The shareholders of Sukha Balka Mine (Kryvyi Rih, Dnipropetrovska oblast), a part of Aleksandr Yaroslavskyi’s DCH Group, intend to allocate part of the company’s retained earnings for 2007, 2008, 2012, 2020 and 2022 in the amount of UAH 1 billion 4.865 million to pay dividends.
According to the agenda of the extraordinary general meeting of shareholders to be held on July 12 remotely, part of the net profit for 2007 in the amount of UAH 74 million 527.49 thousand and part of the net profit for 2008 in the amount of UAH 131 million 469.85 thousand are to be allocated for dividends.
In addition, it is proposed to allocate part of the net profit for 2012 in the amount of UAH 77 million 877.04 thousand, part for 2020 – UAH 240 million 330.23 thousand and part for 2022 – UAH 480 million 660.45 thousand for dividends.
“To pay dividends to the company’s shareholders for 2007, 2008, 2012, 2020, 2022 at the rate of UAH 1.2 per ordinary share, in particular: UAH 0.089 for 2007; UAH 0.157 for 2008; UAH 0.093 for 2012; UAH 0.287 for 2020; UAH 0.574 for 2022,” the draft resolution of the meeting states.
As reported, in 2023, Sukha Balka PrJSC reduced its net profit by 2.7 times compared to 2022 – to UAH 114.837 million from UAH 487.878 million.
According to the results of 2022, Sukha Balka PrJSC decreased its net profit by 2.7 times compared to 2021 – to UAH 487.878 million from UAH 1 billion 326.460 million.
It was also reported that an extraordinary meeting of shareholders of Sukha Balka on July 10, 2023 had already decided to allocate UAH 1 billion 4.865 million from retained earnings for 2008, 2010 and 2011 to pay dividends.
Sukha Balka Mine is one of the leading mining companies in Ukraine. It produces iron ore by underground mining. It includes Yubileynaya and Frunze mines. Frunze mine.
DCH Group acquired the mine from Evraz Group in May 2017.
According to the NDU for the first quarter of 2024, Yaroslavsky, who is designated as a non-resident of Ukraine (British citizen – IF-U), directly owns 77.4193% of the mine’s shares, and a resident individual, Artem Aleksandrov, owns 20%.
The authorized capital of Sukha Balka PrJSC is UAH 41.869 million, with a share par value of UAH 0.05.
Only cases of document forgery reach the court
According to the Prosecutor General’s Office, 188 criminal proceedings on raiding were recorded in 5 months of this year. This is already 1.3 times more than in the same period in 2023. Most proceedings are opened under Art. 205-1 “Forgery of documents”.
The number of raiding cases has been growing in recent years, but has not yet reached the levels before the full-scale invasion. Since the beginning of the year, 188 proceedings have been opened under articles on raiding. This is 1.3 times more than in the same period last year in 2023 – 147 proceedings. However, it is still two times less than in 2021 – 398 cases.
On the eve of the full-scale invasion, an average of 50 new cases were registered every month. At the beginning of this year, 32 new proceedings were opened per month, and in May their number reached 52.
In general, raiding cases are opened under the articles on forgery of documents (Article 205-1 of the Criminal Code), counteraction to legitimate economic activity (Article 206 of the Criminal Code) and illegal seizure of company property (Article 206-2 of the Criminal Code), etc.
Most often, raiding is recorded through forgery of documents: 138 or 73% of all cases this year.
Since the beginning of the year, 29 and 21 criminal proceedings have been opened for counteracting legitimate business activities and unlawful seizure of company property, respectively. It is worth noting that since the beginning of the year, no new cases of obstruction of business activities and unlawful seizure of company property have been brought to court.
According to the Anti-Raiding Office, the number of complaints about raider attacks is growing year on year. 1,255 complaints were received in the first 5 months of this year. For comparison, there were 1,905 such complaints for the whole of last year.
https://opendatabot.ua/analytics/raiders-2024-5
“Ukrproduct Group, a major Ukrainian producer of packaged butter and processed cheese, posted a net profit of GBP0.39 million in 2023, compared to a net loss of GBP0.80 million in 2022.
According to a report posted by the company on the London Stock Exchange, revenue decreased by 5.4% to GBP36.99 million, but increased by 19.5% in hryvnia terms.
“Ukrproduct’s consolidated revenue in FY2023 increased by 8% in UAH. The overall sales growth was driven by a focus on the development of key products, namely processed cheeses and processed cheese products, the development of new product categories, snacks and beverages, as well as the expansion of the group’s presence in retail chains,” the document says.
It is specified that in the processed cheese and processed cheese products category, sales amounted to GBP24.9 million, which reflects a 25.7% increase in revenue in hryvnia compared to the previous year, while in physical terms, sales increased by 12.4%. This was mainly due to an increase in exports to the Middle East, the focus of marketing campaigns on these product categories and the development of new positions, the report says.
