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ABOUT THIS REPORT
2
HOW TO READ THIS REPORT?
AGRIBUSINESS IN 2015
PAGES 3-9
CROP PRODUCTION
PAGES 10-25
ANIMAL PRODUCTS
PAGES 26-31
PROCESSED FOODS
PAGES 32-36
COMPANIES AND INFRASTRUCTURE
PAGES 37-46
The aim of this report is to show the scale of the agricultural sector in Ukraine by analyzing market trends and highlighting potential areas of its growth.
Infographics contained in this report provide a clear and concise illustration of the data that it contains.
We have used color coding and imagery to illustrate each type of agricultural product that is mentioned. Grain-related products are colored in shades of yellow, seed-based products are colored in green and meat-based produce is shown in shades of blue.
DATA SOURCES:● Baker Tilly● Latifundist Media (Latifundist.com, Elevatorist.com,
Agropolit.com) ● Ministry of Agrarian Policy and Food of Ukraine (Minagroprod)● State Statistics Service of Ukraine (State Statistics)● Food And Agriculture Organization (FAO) ● United States Department of Agriculture (USDA) ● AgroChart.com● AR-group Agency ● State Enterprise «Ukrainian Sea Ports Authority»● Ministry of Finance ● Ministry of Infrastructure● Organic Federation of Ukraine● Ukrainian State Service of Geodesy, Cartography and Cadastre
(Derzhheokadastr)● AEQUO
Please keep in mind that data may vary because every organization has its own estimation methods.
Potato
Nuts
Sugar beet
Corn
Barley
Crop Production
Wheat
Soy
Rapeseed
Grapes
Sunflower
Animal Products
Milk
Ham
Fish
Lamb
Eggs
Honey
Beef
Poultry
Other Types of Meat
Processed Foods
Processed meat
Beer
Soy Oil
Liquid Dairy
Cheese
Flour
Baked foods
Sunflower Oil
Rapeseed Oil
Butter /Margarine
Sugar
CannedVegetables
Juice
Vodka
Bread
AGRIBUSINESS IN UKRAINE
AGRIBUSINESSIN 2015
THE ROLE OF AGRIBUSINESS IN UKRAINE’S AND AND WORLD ECONOMY
4Source: State Statistics, Ministry of Finance,Agrochart.com
$14,6bln
240bln UAH
of Ukraine’s totallandmass
38%
of Ukraine’s exportsin 2015
12%
of Ukraine’s GDPin 2015
The Agriculturalsector covers
Agricultural productsaccounted for
Agricultural productionmade up
70%
Ukraine's place on a world food market1
12
3
5
78
Cultivationof sunflowers
Productionof sunflower
oil
Exportof sunflower
oil
Exportof corn
Exportof nuts
Exportof grains
Exportof wheat
Cultivationof wheat
Cultivationof barley
Exportof barley
Productionof honey
Exportof poultry
Exportof rapeseed
4
Cultivationof nuts
Cultivationof soy
Exportof soy
Cultivationof corn
AGRIBUSINESS IN 2015
¹ Data for 2015/16 marketing years
41,5million ha
5Source: State Statistics, Minagroprod
BASIC ITEMS OF AGRICULTURAL PRODUCTION, MILLION TONS
¹ To recalculate the average weight of one egg is taken — 55 g
14,9Аnimal
products
3,3 Meat (in live weight)10,7 Milk 0,9 Eggs1
60,1Grains
8,3 Barley 2,0 Other23,3 Corn26,5 Wheat
27,1Industrial
crops
11,2 Sunflower 3,9 Soy 1,7 Rapeseed10,3 Sugar beet
32,6Fruit
and vegetables
20,8 Potato 9,2 Vegetables (other) 2,2 Fruit, berries 0,4 Grapes
Ukraine produces 7 times more grains than the global production of coffee.
The country’s entire grain harvest of 2015 (60,1 million tons) would fill 892 000 carriages with a total length of 11 000 km! That’s the approximate distance between Kiev and Rio de Janeiro!
AGRIBUSINESS IN 2015
UKRAINIAN AGRICULTURAL PRODUCTS
6Source: own calculations basedon Information from State Statistics
¹ Data on export and import of production are calculated for 2015/16 marketing years
7,6 5,6 4,1 150 n/a 2,2 47 10 n/a 15 24 7,9 n/a 0,02 69 2,2 28 1,8 23 0,40
3,8 4 700 2 350 230 n/a 1 437 5992 43 26 0,06 60 60 36 1,416 928 16 400
Import,k tons
Production,k tons
Export,k tons
15 81 8,8
9 2008 300
3 9003 280
2 1501 700
1 400920
500400
400200
20064 4026 500
23 30020 800
11 20010 680
Wheat1 Corn1 Potato Sunflower1 Milk Vegetables(other)
Barley1 Soy1 Meat Fruit,berries
Rape-seed1
Sugar1 Eggs Oats1 Rye1 Grapes Buck-wheat1
Millet1 Honey Rice1
AGRIBUSINESS IN 2015
TOTAL VALUE OF EXPORTS
7¹ Data on export of agricultural products and income from it are
calculated for 2015/16 marketing years2 To recalculate the average weight of one egg is taken — 55 g
Export,k tons
16 400
16 928
4 700
4 384
2 350
1 437
233
131
59
36
81
3 369
2 676
2 585
850
788
570
378
214
77
36
84
Corn1
Wheat1
Sunflower Oil
Soybeans1
Rapeseed1
Meat
Dairy
Eggs
Honey
Sunflower Seeds1
Barley1
Total value of exports,$ millions
AGRIBUSINESS IN 2015
Source: own calculations basedon Information from State Statistics
8Source: State Statistics, Minagroprod¹ Data excludes temporarily occupied territory of the AR of
Crimea, Sevastopol city and zone of antiterrorist operation.
TRENDS IN AGRICULTURAL PRODUCTION
63,1 mln tons
63,9 mln tons
— 2013
46,2 mln tons — 2012
— 2014
60,1 mln tons — 2015
46,2 63,1 63,9 60,1
Grains
18,4 10,8 15,7 10,3
8,4 11,1 10,1 11,2
23,3 22,3 23,7 20,8
10,0 9,9 9,6 9,2
2,2 2,4 2,4 2,3
Milk
11,4 11,5 11,1 10,6
Eggs2
1,1 1,1 1,1 0,9
Potato Sunflower Sugar beet Vegetables Meet
Crop production, million tons
Animal products, mln tons
Vinnytsia obl.
