DOCSLIB.ORG

Annual Report

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report Annual Report 2018 About the Company Financial Performance Key Asset Results Corporate Governance Social Responsibility 1 SISTEMA Contents ABOUT THE COMPANY 2 CORPORATE GOVERNANCE 82 Profile of Sistema 4 Sistema’s Corporate Governance Principles 84 Investment Portfolio 6 Sistema’s Corporate Governance Structure 85 CEO’s Statement 8 General Meeting of Shareholders 86 Key Events of 2018 10 Board of Directors 88 ONE OF THE LARGEST Mission and Strategy 14 Committees of the Board of Directors 92 FINANCIAL PERFORMANCE 16 President 94 Financial Performance in 2018 18 Management Board 95 PRIVATE INVESTORS Shareholders’ Equity 22 Committees Reporting to the President 96 and the Management Board Report on Dividends 24 Specific Characteristics of Risk Management, Sistema’s Credit Ratings 25 Internal Control and Internal Audit Systems 98 INTO RUSSIA’S KEY ASSET RESULTS 26 Development of the Corporate Governance System in 2018 100 MTS 28 Remuneration Policy 102 Detsky Mir 32 CONTEMPORARY Risks 104 Segezha Group 36 SOCIAL RESPONSIBILITY 110 Medsi 42 ESG and Corporate Responsibility Principles 112 ECONOMY Agroholding “STEPPE” 49 Contribution to Socio-Economic Development 113 Real Estate Assets 54 Social Investment in Technology and Human Capital 113 RTI 60 External Assessment of Sustainable Development 115 8 BPGC 63 For more information about Sistema Hospitality Assets 66 visit our website: Binnopharm 69 https://sistema.com Other Portfolio Companies 72 Funds 74 Ozon 80 2 SISTEMA Annual Report 2018 sistema.com About the Company Financial Performance Key Asset Results Corporate Governance Social Responsibility 3 PROFILE OF SISTEMA 4 ABOUT INVESTMENT PORTFOLIO 6 CEO’S STATEMENT 8 THE COMPANY KEY EVENTS OF 2018 10 MISSION AND STRATEGY 14 4 SISTEMA Annual Report 2018 sistema.com About the Company Financial Performance Key Asset Results Corporate Governance Social Responsibility 5 1 In accordance with IFRS. 2 Here and hereinafter, consolidated results of Sistema and its subsidiaries for 2018 are presented in accordance with new accounting standards IFRS 9, 15 and 16 unless specified otherwise. Results for 2017 are presented without the impact of the new standards. Profile 3 Sistema acquired a 25% stake in Etalon Group Plc in February 2019. of Sistema Sistema is one of the largest private investors in the real INVESTMENTS KEY HIGHLIGHTS 20181 UNIQUE PORTFOLIO OF ASSETS sector of the Russian economy. Sistema’s investment AND COMPETENCES IN HIGH-POTENTIAL SECTORS portfolio comprises in sectors including OF THE RUSSIAN ECONOMY Russian companies REVENUE telecommunications, consumer retail, paper and packaging, >150 000 000 agriculture, high-tech, real estate, healthcare and hospitality. Sistema holds controlling interests in most of its portfolio CONSUMERS companies. 777.4 Public RUB billion2 assets: ASSETS MTS, DETSKY MIR, ETALON GROUP3 >15 SECTORS Sistema’s strategic goal is to create RUSSIA’S BIGGEST PRIVATE NON-RESOURCES CORPORATION 1,465.4 long-term growth of shareholder value by boosting returns on ONE OF RUSSIA’S RUB billion investments in existing assets and INVESTS MORE THAN ONE OF RUSSIA’S reinvesting available cash in new investment projects to diversify its 20 portfolio and increase overall returns RUB 100 billion CREDIT RATINGS 50 on investment. LARGEST PRIVATE COMPANIES FROM INTERNATIONAL IN THE FORBES GLOBAL 2000 IN THE RUSSIAN ECONOMY AND RUSSIAN RATING MOST VALUABLE Sistema focuses on improving the EVERY YEAR AGENCIES BRANDS operational efficiency of the assets it acquires by restructuring and by working with relevant partners to enhance expertise and mitigate Top-15 S&P financial risks. RUSSIA’S LARGEST COMPANIES The Corporation’s shares trade on BY REVENUE FITCH B+ Moscow Exchange (ticker: AFKS) and on the London Stock Exchange in the RAEX form of global depositary receipts