The last few years, "Norilsk Nickel" was always the subject of fierce debate its owners - Vladimir Potanin and Oleg Deripaska. Deripaska bought a stake in 2008, tried to participate in enterprise management, but to no avail. "We have a completely different philosophy of life and business", - says Potanin. But his side took the CEO of the company, a longtime friend of President Putin at Leningrad KGB Vladimir Strzhalkovsky. However, after a couple of years it has turned into an independent side of the conflict. It ended at the end of last year - Potanin and Deripaska signed the world. The role of peacemaker took over Roman Abramovich. But Potanin became managing partner of the "Norilsk Nickel", took the post of general director and undertook to restore order in the company. To learn how to change company with the adoption of the new strategy, Potanin told "Vedomosti".
- In December last year you with Oleg Deripaska and Roman Abramovich have signed an agreement to end the conflict in the "Norilsk Nickel". Agreement work?
- Working. The agreement was the result of a compromise on all sides andfruit of the work of many people. But, as the famous hero of Ilf and Petrov, the agreement is the product, who appeared with full resist sides. It works, and this is important.
- Pitfalls revealed or everything is going quietly, as planned?
- It does not happen in life. Always there are new, unexpected questions. Since December last year, the external environment has changed seriously. If we analyze our actions, and other companies that work in the nickel market, over the past 10 years, we have worked in a tailwind. Prices for our products - nickel and copper - were higher at times. We had a high return on capital - about 26% over the past few years, and it was higher than that of many of the leading companies in the world. And that, frankly, was a little of our services. We had luck in choosing the markets in which we are located, as well as high-grade ores, which occur in the Norilsk industrial district. Now we are working in a strong headwind. Therefore, it is important to demonstrate higher efficiency, pay more attention to detail. Now our new strategy is dedicated toene how to operate in an environment where there is a fair wind, and the company has to work steadily. My colleague referred to the situation perfect storm, bearing in mind that the company withdrew from the conflict and that the unfavorable conditions that the new team. Perfect storm I would not call it, but there is a strong headwind.
- Last week, the Board of Directors approved the main directions of the company's development strategy. It seems that the company is set at 180 degrees with respect to the previous plans. If earlier it was the desire to turn it from Norilsk Nickel to Norilsk Mining: enter the iron ore, coal, now - focus on the Norilsk industrial district, the rejection of expansion. Why?
- If it is not 180 degrees, the strong reversal in the company's development strategy is. The analysis shows that the "Norilsk Nickel" - a diversified company enough. The revenue has copper, nickel, and platinum group metals. We are continuing our analysis proceeds in terms of how it is distributed between asset redistributions and what contribution each asset and repartition contribute to our earnings and EBITDA. Because onlyso you can understand what the return on equity is happening in the company as a whole. The leitmotif of our strategy - focus on return on capital provided world-class asset management. How would it generally sounds, this has a deeper meaning. Focus on return on capital means that diversification and vertical integration are secondary to the return on capital. And only such and such diversification, vertical integration, which gives a higher return on capital, and should be considered in the strategy of the company. Analysis of the global mining and metals companies shows that "Norilsk Nickel" is sufficiently diversified, but too vertically integrated. Our production is focused on the full cycle of the plant - in Soviet times, such an approach (to reach in the processing of anything until the last stage) was a symbol of technological progress. But it does not meet modern trends. Become like Rio Tinto or BHP Billiton, can not increasing diversification and reducing vertical integration, to get the greatest value added to each product. Hence a newapproach, which we told the head of the strategic block Pavel Fedorov: a gradual transition to the implementation of the first, best-selling products. This is not a new approach in the industry as a whole, but for the advanced "Norilsk Nickel" control technology. In today's world competition wins no one who goes on to integrate the chain, not the one who is more aggressive in the expansion, and the one who provides great added value. That is why we are moving away from binding to our strategy of diversification, vertical integration, volume indicators that prevailed in the previous strategy. Strategy - this algorithm "roadmap", which explains and investors as we act in different situations. Of course, as soon as we fill this strategy digits.
We will strive to develop the only first-class assets, the criteria of which - more than $ 1 billion in revenue, lifetime - more than 20 years and a high level of return on investment. In this sense, one can say that the new strategy - is a 180 degrees with respect to the previous one.
- What is ee difference?
- In the context of the headwind the word "efficiency" is becoming a key. This means delegating authority to the field, to increase the responsibility of the business. There are too many functions are concentrated in the central office. We will reform the system - to transfer authority from the central office to the field. "Norilsk Nickel" will be, as they say, headquarters light.
