Revenue from sales of Moldovagaz over the past 5 years has increased 2.9 times - from 4 billion 880.27 million lei in 2019 to 14 billion 378.76 million lei in 2023.
This follows from the financial and economic analysis of the Moldovagaz system for 2019-2023, which was published by the company. At the same time, during the reporting period, the highest revenue from sales of Moldovagaz was in 2022 - 16 billion 318.6 million lei, and the lowest was in 2020 - 4 billion 688.3 million lei. Herewith, over the past 5 years, Moldovagaz received a net profit only twice - in 2019 - 94 million 277.7 thousand lei and in 2023 - 1 billion 123 million 636.207 thousand lei. The company's losses in 2020 amounted to 440 million 802.5 thousand lei, in 2021 - 32 million 139.7 thousand lei, and in 2022 - 971 million 954.02 thousand lei. In general, in 2019-2023 the total profit from the operating activities of the Moldovagaz company amounted to 592 million 856 thousand 774 lei (in 2019 - 102 million 242.7 thousand lei; in 2021 - 375 million 568.39 thousand lei; in 2022 - 62 million 087.15 thousand lei; in 2023 - 52 million 958.48 thousand lei), with the exception of 2020, when the loss from operating activities amounted to 384 million 517 thousand 676 lei. Moldovagaz clarifies that the annual result of operating activities in the company’s system is influenced by the size of regulated prices for the supply of natural gas, approved by NAER, as well as the size of positive/negative tariff deviations resulting from fluctuations in the cost of purchasing natural gas and their reflection in the accounting enterprise reporting. The main factor that negatively affected the result of 2020 - losses from operating activities in the amount of 384 million 517 thousand 676 lei, is the creation of a reserve - the creation of a reserve for bad debts in the amount of 365 million 495 thousand 324 lei, which was not previously formed in the system " Moldovagaz” and was reflected in the basis of numerous recommendations of the audit company based on the results of the audit of financial statements of previous years. Moldovagaz notes that the company’s financial results, taking into account the specifics of its activities, are influenced by a number of internal and external factors, such as: macroeconomic indicators (exchange rate, inflation); conditions of tariff regulation; amount of debt to external creditors, etc. Thus, the result from the financial activities of Moldovagaz depends on the amount of debt to external creditors represented by Gazprom and Factoring-Finance, reflected in the financial statements, as well as the dynamics of the exchange rate of the Moldovan leu against the US dollar. In accordance with national accounting standards, foreign currency debts are remeasured at the end of each management period at the prevailing official exchange rate. Thus, in the context of the depreciation of the national currency, an annual negative exchange rate difference creates losses from the financial activities of the company. This factor will negatively or positively affect the annual financial results of Moldovagaz until payment obligations to external creditors are fulfilled. At the same time, a number of tariff components also affect the company’s activities, as well as its annual financial results. Thus, tariff deviations represent a component of the adjustment of revenue in the reporting year of an enterprise engaged in supplying natural gas at regulated prices and resulting from the difference between the parameters predicted when determining regulated tariffs and prices and those actually taken into account during the same regulatory period. These deviations are determined based on the difference in the size of actual indicators compared to those included in the calculation of regulated prices, in particular: the purchase price of natural gas; the exchange rate of the Moldovan leu in relation to the currency in which imported natural gas is purchased; volumes of natural gas supplies to consumers, changes in tax rates, fees and other payments included in expenses in accordance with the law; basic cost adjustment indices, tariff for natural gas transportation services, tariff for natural gas distribution services included in the calculation of the price of natural gas. Every year, tariff deviations arising from the supply of natural gas at regulated prices are reflected and taken into account, and then subject to compensation in subsequent periods. As noted, most of the company's current debt to affiliates, reflected in the accounting records, is due to debt to foreign affiliates, who also own the majority of the company's shares. Historical debts, reflected in the company's balance sheet as "short-term debts", represent historical debts of Moldovagaz to its majority shareholder Gazprom, arising in 1999-2015 (thus not de facto constituting “short-term debt”). Currently, there is no clarity between the majority shareholders, the owners of the block of shares, regarding the amount of these debts, as well as how to repay them. Based on this consideration and in order to reflect the real position of the company, when determining such indicators as the company's liquidity, level of solvency, level of financial autonomy and degree of total debt, historical debts were excluded from the calculation by adjusting the balance sheet. Current debts to affiliates at the end of 2023 amounted to 9 billion 635 million 295 thousand 258 lei. In general, it is indicated that as a result of the analysis it was established that the Moldovagaz company system is profitable and solvent, i.e. has the ability to carry out its current activities and fulfill medium- and long-term obligations arising from previous contracts. // 27.05.2024 — InfoMarket.
