All the assets of the Ukrzaliznytsia public railway company have a value of UAH 273.73 billion. This is stated in the company’s consolidated financial reports audited by the Ernst & Young firm, the Interfax Ukraine news agency reports.
In addition, according to Ukrzaliznytsia, the revaluation of the company’s fixed assets valued at UAH 199.07 billion last year increased the value of the assets to UAH 259.31 billion at the end of last year.
The auditor pointed out in its report that Ukrzaliznytsia changed its accounting policy regarding its fixed assets, switching from the cost model to the revaluation model on 1 December 2015, which does not comply with international accounting standards.
According to estimates by Ernst & Young, under the previous model, the value of Ukrzaliznytsia’s fixed assets decreased by 2.5% to UAH 60.8 billion last year.
Ukrzaliznytsia reported a net loss of UAH 16.78 billion for 2015, which is 8.7% more than the figure for 2014.