For example, work is already rebuilt the investment committee - I personally supervise them. Previously, the project was accepted and carried out 7-10 years, while in fact the management is not convinced it is bad or good, but now the investment process is divided into many phases: concept, design, putting into service. And in each phase it is possible to cut off. This approach allowed to identify investment required to sustain production, those on the high level of return, and stress tests will create additional value of the company, and those who do not advisable. We implement this principle in the field - to the heads of their share of responsibility for capital bore. This booFLS performance management levers.
- If you still talk about specific numbers. Previous strategy involves investments of $ 37.6 billion. The agreement "Norilsk Nickel" shareholders involves about $ 2 billion investment per year. Now plug may appear: the amount that you can afford with the negative scenario and positive?
- When we entered into an agreement in December, $ 2 billion a year were a total number of experts, it was a mandatory investment program. I, like the managing partner, has extended rights - including decisions on the amount of investment needed to maintain production. To my partners feel comfortable, we have determined the amount of the decision on investing that I can take on their own. We had to decide. The ceiling was marked at $ 2 billion. However, our calculation shows that the average amount of mandatory investments in 2013-2016. - About $ 1.5 billion, but this is the current estimate of when the team is formed only when the work has just begun, and not all resources have been exhausted.. Resources for further reduction of such costs is, despite the fact that abouttdelnye segments nedoinvestirovany business, in particular the mining and processing of business and energy. For example, for a long time and a lot of talk about the possibility of closing the nickel plant (the oldest metallurgical enterprise in the Taimyr Peninsula, the first nickel produced in 1942 - "Vedomosti"). The added value of the products that the plant produces small. But this plant is not subject to modernization. Production there is adverse, difficult working conditions, environmental issues have become his byword. If, moreover, it is ineffective and gives an inadequate contribution to the costs, consumes a lot of power ... So, it should be closed. This will reduce the inefficiencies and reduce costs, solve the environmental problem, the problem of hard labor, reduce energy consumption and thereby reduce capital investment in the energy sector. And while there is no social problems, because in the "Norilsk Nickel" is now a shortage of workers - people will be in demand in other industries. This acute problem does not arise. On the contrary, at Nadezhda plant (the most modern plant of the Polar fIliana, launched in 1981 - "Vedomosti") will increase production. And many others. There is a serious restructuring plan which leads to reduced costs and increased efficiency.
- "Norilsk Nickel" is ready to consider the assets in other areas, if it will meet your criteria for return on capital?
- Yes. If this is a first-class asset, and we can manage it effectively. But throw away do not want to. I would like the existing strategy of organic growth to demonstrate a movement, a number of successful projects completed on time and within budget. The expansion started without confidence of creditors and investors do not need to. We like the "Norilsk Nickel" no experience accumulated reputation, so that we can offer them some kind of an aggressive program.
"We are open to partnership"
- In an interview with Financial Times, you said that "Norilsk Nickel" invites an equal scale industry players to participate in the development of the company's projects. What kind of projects are we talking about?
- Openness to partnership otnoshtions - an important point of our strategy. "Norilsk Nickel" as the company has always avoided the competition. We have no competition in the construction work, repairs, transport. Is that the supply of food and household services. And there is no partnership. We had projects with Rio Tinto and BHP Billiton, but they were not able to fill in some content. Now we like to develop competition in the broadest sense, and seek partnerships. For example, transport. Yes, Dudinka port and the railway, the airport in Norilsk - an important part of the infrastructure, but the airline - no. Why transport can not be other, preferably a global company? Fuel Supply - also engaged themselves. But on the Taimyr Peninsula come majors, they start producing oil, gas and produce electricity. And if earlier it seemed that Norilsk on the Taimyr Peninsula - it is somewhere in the middle of nowhere, but now it gives us the opportunity to solve energy problems are not our own, but through partnerships. Awareness of this only happens, but we are starting to move in the right direction. So we will soon grow apartnerships that will help us to solve the problem of energy supplies, fuel supplies, and so on. d. Now this area is nothing interesting, except for the abuses could not be found.
Next on the industrial cooperation. There are some projects in the strategy that we are going to develop on their own, as they are very high in efficiency - about 70% return on investment on average. But there are projects that we do not wish to develop, so they are looking for partnership. Now we discuss with shareholders the clipping point. We will continue to work with BHP Billiton and Rio Tinto. We have an interest to them. We are negotiating with BHP Billiton and Rio Tinto joint development Maslovskoye deposit - it is on the level of profitability, taking into account the stress tests is on the lower level. And given the fact that our shareholders are strictly suited to the level of return on capital projects, this project falls under the category, in which we have to share the risks.
