Finance Minister Serhiy Marchenko said he raised Ukraine’s GDP growth forecast for 2023 to 3.2%, while previously the government estimated it at 1% and the National Bank recently improved it from 0.3% to 2%.
“Today we are in a much better economic situation compared to the period a year ago … We refrain from monetary financing in 2023, and the GDP growth forecast was raised to 3.2%,” the head of the Ministry of Finance wrote in a column of the publication “Economic truth.”
He added that inflation is falling faster than initially forecasted, from 26.6% in December 2022 to 17.9% in April 2023, but did not specify an updated inflation forecast.
Marchenko thanked business for supporting the budget in a difficult time of war, noting that while GDP fell last year by 29.1% tax revenues to the general fund of the state budget (excluding a number of factors, such as growth due to inflation and forced temporary VAT non-refund) increased by 2% – to 627.7 billion UAH.
Head of the Ministry of Finance said that on its part the Ukrainian government supports the business through a number of programs, in particular, compensation loan rates “available loans 5-7-9%”, which since the beginning of martial law loans totaling more than 106 billion UAH were granted.
Besides, the government grant program for business has been started, which has been already financed more than by 2 billion UAH, and also more than 60 billion UAH have been given from the beginning of martial law by the government guarantee program on portfolio basis.
“I am sure that with the joint efforts of entrepreneurs and the state we will be able to continue to provide funding for successful resistance to the aggressor, which is the key to our victory,” Marchenko stressed.
According to the České noviny news agency, it would also be advisable to consider transferring the Czech L-159 fighter jets to Ukraine. He stressed that the Czech Republic has already provided Ukraine with about a hundred tanks and the same number of armored personnel carriers.
“It is worth considering maybe we could provide Ukraine with our L-159 planes with a certain look and prospect of rearming, because even as direct air support planes, they could significantly help Ukraine in a counterattack,” he added.
The Czech president stressed that Western countries have so far refrained from providing modern fighters to Ukraine because it takes a relatively long time to prepare for their use and because the machines contain secret systems. According to him, the allied countries do not want these devices to fall into Russia’s hands.
The KUB SAMs will replace the SPYDER missile systems made by Israel in the Czech army’s arsenal.
Centravis Production Ukraine PJSC (Centravis Production Ukraine), a part of Centravis Ltd holding, continues to work its main production in Nikopol (Dnipropetrovsk region) at full capacity, as well as increases production output in its branch in Uzhgorod.
“Centravis’ production continues to operate at full capacity, and our hot and cold shops in Nikopol and our production site in Uzhgorod are running smoothly, and all equipment is functioning optimally,” wrote chief sales officer (CSO) Artem Atanasov in a letter to customers last Friday.
He said the logistics team constantly ensures safe and efficient delivery of finished products, with sales offices around the world remaining open and accessible, ready to address any questions or requests.
“I am currently visiting our partners and customers in the United States, and I am pleased to witness the growing trust of our American partners in Centravis in a reliable partnership. This trust is reflected in their willingness to increase orders and find new areas to expand cooperation,” stated the Director of Sales, thanking customers for their support.
“Centravis” was founded in 2000, is one of the ten largest manufacturers of seamless stainless tubes in the world. Its main production capacities are located in Nikopol (Dnepropetrovsk region). In 2022 the company has realized a number of large-scale orders for such world companies as Benteler Automotive, LINSTER Edelstahlhandel, Rohr Mertel, Buhlmann Group, Webco, MRC. The company employs more than 1400 people.
Holding Centravis Ltd. was created on the base of Nikopol Stainless Tube Works CJSC, service and trade companies Industrial and Commercial Enterprise Yuvis Ltd. Its shareholders are members of the Atanasov family.
Centravis Ltd. owns 100% of shares of Centravis Production Ukraine PJSC.
Agropromholding Astarta, the largest sugar producer in Ukraine, received EUR16.13 mln in net profit in Q1 2023, which is 6.2 times more as compared to Q1 2022, according to the company report on the Warsaw Stock Exchange.