BB- (ticker: SSA). One GDR represents 20 ordinary shares. RuA- GDRS ON LSE MOSCOW EXCHANGE TICKER SSA AFKS 6 SISTEMA Annual Report 2018 sistema.com About the Company Financial Performance Key Asset Results Corporate Governance Social Responsibility 7 Leading One of Russia’s Russian leading developers multicategory and manufacturers of Investment online retailer high-tech products 1 Binnopharm OBL Pharm Portfolio One of Russia’s One of leading Cosmos Group largest full-cycle One of Russia’s leading production companies biopharmaceutical hotel management 36.0% 96.0% in the Russian companies companies pharmaceutical market BY PRODUCTION OF HIGH-QUALITY UNBLEACHED SACK PAPER 74.0% No.1 IN RUSSIA 2 3 100% OZON KRONSTADT GROUP No.3 IN THE WORLD LEADING 12.8% RUSSIAN TELECOMS OPERATOR BY PAPER SACK HOSPITALITY by subscriber base, PRODUCTION ASSETS PHARMACEU- Leading revenue and OIBDA Leading Russian TICALS vertically integrated telecommunications IN RUSSIA No.1 forest holding operator and digital services provider No.2 IN EUROPE in Russia Over 105 million 99.9% 50.01% MOBILE SUBSCRIBERS SEGEZHA GROUP MTS RUSSIAN MARKET 482 million chips stores 748 No.1 Leading DETSKY IN RUSSIAN CITIES, player in the children’s RTI Russian high-tech KAZAKHSTAN AND 52.1% MIR 87.0% 4 company BELARUS goods market in Russia MICROCHIPS 1,381 million AGRO- HOLDING BPGC STEPPE AMONG RUSSIA’S 92.8%5 91.0% 6 largest Major agriculture Bashkirian Power Grid LAND OWNERS holding Company — One of Russia’s biggest and one of the Russia’s TOTAL LENGTH OF POWER largest land owners CONCEPT MEDSI power grid companies GRIDS AMONG RUSSIA’S GROUP Over 88,500 sqm 6 largest GRAIN EXPORTERS INVESTMENT 43.0% FUNDS REAL ESTATE 98.5% 1 As at December 31st 2018, Sistema’s direct stake in MTS bank was 43.24%. One of the In February 2019, after the sale of MTS Bank shares to Mobile TeleSystems B.V., largest players No.1 100% subsidiary of MTS, Sistema’s direct stake in MTS bank decreased to 5.0%. Russian in lingerie wholesale private 2 Hereinafter Sistema’s stake refers to effective stake for MTS, BPGC and to total and childrenswear healthcare company ownership for other assets. The stake in Ozon.Ru includes all shares controlled Leader Invest, by revenue in 2018 by Sistema Group. monobrand stores Private equity and asset Business-Nedvizhimost, 3 Sistema acquired 18.7% in Ozon Holdings Limited in March 2019. management funds 6 PATIENT VISITS 4 As of 31 March 2019. As of 31 December 2018 Detsky Mir Group included Etalon Group 743 stores in Russia and Kazakhstan. 6 Sistema acquired 25% of Etalon million per year 5 84.63% as of December 31, 2018. Group in February 2019. 8,5 8 SISTEMA Annual Report 2018 sistema.com About the Company Financial Performance Key Asset Results Corporate Governance Social Responsibility 9 CEO’s Statement DEAR SHAREHOLDERS, Detsky Mir continues to open new stores Steppe’s OIBDA was up 22% in 2018 due In pharma, Sistema partnered with VTB Looking ahead, we will continue to deliver in new regions of Russia and Kazakhstan. to improved efficiency in the grain segment to acquire a 95% stake in OBL Pharm, which against the strategy adopted in 2018 that Sistema delivered impressive growth of both It has also launched operations in Belarus and the development of agrotrading. we plan to merge with our pharmaceutical centres on three strategic goals: revenue (up 12%) and OIBDA (up 34%) and in the promising pet supplies segment. business, Binnopharm, in the coming in the full year 2018, as our portfolio And online sales almost doubled during Medsi’s revenue for the year (+52%) affirmed months. The two companies possess Z maximising shareholder returns and companies continued to consolidate their the year, reaching almost 8% of sales. its position as Russia’s leading private complementary assets and we have set reducing the discount between market respective markets and expand into new healthcare