Page 76 - UKRRptFeb21

then-governor of central bank Valeria Gontareva of undermining his holding’s business. Once Gontareva resigned in April 2018, the role of “Ukrlandfarming’s personal enemy” was awarded to NABU head Sytnyk. This scapegoating approach can only partially explain all the business troubles that Ukrlandfarming and its related Avangardco (AVINPU, AVGR LI) have had since late 2016.
Amid the absence of the company’s official financial reports, the size of Ukrlandfarming’s troubles can be seen from its press releases in, which it refers to the size of its workforce. For instance, in January 2017 (nearly at its peak), Ukrlandfarming stated it was employing 37,000 workers, while in November 2019 it referred to 27,000 employees. In this latest release, it is referring to 13,000 workers who lost their jobs, without a clear indication of the period (so, we conclude that this is compared to peak levels). This implies Ukrlandfarming has scaled down its business since early 2017 by about a third, which is a significant loss.
What is clearly true in Ukrlandfarming’s most recent complaint is that the closure of the egg-producing facilities of Ukraine’s biggest player (for whatever reason) has resulted in rising prices for eggs. Wholesale prices for shell eggs have grown quickly since late November and reached their historic high of UAH2.94/unit in Ukraine as of mid-January, which is 73% more y/y, according to ptichki.net website.
While negative for Ukrlandfarming and Avangardco, such a development looks beneficial for their competitor, WSE-traded egg producer Ovostar (OVO PW).
9.2.7​ TMT corporate news
9.2.8 ​Tourism corporate news
Online orders through OLX Delivery, one of Ukraine’s largest internet shopping platforms, jumped for the for the period Dec. 9 to Jan 13, compared to last year, the company’s analytical service reported in January. Orders for men’s clothing doubled, while the check remained about the same -- $20. Orders for men’s shoes were up 94%, for electronic components up 74%, and for smartphones up 63%.
Marriott International expects to open its first Sheraton in Ukraine, ​at Kyiv’s Olympiysky complex, by the end of this year, according to a press release. Delayed for a decade, the hotel project received new impetus last fall when the US International Development Finance Corporation approved a $27mn loan for completing the hotel. The 14-story hotel will have 196 rooms and underground parking for 144 cars. The building stands at Velyka Vaslkyivska 55, between the sports stadium and the Olimpiyska metro on the Blue line. One kilometer to the north is Marriott’s other hotel in Ukraine, Aloft Kyiv, at Esplanadna 17.
9.2.9 ​Utilities corporate news
DTEK Energy gets new CEO​. Ildar Saleev, an experienced manager who built his career at DTEK and related companies, has been appointed as new CEO of the coal and electricity producer DTEK Energy (DTEKUA), DTEK
76​ UKRAINE Country Report​ February 2021 ​ ​www.intellinews.com