Sergey Chemezov has got himself wings

Rostec will swallow the United Aircraft Building Company.
After one and a half years of discussion, Rostec will receive more than 92% of the shares of the United Aircraft Building Corporation (UAC). Vladimir Putin signed a corresponding decree, 18 months were set aside for consolidation. However, for Rostec this will result not only in strengthening the aviation cluster, which already accounts for almost half of the state corporation's revenue, but also in the problem of finding financing, for example, for the project of the new medium-haul MS-21 aircraft.

Vladimir Putin signed a decree on transferring shares of KLA to “Rostec” “as a property contribution of the Russian Federation”. According to “Kommersant”, the draft decree, developed in the government, was submitted to the presidential administration about a month ago. The state corporation should receive 92.31% of UAC shares owned by the Federal Property Management Agency, the remaining shares will remain with the previous owners in the person of VEB (5.11% of shares) and private shareholders. 18 months is set aside for transformations - this is “a standard deadline for undergoing a very extensive set of legal procedures,” a top manager of one of the aircraft industry enterprises told Kommersant. VEB declined to comment.

The head of Rostec, Sergey Chemezov, called this event “the most important moment for the aviation industry,” since “an aircraft building association of national scale is being created - the largest in Russia”. He told Kommersant that consolidation "will allow the state to focus its efforts, on the manufacturers of aircraft and its components to solve the strategic tasks facing the industry." In "Rostec" clarified that the state corporation undertakes serious obligations related to the financing and implementation of state programs and projects in the aircraft industry, primarily the medium-haul aircraft MS-21. Rostec is ready to invest more than 50 billion rubles in it. until 2025.

UAC President Yury Slyusar told Kommersant that in the corporation “we are glad of the opportunity to become part of the large Rostec team.” “The calculations show the presence of a synergistic effect from the entry of KLA into Rostec due to access to the technological, industrial and service platforms that the state corporation has built. In addition to achieving direct effects from “smart consolidation”, there are opportunities for a noticeable reduction in administrative costs and a tangible increase in operational efficiency, ”the head of UAC said.

“The entry of KLA into the perimeter of the state corporation will strengthen the production cooperation of aircraft manufacturers with suppliers of components from Rostec,” Yuri Borisov, vice-premier for the defense industry, said to Kommersant yesterday. According to preliminary calculations, the cumulative effect of the integration of the KLA in Rostec in the period up to 2025 "can reach about 120 billion rubles," he said.

Discussion of the possible transfer of the KLA "Rostec" has been going since the spring of 2017. Then, for the first time, Sergey Chemezov called the question of the entry of KLA into Rostec “expedient”, but “not today” (see “Kommersant” of March 15, 2017). Denis Manturov, the head of the Ministry of Industry and Trade, who heads the supervisory board of Rostec and the UAC board of directors, as well as a number of other government officials, shared a similar opinion. In an interview with “Kommersant”, Mr. Chemezov said that the entry of KLA into “Rostec” will make it possible to make “a single company like Boeing or Airbus”, which will concentrate the full production cycle in one hand and in one place.

But when implementing the idea, there were difficulties associated with various integration options. As reported by “Kommersant” on February 1, they even talked about uniting the KLA with the holding of “Rostec” “Helicopters of Russia”, but refused to do so in order not to provoke a mandatory repurchase of shares from private investors of the holding. The Mubadala Foundation from the UAE owns a 12.5% ​​stake in Russian Helicopters, and the Arabs, as sources told Kommersant, “began to worry,” because “nobody asked their opinions.” The risk of the emergence of the right of private shareholders of UAC to demand the repurchase of shares, which could cost 30 billion rubles, appeared. (see “Kommersant” on July 5). It was also noted that Rostec is already under Western sanctions, unlike a number of UAC enterprises, which will complicate the work of the Irkut corporation (manufacturer MS-21) and the Ilyushin airline complex (responsible for the development of transport aviation).

According to a Kommersant source in the defense industry, in the end, the KLA will be included in the Rostec aviation cluster, headed by former Defense Minister Anatoly Serdyukov. In terms of revenue for 2017, this cluster is leading in the state corporation: 229.8 billion rubles. from Russian Helicopters, 234.9 billion rubles. from the United Engine Corporation, 115.1 billion rubles. from the concern "Radio-electronic technology" and 31.6 billion rubles. at "Technodynamics". “After the entry of UAC with revenues of approximately 452 billion rubles. this figure for the aviation cluster alone will exceed 1 trillion rubles, says one of the Kommersant interlocutors. “It is very convenient to operate with such a figure in front of a potential investor.”

However, along with the big numbers, Rostec will also receive a “heavy yoke” in the form of the need to find funds for the implementation of key aviation projects, primarily in the civilian sphere - this is the medium-haul MS-21, the Russian-Chinese CRC-929 and the new SSJ-100 modifications. says the top manager of one of the aircraft manufacturing enterprises. “The financial and economic bloc of the government supported such a scheme only because they had to take the burden off the budget,” confirms the White House employee. “Rostec, of course, no one will be left alone with the problems, but the expectation is that will have mostly on their own. " Yury Borisov confirmed yesterday to “Kommersant” that “in the conditions of limited resources of the federal budget” Rostec is ready to additionally “invest in tens of billions of rubles in a key Russian aircraft industry project - MS-21”.