provider. Adjusted OIBDA rose 83% a medium-term goal of building out a top- capitalisation and NAV; business segments. Our key non-public assets, both exporters in the full year 2018, primarily driven by higher five Russian player in the fast-growing Z attracting third-party capital to enhance and domestic players, strengthened their utilisation rates and an increase in revenue commercial segment of the pharma our investment resources. Our publicly traded assets delivered market positions. per square metre of medical facilities. industry. In April 2019, the Russian Direct sustained growth in revenue and OIBDA Investment Fund, the Russia-China Our strategic focus is on building out four as both MTS and Detsky Mir continue to lead At Segezha Group, where the top line grew Over recent months, Sistema has completed Investment Fund and the largest Middle businesses — Steppe, Segezha Group, their respective sectors. In both the retail by 32% for the full year, growth was driven transactions that crystallise the value of our Eastern funds agreed to join the project, Medsi and Ozon — with a target and telecoms sectors, the operating by the paper and packaging segment, which assets in real estate and the pharmaceuticals which is a solid confirmation of the project’s enterprise value per business environment presents its own challenges. accounted for 70% of total revenue. Adjusted sector. investment appeal and its importance of USD 1–2bn. Our ambition However, both management teams have OIBDA was up 83% for 2018. Growth was for the development of the industry. is to eventually take them shown the ability to successfully monetise driven by: In February 2019, we sold a 51% stake in our to the public markets, opening their customer bases. Moscow real estate development business, Additionally, we have made a strategic bet up whole new sectors Z increased prices for key Segezha’s Leader Invest, to London-listed development on Russian e-commerce, increasing our of the Russian economy MTS posted full year revenue growth products; and construction company Etalon Group. holding in market leader Ozon by buying to equity investors through of 8% year-on-year, despite a 0.4% year-on- Z greater capacity due to a new Subsequently, Sistema acquired 25% of Etalon out MTS’s stake and acquiring stakes fast-growing companies year decrease in subscribers.
Load more

Recommended publications
  • Russian M&A Review 2017
    Russian M&A review 2017 March 2018 KPMG in Russia and the CIS kpmg.ru 2 Russian M&A review 2017 Contents page 3 page 6 page 10 page 13 page 28 page 29 KEY M&A 2017 OUTLOOK DRIVERS OVERVIEW IN REVIEW FOR 2018 IN 2017 METHODOLOGY APPENDICES — Oil and gas — Macro trends and medium-term — Financing – forecasts sanctions-related implications — Appetite and capacity for M&A — Debt sales market — Cross-border M&A highlights — Sector highlights © 2018 KPMG. All rights reserved. Russian M&A review 2017 3 Overview Although deal activity increased by 13% in 2017, the value of Russian M&A Deal was 12% lower than the previous activity 13% year, at USD66.9 billion, mainly due to an absence of larger deals. This was in particular reflected in the oil and gas sector, which in 2016 was characterised by three large deals with a combined value exceeding USD28 billion. The good news is that investors have adjusted to the realities of sanctions and lower oil prices, and sought opportunities brought by both the economic recovery and governmental efforts to create a new industrial strategy. 2017 saw a significant rise in the number and value of deals outside the Deal more traditional extractive industries value 37% and utility sectors, which have historically driven Russian M&A. Oil and gas sector is excluded If the oil and gas sector is excluded, then the value of deals rose by 37%, from USD35.5 billion in 2016 to USD48.5 billion in 2017. USD48.5bln USD35.5bln 2016 2017 © 2018 KPMG.
