Where the most wealthy Russian family takes money

Despite the existence of a financial cushion, the Gutseriev-Shishkhanov family eagerly takes loans for development.   
"Fanatical discipline, empirical creativity and productive paranoia," - explained a year ago, a businessman and well-known songwriter Gutseriev fundamentals of its business publication Forbes. Plus accumulated overseas financial cushion, he added. And the use of financial opportunities within the group - he shared half a year ago in an interview with RBC. All this, according to a businessman version, despite the decline in the cost of basic family assets - oil and property, allowing its business, for the most part united in the "Bin" groups and "Safmar" to grow rapidly in recent years. The most important role in the family clan play itself Mikhail Gutseriev, his younger brother Sait-Salam Gutseriev and nephew Mikhail Shishkhanov.

Return to growth

The question is where family clan Gutseriev takes money to annually acquire assets at $ 1 billion, worried about competitors from around the beginning of 2010. It was then that Gutseriev returned from London, where he had to leave because the tax charged companies - shareholders of "Russneft" evasion from taxes and tried to recover the shares of oil companies to the state. The charges were dropped, the business began to grow. Now the family of 10 banks, two major pension funds, two prominent oil companies, three of the developer, and 4 million square feet. meters of real estate.

Most transactions lend to banks, Equity recruited about 30%, explained a few years ago Gutseriev. But after 2014 lending has become more difficult. As with own means: the price of oil, and then by income from commercial real estate plummeted. Office, retail and hotel properties are now generates twice less cash flow than in 2013, complained of "Vedomosti" large developers. The main creditor "Bean" group, the Savings Bank, which in 2015 the group was to be $ 5 billion from $ 8 billion in total debt, was dissatisfied with the fact that the loans granted to its oil structures are real estate, including the financing of risk in the crisis of development projects, told "Vedomosti" familiar Gutseriev and confirms the bank employee. Due to the caution of banks in the group broke down two major transactions: at the beginning of 2015 she found 13.26 billion rubles to pay the successful bid at the auction shopping center "Novinsky Passage", and in early 2016 could not take the credit. to buy "Voentorg" on Vozdvizhenka. But these failures are lost compared to other major transactions carried out by the group for the past two years.

During 2015 the group "bin" bought "MDM Bank", pension funds, real estate development business owner "Rusagro" Vadim Moshkovich with 2,400 hectares of land in the new Moscow, as well as the bank became the sanatorium "Growth" (later moved to this status Shishkhanov) . In addition, Gutseriev earned $ 700 million, to exercise the option for oil with which it is on the advice of the president of Sberbank German Gref to hedge against falling prices for raw materials.

No wonder that in the ranking of richest Russians Forbes in 2016 uncle and nephew seriously strengthened their positions. Gutseriev has moved from 38th place to 16th, increasing the state in more than two-fold - from $ 2.4 billion to $ 5.9 billion A Shishkhanov from 139 th place moved to 49th, increasing the state with $ 600 million to. $ 1.6 billion. State family alliance, according to Forbes estimates, too, has grown more than doubled to $ 9.8 billion, putting it in first place in the ranking of the richest Russian Forbes families.

This year, the family did not slow down the pace. Its structure continued to buy pension funds held IPO «RussNeft», which was the first deployment of the oil in a decade. Sale of 20% shares of "Russneft" brought the family Gutserievs 32.4 billion rubles, while the SPO leasing company "Europlan." - 15 billion rubles. Gutseriev's structures and Shishkhanov. Borrowed money immediately went into business: Gutseriev acquired 100% of the retail network for selling electronics and home appliances "Eldorado" - according to experts, over 26 billion rubles. A few days later we agreed to repurchase "M.video" controlling stake for $ 726 million. Taking into account the "Technosila", the assets of which were laid in the "MDM Bank", all three major "electronic" network in fact been under family control. How could she do it?

Internal opportunities

Recent acquisitions in the real estate Gutseriev made using the money of pension funds, according to two major Moscow developer. The group has five funds, this year all of them except the NPF "Trust" united in NPF "Safmar".

