In 2023, AgroGeneration Group produced about 72.45 thsd tonnes of grains and oilseeds, which is 8.6% less than a year earlier, with an increase in acreage by 2.5% to 29.62 thsd ha, the company’s website reports.
It is noted that the EBITDA of the agricultural holding in 2023 returned to positive values, amounting to EUR 0.3 mln, compared to negative EUR 5.8 mln in 2022. The company was still well below the pre-war level, although net losses decreased from EUR31.6 million in 2022 to EUR7.9 million in 2023, the report said.
AgroGeneration explained the decline in production by almost 9% by the forced changes in the range of crops in 2023 due to the reduction of winter wheat plantings in the fall of 2022. This, in turn, was caused by weather conditions and resulted in more than 70% of the sown areas becoming less productive after several years of sunflower cultivation.
According to the report, crop yields in 2023 increased by 30% compared to the previous year and amounted to about 4 tons/ha versus 3 tons/ha, respectively. Despite the increase in the harvest, the quality of wheat decreased and almost 100% of it was represented by feed grain, while a year earlier this figure was 80%. The agroholding explains that wheat quality deteriorated across Ukraine due to heavy rains before the harvesting campaign in June-July 2023 and due to the late sowing campaign in the fall of 2022 amid poor weather conditions.
The group’s farms harvested about 43 thsd tonnes of sunflower at an average net yield of 1.9 c/ha, compared to 2 c/ha in 2022. The total net production of corn and soybeans amounted to about 6 thousand tons.
AgroGeneration’s revenue in 2023 amounted to EUR16.4 million, down 36.7% year-on-year, due to the sale of 75.7 thousand tons (-7.4 thousand tons by 2022) of crops from the 2022 and 2023 harvests, which were sold at significantly reduced prices. At the same time, EUR 9.3 mln was received from the sale of 2022 stocks, EUR 7.4 mln for the 2023 harvest, and EUR 0.2 mln was received for other products and services.
The share of exports in AgroGeneration’s revenue in 2023 amounted to 18% in tonnage, compared to 28% in 2022.
AgroGeneration was founded in 2007. The company specializes in growing grains and oilseeds, and its land bank before the Russian military invasion amounted to 58 thousand hectares in Kharkiv region, and by the end of 2022 it had shrunk to 30 thousand hectares due to the Russian invasion. Following the operational restructuring carried out in the third quarter of last year due to the war, the holding includes seven companies. The restructuring was aimed at disposing of “toxic” assets, including 25,000 hectares of land destroyed or severely damaged by the war and located near the Russian border, which would have cost more than $50 million to maintain.
Due to Russia’s full-scale invasion of Ukraine, AgroGeneration reduced its land bank to 30 thousand hectares from 56 thousand hectares in 2022. The agricultural holding’s revenue fell by 41.1% compared to the pre-war year 2021 to EUR 25.854 million, and net loss amounted to EUR 31.595 million against net profit of EUR 14.202 million, respectively. The gross loss amounted to EUR5.608 million against a gross profit of EUR32.361 million in 2021, and the losses from the war were estimated at EUR15.448 million.
At the end of last year, the company’s total debt was estimated at EUR18.065 million, down from EUR24.599 million a year earlier, and its assets were EUR36.391 million, compared to EUR82.033 million a year earlier.
Currently, the Antimonopoly Committee of Ukraine is considering the purchase of shares of AgroGeneration S. A. by NovaAgro Ukraine LLC, which will make it the owner of AgroGeneration S. A., which would make it the owner of a controlling stake.
DTEK RENEWABLES BV’s net loss last year amounted to UAH 0.547 billion, which is 29 times less than in 2022 (UAH 15.841 billion).
According to the company’s report published on the stock exchange, its revenue increased by 26.5% (by UAH 0.782 billion) compared to 2022 to UAH 3.728 billion, and gross profit amounted to UAH 2.57 billion against a gross loss of UAH 12.157 billion.
In particular, the group increased revenue from electricity sales by solar power plants (SPPs) at the feed-in tariff by 68% due to its increase and the impact of the hryvnia’s appreciation against the euro, while a 65% decrease in revenue from sales by wind power plants (WPPs) was due to the absence of generating stations located in the occupied territories.
According to the report, at the end of last year, DTEK RENEWABLES’ total assets amounted to UAH 25.841 billion against UAH 26.331 billion a year earlier, and its equity decreased from UAH 3.394 billion to UAH 2.93 billion.
The company states that it has violated certain financial and non-financial covenants on bank and non-bank debt obligations with a nominal amount of EUR222 million as of the end of 2023, and these debts have been classified as current liabilities.
The green bonds are scheduled to mature on November 12, 2024. The Group’s management intends to start negotiations with the bondholders to extend the maturity of the green bonds to a later date and expects to reach a compromise on the terms.
In 2023, the group produced 999 GWh, which corresponds to the estimated amount of avoided CO2 emissions of 1062 thousand tons, compared to 881 GWh and 937 thousand tons of CO2 in 2022, and 2117 GWh and 2250 thousand tons of CO2 in 2021.
