RUSNANO doubled the profit through the sale of assets

Group net profit “RUSNANO” (JSC “RUSNANO” and the criminal code “Rosnano”) rose by the end of 2015, more than doubling from RUB 8.2 billion up to 16.82 billion rubles, said the Chairman of the Board of UK “RUSNANO” Anatoly Chubais. He said that the Corporation is the second year in a row “has become profitable”. “This does not mean that we continue each year we will get 17 billion rubles ahead of a difficult situation”, — said Chubais.

The main profit drivers — increase in fair value of the Fund portfolio and sell assets, Chubais explained. Total assets of the group grew by 18.6% to 227,7 bn and evaluation of the investment portfolio increased by 23% to more than 138 billion rubles including 16.8 billion rubles has increased the value of the investment portfolio. The effect of exchange rate differences decreased from 90 to 47%, said Chubais. “We did not hide in the past year, our profit was largely related to changes in the exchange rate. This year the situation has changed,” he said.

From the sale of part of its assets “Rosnano” in 2015 has been reached RUB 3.7 billion against 2.6 billion rubles a year earlier. The Chapter “RUSNANO” stressed that the Corporation is in the eighth year of the investment cycle, therefore, the increase in the number of “exits” of portfolio companies is a natural process.

The revenues of the Corporation “Rosnano” by the end of 2015 amounted to RUB 7.2 billion, which is 6% higher than a year earlier. The main income of the Corporation brought operations on placement of temporary free funds of the company, said the representative of the Fund.

The volume of government guarantees “RUSNANO” in 2016 amounted to 35.5 billion rubles, Chubais said. He expects that by 2018, the company will receive a total of 70 billion rubles of state guarantees. The Ministry of Finance and Ministry of economic development agreed on the conditions and form of state support to RUSNANO in the years 2016-2018, according to the newspaper “Vedomosti” in September 2015. Under the state guarantees in the amount of 70 billion rubles, the Corporation can borrow from banks starting in 2016.

JSC RUSNANO was established in March 2011 through reorganization of the Russian Corporation of nanotechnologies. 100% of shares of JSC “RUSNANO” owned by the state. In Russia there are 68 factories and development centers, in equity participation of “RUSNANO”. By 2015 the volume of production of project companies in which invests “Rosnano”, was to be not less than 300 billion rubles — was raised in 2008. In the end, the volume of production of nanoproducts project companies RUSNANO amounted to 344 billion rubles by the end of 2015, Chubais said, referring to the data of “Rosstat”. The total volume of nanoindustry in Russia amounted to 1.3 trillion roubles according to the data of “Rosstat”, he added.

Thus by the end of 2015 “Rosnano” has not managed to achieve several goals, in particular the volume of attracted capital. “In 2015, we had to attract 20 billion rubles., in fact collected 16.4 billion rubles,” he said. In 2016, RUSNANO hopes to raise 34 billion rubles instead of the planned 30 billion, Chubais added.