The Kyivmiskbud holding company has prepared and sent to the Kyiv City State Administration a detailed calculation of the amount of funds needed to resume construction of residential complexes, which amounts to UAH 4.84 billion, the company’s press service told Interfax-Ukraine.
According to Vasyl Oliynyk, Chairman of the Board and President of Kyivmiskbud, the financial forecasts are based on economic indicators provided by one of the Big Four audit companies and are based on the hryvnia/US dollar exchange rate. Kyivmiskbud specialists have been working on identifying and justifying the necessary funds for the past four months.
“The baseline scenario of financial forecasting provided by Ernst & Young envisages the need for funds in the amount of $107,569,366, which, according to the exchange rate of UAH to the US dollar, which is included in the draft state budget of Ukraine for 2025 ($1 = 45 UAH), amounts to UAH 4,840,621,470). If we subtract the funds required for the completion of Ukrbud’s facilities, which are to be provided by the Cabinet of Ministers, from the baseline scenario of E&Y’s financial forecast (UAH 4.84 billion), the required amount of additional capitalization from the Kyiv City Council will be UAH 2.56 billion,” the head of Kyivmiskbud explains.
Earlier, the Kyiv City Council’s Standing Committee on Budget, Socio-Economic Development and Investment Activity instructed Kyivmiskbud to calculate the amount of funds the company needs to stabilize its operations.
As reported, in March 2024, the KCSA set up a temporary commission to resolve problematic issues related to the activities of PrJSC HC Kyivmiskbud.
An audit of Kyivmiskbud conducted in 2023 by state-owned Baker Tilly Ukraine Consulting, NHD-AUDIT LLC and Ernst & Young LLC found no signs of actions to drive the company into bankruptcy, concealment of financial insolvency or massive transactions by related parties. At the same time, the auditors found that Kyivmiskbud’s operations were disrupted by external factors: COVID-19, a full-scale war, and the Ukrbud factor.
On November 17, 2023, the Kyiv City Council Commission approved an interim report with recommendations and proposals for the developer’s further work, including the purchase of apartments in Kyivmiskbud’s facilities, consideration of a financial loan or additional capitalization of the company. The commission also recommended that the Kyiv City Council address the Cabinet of Ministers on the issue of compensating Kyivmiskbud for the total planned loss associated with the completion of Ukrbud’s projects in the amount of UAH 2.28 billion.
HC Kyivmiskbud was established on the basis of the property of the state municipal construction corporation Kyivmiskbud in 1994 by merging controlling stakes in 28 enterprises and other assets in its authorized capital. The holding company consists of 40 joint-stock companies in which the company owns shares, six subsidiaries and 51 companies as associate members.
According to the National Securities and Stock Market Commission (NSSMC), the main shareholder of PrJSC HC Kyivmiskbud is the Kyiv City Council (80%).
Source: https://interfax.com.ua/
In January-September 2024, DTEK Energy’s machine builders manufactured and repaired 982 units of mining equipment, including 10 new tunnelling and shearers, and provided miners with 758,000 spare parts and components, the company said in a press release on Friday.
“Power engineers have been continuing to restore the power plant 24/7 for many months. Miners are mining coal and maintaining sufficient fuel supplies at thermal power plants, and machine builders are helping them with this by providing the necessary equipment. The key thing for everyone is to restore capacities as soon as possible and to improve the reliability of Ukrainian thermal power plants during the winter,” said DTEK Energy CEO Oleksandr Fomenko, as quoted in the document.
According to the energy holding, thanks to the support of machine builders in equipment, the company’s miners have commissioned 16 new coal faces in the first nine months of this year and plan to commission another 9 by the end of the year.
DTEK Energy’s investments in Ukrainian coal mining are expected to reach about UAH 7.7 billion in 2024.
As reported, in 2023, the company’s investments in Ukrainian coal mining amounted to about UAH 7 billion, which is almost twice as much as in 2022.
