Vladimir Evtushenkov feverishly withdraws money from Russia

AFK Sistema acquired for 22% of the shares of the Slovenian-German metallurgical company Silbitz Group for 1.8 billion rubles.
AFK Sistema Vladimir Yevtushenkov invested 1.8 billion rubles. during 2018 in the European metallurgy Silbitz Group with foundry assets in Germany and Slovenia, follows from the report of "System". The share of AFK Sistema in the metallurgy is now 22% - the Russian company bought a stake from Deutsche Beteiligungs, the largest shareholder of the Silbitz Group.

A representative of Sistema explained that this is a financial investment. The representative of Silbitz Group has not yet responded to the request of Vedomosti.

Silbitz Group owns three metallurgical plants - two in Germany and one in Slovenia. At factories, the company casts parts and structures for the construction, automotive, railway, industrial, and energy industries. Annually the company produces metal products with weight from 10 kg to 45 tons by individual order, it follows from the materials on the site. Revenue Silbitz Group in 2017 - 157 million euros.

"The company is interesting and technological - it offers opportunities for producing ductile cast iron using 3D printing technology. The silbitz blanks produced are ideal for power engineering. In Russia, the production of such large billets and castings (up to 45 tons) is poorly developed, "says Maxim Khudalov, director of the corporate ratings group of ACRA.

But the company is hardly profitable, the expert believes. If the company's profitability is about 5-10% for EBITDA, then Sistema's investment does not look overvalued, he emphasizes. "Perhaps the investment in the project is interesting in the process of import substitution of production of turbines in Russia," he concludes.

Recently, it became known about the participation of AFK Sistema in the business of Global Petroleum Group (GPG), which is exploring and drilling next to the island state of Grenada in the Caribbean. Sistema provided two loans to exploration and drilling for GPG: the first - unsecured for $ 69.2 million, the second for $ 100 million secured by 19% GPG, its "System" can convert to GPG shares, the company reported in its internal report, with which were familiarized with Vedomosti.