IBobserver newspaper #5

An Expert's View about Banking and Finance in Ukraine

Posted on: 26 Oct 2011

IBobserver is the first specialized newspaper in Ukraine and CIS region, devoted to the international trade development

September - October 2011 / ibcontacts.com.ua / ?5 International Trade Development INTERNATIONAL The sooner a company brings its Why do Ukrainian companies FINANCING Despite low ratings of Ukraine, financial reports in conformity with tend to use international financing Initiator + Investor = Project local companies can attract international standards the easier 1 to implement the alternative energy will it be to attract financing from international finance even now projects? Structured Financing: abroad Divide et Impera 2 5 8 Special features of structured financing in Ukraine Expert opinion: Euler Hermes Kre- ditversicherungs AG INITIATOR + INVESTOR = PROJECT 2 Country Risks Report: the Netherlands Why and when does a Project Initiator need to resort to private investment and project finance Atradius 4 Back to the Future GIEK and IBcontacts Firs Expand Cooperationtly, we can face rapid development of such Reverse project implementati- branches as renewable energy, energy-saving 5 on in order to sell ready-made technologies, livestock farming, agriculture, food Kateryna S. Barabash FINANCIAL production in Ukraine as a response to the world business or any part of it, inclu- Managing Director, trends. REPORTING ding by means of IPO, is also IBcontacts Secondly, entrepreneurs have obtained the Standard Approach possible, i.e. finance is attrac- possibility to partially redeploy funds from the Why do companies need running businesses that eventually started to ted at the final stage rather than is article appeared due to a number reporting in accordance reach the ?pre-crisis? level of 2008. of factors. Recently, investment projects at the initial one ird with IFRS when attracting long-ly, notwithstanding the rating of implementation has been widely discussed in Ukraine, which is still at a quite low level, term finance 5 Ukraine, but it still remains a hard task, though credit agencies (ECAs). He should be committed attracting project nance became possible: both seems to be more easily realized than last year. INTERNATIONAL to every thing he does since he is a Project as private investments (national and foreign) and is is also proved by numerous cases from Initiator. foreign investment credits, which means project PRACTICE the experience of our clients. We deal with completely dierent nancing. is could be explained by a number of entrepreneurs intending to implement various Merge to Be Ahead And the most important is that a new group reasons. ideas, but there is a number of common features of entrepreneurs, who have passed the crisis Ukrainian market is getting ready they all possess: they all are self-motivated, fortitude test, was formed. It involves assertive, for large M&As 6 ambitious, and vigorous; moreover, their self- exible and goal-seeking people, who are condence is grounded on their knowledge, condent of their business and eager to take MARKETS AND TRENDS A new group of entrepreneurs, professional experience and innovation. And action despite the fragile stability of our time. this very criterion is one of the fundamentals who have passed the crisis for- And if You read this article, You are likely to be Winding to the Future of decision-making process during project one of them! How Ukrainian companies titude test, was formed in Ukrai- nancing. Because the business plan and implement alternative energy ne. It involves assertive, flexible Initiator with the Capital ?I? nancial model of a project are usually examined, projects and goal-seeking people, who as well as the team of professionals headed by is person should be described particularly Expert opinion: Osterreichische the Initiator, who should consider the project as since it is he who should inspire his potential are confident of their business Kontrollbank AG (OeKB) one of the key pr 8iorities of their business and as customers and investors; it?s he who should gain important part of their lives. condence of foreign nancing banks and export Investing in Energy-Saving Technologies: Challenges, Trends, Prospects Expert opinion: EBRD 9 Not by Bread Alone The instruments of foreign financing for the players of meat and milk market Expert opinion: Myronivskyi Khliboprodukt 10 COMPANY NEWS IBclub: IBcontacts new initiative 11 INNOVATION Second International Seminar: Trade and Project Finance Speakers: Atradius, Rabobank, IBcontacts 12 When and Why Is an Investor Needed Project Initiator always takes the risk. Non- resident Initiators is a special kind as their risks in Ukraine become national, though they can be insured by foreign ECAs. Moreover, in order to attract project nance, the contribution of the Initiator should be at least 30% of the entire amount. us, involving investor into the project helps Initiator solve two main problems simultaneously: distribute risks and strengthen 2 his nancial position. www.ibcontacts.com.ua / IBobserver / September -October 2011 / 5 3 2 5 / September - October 2011 / IBobserver / www.ibcontacts.com.ua INTERNATIONAL FINANCE as well as to cover numerous accompanying Pyramid of Attracting Finance for a Project expenses. Given the fact that the company that attracts nance is a special purpose vehicle In order to attract project fi- (SPV), this is project nance. nance, the contribution of the Reverse project implementation in order Initiator should be at least 30% to sell ready-made business or any part of it, of the entire amount including by means of IPO (Strategic Investor), is also possible, i.e. nance is attracted at the nal stage rather than at the initial one. At this very stage project nance goes in It?s important to be aware of the fact that in line with attracting private investments, and case a nancial investor is involved at the initial the chain of these processes is directly related to stage, he is most likely to act as a strategist at the Initiator?s strategy. nal stage, i.e. he is going to claim a considerable part of the enterprise in return. However, it is one How It Works of the possible scenarios. And the Initiator is the Let?s consider the following example: one to know whether he is desirous and able to subsidiary enterprise of a well-known Austrian attract project nance independently and, hence, company that has a great experience in the eld of preserve his 100% ownership, or he is ready to renewable energy, decides to initiate a promising share his idea for the sake of its implementation. project in Ukraine. However, political, judicial, IBcontacts frequently deals with and economic risks are quite high. erefore, entrepreneurs that, having specied their nal the Initiator decides to involve a partner into the strategic goal from the very beginning, are trying project and plans to partially nance the project, to achieve it by means of implementing their including construction, by joint eorts,. business-ideas, and are getting their ship ready However, the next stage will most likely for deep waters. require attracting nance to purchase equipment Structured Finance: Anna Pobedymska Head of Divide et Impera Project Department, IBcontacts Despite low ratings of Ukraine, local companies can attract international finance even now due to proper structuring of transactions. Attracting nance to implement a project involving foreign component requires, in the cash ows as well as is of great potential as rst instance, taking into consideration specic regards security and risks mitigation? features of the deal that inuence the choice of Obviously, well-prepared documentation nancing type and structure. on borrower?s business and the project itself are Some projects and deals require using several going to be needed. kinds of nancing in combination. As a rule, this applies to large and expensive (up to EUR 300 mln) projects