How to gain control of the alcohol market in five years

It took about five years for businessman Valery Yakovlev to get control over nearly half of the alcohol production in Russia. Now he is preparing to sell his assets to Rosspirtprom.
WHY "Rosspirtprom" MUCH ALCOHOL

What 'Rosspirtprom "needed to buy the business from Yakovleva? After gaining control of the production of alcohol, the government will reduce the share of illegal alcohol, Lavrentyev said. The fact that the state company buys its former factories, she sees nothing surprising in due time "Rosspirtprom" had no money to modernize, and the new owners were able to invest in the reconstruction of enterprises. Now, however, "Rosspirtprom" have the opportunity to return the assets in good condition, she said.

A person close to Rosalkogolregulirovanie, calls another reason. At the department there were many complaints about the work of the "Direct-holding" and some distilleries Yakovleva, he said. After the transaction "Rosspirtprom" gain control over the largest legal alcohol producers and Rosalkogolregulirovanie maximally complicate the work of illegal, it is divided into departments plans.

Illegal alcohol is really a lot. One only vodka in Russia produced more than can be done from the legal materials.

Actual state monopoly on alcohol on illegal producers will not be reflected, they will continue to work the same as before, warns former CEO "Rosspirtprom" Vladimir Ivanov. But on the legal - may well continues Drobiz. According to him, the creation of the state holding the alcohol, which will be forced to buy raw materials major legal distilleries will force withdraw from the market of small and medium-sized independent players.

"Rosspirtprom" is preparing to close any deal until the end of the year, but that it has yet to find a bank ready their profinansirovas. In most companies there is no money. Since 2010, the company's accumulated losses amounted to 1.4 billion rubles., The first net profit of RUB 105.5 million. "Rosspirtprom" was only in 2013

Under normal conditions, the transaction when a player buys a little more size, rarity, notes the analyst of the debt markets of BC "Region" Alexander Ermak. "We need to look for a bank software provides the buyer to calculate the economy", - he said.
In the case of "Rosspirtprom" to talk about the risks and no guarantees of market useless. "Most likely the funding comes under a certain political guarantees, or with the approval of the state, and they will be given loans at state banks. Therefore, the question of the risks in this case it is not necessary ", - said Ermak.

"Vodka and alcohol production is reduced for several years, and there are no factors for its further growth. We drop of alcohol consumption and alcohol business margin is very low ", - lists the risks analyst at one of the state banks. He suggests that market conditions "Rosspirtprom" it will be difficult to find financing. "Moneyeychas need a lot. The question is, what collateral and guarantees may provide "Rosspirtprom" the conditions under which the company is negotiating and who support it ", - says the analyst of a large private bank. According to him, if the "Rosspirtprom" will be able to convince the government that the purchase distilleries will help fight illegal manufacturers, the company will receive the necessary support and loans from state banks.

"Rosspirtprom" intends to regain its status as the largest alcohol producer in the country. In the summer it was reported that the state-owned company intends to acquire nine distilleries, including eight - with his former partner Valery Yakovlev. As found "Vedomosti", it is not a random person on the market. Yet since 2005, his company is the largest broker on the Russian alcohol market, and over the past five years, the businessman bought a dozen distilleries, which account for almost 50% of the production of alcohol in the country.

About the upcoming transaction told the Federal Antimonopoly Service. In July, it approved the application for the restructuring and subsequent sale of the actIslands Cyprus Ilmaren Trading, which owns vending "Rosspirtprom" enterprise. Since June 2014 Yakovlev owned 0.01% in this company, and 99.99% - in Harville Finance World with the British Virgin Islands whose owners are not known. The representative Yakovlev said that he is the sole beneficiary Ilmaren Trading. Restructuring might look like. Ilmaren Trading will resell one plant to another chain.

And the parent company of the new holding will plant "Kurskprodukt". Its something and buy 100% "daughter" of "Rosspirtprom" "United distilleries" (NEO), co-owned until 2013 was the same Yakovlev.