According to registration data, a large part of the family estate is pledged to the banks, especially Sberbank, VTB and Alfa-Bank. Two objects Gutserievs in August 2015 laid the holders of the ISU-3 (mortgage participation certificates) issued in the autumn of 2014 of the Criminal Code "Capital mutual funds" ( "Capital Mutual Fund"), through which the invested pension funds "Safmara". This is the famous Petrovsky Passage on the street. Petrovka - in it, according to registration data, in favor of the holders of the ISU-laid 3 of 11 000 square meters. m premises and land. A business center "Integral": 70 000 sq. m area in the last certificate holders to pledge a minimum of 46,000 square meters. m. And the property of the Moscow barmy "Derbenevka" plant, in whose territory is to be built multifunctional center, with August 2016 in the mortgage at the "EFG Asset Management", like the trustee ZPIF "Mandarin". This Criminal Code - "Safmar" trustee funds. The structure of the investment portfolios of funds' Safmara "was not disclosed, said the representative of the group. But a member of one of the managers of the companies confirmed the "Vedomosti" that the foundations laid at least Petrovsky Passage. "This is a completely normal investment in high-quality real estate, the Central Bank is known about it, it does not cause problems," - he says. Central Bank does not comment on the work of existing organizations, said the representative of the regulator to a request to confirm this information.

Yeast and leasing: how to take and give debt Gutseriev structure - Shishkhanov

July 2014
Moscow LLC "Stroyzhilinvest" placed bonds for 3 billion rubles. Paper 1 billion rubles. acquired Binbank
August - November 2014
"Stroyzhilinvest" provided a loan of 3 billion rubles. co-investor of construction IFC "Derbenevka" 100,000 square meters. m in the Moscow yeast plant - LLC "A-invest" on the security of 100% stake in the capital and the right to claim a 25 000 sq. m
December 2014
"Stroyzhilinvest" placed bonds for 3 billion rubles. They acquired BIN. "Stroyzhilinvest" provided a loan of 3 billion rubles. "A-Invest". The Borrower has increased the requirements for the right to "Derbenevka" to 60 000 sq. m
April - May 2015
"Stroyzhilinvest" placed bonds for 8 billion rubles. and laid a claim to the "A-Invest" MC "Finam Bean Group" EFG and the "Asset Management"
June - August 2015
BIN announced its intention to acquire 100% stake in leasing company "Europlan" in private equity funds Baring Vostok and Capital International
August - September 2015
"Stroyzhilinvest" provided a loan of 8.2 billion rubles. Cyprus Cendonbridge Global Limited Mikhail Shishkhanov. It has laid the "Stroyzhilinvestu" 70% of the Cyprus Europlan Holdings Limited - 100% owner of shares of "Europlan". The collateral value is defined in 8.4 billion rubles.

Internal interaction

As the interaction within the group helps structures Gutserievs find the money, we can judge by the example of the history of the purchase of the leasing company "Europlan".

In the spring of 2014 to the spring of 2015 a certain company "Stroyzhilinvest" belonging, according to SPARK, several ladies, not seen in other business projects, according to "RusRating" - "one of the richest men in Russia, is constantly entering into top-50 Russian Forbes », start to place loans: a total of 14 billion rubles. Shares redeemed reputable financial institutions, including BIN. The "Stroyzhilinvest" for 6 billion rubles. Company credits for "A-Invest", a co-investor of hotel and office complex of 100,000 square meters. m in the Moscow barmy "Derbenevka" plant received a pledge right to claim a large part of the project. By the way, he re-pledge their Criminal group "Safmar", including "EFG Asset Management", which later laid and the right to lease land for the plant.

Active year Mikhail Gutseriev

Other debt - 8.2 billion rubles. "Stroyzhilinvest" provided the Cypriot company Shishkhanov Cendonbridge Global Limited. Just shortly after Binbank in July 2015 announced its intention to acquire 100% of the leasing company "Europlan" in private equity funds Baring Vostok and Capital International. After the transaction offshore handed "Europlan" pledge "Stroyzhilinvestu" determining its collateral value of 8.4 billion rubles. Does this correspond to the purchase price "Europlan" representative "Safmara" said. group structures not involved in the capital "Stroyzhilinvesta," he said.

Accommodation with unknown

Placement "Europlan" and "RussNeft" conducted by them on the Moscow Stock Exchange for the last year, the market is called strange transactions. In both cases, organizers have not provided placements scale marketing support, but were oversubscribed, with the active participation of individuals. Most of the "Russneft" and "Europlan" paper buyers are still unknown. At the Moscow Exchange Group companies' Safmar "action" Russneft "and" Europlan "is not bought, he stressed the representative of" Safmara ". All sold during the IPO and SPO paper purchased by third-party investors, he adds. BIN spokesman also denied involvement in these transactions.