with complex delivery structure In order to attract finance, the or projects where borrower?s nancial status is activity of the borrower is to be inconsistent with the scales of the project, or when traditional kinds of nancing are either fully analyzed, the interconnec- inapplicable or unreliable. tions between the companies Attracting foreign nancing to implement participating in the deal are to such projects requires so called structured nancing that enables to pay due regard to all be demonstrated, the market features of the project and transfer the risks to and its capabilities are to be more stable side of the deal. described Considering the fact that any nancing related to project implementation (whether it be ?start- up? or extending business) is conventionally e activity of the borrower is to be fully called project nancing in Ukraine, it?s not analyzed, the interconnections between the always clear when and under what conditions companies participating in the deal are to be structured nancing is to be applied, and in what demonstrated, the market and its capabilities are way it is dierent from project or trade nancing. to be described, business-plan as well as nancial Structured nancing means, per se, nancing model of a project are to be elaborated. As a of the company that implements a project on the result, you will get the possibility to begin your expansion of business (including ?start-up?) or own international credit history and nance the productive capacity. e decision is not solely project on benecial terms. based on the statements of the borrower. e Experience suggests that such deals deal itself as well as its implementation and risks are possible in Ukraine, as well as they are minimization play the key role. recommended to be implemented in countries Figuratively speaking, structured nance with high political and commercial risks, enables to ?separate? the project to be notwithstanding signicant barriers to attracting implemented from the company. is is a nance, such as: the lowest possible ? 7th ? level substantial advantage since emphases and, thus, of condence in Ukraine and Ukrainian business; risks can be shied subject to the situation. complex and non-transparent structure of Such approach makes nancing of the business, impossibility to follow interconnections project possible, even if the company doesn?t between the companies; hardly predictable long- have enough resources to implement the idea. us, the parties to a deal, provided that term scenarios of market development. Export credit agencies distinguish structured basic agreements on strategic cooperation and e features of cooperation of foreign nance as a kind of project nance, since ECAs distinguish structured nancing are reached with the main supplier companies with Ukrainian importers, diculties expected cash ows, in case of successful project or prime contractor, can verify the project?s faced by both sides, as well as specic features finance as a type of project implementation, is the essential source of credit solvency with the ECA and be advised about of trade projects implementation by means repayment. finance, since expected cash favorable conditions of its implementation. of project/structured nance are going to be Nonetheless, structured nancing is flows, in case of successful Such stage-by-stage approach saves time discussed at the Second International Seminar considered a ?hybrid? kind of nancing since and money and is strongly recommended by project implementation, is the on Trade and Project Finance to be held on it has some typical features of both project and world export credit agencies (ECAs). erefore, November 8 in Premier Palace Hotel, Kyiv, essential source of trade nance. ECAs oer preliminary project analysis with Ukraine. e representatives of one of the For instance, structured nance is based credit repayment a view to revealing the possibility of covering most inuential world Export Credit Agencies on the analysis of the borrower that generates risks of the project. e parties can go through ?Atradius?, the Netherlands, and IBcontacts cash ows, with a view to its creditworthiness this procedure at an early stage of the project experts are going to be key speakers at the event. of credit repayment. ?e borrower that and expected cash ows during project implementation, provided they have project e Seminar will be held under the auspices of the generates cash ows and undertakes obligations implementation. memorandum including brief project analysis, Ministry of Economic Development and Trade of on disbursement of a loan as well as economically main gures and advantages. Ukraine and the Embassy of the Kingdom of the From eory to Practice sound project on business extension are the If the scheme is well-elaborated, the borrower Netherlands in Ukraine. e interactive format S fundamentals of structured nancing? ? said ince we don?t speak about pure project should present its documentation portfolio for of the Seminar provides the unique opportunity nance Underwriting Division representative of a , it should be remembered that nancial expert proceedings at both nancing bank and to participate in a live dialogue with Atradius, situat German Export Credit Agency ?Euler Hermes?.ion of a borrower has to be generally ECA. the Ministry of Economy of Ukraine, and the acceptab is means that the scheme of risks le. A number of additional kinds of It seems to be pretty easy. Embassy of the Kingdom of the Netherlands in nancing are to be app ?distribution? between the borrower, guarantors, lied, for example: contracts But how can this be presented to a potential Ukraine. e participants will be able to discuss on future consumpt and the project itself, as well as project security ion of products, pledged investor? What is the way to persuade the various questions of their concern and obtain accounts, warrantees of companies of a group should be presented for further consideration. nancing bank and export credit agency that comments directly. that can bear nancial risks and act as guarantors Your company?s project is promising as regards INTERNATIONAL FINANCE www.ibcontacts.com.ua / IBobserver / September -October 2011 / 5 FINANCIAL REPORTING 5 4 5 / September - October 2011 / IBobserver / www.ibcontacts.com.ua GIEK and IBcontacts Country Risk Report: Extend Cooperation the Netherlands July 2011: IBcontacts company and disputes with partners as for the quality and terms with 2009. Such situation is observed against the supply more than 75% of total sh consumption Norwegian export credit agency GIEK reached of supplies, temporary nancial diculties, false general backdrop of 16% decrease of shing in volume in Ukraine. arrangements on the extension of the cooperation acts of the intermediates. the country. GIEK is a Norwegian state ECA that insures Main economic developments failures decreased by more than 10 % year-on- materials, including natural gas. In Q1 of 2011, feeling the eects on their nances, with almost a in the debt recovery management of Ukrainian Having signicant experience in the However, according to market players, the risks of Norwegian exporters in their trade year in 2010 (see insolvency chapter below), chemicals saw rising orders domestically (45 %) month?s supply of their peak season harvest now ? GDP grew 2.8 % in Q1 and is forecast to grow sh and sea-foods importing companies. debt recovery management of the Ukrainian inland water and exclusive maritime economic operations with buyers from other countries. construction insolvencies increased by more and from abroad (14 %), as well as steeply rising valueless. With trading conditions remaining 2.1 % in 2011 Being a state export credit agency, GIEK importing companies, experts of IBcontacts, in zone of Ukraine can provide resources for the During the crisis GIEK was nearly the only than 20 %, with the non-residential building turnover and production volumes. In particular, challenging, we will