Ukraine’s public debt to GDP ratio from 2009 to 2023 (UAH mln)
Source: Open4Business.com.ua and experts.news
In the first half of 2023, Naftogazvydobuvannya, the main production asset of DTEK Oil&Gas, increased investments in gas production development by 35% to almost UAH 1 billion amid a decline in financial performance compared to the same period of the previous year.
According to the company’s report on the stock exchange, the company continued to invest in development despite a 66% decrease in DTEK Oil&Gas’ net profit (to UAH 2.38 billion) and a 31.5% decrease in revenue (to UAH 13.11 billion) in the first half of 2023 compared to the same period last year.
It is noted that the funds were used to increase the drilling and exploration program to return to production growth in the medium term.
The company also reported that it paid more than UAH 5 billion in taxes to the state budget, including more than UAH 2.2 billion in rent for the use of subsoil, part of which (5%) is directed to local budgets.
DTEK Oil&Gas explained the decline in financial performance by the fall in gas prices in the 2023 market.
“In the first half of 2023, the main production asset of DTEK Oil&Gas increased its investments in gas production development by 35%. Last year, due to problems with gas sales, we were forced to reduce our drilling program. This year, the company is focusing on increasing the volume of drilling operations. In the next 2-3 years, this will allow us to return to the growth dynamics to further strengthen Ukraine’s energy security,” the company commented.
“DTEK Oil&Gas is the largest private gas producer in Ukraine. Its portfolio of assets includes Naftogazvydobuvannya and Naftogazrazrabotka, which are engaged in exploration and production of hydrocarbons in three license areas in Poltava and Kharkiv regions.
As reported, DTEK Oil&Gas increased its net profit by 70.6% to UAH 11.46 billion in 2022, with revenue growing 2.2 times to UAH 36.00 billion.
During the war, direct and indirect losses of the agricultural sector reached $40.2 billion, but these are not the final figures, as Ukrainian territories are still under temporary occupation, so it is difficult to calculate the full extent of losses, said Oleksandr Haidu, chairman of the Verkhovna Rada Committee on Agrarian and Land Policy.
“Confirmed direct losses of the agricultural sector exceeded $8.7 billion. We are talking about the destruction of infrastructure, business facilities, logistics chains, destruction and theft of grain and agricultural machinery by the enemy. There are also indirect losses of at least $30.5 billion. Unfortunately, this is not the final figure. When we accurately calculate the damage caused by the enemy’s explosion of the Kakhovka hydroelectric power station, the amount will be much higher,” the MP said on Wednesday at the conference “18 Months of War. Damage to the agricultural sector and prospects for the industry’s recovery”.
According to him, it is difficult to assess the consequences of contamination of agricultural land with explosives, destruction of the upper layers of soil due to “arrivals” and explosions during demining.
“We see that a large area is mined. Potentially, 174 thousand square kilometers of Ukrainian land are contaminated with explosives. And this is without taking into account the temporarily occupied regions,” the MP noted and informed about the preparation of the draft law “On the Quality of Soils”.
Gaidu also emphasized that the state cannot cover the needs of the affected farmers on its own and promised to engage international partners to support the agricultural sector.
“I emphasized the expediency of differentiating programs for farmers. After all, the needs of farmers are very different. For example, those farms that operate in the de-occupied territories cannot attract investment because financial institutions are mostly unwilling to cooperate with them. Although they are the first to return to their places after the liberation of the region to resume their activities and fill local budgets,” he wrote on Facebook.
The chairman of the relevant parliamentary committee believes that one of the mechanisms for compensation for the damage could be “grain reparations,” a mechanism that would help farmers receive compensation for destroyed businesses.
In January-June 2023, Ukrposhta JSC increased its net loss by 27.0% compared to the same period last year, to UAH 653.7 million.
According to the state-owned company’s report in the NSSMC information disclosure system, its net income increased by 20.0% to UAH 5 billion 580.13 million.
It is noted that in the first half of this year, the Pension Fund remained the only client whose revenues exceeded 10% of Ukrposhta’s total income. The amount of remuneration from it for the delivery of pensions and other social benefits amounted to UAH 1.421 billion against UAH 1.423 billion for the same period last year.
It is specified that revenues from the provision of national postal services increased by 33.2% to UAH 3 billion 2.92 million. In particular, from the delivery of parcels and small packages – by 46.5% to UAH 1 billion 581.85 million, from the distribution of written correspondence – by 3.1% to UAH 667.46 million, from international postal exchange – almost 2.1 times to UAH 456.57 million, while from prepaid registration and delivery of periodicals decreased by 45.1% to UAH 103.7 million.
Financial and related services brought Ukrposhta UAH 2 billion 89.83 million in January-June 2023, only 0.3% more than in January-June 2022, largely due to the stability of the Pension Fund’s remuneration.
At the same time, revenues from postal transfers increased by 75.9% to UAH 130.9 million, while payment acceptance brought in 7.1% less, to UAH 497.37 million.
Finally, sales of own and commission goods increased by 54.6% to UAH 486.62 million.
“Ukrposhta noted that the share of foreign revenues in its revenue increased to 8.2% in the first half of this year from 4.7% in the first half of last year and totaled UAH 456.57 million. In particular, revenues from counterparties in Latvia jumped almost 4.4 times to UAH 228.17 million, in Estonia – 62 times to UAH 56.63 million, in Poland – 2.3 times to UAH 28.4 million, in Germany – 33.8% to UAH 15.48 million.
In the first half of 2023, the company managed to achieve a gross profit of UAH 31.15 million, compared to a gross loss of UAH 32.3 million in the first half of 2022.
However, due to an increase in administrative and sales expenses, the operating loss even slightly increased compared to the same reporting period last year – by 9.8% to UAH 747.04 million.
It is reported that as of June 30, 2023, Ukrposhta’s current liabilities exceeded its current assets by UAH 2.81 billion, while as of December 31, 2022, they exceeded its current assets by UAH 1.97 billion.
The company noted that it continues to operate amid the military conflict with Russia. As of the reporting date, parts of Donetsk, Luhansk, Kherson, and Zaporizhzhia regions remain occupied, with about 12% of post offices located there. Currently, there are almost 25.5 thousand points of presence (45 thousand employees), the report says.
It is noted that Ukrposhta continues to implement major strategic investment projects. In particular, the transition to mobile offices in rural areas has been completed – the project was implemented with the support of the European Bank for Reconstruction and Development. The next step is to automate mobile branches by the end of 2023, which will allow Ukrposhta to fully automate its network.
The company also announced the implementation of the ERP system module, and the transition to a new centralized structure without separate branches is scheduled to be completed in the third quarter of 2023. In addition, other critical back-end and transactional IT systems are being gradually updated to improve the quality of service delivery.
“After a certain pause due to the Russian aggression, Ukrposhta has resumed the project to modernize the logistics network (renting modern logistics centers and installing new sorting equipment). 3 parcel sorting lines have already been launched and full automation of the main sorting hubs covering the entire country is planned for the first quarter of 2024,” the report says.
It is also noted that in 2021, the company entered into a preliminary agreement for the purchase/sale of a controlling stake in one of the private commercial banks to be able to provide banking services in the branch network. “The transaction will take place only if the National Bank of Ukraine authorizes it and other terms of the agreement are fulfilled. As of the date of approval of the financial statements, the company’s management has not received the relevant permits,” Ukrposhta said.
As for the bonds, the company reported that it has UAH 3.3 million of C series bonds at par with maturity on November 18 this year.
On September 1, three types of training were introduced in Ukrainian schools and universities, depending on the level of security in different regions. A total of 13,000 schools are operating in Ukraine in the new school year: 6.5 thousand of them operate in a standard format, and 3.8 thousand in a mixed format. The total number of pupils is about 4 million, with 415,000 students. At the same time, the level of danger to the educational process remains high even in the capital, as on September 21, the debris of missiles shot down over the capital damaged the educational building and dormitory of the National Academy of Statistics, Accounting and Audit.
That is why, according to the founders of the Kyiv-based training and analytical center Experts club, it is important to help teachers and professors master key first aid skills.
On Friday, September 29, at 16:00, a training seminar on “First Aid for Children in Case of Injuries and Traumas” will be held in Kyiv. The event is organized by the Experts Club think tank in cooperation with medical partner Adonis. The general partner is the Pryirpinia Community Foundation, and information support is provided by the Interfax-Ukraine news agency and the Open4business portal.
The training will be conducted by Mariana Bolyuk, a representative of the Adonis Medical Center Group, an anesthesiologist and co-author of 12 scientific publications.
To participate in the event, you need to register by sending a request to fam@experts.news. The request should contain the following information: Name of the participant, phone number, name of the educational institution.
Upon confirmation of participation, participants will be sent information about the venue of the seminar. Please note that the number of seats is limited!
EXPERTS CLUB, FIRST AID, Mariana Bolyuk, Pryirpinia Community Foundation, TRAINING, АДОНИС
The British International School, Ukraine (BISU) and DIM Group have signed an agreement to create a modern educational space in the VITA neighborhood of Park Lake City, with construction scheduled to begin next year.
As Park Lake City co-founder Andriy Mishchenko clarified during a press conference at Interfax-Ukraine, negotiations with the British International School began before the full-scale invasion.
“The war has postponed our plans, but not stopped them. The first step of our cooperation – the construction of a kindergarten and an elementary school called Early Years Academy – will start next year,” he said.
He clarified that the VITA quarter’s infrastructure will include its own kindergarten, primary, middle and high schools, and campuses for teachers and children.
“While the war continues, preceded by a two-year global pandemic, we believe it is extremely important to provide children with a world-class education provided by certified international BISU teachers. Some of them stayed with us in Ukraine. School and learning have become a kind of symbol of resistance to Russian aggression. Our students are the younger generation that will restore the country, rebuild the nation and guide it to prosperity,” said Olena Tovkun, member of the Supervisory Board and Head of the BISU Admissions Committee.
She added that for 26 years, BISU has been constantly supporting British academic traditions and high standards of teaching.
The first stage of the BISU educational cluster, Early Years Academy, will be a two-story building with a total area of 2.9 thousand square meters. The academy is designed for 185 students.
DIM plans to start construction in 2024 and put it into operation in 2025. A 3-hectare plot has been reserved for the construction of a middle and high school in the next stages.
Construction of the Park Lake City business-class suburban residential complex began in 2019. The advantages of the residential complex include a picturesque area with its own pond, stylish architecture and a park area with rare plants. After the start of the full-scale invasion, the first phase, which includes four houses of the VITA quarter, was put into operation. The second phase of the complex, consisting of 12 buildings, is currently under construction.
DIM Group was founded in 2014 and consists of six companies covering all stages of construction. To date, it has commissioned 12 buildings in six residential complexes with a total residential area of over 218 thousand square meters. Six residential complexes of “comfort+” and “business class” categories are under construction: “New Autograph, Metropolis, Park Lake City, Lucky Land, etc.
The British International School was founded in 1997 and was the first institution to initiate the British approach to education in Ukraine. Since the beginning of the invasion, BISU has not stopped its activities to ensure a continuous educational process. It is the only international school that has physically continued to operate in the country, in Kyiv’s Pechersk district and Dnipro, since September 1, 2022, offering bilingual education from kindergarten to graduate school. The academic course is based on a combination of British, international and Ukrainian curriculum and creative development activities. Graduates receive the Cambridge IGCSE, international IBDP or A-levels, and a Ukrainian certificate of basic and complete secondary education of the state standard.