Also Yakovlev sell part of its business "Rosspirtprom" a major producer of alcohol from Kabardino-Balkaria Abazehov Hadith, the owner of the holding "Real", the well-known buying near Moscow "OST-Alco" assets. In August, "Rosspirtprom" announced plans to buy from Abazehova 50% in the distillery "Real" took him into their control before the transaction is completed. Abazehov confirmed "Vedomosti" agreement with "RosspirtpromIOM ".

The deal will allow "Rosspirtprom" to become the undisputed market leader. At the end of eight months of 2014 the four state-owned factory produced 8% of alcohol from food raw materials in Russia. Plant share Yakovlev - 44.6% of ethanol, "Rial" - 5.8%. Thus, if the state-owned company will be able to complete all the planned purchase of its share of the alcohol market will exceed 58%. Seriously, grow up, and financial performance. After all, revenue and net profit "Rosspirtprom" in 2013 amounted to 2.2 billion and 105.5 million rubles. respectively. Total revenue plants Yakovlev in 2013 was three times more - 6.5 billion rubles, net profit -. 7 times more (740 mln.). The "Rial", the figures were 1.2 billion and 2.2 million rubles.

According to a close "Rosspirtprom" man Yakovleva plants are 7-11 billion rubles, and 100% "Rial." - Up to 10 billion rubles. Director Vadim TSIFRRA Drobiz considers this estimate grossly overestimated:. In his opinion, the cost of plants Yakovlev - about 5 billion rubles, and the "Real" could cost 10 billion rubles. only together with its distribution and alcoholic beverage production.

The representative of "Rospirtproma "Anastasia Lavrenteva, Yakovlev and Abazehov these estimates do not comment, saying that the deal is far from complete," Rosspirtprom "is leading talks with banks on financing the purchase. It is not excluded that the list of the acquired assets will increase by three companies, so about the cost of the acquired assets will be only after the determination of the final list, adds Lavrenteva.

The initiator of the transaction with alcohol factories was "Rosspirtprom" recognize Lavrenteva and representative Yakovlev. Why the choice fell on state-owned factories Voronezh businessman? "Rosspirtprom" considering all options, but most plants Yakovlev is willing to sell and it is a very high-quality companies, Lavrentyev said. She recalls that the pilot project with Yakovlev "Rosspirtprom" started back in 2011, when the joint venture was established - NEO. The current deal - a logical completion of the project, said Lavrentiev.

Finnish partner "Rosspirtprom"

The joint project "Rosspirtprom" and Yakovlev Homepagel in 2011, when an unknown Finnish company Saimaa Beverages Oy announced its intention to invest in the Russian alcohol market is 217 million euros and to become a major player on it with their brands Saimaa vodka and "Wood". Finnish media after the announcement of a record investment in Russia Saimaa even accused of money laundering, the origin of which was not known - the Finnish company at the time was in the verge of bankruptcy. According to "RBC daily», in 2010 Saimaa turnover amounted to EUR 1 million, a net loss of - € 6 million.

Two years ago, "RBC daily», together with colleagues from the Finnish edition of Etela-Saimaa found that up until 2011 Saimaa was controlled by structures of the former deputy director general of "Rosspirtprom" and co-owner of a trading company "Alco-trade" Paul Kadushin. But in the summer of 2011 it bought Yakovlev. At least, he told reporters recently. Kadushin representative confirmed this "Vedomosti".

As soon coming to the Russian market, Saimaa announced the creation of a joint venture with "Rosspirtprom" - NEO. Shares in the company were distributed in the proportion of 49:51. It was assumed that companions will makeJV its alcohol assets. In September 2011, "Rosspirtprom 'Board of Directors approved the transfer of the company controlling stakes distilleries" Peschanskii "" Ethanol "" Arzamasspirt "and" Chugunovsky "locking in distillery. Contributions Saimaa steel Tula factory "Standard" and "Absolute".

But at the end of 2013 without giving any reason the transaction was canceled. Saimaa out of NEOs with Tula distillery. The sole owner of the NEO was "Rosspirtprom".

But Yakovlev, according to him, in 2014 sold Saimaa.