continue to monitor the ? Private consumption will remain subdued covers nancial risks of Norwegian exporters their turn, provide specialists of GIEK with all inner supply of only 100 thousand tons of sh. agency that preserved its volumes of risks cover subsector hit especially hard. However, we expect the industry has gained from Germany?s food industry, especially smaller-sized trading throughout 2011 and works directly with debts of their partners ? advisory, necessary for the ecient cooperation is index is lower than the minimum level of of Ukrainian companies. Norway is the major the downward spiral to stop in 2011, with an economic recovery. Payment behaviour remains companies, closely. ? Manufacturing production continues to grow, Ukrainian sh and seafood importers. with the national importers in this regard. inner consumption needs of Ukrainians. sh supplier to Ukraine, providing 46% of the upturn mainly in the new building sector, while good, the number of insolvencies compares well albeit slower than last year Retail ? rise of e-commerce will cause Some importing companies face diculties Ukrainian sh and seafood import market us, today the national market of sh and total import to the country. the utility sector and the civil engineering works to other sectors, and our forecast for the industry ? Gross xed investment to rebound aer two increasing insolvencies when making their payments for the supplied occupies a considerable niche: last year the seafood is fully dependent on importers, who are expected to show a small decline: the latter remains positive. years of sharp decline products. e causes thereto might be various: volumes thereof increased by 20% in comparison aected by drastic public budget cuts. Both food and non-food retail continue Transport/logistics ? margins remain Industry performance at said, erce competition, pressures on to suer from low consumer condence and under pressure margins and working capital issues will persist subdued private consumption. ? Rebound in the chemicals, steel/metals and despite the modest upswing and, on average, we anks to the rebound in exports, the While modest growth is projected for 2011 for transport sectors expect payment behaviour in the construction turnover of Dutch transport companies the non-food retail sector, the recovery is fragile ? Continuing diculties in construction, retail sector to deteriorate this year. And, while we improved slightly in 2010 (by 3 %) aer its and could be easily derailed by government and agriculture expect overall corporate insolvencies in the very poor performance in 2009, when it fell by cutbacks and lower purchasing power. Netherlands to again decrease by 9 % year- Insolvency environment 12.5 %. Road transport companies and freight Textiles and clothing have to cope with Standard Approach on-year, the construction sector is likely to go forwarders played a key role in the sector?s lower margins as, in the current climate, rising Experts of the Dutch export credit agency against this trend, with many more companies overall recovery last year, contributing almost production costs cannot all be passed on estimate that corporate insolvencies will decrease in the sector failing. Of these, SMEs, with their 50 % of total turnover. As the sector rebounded, to customers. e furniture segment is still by 9.3 % in 2011 and 5 % in 2012, provided that generally low solvency rate, are expected to be transport company insolvencies decreased 7 % suering from the poor housing market, with At some point every business requires potential downside risks do not materialise. worst aected. year-on-year, to a total of 386 in 2010, and we sales continuing to fall. e middle and lower additional capital. ere are many ways how to Construction output increased 13 %, thanks expect this trend to continue. However, margins segments saw growth while the higher segments attract it: bank credits, credits of various nancial Reporting under IFRS is one of in large part to favourable weather Antonina Mavrodiy Steel and metals ? demand remains below remain under pressure due to risen fuel prices, fared less well. Electronics retail is a market institutions, private investments or entry to stock conditions. At the same time, the export of the key requirements of Export pre-crisis leve Head of Financial ls higher wages, the cost of meeting stricter characterised by consolidation, innovation, markets. Any of those requires estimation of a goods and services increased 7.0 %. Analytical Department, Credit Agencies (ECAs) when e Dutch steel/metals industry suered environmental regulations and increased price erce competition (discounters) and rising price company?s nancial state on the basis of nancial Consumer prices increased by 2.3 % in May IBcontacts from the stagnation in the construction and competition, making it hard to pass on higher pressure, with producers constantly competing reporting in the rst instance. attracting long-term trade and and June 2011 (2.1% in April), the highest rate automotive sector, with low demand for steel expenses to customers. No doubt, overcapacity by introducing new products, resulting in an Reporting under IFRS is one of the key since December 2008, due to higher energy structured financing The sooner a company brings its financial reports in conformity with from shipbuilders and heavy industry in 2010. will lead to further consolidation. oversupply of products and outlets. requirements of Export Credit Agencies (ECAs) and food costs. However, Dutch ination is still international standards the easier will it be to attract financing from abroad. Exports, however, (up 4 %) compensated for In Q1 of 2011, insolvencies in the retail sector when attracting long-term trade and structured below the eurozone average of 2.7 %. Agriculture/food ? full eects of E. coli the drop in domestic sales. While demand for increased signicantly on the previous quarter nancing which is the most protable one While private consumption remained outbreak remain to be seen construction steel reached its lowest level in Q4 (up 25 %), aer three successive quarters in nowadays. weak and gross xed investments continued Ukraine initiated the transition to accordance with IFRS is a certain competitive issues in the list of problems that a company of 2010 and Q1 of 2011, demand for steel from e va which the number of business failures declined. lue of food exports increased in 2010. Financial statements prepared in accordance to fall in 2010, the export of goods contributed International Financial Reporting Standards may face advantage that ensures successful entry of the . is encourages it to cooperate with other manufacturing sectors has now risen. In However We expect more business failures, especially in , overall, the grocery retail sector will with international standards have numerous signicantly to last year?s GDP rebound: up 12 (IFRS) at the state level. As was mentioned in company to international capital markets. international partners. Any kind of cooperation 2011 we expect general revenue growth of 4 %, grow by on the electronics retail subsector, as e-commerce ly 1.5 % this year as consumer spending advantages: % year-on-year aer an 8.8 % decline in 2009. the previous issue, on May, 12, 2011 Verkhovna In order to receive nancing and attract should be based upon business understanding as Dutch suppliers with buyers in Germany take (buying online) grows in popularity, because in the Netherlands has not fully recovered from Such reporting is clear to foreign users, and, is was due mainly to the recovery of the Rada of Ukraine approved amendments to the and condence in the re investments, a company should present nancial liability of partners. advantage of that country?s continuing growth. the economic downturn. Moreover some chains are unable to adapt quickly enough , the Dutch therefore, it simplies and reduces the process Netherlands? main trading partners such as Law of Ukraine ?On