There is a "Russian platinum" (Musa Bazhaev company, this year won the right to develop a nickel and copper mine of Norilsk-1aymyre, it has a license for the development of the Montenegrin deposit. - "Vedomosti"), which may well be found synergy with the joint development of some areas. Very gently began to converse with UMMC about what they have done in Voronezh (UMMC in 2012 won a license to develop and Elan Elkinskogo deposits of nickel and copper in the Voronezh region -. "Vedomosti"), perhaps we too kak something out there can help, together to participate. There are other Russian mining companies are showing interest in the joint development of our projects - and not only in the Norilsk industrial district. Earlier we looked at it a little bit down, "Norilsk Nickel" great, great, and he does not need anyone. Now we look at it in another way: we need partners and in order to share the financial and technological risks, to gain access to new expertise. In short, the development of partnerships, sale of non-core assets, the transfer of non-core functions to outsource.
- Bazhaev you have not offered to jointly develop NorylSC-1?
- No, we do not Bazhaev offered. I think he should be given time to realize that he himself is going to do with it. We believe that alone right now raise such projects is very difficult. Now is the time when everyone should be able to negotiate.
- So are you waiting for?
- I do not expect I'm working now. I'm just trying to tell you that the strategy, despite the lack of numbers that we fill it, have advanced approaches. Ideally, when people say that the project will be done on time and on budget. But the company's logic is also important that the implementation of the plan did not look accidental release to the figures, and as a result of a logical operation. In the words of one activist: "I do not believe in the good news, if you do not know where they come from."
"We do not have to borrow to pay dividends"
- The company will be able to pay for 2013 to shareholders of $ 3 billion in dividends?
- Let me help clarify the dividend policy. When, in December, we entered into an agreement and discussed the dividend, we have agreed on a specific corridor, in which the dividend will be. And this to thecorridors wide enough. It depends on the external environment changes, our ability to reduce costs, capital expenditures, and so on. E., Which will receive the corresponding financial flow necessary for the payment of dividends. The range is wide and is related to the competence of the managing partner. In this case the dividend paid in 2013, led to the fact that the dividend yield was about 10%. And now investors who buy shares "Norilsk Nickel", guided by this level - it is higher than that of peers in the industry. There are investors who are counting on growth - and investors who are concerned about the financial burden that may lie in the "Norilsk Nickel" in view of the obligations to pay dividends, mandatory capex. The strategy we have to answer all the questions. We will maintain a high dividend yield, but do not promise its rapid increase, without improving the situation on the market. The company has a future in terms of organic growth - the answers we give. Finally, the debt burden. This is why we agreed to the corridor on dividends. To market to know that we are not obliged to be engagedTo pay dividends is not obliged to sell non-core assets is now that there is no pressure on prices. That is why I, as a managing partner, has been granted a maneuver. But now we are faced with a situation where investors would prefer to get more certainty on dividends. A more accurate level than the 30% option Managing Partner, which is used at any time, depending on market conditions. The market would like to learn more, narrow corridor, if it exists. We are on this now, and talk to the shareholders. This interest and UC Rusal - its shareholder Deripaska I made it clear that a stable level of dividends that they could reveal to creditors - it is important to service the debt. Therefore, the whole dialogue on the level of dividends is reduced to a narrow corridor, to make it more predictable for investors. But, clearly, is a landmark on the high dividend yield, availability of resources for investments in growth and a reasonable debt burden, which should correspond to investment grade. On the basis of these principles, and it will form a more predictableI pay scale.
"The main thing - the preservation of dialogue"
- As it is now is your relationship with Mr Deripaska?
- They are added as before. We have a completely different philosophy of life and business. The main thing in our relationship - this is what we speak to each other is not waved off. And we find the strength to make decisions that allow us to function normally. The main thing - the preservation of dialogue and the will to take joint decisions. Not to say that everything is easy, but the agreement provides the basis for this. And yet it works very effectively.
- On the other shareholders?
- Roman Abramovich perform well "peacemaker". His participation in our meetings is very useful, especially when emotions come out. He is a quiet person and helps move the discussion in a peaceful, unemotional business channel. With Sasha Abramov, we have formed a good contact. I take his advice from time to time. It provides the second opinion, they say. In the Investment Committee, and he and his people are very skilled at ussuitable to compare our ideas with those of other schools.
