At the same time, only a quarter of state-owned companies submit financial statements to the State Statistics Service
Almost 800 state and state-owned companies submitted financial statements in 2023, according to the State Statistics Service. Every year, 40% of these companies are unprofitable. It is worth noting that only a quarter of public sector companies comply with the law and submit their financial statements to the State Statistics Service.
789 state and state-owned enterprises submitted financial reports in 2023. This is only a quarter of all state-owned companies in Ukraine in 2024. Only 475 companies reported on their financial success in 2021.
“In contrast to private business, state-owned enterprises have significant advantages – in addition to being state-owned, such companies are often monopolists. That is, if managed properly, they have every opportunity to be even more profitable than private businesses.
However, according to the State Statistics Service’s financial statements, almost half of SOEs are unprofitable even under such conditions. We have created the Register of State-Owned Companies to make it easier to compare their financial performance and see which state-owned property is working as inefficiently as possible,” comments Oleksiy Ivankin, Head of the Open Data Base.
“We monitor the efficiency of state-owned enterprises on the page Register of State-Owned Enterprises.
On average, 40% of state-owned enterprises that have submitted reports are unprofitable. For example, last year, out of 789 companies, 313 suffered losses (39.7%), and in 2022, out of 797 companies, 389 were unprofitable. In 2021, 30.9% of those who reported their financial situation were unprofitable.
Boryspil Airport suffered the largest losses last year, amounting to UAH 1.4 billion. Dobropilliavuhillya-Vydobutok is the leader in terms of loss growth, which increased almost 12 times, from UAH 122 million to almost UAH 1.4 billion over the year.
Despite a significant number of loss-making companies, there are also those that are increasing their turnover. For example, Ukrspetsexport’s turnover grew by almost a third over the year, to UAH 32 billion. And Pavlohrad Chemical Plant has increased its turnover by 2.6 times to UAH 8.2 billion since the start of the full-scale war.
Despite the high turnover, the leaders in terms of profit are completely different enterprises. The most profitable state-owned enterprise in the country is the Forests of Ukraine, with UAH 2.8 billion. The Chornomorsk trade port demonstrated the largest increase in profits: its profits increased 26 times over the year, from UAH 37.2 million to UAH 986 million.
https://opendatabot.ua/analytics/state-companies-2024
The Cabinet of Ministers proposes that the Verkhovna Rada ratify the Free Trade Agreement between Ukraine and Turkey, Prime Minister Denys Shmyhal said.
“Improving working conditions for Ukrainian entrepreneurs means expanding export opportunities. Today the government will approve and submit to the parliament a bill on ratification of the Free Trade Agreement between Ukraine and Turkey,” Shmyhal said at a government meeting on Tuesday.
According to the prime minister, duties on a significant number of Ukrainian goods, including 93% of industrial goods, will be canceled.
“Turkey is among our top five trading partners. Therefore, the Agreement creates new opportunities for Ukrainian business,” Shmyhal emphasized.
According to the Ministry of Economy, the Agreement provides for the abolition of import duties on about 93.4% of industrial goods and 7.6% of agricultural goods from Ukraine. After the end of the transition period of 3-7 years, Turkey will cancel import duties for another 1.5% of industrial goods and 28.5% of agricultural goods.
Ukraine, for its part, will cancel import duties on about 56% of industrial goods and 11.5% of agricultural goods.
After the expiration of the transition periods (2-5 years for industrial goods, 2-10 years for agricultural goods), Ukraine will abolish import duties for another 43.2% of industrial goods and 53.7% of agricultural goods.
In general, the Ministry of Economy added, the provisions of the Agreement cover trade in goods and services, the application of the provisions of the Pan-Euro-Med Convention to determine the origin of goods, intellectual property rights, the application of sanitary and phytosanitary measures, the abolition of technical barriers to trade, e-commerce, customs cooperation, the commercial presence of enterprises, and the application of safeguard measures.
After ratification by the parliaments of the countries, the Agreement will enter into force 2 months after the last party receives confirmation of the completion of domestic procedures.
Law enforcement officers have served Ihor Kolomoisky with another suspicion of organizing a contract killing, the Prosecutor General’s Office reports.
“Under the procedural supervision of the Prosecutor General’s Office, a well-known businessman suspected of legalizing fraudulently obtained property was served with a notice of suspicion of committing another crime related to the organization of a contract killing (Part 4 of Article 27, Part 2 of Article 15, paragraphs 11, 12, Part 2 of Article 115 of the Criminal Code of Ukraine),” the Prosecutor General’s Office said in a statement on its Telegram channel on Wednesday.
It is reported that according to the investigation, the suspect, “acting on motives of personal revenge, ordered the murder of the director of a law firm for failure to fulfill the requirements for canceling and invalidating the decisions of the general meeting of shareholders of an open joint-stock company. To realize his criminal intentions, the suspect involved members of a gang that “specialized” in committing serious and especially serious crimes, including physical violence against competitors.”
The gang members attacked the director of a law firm, punching and stabbing him in the vital organs. “At the same time, this crime was not brought to an end for reasons that did not depend on the will of the gang members,” the Prosecutor General’s Office said in a statement.