    [Show full text]
  • Annual Report
    2014 ANNUAL REPORT TABLE OF CONTENTS Sistema today 2 Corporate governance system 91 History timeline 4 Corporate governance principles 92 Company structure 8 General Meeting of shareholders 94 President’s speech 10 Board of Directors 96 Strategic Review 11 Commitees of the Board of Directors 99 Strategy 12 President and the Management Board 101 Sistema’s financial results 20 Internal control and audit 103 Shareholder capital and securities 24 Development of the corporate 104 governance system in 2014 Our investments 27 Remuneration 105 MTS 28 Risks 106 Detsky Mir 34 Sustainable development 113 Medsi Group 38 Responsible investor 114 Lesinvest Group (Segezha) 44 Social investment 115 Bashkirian Power Grid Company 52 Education, science, innovation 115 RTI 56 Culture 117 SG-trans 60 Environment 119 MTS Bank 64 Society 121 RZ Agro Holding 68 Appendices 124 Targin 72 Binnopharm 76 Real estate 80 Sistema Shyam TeleServices 84 Sistema Mass Media 88 1 SISTEMA TODAY Established in 1993, today Sistema including telecommunications, companies. Sistema’s competencies is a large private investor operating utilities, retail, high tech, pulp and focus on improvement of the in the real sector of the Russian paper, pharmaceuticals, healthcare, operational efficiency of acquired economy. Sistema’s investment railway transportation, agriculture, assets through restructuring and portfolio comprises stakes in finance, mass media, tourism, attracting industry partners to predominantly Russian companies etc. Sistema is the controlling enhance expertise and reduce
    [Show full text]
  • Russian Withholding Tax Refund
    Russian withholding tax refund Tax & Legal If you or your clients invested in Russian securities and are entitled to a substantial dividend or interest income, there is a chance that you overpaid your taxes and may qualify for a tax refund © 2018 Deloitte Consulting LLC Background Investors may apply a According to the The Russian The tax refund reduced tax rate for Russian tax withholding tax rate is practice in Russia is their interest and/or authorities, they are set at 15% on not well-developed: dividend income, ready to reimburse dividends and 20 the tax legislation depending on the overpaid taxes, if a percent on interest. does not provide for a conditions set by the full package of Effective from 1 specific list of Russian Tax Code or documents confirming January 2014, the documents to be applicable Double Tax the income payment duties of the tax collected and Treaties. Calculations chain and the agent for WHT requirements to be of a standard Russian investor’s rights to purposes were met. For these rate or the standard the income is transferred to the reasons, the process reduced Double Tax submitted. local Russian can be lengthy and Treaty rate, as well as custodian or, in a sometimes fruitless. submission of claims limited number of However, the trend is on tax can be cases, to the reassuring: the refunded, should be fiduciary, broker or number of successful made by investors issuer. refund claims and themselves within positive court three calendar years, decisions is growing. following the year in which it was withheld.
