By KYIV. May 4 (Interfax-Ukraine) – PJSC Kriukov Car Building Works (KCBW, Poltava region) received UAH 3.308 billion of net income from the sale of railway cars in 2022, which is 58% more than a year earlier.
According to the audited unconsolidated financial report of the enterprise for 2022, posted on its website, net income from the sale of freight cars grew by 16.8%, to UAH 1.383 billion, while from the sale of passenger cars it rose 2.1 times, to UAH 1.925 billion.
The plant also received UAH 100.68 million of net income from selling spare parts for wagons and other stocks (12% less), but did not sell spare parts for special wheeled vehicles, from the sale of which in 2021 it received UAH 117.89 million of income.
In general, according to the report, the company’s net income in 2022 grew by 38.4%, to UAH 3.545 billion, and net profit reached UAH 37.25 million versus UAH 230 million loss a year earlier.
At the same time, almost 100% of sales were in Ukraine. Products worth UAH 4.69 million were exported to European countries (UAH 27 million in 2021), and products for another UAH 66.7 million were delivered to Asia and the Middle East (no such deliveries were in 2022).
The report does not contain data on the number of railway cars produced and sold by the plant in 2022.
As reported, in 2021, Ukrzaliznytsia signed an agreement with KCBW to supply 100 new passenger cars for UAH 3.042 billion. At the same time, 20 cars were delivered in 2021, another 65 in 2022, and the remaining 15 in 2023.
In turn, at the beginning of this year, Ukrzaliznytsia recognized accounts payable of UAH 1.4 billion to KCBW for 65 passenger cars delivered in 2022.
On April 11 of this year, KCBW held a remote general meeting of shareholders, and, according to its minutes, published on the company’s website, sent the net profit received to pay off losses of previous years.
“According to the results of the company’s activities for 2022, the profit is UAH 37.353 million. Taking into account the income from the revaluation of actuarial liabilities, according to the calculation of an independent actuary of UAH 16.77 million, to approve the total amount of profit at UAH 53.53 million,” the company said in the meeting minutes.
The shareholders, in particular, voted against applying the Corporate Governance Code approved by the National Securities and Stock Market Commission, but decided to apply their own – the Code of Corporate Governance of PJSC KCBW.
The quorum of the meeting was 70.32%.
KCBW, the largest Ukrainian car-building enterprise, produces passenger and freight cars, regional diesel trains, high-speed interregional locomotive-hauled trains, spare parts, and bogies for freight cars.
According to the National Securities and Stock Market Commission, as of the fourth quarter of 2022, Estonian AS Skinest Finants and Osauhing Delantina owned 25% of the PJSC KCBW shares, and Transbuilding Services Limited registered in England 20%.
At the same time, as reported, another 25% stake in PJSC (worth more than UAH 21.5 million), owned by the Austrian OW Capital Management GmbH, which is controlled by Stanislav Gamzalov, board chairman of the Russian railcar manufacturer Zavod Metalkonstruktsiy, by a court decision dated July 13, 2022, transferred to the management of Asset Recovery and Management Agency (ARMA).
On April 11, ARMA announced a competition for the manager of this package.
