Khlib Kyieva declares about bread production halt threat due to unprofitability
01.07.2008 16:37 "Agro Perspectiva" (Kyiv) —
Khlib Kyieva has declared about threat of bread production halt in Kyiv due to unprofitability, reported Igor Mazuryka (Khlib Kyieva General Director) and Volodymyr Pochep, Kyivmlyn (belonging to Khlib Kyieva) Board Chairman. “There is a real threat today that bread supplies will stop,” said Mazuryka. As to him, bread production has become unprofitable in Kyiv due to State prices regulation, with Kyivmlyn/Kyivkhlib losses having reached ≈ UAH100 mn within this year Jan-Jun. Mazuryka admitted Kyiv Municipal State Administration (body to regulate social kinds of bread/flour prices for Kyivmlyn/Kyivkhlib) so far hasn’t reimbursed ≈ UAH75 mn to these 2 companies for 2008 first half-year. Within 2007/08 Kyivkhlib has many times addressed Kyiv Municipal State Administration asking to raise bread sale prices. Mazuryka emphasized Ukrayinskiy bread sale price should be UAH3,16 instead of present UAH1,64 (Biliy – UAH2,68 instead of UAH1,68; long loaf Nyva – UAH2,3 instead of UAH1,4). He added sale prices may differ depending on bread production constituents cost price and this year crop grains sale prices. Kyivmlyn/Kyivkhlib believe Cabinet and Kyiv Municipal State Administration should change attitude to bread prices State regulation so that bakeries profitability could be raised to 10-15% (flour millers – to 7%). “Main thing is prices regulation mechanism should be so much efficient as to let us fix correct prices which would assure us minimal profitability in case if cost price constituents start changing,” stated Mazuryka. He added banks are quite reluctant to grant credits to Kyiv bakeries and therefore, due to finances absence, bakeries can’t invest in their technical updating. Khlib Kyieva was created on basis of Kyivmlyn 100% shares and Kyivkhlib 50% + 1 shares by Kyiv Municipal State Administration Feb 2004 decision. Due to 2006 additional shares emission, part of Kyivkhlib in Khlib Kyieva had shortened from 50% + 1 shares down to 17.2% shares. 51% of CJSC Khlib Kyieva shares belong to Kyiv Municipal State Administration (24.69% – to company Fininvestgroup and 24.3% – to company Garon). Ukrainian biggest bread/bakery products producer Kyivkhlib ended 2007 at UAH16.626 mn loss.
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