    [Show full text]
  • 25022014 DMG FY 2013 Operating Results ENG Final Clean
    OJSC DETSKY MIR INCREASED NET INCOME BY 7.2% TO RUB 657 MLN FOR 9 MONTHS 2015 18 November 2015. Russia, Moscow. OJSC Detsky Mir (hereinafter referred to as "Detsky Mir" or "the Company"), Russia's largest children's goods retailer, announces its unaudited financial results under US GAAP for 9M 2015 ended on 30 September 2015. KEY UNAUDITED FINANCIAL AND OPERATING RESULTS FOR 9M 2015 1 o OIBDA increased from RUB 2 263 mln in the first 9 months of 2014 to RUB 2 940 mln in 9 months of 2015, and OIBDA margin amounted to 7.4% o Revenue grew by 34.1% compared to 9M 2014, and reached RUB 40.0bn o The Company opened 49 new stores, including 48 Detsky Mir stores and 1 ELC store o Selling space reached 435,000 sq m in 9M 2015 2 o Like-for-like sales gained 13.8% (with the number of checks growing by 4.3%, and the average check growing by 9.1%) o Gross profit grew by 26.7% in 9M 2015 to RUB 13.8bn; gross margin amounted to 34.6% o Selling, general and administrative expenses to revenue ratio fell from 29.1% to 27.3% due to increased operating efficiency and measures taken to reduce costs o Net income grew by 7.2% to RUB 657 mln compared to the same period of the last year o The Company’s net debt totaled RUB 16.5 bn as of 30 September 2015. The increase in net debt from the beginning of 2015 is due to the active development of the company's retail chain, the construction of a new distribution center and other investment projects KEY UNAUDITED RESULTS FOR THE 12 MONTHS ENDED SEPTEMBER 2015.
    [Show full text]
  • CAPITAL MARKETS DAY ______FRIDAY, 30 Th MAY at ONE GREAT GEORGE STREET, LONDON
    CAPITAL MARKETS DAY ____________________________________________________________________________ FRIDAY, 30 th MAY AT ONE GREAT GEORGE STREET, LONDON Sistema (LSE: SSA), the largest diversified corporation in Russia and the CIS, is pleased to invite you to the Capital Markets Day, which will be held at the One Great George Street, Westminster, London SW1P 3AA, on Friday 30 th May, 2008. The conference will comprise presentations on a range of strategic, operational and financial aspects of the Group’s businesses, as well as a number of group and one-on-one meetings with the management of Sistema and its public and non-public businesses. Registration will take place at the One Great George Street, Westminster, London SW1P 3AA, starting from 8:30am. The conference will commence at 9:00am followed by lunch, group and one-on-one meetings from 2:00pm till 7:00pm. The detailed schedule for the day is attached. To register for the event by email to: [email protected] . You may also register by filling out the information below and returning it by fax to +44 (0)207 321 5020 or contact Shared Value on +44 (0)20 7321 5010 for further details. NAME: COMPANY: FUNCTION: SECTOR / COVERAGE: MOBILE PHONE: EMAIL: Yes, I will participate in the Capital Markets Day in London on Friday 30 th May, 2008 I am unable to attend the Capital Markets Day Please remove my name from the Sistema mailing list I would like to participate in group meetings with * If you would like to participate in group meetings, please provide the name of the company you would like to meet: _____________________________________________________________________________ *Sistema may not be able to guarantee a meeting slot as availability is subject to demand Sistema is the largest public diversified corporation in Russia and the CIS, which manages fast growing companies operating in the consumer services sector and has over 80 million customers.
    [Show full text]
  • Detsky Mir Group Adjusted EBITDA Increased by 15.2% Yoy in 2020
    Detsky Mir Group Adjusted EBITDA Increased by 15.2% YoY in 2020 Moscow, Russia, 1 March 2021 – Detsky Mir Group (the “Group”, “Detsky Mir” or the “Company”, MOEX: DSKY), the largest children’s goods retailer in Russia and Kazakhstan, announces its audited financial results in accordance with International Financial Reporting Standards (IFRS) for the fourth quarter and twelve months ended 31 December 2020. Q4 2020 Financial Highlights1 . Group consolidated revenue increased by 14.3% year-on-year to RUB 44.5 bn, compared to RUB 38.9 bn in Q4 2019. Online revenue2 increased 2.2x year-on-year to RUB 12.7 bn. o The share of online sales in total revenue of Detsky Mir in Russia increased 1.9x year-on-year to 29.7%. o The share of in-store pick-up service amounted to 83.4%. Revenue in Kazakhstan increased by 21.0% year-on-year to RUB 1.4 bn. Like-for-like sales3 at Detsky Mir stores in Russia and Kazakhstan grew by 5.9%. The number of tickets increased by 1.2%, while the average ticket grew 4.7%. Like-for-like sales at Detsky Mir stores in Russia grew by 5.7%. The number of tickets increased by 1.4%, while the average ticket grew by 4.3%. Detsky Mir opened 41 new branded stores4 in Q4 2020, as well as 11 new Detmir Pickup stores and 7 new Zoozavr stores. The Group had 868 stores5 as of 31 December 2020. Total selling space increased by 6.4% year-on-year to approximately 897,000 sq.