Volyn obl.
Donetsk obl.
Zhytomyr obl.
Zakarpattia obl. Ivano-
Frankivsk obl.
Kyiv obl.
Kirovohrad obl.
Lugansk obl.
Lviv obl. Poltava obl.
Sumy obl.
Ternopil obl.Kharkiv obl.
Kherson obl.
Khmelnytsky obl.
Cherkasy obl.
Dnipropetrovsk obl.Chernivtsi obl.
Chernihiv obl.
Odesa obl. Mykolaiv obl.Zaporizhia obl.
Rivne obl.
In 2000In 2015
k tons7 000
5 000
3 000
2 000
1 000
200
Agricultural production,k tons
In the last 15 years, the biggest growthin production was in Mykolaiv and Poltava regions (more than 60%).
AGRIBUSINESS IN 2015
9Source: State Statistics, Minagroprod
INTERNATIONAL TRADE
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
0,86 1,12 1,41 1,5 1,72 2,19 2,88 3,65 6,18 4,24 4,43 6,06 8,26 8,09 7,69 5,55
Export
Balance
Turnover
Import
0,120,3
0,50,08 0,23
0,05
0,27
0,51
0,83
0,26
0,74
1,9 1,432,24
2,55
Dynamics of trade with the EU, $ bln
1
2
3
4
5
Main importers of Ukrainian agricultural products, $ bln
Egypt1,03
Other0,97
Other2,21
Italy0,59
Poland0,48Netherlands0,34
Spain0,58
Russia0,31
Other1,19
China1,24
Other3,13
Saudi Arabia0,47
Turkey0,76
India1,10
-0,19
Asia 6,7
CIS 1,5
14,6
Africa 2,0
EU 4,2
Turnover, $ bln
<3 3–5 5–7 >7
Ukraine’s biggest export markets are Europeand Asia.
Exports to China increased by 50% in 2015, makingit the biggest importerof Ukraine’s agricultural products.
AGRIBUSINESS IN 2015
AGRIBUSINESS IN UKRAINE
CROP PRODUCTION
11Source: State Statistics, State Heokadastr,Latifundist.com
LAND BANK OF UKRAINE
¹ Data excludes temporarily occupied territory of the AR of Crimea, Sevastopol city and zone of antiterrorist operation.
Total area of arable land, million ha
2
4
6
8
10
12
14
16
18
1990 1995 2000 2005 2010 2015¹
Grains
Sugar beet
Sunflower
PotatoForage crops
654
430
390
370
261
250
180
137
127
122
120
108
107
100
97
88
83
83
80
75
Top 20 agricultural holding companies in Ukraine, k ha
Arablelands
32,54
Pastures5,43
0,89Permanentcropland
2,41Grasslands
1,22Other
0,23Fallowlands
Non-agriculturallands
17,63
Farmers’estates10%
Other formsof ownership
75%
UkrLandFarming
Agroprosperis (NCH)
Kernel Group
MHP
Ukrainian Agrarian Investments
Astarta-Kyiv
Mriya Agro Holding
Sintal Agriculture
Industrial Milk Company
Agrain
Ukrprominvest Agro
AgroGeneration
Agroton
Ukragroprom
Privat-AgroHolding
HarvEast
TAS Agro
NIBULON
Svarog West Group
UkrAgroCom-Germes-Trading
15.06.2016
Top 100agricultural
holdingcompaniesin Ukraine
15%
CROP PRODUCTION
Structureof arable
lands
42,72million ha
Totallandbankof Ukraine
60,35million ha
12Source: State Statistics, Minagroprod
REGIONAL SPECIALIZATION IN CROP PRODUCTION
1 474 Vinnytsia obl.
437Volyn obl.
907Donetsk obl.
683Zhytomyr obl.
143Zakarpattia obl.
285Ivano-Frankivsk obl.
1 048Kyiv obl.
1 620Kirovohrad obl.
728Lugansk obl.
535Lviv obl.
1 578Poltava obl.
1 025Sumy obl.
718Ternopil obl. 1 622
Kharkiv obl.
1 264Kherson obl.
1 004Khmelnytsky obl.
1 091Cherkasy obl.
1 853Dnipropetrovsk obl.252
Chernivtsi obl.
1 033Chernihiv obl.437
Rivne obl.
1 494Mykolaiv obl.
1 742Odesa obl.
1 554Zaporizhia obl.
The general structure of crops sowing
Wheat28%
Barley12%
Soy9%
Vegetables2%Rapeseed
3%
Sugar beet1%
Fruit,berries1%Sunflower
22%Potato5%
Corn17% 50
100200
600
1000
k ha
GrainsVegetables
Industrialcrops
535Lviv obl.
Area of crop production,k ha¹
CROP PRODUCTION
¹ Data excludes temporarily occupied territory of the AR of Crimea, Sevastopol city and zone of antiterrorist operation.
10
29,2
36,4
29,7
21,8
57,153,4
38,8
23,219,9
25,9
17,0 18,9
7,6 10,0
20,0
29,5
20
30
40
50
60
13Source: State Statistics, Minagroprod
DYNAMICS OF CROP YIELDS (1990–2015), CWT/HA
205,0
8,5
435,8
25,9 14,3 21,6 13,0 18,4
120,2
206,1
96,0
161,4
29,8
104,5
Wheat RyeBarleyCorn Millet BuckwheatRice
50
100
150
200
250
300
350
400
450
50
100
150
200
250
300
350
400
450
Sunflower SoyRapeseedSugar beet PotatoVegetables Fruit, berries
Grains
Fruit and vegetablesIndustrial crops
1995 2000 2005 2010 2015
In the last 10 years, the rapeseed, sugar beet and corn yields have increased twofold.
CROP PRODUCTION
Oats
14Source: Agrochart.com, FAO
STRUCTURE OF GRAIN PRODUCTION, MILLION TONS
200
400
600
800
1 000
100
300
500
700
900
1961 1963 1965 1967 1969 1971 1973 1975 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015
Wheat
Corn
Rice
Barley
SorghumOatRye
China
1
EUUSA
2
India
3
Brazil
4
Russia
5
Ukraine
6
Canada
7
Argentina
8
Indonesia
9 10
493,5
507,5
439,5
428,9
329,2
311,4
244,4
228,3
102,1
100,1
100,2
99,0
64,2
60,5
51,4
53,3
47,6
47,0
35,0
44,6
Top 10 global producers of grains, million tons
493,5 k tons
507,5 k tons
— 2014/15
— 2015/16
Out of all grain products, corn has been a market leader in production for the past 20 years.
