The Ufa (Ukrainian Air Force) is one of two major alliance airlines that has achieved tremendous success since its inception. It flies to more than 100 countries worldwide. Even though the economy is contracting at present, Ufa continues to expand aggressively. Its credit card business is a major success. So too is the company’s purchase of Sukhois and Pantsir air force aircraft.
In a presentation to analysts on August 6, 2020, Valentina Vasilevsky, the CFO of ufa, said, “We expect our business to grow next year by thirty percent. Our revenues are growing every year. We have reduced our financial risk. We have a clear target of more than two hundred million dollars in revenue in the first year and five hundred million dollars in the second year. Our financial goal is to double our current value in five years.”
Vasilevsky was asked if the company would sign four-year operating agreements with Fed. She replied, “The first deal will be signed after the second year. Two more deals will be signed in the fourth year and the fifth in the seventh year. As a matter of fact, my boss told me that if we don’t sign those deals, we can leave the business and he wouldn’t have to give me such an unpleasant answer.” At least one person wondered why such a large perch would be deserved given the small size of the company. Was it simply a question of ego?
Vaziliev answered, “If you want a good deal, don’t bother looking for the lowest prices. If you want a fair deal, go to the negotiating table and talk to the buyer directly. We went through this process when we received our one-year, million contract. I can tell you that the first year, we made a loss. And it cost us three years to recover the money we spent on the free market.”
Vasilevsky explained how she had received the three-year, seven-figure contract, with a one-year, eight-figure, million deal, from a major defense subcontractor. The details of her case were outlined to me by Vasilevsky. First, she had been employed by the subcontractor as a marketing assistant. When she began at the UFA, she was assigned to the direct sales force. First, she was supposed to assemble the products ordered by the military services, ship them to the subcontractor’s warehouses, and deliver them. The company claimed that it never signed or was informed of any agreement concerning labor or the purchase price of goods.
Subsequently, Vasilevsky was employed as a warehouse operations specialist and became, according to her, the main person in charge of the entire warehousing operation. She was the one who processed the checks and issued payments. Subsequently, she was placed in administrative positions, including a department whose responsibility was to implement the policies of the ufa. She told me she was the key holder of the company seals, which are given to people who have successfully completed their jobs and have met the requirements of their contracts.
According to Vasilevsky, her job title was Marketing Manager. Then, Kevin was employed as a director for the company. In 2020, after joining the company as its owner, he was immediately elevated to the position of president. He is now the largest shareholder of ufa.
Vasilevsky continued, “My story is just one example of how contractors and subcontractors can take advantage of a weak economic status. My job is to let others know about the problems that ufa creates in the construction business. My dream is to help prevent the banality of the work culture that exists in many organizations because of ufa. I would like to see all organizations that obtain ufa permits use their power wisely. I would like to see that every one who receives an award of ufa money returns it to the community so that our economy is helped.”