at the disposal of BUSINESS got data on the production and sale of vodka in June. This was the first month after the increase in excise duty on ethyl alcohol and alcoholic beverages. Their size since the second half increased by 58% - up to 34 UAH. per liter.

As a result of increasing fiscal pressure on vodka production in July fell by 77%, and sales of the product on the domestic market fell by 81% compared to the previous month. According to operational data association Ukrvodka , in August issue liquor continued to decline. In comparison with the same period last year recorded nearly double the fall. Moreover, if in the first half of 2009 activities for the production of alcoholic beverage products is carried out 61 enterprises, then by August the number had fallen to 34.

According to the State Tax Administration, the average monthly revenue from the excise tax on alcohol in the July-August amounted to about 284 million UAH. that 37 million UAH. less than the average monthly income in the first half of this year.

by Russia scenario

Director of Legal Affairs distillery Khortytsa Gennady Vasyukov recognizes that after the July jump in excise tax, the market dipped significantly. If the excise tax increase this year once again, by the end of year result will be a complete shadowing of the market, - concluded the expert.

Fears

manufacturers due to the fact that some MPs propose again to raise excise taxes. Recently, BYuT member Oleg Lyashko proposed raising the excise duty on alcohol to 50 UAH.

Such a move, according to the manufacturers, can lead to a series of bankruptcies beverage companies, as higher rates of excise duty on alcohol to 34 UAH. per liter has already led to a sharp drop in production.

Increased rates of excise duty to 50 UAH. destroys the legitimate domestic industry, which, incidentally, last year paid more than 3,5 billion UAH. in the budget of Ukraine. A shutdown of the plant the largest producers of lead to chaos in the economy: banks do not will return the loan money, significantly reduced advertising market, the distilleries will decrease sales of alcohol, and this in turn will bring the grain market on which prices this year, and so low - predicts CEO Soyuz Victan Andrei Okhlopkov.

market experts say: now a high probability that Ukraine will repeat the path of Russia, where due to higher excise taxes and tighter lending requirements of banks had failed several leading manufacturers: Veda, OST-Alco, Liviz and others.

Banking hole

loan portfolios of the largest alcohol manufacturers now make up to $ 150-200 million devaluation of the hryvnia has increased the tax burden almost double, and deprived the company to attract new loans. According to the owners of vodka companies, attract new funding impossible. And rates on existing foreign currency loans grew 1,5 times - for example, on dollar loans from 8-10% to 14-16%.

The banks refused to transfer their time loans in local currency. Also tightened bail conditions, especially in the case where the security is considerably cheapened property. The new lending virtually stopped. The Company shall be credited in the previously allocated credit lines, and in most cases the maximum that can, it is to extend existing loans on the same terms, - states Gennady Vasyukov.

With increasing excise companies need more working capital, which, as the President of the Board UkrSibbank Sergei Naumov, banks can not provide. Increased payments for excise taxes jeopardize the loan servicing beverage companies, - chairman of the board agrees OTP Bank Dmitry Zinkiv. According to him, now banks will not be able to increase lending to any industry.

Those banks that have sufficient resources, often carried out revealing a tough policy towards credited spirits company. For example, a corporate conflict of Cognac Factory Tavria 95% of company shares retreated PIVDENNY bank account in debt. Quite possibly, allow operators of the market that what happened will set a precedent and in the near future is the other major alcohol absorption players creditor banks.

While banks prefer not to talk about this scenario. Thus, the question of BUSINESS, whether the bank will require from borrowers - alcohol companies early repayment of loans, Dmitry Zinkiv responded in the negative and stated that this means raising the alcohol producers to their knees.

From 1 July, in line with the March 31 this year, by law, in Ukraine increased rates of excise duty on ethyl alcohol and alcoholic beverage products by 58% - up to 34 UAH per liter of 100% aqueous alcohol. The Act also introduces an annual indexation of excise rates on the level of inflation since 2010, but not with the 2012-th, as previously thought.

Inna Mihailovskaya

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