Business news from Ukraine

Odesa Cognac Factory ended 2023 with loss

PrJSC Odesa Cognac Factory, one of the largest cognac producers in Ukraine, reduced its loss to UAH 6.658 million in 2023 compared to a net loss of UAH 44.434 million in 2022.

According to the company’s report in the information disclosure system of the National Securities and Stock Market Commission (NSSMC), its assets decreased by 2.7% to UAH 989.587 million over the year, while total receivables decreased by 7.9% to UAH 575.267 million.

At the same time, the company increased its revenue by 22.8% year-on-year to UAH 1.166 billion. At the same time, the staff of Odesa Cognac Factory PJSC decreased by 45 people over the year to 300 employees.

According to the report, at the annual shareholders’ meeting on April 29, it is planned to terminate the powers of the supervisory board and make a number of changes to the company’s charter, and then delegate the powers of the current chairman of the supervisory board to sign contractual relations with the newly elected members of the board.

According to the Unified State Register of Legal Entities and Individual Entrepreneurs, Odesa Cognac Factory PrJSC is owned by Ukrainian businessman and owner of the Global Spirits alcohol holding Yevhen Cherniak.

Global Spirits is a large international alcohol holding company that unites Khortytsia Distillery (Zaporizhzhia), Odesa Cognac Factory (Odesa) and Ukrainian Distribution Company. The central office is located in New York (USA).

The holding owns more than 15 local, regional and international brands: “Khortytsia, Pervak, Shustov, Morosha, Oreanda, San Marino, Mikado, Medovukha, etc.

Global Spirits products are exported to more than 87 countries.

On February 24, 2022, Global Spirits revoked its license to manufacture and distribute its products in the Russian market due to Russia’s military invasion of Ukraine.

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River port and terminal may be built in Zakarpattia

The Zakarpattia Regional State Administration (RSA) is considering the allocation of a land plot for the construction of a river port and multimodal terminal on the banks of the Tisa River.

This was reported on the RSA’s Facebook page, citing the deputy head of the administration, Myroslav Biletsky.

Prospects for the project were discussed during a meeting with the relevant departments of the Tisza water resources management basin and the State Border Guard Service.

The project can become a component in the organization of international transportation on the Tisza with access to large navigable rivers.

“The river port and multimodal terminal will be the first facilities of this type in Zakarpattia. Its importance for international transportation for the country and our region, in particular, is difficult to overestimate. We are studying the documentary base, problematic issues, communicating with all interested structures to develop a strategy for the fastest possible implementation of the project,” Biletsky said in a statement.

The construction of the river port and multimodal terminal on the banks of the Tisza was initiated by the River Ports Administration. It applied to the regional state administration with a request to allocate a land plot for the facility.

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ASKA-Life to increase its authorized capital by 2.6 times

On March 25, the shareholders’ meeting of Ukrainian Joint Stock Insurance Company ASKA-Life (Kyiv) decided to increase the authorized capital by 2.56 times, up to UAH 49.625 million, through an additional issue of shares worth UAH 30.240 million.

As the company reported in the information disclosure system of the National Securities and Stock Market Commission (NSSMC), the additional issue of shares will be made at the expense of part of the retained earnings for 2014-2019.

As reported, in January-September 2023, ASKA-Life collected net and gross insurance premiums in the amount of UAH 117.5 million, which is 49% less than in the same period in 2022.

During the reporting period, the company paid UAH 8.376 million to clients (36% more). The company’s administrative expenses increased by 15.4% to UAH 9.436 million, while sales expenses decreased by 2.2 times to UAH 98.9 million.

At the same time, the financial loss from operating activities for the first nine months of 2021 decreased to UAH 12.6 million from UAH 15.7 million. Net loss amounted to UAH 1,058 million, which is 6.5 times less than in January-September 2022.

ASKA-Life Insurance Company was registered in 2003 and specializes in life insurance.

According to the National Securities and Stock Market Commission, as of the second quarter of 2023, 55.6667% of the company is owned by SCM Finance Limited, 44.3333% – by Alexander Sosis.

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This year’s sowing season in Ukraine is ahead of previous one – Ministry

As of March 28, Ukraine sowed 476.7 thousand hectares with spring grains and pulses, up 8.3% year-on-year, the press service of the Ministry of Agrarian Policy and Food reported on Friday.

According to the report, the rate of sowing peas is 51.1% higher than last year as of the same date and amounts to 81.8 thousand hectares, barley – 35.6% higher and reached 291.5 thousand hectares, wheat is 27.8% higher – 68.3 thousand hectares, oats – 17.6% higher – 28.7 thousand hectares.

Agrarians of Odesa region are leading the way in spring sowing campaign. They have already sown 7 thou hectares of wheat, 41.5 thou hectares of barley, 28.4 thou hectares of peas and 1.5 thou hectares of oats.

