Pivdennyi GOK (Northern Mining and Processing Plant, Kryvyi Rih, Dnipro Oblast), a part of Metinvest Group, reported a net profit of UAH 866.090 million in 2023, compared to a net loss of UAH 2 billion 972.333 million in 2022.
According to the decision of the sole shareholder, Metinvest B.V. (Netherlands), which owns 100% of the shares in Pivnichnyi GOK, at its meeting on April 30, 2024, the profit for 2023 was left undistributed.
Another shareholder’s decision – at the meeting of May 14, 2024 – changed the company’s management structure to a one-tier one with the corresponding amendments to the charter. At the same time, after the registration of the updated charter, the supervisory board was liquidated and a four-member board of directors was created. It includes Metinvest CEO Yuriy Ryzhenkov, Metinvest CFO Yulia Dankova and Metinvest Legal Director Svetlana Romanova as non-executive directors for three years, as well as Igor Tonev as executive director, whose position as CEO is being eliminated.
Earlier, based on the shareholder’s decision of March 28, 2024, Andrey Skachkov’s powers as CEO were terminated by agreement of the parties, and Tonev was appointed CEO.
On May 24, 2024, the state registration of the new version of Northern GOK’s charter took place. On May 25 this year, at a meeting of the Board of Directors of Northern GOK, Metinvest’s CFO Yulia Dankova was elected Chairman of the Board of Directors for a term from May 25, 2024 to May 24, 2027 inclusive. Igor Tonev was elected Chief Executive Officer with a term of office from May 25, 2024 to April 2, 2025 inclusive. And it was determined that in accordance with clause 7.8 of the Charter of Northern GOK, the chief executive officer is referred to as the general director in the company’s activities in general, organizational structure, staffing and document flow.
By the decision of the shareholder of June 13, 2024, at its meeting, the net profit of UAH 580.409 million received in January-March of this year is allocated to pay dividends for 2024. At the same time, UAH 0.25 of dividends are paid per ordinary share.
The Board of Directors of the company (Minutes No. 3 dated June 14, 2024) decided to establish the date of compiling the list of persons entitled to receive dividends, the procedure and term for their payment. The start date of dividend payment is July 1, 2024, and the end date of dividend payment is December 13, 2024 inclusive.
As reported, for 9M2023, Northern Mining earned a net profit of UAH 681.867 million, while it ended the same period in 2022 with a net loss of UAH 2 billion 227.488 million. Retained earnings as of the end of September 2023 amounted to UAH 10 billion 727.921 million.
The company ended 2022 with a net loss of UAH 2 billion 972.333 million, while in 2021 it made a net profit of UAH 25 billion 293.042 million.
It was also reported that in April this year, Metinvest introduced a new model for the operation of Kryvyi Rih mining enterprises, uniting mining and processing plants in Kryvyi Rih under a single management. Central, Ingulets and Northern GOKs are managed by a single administrative and management center. For this purpose, a mining department was set up within the group’s operating directorate. The department is headed by Igor Tonev, who has also been appointed as the sole CEO of the three GOKs. Prior to this position, he was the head of Metinvest-SMC’s sales company since 2019 and has been with Metinvest since 2011.
The plant specializes in the extraction, processing and sale of iron ore.
Metinvest B.V. owns 100% of the shares in Northern GOK.
Northern GOK is part of Metinvest Group, whose major shareholders are System Capital Management (SCM, Donetsk) (71.24%) and Smart Holding Group (23.76%). Metinvest Holding LLC is the management company of Metinvest Group.
The authorized capital of Yenakiieve Mining is UAH 579.707 million.
Changes in consolidated budget expenditures in 2021-2023 (%)
Source: Open4Business.com.ua and experts.news
The membership negotiations began on Tuesday, a landmark move aimed in particular at signaling a vote of confidence in Ukraine’s future.
The European Union launched accession negotiations with Ukraine and Moldova on Tuesday, June 25, setting the fragile ex-Soviet states on a long path towards membership that Russia has tried to block. The landmark move is aimed in particular at signaling a vote of confidence in Ukraine’s future as Moscow has momentum on the battlefield almost two and a half years into the Kremlin’s invasion.
Ukraine’s President Volodymyr Zelensky called it a “historic day” ahead of the start of talks between officials from Kyiv and the EU’s 27 member states in Luxembourg. “We will never be derailed from our path to a united Europe and to our common home of all European nations,” the Ukrainian leader wrote on social media.