According to it, during this period revenues increased by 37.1% to EUR163.55 million, gross profit – 2.2 times to EUR59.71 million, operating – 2.4 times to EUR25.92 million and EBITDA – 63.5% to EUR37.91 million.
In UAH Astarta net profit in the first quarter of this year increased 7.5 times – to 632.59 million UAH, while revenues increased by 66.6% – to 6 billion 415.09 million UAH.
It is noted that all business segments have improved, but the best result was shown in the agricultural segment, which brought EUR80 million of revenue, which is 28% more than last year, which is 49% of the total consolidated revenue.
Revenue from the Sugar Production segment increased 86% over the same period last year, to EUR37 million, and revenue from the Soybean Processing segment increased 20%, to EUR31 million.
The livestock segment generated revenue of EUR11 million compared to EUR10 million in the first quarter of 2022.
In the structure of EBITDA the main shares are in the agriculture segment – EUR10.50 million (EUR12.74 million in the first quarter of 2022), sugar production – EUR11.66 million (EUR4.34 million) and soybean processing – EUR10.22 million (EUR4.24 million in the first quarter of 2022).
“Astarta noted that export revenues increased by 39% year-on-year to EUR98 million, accounting for 60% of total revenues.
It points out that capital investment in the first quarter of this year was EUR3.25 million compared to EUR4.84 million in the first quarter of last year, while net financial debt decreased during the quarter from EUR43 million to EUR17 million after bank debt and net debt decreased from EUR152 million to EUR130 million.
The report also states that Astarta is continuing its spring planting campaign in all seven of its areas of presence. Rainy and cold weather slowed it down, but was favorable for the development of winter crops.
The company has revised its 2023 crop rotation. The area under winter crops was 57 thousand hectares, including 43 thousand hectares of wheat and 14 thousand hectares of rape, while the area under corn and sunflower is planned at 19 thousand hectares and 28 thousand hectares. Soybean area will increase to 56 thousand hectares, to increase the volume of its own raw materials for the processing plant.
“Astarta” reported that the sowing of sugar beet is already completed, its area is 39 thousand hectares, which is 20% more than in 2022.
The area under organic crops remains unchanged at 2 thousand hectares.
As reported, Astarta received EUR65.16 million in net profit in 2022, a decrease of 46.8% compared to 2021. EBITDA of the holding in the past year decreased by 23.2% – to EUR154.77 million, while revenue increased by 3.8% – to EUR510.07 million.
The main shareholders of Astarta at the end of the first quarter were the family of the founder and CEO Victor Ivanchik, Fairfax Financial Holdings LTD – 29.21%. Another 2.64% belonged to Kopernik Global Investors, 1.88% to Heptagon Capital and 0.62% to Metlife PTE SA.
Dynamics of changes in discount rate of NBU
Source: Open4Business.com.ua and experts.news
Agrarian ministers of Moldova, Romania and Ukraine in online talks on Friday agreed to exchange information on the amount of wheat to be transported through solidarity corridors, the official website of Moldova’s agrarian ministry reported.
“The purpose of the meeting of the three parties was to agree on a way to organize in order to optimize the transit of grain coming from Ukraine so that Romanian agrarians can transport grain, release warehouses and export products of the new harvest,” the report said.
According to the press service of the Ukrainian ministry, Minister of Agrarian Policy Mykola Solskyi paid special attention to the discussion of transit of Ukrainian agricultural products on the territory of Moldova and Romania.
The trilateral meeting was preceded by negotiations of Romanian Deputy Prime Minister and Minister of Agriculture Vladimir Bol with his Moldovan counterpart Petre Dea. They discussed Moldovan-Romanian cooperation in the agro-industrial sector, mechanisms of financial and non-financial incentives for agricultural producers, as well as the portfolio of projects that are already implemented and planned for implementation.