“DTEK Energy provides a closed cycle of electricity generation from coal. As of January 2022, the company’s installed capacity in thermal generation amounted to 13.3 GW. The company has established a full production cycle in coal mining: coal mining and enrichment, mechanical engineering, and maintenance of mine equipment.
Currently, most of DTEK Group’s thermal generation facilities have been destroyed as a result of Russian attacks.
Since the beginning of the year, the cargo turnover of Ukrainian ports has increased to 80.07 million tons, of which more than half (49.5 million tons) was grain, said Deputy Minister of Communities, Territories and Infrastructure Development Timur Tkachenko.
“Since the beginning of the year, Ukraine’s ports have handled 80.077 million tons of cargo, of which 49.508 million tons were grain,” Tkachenko wrote in a telegram on Friday.
According to him, the figures once again prove that Ukraine is a guarantor of global food security. “Even despite constant air raids, shelling and threats, our ports continue to operate normally, ensuring the stable operation of the Ukrainian sea corridor.
Earlier it was reported that in January-September 2024, Ukrainian ports increased cargo transshipment by 1.8 times to 74 million tons.
It was also reported that the Cabinet of Ministers would allocate additional funds for the restoration of Odesa ports.
Ukraine reduced potato production by 18% in 2024, which amounted to minus 4 million tons in terms of the entire country, First Deputy Minister of Agrarian Policy and Food Taras Vysotsky said at the Ukraine Media Center on Friday.
“We must remember that the 2024 harvest is good, but it is less than last year’s. The decisive factor behind the rise in food prices is a 10% reduction in the harvest, which is a lot. Still, certain imbalances have arisen,” he said.
As an example of such an imbalance, Vysotsky cited potatoes, whose harvest was severely affected by drought, which led to an 18% decrease in gross production, or 4 million tons.
“This is one of the factors behind the rise in potato prices. At the same time, we see that it has been at the level of 25-30 UAH/kg for three to four weeks and has not changed. We believe that it will not change further. There is no reason for potatoes to cost 50 UAH/kg,” the First Deputy Minister assured.
He explained that the current price of 25-30 UAH/kg is enough to cover the cost of growing the crop, even with a reduction in yields. This price is enough to make it profitable for supermarkets and distillers to start importing.
“We have an open market: we export the surplus and start importing products when there is a shortage. When the price of potatoes reached 25 UAH/kg, we started importing from Poland. These were small volumes compared to our production. But these several dozen tons were enough to stabilize and stop the speculative price increase,” explained Vysotsky.
He stated that the current price for potatoes is realistic. Consumers have no grounds or hopes for its reduction due to a significant reduction in production.
In addition, the Ministry of Agrarian Policy predicts a rise in potato prices by spring 2025 due to the increase in farmers’ expenses for storing the crop. The price may rise by 10-15 UAH/kg, which will be 3%. However, this allows government officials to claim that potatoes will not cost 50 UAH/kg.
Vysotsky called buckwheat and other cereals, which currently cost 25-30 UAH/kg, an alternative to potatoes.
He also noted that meat prices remain affordable in Ukraine: pork has fallen in price compared to last year, and chicken meat is in line with last season. Dairy products have risen in price due to rising prices on the global market.
“We have to realize that we have inflation in our country. It is currently at 8%, and it can reach 10%. When there is such inflation, it cannot but affect products, which have also risen in price by 10%. If we look at the forecasts, we will see that the average salary is growing. If everything continues to happen in sync, the consumer will not feel a heavy burden as a result,” summarized the First Deputy Minister of Agrarian Policy.
Norway, in partnership with the United Nations Development Program (UNDP), has committed a total of NOK 1.1 billion ($105 million) in financial support to rebuild Ukraine’s energy infrastructure, build backup capacity and accelerate Ukraine’s transition to a more diversified and sustainable energy mix.
