Domodedovo billions: how Dmitry Kamenschik's business is organized

The owner of Domodedovo, Dmitry Kamenschik, was released from house arrest. RBC recalls how he became the owner of Domodedovo and unsuccessfully tried to sell it, and figures out who can claim the airport right now.
04.07.2016
RBC
Origin source
July 1 court released Domodedovo airport owner Dmitry Mason from house arrest, which lasted more than four months. Mason is accused in a criminal case on the terrorist attack in Domodedovo in 2011, but the business ombudsman Boris Titov has expressed confidence Friday that the case will soon be closed, calling it "sucked from the finger." A source close to Mason all these months, assured RBC that the reason for his arrest - an attempt to force Mason to give up the business in which he came back in the mid-1990s.

Carrier consumer goods

"It was not a passenger terminal, a barn," - says an employee of the Serbian construction company Cyvas Srdjan Milosavljevic. At Domodedovo Serb he appeared for the first time in 1998, when Cyvas awarded a contract for the reconstruction of the terminal. The reconstruction of the time he needed badly: the airport was built in 1962 with the expectation of flight service from Central Asia and Siberia, but the money for the development of the state is not enough.

The main condition for the customer was not to close the terminal for repair, said Milosavljevic airport every day tolzhen was to serve passengers. The contract concluded with Cyvas of "East Line", which at that time owned Domodedovo in equal shares to the state, but actually manages the airport.

"East Line" company appeared in the mid-1990s. She drove through Domodedovo consumer goods from China to Moscow by leasing cargo planes at Domodedovo Production Association of the State Civil Aviation (GA DPO). This is state-owned enterprise after the reorganization of assets managed by all the airport: the airfield, associated infrastructure, passenger terminal and aircraft. We started this business two young men from Ekaterinburg - Officer Working Center for Economic Reform under the Government Anton tanks and philosophy student of Moscow State University Dmitry Mason. According tanks and it was he who called Mason in this business, considering his grip and thoroughness. Tanks soon decided to pursue a career in politics, and Mason began to develop their own business, creating "East Line".

A former top manager of "East Line" recalls how relations with employees DPO HA: & laquo; We use mobile phones and computers, as they wrote in the ledgers. Once we bought a copier, so employees SOEs put him in a separate room and closed with a key. They did not need anything - unlike the ambitious "istlaynovtsev".

The fact that only the owner of the "East Line" - Mason, will be known only in 2011, when the Domodedovo airport will be ready to place on the stock exchange. In the early 1990s, Mason your business does not advertise, and build a new freight terminal proposed DPO Director Leonid Sergeev GA. In 2015, in an interview with Forbes tells Mason that warehouse complex in Domodedovo not then commanded the leaders of the airport, as porters, which, in turn, commanded by bandits. Sergeev on offer young businessman agreed: DPO GA and "East Line" equally invested in new cargo complex, the first phase of which was commissioned in 1995.

airport owner

Warehouse construction plans are not limited to Mason. In 1996, the "East Line" has offered to reconstruct Sergeyev(In fact - rebuild) passenger terminal. Spending a private company was ready to take over, but instead wanted to share in the future of the air terminal. Sergeev agreed. Legally the scheme of cooperation as follows: Company Mason together with the state-owned company registered JSC "Domodedovo-2", where the GA DPO made all movable and immovable property of the airport complex, and the "East Line" - 22 million rubles. Affiliates owned new company on a parity basis, for the reconstruction of the building hired a Serbian Cyvas.

In 1997, Prime Minister Viktor Chernomyrdin ordered DPO divided GA on three entities. Co-owner of the passenger terminal turned "Aeroservis Domodedovo". Already in the second year of the state-owned company was bankrupt at the suit of the supplier of utility services. In the framework of bankruptcy "East Line" bought the government's stake in the terminal building, and the general director of "Aeroservis Domodedovo" Sergei Rudakov went to work for a bricklayer. At the beginning of the zero-point of the airport property is copied to the Cyprus Hacienda Investments Ltd.

Along with obtainingiem control of the passenger terminal of the company related to the "East Line", made another important deal: signed with the State Unitary Enterprise "Domodedovo Airport Administration" (another assignee of DPO GA) lease agreement airfield and the surrounding area for 3.2 million rubles. per year for 75 years.

