The value of assets of the Ukrainian Danube Shipping Company reached EUR 154 million

Private joint-stock company "Ukrainian Danube Shipping" (UDP) conducted an independent assessment of its assets, which confirmed their total value at the level of more than 154 million euros. This was announced by the company's general director Dmytro Moskalenko.

The valuation, which was completed recently, includes all assets of the enterprise, including property registered to subsidiaries, offshore and foreign companies. Moskalenko clarified that the company's buildings, structures, infrastructure and fleet are together valued at more than UAH 6 billion, while the fleet and other vehicles of "UDP" in the amount of more than 600 units were valued at UAH 5.4 billion.

It is worth noting that these figures are based on the "historical cost" as of January 1, 2023, at the exchange rate of UAH 38.95 per euro.

Dmytro Moskalenko emphasized that conducting an independent assessment is an important part of the company's strategic planning and transformation, necessary for the transition to international financial reporting standards, which will become mandatory for "UDP" from 2024. The assessment also aims to ensure more efficient and transparent asset management.

Moskalenko drew attention to the fact that earlier the company had only the book value of the property in UAH 88 million, which was sometimes relied on when concluding lease agreements. The two orders of magnitude lower value of UAH 88 million instead of the actual UAH 6 billion created opportunities for abuse, which they tried to take advantage of repeatedly.

Independent evaluation is also critical to attracting funding from international donors. Moskalenko denied rumors that "UDP" allegedly has no assets and that the company's fleet is no longer its property. The valuation results confirm that all of the company's assets are in place. It also serves as a safeguard against attempts to "privatize" part of the property through unfavorable contracts with related companies. As an example, Moskalenko cited the case of a building in Budapest, which was saved from re-registration to third parties at the last moment.