Private airport: under what conditions Sheremetyevo was privatized

Vladimir Putin signed a decree on the privatization of the Sheremetyevo airport. Businessmen Arkady Rotenberg and Alexander Ponomarenko became its largest shareholders. RBC investigates, what and on what terms they will receive
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The arrival of the investor

On Friday it became known that Vladimir Putin has signed a decree on the establishment of a new company "Sheremetyevo Airport", which will be consolidated assets, is now controlled by the state and private investors of LLC "Holding Sheremetyevo". In accordance with the decree, published on the portal of legal information, the state will invest in capital of the new company's 83.038% of shares of JSC "International Airport Sheremetyevo", the federal property are today. The state share in the new company's capital should be at least 30%. It is assumed that control of the airport and will be transferred to the group of "TPS Air" businessmen Arkady Rotenberg and Alexander Ponomarenko.

The idea of ​​privatization Sheremetyevo first arose in 2010, when under the leadership of Deputy Prime Minister Igor Shuvalov began to discuss the question of uniting the three airports of the Moscow aviation hub -Sheremetevo, Domodedovo and Vnukovo. State legally owns the airfield infrastructure of all three airports through FSUE "Administration of Civil aerodromes" (AHA). Cromie, in the ownership of the Russian Federation 83.04% of shares of JSC "International Airport Sheremetyevo" and 74.7% of shares of JSC "Vnukovo Airport", which owns the old terminal A of Vnukovo Airport (the new passenger terminal B belongs to JSC "Vnukovo International Airport", 75% its shares from private shareholders - co-owner Vitaly Vantsev and USM Group Vladimir Skoch). The passenger terminal of Domodedovo Airport is completely owned by private shareholders airport, headed by its Chairman of the Board Dmitry Mason.

The decision on the scheme Sheremetyevo consolidation was made at a meeting with President Vladimir Putin in July 2013. By the time the holding TPS Avia, ex-controlled shareholders of Novorossiysk Commercial Sea Port (NCSP), Alexander Ponomarenko and Alexander Skorobogatko and businessman Arkady Rotenberg, it has belonged to a number of companies in Sheremetyevo. The meeting decided to establish a joint-stock company "Sheremetyevo Airport", in which the State will make its stake in JSC "Sheremetyevo International Airport", and in return will receive no less than 30% of the shares in the newCOMP ANIES. According to the decree of Vladimir Putin, the exact ratio of future shareholders of shares will be determined before the end of autumn.

Sheremetyevo Airport in figures

Rub.- 47 billion debt rating Sheremetyevo Airport

$ 635 million to invest, "CBP Air" in the development of the North terminal complex Sheremetyevo to 2017

31 million 568 thousand people -. Passenger traffic at Sheremetyevo results 2014

At 7.9% (2.3 million) grew Sheremetyevo passenger flow in 2014 compared with 2013 year

8 billion rub.- EBITDA Sheremetyevo International Airport in 2014

40.5% - share in the structure of passenger Sheremetyevo Airport Moscow aviation hub

Source: Company data

Airport assets "CBP Air" going for several years. At the end of 2011, the company "TSM" (the structure of "Mostotrest" shareholder was then Arkady Rotenberg) won the tender for the implementation of the first stage of reconstruction of Sheremetyevo airport for 5.3 billion rubles. Later, "CBP Air" was the control in the airport parking lot, service VIP-passazhirov (CJSC "V.I.P. International" - the exclusive operator of VIP-lounges) and the sale of advertising in Terminal D. In June 2013, "CBP Air" got at "Interporto" (JV "Interros" and "Kratos" group) stake in LLC "cargo Sheremetyevo" (CNG), "Rusport" Ltd. (the operator of the cargo terminal at Sheremetyevo area of ​​9 thousand sq. m.) and LLC "Airport Moscow" (serving aviation, cargo and mail in the terminal).

In September 2013, "SCC Avia" has won the tender for the development of the northern area of ​​the airport (formerly Sheremetyevo-1 and adjacent terminals). As reported by the then director general of JSC "International Airport Sheremetyevo" Mikhail Vasilenko, the company proposed to invest $ 635 million of its own funds in the construction of the new Terminal B at 15 million passengers a year, as well as a cargo terminal, a third fuel-filling complex (TCC), together with LUKOIL and tunnel which will connect the northern and southern (terminals D, E and F) area of ​​the airport. JSC "Airport Koltsovo" (the structure of "Renova" Viktor Vekselberg) has proposed to invest nearly three times as much. "Renova" wanted to become shareholders of thener most of the airport, as "TPS Air" claimed only for shares in the new joint venture within the most northern zone, then wrote "Kommersant".

What passed

The list of companies that need to integrate into the airport, included in the main assets controlled "CBP Air Holding Ltd" LLC "Cargo Sheremetyevo", LLC "Airport Moscow", LLC "Auto-M", LLC "MASH Advertising", JSC "Imperial duty free", LLC "Terminal Sheremetyevo", LLC "interterminal transition Sheremetyevo", JSC "Aero-Sheremetyevo", reported in 2014, "Vedomosti", with reference to the general director Mikhail Vasilenko airport. These companies control the main assets of the airport.

"Aero-Sheremetyevo" is responsible for fueling aircraft, shall design, construct and commission the fuel-filling complex, according to the company's information. It is the only company which has a significant share in a private company, not related to Rotenberg, - 50% of OOO "LUKOIL-AERO", controlled by the oil company of the same name. "TheyMethods and material duty free "(the" SCC Aviation Holding Co., Ltd. "in the proportion of 51%) is developing free trade in goods and alcohol. "MASH advertising" - selling advertising space in the Airport, it earned 53.2 million rubles in 2014.

"Interterminal transition Sheremetyevo", "Sheremetyevo Cargo", "Airport Moscow", "The terminal in Sheremetyevo", "Auto M" run and pass in the hiring of property in Sheremetyevo - last year they together earned at least 6 billion rubles. These five companies are controlled by the same structure - "Sheremetyevo Holding" LLC, its share in the listed companies from 75 to 100%, and the main owner with a share in the authorized capital of 90.56% in favor Cyprus "CBP Air Holding Co., Ltd.". Despite the fact that all the subsidiaries' holding Sheremetyevo "profitable in 2014, it declared the loss of 9.4 billion rubles. CEO - Roman Zinoviev, he also sits on the board of directors' Aero-Sheremetyevo ".

Transaction growth in

According to a top manager of one of the companies in the industry, the annual EBITDA of just Sheremet Airportevo - about 8 billion rubles. At the same time the company's debt reached 51 billion rubles. The main advantage of Sheremetyevo business - is that the airport is a base for the largest Russian air carrier "Aeroflot", which technically can not go to another airport, said a source familiar with the Sheremetyevo business. Now the market situation is such that "Aeroflot" - the only carrier whose passenger traffic is guaranteed to be at least not fall, he added. According to the representative of "Aeroflot", the carrier's airport charges account for about 70% of all aviation Sheremetyevo income.

One member of the Airport Board of Directors notes that the accession of the D terminal, introduced in 2010, has increased the debt of "MASH" for 900 million euros (about 40 billion rubles. At the average exchange rate of 2010). Operating company has a profit, says RBC interlocutor, but on the company with duty of difficult to develop, even though it has market prospects. The deal for the state profitable, he said. One of the airport industry consultants added that the current level of debt share gosudarsTwas the airport worth $ 300-400 million, and subject to completion of the third runway in 2017 and the project of development of the northern zone of airport revenues may increase by about half, and the evaluation of the government's stake could be around $ 1 billion.