We plan to make " GT-TET Energo " the public company - Alexey Pleshchev
Interview to the assistant to the general director of Open Society " Energomash Corporation "
One of these days group " Energomash " has made first "issue", having presented the company and new - the third - a bonded
loan " GT-TET Energo " before investment community. Up to the end of the last year management and co-owners of the company
did not give the wide public of an explanation of strategy and the current results of group. But the December offer on the
second release of bonds on which to the repayment it has been showed(presented) more than 60 % of securities, and also desire
to involve financing for realization of the civil-engineering design of 1000 blocks GTU within the nearest ten years,
???????? the company to become more open. In result in the near future company " Energomash " is going to proceed(pass) to
the uniform action(share), having united Open Society " GT-TET Energo ", Open Society " Energomash Corporation " and
industrial platforms in regions, and in the long term to lead(carry out) IPO groups. But already now, as Alexey Gennadjevich
Pleshchev has told to correspondent RBC daily to Vladislav Seryogin ??????????????? "Energomash Corporation", investors are
ready to get actions(shares) of the most perspective project "Energomash" - the companies " GT-TET Energo ", but in group to
hurry up are not going and consider(examine) an opportunity of transformation " GT-TET Energo " in the public company not
earlier 2007.
- Until recently "Energomash Corporation" - one of three pillars of domestic power mechanical engineering - was enough the
closed company, in difference, for example, from ??? and concern " Power(Force) machines ", and suddenly turn to investment
community the person. To what it is connected?
- First, I do not know, why the business community positions us as the closed company. We have not been closed is artificial,
specially on the part of proprietors or management. We were not engaged in publicity for one simple reason: if you leave on
any market it is necessary to know for what you there leave. Concern " Power(Force) machines " had a definite purpose - to
create the company with high capitalization. What purpose the majority shareholder of the company - pursued holding "
Interros "? " Power(Force) machines " as the organization always ????????????? to sale. To development, namely to sale.
Therefore the actions raising interest to the company of external investors were undertaken. This conclusion of long-term
contracts, re-structuring of a control system, selling and supply. And as The basic - sale of a large share holding in hands
of investment fund. All this has been made, and it is enough for short term. Only here Prosperity Capital Management (the
fund which has got a share holding of SM on 17 million dollars) now got rid of this share holding. To tell the truth, it is
not advertised.
At ??? the purpose was another: to not be on sale entirely. They involve huge external financing, as in Russia, and abroad.
The openness was necessary for them to involve much and cheaply. But there is a question, what for ??? involved so much
means? They do not have such investment program, as at us. What program at them? For what they take money?
- For the current activity …
- Correctly, but what for here such huge credit portfolio - is more 200 million dollars? In fact the majority of projects two
proceed the year, well three. Then money come back. Means not only for this purpose …
- Well, they got many actives. Skoda JS and Skoda Steel, for example …
- Correctly. Took credit money to improve structure of the enterprise. Means, again for investment appeal. No more that. What
this implies? They went besides, as " Power(Force) machines ", - to sale. The purpose was one - to not make something good in
Russia, and simply to inflate the company and to sell. But in this case - in parts. And then to retire in the country with
good mountain air, having given to new shareholders to extinguish debts and to define(determine) strategy of development of
all that has been got unsystematically and, probably, costed not so cheaply. For anybody not a secret, that by results of
activity of a former management(manual) some criminal cases which are conducted by the State Office of Public Prosecutor are
got(started). Than it will be terminated for company OMZ while it is not clear, but at a stock exchange of action(share) ???
have decreased with 10 to 4 dollars for the action(share). It about something speaks.
Now, why we start to be opened? We have program and if we borrow(occupy) money for its(her) realization, on updating of the
equipment at the enterprises of group, but all within the framework of the program. Any company on something tries to save.
It is possible to count, that we saved that the others counted almost a basis of business. It is impossible to count and now,
that we shall specially organize a department with the budget in 10 million dollars for work with the public. But to us falls
at people that they vtolkovyvali the rest, that to us in the company is obvious. We try to convince all that our program is a
good project. We have understood, that it did not suffice us …
- But in fact the turn to the share market the person cannot be dictated only by realization of the program. In the near
future " GT-TET Energo " is going to place already the third bonded loan. What happened, what for third time it was required
to more openness, than in previous two?
Is easily to tell: " To be the open company ". But more recently, in September, 2004, we have understood, that for this
purpose it is necessary to do(make) weight of every possible things under laws of the market which we did not know.
