Ferrexpo paid over UAH 2.4 billion in taxes and duties in 2018

Ferrexpo Poltava Mining paid over UAH 1.3 billion and over UAH 237 million to the national and local budgets respectively

According to the press service of the Ferrexpo Group, in 2018, companies of the Ferrexpo Group (Poltava Mining, Yeristovo Mining and Belanovo Mining) paid over UAH 2.4 billion in taxes and duties to budgets of various levels.

The amount of taxes and duties paid by Poltava Mining within that period exceeded UAH 1.957 billion, including more than UAH 237 million paid to the local budget, more than UAH 139 million paid to the regional budget, and more than UAH 1.315 billion paid to the national budget, or 14%, 8 % and 78% respectively. Unified social tax paid by the company exceeded UAH 266 million.

Also, Poltava Mining paid corporate income tax in the amount of over UAH 970 million, environmental tax over UAH 107 million, land tax over UAH 59 million UAH, personal income tax over UAH 235 million, other taxes and duties over UAH 36 million. Severance tax exceeded UAH 284 million.

The amount of taxes and duties paid by Yeristovo Mining in 2018 exceeded UAH 407.1 million, including more than UAH 59.5 million to the local budget, more than UAH 78.8 million to the oblast budget, and more than UAH 213.4 million to the national budget, or 17%, 22 % and 61% respectively. Unified social tax paid by the company exceeded UAH 55.5 million.   In 2018, the company paid environmental tax in the amount of more than UAH 29.4 million, personal income tax more than UAH 50.4 million, other taxes and duties more than UAH 22.1 million. Severance tax exceeded UAH 249.7 million.

Last year, the amount of taxes and duties paid by Belanovo Mining exceeded UAH 11.3 million, including more than UAH 5.8 million to the local budget, more than UAH 0.8 million to the oblast budget, and more than UAH 1.6 million to the national budget, or 70%, 10 % and 20% respectively. Unified social tax paid by the company exceeded UAH 3.1 million. The main budget contributions of Belanovo Mining included land tax — over UAH 3.5 million, and personal income tax over — UAH 3.4 million.

It has to be reminded that in 2018, the Ferrexpo Group’s EBITDA reduced by 8.7%, down to $503 million, despite a 6.4% revenue growth, up to $1.274 billion. Profit before tax dropped by 15%, down to $392 million.

As reported earlier, Swiss-based Ferrexpo AG was going to apply “squeeze out” procedure to minority shareholders of Poltava Mining, paying UAH 34.24 per share, almost 3.5 times higher than the nominal value of UAH 9.96. The company already owns 99.11% of shares in Poltava Mining.