CROP PRODUCTION
BIGGEST CORN PRODUCERS
15Source: Agrochart.com
361,1 million tons
345,5 million tons
— 2014/15
351,3 million tons — 2013/14
— 2015/16
USA
1
China
2
Brazil
3
EU
4
Argentina
5
26,0
28,7
27,0
Mexico
6
22,9
25,5
25,0
Ukraine
7
India
8
Canada
9
Russia
10
USA 35,75%China 23,24%
8,02
% Bra
zil
6,00% EU
2,79% Argentina
2,59% Mexico
2,41% Ukraine
2,17% India
1,41% Canada
1,36% Russia
14,25% Other
12
3
4
5
8
10
6
7
9
Top 10 corn-producing countries
How much corn is producedby the Top 10
351,3361,1
345,5
218,5
215,6
224,6
80,0
85,0
77,5
64,9
75,8
58,0
30,9
28,5
23,3
24,3
24,2
21,0
14,2
11,5
13,6
11,6
11,3
13,2
In 2015 Ukraine produced more corn than the joint totals of Russia and Indonesia.
CROP PRODUCTION
156,8 million tons
160,0 million tons
— 2014/15
144,6 million tons — 2013/14
— 2015/16
EU
1
China
2
India
3
Russia
4
USA
5
Canada
6
Ukraine
7
Pakistan
8
Australia
9
Turkey
10
144,6
156,8
160,0
121,9
126,2
130,2
93,5
95,9
86,5
52,1
59,1
61,0
58,1
55,1
55,8
37,5 29,4
27,6
22,3
24,8
27,3
24,2
26,0
25,1
25,3
23,1
24,5
18,8
15,3
19,5
16Source: Agrochart.com
EU 2
1,8%
China 17,7%
India 11,8%
8,3%
Rus
sia
7,6% USA
3,8% Canada3,7% Ukraine
3,4% Pakistan
3,3% Australia
2,7% Turkey
15,9% Other
1
52
3
9
810
4
7
6
1
Top 10 wheat-producing countries
How much wheat is producedby the Top 10
In 2015 Ukraine produced almost as much grainas Canada, which ranks sixth in terms of production
CROP PRODUCTIONBIGGEST WHEAT PRODUCERS
EU
1
Russia
2
Ukraine
3
Australia
4
Canada
5
Turkey
6 7 8
Iran
9
Morocco
10
59,7
60,6
61,3
15,4
20,0
17,1
7,6 9,5 8,8 9,2 8,0 8,710
,27,1 8,2
7,3 4,0 7,4
2,8 3,2 3,82,7 1,7 3,5
17
EU 41,3%
Russia 11,5%5,
9% U
krai
ne
5,9%
Aus
tralia5,5% Canada
5,0% Turkey
3,3% USA
3,1% Argentina
2,6% Iran
2,4% Morocco
13,6% Other
USA
4,7 4,0 4,7
Argentina
4,8 2,9 4,9
81
74
9610
2
3
5
Ukraine is one of the three biggest producers of barley.
60,6 million tons
61,3 million tons
— 2014/15
59,7 million tons — 2013/14
— 2015/16
BIGGEST BARLEY PRODUCERS
Top 10 barley-producing countries
How much barley is producedby the Top 10
CROP PRODUCTION
Source: Agrochart.com
1
3
8
2 4
9
10
65
7
Egyp
t 761
Spain 604
China 567
Italy 400
Saudi Arabia 368
Thailand 340328
Sout
h K
orea
279
Indo
nesi
a
256
Nethe
rland
s
177 Israel
1 970 Other
Top 10 importersof Ukrainian grains,
$ million
451
368
116
Libya70
32
25
96
340
421
340
279
179
221
410
236
219
1 011
1 237
Saudi Arabia
China
Japan
Algeria
Other
China
Egypt
Spain
Netherlands
Italy
Other
Egypt
Thailand
Indonesia
South Korea
Bangladesh
Other
Barley$ 707 million
Wheat$ 2 676 million
Corn$ 2 668 million
Egypt
ChinaSpain Italy
SaudiArabia
SouthKorea
Netherlands
Israel
Thailand
Indonesia
UKRAINE’S GRAIN EXPORTS AND REVENUES 2015/16, $ MILLIONS
18
CROP PRODUCTION
Source: own calculations based on Information from State Statistics
116,0
116,1
99,6
98,6
65,8
60,0
57,7
53,7
34,1
30,1
31,9
29,5
22,5
23,5
16,3
17,0
12,0
12,9
11,5
11,4
19
50
100
150
200
250
300
350
Cotton seeds
Peanut
Palm nut
Soybean
Sunflower seeds
1961 1963 1965 1967 1969 1971 1973 1975 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015
USA
1
ArgentinaBrazil
2
China
3
EU
4
India
5
Canada
6
Ukraine
7
Russia
8
Indonesia
9 10
Top 10 global producers of oilseeds, million tons
116,0 million tons
116,1 million tons
— 2014/15
— 2015/16
In the last 50 years, there has been a visible trend in the growth of soybean production.
Source: Agrochart.com, FAO
CROP PRODUCTIONSTRUCTURE OF OILSEEDS PRODUCTION, MILLION TONS
Ukraine 28,8%
Russia 23,4%
19,3%
EU
6,4% Argentina
6,4% China
3,4% USA
2,6% Turkey
1,9% South Africa
1,4% Kazakhstan
1,1% Serbia
5,5% O
ther
1
65
4
9
8
7
2
110
3
Ukraine
1
EURussia
2
Argentina
3
China
4
USA
5
Turkey
6
South Africa
7
Kazakhstan
8
Serbia
9 10
11,6
10,2
11,3
9,8 8,4 9,2
9,1 9,0 7,6
2,1 3,2 2,5
2,4 2,5 2,5
0,9 1,0 1,3 1,4 1,2 1,0
0,8 0,7 0,70,6 0,5 0,5 0,4 0,5 0,5
20Source: Agrochart.com
Almost the third part of world sunflower seed productionis covered by Ukraine.