    [Show full text]
  • Market News Company News SECURITIES MARKET NEWS
    SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody January 21, 2021 Issue No. 2021/02 Market News Finance Ministry fully places RUB 20 bln OFZ bonds On January 20, 2021 Russia’s Finance Ministry said in a statement that it hd fully placed RUB 20 bln of OFZ 26234 bonds with a fixed coupon maturing in July 2025 at an auction on January 20. The cut-off rate amounted to 96.0801% and the weighted average rate stood at 96.162%. The cut-off yield stood at 5.57% and the weighted average yield at 5.55%. Demand for the bonds totaled RUB 38.97 bln. Company News Rosseti terminates CEO Livinsky, appoints Lenenergo CEO Ryumin On January 16, 2021 it was disclosed by reporters that Russian state power grid holding Rosseti had terminated powers of CEO Pavel Livinsky ahead of schedule, and appointed Andrei Ryumin, CEO of the company’s subsidiary Rosseti Lenenergo, as the company’s acting CEO. In its turn, the board of directors of Rosseti Lenenergo has terminated the powers of Ryumin ahead of schedule and appointed Chief Engineer Igor Kyuzmin as the company’s acting CEO. Livinsky was elected as the CEO of Rosseti in September 2017. Earlier in January, Kommersant business daily reported quoting sources that the government may appoint Livinsky as a head of an energy department that would be created in the framework of an administrative reform. Cherkizovo Group board again approves offering of 10.3 mln shares On January 17, 2021 it was stated that the board of directors of Russian meat producer Cherkizovo Group had again approved a public offering of 10.262 mln additional shares at a meeting that had took place on January 16.
    [Show full text]
  • Templeton Eastern Europe Fund Equity LU0078277505 31 August 2021
    Franklin Templeton Investment Funds Emerging Markets Templeton Eastern Europe Fund Equity LU0078277505 31 August 2021 Fund Fact Sheet For professional use only. Not for distribution to the public. Fund Overview Performance Base Currency for Fund EUR Performance over 5 Years in Share Class Currency (%) Templeton Eastern Europe Fund A (acc) EUR MSCI EM Europe Index-NR Total Net Assets (EUR) 231 million Fund Inception Date 10.11.1997 160 Number of Issuers 45 Benchmark MSCI EM Europe 140 Index-NR Investment Style Blend Morningstar Category™ Emerging Europe Equity 120 Summary of Investment Objective 100 The Fund aims to achieve long-term capital appreciation by investing primarily in listed equity securities of issuers organised under the laws of or having their principal activities within the countries of Eastern Europe, as well as 80 08/16 02/17 08/17 02/18 08/18 02/19 08/19 02/20 08/20 02/21 08/21 the New Independent States, i.e. the countries in Europe and Asia that were formerly part of or under the influence of Performance in Share Class Currency (%) the Soviet Union. Cumulative Annualised Since Since Fund Management 1 Mth 3 Mths 6 Mths YTD 1 Yr 3 Yrs 5 Yrs 10 Yrs Incept Incept A (acc) EUR 6.42 11.11 26.64 33.63 51.24 53.18 56.89 34.32 260.58 5.54 Krzysztof Musialik, CFA: Poland A (acc) USD 5.94 7.30 23.95 29.16 49.67 55.85 66.03 10.37 25.43 1.44 Ratings - A (acc) EUR B (acc) USD 5.87 6.92 23.29 28.09 47.85 50.20 56.08 -2.95 -24.30 -1.84 Benchmark in EUR 5.12 10.50 24.75 24.42 37.82 37.48 54.51 30.76 271.45 5.67 Overall Morningstar Rating™: Calendar Year Performance in Share Class Currency (%) Asset Allocation 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 A (acc) EUR -15.33 36.67 -21.23 17.61 20.37 4.84 -19.49 -3.97 17.37 -40.02 A (acc) USD -7.78 33.81 -24.78 34.11 16.61 -5.88 -29.18 0.07 19.63 -41.94 B (acc) USD -8.80 31.98 -25.72 32.46 14.98 -7.07 -30.09 -1.33 18.15 -42.70 Benchmark in EUR -19.73 34.75 -7.46 5.88 29.27 -5.03 -20.28 -8.61 22.37 -21.10 % Past performance is not an indicator or a guarantee of future performance.