DTEK Renewables plans to continue its operations in line with current plans and its long-term strategy until 2030. The Group plans to develop projects in Poltava region (650 MW) and in the south of Ukraine (up to 650 MW) over the next 5 years.
In 2023, Pivdenkoks (Kamianske, Dnipropetrovska oblast) reduced its net loss by 95.2% year-on-year to UAH 58 million 25.2 thousand.
According to the agenda of the annual meeting of shareholders, which will be held remotely, voting will begin on April 12 this year and end on April 30.
The shareholders intend to summarize the results of work in 2023 and approve the reports, as well as agree to repay the loss for the year at the expense of future periods’ profits.
In addition, the shareholders will approve significant transactions made in 2021-2023, as well as preliminary approve transactions for a year from the date of their approval, i.e. for 2024 and early 2025.
The meeting will decide on the sale of the company’s own shares, which were bought back from shareholders or acquired in any other way.
As reported, Pivdenkoks ended 2022 with a net loss of UAH 1 billion 206.942 million, while in 2021 it made a net profit of UAH 1 billion 292.672 million.
According to the third quarter of 2023, Dashuria Ltd. (Cyprus) owns 94.9565% of the company’s shares.
Metinvest B.V. (Netherlands) reported in its 2018 report that the company acquired a 23.71% stake in Pivdenkoks for $30 million.
The authorized capital of Pivdenkoks is UAH 171.918 million, with a share price of UAH 0.25.
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.
PrJSC “Production Association “Stalkanat-Silur” (Odesa) ended 2023 with a net loss of UAH 720 thousand, while in 2022 it amounted to UAH 9.494 million.
According to the information for the annual general meeting of shareholders scheduled for April 18 this year, which will be held remotely, the company’s retained earnings at the end of last year amounted to UAH 102.193 million.
The shareholders will summarize the results of the year 2023, including reports from the CEO, the Supervisory Board and the auditor, and decide on covering losses from future periods’ profits. The company’s charter and bylaws will also be amended, and the election of members of the supervisory board will be held.
As reported earlier, the general meeting of shareholders held on September 3, 2021, decided to spin off Stalkanat-Silur and establish a new company, Stalkanat, with the transfer of some property, rights and obligations to it in accordance with the approved distribution balance sheet.
Stalkanat-Silur CEO Sergey Lavrinenko previously explained to Interfax-Ukraine that all shares in the newly created PrJSC Stalkanat are to be distributed among all shareholders of PrJSC Stalkanat-Silur. The shareholders agreed to spin off Stalkanat, which will take over the Odesa industrial site. In turn, Stalkanat-Silur will also be retained, with Silur located in the temporarily uncontrolled territory (Khartsyzsk, Donetsk Oblast) on its balance sheet.
PJSC PA “Stalkanat-Silur” (Odesa) previously had two branches – in Odesa and in Khartsyzsk, Donetsk region, on the oil and gas pipeline. On December 1, 2016, the company’s management officially announced the closure of the company’s branch in Khartsyzsk – the relevant announcement was published in the newspaper Uriadovyi Kurier. Later, the management of PJSC “PA “Stalkanat-Silur” announced the seizure of the company’s branch in Khartsyzsk on the tubing and sent a statement to the National Police.
According to the third quarter of 2023, David Nemyrovsky (Ukraine) owns 50.0001% of the shares of PJSC PAO Stalkanat-Silur, Anton Mikhalenko (Israel) owns 23.7%, and Maria Kondratyuk (Ukraine) owns 23.1%.
The authorized capital of PJSC Stalkanat-Silur currently amounts to UAH 8.346 million.
According to preliminary data, a large Ukrainian manufacturer of sowing and tillage machinery Elworthy JSC (formerly Chervona Zirka, Kropivnitsky) has completed 2023 with a loss of UAH 85.85 mln, which is 81.6% more than the same indicator of 2022.
The corresponding information is contained in the agenda of the general meeting of shareholders of the company, scheduled for April 25, published in the disclosure system of the National Commission on Securities and Stock Market (NCSSM).
According to the draft decision of the meeting, the losses are planned to be repaid at the expense of retained earnings of previous years.
According to the Clarity-project resource, the company’s retained earnings amounted to UAH 611.039 million by the beginning of this year.
The meeting also intends, in particular, to re-elect the Supervisory Board.
JSC “Elworthy”, which is part of the group of enterprises “Elworthy Group” of businessman Pavel Shtutman, specializes in the production of seeding and tillage equipment: seeders for sowing grain and row crops, cultivators for continuous and inter-row tillage, disc harrows for resource-saving tillage.
As reported, in January-September 2023, the company has received UAH 59.17 million loss against net profit of UAH 29.3 million for the same period of 2022, with net income falling by 35% to UAH 422.93 million.
According to Clarity-project, net income for the whole of 2023 fell by 34.3% to UAH 490.7m.