10,2 million tons
11,3 million tons
— 2014/15
11,6 million tons — 2013/14
— 2015/16
Top 10 producers of sunflower
How much sunflower seedis produced by the Top 10
CROP PRODUCTIONBIGGEST PRODUCERS OF SUNFLOWER
91,4
106,9
106,9
86,7
97,2
96,5
53,4
61,4
56,5
12,0
12,2
11,6
8,2 8,1 9,0 9,5 8,7 7,05,4 6,1 6,2
2,8 3,9 3,9 2,9 2,7 3,1 2,4 3,3 2,0
21
USA
1
ArgentinaBrazil
2
Сhina
3
India
4
Paraguay
5
Canada
6
Ukraine
7
Bolivia
8
Uruguay
9 10
USA 34,1%B
razil 31,0%
18,0% Argentina
3,7% China
2,4% India
2,8% Paraguay
2,0% Canada
1,3% U
kraine1,0%
Bolivia0,6%
Uruguay
3,1% O
ther1
4
2
3
6
5
10
9
8
7
More than 80% of soy is produced by the US, Brazil and Argentina
106,9 million tons
106,9 million tons
— 2014/15
91,4 million tons — 2013/14
— 2015/16
Top 10 producers of soy
How much soy is producedby the Top 10
CROP PRODUCTIONBIGGEST SOY PRODUCERS
Source: Agrochart.com
21,3
24,6
22,0
18,6
16,4
17,2
14,5
14,8
14,3
6,7 5,1 5,9
3,8 3,5 3,0
2,4 2,2 1,7
1,0 1,1 1,3 1,3 1,3 1,0
0,3 0,3 0,30,7 0,7 0,3
22
EU
1
ChinaCanada
2
India
3
Australia
4
Ukraine
5
USA
6
Russia
7
Iran
8
Belarus
9 10
110
34
97
5
8
6
2
EU 32,3%Canda 25,2%
21,0% China
8,6% India
4,4% Australia
2,6% U
kraine1,9%
USA
1,5% Russia
0,5% Iran
0,4% B
elarus1,6%
Other
80% of Ukrainian rapeseed is exported.
24,6 million tons
22,0 million tons
— 2014/15
21,3 million tons — 2013/14
— 2015/16
Top 10 producers of rapeseed
How much rapeseedis produced by the Top 10
CROP PRODUCTIONBIGGEST PRODUCERS OF RAPESEED
Source: Agrochart.com
1
210 36
4
8
7
9
5
23
UKRAINE’S OILSEED EXPORTS AND REVENUES 2015/16, $ MILLION
Soybeans$ 809 million
Rapeseeds$ 570 million
Sunflower seeds$ 36,1 million
Sunflower oil$ 3 369 million
1 022
192
102 Belgium
745439
109
418
1 250
181665439
290
268
121
341
127
France
Portugal
PakistanNetherlands
Other
7,26,6
Germany4,52,31,1
14,4
PortugalTurkey
GeorgiaNetherlandsOther
India
China
Spain
Iran
Turkey
Turkey
Other
Iran
Egypt
Lebanon
Greece
Other
India
Iran
China
Turkey
Egypt
France
Portugal
Netherlands
Italy
Spain
Inda
i 1 0
24
Turkey 436
China 420
Netherlands 330
316
Fran
ce
288
Spai
n
252
Egyp
t201 Italy
187 Iran88 Portugal
1 240 Other
Top 10 importersof Ukrainian oilseeds,
$ millions
CROP PRODUCTION
Source: own calculations based on Information from State Statistics
24Source: State Statistics
PRODUCTION OF FRUIT AND VEGETABLES IN UKRAINE
Dynamics of fruit and vegetable production, million tons
Production of vegetables, k tons
2
4
6
8
10
1995 2000 2005 2010 2011 2012 2013 2014 2015
Vegetables
Fruit
Top 10 fruit and vegetable exports, k tons
Production of fruit, k tons
Tom
atoe
s 2 27
4,4
Cabbage 1 677,3
Cucumbers 958,7
956,
5 On
ion
834,6 Beet
822,9 Carrot
565,1 Pumpkin
496,5 Courgettes176,5 Garlic
167,2 Pepper284,3 O
ther
9 214k ton
Apples 1 179,6
192,
9 So
ur ch
errie
s
184,0 Plum
170,6 Pear
115,1 Nuts
76,6 Sweet cherries
64,0 Strawberry
30,4 Raspberry
25,5 Currant
15,6 Peach
98,5 Other
2 153k ton
Tomatoes23,31
Onion18,85
Cabbage2,40
58,92 Nuts
29,32 Watermelon
4,95 Apples
1,33 Strawberry
0,88 Cranberries, blueberries
5,52 Cucumbers
2,49 Carrot
Half of Ukrainian nuts are exported.
Ukraine takes the third place in frozen berries production.
CROP PRODUCTION
251 Data on Australia in 2009, on the USA in 2008 and on Uruguay in 20062 Producers, processors, traders
ORGANIC PRODUCTION IN UKRAINE
13 Vinnytsia obl.
6Volyn obl.
14Zhytomyr obl.
3Zakarpattia obl.
3Ivano-Frankivsk obl.
36Kyiv obl.
11Kirovohrad obl.
0Lugansk obl.
11Lviv obl.
10Poltava obl.
3Sumy obl.
3Ternopil obl.
18Kharkiv obl.
13Khmelnytsky obl. 6
Cherkasy obl.
7Dnipropetrovsk obl.3
Chernivtsi obl.
12Chernihiv obl.8
Rivne obl.
7Zaporizhia obl.
17Kherson obl.
2Donetsk obl.
28Odesa obl. 5
Mykolaiv obl.
8
Total area and number of organic producersin Ukraine (2004 – 2014), k ha
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
164,4
239,5 240,0 242,0 242,0 249,9270,0 270,2 270,2 270,3 272,9
393,4 400,8
Countries with the biggest organicfarming areas, million ha
Australia1
12,0Argentina3,8
USA1
1,9China1,9
Spain1,6Italy1,1
Germany1,0France1,0Uruguay1
0,9 Ukraine0,4
India1,1
The total number of operators of organic production2
(Including operators in transition)06.2016
Organic production
Other
The average area of a farm, k ha
1,5 2 2,5 3 3,5
Number of organic producers
31 69
69
70 72 80 92 118 121 142 155 164 175 182
CROP PRODUCTION
Source: Federation of OrganicMovement of Ukraine
ANIMAL PRODUCTS
AGRIBUSINESS IN UKRAINE
27
ANIMAL PRODUCTS IN UKRAINE
Regional breakdownof animal products, k tons
Vinnytsia obl.
