The international vertically integrated pipe and wheel company Interpipe received $204.441 million of net profit in 2022, which is 2.2 times more than the previous year ($91.316 million).
According to the company’s annual report, last year’s pretax profit amounted to $220.579 million compared to $110.907 million in 2021.
The revenue in 2022 decreased by 13.4% – to $981.330 million from $1 billion 132.9 million a year earlier.
At the same time, Interpipe increased its free cash flow from $109.627 mln to $153.777 mln during the year.
As previously reported, due to the war, Interpipe’s EBITDA in 2022 decreased by 11% YoY to $204 mln. Steel output in 2022 decreased 39% to 595 thousand tons, pipes – 36%, to 393 thousand tons, railroad products – 51%, to 84 thousand tons.
Sales of products in the reporting period decreased by 37%, to 524 thousand tons, including pipes – by 36%, to 384 thousand tons, railway products – by 50%, to 87 thousand tons. Revenue from sales decreased by 13% to $981 mn, net leverage remained at a strong and stable level of 1.1x.
It was noted, however, that 2022 was an extremely difficult year for the company. After a large-scale invasion by Russian troops at the end of February, Interpipe’s management was forced to halt all production facilities for employee safety reasons. It was only in April and May that production was gradually resumed at all enterprises of the group.
However, it was not possible to reach the pre-war production level because Interpipe had to rearrange the logistics chain of shipping finished products through the ports of the European Union due to the blockade of the Black Sea ports, Russian bombing of the transport infrastructure and shortage of fuel. This led to a 2.5-3.5-fold increase in transportation costs, depending on the route.
In the fourth quarter of 2022, Russia began regularly attacking Ukraine’s power infrastructure, which led to several blackouts at the national and regional levels. As a result of the resulting power shortages in the country, strict limits were imposed on power consumption by industrial consumers, including Interpipe’s enterprises, which had a negative impact on production.
CEO of Interpipe Andrei Korotkov noted that in the last year’s very difficult conditions, the company retained its workforce and industrial assets.
“Unfortunately, we have not managed to return to the pre-war level of finished product production. At the same time we expect to somewhat improve production results in 2023, including due to the extension of the cancellation of all quotas and duties on Ukrainian goods by the USA and the EU. In addition, Interpipe remains a conscientious and reliable partner to its creditors and investors. The company continues to service and repay its loan obligations in full since the beginning of the full-scale invasion,” the CEO explained.
“Interpipe is a Ukrainian industrial company producing seamless pipes and railroad wheels. The company supplies its products to over 80 countries all over the world through a network of sales offices located in key markets in the Middle East, North America, and Europe. In 2022, the company sold 384 thnd mt of tubes and 87 thnd mt of railroad products. The company sells its railroad products under the KLW brand.
Interpipe has 10 000 employees. In 2022 the company transferred 2.8 billion hryvnias to the budgets of all levels.
The company has five industrial assets: “Interpipe Nizhnedniprovsk Tube Rolling Plant (NTZ)”, “Interpipe Novomoskovsk Tube Plant (NMTZ)”, “Interpipe Niko-Tube”, “Dnepropetrovsk Vtormet” and the electric steelmaking complex “Dneprostal” under the “Interpipe Steel” brand.
The ultimate owner of Interpipe Limited is Ukrainian businessman Viktor Pinchuk and his family members.
The Cabinet of Ministers approved the financial plan of PJSC Ukrnafta for 2023, which provides for 12 billion UAH of net profit, the head of the company Serhiy Koretskyy said on Facebook on Monday.
“For the first time in the years of the company’s existence, this document was prepared in accordance with the requirements of the law of Ukraine “On management of state property” and received five mandatory conclusions of the ministries,” Koretsky wrote.
The conclusions, in particular, received from the ministries of economy, defense, energy, digital transformation and finance.
The document provides for the company on the results of activity in 2023 74 billion UAH of net income, 12 billion UAH of net profit, 25 billion UAH of tax payments in favor of the state, including rent, income tax, VAT, payroll taxation, as well as 9 billion UAH of investments, including a record 5.5 billion UAH of investments in production.
“The actual results of work, which we openly communicate, prove that managerial decisions taken by the team are able to provide a stable rhythmic work of the enterprise and, as a consequence, the growth of income and profits,” said the head of Ukrnafta.
As it was reported, Ukrnafta finished the first quarter of 2023 with a net profit of UAH 4.3 billion.
This figure is equal to net profit received by the company for the whole 2020 (UAH 4.3 billion) and almost twice as much as the result for 2021 (UAH 2.4 billion).
Ukrnafta’s average daily oil output in the first quarter of 2023 amounted to 3.926 thousand tons, while the average daily output in 2022 was 3.753 thousand tons.
On November 5, 2022, the Supreme Commander in Chief decided to confiscate Ukrnafta shares (except for the controlling interest in Naftohaz Ukrainy) as military property of the state for the period of martial law. Prior to the seizure, the structures of Ihor Kolomoyskyy and Hennadiy Boholyubov owned about 42% of Ukrnafta shares.
As of the end of March 2023, Ukrnafta had 89 fields with 3.7 thousand oil and gas wells. The company operates 451 petrol stations.
“Ukrnafta in 2022 reduced its production of oil with condensate by 8.6% compared to 2021 – to 1.37 million tons.
“Ukrnafta” in 2023 plans to increase oil production by 5.8% (by 0.08 million tons) compared to last year – to 1.45 million tons, gas – by 0.3% (by 0.003 million cubic meters), to 1.04 billion cubic meters
JSC “Dnipropetrovsk aggregate plant” (DAZ, Dnipro) in January-March 2023 received a net profit of 14.06 million UAH, which is 23.6% less than in the first quarter of 2022.
