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M&A: Russia to sell 13.76% of Inter RAO to Rosneftegaz for RUB 18.796 billion

The Government of Russia plans to sell 13.76% of the shares in JSC Inter RAO to OJSC Rosneftegaz, at an indicative price of RUB 18.796 billion, according to the Government's executive order specifying that the stake in Inter RAO will be privatized through its direct sale to Rosneftegaz.

The market value of the shares to be sold was estimated by CJSC Financial Consultant engaged as an independent appraiser.

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

The Russian Federation currently holds 13.76% of the shares in Inter RAO UES. Other state-owned companies and state-run corporations (FGC UES, Vnesheconombank Group, RusHydro) own 41% of the company's shares. The block of treasury shares is 14.04%.

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 33.5 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%), the Federal Agency for State Property Management (13.76%), MMC Norilsk Nickel (13.21%), OJSC Rosneftegaz (12.6%), 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 information and retrieval system DataCapital, RAS net profit of JSC Inter RAO for 9 months 2013 dropped by 13.89% to RUB 3.461 billion from RUB 4.019 billion the year before. Revenue decreased by 0.89% to RUB 31.517 billion from RUB 31.8 billion, sales loss increased 12.55-fold to RUB 1.264 billion from RUB 100.709 million, pre-tax profit decreased by 48.13% to RUB 4.294 billion from RUB 8.278 billion.

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 information and retrieval system DataCapital, net profit of Rosneftegaz for 2011 increased by 31.4% to RUB 33.664 billion from RUB 25.366 billion, revenue by 17.9% to RUB 32.369 billion from RUB 27.455 billion.

"AK&M", 20.01.2014


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