its entire amount.
I should be noted that that at the meeting in July, Ukrnafta’s shareholders ordered Chairman of the Board Mark Rollins to correct the company's financial reports for 2017 due to PWC’s reviews.
The decision of the meeting indicated that PWC’s findings indicate the absence of sufficient and acceptable grounds for further recognition and accounting of prepayments issued in 2015 for the supply of petroleum products with a total nominal value of UAH 14.1 billion and book value of (as of the end of 2017) almost 3 billion UAH.