Ukraine and later its neighbour Moldova lodged their bids to join the EU in the immediate aftermath of Russia’s all-out assault in February 2022. The start of the talks marks just the beginning of a protracted process of reforms strewn with political obstacles that will likely take many years — and may never lead to membership.
Read more Subscribers only European Union approves opening of formal accession negotiations with Ukraine
Standing in the way along that journey will be not just Russia’s efforts at destabilisation but reticence from doubters inside the EU, most notably Hungary. But European Commission chief Ursula von der Leyen called the opening of talks “very good news for the people of Ukraine, Moldova, and the entire European Union. The path ahead will be challenging but full of opportunities,” she wrote on X on Tuesday.
So far, Ukraine – represented at the talks by Deputy Prime Minister Olga Stefanishyna – has won plaudits for kickstarting a raft of reforms on curbing graft and political interference, even as war rages. “Today is a historic day for Ukraine and Moldova, but also for the EU,” said Germany’s Europe minister Anna Luehrmann. “Both countries have made enormous progress in the area of the rule of law, the fight against corruption and freedom of the press.”
Complex process
Russia’s war in Ukraine has reinvigorated a push in the EU to take on new members, after years in which countries particularly in the Western Balkans made little progress on their hopes to join. The EU in December 2023 also granted candidate status to another of Russia’s former Soviet neighbours, Georgia. It likewise approved accession negotiations with Bosnia and has talks ongoing with Serbia, Montenegro, Albania and North Macedonia.
The meetings with Ukraine and Moldova on Tuesday will set off a process of screening of how far laws in the countries already comply with EU standards and how much more work lies ahead. Once that is done the EU then has to begin laying out conditions for negotiations on 35 subjects – from taxation to environmental policy.
It appears unlikely that there will be progress onto the next step in the coming six months, when Hungary – the friendliest country to Russia in the bloc – holds the EU’s rotating presidency. “It’s very difficult to say at what stage Ukraine is,” said Hungary’s Europe minister Janos Boka. “From what I see here as we speak, they are very far from meeting the accession criteria.”
The start of the talks resonates powerfully in Ukraine as it was a desire for closer ties with the EU that sparked protests back in 2014 that eventually spiralled into the full-blown crisis with Russia. The talks also come at a tense time in Moldova after the United States, Britain and Canada warned of a Russian “plot” to influence the country’s presidential elections coming up in October.
Wedged between war-torn Ukraine and EU member Romania, Moldova’s pro-Western authorities frequently accuse the Kremlin of interfering in its internal affairs. President Maia Sandu has accused Moscow – which has troops stationed in a breakaway region of the country – of aiming to destabilise Moldova ahead of the vote. “Our future is within the European family,” Sandu wrote on X. “We are stronger together.”
Le Monde with AFP
Concern-Electron JSC (Lviv) will pay dividends to shareholders for 2023 totaling UAH 8 million at the rate of UAH 0.5 per share (par value UAH 3.5) from June 25 to October 26 this year.
According to the information in the information disclosure system of the National Securities and Stock Market Commission (NSSMC), the decision to pay dividends was made by the general meeting of shareholders on April 26.
According to the company’s financial report on its website, in 2023, its consolidated net profit amounted to almost UAH 17 million, compared to a consolidated loss of UAH 26.1 million a year earlier.
In particular, the net profit of the parent organization, Concern-Electron JSC, amounted to UAH 13.1 million (a loss of UAH 23.5 million a year earlier) on revenues of UAH 0.3 million (at the level of 2022).
Concern-Electron Group, in addition to the parent organization, includes 12 assets, and employed 688 people at the beginning of 2024 (752 people a year earlier).
As of the beginning of this year, Concern-Electron JSC’s shareholders numbered 20.468 thousand people, and the owners of more than 5% of the shares are President and Chairman of the Board Yuriy Bubes (5.6% of shares), Chairman of the Supervisory Board Sergey Medvedev (5.06%), as well as Victoria Starodub (8.73%) and Mikhail Sholomitsky (5.76%).
Last year, the largest net income in the group was generated by Spheros-Electron Plant LLC, a manufacturer of heaters and heat exchangers for cars, which generated UAH 167.5 million (55% more than in 2022) with an 82% increase in net profit to UAH 24.9 million. Concern-Electron JSC holds an 80% stake in the company.
Vehicle manufacturer Zavod Elektronmash LLC, in which Concern-Electron JSC owns a 55% stake, showed a 23.5% decrease in net income to UAH 129.8 million, and net profit amounted to UAH 0.9 million against a loss of about UAH 10 million a year earlier.
