Alexander Dolgin collected 80 billion from interest holders and fixed a "hole" of 16 billion rubles

The head of the Urban Group said in an interview that he was ready to give his company for 1 ruble, if there were no additional claims against her. According to experts, the company could function as a financial pyramid.
Origin source
"Now there is colossal juggling with numbers with many zeros"

- What is Urban Group's portfolio of projects?

- For all projects of the Urban Group - it is 2.137 million square meters. m. Of them under construction - 774 thousand square meters. m, the rest has not been started, some have received building permits.

- What is the volume of problem housing now we are talking about?

- Now there is a colossal juggling with numbers with many zeros, and the damage is estimated even more than all sales of the company. But the situation is different. All apartments in the company's projects and houses are divided into three groups. The first is legally problematic houses for which the delay is nine months. This is just one house, and to complete it, you need only 6 million rubles., Which is 1% of its estimated cost. This house is ready for 99.9%, with the availability of financing it's about a week of work or even three days. There you only need to put the marafets and pass them.

The second group is the houses in which construction is started and sales are started. Here in this group of houses 16 904 apartments, out of them about a third, 5368 apartments, are in arrears. The required total budget for the completion of all houses under construction is about 15-16 billion rubles. At the same time, in order to complete the houses with delayed entry, you need 2 billion, which is equal to the average monthly revenue of the Urban Group.

There is a third group: houses in which there are no sales, they are free of obligations. For these houses, the projected financial results, revenues, at minimum prices [per sq. M. m], and if you take away all the costs that are needed to fulfill the obligations of the second group, you will get a net income of more than 26 billion rubles. If you take prices a little above the conservative plus 5%, the income will be 32 billion rubles. And with a slightly optimistic version - the minimum prices, plus 10%, or 88 thousand rubles. for the square. m, is 38.2 billion rubles. net income. Here are the company's results.

Based on our calculation, within a year and a half, you need to invest approximately equal shares of 800 million rubles. per month, totaling about 16 billion. As a result, these investments will pay off, the project's profit will be from 32 billion to 38 billion rubles. The project has profitability, and it can be financed on commercial grounds. It will be very a pity if the financing will burden the state. In the coming days, the situation should be determined: whether the process will go through rehabilitation with the help of the state budget or through business investment. I believe that it is right to invest business money, and not to spend state money. I will do everything to make an agreement with investors, and I am ready to accept any conditions. Including I am ready to transfer the company for a symbolic fee - for 1 ruble, but on condition that it will not be claimed. In the past, in the future and so on. I'm ready.

- Who are these investors?

- The largest banks are Promsvyazbank and VTB, as well as large business companies. This is a pool of investors. Now there is an interaction with authorized state bodies, as these investors realize their intentions. The question is being decided whether it will be possible to agree.

- With these companies do you have oral preliminary agreements or something signed?

- These companies looked at all the invoice for us, it's easy. For example, Promsvyazbank has been lending to the company for many years, and he knows it well. I have verbal reports of a positive decision, now it must be in legal form

- At what level is this solved?

"At the highest office level." According to my information, at the level of interaction with the Fund for the Protection of Citizens' Rights [participants in shared construction] and Deputy Prime Minister Vitaly Mutko. I am waiting for an invitation to business negotiations, during which I intend to show goodwill towards the public good. And the public good is to complete the apartments for people, use commercial money, not state ones, to save the company's employees, who are now not very sweet and who together with me fully realize and take responsibility for what is happening.

- And investors will have to give 16 billion?

- Yes, within a year and a half, maybe a little more. It also depends on how quickly the reputation of the company will be restored and how quickly the company will be able to sell and restore its own cash flows. This can be done relatively quickly. I think within a month when making positive decisions and stopping the rocking of public opinion.

The company and I personally have several important tasks in connection with this. First, how can it be more efficient to pass the baton to investors or the fund in order to deploy the work as quickly as possible. Now it can still be done, because the company has a team that carries its genetic code and knows where the switch is, where the houses are connected, what nuances there are. Secondly, I'm interested in the projects being built in the form in which they were designed and announced to buyers. I know that the Shareholders Protection Fund intends to do it exactly in this form, and this is a very constructive positive intention. Now my efforts are directed to maximally keep the company and construction sites in such a state that they can be quickly renewed. If this is not done, the transfer process may take years.

- Operational management of the company, as you think, should you, or someone from the group of investors, or "Dom.RF" have to implement?

