Azercosmos` short-term assets grew more than by 70%


May 31, Fineko/abc.az. Azercosmos has released its financial statements for 2019.

ABC.AZ reports with reference to company's report that the structure did not make any changes to the authorized capital during 2019.

Company's share capital reserve apparently grew by 28.3% up to AZN 208.37 million. As for long-term assets of Azercosmos, these indicators of the company decreased by 8% compared with 2018 and amounted to AZN 569.86 million.

Short-term assets increased by 70.8% up to AZN 58.73 million, while total assets decreased by 3.8% to AZN 628.59 million. Most of the decline in assets is reflected in land, construction sites and equipment, the main reason is due to the transfer of 46% of the capacity of Azerspace-2 satellite to Intelsat in 2019 for financial leasing.

In addition, total liabilities declined by AZN 77.09 million or 10.4% against 2018 and amounted to AZN 663.77 million. The basis of Azercosmos' obligations is the repayment of loans received in connection with satellite projects. These loans are being repaid on time using revenue generated from satellite services, and so far the company has not registered overdue credit debt.

It should be noted that the financial statements of Azercosmos published at the end of 2019 received an independent audit report from the Azerbaijan representative office of audit company PricewaterhouseCoopers (PwC), one of the four largest audit companies in the world.