The shareholders of Moldovagaz at the annual general meeting approved the statement of losses of the company in 2020 in the amount of 676.8 million lei and approved the candidacies of 6 members of the Supervisory Board of the company.
This was reported by the press service of the enterprise, noting that the total amount of losses of "Moldovagaz" in 2020 was formed due to several main factors. Thus, 151.2 million lei of losses are losses from payment for natural gas transportation services. They were formed against the background of an increase in the early 2020 of the gas transmission tariff from 32.32 to 256.67 lei per 1,000 cubic meters, while regulated tariffs for natural gas for end users were adopted by the National Agency for Energy Regulation in early November of the same year. In addition, 130.6 million lei of losses fall on the share of negative tariff deviations (the difference between the actual purchase price and the one included in the tariff) formed during the last year. Another component of losses in the amount of 365.5 million lei is due to the formation of a reserve for the repayment of bad accounts receivable, as required by Moldovan legislation and international accounting standards. The rest of the losses in the amount of over 33 million lei was formed due to deviations in the cost of services for gas distribution, as well as other expenses. Among other issues on the agenda of the meeting was the approval of the new version of the charter of "Moldovagaz", which was brought in line with the changed legislation. It affects the transfer of the function of providing services for maintaining the Register of an enterprise from an independent registrar to the Unified Central Securities Depository, as well as expanding the rights of shareholders. In addition, it is allowed to hold general meetings of shareholders by electronic means of communication, as well as in a mixed form, with the physical presence of their representatives. At the same time, the candidatures of 6 members of the Supervisory Board of Moldovagaz were approved. As InfoMarket reported earlier, Moldovagaz's losses in 2020 amounted to 678.84 million lei against a profit of 22.38 million lei a year earlier. As explained in the financial statements of the company for the last year, in 2020 a negative financial result was obtained from operating activities - a loss in the amount of 683.9 million lei (in 2019 - profit in the amount of 67 million lei), including: 491.2 million lei from gas sales; 103.2 million lei - from natural gas transmission services provided by the transport operator Moldovatransgaz; 86.3 million lei - administrative expenses; 3.2 million lei - from other operating activities (mainly due to operating expenses for the purchase of foreign currency). Herewith, a profit of 6.8 million lei was obtained from financial activities due to the positive exchange rate difference on debts to Gazprom and Factoring-Finance. Profit from operations with long-term assets and emergency operations amounted to 0.3 million lei. According to financial statements, revenues from sales of JSC Moldovagaz in 2020 amounted to 4 billion 522.5 million lei, decreasing by 2.2% compared to 2019 (4 billion 623.9 million lei). Meanwhile, revenues from the sale of natural gas decreased by 2.6% - from 4 billion 615.01 million to 4 billion 495.64 million lei, and revenues from the provision of services increased 3 times - from 8.92 million to 26.9 million lei, in particular, revenues from gas transportation services increased from 194.9 thousand to 23.65 million lei. In general, the cost of sales increased by 2.2% - from 3 billion 068.8 million to 3 billion 137.3 million lei. Long-term tangible assets increased by 2.6% - from 32 million 995.8 thousand to 33 million 852.2 thousand lei, total long-term assets decreased by 2.3% - from 6 billion 376.6 million to 6 billion 230.6 million lei, current assets decreased by 12.3% - from 5 billion 990.6 million to 5 billion 253.9 million lei, and in general assets decreased by 7.1% - from 12 billion 367.2 million to 11 billion 484.5 million lei. The total amount of the company's financial liabilities decreased over the year by 205.9 million lei (-1.6%) - from 12 billion 893.8 million in 2019 to 12 billion 687.9 million lei in 2020. ”Prevailing current liabilities, mainly accounts payable to external creditors for the supplied gas (“ Gazprom ”,“ Factoring-Finance ”) - more than 9.9 billion lei. The authorized capital of JSC Moldovagaz is 1 billion 332.9 million lei. JSC Moldovagaz was established in 1999. The largest shareholders of Moldovagaz are Gazprom (50% of shares), the Moldovan government represented by the Public Property Agency (35.33%) and the Transnistrian administration (13.44%), which transferred their shares in trust management of the Russian gas holding. Individuals and legal entities own 1.23% of Moldrovagaz shares.// 30.06.2021 — InfoMarket