Unfortunately, and experts in the company such was not. We considered, that time of us checks Deloitte and Touche and
its(her) auditor conclusions do not cause questions in banks, - all is normal. We did not consider, that it is necessary to
inform up to each participant of the market. It appears, up to everyone it is necessary to inform personally. Means, we shall
so do(make).
- Publicity of the company means not only its(her) openness information, but the reference(manipulation) of its(her)
securities, besides is not so much bonds, how many actions(shares) at a stock exchange. The head company - Open Society "
Energomash Corporation " - bargains only in RTS Board and on indikativnym to applications there is all 86 million dollars, with
the account of "daughters" - 135 million dollars. You count such estimation adequate for the company with a revolution in 450
million dollars? Your business now and after 1000 blocks will be constructed how many should cost?
- In my opinion, now cost of all group (with " GT-TET Energo ") makes 500 million dollars. To the next year she(it),
certainly, will not be doubled, but on 20 % will grow. After will be constructed and started in commercial operation of 1000
blocks, the company will cost a minimum 6 billion dollars.
- As far as it is probable, what after bonds " GT-TET Energo " actions(shares) of this company will be offered to the share
market? How you estimate their appeal, in fact network Gt-TET is enough venchurnyj the project?
- There are such plans. But to make IPO, it is necessary to make the company. Proceeds at Open Society " GT-TET Energo " for
2004 small (121 million roubles in 2004), And stably to finance the project we have started only with September, 2004 - on 20
million dollars a month. Now we can draw the plan - schedule of input of capacities. As to accommodation of actions(shares) "
GT-TET Energo " we, certainly, shall place actions(shares) of this company but as while it is not clear. It will be possible
it is new issue, probably we shall sell a part of existing actions(shares). To us already now offer various circuits of
carrying out IPO " GT-TET Energo ". But that it was really public company, it is necessary, that at a stock exchange rotated
from 15 up to 25 % of actions(shares). We shall necessarily do this procedure, only little bit later. Now there are offers on
purchase of actions(shares) Gt-TET under the price of much company exceeding today's potential. But investors want to buy
actions(shares) on a portfolio, that is to not start up them on a stock exchange, and simply to enclose money under the
future growth. It too not an output(exit) in publicity.
- How many should work from 1000 blocks that you have dared to lead(carry out) IPO " GT-TET Energo "?
- It is not less 100. This year we plan from 40 up to 50 blocks. To the middle of 2007 - about 100 blocks. Then it will be
clear, that the company has passed from a stage of "construction" to a stage " constructions and operation ". It(she) will
have actives (not less than 600 million dollars), the proceeds, profit. And now, certainly, is both the proceeds, and profit,
only they are not great, but a lot of the uncompleted construction. In my opinion, one of the main parameters is growth of
proceeds "
GT-TET Energo ". Every year it(he) increases for 600 %. Accommodation of actions(shares) in a large way - not earlier 2007.
- In the current year group " Energomash " should finish re-structuring as a result of which all its(her) actives will belong
directly Energomash (UK) Ltd. which co-owner you are. What for it is done(made)?
- We not the oil company, at us are not present transfer pricing, therefore taxes we pay in Russia, and Energomash (UK) Ltd.
is created not to optimize taxes as you, probably, have thought.
- But then for what? Will rescue Russia from the Great Britain?
- And what in it such? Basically is a safety. That has not repeated situations with energomashinostroitelnoj corporation at
the end of 1990th when 20 % of the action(share) of "Electric power" have been simply stolen.
- Perhaps, you are afraid speed up YUKOS?
- No it is protection against unfriendly absorption, more likely. During developing repartition of the property the whole
institutes rendering services on " rather fair ?????? properties " have been created. And we on " the skin " have tested
their work. We manufacturers, instead of ?????????. We from bowels of Russia do not take out anything. Also we take out
nothing and as repartition of the electric power. (we Admit(Allow), aluminium is 70 % of cost of the electric power).
Everything, that we build in Russia, is for Russia and for the Russian citizens. It is warm also light in our houses. We are
financed only in the Russian banks. The salary at us official. All taxes we charge and we try to pay in time. Any circuits "
optimization of taxes and sales " we do not carry out(we spend). Can, therefore we while " investment are unattractive "?
But should begin sometime in Russia more to be appreciated honesty, than larceny?
- Whether the variant of transformation head - British - the companies in public is considered(examined). With accommodation,
we admit(allow), actions(shares) on LSE?
- To tell the truth, such plans yet was not. But we the company which is going to work to Russia, therefore it is quite
possible, that if we shall be placed, in Russia. Though - time will show. Here there will be at Russia rating ??? and the
hard currency - then differences where to be placed, will not be.
Department of the companies
06.04.2005
(translated from Energomash website) |
