Moscow. 20 Jan. Sistema, which lost two years ago, one of the largest of their assets, Bashneft has since decided to deal only with strategy, not operational control. Looking for a replacement of Bashneft largest contribution to the business while not going AFK, but forever from the oil industry not forswear
In an interview on the sidelines of the world economic forum in Davos, the basic owner “Systems” Vladimir Yevtushenkov talked about the transformation of the AFC from the operating holding to the investment company and to finding a partner in the future of the joint venture with Rostec.
– When and where the AFC will finally grow “the second leg” in a couple of your largest asset is disposed MTS Bashneft? Do you expect the portfolio asset, comparable to the MTS contribution to the indicators?
Sweetgale “Bashneft”All materials plot
– It is absolutely the wrong approach. We are not going neither the second nor the third leg to grow. Now we are in a completely different way to think of our future. We see ourselves as an investment company whose portfolio a set of different assets, no matter how much they cost – a billion and a half or ten, as MTS. The main thing is to make a profit and not distracting to the operational control management “System” which should deal exclusively with matters of strategy.
So today we did not have the task of finding a second or third “leg”. We have the task to look for good projects, structure them and add their cost to ensure their profitability and move on. If you want to sell, if need to do the IPO if you need to invite partners. When we were a holding company engaged in operating management, we do think as you outlined in your question. But now we have completely different work, so we even terminology like this not.
The head of Rostec Sergey Chemezov at the end of last year told about the plans to merge the assets of the Corporation in the field of microelectronics companies. Is it true that “System” in SP will get RTI and “Micron”? Fundamental for the “System” control in the JV?
– There is such work, we are in the beginning. Yes, we plan to make SP RTI and “Micron”. Naturally, the objective for both sides is to make an effective company. Here, fundamentally, who will have control, and if it turns out this company or not. Who will have control – not a significant factor.
Most likely, control will be neither one of the parties – because, probably, will be the third investor. Will not control in the classic Russian sense of the term, i.e. 50% + 1 share. Another important question – who will take responsibility for the management of the asset, the responsibility to make it profitable and effective. Yes, we would like to see this role given to us. But again I say – we in the beginning, and the question of who has control, not the main.
The third investor will be included in the company assets or money?
– He can get money, can enter assets, considered various options, no final decision yet.
– It will be another state or a private investor?
– Probably private.
– Why does this idea arise? What is the purpose in scaling the business?
– At the time when building companies have a lot of technological chains were broken. Part of the technology we have, part of “Rostec”. The pooling of assets allows to make a single end-to-end technology from development to production, and that means cutting costs, reducing costs, improving efficiency. When he tore up the chain, thought about it, and when they began to inquire into this matter, began to understand that there is a parallelism technology, the unnecessary competition.
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– Now intensified competition in the mobile market. As you look at business perspective of mobile operators? They come up to stop the fall, is there a magic pill? Many looked skeptical, how about you?
– We are no different from others in this regard. Obvious, vivid solutions – Archimedes, “give me a fulcrum and I will move the whole world” – is not found. But all in search of.
– MTS OJSC Board of Directors in September held a meeting where they discussed the strategy of the operator in 2017-2019. What are the main features of the new strategy?
– I would not want to disclose details. As far as I know, the operator plans to present a strategy in the first half of 2017.
– Do you plan to extend the expiring contract with the President of MTS Andrey Dubovskov?
Is not I solve, that the Board of Directors decides.
Is “system” and MTS own minority stakes in major online retailers Ozon.ru. Last year was widely discussed the creation of a “Russian Alibaba”. What do you think, did the Russian investors and government officials to understand that it is impossible to repeat in our market?
– Hardly someone will create a new company only to receive the title “Russian Alibaba”. Still with proper wise policy of all companies operating in this area, someone will emerge the leaders. If none of the Russian companies do not, there’ll come a foreign and become the leader.
– Do you discuss the capitalization Ozon.ru?
– You have to ask the controlling shareholders. We have a minority of the shares, and if such a question arises, and the Board of Directors will propose the recapitalization, we will consider this question.
– Package your can increase?
– You can, of course, but someone has to sell, and nobody sells. Interest or lack thereof is determined by the cost. If we want to give – I must say, that is interesting. If you want to sell at high prices – I would say that is not interesting. That’s all.
– Agribusiness “Systems” now more than 300 thousand hectares of land. The goal for 2018 is 500 thousand. What’s the plan to increase land Bank in 2017?
– There are plans to increase the land Bank. Another issue is that the land is not rubber, many have their owners. Today, the growth of land banks slowed down at all, because it is harder to find some tidbits. But intentions are, of course, we have.
– Do you have plans to enter other segments of the livestock, in addition to milk?
– Don’t think about something else. We invest in what we already have.
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Who’s next in line for the IPO after the “Children’s world”? Segezha Group?
– No, I think that the agricultural holding. But not for me to decide: management examines all of our subsidiaries, some of them with some effort, lead to the stock exchange this or next year. And when management will be on the Board of Directors a specific proposal, then it will take action, and today we are at the stage of discussions.
But already have an understanding of which company “System” ready, bought enough to go public scale?
– Scale a little. Need a scale, compliance with all procedures, maturity of corporate governance, the willingness of the team. It’s a big, heavy job that snap is not done. When completed IPO, will determine who will be the next.
– Maybe “Intourist”?
– No, there’s still a “start and finish”. We just all think.
– Last year you had a great deal to buy the hotels, a Regional hotel chain. See something many are willing to spend?
– Yes, we look for opportunities continuously.
– There are industries where the “System” is not, but they are interesting to you?
– Everything is interesting.
– I think there is one that is not interesting, – the oil industry.
– No why and it is interesting. There simply is nothing on the market. We are ready to consider any options that we can, where we feel ready to bring a new competence to create competences, and that will have a business sense.