After a few years, the state has attempted to challenge the transaction in court either. In 2003, "Domodedovo Airport Administration" asked to recognize a lease agreement null and void, and the Federal Arbitration Court of the Moscow Region has agreed to do so. Headed at that time, the court Lyudmila Maikova explains that Unitary Enterprise was created for property management and not putting it in rent, so the agreement was unlawful. Rosimuschestvo same since 2005, tried to challenge the transfer of passenger terminal structures "East Line", arguing that the consent to the transaction gave Mosoblimuschestvo that did not have the relevant authority.

The proceedings in both cases reached the Supreme Arbitration Court (SAC). Rosimushchestvu you to give, and in the dispute over rent are likely senior officials intervened. When the structuretours "East Line" in 2005, lost the trial, the governor of Moscow region Boris Gromov has sent a letter to President Vladimir Putin. The governor of Moscow region warned the president that the officials actions could lead to the closure of the airport. Putin has put the resolution "The laws must be followed, but the actions of the State must not lead to the destruction of well-functioning business."

After that, representatives of Mason presented the court with a previously unknown version of the Charter "Administration of the Domodedovo airport," which stated that the company created to manage the airfield by his lease. In the end, it ended in an amicable agreement: the rental rate rose from 3.2 million to 92 million rubles. and it could be reviewed every five years. Subsequently, the Accounting Chamber has come to the conclusion that due to the unreasonably low rental rates in the state between 1998 and 2005 received less than 600 million rubles.

Trials did not stop airlines that have started to move from Sheremetyevo and Vnukovo Domodedovo new terminal, which has become the most modern in the Moscow Aviation Hub(In an interview with "Vedomosti" in 2004. Mason he argued that the "East Line" has invested $ 300 million in reconstruction). In 2001, Domodedovo passed the second largest international traffic "Transaero", in 2002 - the first under the in "Siberia", and in 2003 - the first western company British Airways, which was followed by other foreign carriers.

From 2000 to 2005, passenger traffic to Domodedovo has grown more than four times, reaching 14 million people. Sheremetyevo passenger traffic over the same period grew only by 12%. As a result, in the midst of trials in 2005, Domodedovo has become the largest airport in Russia, ahead of the permanent leader - Sheremetyevo - nearly 2 million people. The first place among the Moscow airports Domodedovo will hold another ten years.

Other officials

Privatize Airport and develop it is impossible without high-ranking patrons. Gromov not only wrote a letter to Putin Domodedovo protection, but also generously shared with the regional airport land. In autumn 2003, the official signed a decree that increased the reserved area around Aeroport with 2.8 thousand. ha to 64 thousand. ha. As Mason said, "Vedomosti", this would be enough for the construction of eight new runways. Part of the land was bought by the "East Line", some special status, according to which the use of the territory had to be coordinated with regional officials and Domodedovo.

Important role in the success of Domodedovo played the launch in 2002 a high-speed train from Moscow Paveletskaya Station to the airport. She came through the efforts of the director of the airport complex Sergei Rudakov, communicate well with the Minister of Railways Gennady Fadeyev, says RBC source, while working at the airport.

Mason and defend the interests of German Gref, when he was the Minister of Economic Development and Trade. For example, it tells a familiar Gref, who was strongly opposed plans to select the "East Line" passenger terminal of the airport and to terminate the contract rent. Such state behavior could be a signal for a review of the outcome of the entire privatization and badly affected to the investment climate, explains the source of RBC. PSberbank redstavitel could not answer the question of RBC, asking to apply themselves to Gref. Ask Sberbank president personally RBC could not be told.

Two friends Mason said that it is difficult for communication with the authorities. "Dmitry is very logical, and maloemotsionalny alien bureaucratic environment" - explains one of them. Another recalls a meeting in the government three or four years ago, which became a Mason in a rigid form to express the head of the Federal Air Transport Agency Alexander claims Neradko. "We are taken aback by such an accident. He did not just criticize, and shouted and accused Neradko inefficiency. After the meeting at the Mason case the government almost did not call, "- says the interlocutor of RBC.

