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The main criterion for the selection was the total value of enterprises' assets.
Expert from the International Center for Policy Studies Yehor Kyian has said the Ukrainian State Air Traffic Services Enterprise (UkSATSE), the State Enterprise Ukrainian Sea Ports Authority (USPA), Lviv Danylo Halytskyi International Airport, as well as Mariupol and Yuzhny Sea Ports had the highest financial sustainability rating among the country's fifty largest state-owned enterprises in 2016-2017.
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That is according to experts, who compiled the rating, titled "Financial Sustainability of State-Owned Enterprises in Ukraine," he said at a press conference in Kyiv on June 13.
Kyian added that the project was implemented within the promotion of transparency and the introduction of anti-corruption measures at state-run enterprises and local governments. The main criterion for the selection was the total value of enterprises' assets.
"The goal of this project is to increase the efficiency of state administration, self-government and civil society in the creation and control of regional policies, management of state enterprises, monitoring of municipalities' budgets and information openness," he said.
The expert noted indicators that were used in the analysis, namely an enterprise's total assets, current assets, liquid securities, cash, equity, receivables, current liabilities, net income, total debt, net sales, and earnings before interest, taxes, depreciation, and amortization (EBITDA).
According to Kyian, the rating considers the fiscal health of enterprises in the context of four main criteria, which together form an indicator of financial sustainability. These are liquidity, profitability, leverage and performance or activity of enterprises. For each of these sub-indices, an enterprise was rated in points from zero to ten.
UkSATSE tops the rating with 8 out of the 10 possible points. It is followed by Mariupol Sea Port, USPA, and Lviv International Airport.
Odesa Port-Side Chemical Plant and Kyiv–based NSC Olimpiyskiy Sports Complex are at the bottom of the rating.
The study covers the period of 2016-2017, and after it is updated with 2018 data, it will be posted on the specially launched portal companies.icps.com.ua (a mirror website at companies.ukraine.ineko.sk).