According to the report, sales of butter in 2021 amounted to GBP3.1 million, reflecting a 3.4% increase in revenue in UAH terms, while sales in volume terms decreased by 4.3%. “A significant increase in the purchase price of raw milk and butter in Ukraine in the second half of 2023, rising logistics costs and increased competition in the market led to a decrease in the margin of butter sales,” Ukrproduct added.
Spreads sales decreased to GBP4.6 million in 2023 from GBP5.6 million in the previous year, down 6% in hryvnia terms and 12.9% in volume terms. The decline was mainly due to increased competition in the market, the company explained.
It is indicated that sales of skimmed milk powder fell by 52.1% in hryvnia, or to GBP1.1 million from GBP2.5 million a year earlier. In volume terms, skimmed milk powder sales decreased by 43.4%. Due to the significant decline in skimmed milk powder prices in 2023, the Group minimized the production of this product for sale in favor of using it as an ingredient in the production of processed cheeses.
Sales of kvass and beverages in FY2023 amounted to GBP1.8 million, up 90.2% in UAH terms and 42.8% in volume terms. The growth was driven by the resumption of a full sales period in fiscal 2023, while in 2022 the sales season in key kvass regions was postponed until June due to the Russian invasion of Ukraine.
It is noted that in 2023 Ukrproduct focused on trade marketing activities, in particular on providing discounts to customers and consumers, rather than on advertising campaigns, resulting in a 51.3% decrease in marketing expenses compared to 2022.
Other operating expenses in 2023 amounted to GBP1.1 million compared to GBP1.6 million in 2022, including impairment losses on inventories of products that the company was unable to export due to the blockade of Ukrainian Black Sea ports, as well as minor fines and some VAT losses.
According to the report, Ukrproduct’s EBITDA for 2023 amounted to GBP2.4 million, which is 32.8% higher than in 2022.
It is noted that financial expenses in 2023 increased by 67.6% to GBP0.78 million, mainly due to higher interest rates and recognized additional interest expense on the loan from the European Bank for Reconstruction and Development (EBRD) for previous periods. It is specified that in June 2023, despite the difficult operating environment due to the war in Ukraine, the EBRD decided to exercise its right under the loan agreement and increased the interest rate on the loan retroactively from September 2021. At the same time, the company has not yet paid the EBRD a tranche of EUR 2.1 million, which was due in December 2022, and did not pay interest on the debt in the amount of about EUR 5.7 million from March 2022 to December 2023. Restructuring negotiations are ongoing.
Ukrproduct’s free cash flows at the end of 2023 amounted to GBP0.4 million, the same as a year earlier.
“In 2024, the group plans to focus on maintaining its existing production facilities, supporting sales volumes and continuously improving operational efficiency,” the document emphasizes.
It is also reported that as of June 19, 2024, Jack Rowell resigned from the Board of Directors after 19 years as its Chairman. Serhiy Yevlanchyk became the interim chairman of the board in addition to his role as Ukrproduct’s executive director.
As reported, the company earned GBP0.65 million in net profit in the first half of 2023, compared to a GBP0.20 million net loss in the same period of 2022. Its revenue in the first half of the year remained at the level of the first half of 2022 – GBP18.3 million, but increased by 19.5% in hryvnia.
Financing state budget deficit, bln UAH
Source: Open4Business.com.ua and experts.news
Uzbekistan is discussing a possible decrease in the flow of labor migrants to Russia due to the growing demand for labor within the country. This was stated by Alisher Ruziyev, head of the Department of the Agency for External Labor Migration under the Ministry of Employment and Poverty Reduction.
In recent years, the number of labor migrants from Uzbekistan to Russia has decreased from 4-6 million to one million. According to the press secretary of the President of Uzbekistan, Sherzod Asadov, this negative trend is due to the success of the reforms being implemented in the country.
He noted that Uzbekistan is currently experiencing a construction boom, so workers’ salaries have already approached the level of some facilities in Russia. This leads to a situation where many citizens may not see the point in labor migration to Russia because salaries in the country are becoming more competitive, AN Prime reports.
In addition, it is noted that in recent years, the Agency for External Labor Migration has expanded the geography of employment of Uzbek citizens abroad, which has helped to meet the demand for labor in Europe. This is part of the agency’s strategy to adapt to changing labor market conditions.
According to official data, about two million Uzbek citizens are working outside the country, including about one million in Russia, which is about 20% of the economically active population.
PJSC “Ukrnafta” (Kiev) on June 25 announced a tender for liability insurance services for holders of a special permit for the use of oil and gas bearing subsoil in the development of oil and gas bearing subsoil in cases provided for by the law “On Oil and Gas”, reported in the system of electronic public procurement Prozorro.
The expected cost of the purchase of services is UAH 943,160 thousand.
According to the system, the last day for submission of tender offers is July 3.
