Aivaras Abromavicius, Director General of Ukroboronprom, in an interview with Ukrinform told about the consolidated financial statements of Ukroboronprom for 2018-2019 on the international financial statements.
On October 1, the winner of the financial audit tender, which will last 12 months, was selected. The results for 2018 are expected to be in the first half of the next year, and for 2019 – in the second half of 2020.
Financial audit is required, in particular, for the company to enter the foreign loan markets. Three years of international financial auditing allow companies to enter the foreign loan markets, issue Eurobonds, reduce the cost of the loan portfolio.
"Now the cost of the loan portfolio is UAH 10 billion. Unfortunately, our average rate remains at the level of 21-22%, which makes the business extremely difficult. Since the payback of most projects, of course, is not so short (about four years), it does not allow you to invest in long-term projects. And when you issue Eurobonds in currency, we are talking about 6%, 7%, 8%. This is another matter and this is one of the reasons, why you need a financial audit,"- said Aivaras Abromavicius.
The financial statements also provide an opportunity to enter into the projects with global giants who want to deal only with the companies whose financial statements have been audited according to the international financial standards.