Volyn obl.
Donetsk obl.
Zhytomyr obl.
Zakarpattia obl.
Ivano-Frankivsk obl.
Kyiv obl.
Kirovohrad obl.
Lugansk obl.
Lviv obl.
Poltava obl.
Sumy obl.
Ternopil obl.Kharkiv obl.
Kherson obl.
Khmelnytsky obl.
Cherkasy obl.
Dnipropetrovsk obl.
Chernivtsi obl.
Chernihiv obl.Rivne obl.
Zaporizhia obl.
Odesa obl.
Mykolaiv obl.
k tons800
500
250150
50305
Beef
Pork
Poultry
Honey
Eggs of all kinds
Milk
Other
Total production of meat in Ukraine, k tons
Pork760
Lamb14Rabbit13Horsemeat8
Poultry1 144
Beef 384
5
10
15
20
25
1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016
Cattle
Pigs
Goats and sheep
Total number of livestock, million animals
ANIMAL PRODUCTS
Source: State Statistics, Minagroprod¹ Data exclude temporarily occupied territory of AR Crimea,
Sevastopol city and zone of antiterrorist operation.
28
MEAT PRODUCTION IN UKRAINE: BASIC INDICATORS
41%MHP
9%ComplexAgromars
5%Agro Oven
5%APK Invest
4%
The groupof companies
«Dnipro»
3%
Volodymyr-Volynsk poultry
farm
1%
Farm Ular
1%
AgroRos
Top 10 producers of meat in Ukraine (% of market share)
3%Pan Kurchak3%
Globino meatprocessing plant
Beef
Pork
Lamb
Chicken
Other meat
Exports and imports of meat in 2015, k tons
Export Import
32,1
161,3
27,2
0,012
0,007
12,085,1
3,7
1,2
61,3
Ukraine exports poultry meat to more than 70 countries
ANIMAL PRODUCTS
Source: State Statistics
29
DAIRY PRODUCTION IN UKRAINE
838,4 Vinnytsia obl.
425,2Volyn obl.
578,4Zhytomyr obl.
358,1Zakarpattia obl.
474,0Ivano-Frankivsk obl.
446,3Kyiv obl.
310,6Kirovohrad obl.
158,7Lugansk obl.
571,2Lviv obl. 794,5
Poltava obl.
417,6Sumy obl.
460,7Ternopil obl.
524,5Kharkiv obl.
581,4Khmelnytsky obl.
530,1Cherkasy obl.
344,6Dnipropetrovsk obl.294,0
Chernivtsi obl.
552,6Chernihiv obl.
436,8Rivne obl.
260,7Zaporizhia obl.
300,0Kherson obl.
227,9Donetsk obl.
5
10
15
20
25
1990 1995 2000 2005 2010 2011 2012 2013 2014 2015
Sale of milk to manufacturing plantsby all categories of farms, mln tons
Dairy production and livestock number
Milk production (yield), million tons
8,38 7,53 4,96 3,64 2,63 2,59 2,56 2,55 2,51 2,26
The number of cows by theend of the year, mln animals
8,57
45,5
2,5
The number of cows— 20 k animals
<300
300–400
400–500
500–700
>700
Milk, k tons480
01.2016
343,8Mykolaiv obl.385,3
Odesa obl.
Vinnitsa and Poltava regions are the largest producers of dairy in Ukraine.
The amount of milk per cow is always increasing. In 2015 it was 4,64 thousand kg.
ANIMAL PRODUCTS
Source: State Statistics
30
FISHING IN UKRAINE
Dynamics of annual catch, k tons
1 Data has been deleted to ensure the compliance of The Law of Ukraine «About State Statistics» regarding privacyof information
2 Data excludes temporarily occupied territory of the AR of Crimea, Sevastopol city and zone of antiterrorist operation.
Structure of Ukraine’s catch,and areas where it was caught, k tons
38,5Rivers and lakes88,6
k ton
34,2Exclusive economic
zone of Ukraine(nautical)
Other1
50
100
150
200
250
300
350
400
450
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 20142 20152
Other biological resources
Fish
Water resources include organisms that inhabit the sea such as fish, crustaceans, mollusks, sea cucumbers and eels.
ANIMAL PRODUCTS
Source: State Statistics
31
BEEKEEPING IN UKRAINE
11,5
11,8
7,8 7,6
7,0 5,6
1,8 0,3
0,6 0 0,2 0
Germany
1
PolandUSA
2
1,6 1,4
Spain
3
1,4 1,7
Turkey
4
0,6 1,3
Latvia
5
1,8 1,2
Slovakia
6
Austria
7
Russia
8
Belarus
9 10
11,5 k tones
11,8 k tones
— 2014
— 2015
Top 10 importers of Ukrainian honey, k tons
Dynamics of honey production, k tons
10
20
30
40
50
60
70
80
1960 1980 1995 2010 2012 2013¹ 2015¹
4,74 Vinnytsia obl.
0,26Volyn obl.
7,93Zhytomyr obl.
0,21Zakarpattia obl.
1,07Ivano-Frankivsk obl.
0,53Kyiv obl.
3,42Kirovohrad obl.
2,02Lugansk obl.1
0,69Lviv obl. 3,62
Poltava obl.
2,96Sumy obl.
0,81Ternopil obl.
3,37Kharkiv obl.2,49
Khmelnytsky obl.1,95
Cherkasy obl.
4,98Dnipropetrovsk obl.
0,70Chernivtsi obl.
1,11Chernihiv obl.
0,73Rivne obl.
4,79Zaporizhia obl.
0,85Kherson obl.
6,73Donetsk obl.1
1,82Odesa obl.
5,85Mykolaiv obl.
— 20 k families
<1 1–4 4–5 >5
Production of honeyin 2015, k tons4,74
Revenue from the export of honey
2015 2014
$ 84,3million
$ 93,4million
Over the last ten years, the production of honey in Ukraine has increased by 9,5 times.