- I am ready to act in the role that the government body and investors will determine. I am ready for all my knowledge - knowledge of the team, knowledge of the nodal points to transmit. Ensure the most smooth transfer of all cases. I'm ready to finish everything I started. Any mode that will be considered effective, I will accept. I started managing the company a month ago as an anti-crisis director, for which time I received the results of two audits - internal, done by the company itself, and external. I got a detailed picture of each house: how much is built, how much to build, how much to sell, the balance for all houses, for all projects along and across. This picture is in stock. In parallel, an audit is conducted by Ernst & Young, attracted by Dom.RF. I welcome this.

- When will the results of this audit?

- At a meeting with the vice-president of the government, which was in the Saturday before last Saturday, I heard that Ernst & Young asked for ten days. So, this is about to happen, we'll see. I am waiting for these results. I'm against circulating figures from the bald, and exaggerated many times, inciting unnecessary. It is a question of some crazy thousands of deceived co-investors - and in the completion of only one house, which needs to be completed in a week.

"The company overestimated its strength in the rehabilitation of SU-155"

- Why did the situation arise in principle, which is now unfolding?

- The company overestimated its strength in the reorganization of the SU-155 and in the project "Laikovo", assuming financial obligations and having fulfilled them by approximately 4 billion rubles. But this is her and knocked down. That is, in these difficult conditions, management failed to manage. In a difficult situation, management has made failures ranging from errors to negligence and even abuse. Total for this project was invested 10 billion rubles., And the proceeds collected 6 billion rubles. Here these minus 4 billion rubles. and formed what the company stumbled over. It was necessary to look more closely at the commitments and take a realistic position. In addition, the project "Laikovo" for the last year and a half was banned by the Supreme Court, which reversed the decision on land management. While at the moment in April, a positive decision was made in favor of Urban Group due to the work of the governor of the Moscow region, thanks to the work of the Ministry of Construction, but two and a half years since its launch, the giant project was banned. What this led to: about half of buyers refused to purchase, and the other half agreed to buy, reasonably demanding a discount for this uncertainty. Therefore, the construction of a whole city (area 116 hectares - RBC), a giant project, practically took off, like an overloaded liner, it was very difficult for him.

After the appearance of this cash gap, the blocking of equity participation agreements arose, the process went on increasing. Problems the company has, but they are repeatedly exaggerated. We uncovered misappropriation of funds, construction violations, other dregs, etc. But in fact, the main thing is that the company stumbled. The balance of the company is highly positive - from 26 billion to 38 billion rubles. depending on the forecasted prices. The ideal solution in terms of the economy would be the continuation of construction through escrow accounts, when the bank finances, I hope, at a not very high rate the construction of houses before they are completed, and they can be sold only in the finished form.

- Why did you take the SU-155 project - did not evaluate the risks?

- The Urban Group saw its mission and I personally was to create in the country samples of comfortable housing for the middle class in the mass segment. In fact, Urban Group was building a business class and selling it at the cost of the economy class. The same exactly the houses located in Moscow, are three times more expensive. But we have learned to build these houses extremely economically. Yes, all the beauty that is invested in them, which at the initial calculation was 10% of the investment value, in reality cost more. Objectively, we trained. But in any case, this is a fraction of what other companies in the market can do. So when it was possible to build not just a project in the form of one district, but a real city, it was a dream. Here dreams and mission led to the fact that the company overstrained.

- It seems that you are distancing yourself from the history of the SU-155, because they did not conduct operational processes then?

- The company had a CEO; I am a shareholder, I worked on development, I received only generalized information, I did not plunge into the company's holds. This is a very complex design, over which the best minds have worked. But I did not know that the project would be banned by the Supreme Court, at that moment and that it would last two and a half years.

- The General Director, of which you are speaking, is Andrey Puchkov, he owned a stake in the company. Now he remains a shareholder?

- It was an unformed share. At the moment, he is not a shareholder or general director of the company, as we have diverged in views on how to manage. I also saw that the funds were not being sent to the projects they were supposed to.

- Misappropriation of funds? Perhaps some kind of judicial or criminal prosecution? Who is guilty?

- It's now revealed an audit. I have not yet received an assessment of this. About the prosecution without comment - it's not my business, there are authorized bodies on it. I fulfilled my first task: I explicated the real economic situation of the company, I understand its real economy. Timely rendering of assistance now will allow the company to recover very quickly and begin to build at double speed. If this help is not provided, there will be the same thing that happens in conventional medicine.

Now much effort and attention is drawn to getting to the root of the causes of the past. I would very much like to see the same activity in the present and in the future. The question is whether everything will be frozen for a year and then somehow recovered from the ashes, or everything will be transferred as high handicraftsmen pass the baton and it will go on.

