The government of the Russian Federation has revived plans to privatize Sheremetyevo International Airport, the Kommersant reported.
More than 80% of the shares in the airport may be sold before the end of the year, but the deal process is hampered by absence of the Moscow air hub development concept which is of relevance for decision making.
The government's advisers elaborating four associated parallel projects have not followed through any of them so far. The merger of Sheremetyevo and Vnukovo ordered by Russia's President Vladimir Putin as early as two years ago is not even blueprinted. According to SIA, partial privatization before consolidation of the airports is possible.
The airport privatization initiative went public more than once. In 2010, the Ministry of Finance and the Ministry of Economic Development added the airport to the preliminary list of assets to be privatized in 2011-2013. Several months later, the Government suggested privatization be suspended until a single management company for the Moscow air hub including Vnukovo and Domodedovo is set up. The investment company Troika Dialog which developed several merger schemes estimated Domodedovo at $4.1-5.1 billion, Sheremetyevo at $1.6-2.4 billion, Vnukovo at $500-700 million.
In March 2011, things changed again. At a meeting chaired by Vladimir Putin, a decision was made to consolidate the two state-owned airports Sheremetyevo and Vnukovo (Domodedovo is privately owned). At that time, Rosimushchestvo (the Federal Agency for State Property Management) owned 100% of SIA shares; in April 2012, the stake was diluted to 83.4% after the takeover of OJSC Terminal).
Sheremetyevo International Airport (tax number: 7712094033) is the largest Russian airport operating international flights to over 200 destinations.
SIA's shareholding structure is as follows: the Russian Federation (83.04% of the authorized capital), OJSC Aeroflot – Russian Airlines (8.96%), state-owned corporation Vnesheconombank (4.24%), OJSC VTB Bank (3.76%). SIA's authorized capital is RUB 2,300,701,087.
Net profit (IFRS) of Sheremetyevo for 2011 rose by 56.25% to RUB 2.172 billion year-on-year. Revenue was RUB 11.415 billion increasing by 19.52% year-on-year.
According to the information and retrieval system DataCapital, net profit (RAS) of Sheremetyevo Airport for 2011 increased almost 5-fold to RUB 2.323 billion from RUB 479.769 million the year before. Revenue increased by 6.76% to RUB 9.146 billion from RUB 8.567 billion. GP decreased by 28.7% to RUB 1.168 billion from RUB 1.638 billion. Pre-tax profit rose 4-fold year-on-year to RUB 2.98 billion.