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M&A: Western Shipbuilding Center makes offer for acquisition of Vyborg Shipyard shares

OJSC Western Shipbuilding Center (a subsidiary of OJSC United Ship-building Corporation / OSK) has sent a mandatory stock acquisition offer to OJSC Vyborgskiy Sudostroitelny Zavod, the Vyborg enterprise informed.

The offer price is RUB 2.286 thousand per security. The mandatory offer may be accepted within 70 days after the enterprise receives the offer.

OJSC Western Shipbuilding Center owns 75.68% of the enterprise.

OJSC Western Shipbuilding Center (tax number: 7838397332) builds and repairs vessels.

OJSC Obyedinennaya Sudostroitelnaya Korporatsiya (English: United Ship-building Corporation, tax number: 7838395215) was registered in St. Petersburg in 2007. 100% of the corporation's shares are owned by the state.

As of September 2011, OSK includes over 50 design bureaus, ship building and ship repair enterprises of the Russian Federation accounting for over 70% of Russia's total shipyard capacities. Total labor force of the enterprises and entities of OSK is about 80 thousand employees. The largest ship building assets are: OJSC PO Sevmash (Severodvinsk), OJSC Admiralteyskiye Verfy (St.-Petersburg), OJSC PSZ Yantar (Kaliningrad). The largest international projects are: the shipyard Zvezda-DSME (a joint venture with Daewoo Shipbuilding and Marine Engineering, the Republic of Korea), the shipyard Vostok-Raffles (a joint venture with Yantai Raffles, Singapore), the shipyard Novoadmiralteyskiye Verfy (a joint venture with STX, the Republic of Korea) on Kotlin island (St.-Petersburg).

Net profit (RAS) of OSK for 2011 increased 5-fold to RUB 779.243 million. Revenue rose 19.6-fold to RUB 416.326 million from RUB 21.243 million, GP 19.7-fold to RUB 400.655 million from RUB 20.311 million, pre-tax profit 5.4-fold to RUB 838.409 million from RUB 155.322 million. Sales loss decreased 6-fold to RUB 43.615 million from RUB 258.063 million.

OJSC Vyborgskiy Sudostroitelny Zavod (English: Vyborg Shipyard, tax number: 4704012874) is one of specialized shipbuilding enterprises in the northwest region of Russia. Its core activity is the construction of technical facilities for the comprehensive development of deposits on the sea shelf.

According to the information and retrieval system DataCapital, net loss (RAS) of OJSC Vyborgskiy Sudostroitelny Zavod for H1 2012 increased 8.4-fold to RUB 409.741 million from RUB 48.598 million the year before. Revenue decreased 2.45-fold to RUB 378.641 million from RUB 927.251 million, sales loss was RUB 100.673 million against a profit of RUB 18.365 million, loss before tax rose 8.55-fold to RUB 510.023 million from RUB 59.436 million.

"AK&M", 21.09.2012


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