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Doing Private Equity in Russia

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Doing Private Equity in Russia Doing private equity in Russia March 2008 Mint Capital at-a-glance Entirely independent Bi-cultural Long track record business in Russia approach Natural progress in capital under Small and mid- management to meet sized focus changing local mid- sized opportunities Attractive Scandinavian investor base 2 An established local private equity investor in Russia Russia's health and beauty industry is attracting foreign Verysell has got financing from Deutsche Bank and Hillside investors, with the country’s second-largest beauty salon Apex Fund SPC. Combined with the capital raised earlier in chain recently selling a major stake to Mint Capital. «Up till 2007 from Mint Capital, RP Explorer Fund, Renaissance now we grew organically. Now we expect revolutionary pre-IPO and Steep Rock Capital, the IT holding has now growth, planning to have 100 salons in various regions of the more than $65 million for further development. “We are glad country within two years», — Aleksandr Glushkov, beauty to have such a strong pool of investors”, says Verysell’s salon chain owner. As disposable incomes rise, the health President Mikhail Krasnov. “The Board has been and beauty sector promises to become not only the most strengthened with “experienced financiers” including Ulf glamorous, but also one of the fastest-growing in Russia. Persson, Paul Swigart and Zafar Zokhidov”, he adds. Russia Today, July 2007 Vedomosti, January 2008 After seven or eight years of easy growth, Ulf Persson Investing $2 million in Elecsnet, Benchmark Capital has believes that the corporate environment in Russia is started its activity in Russia. Elecsnet admits that becoming much more competitive and that for companies “friendship” between partners of Mint and Benchmark was to be successful they will have to be able to distinguish crucial in attracting such an well-known investor. themselves through the quality of the products and “Benchmark is typically cautious. They might have looked at services they offer. «We want to be part of that process,» the market for some time to finally chose a practically non- he says, adding that increasingly the fund is looking to risk variant – a rapidly growing business with a clear model identify companies that are market leaders and have and due diligence made by Mint Capital”, says Director of well-established brands. Aurora Russia Oleg Bystranov. Euromoney, May 2007 Vedomosti, October 2006 3 Investment team Advisory committee Sven Hirdman Jonas af Jochnick Ulf Persson Fredrik Ekman Gleb Davidyuk Ben Wilkening Ex- Ambassador Founder of Oriflame Managing Partner Managing Partner Partner Partner Co-Founder Co-Founder of Sweden to Russia and Oresa Ventures Kirill Vesselov Dmitry Fedoseev Ahmadishin Evgeny Jan Ankarcrona Maxim Boyko Investment Manager Investment Manager Investment Manager Investment Adviser Independent Investor, to major Scandinavian Ex-Deputy Prime family offices Minister of the Russian Government Vladimir Zaluzhsky Vitaly Vinogradov Tatiana Gerastovskaya PR and IR Manager Corporate Governance Financial Controller 4 Drivers of demand for capital & skills in the region § Working capital § Capex & marketing § Net margins § Non-$$ value Competition § Tax compliance § Net margins § Corporate governance Private equity § Transparency Compliance § Balance sheet management § LT value vs. ST cash flow § Corporate governance § M&A Capitalization Volume of tax paid by “grey” and compliant companies § The “value-added” factor is crucial – entrepreneurs are looking for “wise” money § The Government is severely combating “grey” businesses § Being “grey” means exposure to “predatory” state officials 40% 30% 30% § Competition and compliance are 10% putting pressure on EBITDA Value added Company profit Personal income Unified social margin of companies boosting tax (18%) tax (24%) tax (13%) tax (26-2%) the need for external capital “Grey” company 5 Capitalizing on Russia’s strong growth Sector growth forecasts 2007E - 2011E CAGR Russian income to reach European levels $1 600 $1 496 Broadband $1 450 $1 400 IT integration $1 181 $1 200 $1 119 Banking loans $1 000 $897 Organized food retail $798 $814 $800 Autumobiles ($ per month) $600 $519 Construction $400 Media $200 Pharmaceuticals $0 Poland Hungary Chezh Portugal Rus sia Russia Russia Russia 2006 2006 Republic 2006 2007E 2010E 2012E 2014E Non-food retail 2006 Fixed line Entry