“This partnership will ensure the restoration of energy generating capacity in Ukraine, providing direct support to important regions of Ukraine. This contribution will significantly mitigate the impact of the ongoing shelling of Ukraine’s energy infrastructure. As part of this enhanced partnership, solar panels will be installed to provide backup power to schools and hospitals, and a recent agreement will provide an additional 80 MW of power to the national grid this winter,” the UN press service reports.
It is noted that thanks to the UNDP Energy Recovery Program, the provision of heat and water will meet the needs of more than a million people and industrial consumers.
“Russia’s constant attacks on Ukraine’s energy infrastructure have led to an urgent need to increase electricity production. There is a shortage of this type of equipment on the market. Therefore, the agreement with UNDP is very important to support Ukraine this winter,” Norwegian Foreign Minister Espen Barth Eide said in a government press release.
The production, transportation and installation of energy equipment are complex and risky processes that are carried out by reliable partners, as this is vital assistance that will enable Ukraine to survive the coming winter.
“We are committed to supporting Ukraine in its efforts to build a more resilient and sustainable energy system by restoring critical energy infrastructure and generation capacity, and advancing strategic initiatives to accelerate the transition to green energy. We are committed to supporting Ukraine in its efforts to build a more resilient and sustainable energy system. Rehabilitating critical energy infrastructure is essential as people living in multi-storey buildings in major cities have no alternative means of heating and water supply. UNDP’s Renewable Energy Program, through which we are supporting Ukraine’s energy recovery, is a testament to our commitment to promoting green recovery and energy security for all Ukrainians. We are grateful to our partners for their continued support,” said UNDP Resident Representative Jaco Silje.
In the third quarter of 2024, Astarta Agro Holding sold 77.87 thousand tons of sugar, which is 6% less than in the same period a year earlier, and in January-September, sugar sales increased by 43% to 289.32 thousand tons.
According to the company’s announcement on the Warsaw Stock Exchange, the average sugar price in the third quarter decreased by 10% compared to the same period last year and by 10% over the first nine months.
In the third quarter, Astarta’s wheat sales increased by 475% to 128.8 thousand tons, up from 22.41 thousand tons a year earlier. Over the nine months, corn sales increased by 202% to 209.15 thousand tons. The average price of wheat in the third quarter was up 44% year-on-year and 37% over the first nine months of the year.
At the same time, corn sales volumes decreased by 95% to 1,787 thsd tonnes, while its selling price fell by 22%. Over the first nine months, corn sales increased by 7% to 339.72 thousand tons, while prices were 8% lower than last year.
“Astarta increased its sales of sunflower seeds by 112% to 7.063 thousand tons, while its selling price increased by 62%. In the first nine months of the year, sunflower sales decreased by 57% to 27.129 thsd tonnes, while prices were 5% higher than last year.
Sales of rapeseed in the third quarter increased by 196% to 34.91 thsd tonnes, while prices increased by 55%. Sales volumes for the first nine months of 2024 increased by 272% year-on-year to 55.231 thsd tonnes, and prices were 32% higher.
Sales volumes of soybean oil in the second quarter decreased by -13% to 8.217 thsd tonnes, while prices were 19% higher. The agricultural holding increased its sales volumes by 11% in the first nine months of 2024 compared to the same period last year – up to 35,359 thousand tons, but prices were 7% lower on average.
In addition, in the third quarter, Astarta reduced sales of soybean flour by 1% to 29,313 thousand tons, while prices were 4% lower than last year. In the first nine months of 2024, prices were 6% lower compared to the same period last year.
The agricultural holding’s sales of milk in the third quarter increased by 1% to 25.878 thousand tons, while the price of the products increased by 32%. Sales volumes for the first nine months of 2024 increased by 4% to 85.891 thousand tons, prices – by 24%.
In 2023, Astarta Agro Holding, the largest sugar producer in Ukraine, reduced its net profit by 5.0% to EUR 61.9 million, and its EBITDA decreased by 6.1% to EUR 145.77 million, while revenue increased by 21.3% to EUR 618.93 million.
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