Business news from Ukraine

Battery manufacturer Ista Center ended 2022 with losses

Battery manufacturer Ista-Center JSC (Dnipro) ended 2022 with a loss of UAH 12.78 million, while in 2021 the net profit was UAH 154.85 million, according to preliminary data. According to the information for the agenda of the general meeting of SA’s shareholders, which is scheduled for April 19, published in the NCSSM’s disclosure system, by the beginning of this year the company had a small undistributed profit (UAH 0,027 mln).
The shareholders plan to cover the loss incurred last year at the expense of the profit of the previous years.
According to the publication, for 2022, the company decreased its current liabilities 4.5 times to UAH 6.88 mln, while long-term liabilities decreased 10% to UAH 2.59 mln.
Ista Center’s assets decreased by 11.3% during the year, to UAH 268.62 mln, mainly due to the reduction in total accounts receivable by 2.5 times, to UAH 17.6 mln, and cash to UAH 0.14 mln instead of UAH 3.84 mln.
The equity capital of the JSC by the beginning of 2023 amounted to UAH 256,35 mln, the authorized capital – UAH 128,17 mln.
The agenda of the meeting includes, in particular, the issues of re-electing the supervisory board and auditing commission, approval of the main activity (production of batteries and accumulators) and plans for 2023.
“Ista-Center, which has been operating since 1995, is one of the plants producing starter batteries of Ista group in Dnipro (the other is DOZ Energoavtomatika).
According to the company’s financial report for 2021, which was published on its website February 1 this year, its net profit then increased 21-fold to 154.85 mln hryvnia, while its net income fell 16% to 173.62 mln hryvnia.
At that, 36.5% out of sold 195.1 thsd conventional batteries were exported, including 25.78% – to the former CIS countries, 10.08% – to EU countries (except Poland).
The company also reported about mastering the production of polypropylene-cased batteries for the needs of the Ministry of Defense.
The company has not yet announced the results of its activities in 2022.
At the beginning of 2022, the company employed about 130 people.


“Ista-Center” will allocate UAH 155 mln in profits to cover past losses

Ista Center (Dnipro), a producer of starter batteries, intends to use its net profit for 2021 in the amount of 154.85 mln hryvnia to cover the losses of the previous periods.
According to the draft decision of the general meeting of the company shareholders, scheduled for December 26, published in the NKTSBM disclosure system, Ista-Center does not plan to accrue and pay dividends.
According to the company’s information, net profit per one common share in 2021 was UAH 60.4 mln, whereas a year earlier it amounted to almost UAH 2.9 mln. Net profit in 2020 was 7.37 million hryvnias.
As of January 1, 2022, the company had retained earnings of 12.81 million hryvnias against an uncovered loss of 143.25 million hryvnias on the same date in 2021.
The shareholders also plan to approve the reports of the management bodies at the meeting, approve the main directions of development for 2022 and re-elect the supervisory board.
“Ista-Center”, operating since 1995, is one of the plants producing starter batteries in Dnipro (the other is DOZ “Energoavtomatika”).
According to the latest financial statement of the company, which was made public by the NCSSM, its net income in 2020 was 206.6 million hryvnias. By the beginning of 2021, the plant employed 135 people.
According to the NCSSM, as of the fourth quarter of 2021, Oberon-Center LLC (Dnipro) owns 40% of the shares in which, according to Opendatabot, over 75% belongs to Scotwind Limited, whose beneficiary is named Oleg Zimin; 23.0476% is owned by Battery Investment Corp. registered in Panama and 6.23% belongs to the Ista International Corporation (Belize).
Another 21.55% is owned by the state. As reported, the Ista Center was included in the list of facilities transferred by the Cabinet of Ministers to the State Property Fund for privatization, which was made public in August 2022.

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