Consultant alcohol

"Yakovlev to information about the transaction with" Rosspirtprom "knew, maybe only a narrow circle of market participants", - says Drobiz. Mention of it until the time found only in Voronezh press calls him a junior partner of local businessman Nicholas Ulanov, the owner of the airline "Rusline" and development projects in the region. Familiar Yakovlev said that the businessman did used to work in a team, but recently began to work independently.

howHe told "Vedomosti" representative Yakovlev, a businessman is a beneficiary of the company "Direct-Holding" - the largest in nearly 10 years a mediator in the Russian alcohol market. Formally, it is this company has nothing to do, and interviewed by "Vedomosti" managers of vodka companies working with "Direct-Holding", information about Yakovlev was news.

According to registration data, JSC "Direct-Holding" was established in 2005, the manager of Maxim Yakovlev structures aristocrats for publishing and consulting. But a year later the company's CEO Andrei Markov (now working in NEO) told about the plans to occupy 11% of alcohol sales in the market of 6.8 million decaliters. In 2006, the portfolio of the company had contracts with eight major distilleries, including those who later became the property of Yakovlev. Two years later, the number of distilleries, which advised "Direct-Holding", estimated at 11-20, and the company was engaged in buying and reselling small regional distilleries, says CEO of a major beverage company.

Multiplayerlko interviewed by "Vedomosti" market participants believe that without administrative support "Direct Holding" would not be able to grow so quickly.

At the same time he "direct holding" alcohol is not sold - he only advised the plants and the commission was looking for them to buyers. In 2010, the Company was abolished, an autonomous non-profit organization was created in his stead (ANO) "Direct-holding." In 2013, revenues ANO was 33 million rubles, net profit -. 13 million rubles. Another 38 million rubles. Company sued in 2013 in distilleries "Mordovspirt" (owned by "Rosspirtprom") for advice, which since 2011 has provided modest financial performance "Direct-Holding" is not prevented Yakovlev become not only a major mediator in the alcohol market, but also the largest producer of We collected over several years, holding a dozen distilleries.

Consolidation bankrupt ...

Yakovlev began to consolidate the industry with factories bankrupt. Related structures and managers in those years participated actively in bankruptcy distilleries, previously owned "RosspirtProm ", according to the materials of arbitration cases.

So, Tula distilleries "Absolute" and "Standard", which plans to sell Yakovlev "Rosspirtprom" 13 years ago there were divisions of the company "Tulaspirt", the largest in the late 1990s. alcohol producer in Russia with a market share of 9%. "Rosspirtprom" belonged in "Tulaspirt" included 12 alcohol and distilleries, a majority union.

In 2002, "Tulaspirt" was declared bankrupt. Its assets were put into two companies and sold under the hammer. The second time they were declared bankrupt after five years. Their assets were again sold to the highest bidder. Finally, in 2010 JSC "Tulaspirt", which owned assets distilleries "Absolute" and "Standard", was declared bankrupt for the third time. It was at that moment appeared on the scene structure Yakovlev. Bankruptcy trustee "Tulaspirt" in 2011 was Eugene Persianov to this entry in Arskbanka board of directors, co-owner of which was at the time a businessman. Through this, the bank should go and all calculations in case of bankruptcy. Chaired the committee creditorss "Tulaspirt" Eugene Seregin Alexander Bavykin who led different companies Yakovlev. Company assets for 83 million rubles. purchased at auction "Agroinvest" (it has established Seregin) and "Diamond" Alexander Davydov, who previously headed the Voronezh company "Alcohol Alliance", indirectly owned by Yakovlev.

After several resales former property "Tulaspirt" appeared at the plants "Absolute" and "Standard", belonging to structures Yakovlev.

Tula "Zernoprodukt" also went through a series of bankruptcies, before get all Yakovlev. Distillery was still in 2000 removed from the state Efremov biochemical plant, and in 2007 the company was declared bankrupt. Its assets were transferred to OOO "Zernoprodukt", the founder of which was the Voronezh company "Flagman". The representative Yakovlev said that for "flagships" businessman to do. In 2011, "Zernoprodukt" was sold to the Belize offshore Tile Trading. Its owners are not known, but the company while the rest were decorated and distillerieskovleva. In 2014, "Zernoprodukt" moved to Ilmaren Trading.

