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M&A: Russian Railways sells stake in Vagonremmash to TSA for RUB 2.501 billion

On June 6, JSC Train Service Alliance (TSA) acquired 75% less 1 share in OJSC Vagonremmash from JSC Russian Railways, the Vedomosti informed.

It will be recalled that JSC Russian Railways held an open tender to sell the stake in February 2014. The sale was pursuant to order 16-r of the Russian Government as of January 26, 2012 and the decision of Russian Railways' Board of Directors as of December 23, 2013. The tender result was announced on April 11.

JSC Train Service Alliance bidding RUB 2.501 billion was declared the winner. In May, Russia's Federal Antimonopoly Service greenlighted the transaction.

Following the deal, Russian Railways' equity stake in Vagonremmash decreased to 25% from 99.99%.

JSC Train Service Alliance (TSA, tax number: 7702577120) performs comprehensive strategic and operational management of rolling stock repair and maintenance projects, so as to improve the quality of repairs, cut maintenance costs between repairs, reduce out-of-operation periods for cars under repair by introducing cutting-edge management and production techniques, constantly enhancing and developing production systems.

OJSC Vagonremmash (tax number: 7722648033) is a subsidiary of JSC Russian Railways established in 2008 as part of the railway system's reform based on three car-repair plants in Voronezh, Novorossiysk, and Tambov. The company is engaged in the overhaul of passenger cars, repair and rearrangement of sets of wheels, production of spare parts.

JSC Russian Railways (tax number: 7708503727) was established on November 1, 2003 on the basis of the Ministry of Railway Communication. The state holds 100% of the company's shares which owns a railway system stretching ca. 85,500 km. The company's authorized capital is RUB 1.919 trillion.

IFRS net profit of Russian Railways for 2013 dropped 2.55 times to RUB 36.722 billion from RUB 93.685 billion the year before. Revenue increased by 14.45% to RUB 1.763 trillion from RUB 1.54 trillion, operating profit adjusted for budgetary subsidies decreased by 24.41% to RUB 122.991 billion from RUB 162.716 billion, pre-tax profit 2.33 times to RUB 59.976 billion from RUB 140.036 billion. EBITDA decreased by 6.57% to RUB 332.9 billion from RUB 356.3 billion.

According to the DataCapital information retrieval system, RAS net profit of Russian Railways for 2013 dropped 19.07 times to RUB 740 million from RUB 14.11 billion the year before. Revenue increased by 0.77% to RUB 1.377 trillion from RUB 1.366 trillion, sales profit decreased by 12.81% to RUB 58.78 billion from RUB 67.415 billion, pre-tax profit 3.41-fold to RUB 19.399 billion from RUB 66.153 billion.

RAS net loss of Russian Railways for Q1 2014 was RUB 10.239 billion against a profit of RUB 10.897 billion the year before. Revenue increased by 1.27% to RUB 342.934 billion from RUB 338.638 billion.

"AK&M", 10.06.2014


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