ANIMAL PRODUCTS
Source: State Statistics
PROCESSEDFOODS
AGRIBUSINESS IN UKRAINE
33Source: AR-group Agency, Latifundist.com
PROCESSED FOODSPROCESSING INDUSTRY OF UKRAINE: PRODUCTION FACILITIES
Main areas of processingand leading industries,% of market share
14% PJSC Mironivsky Hliboproduct (MHP)
11% Ltd. Corporation ATB
10% Ltd. Globino Meat Processing Plant
5% Ltd. Ermak Gold
4% Ltd. Meat Processing Plant Yatran
Meat processing plants
11% Ltd. Terra Food
8% PJSC Vinnytsia Milk Plant Roshen
7% Corporation Milk Alliance
6% Ltd. Danon Ukraine
6% Group of Companies Almira
Dairy processing plants
Sugar factories
Vegetable oil processing facilities
Meat processing plants
Bakeries
Dairy processing plants
Data for 2014
Ukraine exports processed foods to 190 different countries. Milk to Jordan, baked goods to Miami, watermelons to Riga, beerto New Zealand and sour cream to the UAE.
34
BASIC PRODUCTS PRODUCTION VOLUME IN 2015
893161Poultry
Sunflower oil3 7153 9391
9708,8Milk
1311491Rapeseed oil
27427Pork
Soybean oil176154
2 167310Flour
465117Juice
2360,4Processed meat
2 17675Beer
10210Butter
4263,8Dairy products
Margarine1921,7
1 459115Sugar
14932Vodka
37376Baked goods
Cheese19211
1450,3
Cannedvegetables
1 23190Bread
3 7153 939 — Export, k tons
— Production, k tons
Export,50 k tons
Production,50 k tons
—
—
¹ Products of last year production are also exported
PROCESSED FOODS
Source: State Statistics
35
SUGAR PRODUCTION IN UKRAINE
Main importers of Ukrainian sugar in 2015/2016
Top 10 producers of sugar in Ukraine 2015, k tons
Panda35,5
Astarta-Kyiv354,5
Agroprodinvest194,8
RadekhivSugar189,2
Svitanok110,5
Gals Agro59,3
Galychyna-Sugar43,0
GnedavskSugar Factory50,5
TeophipolSugar Factory
46,3
StarokonstiantynivSugar
22,8
Total area used forsugar beet cultivation,
k ha
Volume of sugarproduction,
million tons
Number of sugarprocessing plants
Sugar beet yield,cwt/ha
Sugar beet harvest,million tons
2010
2010
13,7
1,5
278,5
492
73
2011
2011
18,7
2,3
362,4
516
77
2012
2012
18,3
2,2
407,6
449
63
2013
2013
11,2
1,2
414,8
270
38
2014
2014
15,6
2,1
471,9
330
48
2015
2015
10,3
1,4
435,8
237
36
4,4 Kazakhstan
Export,k tons
Revenue,$ k
1,8 Moldova
1,2 Azerbaijan
1,2 Turkey 499
596
876
1 827
$ 3,8 million
8,6
Revenuegeneratedfrom exports
$ 46,8million
Quantityexported
114,8k tons
PROCESSED FOODS
Source: State Statistics, Latifundist.com
36
PRODUCTION OF SUNFLOWER OIL IN UKRAINE
1,0
2,0
3,0
4,0
1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015
4,33
4,66
3,37
3,53
3,18
2,98
1,14
1,14
0,73
0,60
0,47
0,42
0,29
0,26
0,17
0,26
0,16
0,16
0,15
0,15
Ukraine
1
EURussia
2
Turkey
3
Argentina
4
China
5
South Africa
6
USA
7
Serbia
8
Burma
9 10
Top 10 producers of sunfloweroil in Ukraine, million tons
Production of sunflower oil, million tons
Kernel28,9%
Agrokosm9,3%Vioil7,9%
MHP7,6%
Cargill5,4%
Pology Oil ExtractionPlant4,0%
Bunge3,6%
Other24,9%
DeltaWilmarCIS3,0%
ADM2,7%
CreativeGroup2,7%
Top 10 producers of sunflower oil in Ukraine
4,33 million tons
4,66 million tons
— 2014/15
— 2015/16
Ukraine produces more sunflower oil than any other country.
Ukraine exports sunflower oil to 117 countries.
97% of China’s imported sunflower oil was produced in Ukraine.
PROCESSED FOODS
Source: State Statistics, Latifundist.com
COMPANIESAND INFRASTRUCTURE
AGRIBUSINESS IN UKRAINE
38Source: Elevatorist.com, Agrochart.com
COMPANIES AND INFRASTRUCTUREQUANTITY AND LOCATION OF UKRAINIAN GRANARIES
2 714 Vinnytsia obl.
480Volyn obl.
489Donetsk obl.
1 427Zhytomyr obl.
94Zakarpattia obl.
212Ivano-Frankivsk obl.
1 798Kyiv obl.
2 100Kirovohrad obl.
765Lugansk obl.
433Lviv obl. 3 508
Poltava obl.
2 017Sumy obl.
1 320Ternopil obl.
2 275Kharkiv obl.
1 600Kherson obl.
1 617Khmelnytsky obl.
1 814Cherkasy obl.
2 177Dnipropetrovsk obl.
231Chernivtsi obl.
1 800Chernihiv obl.
3 595Rivne obl.
1 472Zaporizhia obl.
2 100Mykolaiv obl.
3 179Odesa obl.
Top 10 Ukrainian companies by grainstorage capacity in 2015, million tons
SFGCU
1
KernelUkrLandFarming
2
MHP
3
NIBULON
4
Bunge
5
Mriya
6
ADM Trading
7
Agrotrade
8
IMC
9 10
3,75
2,66 2,60
1,701,60
0,730,60 0,60 0,56 0,55
— 5 elevators
<1 1–4 4–5 >5
Capacity, k tons480Rivne, Poltava, and Odessa regions have the biggest grain storage volume.