Other question, with my participation or without my participation [there will be a process of restoration] is how they will decide. I accept responsibility for what happened, as a shareholder, I had to follow. Overlooked.

"A financial hole is a perishable product in a store"

- Do you have a version, where did the assessment of the financial hole in the company go up to 50 billion rubles?

- This is what I call juggling. First, what is a company hole? The balance of the company is positive, from 26 billion to 38 billion rubles. Yes, the company has a cash gap, I called it its size - it's 800 million rubles. per month of investment. Imagine that we are working in a fish store, we turned off the refrigerator with seafood and said: "Well now, how will you sell, what is your financial hole?" A financial hole is a perishable product in a store. If you can sell on and turn on the refrigerator, then another. If you restore the reputation of the company, if the collective of investors comes here, if there is a builder, then everything turns out. Then it returns to the channel of a normal development project.

- But now the refrigerator is off: Rosreestr does not register contracts with customers. The sound explanation for this - the company ceased to deduct money to the Shareholders' Fund.

- It's not like that at all. All the money in the fund is listed. We wrote a lot of letters, requests, complaints about this. For a while this was called a technical error, then somehow, but there is no official answer. I have a feeling that there are certain forces that are interested in juggling numbers, but their motives are not clear to me. The

- How did the decision on the actual sanation of the company come about at the expense of the fund, which was announced last Friday, on June 1?

- Unfortunately, I was not given information on this publication [Dom.RF], so I can only guess. I know about this exactly as much as it is written on the site "Dom.RF". I do not fully understand this, for example, does the fund's involvement involve the company's interaction with investors. Hope so. There are specific mechanisms, but their specific design or scheme has not yet been brought to me.

- That is, there was no consultation with you on this issue?

- I would like more consultations with me, especially since I have figures for which I answer. I would like such consultations to stop speculation and inflating what is actually an order of magnitude smaller than what is being said.

A positive decision of investors was reported to me on Friday evening, June 1. And exactly at that moment, it coincided when the information published by the authorized body of the government was published on the "Dom.RF" website.

- But have you already informed your position before the Ministry of Construction or "Dom.RF"?

"Here's the message."

"Beauty demanded victims"

- Do you have debts to contractors?

- And the contractors in relation to the company. And in general, this accounts receivable and accounts payable at the level of 1 billion rubles. somewhere balanced.

- What is the volume of the loan portfolio of the Urban Group?

- The total amount of loans for development projects - 6.4 billion rubles. from eight banks: Sberbank, Russian Capital, PSB, Moscow Investment Bank, Vozrozhdenie, MIA Bank, Troika Dialog, SDM. All in roughly equal amounts: the minimum [loan amount] - 400 million rubles., The maximum - in the "Russian capital" - 1.424 billion rubles. Such a portfolio, based on the assets of the developer, is considered a relatively low load in the industry. This is approximately less than a third of the company's annual revenue.

- No maintenance problems in the current situation?

- Interest is paid. Difficulties arose over the body of the loan, in which there was a delay in payment of MIA Bank. On April 28, the body of the loan was not repaid, since the funds had to go to the construction site. Interest is serviced.

- It turns out, those who undertake to save the company, investors will need to solve other issues with loans?

- Yes. And this seems to be the preferred option for attracting commercial investors to banks. Because if it goes under the strict scenario, then the banks will not be in the first line.

"On a hard one, do you mean if there is a bankruptcy?"

- I do not know now the forms that will eventually be accepted by the Fund for the Protection of Co-investors. I just said that my interest to start construction as soon as possible.

- The situation that has arisen with the Urban Group - a single case and a combination of circumstances, or you can predict that such a situation in the current situation on the market can happen to other companies?

- An aggravating circumstance for the Urban Group was the desire to build beautifully, and beauty demanded sacrifices. I personally invested in this company very large funds at the start - more than 4 billion rubles., Or taking into account the difference in rates of about $ 100 million. These same projects were not taken from nowhere, no one then credited them in 2005-2006. Consider the means I lost. Yes, I admit that I overlooked it, but I lost everything for it. The company, whose capitalization two years ago was calculated in large amounts, is now of interest only to strong groups. Because if to it still any time to not give money will be, as in a refrigerator with seafood.

- So, you have a unique and unique case and other companies can not be in this situation either?

- If I were put on the table of the auditor's report about other companies, I could judge reasonably.

- Now the construction industry has a new vice-premier, a new minister. Did it somehow affect you or the market?

- Hard to say.

- Relations with the previous leadership of the construction industry were better?

- No. As I can see now, they were debugged by the former CEO in far from the best way.