The IPO «Europlan", held in December 2015, pension funds did not participate. Shares of the companies during the placement, they can buy only on pension reserves, rather than accumulation. But in January 2016 the action "Europlan" "secondary market" bought five pension funds "Bean" group, as well as NPF "Russian Standard" Boris Mints (now called "Our Future" and is included in the NPF "The Future") - the purchase was carried out at the expense of funded pensions. NPF own these packages through trustees - "EFG Asset Management" and "Bin Finam".

In November 2016, the NPF "Safmar" sold all the shares of "Europlan" in the market, the buyer is not known at the NPF "Trust" they were, but Shishkhanov promised to sell them. The portfolio of NPF "The Future" is the action "Europlan" at 734 million rubles., Confirmed a representative of the fund. This is about 4.4% of the capital of the company, given that its market capitalization as of December 23 amounted to 16.6 billion rubles.

Two people from the index of the Moscow Exchange Committee told "Vedomosti" that the representatives of "Europlan" making serious efforts to get into the MICEX index. Private pension funds can buy in greater volume to the retirement savings of the issuer included in the MICEX index.

Oil without debt

In the year before the IPO, which took place in November 2016, "RussNeft" among the top ten largest Russian oil companies, passed phased "purification" of the debt component at the November 2015 $ 5.3 billion.

At the end of 2015 Gutseriev Belyrian Holdings controlled by the family of converted debt "Russneft" on $ 1.59 billion in shares of the oil company, similarly admitted, and Glencore (by $ 1.5 billion). Debentures were redeemed by increasing the share of major shareholders - the oil company's creditors, said the representative of "Safmara". Family Structure and Gutseriev Shishkhanov eventually got 54% "RussNeft" and Glencore - 46%.

Gutseriev told Forbes, that reduced the debt due to "financial cushion". It looks like it was formed like this. In June 2016 Shishkhanov said that SPV-company belonging Belyrian Holdings, issued bonds for 100 billion rubles. ($ 1.5 billion). To redeem bonds sided structure, said Shishkhanov. But soon most of the securities acquired OOO "Region-Invest" and LLC "Digital-Invest", affiliated with the structures Gutseriev. As security Belyrian Holdings gave them a pledge of 33.1% of shares of "RussNeft".

Then the debt "Russneft" fell more than $ 1 billion. In I quarter 2016 Gutseriev and Shishkhanov GCM Global Energy controlled by the family converted the $ 154 million in the capital of "Russneft" and Belyrian Holdings did it with a debt of $ 1 billion. As a result, August 2016, the share of Glencore declined to a blocking stake (46%), and the Gutseriev family has grown from 54 to 75% (its share in controlling "RussNeft" offshore, according to the Cypriot registry, so distributed - 50% from Mikhail Gutseriev, 20% his son Said Gutseriev, by 15% in Sait-Salam Gutseriev and Shishkhanov).

What funds quenched the debt - is not known. But we know that buyers Belyrian bonds, "Digital-Invest" and "Region-Invest" let their debt securities: only in 2016 to 100 billion rubles. Among the buyers of bonds were major pension funds, investment banker knows two. The representative of "Safmara" did not say whether there is a bond "Digital-Invest" and "Region-Invest" in the portfolio of investment funds Gutseriev.

As a result, a "RussNeft" placement came with a debt of $ 1.4 billion, of which $ 1.3 billion came from VTB. Further reduction of the debt burden will be carried by a operating profit of "RussNeft", the sources of financing for the purchase announced in November Orenburg oil producing assets being worked out, said the representative of the "Safmar".

Oil history

Own oil empire Gutseriev began to build in 2002, after he was fired from "Slavneft" president of state-owned post. In an interview with "Vedomosti" in 2004. The businessman explained: "I quietly resigned as head of state-owned companies and realized that just need to do your business. To never could I have none of the officials to call and say, "Go away." Assets for the future "Russneft" he bought with the money of the Swiss trader of Glencore, which in 2003 gave at least $ 300 million for the purchase of new deposits, in return of 40 to 49% in the three producing "daughter" of "RussNeft" - "Varieganneft" "Ulyanovskneft" and "Nafta-Ulyanovsk". By 2007, "Russneft" bought about 30 small companies with total recoverable reserves of more than 600 million tons of oil. The main creditors as at 30 June 2007 were of Glencore ($ 1.6 billion) and Sberbank ($ 1 billion), has received a pledge shares to the "Russneft".

