Auditor has doubts in Kosovo Post's existence

ZKA has published the Kosovo Post's 2021 Financial Oversight Report.

According to an audience's overall assessment, the Post management's displays regarding the follow-up hypothesis do not adequately describe key events or conditions, which may cast significant doubts about the company's ability to continue with, as well as the guidance plans that address these events or conditions that have been identified as a result of auditing.

The company's “total revenues, 40% of them are from the main client (Telecomi sh.a) where their non-indicted value at the end of the year was 1.399,969. The possible loss of this company client and an important market, for which material uncertainty exist, could cast considerable doubts on the ability to realise its assets and carry out its obligations in the normal business course”, the audience wrote in the report.

The ZKA has indicated that in 2021, the company had a financial loss worth 1,929,490 euros, as well as considerable operational losses in succession since 2012, where the value of accumulated losses had reached 22,534,762 euros, which could cast significant doubts about the company's ability to continue.

The following investment value presented in the financial position mirror does not represent the exact situation, since the project “Construction of the retail points (Butic Posta) ” was worth 334,374 euros had not been functioning since 2012, despite the realisation of the works being completed and the payment carried out”, the ZKA stressed in the Kosovo Post Report.

In terms of this project, the company in 2012 recorded the following “Invesions as a project inherited from Posta and Kosovo Telecom (PTK) on the case of sharing these two companies. For the implementation of this project, where the construction of 18 retail points was originally introduced, The PTK had signed contracts with an economic operator dated 1503.2010. Furthermore, for not paying off some additional work accomplished on this project, in 2013 the company had filed lawsuits in court and the court's sentence of the Court of Appeals on 19,282 euros.

Another finding of the audience has to do more than that, the Posta had failed to harmonise able situations with creditors' data and that in the absence of confirmation on their part, for nine suppliers, the ZKA has failed to verify the compatible state of obligations of value of 911,252 euros, while in three cases the amount of debt confirmed through external confirmation was lower for 16.566 euros than the amount of debt under compatible individuals.

“The VSH in the Kosovo Tax Administration (ATK) was 94,841m, while in the company's accounting system it was 85,267, by a margin of 9,574 $”, it is written in the report.

But according to the audience, the company had failed to harmonise compatible situations with debtor data. To confirm their accuracy, the National Audit Office says they have sent 28 confirmation letters of the largest debtors for the value of 2,432,187 euros. For the value of 2,191,300, but for 18 other customers, we didn't accept any confirmations, whose value was 240,886.”.

Regarding the Post events in the past year, the audience has found that the execution of wages was not conducted under labour contracts.

The Republic of Kosovo's general audience is the highest institution of economic and financial control in Kosovo, and the National Audition Office is an independent institution, which helps the general audience perform its duties.

On July 1, 2005, PTK has been disqualifyed, meanwhile, the Kosovo Post acted as a business unit within the Kosovo Post Telekom United States. until August 01th 2012, when, at the Kosovo government's decision, it was founded as the Central Public Company. /Periscopi/