Accounting and Financial reporting prepared in accordance with IFRS for IFRS is a unied business language. Financial However, in general, demand for steel and metal agr to this change in the pattern of purchasing. icultural/food sector is facing increasing of analysis and doesn?t require much additional Germany. Reporting?, that stipulates the appliance of IFRS. two reference periods, and in order to undertake reporting prepared according to IFRS, allows will remain below its pre-crisis level. Retailers, especially those in the furniture international competition. ere are however information unlike when companies are tested erefore, nancial institutions and public the company IPO (Initial Public Oering) - for three previous to present itself in a way that is and DIY subsectors, will also have to address Industry performance business opportunities thanks to rising demand by a credit committee. limited companies are obliged to le their reports under years. It should be noted that the process of standable to international users. Moreover, Chemicals ? demand from Germany drives from emerg continuing pressures on their margins and ing markets. Retailers are also It guarantees business transparency ? one in accordance with international standards, for introducing international reporting standards is such reporting guarantees business transparency growth liquidity. C focusing on the fruit/vegetables subsector, and onstruction ? only a modest recovery of the key requirements to the companies at the other companies it?s only the matter of time. and i complex and can last more than one year. Only ts conformity with all the requirements e main focus of the Dutch chemica e Netherlands? economic recovery ls sector seeking to cooperate closely with growers to expected international level. Highly developed businesses of contemporary highly qualied experts in this area can help the that international business participants should is the production of basic chemica manifested itself in fewer business failures. ls (60 %), paints, provide customers with high quality and organic It is unied, which enables to adequately Dutch construction suered a decrease world inevitably face the necessity to enter meet, and company to advance and simplify this process. , therefore, it conrms the intention According to CBS, the number of corporate lacquer, varnish (10 %) and pharmaceuticals (17 products, as this presents an opening to gain a compare companies from dierent countries that in production of more than 9 % in 2010, international markets. Purchasing raw materials, o Anyway, if a company is going to grow, it will f management to be in line with international %). e industry is large insolvencies decreased 10.3 % year-on-year - to ly export driven (75 % strong market position. operate in dierent elds, owing to a common with new building (both housing and utility) selling nished commodities, attracting need such reporting sooner or later. And the standards as well as maintains company?s good of products are destined for foreign markets) e rea 7,211 cases - aer a massive 73.5 % increase in l consequences of the E. coli crisis for system of preparing this reporting. and civil engineering most harshly aected. borrowed funds and investments are only some sooner it initiates the process, the easier it will reputation. and benets from a good transport network to the Dutch fruit and vegetab 2009.les subsector have yet us, we can claim that reporting in While the total number of Dutch business enter international markets. the rest of Europe and the availability of raw to be established, but already some growers are INTERNATIONAL PRACTICE www.ibcontacts.com.ua / IBobserver / September -October 2011 / 5 INTERNATIONAL PRACTICE 7 6 5 / September - October 2011 / IBobserver / www.ibcontacts.com.ua Investment Opportunities of Ukrainian Companies Europe as a promising market. Ukraine in this companies and boutiques is to show the scheme is a buer zone and a kind of an entrance country in the most favourable way and to to European investment and sales market. provide impartial analytical reports, as well as INVESTMENT LOCATION BRIEF INFO judgements. Analysing the project or enterprise OPPORTUNITY Merge to Where to start? for sale, nancial reports should be adapted No to international standards, such as IFRS or US twithstanding positive trends in Valeriy Lubarskiy Artem Veselov GAAP. Besides, it is important to understand investment activities, foreign investors Investment is needed for buying and Senior Lawyer Investment Manager, that notwithstanding the risks, it is possible thoroughly analyse political situation in Ukraine Launching new production launchingnew high-tech production line of IBontacts, IBcontacts and s to invest in Ukraine and earn high prots. e till consider it to be unfavourable in terms line at cheese processing Zaporizhzhia region of the factory. Part of the equipment is Attorney Be Ahead o most courageous foreign investors, investing in f both investments and operating business. factory already available and a new shop of the e in Ukraine, are aware of it.tention to attract project nancing urges plant is built. Large world companies often conclude M&A deals, merging with their competitors or foreign suppliers, with a view to increasing their market share and ough, there also occur numerous examples investment companies and banks to provide reducing prime cost of their products. This process is going to touch Ukrainian market as well. comp of unsuccessful merges and acquisitions. Upon lete information instead of presenting it in e plant is a part of one of the biggest a more favourab mergers, many companies don?t achieve their le way. Everyone makes his own construction materials production Construction materials decisions; and objectives due to various factors. Conict of to bear the responsibility is the holding in Ukraine. It is expected to Merges and Acquisitions market in Ukraine production plant Kyiv region on interests of merging companies? top-managers ly way out. attract investments for the installation of is reviving aer crisis. is segment depends ?Investors can mitigate dama- Merges and Acquisitions deals during 6 months of Firs oen give rise to corporate disputes. Insucient t of all, the information provided to the new equipment. A share of the plant will on general economic situation in the country. ges. They do admit their mi- po nancial and judicial audit (so-called due tential buy-side client, should be reliable. be sold further. Today the economic and political situation is 2011 amounting to more than USD 500 mln Proceeding from those reques diligence) causes certain diculties. And as a ts that IBcontacts stakes. They care about their normalizing, in particular, those key factors that receives from foreign companies, banks, funds result, substantial nancial and judicial problems form investment climate on the whole, and make money rather than face. When and producers, this group o of the target company are revealed. In addition, it f clients possesses full the country attractive for investors. Investment amount is needed for the investments are unsuc- Mineral water plant Odesa region is important to receive necessary approval from information about the current situation of the According to ocial data, 6,000 M&A deals launching new production line. Anti-monopoly Committee of Ukraine in the target company or project, and knows the way to cessful, they tie up loose ends amounting to USD 585 bln, were concluded Participants Date Amount, $ mln p process of deal structuring.lough back in Ukraine. worldwide during rst 6 months of 2011. and take it on the lam?. e ma e owners of Ukrainian companies oen in task of Ukrainian investment e largest ones were as follows: American Attracting investment in order to launch J&J - Synthes April 21,300 oer them for sale being accompanied by ?a bunch Johnson&Johnson acquired Swiss-American Robert Kiyosaki the plant on the production of