- Alisher Usmanov [Usmanov]?
- He himself, I have not seen, and it represents the interests of Sergey Chemezov regularly attends board, looking documents very carefully about his work. That, frankly, was a revelation for me. I did not expect that he will have enough time to do it. He takes part in the debate concerned. Now all the major shareholders have the necessary information and the ability to communicate with the management. Same with minorities. Three independent directors, who had a hand in the creation of the strategy. Now we can say that we have created a real working board. Between corporate war it was not like this.
- Usmanov and Chemezov Udokan not offered more in exchange for shares "Norilsk Nickel"?
- A formal proposal is no longer reported.
- Strzhalkovskiy in not very good condition and left the company?
- In what state he could leave the company ?! He left it at about the same compyanii that Marshal Zhukov left the army after the 1st Ukrainian Front. The company has resisted - this is the main result of its activity. A translation of "Norilsk Nickel" to peaceful development, we have hired other people. Head always selects people for themselves. People who tend to close all by yourself, build strict vertical system, people who are inclined to delegate authority, softer frame set, give authority to the field. I tend to delegate authority. I hire people I tend to delegate authority. I believe in their qualification, competence, efficiency.
By the way, before Strzhalkovsky in the "Norilsk Nickel" were also managers, but traces of reformation can not be traced at the time. So a lot of work have to travel again. Rebuild the budget process, investment, key performance indicators reviewed (either before they were not there, or they were conditional).
- There will be a new option program for employees and top management?
- Have now created such a situation that the capitalization of computerAANII depends on a number of external factors and the staff directly influence it can not. Falling nickel prices by 30% - how to evaluate it? Therefore tethering performance collective activities to the company's capitalization is not necessary. This indicator at least not enough. It will not be the deciding factor. It is necessary to take into account the sum of the factors that will be tied to greater returns on capital. Therefore, the influence of external factors on the performance of employees, we will reduce. So we came to the conclusion that the option program in the form in which they are now, the surrogate and stimulate staff, are a kind of addition to the usual salary.
- How do you like the role of the managing partner? In line with expectations?
- In general, yes. I am comfortable. I like to delegate authority and to build a logical way relationship between human beings and does not avoid arbitration, if between them there are controversial issues, beginning with the separation of powers, and ending with the results. I be more comfortable in the role of arbitrator and delegating authority, and this requires more power, because without them, there is nothing to be delegated. In the role ofI delegate the powers of the General Director, gets the opportunity set of solutions, laminating solutions to their own people, strategically choose the right and then do their arbitrage positions. So I imagine the role of managing partner and represent. Probably, all my life I was engaged in it, starting with the pioneer group. I am very comfortable with.
- How long will still work the CEO?
- Judging by the fact that I told you, I have a lot of plans. I want to build. It takes time to build it all, make sure that it's all beginning to work, to report on the results, so I do not think any of his successor, nor the time when you can leave. While this issue is not on the agenda.
- Partners you satisfied?
- They say that we must work harder, longer cut costs, more energetic. They stimulate me: they say that pay good wages, so we have to work longer. Deripaska says to me that he wanted me to work even harder. It can be understood: it works at all for days. With partners a good relationship. In general, not so much I personally, as a team we collect abouttvechaet expectations of shareholders. So far, so good. We were in the first half failed to impress shareholders that we kept the EBITDA profitability at a high level when prices fall. I think there's credibility. I think we can agree on dividend policy and in the coming weeks on investment.
"Uralkali" - a first-class asset "
- A "Interros" has considered the possibility of their participation in the IPO "Alrosa"?
- "Interros" is still considering the possibility, but, frankly, it is not included in the priority projects. All the more so, taking the chair of the General Director of "Norilsk Nickel", I became so overwhelmed that I can not pay almost no time cases of "Interros". Is that the question of debt management and strategic life "Interros". So I think that this kind of ambitious projects are not a priority.
- You offered to buy a stake in "Uralkali"? Maybe themselves considered buying a stake?
- Now nobody offered. It is no secret that we are interested in buying etc.Do Rybolovlev (Dmitry Rybolovlev in 2010 sold 63.5% of shares of "BRIC" Suleiman Kerimov with partners -. "Vedomosti"). We believe this asset interests, but for the same reason as for the "Interros" is not a priority part in the IPO "ALROSA", and we do not consider the purchase of "Uralkali". "Norilsk Nickel" is now is not the time, and "Interros" - because of my current ambivalence - not with his hands.