According to the company’s interim statements, published on Thursday in the information disclosure system of the National Commission on Securities and Stock Market (NKTSBFR), its net income increased by 8% – to UAH 55.47 million.
DAZ reduced its operating profit by 20.5% to UAH 20.31 mln, and its gross profit by 3.2% to UAH 34.39 mln.
Compared with the beginning of 2023 current liabilities of DAZ increased by 6.3% to UAH 281.34 million, while long-term liabilities decreased by 4.6% to UAH 68.13 million.
As noted in the report, the main risk factor for DAZ remains the military aggression of the Russian Federation against Ukraine. This affects the inflationary processes, affecting the growth of prices for materials, equipment and energy resources, and reduces the possibility of receiving funds amid growing needs for them.
DAZ is an enterprise with many years of experience in the production of aircraft equipment, which accounts for more than 2/3 of the total production volume, as well as hydraulic equipment for mines and general technical products (fuel and other liquid pumps).
Most of the products are sold in Ukraine, but in recent years there has been a significant increase in supplies to the EU
As it was reported, in 2022 the plant received UAH 36.72 mln of net profit, which is 15.6% more than a year before, while net profit increased by 1.4% to UAH 175.56 mln. The profit was directed to the development of production
DAZ believes that one of the key factors for its development in 2023 is to expand its stock of orders by 1.5 times by 2022.
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.
Agro-industrial group Ovostar Union, one of the leading producers of eggs and egg products in Ukraine, in the first quarter of 2023 received a net profit of $8.98 million, while the same period last year it ended with a net loss of $16.44 million.
According to the company’s report on the Warsaw Stock Exchange, its revenue for the period rose 70.7% to $47.30 million.
Gross profit in the first quarter of this year was $11.78 million versus a gross loss of $13.38 million last year, and operating profit was $8.58 million versus a $15.69 million loss, respectively.
The group also noted that its total debt in January-March this year decreased by 27.4% – to $7.94 million, and free cash flow increased 2.4 times – to $29.33 million, including 2.5 times to $19.58 million in Ukraine.
According to the report, export revenues in the first quarter of this year increased 4.2 times to $24.16 million, and as a result, its share in total revenues reached 51.1% against 20.6% a year earlier.
Eggs revenues increased 64.8% to $34.39 million and egg products increased 88.9% to $12.91 million, with pretax earnings from those segments increasing $2.39 million and $6.62 million, respectively.
Previously, Ovostar pointed out that in the first quarter of 2023 it reduced egg production by 2% – to 362 million eggs, but managed to significantly increase exports of products with a significant increase in prices compared to the previous year. In particular, the average price of eggs in the reporting period increased by 56% to $0.139/egg.
Compared with a year ago, in Q1 2023 the number of laying hens decreased by 2%, including laying hens by 6.2% – to 7.12 million and 6.38 million, respectively.
The volume of processed eggs in the 1st quarter of 2023 remained at the level of the previous year – 92 million eggs: 406 tons of dry and 3.073 thousand tons of liquid egg products were produced, compared to 561 tons and 2.131 thousand tons in the first quarter of last year, respectively. As with eggs, the average price of egg products rose substantially over the year: dry products rose 32% to $8.79/kg, while liquid products rose 44% to $2.66/kg (all prices are excluding VAT).
The holding company of the group – Ovostar Union N.V. – in mid-June 2011, it floated 25% of its shares on the WSE and raised $33.2 mln. Its majority stake is owned by Prime One Capital Limited, which is controlled by its CEO B. Belikov and Chairman of the Board of Directors Vitaliy Veresenko.
In 2022, Ovostar reportedly reduced egg production by 9% to 1.55 bln eggs and sales by 6% to 1.08 bln eggs.
At the same time, sales of dry egg products decreased by a third to 2.13 thousand tons, liquid – by 26% to 10.62 thousand tons.
“Ovostar made $6.09 million in net profit in 2022, which is 3.7 times more than in 2021. Its revenue for the past year increased by 1.7% – to $135.63 million.
Agroliga group (Kharkiv region) made net profit of EUR0.77 mln in January-March 2023, a 70.5% increase from January-March 2022.
According to the company’s report on the Warsaw Stock Exchange on Tuesday, its first-quarter revenue rose 32.4% to EUR12.91 million.
However, due to higher cost of sales, gross profit rose less, by 11.3% to EUR2.33 million, while distribution costs, which increased 4.2 times to EUR1.01 million, also caused a 36.1% drop in operating profit to EUR1.11 million.
The Agroholding notes that its free cash flow at the end of the first quarter stood at EUR1.67 million, compared with EUR1.74 million at the end of 2022.
The main shareholders of the group are Alexander Berdnik and Irina Poplavskaya with 41.66% each, and 16.68% of the shares are in free float.
As it was reported, Agroliga group received net loss of EUR2.21 million in 2022, compared to net profit of EUR8.13 million a year earlier, which was due to the Russian full-scale aggression. Its revenue grew by 18.9% to EUR47.46 million.
In its annual report the agroholding said it operates about 8 thnd hectares of land, a pressing oil plant with 42 thnd mtpa crushing capacity and an oil extraction plant with 100-180 thnd mtpa sunflower seed processing capacity, which can also produce soybean and rapeseed oil.
In addition, the group completed construction of power facilities that operate at a “green” tariff and ensure zero-waste production.