garbage of problems?. e most common problems are Synthes; French Sano acquired American Sanofi - Genzyme February 20,100 Garbage removal trucks removal trucks. Project owner supposes non-transparent accounting, including intended Kyiv region Genzyme; Swiss Nycomed acquired Japan production plant to sell 30% of plant. e main building investment schemes are properly elaborated, distortion of nancial data for investors, current Takeda. Takeda - Nycomed May 13,680 and land plot is owned by the project the company-initiator can reach synergies and litigations of a property or corporate character, M&A deals were concluded in the above- 6,000 M&A deals amounting to owner. raise performance. M&A deals require taking heavy debts, unstable market position due to low m Teva - Cephalon May 6,800entioned cases for a number of reasons: due regard to the economic factors, as well sales and undeveloped brand, high reputation USD 585 bln were concluded Project on the construction of luxury provided that comparatively rare mergers as integration of administrative resource of risks. Investors are interested in successful Danaher - Beckman Coulter February 6,800 hotel complex and resort in green area worldwide during first 6 months and more frequent acquisitions as well as the companies merged aer the deal has been companies with good performance and high Western Ukraine of Ukraine. Land plot is in ownership. of 2011 Hotel-entertainment resort DuPont - Danisco January 6,300 liquidity, which meanwhile wait until the very (Carpathians) Project owner has all rights and last moment to get advantageous bargain oer. regulation agreements for development Kinetic - various July 6,300 Unfortunately, there are only few companies of and construction. the kind at the Ukrainian M&A market. Thermo Fisher - Phadia May 3,500 Source: IBcontacts, 2011 Ashland - ISP May 3,200 Endo - American Medical April 2,900 Terumo - Caridian March 2,630 Pfizer - Capsugel - KKR April 2,375 TPG Capital - Immucor July 1,900 Dentsply - Astra Tech June 1,800 Forest - Clinical Data February 1,200 Amgen - BioVex January 1,000 Alkermes - Elan DT May 960 Daiichi - Plexxikon March 935 Teva - Taiyo July 934 Shire - Adv. Biohealing May 750 Allos - AMAG July 686 Gilead - Calistoga February 600 Watson - Specifar May 562 Cephalon - Gemin X March 525 Elekta - Nucletron June 523 Source: Current Agreements, 2011 completed. Even highly professional approach can hardly predict human factor. A vivid example thereof is the merger of Price Waterhouse with Coopers & Lybrand in 1998 that resulted in According to preliminary fore- ?collision? of completely dierent management casts, total cost of deals in structures and classes of customers. M&A deals between companies smaller Ukraine in 2011 will amount to companies should also be considered, as they USD 6.5 bln aect Ukrainian producers and importers. For example, during the rst 6 months of 2011 two remarkable mergers of sh producers took place in Norway. e largest producer of small preliminary forecasts, total cost of deals in pelagic sh Norway Pelagic AS, strengthened Ukraine in 2011 will amount to USD 6.5 bln, its position in the market by acquiring Emy and of foreign investments will amount to nearly Fish AS and Brødr Myhre AS that were a part USD 1.5 bln. of Westcoast Pelagics AS. is action increased Ukrainian companies, being competitors to the company?s share in the herring and herring international corporations (oen from Europe llet market niches. In 2011 Norway Pelagic AS and Asia) at the local market, are likely to be merged with its main competitor Austevoll Fish acquired by them. During the stagnation of global AS (Atlantic Pelagic), a part of Austevoll Seafood market and depreciation of USD, Asian market, ASA. Meanwhile, the largest Norway farm cod lead by China, accumulated large amounts of producers Codfarmers and Atlantic Cod Farms money. Dollar depreciation amounted to 27% signed a merger deal that will result in increasing compared to gold in the end of 2010. Asia, China the production of cod. in particular, went through the nancial crisis Notwithstanding the fact Ukraine?s without considerable loses for economy and investment attractiveness is still questionable, nancial sector of the region. us, private M&A market is growing. According to 7 investors of the region started to consider MARKET AND TRENDS www MARKET AND TRENDS.ibcontacts.com.ua / IBobserver / September -October 2011 / 5 9 8 5 / September - October 2011 / IBobserver / www.ibcontacts.com.ua Ukraine in December 2010 envisages numerous Electric Power Sector (NCRE) has set ?green? of ?alternative? power are to be realized this Current projects on bioethanol tax incentives on prots earned by virtue of taris for more then 80 objects of 44 companies, year. ese measures are rather timely, since Winding to the Future using ecient energy technologies, as well as among them there are 6 solar power stations, Ukrainian companies oen borrow funds to and biomass plants construc- tax-free import of raw materials and equipment including a small one in Vinnytsia (installed implement these projects. tion seem to be attractive due to Ukraine in order to generate energy from on the roof), 5 wind power stations, 2 biomass But neither ?Green? tari nor government?s to cheap raw materials, lack of renewable sources. energy generators and 67 small HPPs. e desire alone will suce. Large amounts of Both Ukrainian and other CIS companies tend to use international financing to implement alternative energy Artem Tanasienko One of these incentives (Article 158 of the serious competition in the na- list of companies that have obtained ?green? investments are needed, but it is not easy to attract projects. Notwithstanding the problems hindering the development of this market, implementation of these Client Manager, Tax Code of Ukraine) envisages tax-free 50% of taris, increases monthly. e number of ?green them, taking into consideration the investment tional market of Ukraine, fixed projects continues to be a topical issue. prots earned by carrying out energy ecient energy? generators doubled during the last year. climate in the country as well as interest rates of IBcontacts tax and custom remissions, and measures and implementing energy ecient Unfortunately, notwithstanding the positive Ukrainian nancial institutions. p short payback periodrojects, included in the register of State Agency gures as well as tari ?s long expiration period At the same time, the majority of foreign Global cataclysms of the past years, i.e. Economic Commission for Europe (UNECE), on Energy Eciency and Energy Conservation (till 2030), market players fear that it will be Export Credit Agencies (ECA) treat such kind renewable sources is to increase 20%. EXPERT OPINION: explosion of oil platform in the Gulf of Mexico, on the CIS territory the share of ?pure? energy of Ukraine. But even this supporting mechanism abolished. e NCRE resolution stipulates of projects quite vigorously and are disposed to e positive fact is that medium-term goal nuclear tragedy in Japan, etc., are incontestable sources amounts to nearly 5% of the general is available not to everybody: only several the conditions under which the tari can be immediately consider investments mobilization. to generate 10% of energy from renewable facts to develop safer (for society and planet) energy balance, 85% thereof is biomass and gures; almost a quarter of our entire exposure enterprises are included in the register. abolished, for example, due to providing false And it?s the reason why more and more sources by 2015 was set at the state level (while alternative energy sources. Other important hydro power engineering. is situation is refers to transactions in the energy sector. As Tax Code of Ukraine also envisages tax-free information. Besides no one guarantees that Ukrainian companies are turning to our experts earlier it was only stated that by 2030 it should reasons are pollution of oceans, seas