- But this is a real first-class asset!
- Of course. It's a question of time. Nobody bothers to go back to the same questions over some period. When the "Interros" wanted to buy "Uralkali", Kerimov bought it with partners and consolidated with "Silvinit". At that time, when I was negotiating with Rybolovlev, with the prospect of a merger "Silvinit" not viewed any way. Now it has become a larger and more interesting company, and talk was interesting. Suppose, now, some perturbations in "Uralkali" will happen: it will clarify its marketing policy, will establish the political problems and a hundredthere is even more attractive to work together. Therefore, will not go away, it will not go anywhere. We must be able to wait - this train.
- There is a huge project - "Norilsk Nickel". Could something else you appear of the same scale?
- Maybe. I bought "Uralkali", the project would have been of the same scale.
- But you still wonder - after you start work in the "Norilsk Nickel" in normal mode?
- Then we'll talk. The bulk of my attention and energy is busy "Norilsk Nickel", its strategy, filled with concrete figures and then a demonstration of the performance of the market - and it will take a lot of time. So in terms of human self-realization, I completely loaded. In principle, I believe that any self-sufficient person should be aware: he liked what he was doing, or something he lacks. I "Norilsk Nickel", plus the Olympics and charity enough. Find something else - why? Time to children, reading must also remain on the sport.
"We did it for the state"
& mdash; Why "Rosa Khutor" project stranded? And whose fault is it? Incorrect task of the state?
- It is now stranded, and there are several reasons. Due to the fact that its magnitude is greater than the size of the market in Sochi. The second reason - a lot of state requirements because it is an Olympic facility: safety, special facilities for the competition. And these costs - 16 billion rubles. as of a year ago. On the part of the amount the government agrees with the part - no. But one way or another large amount of expenses incurred in a state order mode and can not be claimed later. The third reason - the model of the project involves determining the cash flows, starting with the 2011-2012 .: from the operation of the resort, the sale of apartments, realization of other assets. But due to the tight security measures during the test events, with visits of the first persons only a few weeks a year is actually operated resort. And you can not sell anything, those financial flows, which have been included in the budget, - they do not exist, and the credit of the bank, which financed the construction of (initially 70% ratio was properGOVERNMENTAL and borrowed funds, now 90%), quite expensive. It started with 12%, 9% now. Nowhere in the world such greenfield-projects when created from the ground up an entire infrastructure, a city under such interest is not funded. After the Olympics, the amount of accrued interest on the debt will amount to 17 billion rubles. So consider 16 billion rubles, according to our calculations - is unnecessary costs, 17 billion rubles.. - Accrued interest, which in other environments would not have to be serious and the removal of the cash-flow of the project - non-receipt of revenues. And all this against the background of market oversaturation. This raises a logical question to the state. This is not a request with an outstretched hand and sprinkling ashes on the head: we're fools, help us out. Normal conversation. It must be admitted from 17 billion rubles. at least some portion of what we have done for the country. And calculate the effect of non-existent income. It's to the point where we go with an outstretched hand. And then we say we would do something more tax breaks and rest. We did a great job, so the measures of state support would not hurt. But to this point we have not yet reached even - we can not haveto adjust previous relationships that we are actually implemented, and now want the state to recognize some of our claims.
- So far there is no response from the State?
- So far there is no concrete answer. There is general agreement on the subject to talk, but concrete decisions are not planned. Frankly, even the discussion on this topic is slack: so, from time to time reminded that in fact there is such a problem. I get the idea that the state machine is now more than sharpened to host the Olympics, and then we will investigate. But we must understand that we, too difficult to hold any business and people, when they do not understand what will happen to them remain on the job or not. All, of course, united by the idea of the Olympics, but the depressive effect. Therefore, we will periodically try to encourage the government to this conversation. While there is no failure, there is a general recognition of the validity of this approach and that it is necessary to solve this question. But to the discussion we can not go any quantitative characteristics.
- How the money you have invested in this project?
& mdash; Somewhere, probably about $ 300 million.
- Can you give "Rosa Khutor" state?
- I can. Moreover, the state represented by state-owned banks in these conditions can, without asking her to pick up. Another thing is that the government has invited private investors to participate in the Olympic sites to ensure that they built them and then exploiting that it does not become a large public corporation. The state has the opportunity to pick up. But why? In such a state, in which it is now, it brings only losses.
"Besides the state reformed natural monopolies there is no one"
- In the 90s you were deputy prime minister. What is your opinion about what is now trying to make the government over the freezing of tariffs?
