Business news from Ukraine

DANISH AGRO-COMPANY AGROMINO WITH ASSETS IN UKRAINE, RUSSIA AND ESTONIA POSTS EUR 6.6 MLN NET PROFIT

The Danish agro-company Agromino with assets in Ukraine, Russia and Estonia received EUR 6.6 million of net profit in January-June 2019 against EUR 2.8 million of net loss for the same period in 2018.
According to a company report on the website, total income, adjusted for the fair value of assets and reserves, for the first half of this year increased 10%, up to EUR 30.2 million.
Agromino’s EBITDA for the six months was positive and totaled EUR 10.2 million in comparison with negative indicator in p2018 – EUR 1.8 million.
Consolidated assets of the agricultural company at the end of June 2019 were estimated at EUR 92.9 million compared to EUR45.4 million by the end of 2018.
Agromino in the second quarter of 2019 saw 21% million rise in net profit against EUR 9.8 million of net profit for the same period last year. Total revenue for this period increased by 9.5%, to EUR 22.2 million.
Agromino (formerly Trigon Agri) was established in 2006. It specializes in grain and dairy production, agricultural trade.
In Ukraine, the company owns four silos with a capacity of 145,000 tonnes. Its land bank is about 45,000 hectares in Kharkiv, Mykolaiv, and Kirovohrad regions.

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UKRAINIAN-ESTONIAN CHAMBER OF COMMERCE STARTS WORK IN ESTONIA

The Ukrainian-Estonian Chamber of Commerce (UECC) has started work in Tallinn (Estonia), the chamber said in a press release.
Vitali Galitskih, the head of the Tallinn office of the Ilyashev and Partners law firm, and Aleksandr Timarov, the CFO of Elme Messer in Estonia, became members of its board.
“The Chamber plans together with the Embassy of Ukraine in Estonia and the Embassy of Estonia in Ukraine to assist in establishing contacts and organizing cooperation between Estonian and Ukrainian companies, and also promote their interests in government authorities,” Galitskih said.
The company did not specify the number of member companies, citing the fact that negotiations are still underway.
Some 3,431 Ukrainians got the status of e-resident of Estonia. This is the third largest indicator among foreigners. Ukrainian e-residents founded the largest number of companies among foreign entrepreneurs in Estonia – 729, according to the press release.

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SILVANO FASHION FROM ESTONIA INCREASES SALES IN UKRAINE BY 18%

AS Silvano Fashion Group (SFG, Tallinn), engaged in sewing and selling women’s underwear under the trademarks Milavitsa, Alisee, Lauma and Laumelle, in January-June 2018 increased sales in Ukraine by 18% compared to the first half of 2017, to UAH 52.22 million. According to a company report on the Warsaw Stock Exchange, due to the strengthening of the euro to U.S. dollar exchange rate, its Ukrainian revenue in euros increased by 9.5%, to EUR 1.67 million.
According to the report, the network of franchise stores of the company in Ukraine for the reporting period expanded by more than 1.5 times, from 50 to 76 points.
In 2017, SFG reported about the growth of sales in Ukraine by 58.8%, to UAH 75.2 million, and in the euros by 52.5%, to EUR 2.53 million. In the first quarter of 2018, the growth in sales in the hryvnia amounted to 26.3%, to UAH 25.54 million, in euros by 9%, to EUR7 60,000.
Ukraine’s share in total revenue for the first half of the year increased to 5% from 4.7% in the first quarter, 4.1% in the past year and 2.9% in 2016.
In general, the revenue of SFG for the period rose by 2.2%, to EUR 33.53 million, EBITDA by 45.9%, to EUR 11.81 million, and net profit by 47.6%, to EUR 8.42 million.
The production facilities of the group unite Milavitsa factory in Minsk (Belarus) and Lauma Lingerie factory (Latvia).

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SILVANO FASHION GROUP FROM ESTONIA RAISES SALES IN UKRAINE BY 26% IN 2018

AS Silvano Fashion Group (SFG, Tallinn), engaged in sewing and selling women’s underwear under the trademarks Milavitsa, Alisee, Lauma and Laumelle, in the first quarter of 2018 increased sales in Ukraine by 26.3% compared with the first quarter of 2017, to UAH 25.54 million. The company noted in a report on the Warsaw Stock Exchange, due to the strengthening of the euro to U.S. dollar exchange rate, in euros its Ukrainian revenue increased by 9%, to EUR760,000.
According to the report, the network of franchise stores in Ukraine during the reporting period remained unchanged and totaled 50 points.
In 2017 the group’s sales in Ukraine grew by 58.8%, to UAH 75.2 million, and in euros by 52.5%, to EUR2.53 million
Revenues in Russia increased at a higher rate, by 27.9%, to EUR10.33 million, while revenues in other markets fell, in particular in Belarus by 13.7%, to EUR3.63 million.
As a result, Ukraine’s share in total revenue for the first quarter of this year increased to 4.7% from 4.1% in the past year and 2.9% in 2016.
EBITDA of the company for the reporting period increased by 91.5%, to EUR5.57 million, and net profit amounted to EUR4.06 million against EUR110,000 in the first quarter of last year.
The production facilities of the group unite Milavitsa factory in Minsk (Belarus) and Lauma Lingerie factory (Latvia).

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