PJSC “Krukiv Wagon Works” (KWWZ, Poltava region) in 2022 received UAH 3 billion 307.5 million in net income from the sale of railway cars, which is 58% more than a year earlier.
According to the audited unconsolidated financial report of the company for 2022, which is available on its site, the net profit from the sale of freight cars rose by 16.8%, to UAH 1 bln 383 mln, while the net profit from the sale of passenger cars went up 2.1 times, to UAH 1 bln 925 mln.
The plant also received 100.68 mln UAH of net income from the sale of spare parts for wagons and other stock (12% less), but did not sell spare parts for special wheeled vehicles, from the sale of which it received 117.89 mln UAH of income in 2021.
In general, according to the report, the net profit of the company in 2022 increased by 38.4% – to UAH 3 545 mln, the net profit amounted to UAH 37.25 mln against a loss of UAH 230 mln a year earlier.
At that, almost 100% of sales went to Ukraine – 4.69 mln UAH were exported to European countries (in 2021 – 27 mln UAH), and 66.7 mln UAH were exported to Asian and Middle Eastern countries (in 2022 there were no such deliveries).
The report does not contain data on the number of railway cars produced and sold by the plant in 2022.
As reported, Ukrzaliznytsia signed a contract with KVSZ in 2021 for the supply of 100 new passenger cars for UAH 3.042 billion. In this case, 20 cars were delivered in 2021, another 65 – in 2022, and the remaining 15 – in 2023.
In turn, UZ earlier this year acknowledged accounts payable of UAH 1.4 billion to KVSZ for the 65 passenger cars delivered in 2022.
KVSZ held a remote general meeting of shareholders on April 11 this year, and according to its minutes, which were made public on the company’s website, directed the net profit received to repay the losses of previous years.
“According to the results of the company’s activity for 2022, the profit is 37,353 million hryvnias. Taking into account income from revaluation of actuarial liabilities, according to calculation of independent actuary in the amount of UAH 16,77 million, to approve total profit in the amount of UAH 53,53 million”, – was stated in the minutes of meeting.
The shareholders, in particular, voted against the application by the company of the Corporate Governance Code, approved by the NCFM, but decided to apply their own – the Code of Corporate Governance of PJSC “KVSZ”.
The quorum of the meeting was 70.32%.
KVSZ, Ukraine’s largest railcar manufacturer, produces passenger and freight cars, regional diesel trains, high-speed interregional trains of locomotive traction, spare parts and bogies for freight cars.
In 2021 its net income decreased by 23.2% against 2020 to 2 billion 561 million UAH, the loss was 230 million UAH against a net profit of 71.8 million UAH.
According to the NCCFM, as of the fourth quarter of 2022, Estonian AS Skinest Finants and Osauhing Delantina own 25% each, and Transbuilding Services Limited, registered in England, owns 20% each.
At the same time, it was reported that another 25% of shares of KVSZ (worth over UAH 21.5 mln) owned by Austrian OW Capital Management GmbH, which is under the control of Stanislav Gamzalov, head of the board of directors of Russian railcar manufacturer Plant of Metal Structures, were transferred to ARMA by a court decision of July 13, 2022.
On April 11, ARMA announced a tender for the manager of this stake.
PJSC Krukiv Wagon Works (KVSZ, Poltava oblast) finished 2022 with a net profit of UAH 37.25 mln, while in 2021 it posted a net loss of almost UAH 230 mln.
According to the company’s information for the April 11 general meeting of shareholders, published in the information disclosure system of the National Commission on Securities and Stock Market (NSCM), by January 1, 2023 the uncovered loss of KVSZ was 108.9 million UAH – a third less than a year earlier.
“At the end of the company for 2022, the profit is 37.353 million UAH. Taking into account income from revaluation of actuarial liabilities, according to calculation of an independent actuary in the amount of UAH 16.77 million, to approve total profit in the amount of UAH 53.53 million”, – is said in the draft decision of the meeting on the approval and distribution of profits.
According to the document, the profit of UAH 53.53 mln is planned to be used for repayment of losses of previous years.
According to the information of the enterprise, its current liabilities at the beginning of 2023 were UAH 1 billion 022.5 million – 29.7% less, long-term liabilities decreased slightly, amounting to UAH 216.94 million.
The assets of PJSC “KVSZ” amounted to 4 bln 476 mln UAH (7.2% less), including the total accounts receivable almost twice – to 1 bln 938 mln UAH, and the money and equivalents decreased 2.7 times to 559.27 mln UAH.
The equity capital of PJSC by the beginning of this year amounted to UAH 3 bln 2366 mln, including authorized capital – UAH 86.01 mln.
According to the NCCFM, as of the 4th quarter of 2022, Estonian AS Skinest Finants and Osauhing Delantina own 25% each, and Transbuilding Services Limited, registered in England, owns 20% each.
At the same time, as reported, 25% of PAO’s shares (worth over 21.5 million hryvnias) owned by Austrian OW Capital Management GmbH, which is under the control of Stanislav Gamzalov, head of the board of directors of the Russian railcar manufacturer Metalware Plant, were transferred to ARMA by a court decision of July 13, 2022.
In January of this year, the head of Ukrzaliznytsia, Oleksandr Kamyshyn, announced that UZ intended to participate in the ARMA tender for the selection of a manager of the seized stake in KVSZ.
Volodymyr Prikhodko, its president, names KVSZ as the main owner.
KVSZ, Ukraine’s largest railcar building company, produces passenger and freight cars, regional diesel trains, high-speed interregional trains of locomotive traction, and spare parts and bogies for freight cars.
By March of this year KVSZ had completed the delivery of 100 passenger cars to UZ for more than 3 billion UAH. The company did not disclose the number of freight cars produced in 2022.
In 2021, its net income decreased by 23.2% YoY to 2 bln 561 mln hryvnia, and its loss was 230 mln hryvnia against a net profit of 71.8 mln hryvnia.
