Very interesting interview, I advise you to read.
FAS has allowed the alliance Renault-Nissan to buy a controlling stake of AvtoVAZ. The final parameters of the deal the largest shareholders of the plant ("Russian Technologies", Renault and the "Troika Dialog") discussed by the Board of Directors on Wednesday, legal agreements for its planned in December. How will the biggest deal of the Russian car industry, "b" said director general of the state corporation "Russian Technologies" Chemezov.
— In May, it was reported that the Renault-Nissan Alliance will acquire a controlling stake AvtoVAZ not directly, but through a joint venture in stages. Why is so difficult to deal structured?
— We decided to send a packet through a joint venture, simply because it’s more convenient for everyone. We agreed that we create a joint venture in which the final ratio will be 67.1% share of the alliance, and 32.9% — in the "Russian Technologies". "Troika Dialog" there, of course, will not be. If you count our share in the joint venture for shares AvtoVAZ itself, it turns out that 50% plus 1 share will be at Renault-Nissan and 25% plus 1 share — we. That is, the total number of shares of AvtoVAZ, which will own the joint venture — 75% plus 2 shares. In May, we entered into a framework agreement of intent, which was registered mutual desire to enter into future contractual relationship. Then the procedure was initiated due diligence and preparation of legal documents. On Wednesday, the Board of Directors passed AvtoVAZ. We met again and agreed with Mr Ghosn (President of the Renault-Nissan. — "B") that in the middle of December, he will fly to Moscow and we have final legal sign a joint venture agreement and the unification of all of our shares.
— When the deal is closed?
— The contract will provide for milestone payments "Troika Dialog", in which Renault-Nissan buys the entire package. As well as the purchase of a package of "Russian Technologies". The final closing of the transaction is scheduled for July 2014.
— What will be the total cost of the package?
— That I will not tell you a trade secret.
— In May, I remember, it was said that a $ 600 million package will cost, "Troika Dialog" and $ 150 million — a package of "Russian Technologies".
— The total amount of the transaction may change.
— But judging from the declared value of the package and in the spring compared with the market value of the shares, the package will cost the Renault-Nissan twice as expensive as the market …
— This is not the case. If it was twice the price, I do not think that they would not buy. Package price is calculated from the perspective of AvtoVAZ, market share, which he occupies. In addition, it comes to buying a controlling stake.
— Why Renault-Nissan were not immediately sign a legally binding agreement?
— We have moved to sign the contract before the end of the year, as it was necessary to complete the due diligence. First of all, Renault-Nissan pay attention to the environmental component. Alliance raised the question of whether he was ready to take responsibility from the moment when he will own a controlling interest, but is not ready to answer for what it was before. In addition, there was a problem with the "Autostadt-Water", which is currently on the balance sheet of AvtoVAZ and provides water Avtozavodsky district of Togliatti. It was the only hitch. The fact that the company has a license to operate in the field of water purification. The Russian legislation has restrictions on foreign participation in such objects strategic purpose. It was necessary to take into account the position of the FAS, as the "Autostadt-Water" — is socially important strategic asset. Thus, its presence on the balance of AvtoVAZ complicated part Renault-Nissan alliance in the joint venture. But the asset will be transferred "Russian Technologies" at the expense of AvtoVAZ’s debt, paving the way for the approval of the government of the whole transaction.
— As for the other non-core assets AvtoVAZ — whether the issue of the transfer of the balance of the plant with the main obstacle to a deal?
— This was not the primary but significant factor. Another obstacle was the duty of AvtoVAZ in front of "Russian Technologies", however, the transfer of non-core assets for debt has greatly contributed to this issue. Just a crisis to support AvtoVAZ has been allocated 75 billion rubles. as a loan. A loan of 25 billion rubles. we rolled over to 2032. About 28 billion rubles., Which remain as loans under agreements to deal with Renault-Nissan, also prolonged until 2032. And thanks to the additional shares and the purchase of non-core assets, we have written off a third of the total debt. Among the non-core assets to be purchased by us — "AvtoVAZ-Trans", evaluation of which we plan to complete soon, Volga Engineering Works, "Lada-tool" factory of artificial surfaces, "Autostadt-Water". Corporation has already acquired "Tevis", which deals with heat supply, electricity supply company and Togliatti shares Nomos-Bank.
