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M&A: FAS Russia greenlights purchase of Derevoobrabotka-Proekt by Sistema

Russia's Federal Antimonopoly Service approved the acquisition of a 100% equity stake in Derevoobrabotka-Proekt LLC by Sistema Joint-Stock Financial Corporation, the regulatory body informed.

It will be recalled that in April, LesInvest LLC was reported to have signed the legally binding agreements to purchase 100% of OJSC Segezha Pulp and Paper Mill and 100% of Derevoobrabotka-Proekt LLC from JSCB Bank of Moscow. The transaction will cover all of the bank's receivables from these companies, Sistema JSFC informed. As was reported, the transaction was expected to be finalized before the end of the third quarter of 2014 subject to approval by competition authorities.

The core business of Derevoobrabotka-Proekt LLC (Moscow) is property investment.

Sistema Joint-Stock Financial Corporation (Sistema JSFC, tax number: 7703104630) is a public diversified corporation providing services to more than 100 million consumers related to the following industries: telecommunications, high technologies, fuel and energy, radio and space technologies, banking services, retail trade, mass media, tourism and medical services. The company was established in 1993.

The authorized capital of Sistema JSFC is RUB 868.5 million represented by 9.65 billion common shares at par value of RUB 0.09.

Adjusted net profit of Sistema JSFC as per US GAAP for 2013 grew by 11.1% year-on-year to $2 billion. Consolidated revenue grew by 5.9% to $35.9 billion, adjusted OIBDA by 5.8% to $8.9 billion.

According to the DataCapital information retrieval system, RAS net profit of Sistema JSFC for 2013 grew twice to RUB 133.893 billion from RUB 62.664 billion the year before. Revenue increased 1.8-fold to RUB 47.238 billion from RUB 26.46 billion, GP 1.8-fold to RUB 47.204 billion from RUB 26.349 billion, pre-tax profit twice to RUB 141.101 billion from RUB 60.982 billion.

Joint stock commercial bank - Bank of Moscow OJSC (tax number: 7702000406) established in 1995 is among 30 major Russian banks. Its authorized capital is RUB 27.175 billion. As of December 31, 2013 the group operates in Russia through a parent bank with a regional network of 11 branches and one subsidiary bank. The group operates outside Russia through two subsidiary banks in Belarus and Ukraine.

Bank of Moscow is a financial agent of the Government of Moscow on investments, as well as an authorized bank for issuing and servicing the bonds of Moscow city.

IFRS net profit of the Bank of Moscow group for 2013 grew by 33% to RUB 37.7 billion. Assets increased by 25.96% reaching RUB 1.629 trillion at the end of 2013.

RAS net profit of JSCB Bank of Moscow for 2013 net of events after the balance sheet date decreased by 3.9% to RUB 7.893 billion from RUB 8.215 billion the year before. Pre-tax profit decreased by 3.8% to RUB 11.133 billion from RUB 11.578 billion.

"AK&M", 27.05.2014


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