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25/02/2014
17:02
M&A: Rosneftegaz increases equity stake in Inter RAO to 26.36%

On February 20, 2014, OJSC Rosneftegaz completed the acquisition of the state-owned 13.76% stake in JSC Inter RAO from Russia's Federal Agency for State Property Management, Rosneft Oil Company's press service informed.

The Federal Agency for State Property Management transferred its Inter RAO shares to Rosneftegaz at the market price of RUB 18.796 billion set by CJSC Financial Consultant engaged as an independent appraiser.

The stock acquisition deal is pursuant to the Russian Government's order 22-r as of January 16, 2014 and follows up on Rosneftegaz's strategic targets formulated in the Russian President's Decree no. 695 as of May 22, 2012 "On measures to privatize state-owned stakes in major fuel and energy companies."

The privatization of the company's state-owned stake will increase budget revenues and enable to change the corporate governance model.

As a result of the transaction, Rosneftegaz has consolidated a 26.36% stake in Inter RAO.

Rosneftegaz (tax number: 7705630445) is a wholly state-owned company. It owns more than 75% of Rosneft Oil Company shares and 10.74% of JSC Gazprom as well as stakes in 78 gas distributors.

According to the DataCapital information retrieval system, net profit of Rosneftegaz for 2012 increased 2.52-fold year-on-year to RUB 84.85 billion from RUB 33.664 billion. Revenue grew 2.57-fold to RUB 83.282 billion from RUB 32.369 billion.

JSC Inter RAO UES (short name: JSC Inter RAO, tax number: 2320109650) was established in May 1997 following the decision of the founder, OJSC RAO UES of Russia. It is the largest electric power export and import operator in Russia which manages numerous power assets in the Russian Federation and abroad. The total installed capacity of the company's power plants exceeds 33.6 GW.

The authorized capital of Inter RAO UES reached RUB 293.34 billion represented by 10,440,000,997,683 common shares at par value of RUB 0.02809767 each. The company's major shareholders are: CJSC Inter RAO Capital, a subsidiary of Inter RAO UES (13.93%), FGC UES Group (18.57%), MMC Norilsk Nickel (13.21%), OJSC Rosneftegaz (26.36%), Vnesheconombank (5.11%), RusHydro Group (4.92%).

IFRS net loss of JSC Inter RAO UES for H1 2013 grew by 37.71% to RUB 13.845 billion from RUB 10.054 billion the year before. Revenue increased by 20.91% to RUB 317.743 billion from RUB 262.799 billion, operating loss by 52.99% to RUB 9.793 billion from RUB 6.401 billion, loss before tax by 74.95% to RUB 15.184 billion from RUB 8.679 billion.

According to the DataCapital information retrieval system, RAS net loss of OJSC Inter RAO for 2013 increased 3.74-fold to RUB 53.688 billion from RUB 14.361 billion the year before. Revenue decreased by 3.45% to RUB 41.221 billion from RUB 42.692 billion, sales loss grew by 69.02% to RUB 1.937 billion from RUB 1.146 billion, loss before tax 5.37 times to RUB 52.597 billion from RUB 9.789 billion.


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