The government of Ukraine has abolished the need to obtain the approval of the State Reserve when issuing licenses by the Ministry of Economy to import raw cane sugar to Ukraine within the tariff quota.
The corresponding decision within the framework of the economy deregulation was taken by the government on Tuesday, as quoted by the Vice Prime Minister and Head of the Ministry of Economy Mykhailo Fedorov.
The issue of optimization of this agreement was previously considered by the interdepartmental working group on the accelerated revision of instruments of state regulation of economic activity, which was chaired by him and First Deputy Prime Minister – Minister of Economy Yulia Sviridenko.
As it was reported, the Interdepartmental Working Group on Accelerated Revision of the Instruments of State Regulation of Economic Activity was created by the government on January 13, 2023 with the purpose of simplifying the regulatory environment for business.
Mining company Ferrexpo with assets in Ukraine saw $219.997 million in net profit in 2022, and it was 75% lower than the same indicator in 2021 ($870.993 million).
According to the company’s annual report published on Wednesday, its revenue for the year fell by 50.4% to $1.248 billion.
At the same time, EBITDA fell by 46.8% to $765.113 million.
Ferrexpo’s capital investment in 2022 was $161 million compared to $361 million in 2021 (55.4% down).
Net cash flow from the company’s operating activities at the end of last year reached $301 million (2021 it was $1.094 billion). Net cash position at the end of the year was $106 million compared to $117 million at the end of the previous year.
Dividends paid during the 2022 calendar year decreased by 75% to 26.4 cents from 105.6 cents in 2021.
Non-executive Chair Lucio Genovese said that for Ferrexpo, the year 2022 was defined not only by the events since 24 February 2022, but also by the resilience and commitment of its workforce and communities across Ukraine throughout Russia’s invasion.
“Operationally, our assets have produced in line with accessible markets, with the closure of Ukraine’s access to the Black Sea placing a significant impediment in our ability to access seaborne markets. We did, however, continue to deliver throughout the year to our European customers. This is testament to the long-term, sustainable relationships that we have built with our customer base,” Genovese said.
At the same time, he noted positives in Ukraine’s potential as a supplier of high grade, high quality iron ore to the global steel industry, particularly in Europe, which is taking significant steps to reduce its greenhouse gas emissions footprint and embark on decarbonisation pathways.
As reported, in January-June 2022, Ferrexpo saw $82.070 million in net profit, which is 87.7% lower than the same indicator in 2021 ($661.417 million). Its revenue dropped by 30.8% to $935.874 million from $1.353 billion, and EBITDA by 44%, to $486.121 million from $868.364 million. Capital investments in the first half of 2022 totaled $102 million compared to $142 million in the first half of 2021 (28% down). Interim dividends were 19.8 cents per share (in the first half of 2021 they were 52.8 cents).
At the end of 2021, Ferrexpo increased its net profit by 37.1%, to $870.99 million, with revenue growth of 48.1%, to $2 billion 518.23 million.
Ferrexpo is an iron ore company with assets in Ukraine.
Ferrexpo owns 100% of Yeristovo Mining LLC and 99.9% of Belanovo Mining LLC. Prior to the court decision in September 2022, Ferrexpo also owned 100% of the shares of PJSC Poltava Mining.
President of Ukraine Volodymyr Zelenskyy and Prime Minister of Iceland Katrín Jakobsdóttir signed a joint declaration during her working visit to Kyiv, the presidential press service has said.
According to the document, the leaders reaffirm their support for the principles of international law, the inviolability of borders, and their demand for Russia immediately, completely and unconditionally withdraw all its military forces from the territory of Ukraine within its internationally recognized borders.
The President of Ukraine and the Prime Minister of Iceland remain fully committed to the policy of non-recognition of Russia’s illegal annexation of the territories of Ukraine, and also call for the immediate release of all abducted civilians, including children, and all those who were forcibly transferred to the territory of Russia.
The declaration notes the importance of Ukraine’s consistent efforts of continuing the Black Sea Grain Initiative and the Grain from Ukraine humanitarian program, Ukraine’s sovereign decision to guide the peace process and convene a global peace summit when conditions permit, and commitment to NATO’s Open Door Policy.
Condemning in the strongest possible terms Russia’s full-scale military invasion of Ukraine, Zelenskyy and Jakobsdóttir declare that Iceland fully subscribes to the European Union sanctions imposed against Russia in response to military aggression against Ukraine.
In turn, Ukraine highly appreciates all the help from Iceland.
It is noted that Iceland will continue to provide effective political, economic and humanitarian support to Ukraine and its defense capability. Iceland will assist in the recovery and rapid recovery of Ukraine, especially in the energy sector. Iceland will support Ukraine for as long as it takes.
Iceland and Ukraine will continue to work together, and with others within multilateral organizations, to ensure accountability, including through the establishment of special tribunal for the crime of aggression and a register of damages to record and document evidence and claims for damage, loss or injury as a result of Russia’s aggression against Ukraine, as a first step in setting up a comprehensive reparation mechanism.