— As a further non-core assets of AvtoVAZ will be built into the structure of "Russian Technologies"?
— For example, we took AvtoVAZ Energy Retail Company "Tevis". Now the corporation creates an energy holding company "PT-Energo", in which will be consolidated other similar assets. "AvtoVAZTrans" will be integrated into our logistics holding. Volga Machine-Building Plant, which manufactures tools, machine tools, robots, and "Harmony Instrument" will be included in the "RT and Tools’. This is a machine-tool holding "Russian Technologies", which we also created. That is all that was non-core to AvtoVAZ, for the corporation — profiled.
— Non-core assets will be taken only "Russian Technologies", or they will be sold, including the market?
— Some assets are we really going to sell.
We collect all of these companies are not in order, so you have to keep yourself and to attract investors. Here, for example, AvtoVAZ. We brought him up, cleaned out of unprofitable businesses, cut unnecessary costs.
Today it is a very interesting asset for the investor. As soon as we create a profitable and interesting for investors product, we immediately deduce it for an IPO. On Tuesday, the board of supervisors was held corporation, where we approved the program of our IPO holding companies. In the years 2016-2017 plans to IPO seven companies, it is — "Helicopters of Russia" NPK "Optical systems and technologies", "Russian electronics" concern "Aircraft Engineering" Concern "Radio-electronic technology," the DCS and the "Biotechprom." Now of course they are not yet ready for the IPO. But the most important thing is that the market is not ready yet.
— The management of the plant will change seriously after the Renault-Nissan will take control? This will be addressed in the final agreement?
— On Wednesday, we were just discussing the matter with President Renault-Nissan Carlos Ghosn. The French side, on the contrary, is interested to preserve the Russian staff in a ratio which is today. There were no significant changes in the management is not going to happen.
— President of AvtoVAZ will on the Russian side or the French?
— While Igor Komarov (President of AvtoVAZ. — "B"), they are quite satisfied, and they a
sked to speak to him, that he worked as long as possible.
— As will be allocated seats on the board of directors?
— Changes in the board of directors, of course, occur. Until mid-2014 the representatives of "Troika Dialog" in it remain. But once the deal is closed, they come out of the Board of Directors. As for the post of Chairman, we have an agreement with Mr. Ghosn, we will lead the board at a time. Until the middle of 2013 I will be the chairman. In June of the next scheduled meeting of shareholders, and he will lead the council, I will become deputy. After a year’s switch.
— You said that one of the factors in evaluating the package AvtoVAZ is the market share occupied by the plant. But against the background of the completion of the recycling program’s market share declined, it is now a little more than 18% …
— On average, 20% in 2012, in August — 21%. On board we discussed this matter, and Mr Ghosn stressed the need to increase the market share of AvtoVAZ. Since Renault wants to increase the share, he is interested in is to keep the brand Lada cars and that the brand occupy no less than 25%. Together alliance Renault-Nissan and AvtoVAZ have to take a 50% market share. Opportunities for that.
— What’s in the Renault-Nissan think about the current strategy of AvtoVAZ?
— Strategy we have just changed. The French side has set the task to Lada held a market share of at least 25%. We looked at how much additional investment is necessary in order to carry out a deep modernization and attract more modern technology. We agreed that we would use for the production platform including Renault-Nissan, and they will take the platform Kalina.
— Now the situation in the world economy is not simple. The car market is against this background slowing. What steps are being taken, "Russian Technologies" AvtoVAZ and again to not get into a situation of 2008-2009?
— We have already taken a number of steps, primarily engaged in manufacturing the maximum number of models. The more models, the more we are insured against various risks. We today have a Lada Priora, Kalina, Granta, Largus. Autumn on the B0 platform will launch production of cars Nissan Almera. In the first half of 2013 to begin production and sales of the new Lada Kalina, a little later — car brand Renault. In early 2014, is planned to start production of cars Datsun, created on the platform VAZ Kalina. Brand Lada, according to conservative estimates, is worth more than $ 1 billion — is a great asset, which, of course, will be saved anyway. In addition, since 2008, is optimized staff with 110-115 thousand to 66 thousand We have already announced that we optimize the number mainly due to personnel, that is not working, and management.