Source: State Statistics, SE «Ukrainian Sea Ports Authority»
Odesa SP
SP Uzhny
Mykolaiv SP
Izmail SP
Kherson SPIllichivsk SP
Reni SP
SSP Oktiabyrsk
30
0
0
574
10
01553138
0246
Skadovsk SP
SP Ust-Dunaisk
2 445
8 735 1 172
5 088 1 529
8 615 116
9549 763
39
VOLUME OF AGRICULTURAL GOODS TRANSPORTED THROUGH PORTS AND RIVERS
Seasonal export of grain and river navigation Top 10 port terminals in 2015, k tons Top 10 river terminals in 2015, k tons
TIS-Grai
n
Chornom
orsk G
T
NikaUkre
levato
rprom
Transb
alkter
minal
TIS-Fertiliz
ers
Greentou
r
TGT Myko
laiv
Boriva
zh
Olіmpek
s Cou
pe
Svitlov
odsk
RT
Kozats
ky RTT
Novoo
desky RTT
Pereyas
lavsk
y RTT
Kamian
ka-D
niprovsk
a RTT
Kremen
chutsk
y RTT
Vitove
RTT
Gradyzk
RTT
Goloprysta
nsk el
evato
r
Velyko
lepety
nsky el
evato
r
370 258 210 208 190 170 133 130 126 115 94 76 76 76 76 76 75 42 42 39
Mariupol SP
Berdyansk SP
100297
0921k tons
10
200
1 000
2 500
5 000
9 000
574
30
Volume of grain shipments, k tons
Volume of oil shipments, k tons
River navigationis suspended
Exportof grain
1 GT — grain terminal2 TGT — transshipment grain terminal3 RTT — river transshipment terminal
July
August
September
October
November
December
January
February
March
April
May
June
COMPANIES AND INFRASTRUCTURE
40Source: Latifundist.com, State Statistics, Ministry of Infrastructure
VOLUME OF AGRICULTURAL GOODS TRANSPORTED THROUGH UKRAINIAN ROADS AND RAILROADS
Age of hopper cars
0–10 11–12 21–30 >31
10%
0%
28%
62%Average ageof rolling stock
26 years
Total number of hopper cars
Railway transportation of grain, million tons
5
10
15
20
25
30
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Owners of hopper cars Road transportation to Ukrainian ports
200-250 kmfrom port
700 kmfrom port
up to 40 t
24 t
Ukrzaliznytsia
79%
Private ownership
14%
Stryiskyi Car Repair Plant
7%
13 230 pc
COMPANIES AND INFRASTRUCTURE
41Source: Elevatorist.com, Agrochart.com
STRUCTURAL BREAKDOWN OF UKRAINE’S LARGEST VERTICALLY INTEGRATED AGRIHOLDINGS
¹ Three of them are located on Russian Federation territory
Logistics Trade Processing Local brands TDA per hectare$
UkrLandFarming
350
5 grain storages
Agroprosperis(NCH)
Kernel Group
MHP
Astarta-Kyiv
17 grain storages
1,6 million ton capacity
12 grain storages
1,0 million ton capacity
9 grain storages
1,1 million ton capacity
40 grain storages
2,8 million ton capacity
Oil terminals:Oiltransterminal (Mykolaiv)Grain Terminal Complex Taman(Russia)Grain terminal: Transbalkterminal (Chornomorsk)
Trade operator: ULF Trade AG
Schedry DarStozharChumak Zolota
Nasha RiabaFua GraSertificated AngusLegko!Druzhba NarodivBashchinskyEvroproduct
Trade operator: Kernel Trade
10 Oil extraction plants1
2 600franchising shops
11distribution centers
Land bankthousand ha (june 15, 2016)
430
390
370
250
654
Eggs:KvochkaKvochka domashniOrganic Eggs
Dry egg products:Imperovo Food
19 meat processing plants
19 poultry plants
6 sugar plants
6 feed mills
3 seed plants
2 skinneries
6 meat processing plants
5 feed mills
2 poultry plants 1 biogas station
50 000sugar silages
9 sugar plants
2 seed plants
2 soil laboratory
1 biogas station
370
276
231
324
COMPANIES AND INFRASTRUCTURE
¹ Zaporizhian NPP, the largest in Europe2 One of the largest CHP in Ukraine
42Source: Baker Tilly
BIOGAS POTENTIAL OF UKRAINE
950
256
Potential productionof biofertilizers
Nitrogen fertilizer consumption in Ukraine
The potential usage of biogas
15,6 15,6
0,8
Available quantity of substrates per year, million tons Potential quantity of bio methane, bln m3/t
Biogas is a mixture of methane and carbon dioxide. The quantity of methane present in biogas determines its energy value. This is why the quantity of bio methane is measured to determine the energy potential of biogas sources.
Possible volume of gas production
From agricultural wasteFrom cultivated energy crops
StrawPigmanure
Waste fromfood industry
Chickenmanure
Cattlemanure
3,0
15,0
14
7
7
215,4
0,250,5
5,45bln m3
On arable land, as a result of
productivityincrease
On fallowlands
Half of free arable land
Amount of biometan,bln m3 / year
Weight of substrate3 a�erfermentation, k tons / year
Estimated area, million ha
Biomethane potential output, bln m3/t
0,9
47bln m3
26
13
Biogaspotential
of Ukraine
52 bln m3
Potential to produce energy from biogas(cogeneration)
Potential to replace natural gaswith biomethane
Potential to replace nitrogenfertilizers with biofertilizers4
52
5,4
From agriculturalwaste
From agriculturalwaste and energy
crops
33Natural gas import
54
Natural gas consumptionin Ukraine
Electric power,bln kWh / year
Thermal powerbln kWh / year
500
167 151
500
Thermal power consumption in Ukraine
Electric power consumptionin Ukraine
From agricultural wasteand energy crops
From agricultural waste
1789
3 Only stockbreeding waste was taken into consideration as a substrate 4 In terms of nutrients
81,8
COMPANIES AND INFRASTRUCTURE
43
SUPPORT FOR AGRIBUSINESS
Improving access to funding
200
400
600
800
2009 2010 2011 2012 2013 2014 2015
Direct foreign investment in Ukrainian agriculture, $ millions
Financial support for agricultural producers
67% crop production 33% animal products
300 million UAH
Financial supportthrough cheaper loans
71,7 million UAH
Directed to Agrarian Fund
25,6 million UAH
Loans to farmers
114,7 million UAH
7,8 bln UAHConcessional loans involved
Credits
630 farms
From state budgetAttracting credit for agricultural enterprises1
From local budgets
115,5 bln UAH
Guarantees 81,7%from planned
Suppliersget a safe financial instrument in exchange for their goods
Buyersget additional guarantees when ordering future stock
Small-sized and medium-sized agricul-tural companies gained the possibility to gage future harvests
Local banksprovide guarantees when funding small-sized and medium-sized agricul-tural companies
International banksgained financial instruments for pre-export funding
¹ As for 01.12.2015
COMPANIES AND INFRASTRUCTURE
Source: State Statistics, Minagroprod
44Source: State Fiscal Service of Ukraine, AgroPolit.com
AGRICULTURAL TAX CONTROL
VAT was the only form of support that the government providedto farmers.
