The head of the timber holding company Segezha Group (100% owned by AFK Sistema) Mikhail Shamolin received an option for 5% of the company. This was told by RBC Chairman of the Board of Directors and the main co-owner of AFK Sistema Vladimir Evtushenkov.
"This was my offer [that Mikhail Shamolin headed the Segezha Group]. He got an option for a 5% stake in Segezha Group, "Evtushenkov said. Shamolin through the representative declined to comment.
On March 1, it became known that Shamolin, who had headed Sistema for seven years, left his post ahead of schedule and moved to the Segezha Group. At the same time it was reported that he would become a minority shareholder in the timber industry holding, but the size of his package was not disclosed.
AFK Sistema acquired the assets of Segezha Group in 2014. Now it is one of the largest Russian vertically integrated timber holding holdings with a full cycle of logging and deep processing of wood. It includes Russian and European forestry, woodworking and pulp and paper industries in 12 countries. According to the assessment of the group itself, it occupies 52% of the market of paper bags and more than 70% of the market of unbleached sack paper in Russia. According to the results of 2017, according to Sistema's report, Segezha Group's revenue increased by 1.6%, to 43.7 billion rubles, OIBDA - by 18.2%, to 7 billion rubles. Adjusted net profit decreased to 81 million rubles. (more than 20 times). The decrease in net profit for the year in the company was explained by the pressure of the exchange rate, as well as by the growth of logistics costs and the cost of resources.
The company "is moving toward IPO: both volumes are building up and improving management institutions," said a source close to Segezha Group. On March 15, the senior vice president of Sistema, Ali Uzdenov, told journalists that AFC plans to hold an IPO of the holding in 2020. Earlier, at the end of November last year, Shamolin himself stated that Sistema would be ready to place the company's shares on the stock exchange when it reached OIBDA of 10 billion rubles. And Evtushenkov, in an interview with RBC on May 28, answering the question about the timing of IPO of subsidiaries, said that it makes sense to do this when assessing the asset of $ 2 billion. "To make it a significant asset and, as they say," unicorn, "he explained. The
Into the forest from MTS
Mikhail Shamolin became president of AFK Sistema in March 2011. Prior to that, for six years he worked in MTS, holding successively the positions of vice president of sales and subscription services, the director of the business unit MTS Russia and, finally, the president of the company. The last time his contract as president of Sistema was extended in March 2017 for three years. On March 5, 2018, he was appointed president of the Segezha Group.
Analyst "BCS-Broker" Sergei Gaivoronsky estimates Segezha Group in 25-30 billion rubles. According to him, the company's influence on Sistema itself is still quite small: Segezha's revenue is quite good (about 6% of Sistema's revenue), but the group has low profitability and constantly growing debt load (increased from RUB10bn at the end of 2016 year to more than 30 billion rubles by the end of 2017). According to Gayvoronsky, 5% of the company is worth slightly more than 1 billion rubles.
"I think that this is the beginning of the implementation of the strategy of" System ". At the last press conference on the results of 2017, AFC President Andrei Dubovskov decided to transfer the holding to a new partner track: each partner must do some kind of project, and Shamolin became such a partner, "the expert believes. According to Gayvoronsky, 5% - this is the motivation for the top manager for the next two years before entering the stock exchange.
Analyst of ACRA Maxim Khudalov estimates the company at about 40 billion rubles. Director General of Haritonov Capital Investment Company Maxim Kharitonov agrees with his colleagues and notes that the Segezha Group is an interesting growing company from the point of view of investors, two-thirds of its revenue is denominated in euros. In his estimation, the cost of a 5% stake may be 1.55-2 billion rubles.