— Renault-Nissan plans to further compress the staff?
— No. On Wednesday, just on this topic on the board of directors had a conversation. At the moment, the number of workers is already minimal. On the contrary, the more we will be producing cars, the more we need highly skilled professionals.
Today is already over Largus place. So now the task is to increase the number of produced vehicles of this model.
— What financial instruments, in addition to expanding the model range, are planning to use to optimize financial risks? The issue is not only AvtoVAZ, but also, for example, KamAZ, because the segment of commercial vehicles fastest responds to fluctuations in the economy.
— In the automotive industry it is very difficult to hedge risks. Unfortunately, no other way, except for financial support from the state, so far no one has come up. The Americans kept all their auto plants, and Europeans also provided financial assistance to someone just gave money forever, and someone gave a return as we are, but in the long term. Something new I can not think of. In addition, the need to diversify production, and this applies to the lineup.
— Maybe the second state program scrappage help?
— As you know, in September in Russia to operate recycling, it is accumulated in the funds. While the decision as to spend the money, do not. We want to propose a scheme in which the funds would be allocated for recycling, that is issued to the owner at the time to recycle your old car as a bonus for buying a new one. If such a scheme is adopted, then it is a lot of support from our automobile industry. I emphasize that while the solutions do not exist, it is our desire. But we are preparing a proposal in this regard.
— What other tools are?
— Exemption businesses from unnecessary financial burden. When we came to AvtoVAZ, it hung half of the city: the ordinary and special schools, stadiums, hospitals, health centers, bus park. Just as in Soviet times. The company in market conditions can not survive without government support, if such a burden to keep. Now we complete the withdrawal of non-core assets, and the company becomes more efficient — shows a profit, there is interest from investors. In the first eight months of 2012, AvtoVAZ profit of 1.3 billion rubles., Which predicts a positive financial result for the year.
— But in 2010-2011, AvtoVAZ profit was formed due to the discount interest on loans "Russian Technologies", that is, it was a paper. This year, the same situation?
— I would have disagreed. The fact that in 2011 the income of AvtoVAZ matched in size to the positive effect of the revaluation of interest-free loans "Russian Technologies" — it was an accident. On the one hand — yes, the plant received a "live" money, which is always beneficial because it gives the opportunity to develop, to close loans, etc. At the same time, the plant had been cut costs, and the corporation took into account these debts part of non-core assets . So it’s not paper, it is "live" money, which was just released, so as not spent on the content of the undertakings to which AvtoVAZ has a serious attitude. This year the plant made a profit only through the production of cars.
— But it will be lower than in 2011?
— It is too early to sum up the year. We’ll see. Lowering may be, I agree. After all, we have already talked about what support AvtoVAZ as the recycling program was serious, but it ended. Through this program, AvtoVAZ has earned, and just survived the crisis.
— What is the strategy of the joint venture "Asia Auto"? Why is it interesting to AvtoVAZ Kazakhstan? What models of Lada will be released there?
— Under the agreement, by 2014 at the site of "Asia Auto" in Ust-Kamenogorsk will be set up facilities for welding, painting, assembly of vehicles and automotive components in the production of up to 60 million units per year. In the second phase of the project capacity will increase to 120 thousand cars per year. Lineup will include cars Lada Granta, the new Lada Kalina. Also considering the possibility of producing other models Alliance and AvtoVAZ in SKD mode. Today Lada — the best-selling cars in Kazakhstan. In 2012, sales of Lada cars in the country at 35 million and will take 37% of the market. Create a new venture will strengthen the presence of AvtoVAZ in Kazakhstan, as well as in the markets of Central Asia and the Caucasus.
— At what stage transaction for the sale of KamAZ Daimler? You talked about the beginning of 2013. It will also be a Complex, as in the case of AvtoVAZom?