In 2015 the government opened a separate account which accumulated 38,3 billion hryvnias for additional support of agribusinesses.
The amount of taxes paid by Ukrainian agricultural enterprises to state budget, millions UAH
2 000
4 000
6 000
8 000
10 000
12 000
14 000
16 000
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
The VAT, accumulated by sector due to special regime, bln UAH
2011
13,5 14,3 13,719,8
43,2
2012 2013 2014 2015
In 2016 the tendency of increasing VAT sum refunds is retained in agribusiness as well.
1 212 1 596 1 8742 335
3 0643 984
4 8415 763
7 388 7 8178 673
14 393
COMPANIES AND INFRASTRUCTURE
45
FINANCIAL INSTRUMENTS FOR UKRAINIAN AGRIBUSINESS
Typical securement
Term
Interest
Intermediaries
Objects of financing
Subjects of financing
Stock market turnover
Investor's rights to owncompany's shares
Maximum volumeof funding
In Ukraine
Eurobonds
Suretyship / pledge /corporate guarantee
Long-term
Investment banks
Сompanyas a whole
Investors-bondholders
Hundreds of millions $
IPOBilateral
loans
Pledge, mortgage,claims, suretyship
Pledge, mortgage,claims, suretyship
Syndicatedloans
Mortgage, pledge,guarantee, export credit
agency insurance,suretyship
Exportloans
Goods
Warehouse certificates
Goods
FCR
Future harvest
Agriculturalreceipts
Pledge, cash coverageof guarantee /letter of credit
Bank tool fortrade financing
(Guarantees /letters of credit)
Hundreds of millions $
Investors
Сompanyas a whole
Investment banks
Unlimited
Tens of millions $
Bank
Trading operations,investment projects
Trading operations,investment projects
Possible in caseof foreclosure
Possible in caseof foreclosure
Any
Hundreds of millions $
Syndicate of banks
Agent bank
Any
Tens of millions $
Bank
Machinery,industrial equipment
Long-term
Tens of millions $
Bank,offtaker
Goods
Short-term
Dependson transaction
structure
Dependson transaction
structure
Dependson transaction
structure
Tens of millions $
Bank,offtaker
Goods
Short-term
Millions $
Bank,offtaker
Future harvest
Short-term
Tens of millions $
Bank,syndicate of banks
Goods, machinery, industrial equipment
Bank
Any
Agricultural producers;have their own land fund
Traders, exporters of agri-cultural products
Importers of agriculturalmachinery
Source: Information provided by the law firm AEQUO
COMPANIES AND INFRASTRUCTURE
46
BASICS OF AN M&A AGREEMENT IN THE AGRICULTURAL SECTOR
What to do: calculation options in M&A agreements (mergers and acquisitions)
How to do: main stages of M&A transactions
Guaranteed paymentBuyer pays part of the purchasing price as a deposit before receiving full ownership rights.
The payment can be partially or fully refunded if the buyer decides to cancel the transaction.
100% prepaymentsBuyer pays full purchasing price before becoming owner of the asset
100%
Partial paymentBuyer pays part of the purchasing price depending on the project completion stage (for instances getting the necessary licenses, etc).
Deposit paymentBuyer transfers funds to a separate account operated by an escrow agent.
Seller gets access to this account only a�er submitting the necessary documentation and property rights to the buyer.
Buyer — only in case if the buyer does not acquire the property rights in agreed terms.
Deposit of documentsUnlike Ukraine some jurisdictions not only allow the transfer of money to an escrow agent, but also the property rights and documentation as well.
A�er the parties fulfill the agreement, an escrow agent sends the documents to the buyer, who (without seller involvement) acquires property rights.
Partial prepaymentBuyer pays part of the purchasing price before getting ownership rights for the asset, and another part a�er becoming owner.
Tender offer.
Taking the decision to purchase/ sell.
Start of negotiations between buyer and seller.
The conclusion of preliminary agreements:
agreement of confidentiality,exclusivity agreement,сonfirmation agreement.
Preparatory stage
1
2
Grant of government approval
Advance/guarantee payment
Fulfillment of suspensive conditions.
Implementationof buy-sell agreement
4
Confirmation of the property rights.
Checking the land property records and land purpose.
Analysis of agreements with third parties:
creditors,landlords and tenants of land,buyers of agricultural products.
Due diligence checkup
Agreement on the cost of the transaction.
Confirmation of the buy-sell agreement in its final version.
Signing of the agreement by both parties
Preparation and structuring the buy-sell agreement
Implementation of the ban for the seller to compete with the buyer.
Additional payments to the seller:
earn out,installment payments.
Completion of supplementary obligations after the agreement fulfillment
6
Settlements.
Property rights are transferred to the buyer.
Acquiring property rights
5
Without prepaymentBuyer pays the whole purchasing price a�er acquiring property rightsfor the asset.
Installment paymentThe buyer pays the purchasing price in several installments a�er acquiring property rights.
Attractive for sellers Compromise solutions Attractive for buyers
3
COMPANIES AND INFRASTRUCTURE
Source: Information provided by the law firm AEQUO
CREDENTIALS
INFOGRAPHICS PLANNING AND DESIGN
LATIFUNDIST MEDIA, TOP LEAD, MUKOVOZ DESIGN
PRODUCTION
LATIFUNDIST MEDIA
AUTHORS
LATIFUNDIST MEDIA, TOP LEAD
DISCLAIMER
This guide is designed exclusively to inform users. We have made every effort to ensure the accuracy of the information contained in this report. Despite the fact that this information has been carefully prepared by experts, it can only be used to get an overview of the subject discussed in it. Do not use the information contained in the report, as professional advice on a particular issue or passing judgment. Data was collected and prepared for publication in 2016.
CREDIT AGRICOLEPushkinska str, 42/4Kyiv, 01004, UkraineТел.: +38 (044) 393-76-37
BAKER TILLYAlexander Pochkun,managing partner28 Fizkultury St.,Kyiv, UkraineTел.: + 38 (044) 284-18-65
credit-agricole.ua www.bakertilly.ua
AEQUODenis Lysenko,managing partner,[email protected] Business Centre, 52 B. Khmelnytskogo St, Kyiv, 01030, UkraineТел.: +38 (044) 233-65-99
TOP LEADBusiness centre«Horizon Tower»3rd floorKyiv, [email protected]
aequo.ua toplead.com.ua latifundistmedia.com
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