UTair Group auditor notes uncertainty relating to company as a going concern

30 April, 2019

Ernest & Young, in the audit report for the UTair Group consolidated financial report for the year ended 31-Dec-2018, noted (29-Apr-2019) uncertainty in relation to Group's as a going concern. The auditor said UTair Group incurred a RUB21,999.1 million (EUR304.8 million) consolidated net loss in 2018, the Group's short term obligations exceeded current assets by RUB74,939.1 million (EUR1038.2 million) and net assets amounted to a negative RUB30,581.8 million (EUR423.7 million), as at 31-Dec-2018. Ernest & Young added: "Moreover, in 2018, the Group did not fulfil certain limiting conditions for credit agreements and has significant debt which it will not be able to repay without its refinancing or restructure". [more - original PR - Russian]