DAK: the real value of assets is 12 times higher than the balance sheet value
19 February 15:45
The real market value of the state road company could reach UAH 48.3 billion, with the current book value of assets at UAH 3.8 billion. The difference of almost UAH 44.5 billion makes the company a “tempting morsel” for unscrupulous individuals, according to
the management of the state road company.
As reported by
According to preliminary calculations by the company’s management, using generally accepted financial multipliers, the potential capitalization of the group could reach UAH 48.3 billion.
“The difference between the book value and the real value is over UAH 44.4 billion. This is the very ‘tasty morsel’ for which certain individuals are willing to act in their own interests rather than those of the state, which is currently fighting for its right to exist,” the company notes.
At the same time, the company’s previous management had accumulated significant debts. DAK’s accounts payable amount to UAH 2.85 billion, including:
- UAH 1.54 billion — settlements with the budget;
- UAH 145.7 million — debts on social security contributions;
- UAH 289 million — wage arrears left over from the previous management;
- UAH 874 million — debts to suppliers.
To get a clear picture of the situation, the company’s management started a comprehensive financial audit and sent an official letter to the head of the State Audit Service of Ukraine. This will not only give them an objective view of how state resources are being used, but also build trust with business partners who are interested in the development of the road industry.
The company is also implementing transparency mechanisms. All purchases by subsidiaries are now made exclusively through the Prozorro system, and direct contracts have been abandoned. This is already yielding results: the cost of purchasing fuel, bitumen, and other materials has decreased by 10–30%.
Author: Alla Dunina