valuation, 2006 Mobile 0% 10% 20% 30% 40% 50% European level (% of annual growth) Source: BP, US Mining data, Troika Dialog estimates.. RetailRetail § Positive investment climate, characterized by Construction rapid economic growth and a stable, predicable Telecoms political and legal environment Food processing § Multiples are still lower than in EU 24 68 10 12 EBITDA multiples Source: KPMG. 6 Russia’s living standard will keep going up Wages and disposable income Private consumption and GDP 14,0% 16,000 18,0% 14,316 12,0% 14,000 15,8% 16,0% 12,609 13,6% 14,0% 12,000 10,837 10,0% 12,5% 11,9% 12,0% 10,000 11,0% 8,869 8,0% 9,7% 10,0% 8,000 6,939 6,0% 8,0% ($ per year)($ per 6,000 5,354 6,0% 4,0% 4,125 4,000 2,996 2,379 4,0% 2,0% 2,000 2,0% 0,0% 0,000 0,0% 2002 2003 2004 2005 2006 2007E 2008E 2009E 2010E 2002 2003 2004 2005 2006 2007 2008E 2009E 2010E Real GDP growth (YoY, %) Industrial production growth (YoY, %) Retail trade growth (YoY %) GDP per capita ($) CPI (annual average, %) § Growing wages accelerate personal § Private consumption drives GDP spending growth § Big opportunities for consolidation in § Regional cities are developing and fragmented consumer-facing start offering investments industries, in particular retail, opportunities healthcare and financial services Source: Federal Statistics Service, Central Bank of Russia, Ministry of Finance of Russia, Central Bank of Kazakhstan, National Bank of Ukraine, Renaissance Capital estimates. 7 Russian private equity market § PE is still in its infancy in the region. According Raising dynamics (volume of new PE capital) to various estimates, capital under management of PE teams in Russia ranges from $8bn to 6000 5465 $10bn 5000 § PE investments in 2006 totaled $1,4bn or 0,14% 4000 3241 of Russia’s annual GDP 3000 2213 ($ million) ($ § Most deals are cash deals. Leveraged buyouts 2000 1000 are rare 500 635 260 300 21 205 30 0 § Most PE in the region is growth capital 1994 1995 1996 2000 2001 2002 2004 2005 2006 2007* § Exits are becoming easier – strategic investors * Including funds that are being currently raised. continue entering the market PE investments as % of GDP, 2006 Notable recent transactions Date Buyer Target Sector 1,600 1,44 5-Feb-08 Unilever Inmarko Ice-cream production 1,400 1,26 21-Jan-08 Wrigley Korkunov Confectionary 1,200 1,05 18-Jan-08 Kellogg United Bakers Confectionary 1,000 27-Nov-08 Nestle Ruzanna Confectionary 0,800 0,61 0,60 (% of GDP) of (% 22-May-07 Polpharma Akrihin Pharmaceuticals 0,600 0,57 0,45 0,45 0,39 0,37 19-Apr-07 KBC Absolut Bank Banking 0,400 0,34 0,33 0,31 0,28 0,26 0,23 0,21 0,14 0,200 0,12 0,11 0,10 Source: Media reports. 0,03 0,000 UK Italy Spain Ireland Poland Austria France Russia Europe Finland Greece Norway Sweden Belgium Hungary Portugal Romania Denmark Germany Switzerland Netherlands Czech Republic Source: EVCA/ Thomson Financial / PwC, 2006. 8 Mint Capital’s portfolio – both small and large companies with revenues from $10M to $600M Total invested to date >$70M 9 Case study: Selected Mint II portfolio companies Company Competitive strength Current status Prospects § The owner (graduate of the § >$20M of estimated § 1st national beauty Stockholm School of revenue in 2008 chain with 100 Economics) is a repeat salons by 2010 § >20 salons in major entrepreneur with strong Russian cities § Sale to strategic experience in real estate which investor is crucial for securing best locations for salons § Own branded cosmetics line § Strategy to capitalize on the early stage of beauty salons segment development and growing domestic consumer expenditures: chain players control only 1% of the beauty market Company Competitive strength Current status Prospects § Founded in 2000 by professionals § >$40M of estimated § A leading provider with more than 20 years of bank revenue in 2008 of instant cash experience, Elecsnet created the payments in Russia § >2,500 own terminals local market of payment terminals & CIS across Russia § The major legitimate player fully § IPO on a European § Strong M&A strategy complying with the Russian stock exchange or legislation, enabling to work with § Financials are audited sale to strategic the widest list of corporate clients to comply with IFRS investor § Balderton (Benchmark) Capital is a shareholder § Self-sufficiency: own processing, manufacturing of terminals, software development, marketing 10 5th Floor, 18b Lva Tolstogo street, Moscow, Russia t +7 (495) 780 0424 f +7 (495) 780 0425 www.mintcap.ru 11.
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