and rivers caused by the lack of legal support and economic regards CIS countries Russia has so far been the and VAT-free import of equipment for energy ?green? tari will be applied on putting the object to attract cheaper, compared to that of Ukraine, be generated 30%). It means that ?pure? energy by oil, as well as climate change. Experts state stimuli as well as low costs of hydrocarbons. biggest market in our portfolio. In general, the generation from renewable sources, provided into operation rather than on approving it by the international nance. will receive considerable investments within that carbon dioxide emissions, amounting to Bioenergetics is, so far, the most highly energy market in all CIS countries oers great that relevant goods aren?t produced in Ukraine. NCRE. Furthermore, licensing and preparation next three and a half years. e updated program 25 billion tons annually, is the major cause of developed branch in CIS countries (the lion?s share opportunities and growth potential, especially in And in order to obtain these incentives, an of documents takes much time: purchase of land Current projects on bioethanol and biomass envisages to establish by 2015 5.61 GW of greenhouse eect. covers large resources of wood in Belorussia and the area of renewable energy. OeKB is prepared importer is to get through complex coordination procedure alone could last for years. plants construction seem to be attractive generating capacities of wind power stations, Moreover, such natural resources as oil, gas, Russia). Projects on energy generation from oil, to provide cover for transactions in the energy procedure at several Ministries. Subsequently, Ocials say that Ukraine is about to increase to Export Credit Agencies and nancing 1.45 GW of sun plants, 75 MW of HPPs (Hydro coal, combustible shales and peats will sooner or sugar, and starch are becoming common in the sector in the CIS countries, if approached the Cabinet of Ministers of Ukraine (CMU) is the number of renewable power sources in the organizations due to cheap raw materials, lack Power Plants), 791 MW of solid biofuel plants, later be exhausted, while world energy demand region. Much interest to wind power engineering we would decide case by case in accordance A to pass separate resolution to amend respective national energy generation sector from 0.04% to ssocia of serious competition in the national market of te Director of Austrian Export Credit 461.5 MW of plants for power and thermal will double by 2050, according to experts. is shown in Azerbaijan: special tari model was with the outcome of the risk evaluation of Ag list of equipment (Resolution of CMU  444 of ency 3%. Time will show whether these forecasts will Ukraine, xed tax and custom remissions, and , Gerhard Kinzelberger, commented the energy generation from biomass and 200 MW ? Combination of these factors urges many elaborated; wind park with the capacity of 105 each transaction. With regard to challenges wo May 14, 2008), i.e. to include some tax-free and correspond to the actual situation in Ukraine. rk o short payback period. e most successful players f insurance corporation, dealing with from geothermal sources. countries to nd ways of reducing hydrocarbon MW is going to be built. we consider a stable legal and regulatory VAT-free equipment. Indeed, it?s dicult to carry energy p In addition, according to European standards, ro in this market are the following ECAs: Euler jects of CIS companies: the energy Key instrument to encourage ?pure? energy fuel consumption and to eciently implement e same concerns Kazakhstan: wind environment as being certainly one of the key out this resolution, and the procedure itself isn?t the share of renewable power sources should sec Hermes Forderungsmanagement GmbH, Euler tor plays an important role for the Austrian generation is ?green? tari that allows producers alternative energy programs, encouraging potential in technical terms is 1.8 trl KW/h preconditions for a functioning energy market legally regulated. expo amount to 6.5% or more (in the future, the share r Hermes Kreditversicherungs-AG (Germany), t business. is is also reected in OeKB?s to sell power with higher indices. By virtue multinational corporations to use and develop annually, which 1.4 times exceeds possible and for attracting foreign investors. of renewable power sources in the general energy EGAP (Czech Republic), OeKB (Austria), and thereof, during the past year, rst solar and new these kinds of energy. In Spain, for example, power generation from all kinds of organic fuel. Alternative Way consumption of EU member states will amount EKF (Denmark). wind power plants were placed in operation. the development of the eld is hindered by the implement these projects as well as corruption investor receives tax benets, granted by the Russia?s renewable sources in the general volume Notw 20% by 2025).ithstanding these diculties, Ukraine Moreover, implementation of these projects Moreover, a lot of minihydro power plants are lack of state assistance in solving the problem, horrify even experienced businessmen. state, and saves 10% of his investments, and in of energy generation amounts to 0.9%. As stated str ereby, Ukraine doesn?t provide sucient ives to catch up in the eld reduces considerably dependence on expensive . As stated by the being restored. while active position of the state in the issue e now in force Law of Ukraine ?On the Netherlands ? up to 44%. French government by UNECE, the share of alternative energy in Head of State Agency on Energy Eciency support to ?green? energy generators. But the energy resources, establishes exible possibilities According to ocial sources, nowadays, of alternative energy development is of vital Electricity? sets the share of Ukrainian materials provides ?alternative? companies with tax credit, the general energy consumption of CIS will and Energy Conservat program on credit rate compensation for small ion of Ukraine Nikolai to utilize cheap fuel, as well as gives advantages almost all enterprises that have already built importance. and equipment for ?green? energy generation: amounting to 50% of the total tax burden. In constitute 15.6% by 2030. Pashkevych, energy consumpt and medium sized enterprises that implement ion of the economy pursuant to ?green? tari. respective plants, got the ?green? tari. e As stated by the manager of ?Water Energy? since 2012 it should be not less than 30%, and Romania they receive 50% compensation of energy ecient projects and increase the volume is to be reduced 20% by 2015, and energy from National Commission for Regulation of the national project Vadym Tochenyi, European Ukrainian Reality since 2014 ? 50%. is norm should encourage the ?body? of medium- or long-term credits, experts have calculated that the project on wind- foreign companies to supply equipment as well as attracted from state budget. Denmark, for Technical potential of renewable energy driven plant construction in Europe will require create new plants in Ukraine. According to this example, is going to completely abandon organic sources in Ukraine constitutes 43% of the from 3 to 7 years, 4.5 direct contacts with state provision, Ukraine protects national equipment fuel sources and use renewable energy by 2035, country?s demand. But energy generated from Investing in Energy-Saving authorities and 0.9 indirect ones, while in post- producers and forms full technological cycle and Island ? by 2050. Great Britain, for instance, renewable sources is only 3% of the total energy Soviet countries 12 direct and 23 indirect are within the country, which enables Ukraine actively uses wind and wave energy, and by 2012 supply and 6.5 % of the electricity supply. necessary, and in Ukraine this proportion equals to manufacture hydroturbines, wind-power renewable sources will constitute 10% of the Nowadays, various events devoted to energy to 1: 20. Technologies: units and solar batteries