The German corporate group Siemens AG has signed an agreement for the sale of a blocking stake in OJSC Siloviye Mashiny (25% plus one share) belonging to it to the company Highstat Ltd. whose ultimate beneficiary is Alexey Mordashov, Silmash informed.
The deal value was not revealed. The corresponding agreement was signed by Michael SьЯ (head of the power energy sector of Siemens) and Igor Kostin (CEO of OJSC Siloviye Mashiny) on July 28, 2011. It is also reported that the transaction will be closed after the approval by the Federal Antimonopoly Service (FAS Russia).
As they say in the company report, the shareholders of OJSC Siloviye Mashiny as of December 31, 2010 are: Highstat Ltd. (70.3%), Siemens (25%), minority shareholders (4.7%). After the conclusion of the transaction, Siemens will therefore withdraw from Silmash's capital.
It will be recalled that in the end of November 2010, the Federal Antimonopoly Service of Russia had satisfied the application Highstat Ltd. about the acquisition of 29.942% of voting shares of OJSC Siloviye Mashiny (ZTL, LMZ, Elektrosila, Energomashexport) which together with the stock owned by Highstat Ltd. will yield it 100% of voting shares.
Siloviye Mashiny Group, a Russian manufacturer and supplier of the equipment for hydraulic, thermal, gas and atomic power stations, for the transmission and distribution of electric power, also produces the transport and railway equipment. It includes Leningradsky Metallichesky Zavod (English: Leningrad Metal Plant), Elektrosila, OJSC Zavod Turbinnykh Lopatok, NPO TsKTI imeni Polzunova (all located in St.-Petersburg), OJSC Kaluzhskiy Turbinnyi Zavod (English: Kaluga Turbine Works) as well as sales companies Energomashexport LLC and Siloviye Mashiny-zavod Reostat LLC. The equipment produced by the enterprises of the group is operating at production enterprises in 57 countries of the world.
The authorized capital of OJSC Siloviye Mashiny is 87.089 million Rub. represented by 8,708,938,708 common shares at par value of 0.01 Rub. In 2007, A. Mordashov through Highstat Limited consolidated about 55% of shares of the company previously belonging to the holding company Interros and RAO EES Rossii. Later he increased his stake to 70.06% of shares. Siemens Aktiengesellschaft holds 25% of the shares. The company's shares are traded in RTS.
The net profit of OJSC Siloviye Mashiny (IFRS) for 2010 increased 1.3-fold to $255.655 million from $193.281 million a year before. The revenue decreased by 9.6% to $1.675 billion about $1.853 million, the GP increased by 4.1% to $491.418 million from $472.023 million, the pre-tax profit by 29.6% to $300.312 million from $231.66 million, the EBITDA by 22.3% to $363.233 million from $297.018 million, the EBITDA profitability by 21.7% from 16%.
According to the information and retrieval system DataCapital, the net profit of OJSC Siloviye Mashiny (RAS) for 2010 increased by 8.9% to 6.542 billion Rub. from 6.006 billion Rub. in 2009. The revenue decreased by 12.4% to 45.346 billion Rub. from 51.784 billion Rub. in 2009. The GP decreased by 4% to 14.591 billion Rub. from 15.188 billion Rub., the pre-tax profit grew by 14.7% to 8.248 billion Rub. from 7.191 billion Rub.
The company's net profit (RAS) in Q1 2011 grew 1.6-fold to 2.307 billion Rub. from 1.440 billion Rub. for the same period of 2010, the revenue by 20% to 12.048 billion Rub. from 10.044 billion Rub., the GP by 23.8% to 4.456 billion Rub. from 3.598 billion Rub., the pre-tax profit 1.6-fold to 2.759 billion Rub. from 1.768 billion Rub.