    [Show full text]
  • Company News SECURITIES MARKET NEWS
    SSEECCUURRIIITTIIIEESS MMAARRKKEETT NNEEWWSSLLEETTTTEERR weekly Presented by: VTB Bank, Custody May 28, 2020 Issue No. 2020/20 Company News Samolet shareholders vote against new share issue for IPO On May 21, 2020 shareholders of Russian real estate developer Samolet voted against issuing additional common shares. Samolet earlier planned a new share issue for an initial public offering (IPO), but later abandoned the idea. A spokesperson for the company stated that the developer wants to approve a new additional share issue plan in the next two months and a half, but does not plan an IPO until the autumn. Rosneft board appoints Igor Sechin as CEO for 5 more years On May 22, 2020 the board of directors of Russian oil major Rosneft approved the appointment of Igor Sechin as the CEO of the company for five more years. Sechin became CEO of Rosneft in May 2012. Initially, his contract was valid until May 2015, when his powers were prolonged for five years. MTS board nominates members, including Channel One CEO Ernst On May 22, 2020 the board of directors of major Russian mobile operator MTS nominated a list of board candidates, including TV channel Channel One CEO Konstantin Ernst, to be elected at an annual general meeting of shareholders on June 24. The list also contains Felix Yevtushenkov, member of the board of directors of multi-industry holding Sistema, MTS’ core shareholder. The board also approved Natalia Mikheyeva as director for internal audit and control. Rosneftegaz cuts stake in Rosneft to 40.4% from 50% plus one share On May 25, 2020 it was reported that Russian state energy holding Rosneftegaz reduced its shareholding in oil major Rosneft to 40.4% from 50% plus one share on March 28 to lose its controlling position.
    [Show full text]
  • Deal Drivers Russia
    February 2010 Deal Drivers Russia A survey and review of Russian corporate finance activity Contents Introduction 1 01 M&A Review 2 Overall deal trends 3 Domestic M&A trends 6 Cross-border M&A trends 8 Private equity 11 Acquisition finance 13 Valuations 14 02 Industries 15 Automotive 16 Energy 18 Financial Services 20 Consumer & Retail 22 Industrial Markets 24 Life Sciences 26 Mining 28 Technology, Media & Telecommunications 30 03 Survey Analysis 32 Introduction Prediction may be fast going out of fashion. At the end of 2008, CMS commissioned mergermarket to interview 100 Russian M&A and corporate decision makers to find out what they thought about the situation at the time and what their views on the future were. Falling commodity prices were viewed as the biggest threat, the Financial Services sector was expected to deliver the greatest growth for M&A activity and the bulk of inward investment was expected from Asia. The research revealed that two thirds of the respondents expected the overall level of M&A activity to increase over the course of 2009, with only one third predicting a fall. That third of respondents was right and, in general, the majority got it wrong or very wrong. The survey did get some things right – the predominance of Who knows? What’s the point? We consider the point to be the domestic players, the increase of non-money deals, the in the detail. Our survey looks at the market in 2009 sector number of transactions against a restructuring background, by sector – what was ‘in’ and what was ‘out’.