- Just because I inadvertently then government worked a little in the government, I understand very well that the view from the inside and the outside view is very different. As I understand it, there is a discussion about what we have is a source of inflation: high interest rates, high discount rate of the Central Bank, the reassessment of risks by banks when granting loanswhether tariffs of natural monopolies. And monetary authorities have decided for themselves that a major source of the acceleration of inflation are the tariffs of natural monopolies, and not high stakes. And instead of to reduce the risks and improve the stability of the financial system is easier administratively to make the natural monopolies to cut their costs and take other risks - lack of adequate infrastructure and the pace of everything connected with the natural monopolies. It's hard to be a judge. The government has made a choice between the financial sector and natural monopolies, and before you make a conclusion about how it was a correct and logical, we need to see where it leads. Will using limited natural monopolies' tariffs to reduce inflation without any other systemic risk? And on this indicator will need to evaluate the results, the decision itself is difficult to estimate - it is a choice between two alternatives.
- For the "Norilsk Nickel" that it would be more sensitive and effective?
- Neither one nor the other. "Norilsk Nickel" enjoys almost completely its infrastructuretrukturoy. Natural monopolies are owned by us: the port - a natural monopoly, "Norilskgazprom" too. As the government, we also have to deal with our own tariffs of natural monopolies. From inflation "Norilsk Nickel", of course, it depends on, but there is a question that will: inflation leads to higher costs or a devaluation of the ruble eliminates it. This year we partially the fall in prices on the world market for our products offset the effect of the weakening of the ruble. Monopolies have our own, and we borrow mainly in the West, and at very good rates because the credit rating of the "Norilsk Nickel" is very good. And when we are talking about inflation, which are a source of high interest rates on loans, we are not talking about the blue chips - is a low-profit enterprises, medium enterprises, greenfield-projects dolgookupaemye projects. This is reflected in the growth of the economy. And for the leading companies with high ratings - the issue of high interest rates is not relevant for them. They emerged in the global competition, and here the local competition can not support the market participants due to high rates. the rulersCTBA choice was very interesting in terms of methodology. We have a large financial sector injections into state-owned banks, state a lot, but it lives on tough market laws. A state monopoly of influence - it is generally out of the market. What kind of government would give them the tariffs, are and will. And since in our lives the state plays a hypertrophied role, in my opinion, it was logical to direct efforts to where the state has absolute power, and do not touch the sector, which remains at least something self-adjusting and commercial. Therefore, as a former member of the government, I think it is more logical approach. If talking about privatization, about the partial withdrawal of the state of the financial sector and the preservation of commercial services in it - this is a normal conversation. Anyone ask the government - there are no threads retain state control. Ask about the natural monopolies - I think there's another story. Besides the state reformed natural monopolies and regulate no one, so we went to the state - now let's see how it goes.
- In the financial secte government is also too much - no deal is complete without state-owned banks.
- Oh sure. But if the state is now gone regulate banking risks - then does the banking sector collapse. I am for the competition. Our state has the highest category of maintaining the domestic banking system. But we must go very carefully. Long stay of the state - a strategic risks, and a quick and hasty exit, blowing its course - it's short-term risks, anything can fall apart now. For example, last Lehman Brothers crisis has not helped out, and tried to rely on self-regulatory mechanisms - the whole system collapsed in the financial world. And then it took a huge investment in order to stabilize the situation, and the state has become a huge edge in financial systems around the world. Backups should be able to put in time and keep them for a long time, until everyone srastetsya.
- Are you waiting for a new crisis in the steel industry, which was in 2009?
- The fall in metal prices may result in stagnation. Such a scenario is likely. I think that many have toCOMP ANIES close inefficient facilities. I will not say nothing revolutionary: will be to bring demand into line. The current period of economic development is characterized by the fact that in the 1990s and especially in the 2000s. there was a gap valuations of their real cash flow, were very high multiples at different businesses in general zakreditovannost all. Now there is a compression period, return on capital, the saturation of own funds of enterprises, banks, projects, reducing the price tag on the assets. Each sector is also beginning to shift to a rational behavior - the supply and demand must be balanced, and now all the factors that hinder this or tried to blur them - they start to leave. We return to the question of what businesses need to generate positive cash flow. Since the transition is painful, the states are trying to intervene and mitigate the effects. Because these processes are always accompanied by not only the ruin of business and the capital loss but also the loss of jobs, social packet, lower tax base. There-