of high quality. is entire energy consumption. Spain and Germany ecient technologies are held in Ukraine. But Low interest of the majority of market players causes critics by large international players. At are the leaders in continental Europe in wind in saving resources at each stage of energy the same time, domestic production volumes energy development; it increases 25% annually. As stated by UNECE, generation, transportation and consumption, are insucient and, therefore, the state should e experience of Denmark in the sphere of Challenges, Trends, Prospects politicized tari plans, weak judicial and technical the share of alternative energy encourage foreign investors to build high ?wind parks? construction is also considerable. norms considerably hinder the development technological plants in the territory of Ukraine. in the general energy Due to low competition and huge potential of the field, foreign investors are getting more interested in Ukrainian of alternative energy in Ukraine. Bureaucratic Slowly but Condently As stated by the Head of Secretariat of consumption of CIS will consti- barriers to alternative energy projects are still sector of energy-saving technologies nowadays. the Verkhovna Rada Committee on Fuel and Introduction of alternative energy at state high. Large amount of licensing documents to tute 15.6% by 2030 Energy Complex, Nuclear Policy and Nuclear level in CIS countries and Ukraine doesn?t seem 9 Safety Oleg Dudkin, the new Tax Code of to raise hope. According to United Nations sources. e world has realized this much earlier ?The light at the end of the tun- than Ukraine; therefore, the majority of investors nel was turned off to save the cooperating with IBcontacts, are from abroad. Artem Veselov is fact is conrmed by the interest of such energy? Investment Manager, international nancial organisations as EBRD or Valeriy Chkalov IBcontacts IFC to the eld. More and more Ukrainian and foreign clients e company was seeking assistance to attract of IBcontacts, engaged in completely dierent As stated by the players of construction investment, as all bureaucratic procedures businesses, show their interest in investing the market, the next decade will be marked by high yield looses and the project may be ceased at all sector of alternative energy and energy-saving. attention of society, consumers, and investors to without additional nancing. ere are two reasons for that: rstly, Ukraine is innovative construction technologies that reduce Notwithstanding this problem, Ukraine has rich in resources, that could be used to generate electricity, heating, and conditioning expenses. numerous well-elaborated projects on alternative ?green? power, and, secondly, this market isn?t is also touches upon ?green? technologies, energy sources. As the ?green tari ? plan (which highly developed in Ukraine, and those investors aimed at increasing the level of ecology cleanness is the main reason of developing energy-saving entering it now, can ?skim the cream?, gaining in the constriction sphere on the whole, as well projects) is estimated to be in force until 2030, high prots. as while producing construction materials and even the most generic idea can be paid o within But, unfortunately, the majority of supporting elements. 20 years. experts from investment companies state that In this respect, attracting foreign nance IBcontacts, in its turn, will do its best to institutional and strategic investors nd it to energy sector is an urgent issue, while increase the ow-in of private and institutional dicult to operate in Ukraine. is also applies projects on power generation from alternative investments to renewable sources power to long-term prospects of a construction project sources, energy-saving materials and associated generation, and to introduce energy-saving or launching ?alternative? power generation equipment are the most promising and protable technologies in Ukraine. object. Only a highly qualied economic analyst, nowadays. using the method of macroeconomic analysis, At present, mankind, experiencing the lack EXPERT OPINION: which might be quite vague, can forecast the of resources, comes to realize that it?s high time development of a branch, as well as of the entire to draw attention to the sun, wind and water country, for the period of 7-10 years. Investor Taking into account great potential of Ukraine instead of the bowels of the earth. Not to speak of should bear in mind that he invests in a kind in the eld of renewable energy and regulated that soon technological progress will equalize the of ?venture?country, i.e. you are whether ?upon system of fostering the implementation of such eectiveness of traditional and alternative energy the shield or with the shield? when conducting projects by means of ?green taris?, EBRD has business. draed and approved the Ukraine Sustainable e latest example: one of the leading Energy lending Facility (USELF). It is, per se, a European energy-saving companies consulted credit line amounting to EUR 50 mln, oered by Ukraine has numerous IBcontacts with the ?wind park? construction EBRD to nance projects on renewable energy, well-elaborated projects on project. According to the representatives of as well as substantial information support to the mentioned company, it took 18 months to projects? developers, that is nanced by means alternative energy sources. As One of key priorities of EBRD is to increase prepare land registration documents and will of grants. e programme stipulates debt the volume of investments into renewable the ?green tariff? plan is esti- take at least 12 months more. erefore, the nancing, as well as support in draing projects energy. e Bank has been assisting Ukrainian mated to be in force until 2030, company has decided to sell nearly 80% of the that meet certain commercial, technological, government to develop and adopt legislation project. and environmental criteria. Additional nancing even the most generic idea can on renewable energy since 2007. e Law on Keeping to the subject of wind energy, we cite EUR 20 mln is provided by the Ecology- ?Green Tari ? raised interest of investors to be paid off within 20 years the example of another famous company, having Friendly Technologies Fund. Projects on power implementing projects on wind, solar and hydro the same experience: problems registering project generation from such renewable sources as energy as well as biomass energy to generate documentation and obtaining land certicates. water, wind, biomass, and solar energy, 10 electrical power. www COMPANY NEWS.ibcontacts.com.ua / IBobserver / September -October 2011 / 5 11 10 MARKET 5 / September - October 2011 / IBobserver / www.ibcontacts.com.ua AND TRENDS that cost EUR 10 mln, are nanced. Financing is projects. EBRD is about to increase the credit line some kinds of biomass and biogas. e law according to international standards. In this has always prevailed beef. Pig breeding has produce high quality goods, which seems to be EXPERT OPINION: provided for the period of 10 years; interest rate and also hopes that Ukrainian commercial banks stipulates only phytogenous biomass produced respect, USELF provides comprehensive been expanding during the last four years. possible to only few companies nowadays. is is depends on project?s risks and is set individually will join the Program. EBRD strives to show by burning technology. ough, many projects assistance to project developers to solve  Ukraine equalled to 42 kg per capita (13 kg ? e structure of the sector has changed: the conrmed by the fact that large amounts of high for each project. other nancial institutions that these projects in agricultural sector include full or partial use technological, nancial and legal problems. pork, 13 kg ? beef, 16 kg ? chicken), in 2011 share of large commodity households tripled. quality dairy products are imported to Ukraine, As of today, aer nine months since the can be nanced on future cash ows