    [Show full text]
  • Russian Ecm November 6, 2006
    1 Russian ecm November 6, 2006 1. Investment banks index wars 2. 35 companies will raise $19bn in 2007, Deutsche Bank 3. RTS to launch a Russian NASDAQ 4. Market players to be licensed 5. Gazprombank finally to sell off media, petrochemical assets in IPO 6. Owner of the Chelyabinsk zinc plant (CZP) will sell 3% of their shares 7. Chemical firm share price collapses after dilutive share issue 8. Dymov Sausage to IPO 9. Eastern Property Holdigns increases capital by $125m 10. Far Eastern Sea Shipping Company will IPO 11. Mosenergo places in favour of Gazprom 12. OGK-5 sale a big success 13. Pharmaceutical producer to IPO 14. Pipemaker TMK IPOs 15. Russian commodity exchange plans to launch wheat futures 16. Severstal sets IPO price 17. Sistema-Hals IPO price range set 18. Uralkaliy decreases 9-month dividends by a third following flood 19. Uranium company to IPO 20. WBD owners sell small stake Investment banks index wars Monday, November 6, 2006 A veritable war of indexes is breaking out as Two of Russia's top investment banks launched new indexes, better to track Russia's increasingly sophisticated growth, that will compete with the proliferating number of indexes tracking Russia. Renaissance Capital has teamed up with emerging market gurus Morgan Stanley that puts together the widely quoted MSCI index - a benchmark for emerging market stock market preformace - to produce the MSCI http://businessneweurope.eu 2 Renaissance Index of TOP Liquid Russian Stocks (the MSCI Rencap Index, for short). Likewise, Troika Dialog launched a third tier index that tracks 50 companies that are on the up and up but currently fall below all the investment bank's radar screens.
    [Show full text]
  • MGF Emerging Eastern
    As of Date: 03/31/21 Fund: Manulife Global Fund Emerging Eastern Europe SECURITY DESCRIPTION EXPOSURE PERCENT ASSETS SAN BNK POLSKA 3,585,167.42 2.30% NOVATEK GDR REGS 13,013,929.50 8.35% PHOSAGRO GDR 4,211,663.19 2.70% DINO POLSKA SA 5,882,789.75 3.77% INPOST SA 2,276,957.39 1.46% TURKCELL 1,095,085.98 0.70% MAVI GIYIM SANAYI 1,896,157.34 1.22% MOSCOW EXCHANGE 5,497,272.22 3.53% ARCELIK AS 2,569,145.18 1.65% MONETA MONEY BANK 3,761,508.90 2.41% CASH 2,295,775.08 1.47% MAIL.RU GROUP GDR 2,637,647.63 1.69% SEVERSTAL PJSC 3,822,707.21 2.45% TOFAS OTOMOBIL 1,821,750.99 1.17% POLYMETAL INT GBP 3,025,097.26 1.94% SABANCI 1,424,124.32 0.91% X5 RETAIL GROUP GDR 4,361,232.00 2.80% TATNEFT PREFS 3,623,430.72 2.32% ALPHA BANK 3,101,470.13 1.99% GAZPROM GDR 11,681,384.77 7.49% YANDEX 6,373,867.50 4.09% OTP BANK 3,800,706.20 2.44% PKO BP 5,387,467.99 3.45% ALLEGRO 3,859,802.93 2.48% DETSKY MIR PJSC 2,736,995.08 1.76% FONDUL PROPRIETATEA 3,992,045.77 2.56% NICKEL GDR 6,661,217.11 4.27% ROSNEFT GDR 5,349,625.34 3.43% MEDICAL PARK TURKEY 2,880,161.90 1.85% ERSTE BANK 3,480,181.41 2.23% SBERBANK ORD (NEW) 14,971,581.24 9.60% LUKOIL GDR 14,863,514.30 9.53% Rounding discrepancies possible.
    [Show full text]