Comparative analysis of financial reporting transparency of Naftogaz of Ukraine and OMV Group (Austria): Empirical approach

The study aimed to analyse the transparency and reliability of financial reporting by two energy corporations operating in different legal environments. The research methodology was based on an empirical approach that combined content analysis of official reports, legal analysis of regulatory acts, and calculation of an integral transparency index based on seven criteria. The study established that the structure of the Naftogaz of Ukraine group included six main enterprises, among which were Ukrgazvydobuvannya, Ukrtransgaz, Ukrtransnafta, Ukrnafta, Chornomornaftogaz, and Gaz Ukrayiny. An analysis of financial results showed that in 2024, the company made a profit of UAH 446,509 thousand after a loss of UAH 1,986,959 thousand in 2023, which indicated an increase in operational efficiency. In contrast, the Österreichische Mineralölverwaltung Group maintained strong financial results, with adjusted operating profit of EUR 5.14 billion and a slight decline in sales of 13.9%, reflecting the stability of its business model and the effectiveness of its corporate governance. The results showed that the Österreichische Mineralölverwaltung Group had a weighted average transparency index of 0.95 (95%), while Naftogaz of Ukraine had an index of 0.7 (70%). The biggest differences were recorded in the criteria of independent audit, reporting integration, and disclosure of environmental, social, and governance data. The results showed a higher level of openness, accountability and digital integration of the Austrian company. The practical significance of the study lies in the possibility of using its results to improve the corporate governance system and increase the transparency of financial reporting of state-owned energy companies in Ukraine in accordance with European standards