Oleg Deripaska made money from water

For the first time, Eurosibenergo brought the businessman a dividend of almost 6 billion rubles.
"Eurosibenergo" in 2016 brought its beneficiary Oleg Deripaska 5.9 billion rubles. Dividends. These are the first payments in the company's history, it follows from the SPARK-Interfax database. Revenues of Eurosibenergo in 2016 increased 3.2 times to 31.8 billion rubles, and net profit 33.7 times to 87.6 billion rubles.

Eurosibenergo includes two main energy assets - Irkutskenergo and Krasnoyarskaya HPP. In total, the company owns 18 power plants with a total capacity of 19 GW, of which 15 GW is in large hydropower plants - Krasnoyarsk, Bratsk and Ust-Ilim. The main consumers of the power company are the aluminum plants of UC Rusal. Eurosibenergo is included in En +, up to 20% of shares of which Deripaska plans to sell on the stock exchange (see the cut).

Last year turned out to be rich in events for Eurosibenergo. The company closed the largest deal in the history of Russian energy. Its 100% subsidiary, the Telmam HPP (recently renamed Eurosibenergo-Hydro Generation) bought 40% of Irkutskenergo from Inter RAO for 70 billion rubles, twice as much as the market price. The total share of the Eurosibenergo Group in Irkutskenergo, thus, exceeded 90%. The Telmanskaya HPP only announced the offer to the remaining minority shareholders of Irkutskenergo on the weighted average price of the company's shares on the Moscow stock exchange for the last six months.

Now the court is considering several lawsuits from minority shareholders of Irkutskenergo. In the winter of 2016, the Irkutsk Arbitration Court ordered the Telmakh HPP to reimburse the minority shareholder Konstantin Aleksandrov 607 500 rubles. Experts explained this by the fact that he demanded an optional redemption at the price of the deal with Inter RAO, and compensation for the difference between the price of potential redemption and the price at which he sold the shares on the market.

En + is going to the stock exchange

En + (controlled by Eurosibenergo) plans to hold an IPO in London: 20-25% of the shares for $ 1.8-2 bn - this could be the largest placement of the Russian company since 2012. Part of the money from the sale of En + shares is expected to be used to pay off debts. It was expected that the placement could take place in the summer, but now the possibility of selling shares in the fall is being considered.

The electricity business En + is relatively stable, the company will try to mobilize domestic resources to service the debt generated after purchases from Inter RAO and RusHydro, Renaissance Capital analyst Vladimir Sklyar said. On the accounts of Eurosibenergo 1,4 billion rubles are placed, the undistributed profit of the past years is 24.4 billion rubles, and the debt is 108.1 billion rubles., Follows from the company's report. In addition to the deal with Inter RAO, Eurosibenergo also purchased from RusHydro the dam of the Angarsk cascade of hydroelectric stations for 11 billion rubles.

To generate a constant cash flow to reduce the debt, the side of these Eurosibenergo-hydrogeneration transactions should be leased to the Bratsk, Irkutsk and Ust-Ilimskaya HPPs of Irkutskenergo, Sklyar recalls. The shareholders of Irkutskenergo will consider the transfer of these stations for ten years on August 25. The amount of rental payments will be 1.2 billion rubles., The company said. As the debt burden decreases, in view of the lack of a significant investment program of Eurosibenergo, dividends can also increase, Sklyar expects.

The revenue of Irkutskenergo in 2016 was 84.1 billion rubles, and net profit - 17 billion rubles. From the payment of dividends, the shareholders of the company, as well as at the end of 2015, refused.

It is difficult to say whether Eurosibenergo will be able to pay dividends on a regular basis, Sklyar believes: Irkutskenergo's heat-generating assets will sooner or later require significant investments in modernization. Significant growth in profits can be expected only in 2017 in the light of the revision of contracts for the supply of electricity to UC Rusal, the analyst said. Probably, the minimum dividends will be preserved in the future, but the lion's share of revenues will be spent in the next 3-5 years on reducing the debt burden and modernization, he expects.