Commodity output of Kyiv Cardboard and Paper Mill (Kyiv CPM, Obukhiv, Kyiv region), the industry leader in Ukraine, in January-February amounted to 1 billion 239.2 million UAH, which is 2.6% less than in January-February 2022.
According to statistics from UkrPapir Association, provided to Interfax-Ukraine Agency, the production of corrugated packaging increased significantly in volume terms – by 21%, to 35.45 mln sq.m. The mill is the leader in this segment.
At the same time, the production of cardboard decreased by 10.3% to 29 tons, primarily due to the more than halving of the boxboard production to 4.75 thousand tons, while the production of containerboard (including corrugated paper) increased by 10.6% to 24.26 thousand tons.
Moreover, the production of base paper for hygiene products decreased by 46% to 6,53 thousand tons, while the production of toilet paper rolls fell by 46.2% to 32.25 million pieces.
Combine, despite the reduction in production of toilet paper, retains leadership in the production of toilet paper in Ukraine: in the past two months the main companies in the industry produced 80.78 million rolls (25% less).
According to statistics from the profile association received from the branch enterprises, in January-February 2023, they produced a total of 87.31 thousand tons of paper and paperboard – 15% less than the almost prewar January-February 2022, and 78.5 million square meters of cardboard boxes – only 0.6% less.
Kiev KBC is one of Europe’s largest cardboard and paper companies, employing about 2.5 thousand people.
As it was reported, in 2022 the mill produced 7 billion 432 million UAH, which is 3.5% less than in 2021.
Pulp Mill Holding (Austria) owns 100% of the company.
The Supreme Anti-Corruption Court has supplemented the preventive measure for the former head of Naftogaz Andrey Kobolev by wearing an electronic bracelet, the bail in the amount of 229.248 million UAH remains in force, the VAKS said.
“VAKS supplemented the main measure of restraint issued by the appellate chamber of VAKS with the need to wear an electronic bracelet,” the court told the Interfax-Ukraine news agency on Tuesday.
Earlier, the Appellate Chamber VAKS partially granted the petition, applying to the former head of the Naftogaz board a preventive measure in the form of bail in the amount of 229.248 million hryvnia. Also, the suspect was subject to the following obligations: to come to the detective, prosecutor and court at each request, not to leave Kiev without the permission of the detective, prosecutor or court, to inform the prosecutor, detective or court on change of his place of residence, to refrain from communication with other suspects in the case and witnesses, to deposit passport (passport) for traveling abroad with the appropriate authority.
According to the court ruling, the suspect had to deposit the funds within 5 days from the date of pronouncement of the decision.
On March 7, Kobolev was bailed out in the amount of 96 million 635 thousand UAH, which was not an obligation, since the funds were not received in full and not within the period specified by the court.
On March 8, the prosecutor asked the court to change the preventive measure for Kobolev – to keep him in custody with the alternative of making 365 million UAH, but not 229 million UAH, as it was before.
On January 19, 2023, the SAP and the NABU notified Kobolev of their suspicion of abuse of office in securing the payment of UAH 229 million in bonuses for his victory in the Stockholm arbitration with the Russian Gazprom. According to the investigation, this amount significantly exceeds the normatively determined amounts of such payments (37.48m hryvnyas).
The European Union (EU) is extending trade protection measures for Ukrainian exports to the EU, known as autonomous trade measures, for another year.
“In solidarity with Ukraine, we have proposed extending the suspension of import duties, quotas and trade protection measures on Ukrainian exports to the EU for another year. And we are working to deepen Ukraine’s integration into the EU single market,” European Commission Vice President Valdis Dombrovskis said Tuesday at the end of a meeting of the EU Economic and Financial Ministers Council (Ecofin).
There are also plans to send Kiev a second tranche of emergency financial aid at the end of March.
“As for the EU emergency financial support for Ukraine, the second disbursement under the macrofinancial aid plus instrument, 1.5 billion euros, should be made at the end of this month,” Dombrovskis said, adding that the total financial support for Ukraine’s budget in the first quarter of this year will result in a total of 4.5 billion euros.
According to him, at the Ecofin meeting he briefed on the status of implementation in Ukraine of reforms necessary to pay the second tranche. The EC is “at the final stage of assessing the conditions for making a decision,” Dombrovskis specified.
In April 2022, the European Commission proposed that import duties on all Ukrainian exports to the EU be suspended for one year.
Last December, the EU Council approved a decision on macrofinancial assistance to Ukraine for the year 2023 in the amount of EUR 18 billion, the loan is provided with a 10-year grace period. In January, Kiev received the first tranche of €3bn. Subsequent payments will be made on a monthly basis starting from March at 1.5bn euros.
The EC believes that with these funds Ukraine will be able to continue paying salaries, pensions, support the functioning of key public institutions, including hospitals, schools and housing for displaced people. In addition, the EU assistance should allow the country to rebuild its infrastructure and maintain macroeconomic stability.
