JSC “Khmelnytskoblenergo” made a clean sweep of the “Activity” ratio in the rating “Transparency and financial sustainability of state-owned enterprises in Ukraine”, created by Institute of Economic and Social Reforms (INEKO), based in Bratislava, Slovakia. Khmelnytskoblenergo beat the competition of 50 SOEs badly, securing the 1st place with the 9.2 pts. (out of 10), while the 2nd place got only 7.0 pts.
The rating was created by two think tanks, Institute for Economic and Social Reforms in Slovakia (INEKO) and the International Center for Policy Studies (ICPS), Ukraine. US Embassy in Ukraine and SlovakAid provided support for the project.
According to the methodology of the rating, the “Activity” ratio demonstrates “the efficiency of a company in its everyday business operations” and consists of Working Capital Turnover Ratio and Accounts Receivable Turnover Ratio.
Khmelnytskoblenergo also finished 8th on the “financial sustainability” and 6th on the “transparency” scale among the 50 companies analyzed.
The evaluation criteria for the Transparency scale were, according to the rating methodology, transparency and access to information, economic indicators, public procurement and property, human resources policy, ethics and conflict of interests, grants and charity policy.
According to Oleg Kozachuk, Acting CEO of Khmelnytskoblenergo, this is the recognition of the Khmelnytskoblenergo efficiency: “That’s the result of 4 years of hard work of the whole team – company’s management and almost 3,000 employees”.
Rating “Transparency and financial sustainability of state-owned enterprises in Ukraine” has been created as a part of the “Strengthening democratic stability of key state institutions in Ukraine” project by International Center for Policy Studies (ICPS) and Institute of Economics and Social Reforms in Slovakia (INEKO) with the support of US Embassy in Ukraine and SlovakAid.
JSC “Khmelnitskoblenergo” Electricity distribution service operator (DSO) in Khmelnytsk region, 70% of the company’s shares belong to the state, other 30% – to private legal entities and individuals. The company’s net profit in 2019 amounted to UAH 85.7 million, which is more than the profit of all state electricity DSOs in Ukraine combined. Dividends on the state share for 2019 amounted to about UAH 30 million.