Business description
| Open Joint Stock Company "Ichnianskyi Dairy and Cannery" (hereinafter referred to as the Company) was founded in accordance with the Order of the Regional Department of the State Property Fund of Ukraine in Chernihiv Region No. 24 dated 24.05.1995 and the minutes of the founders' meeting dated 13.10.1995. by reorganizing the state enterprise Ichnia Food Product Plant into an open joint-stock company, which was registered by the Ichnia District State Administration of Chernihiv Region on December 6, 1995, under Resolution No. 157, as Ichnia Food Product Plant Open Joint Stock Company. State registration of the Company took place on 13.12.2000, as recorded in the Unified State Register of Legal Entities No. 10451050002000282 and Certificate of State Registration of a Legal Entity, series AOO No. 236588 was issued by the Ichnia District State Administration of Chernihiv Region. The new (latest) version of the Company's charter was adopted by the general meeting of shareholders, according to the Minutes No. 1 dated 07.08.2007. State registration of the amendments to the constituent documents was carried out by the Ichnia District State Administration of Chernihiv Region on 04.09.2007 under No. 10451050005000282. |
| The Company has no separate divisions and branches. |
| The average number of employees is 369. There are no freelancers or part-time employees. The payroll for 2014 amounted to UAH 13,577 thousand. The payroll increased by 16% compared to the previous period. If necessary, the legal staff is provided with professional development courses. |
| The company does not belong to any associations. |
| The Company does not carry out joint activities with other organizations, enterprises or institutions. |
| No proposals for reorganization were received from third parties. |
| The Company's accounting policy was approved by the Order No. b/n dated 01.01.2007 "On Formation of the Accounting Policy of the Company". In the period under review, the accounting policy was changed (Order dated 01.04.2011), namely, the materiality threshold for assets and liabilities was determined, and the method of depreciation of fixed assets was determined. Accounting is partially manual and partially automated. The Customer's financial statements were prepared in accordance with the requirements of the applicable UAS and based on the accounting data. Items are carried at historical cost, excluding provisions for obsolescence, allowances for doubtful debts, and without regard to future inflation rates or expected market growth or decline. A unit of accounting is a separate item of property, plant and equipment and other intangible assets Low-value non-current assets are considered to be items with a value of up to UAH 1.0 thousand and an expected useful life of more than one year. The residual values and useful lives of property, plant and equipment are determined by a permanent expert committee. Depreciation of property, plant and equipment is charged on a straight-line basis. Property, plant and equipment is subject to revaluation if the carrying amount at the balance sheet date differs from its fair value by more than 15%. Inventories are valued using the weighted average cost method. The accounting policy does not specify the methods of accrual of allowance for doubtful debts and provisions for subsequent expenses. The degree of completion of service transactions is assessed by examining the work performed, and revenue is recognized in accounting when the act of work performed or services rendered is signed. Expenses are accounted for in class 9 accounts "Operating expenses" without using class 8 accounts "Expenses by elements". |
| The main products are milk processing and production of cheese and other dairy products |
| In 2014, property, plant and equipment amounted to UAH 4,821 thousand. The cost of property, plant and equipment changed due to the acquisition of property, plant and equipment for business activities, construction and commissioning of new production facilities |
| In the reporting year, the Company did not enter into any transactions with the owners of a significant interest, members of the Supervisory Board or members of the Executive Body, or affiliated persons. |
| As of 31.12.2014, PJSC "Ichnyansky Coke" used leased property, plant and equipment under a lease agreement with LLC "Proviant". Accounting for the property, plant and equipment and depreciation is performed by the lessor. The initial cost of the leased property, plant and equipment is UAH 111,938,382.96, and the residual value is UAH 100,934,444.92. There are no restrictions on their use. The cost of property, plant and equipment as of 01.01.2014 amounted to UAH 41,479,900.66. As of 31.12.2014, the cost of property, plant and equipment amounted to UAH 45,090,158.28. Depreciation was accrued in the amount of UAH 6,052,276.94. The degree of depreciation of property, plant and equipment is 7.7%. |
| The company's operations are adversely affected by the political situation in the country and the global economic crisis. |
| In the reporting year, UAH 536,515.08 in penalties were paid. |
| The company operates at its own expense. |
| There are no contracts concluded but not fulfilled. |
| The company's development strategy is aimed at expanding the range of products and finding new markets. |
| The Company does not carry out research and development activities. |
| The issuer does not participate in court cases. |
| There is no additional information that may be material. |