"Kurskprodukt" and "Yerofeyev" were also established on the basis of former rosspirtpromovskih "Tetkinospirt" companies (Kursk Region.) And "alcohol" (Novosibirsk). In 2006-2007. companies were declared bankrupt. Plant in Novosibirsk at auction in 2009 for 12 million rubles. Novosibirsk businessman bought and then deputy of the Legislative Assembly of the Novosibirsk region, Vladimir Gorokhov, who established CJSC "Yerofeyev." Three years later, the company was resold structures Yakovlev, said his spokesman. The property and receivables "Tetkinospirta" for 83 million rubles. In 2008, the company got "Tehnogramma", among which was the aristocrats beneficiaries. After several resale property Kursk went distillery created in 2010 "Kurskproduktu". Ilmaren Trading Yakovleva acquired this company from individuals at the beginning of 2014

…and not only

But Yakovlev bought not only the property of the bankrupt state distilleries, but also existing companies. All of them were from the North Covease.

2011 was one of the most difficult for the alcohol producers: they ran Rosalkogolregulirovaniem issued in 2007 licenses. New has been difficult to obtain. For example, six months could not renew the license for small producers of alcohol from North Ossetia - DDD and "Prestige". So without a license, and they got a new owner - the company "Astek" controlled structures managers Yakovlev. The licenses were renewed, and the company's revenue went sharply uphill. DDD in 2012 received 460 million rubles. Revenue - 14 times more than in 2010 and the "Prestige", the figure has grown at all in the 54-fold to 364 million rubles. The following year, the Ossetian distilleries doubled revenue and among the ten largest producers of alcohol in Russia. The same growth shown and established in late 2010, Kabardian "Premium", it in early 2011, purchased from Tile Trading individuals. In the first year of the distillery showed revenues of 345 million rubles., In 2012 and 2013. it exceeded 1.3 billion rubles.

"At the time of acquisition of both the idle plant. Through effective management, modernization of production moschnosit was restored their efficiency, increased power generation output, and, consequently, increased revenues from sales ", - explains the success of representative Yakovlev.

A similar trend was shown all distilleries, inherited structures Yakovlev. In 2013, they accounted for 40% of the produced alcohol, whereas in 2008 and 2009. Only "Zernoprodukt" came from all eight of the top 16 largest alcohol producers. Its share was 11.5% in 2009.

This distilleries Yakovlev became not only the largest on the market, but the only alcohol suppliers to enterprises' Rosspirtprom. " So, in November - December 2012, the tender for the supply of "Rosspirtprom" alcohol involved only Kabardian "Premium" and Ossetian DDD and "Prestige". The winner always got a price of 514 rubles. 1 given independently from the starting price of lots.

In 2013 and 2014. won DDD and controlled by managers Yakovleva "Alyansspirt". This Ossetian distillery was established in late 2010, but gained only in 2013 to compete distilleries Yakovleva only Mordovian spirtzaodes, owned by NEO of 49% which was then at the Yakovlev. No matter who won, the winner is always the price was 436.6 rubles. 1 gave. "This is the minimum selling price for alcohol [37 rubles. . For 1 liter in 2013-2014], set Rosalkogolregulirovaniem plus VAT ", - says people close to the" Rosspirtprom. " He says he did not know why at the auctions won only company Yakovlev. The interlocutor of "Sheets" only notes that the volume of procurement for alcohol distilleries "Rosspirtprom" were insignificant.

If the deal with the "Rosspirtprom" will take place in the current configuration, it will remain under the control of Yakovlev two small distillery. Apart from the already mentioned Ossetian "Alyansspirta" it Mariinsky distillery in Kemerovo. Another asset is controlled by Yakovlev - "Arkadakspirt" in the Saratov region this year was eliminated.

Now, according to Lavrentieva of "Rosspirtprom" Mariinsky distillery for sale. The reason - the fall in prices of alcohol and the high cost of production, because the company for aboutproduction does not use modern gas and outdated coal burner. Otherwise, this would be the Mariinsky distillery necessarily entered the NEO structure convinces Lavrenteva.