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M&A: VTB Group acquires 5% of shares in TNS Energo for $30 million

Russian Commercial Bank (RCB Bank Ltd, a subsidiary bank of VTB Group) has acquired 5% of the shares in OJSC GC TNS Energo for $30 million. According to the group's statement, the transaction will mark the starting point of the companies' comprehensive cooperation.

"The cooperation with VTB Group, one of the largest international finance corporations, provides new development prospects to us. The successfully completed deal alone already proves that our new strategic partner has every confidence in us," said Dmitry Arzhanov, CEO of TNS Energo.

"The launch of cooperation with one of the largest electricity supply holdings in Russia is definitely beneficial for establishing a win-win cooperation with one of the leaders in the Russian electricity sales market, and generally for making a stronger footprint of VTB Group in the electric power sector," said Yuri Soloviev. First Deputy President and Chairman of VTB Bank Management Board, commenting on the transaction.

OJSC Group of Companies TNS energo (OJSC GC TNS energo, tax number: 7705541227) is operating in the wholesale electricity market and managing 9 power supply companies in 8 regions of Russia: JSC Voronezh energy selling company, CJSC Donenergosbyt, JSC Karelian energi-trading company, OJSC Kubanenergosbyt, OJSC Marienergosbyt, OJSC Nizhny Novgorod Power Sale Company, JSC Tula energy selling company, OJSC Energosbyt Rostovenergo, OJSC Yaroslavl Power Sale Company.

IFRS net profit of GC TNS energo for 2013 dropped by 48.59% to RUB 2.483 billion from RUB 4.83 billion the year before. Revenue increased by 32.52% to RUB 102.856 billion from RUB 77.617 billion, operating profit decreased by 32.51% to RUB 4.461 billion from RUB 6.61 billion, pre-tax profit by 41.31% to RUB 3.385 billion from RUB 5.768 billion.

According to the DataCapital information retrieval system, RAS net profit of OJSC GC TNS energo for 2013 was RUB 2.111 billion. Revenue reached RUB 3.885 billion, sales profit was RUB 1.612 billion, pre-tax profit totaled RUB 2.39 billion.

RCB Bank Ltd is a major international bank, one of the leaders of the banking sector of Cyprus. Established in 1995, RCB Bank Ltd has since been implementing a universal banking business model providing services to thousands of international and local clients. The bank which is part of VTB Group has branches in Cyprus (Limassol and Nicosia) along with representative offices in Moscow and London.

JSC VTB Bank (tax number: 7702070139) ranks second largest Russian bank after Sberbank in terms of assets. The state's share in its authorized capital is 75.5%. In Russia, VTB Group performs banking operations through one parent bank (VTB Bank) and six subsidiary banks (the largest of them being VTB 24, the Bank of Moscow and TransCreditBank). Outside Russia, the group performs operations through 15 affiliated banks located in the CIS countries (Armenia, Ukraine (2 banks), Belarus (2 banks), Kazakhstan and Azerbaijan), in Europe (Austria, Cyprus, Germany, France, the UK, and Serbia), Georgia, Africa (Angola) and through two representative offices located in Italy and China, through its two branches in China and India and through two VTB Capital Plc. branches in Singapore and Dubai.

IFRS net profit of VTB Group for 2013 grew by 10.9% to RUB 100.5 billion, net profit for Q4 2013 went up 79.3% to RUB 54.5 billion. Net interest margin in 2013 increased by 31.3% to RUB 323 billion, net fee and commission income by 14.7% to RUB 55.4 billion. In 2013, the Bank's assets increased by 18.2% reaching RUB 8,768.5 billion as of December 31. 2013.

Net profit of JSC VTB Bank in 2013 net of events after the balance sheet date grew by 62.9% to RUB 35.119 billion from RUB 21.561 billion the year before. Pre-tax profit increased by 61.76% to RUB 35.385 billion from RUB 21.875 billion.

RAS net profit of VTB for Q1 2014 grew 4 times to RUB 5.8 billion from RUB 1.403 billion for the same period in 2013. Pre-tax profit also increased 4-fold to RUB 5.747 billion from RUB 1.451 billion.

"AK&M", 23.05.2014


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