The Ministry of industry and trade told about the plan of salvation Uralvagonzavod

A double helping

Uralvagonzavod (UVZ, 100% state-owned) applied to the Ministry for state guarantees of 14.9 billion rubles this was announced by the representative office. According to her, government support needs of the Corporation for refinancing of RUB 21.3 billion of loans in 2016. The final decision on the allocation of state aid should take in the near future, a government Commission headed by first Deputy Prime Minister Igor Shuvalov.

UVZ is in a difficult financial position. General obligations of the Corporation at the end of last year exceeded 200 billion rubles. It is mainly Bank loans and debt for leasing transactions. According to base “SPARK-Interfax”, among the creditors of the Corporation, Alfa-Bank, Sberbank, and Gazprombank, Svyaz-Bank. In June the alpha Bank has submitted to Arbitration court of Sverdlovsk area the claim of the Corporation bankrupt because of the loan of RUR 9.3 bn Total debt UVZ to alpha Bank — 16 billion rubles. and $119 million, reported the company. A source close to the Corporation, claims that the problems she was having due to the guarantee for loans of its subsidiaries.

The suit is scheduled for August 8. According to the representative of the Ministry of industry and trade, to obtain state guarantees UVZ need to stop business about its bankruptcy, that is, to negotiate with Alfa-Bank. She claims to refinance the debt of Uralvagonzavod under the state guarantees ready Gazprombank. The conditions of the refinancing, the representative of the Ministry did not disclose, but explained that the Board of Gazprombank approved them on 9 June. In a press-service of the Bank did not respond to a request .

The situation is a stalemate, says a source close to UVZ Gazprombank is ready to refinance the debt under state guarantees, but they cannot be accessed because of the claim about bankruptcy. Member of the management Board of Alfa-Bank Maxim Pershin contends that there are no restrictions for receiving state guarantees from UVZ no, because the bankruptcy procedure is not entered.

According to the representative of the Ministry of industry and trade, between the Bank and the company reached “certain agreements” to conclude an amicable agreement, and the Bank would withdraw the suit soon. Parshin it corrects, what is being negotiated. “If all parties find the structure, in which Gazprombank fully refinance the loans at Alfa-Bank, then we’ll arrange it,” — said the banker.

Representatives of the Ministry of economic development, Uralvagonzavod and the Ministry of Finance did not answer the questions .

As UVZ got into debt

UVZ produces tanks “Armata” combat vehicle fire support “Terminator”, as well as open wagons, tank, platform and other railway equipment. Produced at the plant fighting machines are the most highly protected in the world, according to the website of the plant. In 2015, the share in total revenue from sales of military products accounted for 58%, of civilian products — 15% (the rest is mostly freight).

Decreased sales in 2015 amounted to 16.4 billion rubles, follows from the IFRS financial statements. This is three times higher than a year earlier, when the company first reported under IFRS. The company’s loss in 2015 amounted to 10.1 billion rubles, and this is a record since 2003, when the Corporation began to publish the financial results. The reason — sharp reduction of revenues from sales of gondola cars and tank cars. For 2015, sales decreased by 2.5 times, to RUB 16 billion, followed from the financial statements of the company. In addition, from 5 billion to 13 billion rubles increased commercial costs and from 2.5 billion to 4.5 billion rubles — expenses on payment of percent.

Deputy General Director, Uralvagonzavod Alexey zharich, names several reasons for the problems of the Corporation. According to him, is the stagnation of the market of cars, getting corporations to the sanctions list and debts of the captive transport company “UVZ-Logistik”. In addition, the decreased advance payments of defence procurement, own funds were insufficient, and the financing of rearmament had to take loans from banks. The Corporation has suffered from the jump rate, complained in an interview with the General Director of Uralvagonzavod Oleg Sienko. For the modernization of the enterprise was ordered imported equipment, which has doubled in price.

The representative of the Ministry of industry and trade agree that the last year for the Russian car building and UVZ was very difficult. “Such indicators was not since the beginning of 1990-ies, the economic crisis led to the decline in rail traffic,” she notes. According to her, the forecast for 2016 is positive — a potential portfolio of orders UVZ more than $5 billion Zharich says that Uralvagonzavod has signed orders for the production of 12 thousand cars, which will improve the financial condition of the Corporation.