— I do not rule out that there can be such a bargain. But so far we have not taken a final decision.
— The concern is that the blocking is also left out of KamAZ state corporation?
— Yes, of course. Minimum unit package. While the "Technologies" in Kamaz do not sell anything. Sells "Troika Dialog". We have the recommendation of the government to maintain at least a blocking stake in the automotive assets. We have 49.9% of Kamaz, and we’re not going to sell them. We st
ill such permission no one gave. But we’re going to put this package into a joint venture with MAZ.
— A Daimler supports the alliance with MAZ?
— We can not comment on the position of partner. I can say on behalf of "Russian Technologies": Daimler package is not smeared, because planned joint venture, which will be made Kamaz shares owned by "Russian Technologies" and MAZ shares owned by the government of Belarus. Joint venture will allow us to expand the market and make themselves in Belarus KamAZ, which later we plan to sell in Europe. Today Kamaz — it is a different machine than it was, say, even three years ago. We have new engines Cummins, new transmission, brakes and cabin, set up with Daimler. This is a European car by all standards. At the very least, we can quite compete with the Mercedes. We are trying to market to them to divide, not to interfere with each other.
— What is the strategy for further development of KamAZ? Will there be a joint venture with international players in addition to Daimler?
— KAMAZ has become a major international player. The development strategy envisages the expansion of the partnership with the German company Daimler, the supplier park development, the formation of strategic partnerships components. Decisions regarding the establishment of joint ventures will be taken based on the economic feasibility of such partnerships for Kamaz, and for the Russian economy as a whole. It is also planned to increase exports and create assembly plants abroad. By 2020, sales of art should be no less than 100 thousand units, 30% of them — is the share of exports. Revenue is expected at least 350 billion rubles., Operating profit before interest and taxes (EBIT) — not less than 31.4 billion rubles., Operating margin — at least 9% of revenue, investment — about 4% of revenue ( 12.6 billion rubles.).
— What’s going on with the package of the Yaroslavl Motor Plant (JMZ)? "RT-auto" has blocked a recent deal to loan modifications bank, because of this, even a conflict with a group of GAS …
— Unfortunately, it is a difficult situation. We have offered to sell our stake in 41.32% gas, because the holding is the majority — more than 55%, but we do not agree. Yet the processes that are taking place at the JAMZ, we are not satisfied. We therefore strongly against the extension of the loan. As an example, the fact that running a joint venture with Cummins engine manufacturing standard "Euro-4" took 3.5 billion rubles., The company has been working since 2009 and was ready for engine production level of the "Euro-4 "in the middle of 2011. JAMZ has already spent to date 12 billion rubles., And so far there are no results. It is not known when it will be released the promised engine. I will not say that he is better than the characteristics of Cummins. About the same.
But the difference between 3.5 billion and 12 billion rubles. essential. Another important question — when JAMZ will produce engines, to whom he would sell such volumes? KamAZu this engine is no longer needed. Planned MAZ, MAZ but does not produce the required amount of JAMZ cars. Therefore, we strongly against rollover JAMZ.
— Package "Russian Technologies" in the "MZ" are planning to sell?
— "Uralvagonzavod" wants to gain control of the company, we were offered a package of 35% in return for a package in the "motor-machine." While this is one of the projects of the transaction, as a result of which the corporation and receive Uralvagonzavod controlling interest in their companies.
— In 2011, "Russian Technologies" and Pirelli bought the "SIBUR — Russian Tires" Voronezh and Kirov tire plants. Why do you need this project?
— With Pirelli, we now have created a joint venture. Less than a year has upgraded today Voronezh plant — is the most modern in Russia the bus company.
All this is thanks to the support of Pirelli, who have given their technology and equipment. This is a strategic co-operation.
— As a result, "Russian Technologies" will come out of the joint venture?
— While Pirelli ask us to stay. Our share in the joint venture — 50 to 50. But in the long term, I believe, enough to leave a blocking stake. And then just walk away when the company will have to function normally. Pirelli now needs our support. Still, foreigners coming into a country, it is difficult to navigate on the situation, especially in a country like Russia. After all, we have our own specificity. Therefore, they need support, including administrative.
