PZU Ukraine insurance company (Kyiv) in 2017 posted a net profit of UAH 24.701 million, which is 2.4 times less than in 2016, according to materials for the agenda of a general shareholders’ meeting scheduled for April 26. Uncovered loss of the company for the year decreased by 14%, to UAH 215.220 million. Cash and cash equivalents increased by 3.8 times, to UAH 88.717 million.
In addition, the insurer’s net worth grew by 19.5%, to UAH 265.452 million. Charter capital did not change and amounted to UAH 19.407 million.
The company last year increased its assets by 31.6%, to UAH 1.604 billion.
Long-term financial investments decreased by 21.3%, to UAH 201.9 million.
Total debtor indebtedness rose by 41%, to UAH 299 million
Long-term liabilities increased by 35.4%, to UAH 835.336 million, current liabilities by 38.6%, to UAH 503.012 million.
The number of company employees increased by two, to 650 people.
PZU Ukraine has been operating in the market since 1993. It provides a full range of services in the conventional insurance segment.
The Ukrainian insurance companies PZU Ukraine and PZU Life Insurance are part of PZU, the largest insurance group in Poland with more than 200 years of experience.
Kraft Foods Entity Holdings B.V., the largest producer of packaged food, has announced its plans to use the squeeze-out right and buy shares from minority shareholders in private joint-stock company Mondelez Ukraine. According to a company report in the information disclosure system of the National Commission for Securities and the Stock Market, as of March 22, 2018 Kraft Foods owned 99.94% of shares in the company and plans to send letters about the squeeze-out to minority shareholders.
As reported, amendments introduced in 2017 to some legal acts in Ukraine to facilitate corporate management at joint-stock companies have introduced such procedures as squeeze-out and sell-out (the forced purchase and sale of participation in share capital) to the country’s legislative environment.
Mondelez Ukraine is part of Mondelez International group of companies, one of the world’s largest producers of chocolate goods, cookies, sweets, and chewing gum. The company in Ukraine includes Trostianets confectionery factory (Sumy region) and Chips Lux LLC subsidiary company (Kyiv region). Kraft Foods Entity Holdings B.V. operates as a subsidiary of Mondelez International.
The Office of Large Taxpayers has reported on the reduction of tax debt by UAH 6.8 billion or 32.8% since early 2018, to UAH 13.9 billion as of March 1, 2018, the office has reported on its website.
“Since early 2018, the debt was cut thanks to an action plan implemented, as well as cooperation with the Individuals’ Deposit Guarantee Fund, while, for example, year-over-year the tax debt grew by UAH 3.3 billion,” the office said.
The major part of the debt is tax debts of bankrupts, banks under liquidation or enterprises in the military operations zone in Donbas, amounting to UAH 7.5 billion.
Some UAH 6.4 billion is the debt that could be collected, the office said.
The volume of mergers and acquisitions (M&A) in Ukraine in 2017 increased by 37%, to $1.023 billion, their total number by 22%, to 67, such data are given in the report on the website of KPMG in Ukraine. The most active foreign investors in Ukraine in 2017 were companies from the CIS, North America and Europe. At the same time, investors registered in the CIS focused primarily on acquiring assets from Ukrainian owners in Crimea.
According to KPMG, the level of activity in the M&A area remains far from the 2013 level. In addition, the volume of mergers and acquisitions in 2017 amounted to approximately 1% of Ukraine’s GDP, which is four times less than the global level.
At the same time, the company expects further growth in the number and volume of transactions in 2018. KPMG explains its expectations with the steadily growing volume of foreign direct investment since 2014 and the increase in the number of deals in the agricultural sector against the backdrop of increased crop yields and a high export potential of the industry.
Further growth of activity in M&A is also reflected in the increased interest of Dragon Capital investment company in commercial and logistics real estate on the background of favorable market conditions and the expected high return on investment with relatively low investment risks. The interest of foreigners in the IT sector remains high because of the export orientation of the industry and its low sensitivity to local trends.
British-based Cadogan Petroleum Plc, which owns assets in Ukraine, after overhauls and stimulating the Blazh-3 well at the Monastyretska deposit (Lviv region), increased production by 2.8 times, to 125 barrels of oil equivalent per day (boepd), the company said on the website of the London Stock Exchange. “As a result of the work carried out, Cadogan’s total production exceeded 300 barrels (of which Cadogan’s net share is 290 boepd),” the company said. Earlier, Cadogan successfully performed repairs and stimulation at the Blazh-1 well.
As reported, Cadogan in 2017 increased its average daily production of hydrocarbons by 34%, to 167 boepd (of which Cadogan’s net share was 155 boepd), and by the end of the year production reached 190 boepd (Cadogan’s net share is 176 boepd).
Major growth in production was provided by the Monastyretska field, at which wells were overhauled, previously shut-in wells were restarted.
Cadogan develops deposits in Eastern and Western Ukraine. The Monastyretska deposit is located in Lviv region. Oil produced there has a low content of gas and water, is processed on the site and supplied to customers by road.
Osnova Party leader Serhiy Taruta has proposed creating a national innovation agency for technical and consultative support of startups so that Ukraine could make a rapid innovation jump and enter the list of the world’s 30 most economically developed countries before 2030, Taruta’s press service has reported. Speaking at parliamentary hearings “The national innovation system: the state and legislative support for development,” he noted that Ukraine ranked 50th in the Global Innovation Index 2017, but has every reason to reach the top 30 by attracting investment and developing innovation.
According to Taruta, human capital is of key importance for achieving the goals, and the national innovation system itself must develop in several key areas. “We need to accumulate intellectual capital. We need to understand what kind of professions of the future we need today. Only systemic monitoring and forecasting of technology development in line with the latest global methods, such as foresight, can give us this answer. This is the task for our Education and Science Ministry. The systemic development of the national foresight of Ukraine’s economy is the number one task for the government,” Taruta said.
In addition, according to him, it is necessary to stimulate the domestic innovation market, in particular, to implement the state program for micro-crediting to innovative clusters “Science-Business-Education.” To implement this program, it is necessary to create a Bank for Innovation and Development, which can become a pilot project for the implementation of such a public-private partnership.
According to Taruta, another necessary condition for innovative development of Ukraine is the creation of clusters of technological entrepreneurship, which will appear as a result of the microcredit program. “In order to provide technical support and consultative support, I propose creating a National Innovation Agency, which has exclusively the service functions to facilitate the protection of intellectual property and increase patent activity. Thus, at the state level, we will create all the necessary prerequisites for an innovative jump in Ukraine,” he said.