by virtue of of animal waste, that cannot apply ?green tari ? Another problem is the lack of investments this number increased up to 52 kg (17 kg ? Such households intensify their capacities by meanwhile considerable amounts of low quality Program was launched, we?ve received 45 ?green tari ?. and, therefore, are of low prot. in the project as well as in required project pork, 10 kg ? beef, 24 kg ? chicken). implementing new technologies. Moreover, they products are exported. Nowadays only one large applications for projects. Most projects are at ?Green tari ? increased the interest of Another problem is that local investors documents. According to the Program, investor Nevertheless, domestic poultry breeders are less sensitive to meat price uctuation. CDF project is implemented in Ukraine, but the initial stage and need further development. investors in the projects on renewable sources have no experience in implementing high should invest at least 30% of the project cost On feel the lack of state support. For example, ly ecient manufacturers with annually some other CDSs are going to be built soon, Eight projects on solar, wind, hydro energy, and generating power. Nevertheless, there are some quality projects. It must be admitted though in order to demonstrate his commitment and before 2009 poultry manufacturers got direct increasing prots are able to solve the problems which requires substantial nancing?. biogas are preliminarily selected, and today we burdens, hindering the development of the eld. that renewable energy is a relatively new eld readiness to bear the risks. Meanwhile, many state subsidies per each kilo of product that emerge on the market of dairy and meat Furthermore, market players can obtain are preparing to nance them. ey include, rst and foremost, vague denition for Ukrainian entrepreneurs, therefore, they Ukrainian investors suggest projects with less manufactured, and since September 1, 2009, products. is is due to the lack of dairy and the necessary funds immediately with the help We believe that credit line for EUR 50 mln of ?biofuel? that complicates application of don?t have sucient background in project than 10% investments. m these subsidies were abolished. This has eat products manufactured within the country, of foreign export credit agencies by virtue of will be used during 2011-2012 to nance 7 to 10 ?green tari ? to generate electrical power from management, business plans preparation impeded the development of small producers the amounts of meat and milk consumption per structured nancing (read more on pages 1-3), in the field. So far, according to the Tax Code capita (that are less than those in the EU and provided that the required project documents Head of Investors and Mass Media of Ukraine, agricultural producers, including Russia), and the rise of exports. are prepared. Department, Anastasiya Sobotiyk, commented poultry breeders, have such benefits as ?Nowadays, large companies by all means Ukrainian meat and dairy market possesses on current situation in Ukrainian and CIS permanent zero income tax and VAT-subsidies are trying to form their own dairy raw products incredible potential, which is important, meat market: ?Chicken production grows until September 1, 2018. facilities; therefore they build large commercial in particular, taking into consideration the continuously, mainly due to the increase in Nowadays the company ?Myronivskyi dairy farms (CDF). e quality of Ukrainian milk forthcoming global food crisis. Businesses can production amounts of the largest chicken Khliboprodukt? (TM ?Nasha Riaba?) produces is the worst in Europe. Nevertheless, given the hardly develop without investments though. At manufacturers. 360,000 tons of chicken annually. Exports existing raw materials thanks to CDFs projects present, investors actively consider Ukrainian Nowadays chicken is the most affordable Not by volume amounted to 5% of the general volume V implementation, large companies can reduce food producers. But whether they shall avail ioletta Zayats meat from both production process and of chicken production in 2010. In 2011 it is prime cost of a product, ? underlined IBcontacts themselves of these opportunities in the most Market Research pricing perspectives. Therefore chicken is the expected to reach the level of 7-8%. Main Project Manager, Mr. Artem Tanasienko. ? ecient way, paying due regard to the current Specialist, driving force of high level of meat consumption A importers are the CIS, Middle East and Central nother important drive of Ukrainian dairy situation in Ukraine, is still questionable. IBcontacts in Ukraine. In 2006 consumption of meat in m Asia countries?.arket development is an escalated need to Having faced the production crisis, the Bread Alone majority of countries and international organisations are developing the plans to stabilize foods prices. According to the World Bank, 44 m Ganna Tsarenkoln people worldwide live below the poverty line Ukrainian players of meat and dairy markets, suffering from constant lack of raw products, attract foreign finance and their number seems to increase a quarter in Business Development to build commercial dairy farms with a view to creating their own supply and production facilities. the nearest future. Manager, e CIS market, as well as the world IBcontacts markets are consolidating and the number of market on the whole, experiences food prices IBclub international companies thereon is increasing, rising that leaves behind non-food price rising. that results in high supply of new kinds of Nevertheless, foods and raw materials turnover August 11, 201, Kiev, Ukraine: IBcontacts products virtually in all segments. Keen is quite high but unstable, that is caused by company has set up a new international competition makes companies behave in protectionist policy of local producers in some recent changes in state regulation of industry ? to observe intellectual property rights of the ? development of a constructive and fruitful professional association called IBclub (hereinaer dierent ways: some try to improve the quality of countries. In the export-import of food at the CIS (customs regulations, veterinary and sanitary Club Members and those of the third parties; dialogue; referred to as the Club). e purpose of the Club is their products, modernizing their manufacturing market, Russia possesses the largest share which control, the certication rules for sh products). ? to comply with the obligations to contractors, ? exchange of experience and information on to develop international trade relations between capacities, other in order to maximize their is 50%. e features of CIS market are as follows: At the Club events, Ukrainian importing including foreign nancial and insurance international capital markets; companies from Ukraine and CIS countries, income resort to such tricks as using dierent dependence on export of certain products; some companies have the chance to discuss current organizations; ? honest and open collaboration. and their foreign partners in cooperation with additives and preservatives, substituting animal branches of agricultural sector are under control market problems, develop recommendations for ? to respect the rights of their employees; For more information, as well as in respect of foreign nancing and insurance organizations. fat with vegetable one etc. Upgraded package, of foreign countries; agricultural production solutions, and learn from the rst hands about ? to apply the rules and standards on cooperating with IBclub, please contact IBcontacts e Club actively cooperates with trade missions that has undergone great changes for the last grows comparatively slowly and doesn?t supply the ways of nancing the import of sh and environmental protection; Business Development Manager Ms. Ganna of the embassies, state executive and legislative 5-10 years, is also a
Posted: 26 October 2011

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