According to MP of the VIII convocation Serhiy Leshchenko, it is “about Kolomoisky’s suspicion of an attempt on the life of lawyer Serhiy Karpenko for refusing to follow instructions in a corporate dispute over the Dniprospetsstal enterprise (Zaporizhzhia).”
According to the Prosecutor General’s Office, prosecutors and investigators are currently carrying out urgent investigative and procedural actions aimed at exposing all persons involved in the crime. The suspect is in custody.
The pre-trial investigation in the criminal proceedings is ongoing and is being carried out by investigators of the Main Department of the National Police of Ukraine with the operational support of the Criminal Investigation Department of the National Police of Ukraine.
“DTEK RES received positive feedback from the architectural and town-planning council under the Department of building, town planning and architecture, housing and communal services and energy of Poltava OVA regarding the detailed territory plan (DPT) for construction, operation and maintenance of Poltava Wind Power Plant with an estimated design capacity of 650 MW.
“Also, the DPT was agreed at public hearings of Globinsky city territorial society, and approved at the session of Globinsky city council”, – reported on the website of DTEK.
As informed in the energy holding, according to the results of the developed and approved DPT at the session of Globinsky city council on April 25, 2024, decisions were made to lease to “DTEK Poltava VES” the first land plots of communal property in the amount of 120 pcs. with an approximate area of 205 hectares.
The company, together with Globinsky City Council, has already agreed and signed land lease agreements and carried out state registration of the lease right in the State Register of Rights to Immovable Property (DRRP).
In addition, a package of documents has been submitted to NEC Ukrenergo to obtain technical conditions for connecting 650 MW of generating capacity to the national operator’s network.
“We are confidently moving forward to the realization of the Poltava WPP project. Approval of the DPT is the next stage, which is necessary to extend the wind farm development and to obtain investments in the project. Among other things, ornithological studies and wind monitoring are being conducted now,” DTEK RES Deputy General Director Oleg Solovey is quoted on the website.
As reported, the net loss of DTEK RENEWABLES BV last year amounted to UAH 0.547 billion, which is 29 times less than in 2022 (UAH 15.841 billion).
“DTEK RES plans to continue its activities in accordance with its current plans and long-term strategy until 2030. The group plans to develop projects in the Poltava region (650 MW) and in southern Ukraine (up to 650 MW) over the next five years.
The State Property Fund of Ukraine (SPFU) has put up for privatization the Shabalynivka distillery in Chernihiv region.
“This facility is a promising brownfield waiting for an investor to restore it. The privatization of the plant opens up opportunities for the development of an industrial site with existing infrastructure,” said Vitaliy Koval, head of the SPF, on Telegram.
According to the report, the plant is located in the village of Ivanivka, Nizhyn district, near the lake and the M-02 and T-2523 highways.
The single property complex includes 51 real estate objects (12,312 thousand square meters), two land plots with an area of 56.46 hectares, three cars and 250 movable property items (equipment, furniture, etc.).
The new owner is obliged to pay off the company’s existing wage arrears of UAH 552 thousand and UAH 21.17 million to the budget. The terms of the sale include the preservation of jobs for six months.
The starting price of the lot is UAH 959.1 thousand (excluding VAT).
The online auction will take place on May 16 in the Prozorro.Sale system. Bids will be accepted until May 15 inclusive.
“The privatization of Shabalynivka Distillery is a chance for investors to realize their business ideas on the basis of existing production facilities and infrastructure. The new owner will be able to diversify its activities and create added value,” said the SPF chairman.
According to the Fund, distilleries are one of the most popular small-scale privatization assets. Since September 2022, the SPF has sold 14 distilleries and raised UAH 965 million to the state budget, with the average price of each object at auction tripling.
The SPF planned to fully complete the privatization of the alcohol industry in 2023, for which it was planned to hold online auctions for the sale of 26 distilleries across the country. However, a number of them did not take place.
State-owned enterprise Guaranteed Buyer has paid UAH 4.3 billion to renewable electricity producers for the purchased resource in several months of 2023 after the National Energy and Utilities Regulatory Commission (NEURC) approved the amount of compensation from NPC Ukrenergo by Resolution No. 858 of April 30.
“On May 6, the company made payments totaling UAH 4.3 billion and achieved the following payment levels: for January 2023 – 100%, for February – 94.9%, for July – 99.4%, for August – 100%, for September – 96.8%,” GarPok’s website reports.
They explained that the payment was made at the expense of funds received from Ukrenergo, as well as payments from renewable energy producers for services to settle the share of imbalances and the cost of deviations of the balancing group of Guaranteed Buyer.
According to the website, in April, Guaranteed Buyer transferred UAH 2.8 billion to renewable energy producers at the feed-in tariff, both for April last year and for April this year.
As reported, in early April, in a commentary to Energoreforma, Ukrenergo CEO Volodymyr Kudrytskyi predicted that industrial RES plants would start repaying their debts in the near future.
“As for the payment for electricity produced through Guaranteed Buyer, the debts a month ago were UAH 32 billion, now they are at the level of UAH 22-23 billion and will decrease significantly after we sign the acts with Guaranteed Buyer for 2022-2023. I hope that we are very close to signing the agreements, as there is still a technical problem. Then, I think, we will be able to pay several billion hryvnias,” Kudrytsky said.