The group’s top three in terms of net income last year also included FLC’s subsidiary Electron-Leasing, which leases equipment and vacant premises in office business centers, as well as industrial and warehouse space. The company increased its revenue by 18.6% to UAH 101.9 million, earning UAH 4.1 million in net profit.
Another major subsidiary, Polymer-Electron Plant (production of plastic and polystyrene foam products), ended 2023 with a net profit of UAH 1.2 million against a loss of UAH 0.8 million, with net income increasing by 30% to UAH 80.4 million.
As reported, Concern-Electron JSC also paid dividends of UAH 0.5 per share in 2022.
Changes in revenue of the consolidated budget in 2021-2023 (%)
Source: Open4Business.com.ua and experts.news
PrJSC Ingulets Mining and Processing Plant (InGOK, Kryvyi Rih, Dnipro region), a member of Metinvest Group, reduced its net loss by 5 times to UAH 167.235 million in 2023 from UAH 851.259 million in 2022.
According to the decision of the sole shareholder, Metinvest B.V. (Netherlands), which owns 100% of the shares of PJSC “InGOK”, at its meeting on April 30, 2024, the losses for 2023 will be covered by future periods.
Another shareholder’s decision – at the meeting of May 14, 2024 – changed the company’s management structure to a one-tier one with the corresponding amendments to the charter. At the same time, after the registration of the updated charter, the supervisory board was dissolved and a four-member board of directors was created. It includes Metinvest CEO Yuriy Ryzhenkov, Metinvest CFO Yulia Dankova and Metinvest Legal Director Svetlana Romanova as non-executive directors for three years, as well as Igor Tonev as executive director, whose position as CEO is being eliminated.
Earlier, based on the shareholder’s decision of March 23, 2024, Oleksandr Gerasymchuk’s powers as CEO were terminated by agreement of the parties, and Tonev was appointed CEO.
On May 24, 2024, the state registration of the new version of the charter of InGOK took place. On May 25 this year, at a meeting of the Board of Directors of InGOK, Metinvest’s CFO Yulia Dankova was elected Chairman of the Board of Directors for a term from May 25, 2024 to May 24, 2027 inclusive. Igor Tonev was elected Chief Executive Officer with a term of office from May 25, 2024 to April 2, 2025 inclusive. And it was determined that in accordance with clause 7.8 of the charter of InGOK, the chief executive officer in the general activities, organizational structure, staffing and document flow of the company is called the general director.
By the shareholder’s decision of June 13, 2024, at its meeting, the net profit of UAH 1 billion 613.7 million received in January-March of this year is allocated to pay dividends for 2024. At the same time, almost UAH 0.585 of dividends are paid per ordinary share.
The Board of Directors of the company (Minutes No. 2 dated June 14, 2024) decided to establish the date of compiling the list of persons entitled to receive dividends, the procedure and term for their payment. The start date of dividend payment is July 1, 2024, and the end date of dividend payment is December 13, 2024 inclusive.
As reported, InGOK completed 9 months of the year. 2023 with a net loss of UAH 1 billion 316.821 million, while in the same period of 2022 it received a net profit of UAH 113.843 million. The company’s retained earnings as of the end of September 23 amounted to UAH 13 billion 869.051 million.
InGOK ended 2022 with a net loss of UAH 851.259 million, while in 2021 it received UAH 20 billion 446.101 million in net profit. In 2020, InGOK reduced its net profit by 75.3% year-on-year to UAH 1.5 billion.
It was also reported that in April this year, Metinvest introduced a new model for the operation of Kryvyi Rih mining enterprises, uniting mining and processing plants in Kryvyi Rih under a single management. Central, Ingulets and Northern GOKs are managed by a single administrative and management center. For this purpose, a mining department was set up within the group’s operating directorate. The department is headed by Igor Tonev, who has also been appointed as the sole CEO of the three GOKs. Prior to this position, he was the head of Metinvest-SMC, a sales company, since 2019, and has been with Metinvest since 2011.
The company specializes in the extraction and processing of ferruginous quartzite from the Ingulets deposit located in the southern part of the Kryvyi Rih iron ore basin. It produces iron ore concentrate. The company’s production capacity is 14 million tons of iron ore concentrate per year.
Metinvest B.V. (Netherlands) owns 100% of the shares of PrJSC “InGOK”.
The authorized capital of PrJSC “InGOK” is UAH 689.906 million, the share price is UAH 0.25.
InGOK is a part of Metinvest Group, whose major shareholders are System Capital Management (SCM, Donetsk, 71.24%) and Smart Holding Group (23.76%). Metinvest Group’s management company is Metinvest Holding LLC.