In November 2006, the Prosecutor General's Office opened a criminal case on the fact of illegal business on the "daughters" of "RussNeft". In January 2007, criminal proceedings were instituted on the fact of non-payment of "Russneft" taxes on a large scale. Personally, Gutseriev was accused of tax evasion and illegal business activities and took on his own recognizance. At the same time the Federal Tax Service demanded in court to recover to the state action "Russneft", and they were arrested at the request of the Interior Ministry investigators.
In July 2007, Gutseriev, Oleg Deripaska offered to buy his "RussNeft". Gutseriev came to the rescue for the company net $ 2.8 billion. According to the agreement with Deripaska, he was obliged to buy the company back, if within two years, the FAS does not coordinate the transaction or there is a force majeure.

In an interview with "Vedomosti" in 2010 Gutseriev said: "<...> a few days after the sale of" Russneft "I'm with my friend got in the car at night and in the morning we were already in Minsk. Take turns at the wheel sat. In Minsk, I was waiting for a private jet, and I left. " Billionaire went to London and was able to return to Russia only in 2009
The money he is ordered as follows: $ 1 billion invested in oil fields in Azerbaijan, another $ 160 million - in Mauritania, and the rest of the country - another $ 1 billion (agricultural business in Turkey - the pomegranate and orange plantations, greenhouses 1 million sq m hotel. as well as commercial real estate in Kiev and London). The assets were merged into Gutseriev established oil company "Nephthys".

After returning in early 2010 Gutseriev bought back "RussNeft" Deripaska (FAS have not agreed on the purchase of billionaire oil company). For two years the company was in a difficult situation - debt rose from $ 2 billion to $ 7 billion, while production fell from 14.8 million to 11.2 million tons Gutseriev would combine "RussNeft" with "Bashneft" and spend two or three years. IPO of the combined company. To this end, in spring 2010, he was free offered 49% "RussNeft" owner of AFK "Sistema" Vladimir Yevtushenko (then controlled "Bashneft"), which refused the offer and bought the stake for $ 100 million. Sam Gutseriev said that it was part Evtushenkova and President of Sberbank German Gref has allowed him to return home.

In 2012-2013. 11 enterprises, provides a third extraction "RussNeft", has been translated into "Nephthys". Gutseriev explained that he could not lend them through the "RussNeft" due to its high debt. The only owner of "Nephthys" - Cyprian Dolmer Enterprises. Over the past two years Gutseriev earned hedging of oil prices over $ 700 million due to contracts concluded "Nephthys" in 2014 to 50 million barrels at $ 85 per barrel. Sberbank earned $ 50 million. According to Gutseriev, to hedge the risks he recommended Gref.

In the summer of 2016 Shishkhanov said that if the IPO "Russneft" (production - 7.4 million tons in 2015) will be a success, in a year can be attached and other oil family assets, namely "Nephthys" (production in 2015 of - 6.9 million tonnes) and Orsk and Krasnodar refineries (together process about 9 million tonnes per year).

Future plans

Gutseriev and continue to occupy the market. BIN wants in 2017 to place Eurobonds for $ 300-500 million and bonds for 10-20 billion rubles., Told Bloomberg board member, head of international business unit, financial institutions and capital markets Irina Komarova bank. In addition, the Bank considers the issue of securities in euros and Swiss francs as part of an existing program euro commercial paper (ECP). According to her, the bank has the mandate to accommodate VSK bonds, she said. Now the total amount of the credit institution bonds traded in different currencies is about 123 billion rubles. The Bank is ready to hold more, but constrains the rating in these plans: if now the size of the coupon on ruble bonds Binbanka reaches 14.5%, after improving the credit score it may be reduced to 12%, said Komarov. The Bank expects to upgrade the rating S & P Global Ratings to B + from B after the publication of statements by international standards for 2016, which will be the first since the merger with "MDM Bank". As Komarova said expectations of positive rating actions are also linked to the planned infusion of capital of 25 billion rubles. by Mikhail Gutseriev and Shishkhanov.

Apparently, it's easier and Gutseriev will take the banks, which returns the favor as the rise in oil prices. Judging by the Cypriot registry, Sberbank of September 15, 2016 gave a non-revolving credit line of $ 2.76 billion Gutseriev owned company Dolmer Enterprises. The software is made of 100% of the shares of another major oil-producing family asset - "Nephthys" company.