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M&A: Power Machines increases stake in PJSC Krasny Kotelshchik to 96.06%

OJSC Power machines - ZTL, LMZ, Electrosila, Energomachexport increased its equity position in PJSC Taganrog Boiler-Making Works Krasny Kotelshchik to 96.06%, Power Machines informed.

Power Machines' direct holding of Krasny Kotelshchik shares increased to 18.72% from 18.71%. Also, Power Machines owns 77.34% of the target company's common shares indirectly through PJSC Energomashinostroitelny Alliance.

PJSC Taganrog Boiler-Making Works Krasny Kotelshchik (PJSC Krasny Kotelshchik, tax number: 6154023009) established in 1896 is one of the largest manufacturers of steam coppers, boiler, heat-exchange, water-treatment equipment and accessories and is part of the EMAlliance Holding which owns 77.33% of the company's common shares. The boiler plants produced by the enterprise are in use at 60% and the heat-exchange equipment at 90% of combined heat and power stations in Russia. The company accounts for over 80% of the Russian boiler equipment market.

The company's authorized capital is RUB 284.34 million represented by 71,086 thousand preferred and 213,258 thousand common shares at par value of 1 ruble.

According to the information and retrieval system DataCapital, RAS net profit of PJSC Krasny Kotelshchik for H1 2013 decreased by 29.75% to RUB 319.789 million from RUB 455.19 million the year before. Revenue increased by 17.31% to RUB 4.52 billion from RUB 3.853 billion, sales profit decreased by 9.29% to RUB 549.922 million from RUB 606.236 million, pre-tax profit by 34.18% to RUB 356.794 million from RUB 542.045 million.

Power Machines Group (tax number: 7702080289), 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 Turbinny Zavod (English: Kaluga Turbine Works) as well as the sales companies Energomashexport LLC and Power Machines-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 Power Machines is RUB 87.089 million represented by 8,708,938,708 common shares at par value of RUB 0.01. In 2007, A. Mordashov through Highstat Limited consolidated about 55% of shares of the company previously belonging to the holding company Interros and RAO UES of Russia. Later, he increased his stake to 70.06% of shares. On December 1, 2011, Siemens completed the sale of 25% of Power Machines to Highstat.

IFRS net profit of OJSC Power Machines for H1 2013 grew by 21.41% to $190.519 million from $156.92 million the year before. Revenue increased by 5.81% to $979.049 million from $925.279 million, operating profit by 21.55% to $219.197 million from $180.335 million, pre-tax profit by 20.52% to $228.829 million from $189.864 million, EBITDA by 18.97% to $279.283 million c $234.757 million.

According to the information and retrieval system DataCapital, RAS net profit of Power machines for January-September 2013 decreased by 4.5% to RUB 6.405 billion from RUB 6.707 billion the year before. Revenue decreased by 3.04% to RUB 28.352 billion from RUB 29.242 billion, sales profit by 6.28% to RUB 7.384 billion from RUB 7.879 billion, pre-tax profit by 4.47% to RUB 7.698 billion from RUB 8.058 billion.

"AK&M", 09.12.2013


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