— What are the plans for the "tertiary care-Avisma"?
— To date, we directly owns 25% plus 1 share of the company. The balance of the mortgage from the bank, but all without collateral, we have about 75%. In the future we plan to consider the option of selling the shares. It all depends on the market conditions. But it is clear that a buyer will be considered either a Russian company, or one of the larger funds.
— There is a feeling that the "Russian Technologies" systemically out of most of the key assets, "Skartel" waste "MegaFon" AvtoVAZ — Renault-Nissan, in KamAZ comes Daimler. Is this true and what is that?
— Yes, because it is completely in line with our strategy — the development corporation. But if you compare the situation Kamaz, AvtoVAZ and "Skartel", they are different. "Skartel" for us was a very profitable business. Our package for the period of the joint venture with the "Megaphone" cost $ 250 million And now, joining the "MegaFon" will be even more expensive. In the future, we can use the money for any investment project that is fully consistent with the strategy of "Russian Technologies". As for KamAZ and AvtoVAZ, then we have there is a blocking stake, and we will continue to monitor these assets.
— As you can see the whole situation in the world economy in the short-term? Will there be a second wave of the crisis?
— In all likelihood, probably will. The situation in Europe is very difficult. Greece, Spain, Italy. Everywhere economy shakes. I do not rule out the possibility that the EU could fall apart. If you fall apart, of course, the euro will collapse. For Russia it is very painful, because we have a large proportion of foreign exchange reserves is in euros. But for corporations, too, because we have so many calculations are conducting in euros. So many problems can arise.
Brand Lada, according to conservative estimates, is worth more than $ 1 billion — is a great asset, which, of course, will be saved in any case
He was born on August 20, 1952 in the city of Irkutsk region Cheremhovo.
He graduated from the Irkutsk Institute of National Economy (1975) and the Graduate School of the Academy of the General Staff. He worked at the Irkutsk Institute of Rare and nonferrous metals and experimental-industrial association "Ray." Since 1983, he headed the office of "Ray" in the GDR, while being member of the security services. During this period, he met with Vladimir Putin. Since 1988 — Deputy Director General of Foreign Trade Association "Sovintersport." In 1996 he became Head of Foreign Economic Relations manager of President of the Russian Federation. In 1999 he became CEO of FSUE "Promeksport." Since 2000 — the first deputy general director since 2004 — General Director of "Rosoboronexport". 26 November 2007 was appointed CEO of "Russian Technologies". Member of the Bureau of the supreme council of the party "United Russia", headed by the Russian Engineering Union. PhD, head of the Department of Management in the field of military-technical cooperation and high technology MGIMO. He was awarded the Order of Honor, Friendship and &q
uot;For Services to the Fatherland" III and IV degrees.
But to simply provide state aid, as long as no one has come up. The Americans kept their company did and the Europeans
The French side has set the task to Lada took at least 25% of the market. Together Renault-Nissan and AvtoVAZ have to take more than 50%. Opportunities for that
Of the State Corporation "Russian Technologies"
Established by the federal law of 23 November 2007 on the basis of "Rosoboronexport" to promote "the development, production and export of high-tech industrial products" and "investment in various industries, including the military-industrial complex." Formally, as a non-profit organization, corporation derived from the application of the system of control of NGOs, it is not covered by the law on bankruptcy. In fact, it is the holding state-owned company with a special status and its affiliates may perform any actions on the market. At present, the corporation consists of 593 organizations, 339 of which are military-industrial complex. Total volume of work performed by organizations within the corporation defense contracts in 2011 amounted to 138.5 billion rubles. Among the most important assets — "Oboronprom" (58.32%), the Kamaz (49.9%), "VSMPO" (about 70%), "Izhmash" (57%), AvtoVAZ (28.98%) "Rosoboronexport" (100%), OOO "Skartel" (21.1%). In 2011, the net profit of "Russian Technologies" was 1.55 billion rubles.
PSOchen proud that Chemezov certainly talantlvy manager, went to my high school
PPS for those who have not seen, interesting, high-quality and funny movie: