Ukraine’s Cabinet approves financial plan of USPA
The Cabinet of Ministers of Ukraine has approved the financial plan of the State Enterprise «Ukrainian Sea Ports Authority» for 2017.The document was adopted on July 12th, 2017 at the meeting of the Cabinet of Ministers of Ukraine.
The financial plan provides for an increase in the net income of the enterprise by 6.3% compared to 2016; It is planned that this figure will amount to 7.8 billion UAH. The forecast net profit is expected at 3.2 billion UAH. This will be facilitated by the expected increase in cargo handling in ports with a planned volume of 123.1 million tons. These forecast indicators of 2017 are bigger than last year's parameters by 4%, when 118.8 million tons of cargo were handled in ports of Ukraine.
«Coordination of the key financial document of the port industry opens up the possibility of investing in the planned projects for this year in full, given the fact that six months have passed.The USPA expects to receive more income than in the previous period.Allocation of funds to the construction of new facilities and modernization of existing ones is more important than the percentage of revenue growth.Thus, in comparison with previous periods, our net income will be less, but the funds will not become dust on the accounts, they will be transformed into port infrastructure facilities»,—said Raivis Veckagans, the Head of the USPA.
Capital investments of the USPA in 2017 will amount to 3.9 billion UAH. The main areas will be repair and modernization of port infrastructure (63% of the total amount), construction of new facilities (10%) and acquisition of main funds (25%).«Now, we can safely implement the projects set forth in the Plan of priority actions — dredging, construction and reconstruction of berths in Yuzhny and Chernomorsk, Odessa, Nikolaev and Mariupol, fleet renewal, etc.» - said the Head of the USPA.
In 2017, the USPA plans to pay 4.4 billion UAH of taxes to the state, which is equivalent to 57% of the net income of the enterprise, 88% of which will be payments to the state budget.
To recall, the financial plan has strategic importance for the port industry, and also determines the development of the enterprise for the current year, providing the opportunity for the USPA to perform its functions, including reconstruction and construction of port infrastructure facilities.