In Mykolaiv region, 2.2 thou hectares of wheat, 33.4 thou hectares of barley, 17.6 thou hectares of peas and 0.5 thou hectares of oats were sown; in Khmelnytsky region – 7.2 thou hectares of wheat, 23.7 thou hectares of barley, 0.8 thou hectares of peas and 0.5 thou hectares of oats; in Poltava region – 6.4 thou hectares of wheat, 56.2 thou hectares of barley, 0.8 thou hectares of peas and 0.5 thou hectares of oats. hectares of wheat, 56.2 thousand hectares of barley, 0.8 thousand hectares of peas and 0.3 thousand hectares of oats; in Poltava – 6.4 thousand hectares of wheat, 56.2 thousand hectares of barley, 4.7 thousand hectares of peas and 2.3 thousand hectares of oats; in Ternopil – 14.4 thousand hectares of wheat, 56.2 thousand hectares of barley, 0.8 thousand hectares of peas and 0.3 thousand hectares of oats. hectares of wheat, 56.2 thou hectares of barley, 3.1 thou hectares of peas and 2.3 thou hectares of oats; in Vinnytsia region – 5.9 thou hectares of wheat, 27.1 thou hectares of barley and 2.3 thou hectares of peas.

Last week, Ukrainian farmers sowed grains and legumes on 262.2 thou hectares. Poltava region is in the lead, with 44.2 thou hectares planted.

Poltava region is also the leader in sugar beet sowing, with 10.2 thou hectares already planted. Sowing of this crop has also started in Vinnytsia, Volyn and Rivne regions.

Agrarians in Kyiv region have started sowing sunflower, and those in Vinnytsia region – soybeans.

The Ministry of Agrarian Policy reported in the State Agrarian Register that 70% of respondents plan to increase soybean acreage by 21% on average compared to 2023, based on the results of a survey conducted by the State Agrarian Register on farmers’ preparations for the spring crops sowing campaign for the 2024 harvest.

The survey also showed that during the spring sowing campaign, Ukrainian farmers will prioritize pulses, which will increase by 11%, and spring barley – by 7%. The area under spring rapeseed is expected to increase by 24%, sugar beet by 17%, and corn by 9%. The area under sunflower may potentially decrease.

In general, in 2024, the area under spring crops may decrease by 0.5 million hectares or 3.7% compared to last season, according to the Ministry of Agrarian Policy.

Druzhkovka Hardware Plant reduced its profit by 29%

In 2023, Druzhkovka Hardware Plant (Donetsk Oblast) reduced its net profit by 28.9% year-on-year to UAH 24.049 million from UAH 33.832 million.

As reported in the company’s official information for the agenda of the annual shareholders’ meeting scheduled for April 29, the plant’s retained earnings at the end of last year amounted to UAH 404.126 million.

The shareholders intend to summarize the results of the year 2023, approve the reports and set plans for 2024.

It is also planned to leave the profit earned in 2023 without distribution, and not to accrue or pay dividends.

The shareholders will decide on the preliminary consent to enter into significant transactions that may be made by the company within no more than one year from the date of such decision, indicating the nature of the transactions and their maximum aggregate value.

Druzhkovka Hardware Plant produces machine-building and railway fasteners.

According to the third quarter of 2023, the company’s shares were owned by an individual Alexey Spiridonov, who held 14.9949%, Elena Mishchenko-Solona (resident of Spain) – 13.0304%, Irina Mishchenko – 24.5167%, Sergey Popkov – 5.8611%, Anton Malikov – 9.75%, Elena Malikova – 8.25%, Valery and Dmitry Malikov – 9.774% each.

The authorized capital of the company is UAH 3.323 million, the nominal value of 1 share is UAH 0.05.

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State Customs Service informs about global failure of tracking systems

The State Customs Service informs about possible problems with the movement of goods under the joint transit procedure due to a global system failure at the DG TAXUD level

The State Customs Service has received information from DG TAXUD regarding a global outage of the central applications of the systems, including NCTS, starting from 16:30 hrs. March 28, 2024.

As a result of the failure, notifications to transit and destination customs offices on declarations issued after the specified time may not have been delivered to other countries participating in the Convention on the Common Transit Procedure.

As of the morning of March 29, problems with the exchange of messages with other countries under the NCTS are still observed. The approximate timeframe for the full resumption of messaging with other countries is currently unknown.

In view of the above, companies, in the absence of information on the movement of goods under the joint transit procedure at the transit customs office, for declarations issued after 16:30 hrs. On March 28, 2024, it is recommended to consider opening new declarations at the checkpoint of the neighboring party with the corresponding initiation of the cancellation of the Ukrainian T1.

NEWS ON THE WEBSITE OF THE STATE CUSTOMS SERVICE: https://customs.gov.ua/news/ncts-26/post/informuiemo-pro-mozhlivi-problemi-pri-peremishchenni-tovariv-pid-protseduroiu-spilnogo-tranzitu-cherez-globalnii-zbii-roboti-sistem-na-rivni-dg-taxud-1542#scrollTop=0