Business news from Ukraine

UKRAINE TO START TALKS WITH MEXICO ON MUTUAL INVESTMENT PROTECTION

KYIV. March 23 (Interfax-Ukraine) – Ukrainian President Petro Poroshenko on Monday singed a decree authorizing a Ukrainian delegation to participate in negotiations with Mexico on a draft mutual investment protection agreement.

According to decree No. 104/2016 published by the president’s press service, the creation of a Ukrainian delegation to participate in the negotiations with Mexico and agree a draft mutual investment protection agreement between Ukraine and Mexico is prescribed.

The decree orders to approve the directives of the Ukrainian delegation.

The Cabinet of Ministers of Ukraine is responsible for financing the holding of the negotiations.

Oleskiy Perevezentsev, director of the law department at Ukraine’s Economic Development and Trade Ministry, will head the delegation.

The delegation also includes director of the international cooperation and secretariat protocol department of the Cabinet of Ministers Mykhailo Vydoinik, head of the chief foreign affairs and European integration department of the presidential administration Ihor Zhovkva; deputy head of the macroeconomics and financial sector department and head of the financial markets and investment department of the main economic policy department of the presidential administration Natalia Kulianytsia.

Deputy director of the law department and head of the foreign economic law department of the Economic Development and Trade Ministry Denys Lynychenko, Extraordinary and Plenipotentiary Ambassador of Ukraine to Mexico Ruslan Spyrin and Deputy Justice Minister of Ukraine Anton Yanchuk will also join the delegation.

AVTOKRAZ BUYS CRIMPERS FROM FINNISH D-HYDRO TO REPLACE DETERIORATED EQUIPMENT

KYIV. March 22 (Interfax-Ukraine) – Public joint-stock company AvtoKrAZ (Kremenchuk, Poltava region), the only Ukrainian producer of heavy trucks, has acquired YL-20S workshop crimpers from Finland’s D-Hydro to replace nine deteriorated presses at the company.

The deal is part of the upgrade of the tool fleet with the purpose of improving the quality of products.

The company’s press service reported on Monday that the new equipment would enable the company to stop paying for the services of a third-party.

“With the acute shortage of working capital and the austerity measures introduced at the plant due to the financial crisis, it was hard for the plant to allocate these small funds to acquire the crimpers – around UAH 200,000. Thanks to this equipment the plant will improve the quality of high and low pressure tools,” the company spokesman said.

It will take from one and a half or two years to pay back the loan used to buy the equipment.

AvtoKrAZ makes 33 basic vehicle models, and more than 260 modifications and trim levels for civilian and military vehicles.

CARLSBERG UKRAINE REPORTS 10% RISE IN NET PROFIT IN 2015

KYIV. March 22 (Interfax-Ukraine) – Public joint-stock company Carlsberg Ukraine (Zaporizhia), a large brewery in Ukraine, saw a 9.85% rise in net profit in 2015, to UAH 929.085 million.

Over the period net profit totaled UAH 0.9087 per share (the total number of shares is 1.022 billion), compared to UAH 0.8273 per share in 2014.

Undistributed profit reached UAH 2.48 billion as of late 2015.

Current liabilities increased to UAH 1.274 billion from UAH 975.7 million in 2014. The company did not have non-current liabilities.

Total bills receivable shrank by 6.4%, to UAH 634.3 million.

Carlsberg Ukraine is incorporated in Carlsberg Group, a leading brewing groups in the world. Carlsberg Group in Ukraine includes three breweries in Zaporizhia, Kyiv, and Lviv.

CABINET APPROVES CUSTOMS CLEARANCE SCHEME FOR GRACE IMPORTS USED IN DEFENSE PRODUCTION

KYIV. March 22 (Interfax-Ukraine) – The Ukrainian government has approved a customs clearance procedure for imported goods used in production of defense goods under a state defense order. The goods are exempted from taxation to meet required Customs and Tax codes.

According to the procedure outlined in cabinet resolution No. 170 of March 16, a list of documents required to register imports of these goods is set up to confirm their compliance with concrete criteria.

According to the document, the State Fiscal Service is to submit information on imported goods every quarter to the Economic Development and Trade Ministry. The information is to include the names of economic entities, public procurement authorities and the sum of taxes that were not paid, while executors of the state defense order are to submit monthly reports on the targeted use of the imported goods.

CHERKASY SILK FACTORY POSTS ALMOST UAH 36 MLN OF NET PROFIT IN 2015

KYIV. March 21 (Interfax-Ukraine) – Public joint-stock company Cherkasy Silk Factory, one of the largest textile enterprises in Ukraine, tentatively saw UAH 35.95 million in net profit in 2015, while its net loss in 2014 was UAH 50,000.

Its uncovered loss decreased by almost 83% in a year, to UAH 7.4 million.

The factory saw a 55% rise in current liabilities, to UAH 91.3 million. The company did not have long-term liabilities.

Total bills receivable tripled, to UAH 36.16 million, while asset value grew by 6.8%, to UAH 191.34 million.

Equity capital exceeded UAH 100 million as of early 2016 (UAH 64 million as of early 2015).

The plant began fabrics production in 1967 and today manufactures lining, raincoat fabric, fabrics for professional clothing, decorative jacquard, furniture, shirting fabric.

Its major markets were Ukraine, Moldova, and Russia.

INDAR PRODUCTION FACILITIES IN BRAZIL CERTIFIED UNDER GMP

KYIV. March 21 (Interfax-Ukraine) – Private joint-stock company Indar (Kyiv), an insulin producer, has obtained GMP (Good Manufacturing Practice) certificate for its production facilities in Brazil.

The certificate was issued by the Brazilian Health Surveillance Agency (ANVISA).

A GMP is a system for ensuring that pharmaceutical products are consistently produced and controlled according to quality standards.

Indar supplies recombinant insulin in the form of finished pharmaceutical products (FPPs).

Indar was created under a resolution of the Cabinet of Ministers in 1997 under the aegis of Kyiv meat processing plant. In 2012, the state fully reinstated its control over the enterprise which it lost in 2008 when the state stake of 70.7% belonging to Ukrmedprom was sold to Storke Holdings Limited (Belize).

Indar in 2016 joined the Association Manufactures of Medications of Ukraine (AMMU).