But to build relationships with the right people get the chairman of the supervisory board of Domodedovo, businessman Valery Kogan, appeared in the "East Line" in 2000. Former Domodedovo manager tells us that Kogan - a great negotiator and gets along well with the officials. His arrival at the airport coincided with the excitation FSB protiemployees in "East Line" of the criminal case of smuggling. The Court in this case was completed only in 2008, by the time of the four episodes in fact there was only one. All five defendants received suspended sentences.

stable relations

Kogan was born in Dushanbe, in 1990 Russia was engaged in the supply of products from the former Soviet republics. Mason said that he met with the accident Kogan: "It was a long time ago, when we started the business. First I was skeptical, but then we settled down together and have developed a strong relationship. "

Aviation market participants and experts for a long time believed that Cohen may be the owner of the airport. It was promoted by the ownership structure of the Cyprus DME ltd (formerly called FML Limited), which owns all the assets of Domodedovo. Nominal holders of its shares were Jane Peters (64%) and Shawn Cairns (36%) with the Isle of Man. There was speculation that represents the interests of Peters Kogan and Cairns - Mason, Mason explained himself in an interview with Forbes. But this is the wrong guess, he would say: According to Mason, he is the only owner of the airport.

Negotiate with officials at Domodedovo does not always work. For example, Mason and Kogan have not been able to convince authorities of the need to build a third runway. Now the airport are two of them, and the overhaul passed last one in 1981. Back in March 2011, the head of the government at that time Putin has instructed the Ministry of Transport to consider the allocation of funds from the federal budget for the construction of a new runway. Office decided to build it in 300 meters from the current and the last turn to the taxiway, and leaving the airport with two stripes. Minister Maxim Sokolov explained that the need to meet the stipulated treasury 14 billion rubles.

Billionaire

Forbes magazine estimates the state of Mason at $ 2.9 billion. Net profit Domodedovo in 2013 (the latest published accounts) amounted to 9.4 billion rubles. From 2008 to 2014 the airport's revenue grew by half, exceeding 40 billion rubles. EBITDA for 2014 -. About 17 billion rubles, told Mason. Thus, profitability exceeds 40%. Roughly the same thing happened in the pasties. A similar rate - about 42% - and its main competitor, Sheremetyevo. According to co-owner Sheremetyevo Alexander Ponomarenko, a standard margin for airports developed countries and in emerging markets, margin reaches 56%. Domodedovo and Sheremetyevo have something to strive for, the businessman said.

Financial indicators Domodedovo grew against the background of air travel boom. And about. Managing Director, "Domodedovo kommershl Services" Alex Rajewski said about the correlation between the state of the economy and air transport 1% GDP growth entails an increase in passenger air transport it by 1.8%. However, in Russia the ratio was abnormally high for many years - and more than ten-fold. Market subsidized by Western banks, says Rajewski: they were given loans cheap air carriers, aircraft are purchased and reduced rates, attracting new passengers. In 2015, after the devaluation of the ruble, sanctions and economic recession, some companies were owners of excess fleet and heavy debts. For example, "Transaero", for which the base was Domodedovo AeropeRoth. The bankruptcy of the air carrier business hit Mason. In 2015, Domodedovo lost its status of the largest Russian airport Sheremetyevo losing. Passenger traffic at Domodedovo decreased by 2.5 million people last year. Approximately half at Rajewski estimates related to bankruptcy Transaero ".

Airport business consists of three segments: the organization of the take-off and landing aircraft, service aircraft and passengers, the commercial exploitation of terminals. Most of the revenue should be from Domodedovo statements for 2013 (the latest published data), bringing aircraft maintenance, including refueling. And the most profitable - commercial segment, where in addition to the delivery of space for rent at cafes and shops include advertising, hotels and car parks.

In 2016 Moscow airport revenues should grow. Since the end of February this year, the Federal Antimonopoly Service (FTS swallowed) abolished tariff regulation in the Moscow aviation hub. The consequence was the increase in the cost of services. For example, in Domodedovo fee for use of the airport complex (it paid airCompany for each of the last passenger) increased on domestic routes from 45.5 to 65 rubles, and Sheremetyevo -. 113 rubles. to 123 rubles. (Internal flights are carried out only through the terminal D).

An important part of the business Domodedovo - fueling of aircraft, in 2013 it accounted for more than 11 billion rubles. or about a quarter of revenue. Rajewski said that in 2015 the fuel sector brought about 20% of the turnover.

Fueling infrastructure remaining from the Soviet era, "East Line" in the 1990s revolutionized the DPO with the state Assembly. Then the asset, like many others, has completely passed into the possession of Mason companies. This is a unique situation for Russia. In seven of the ten largest airports in the country the owners of fuel-filling complexes (TCC) are the large oil companies - "Rosneft", "Gazprom Neft" and LUKOIL. "The expansion of oil in the airport began in the second half of zero, - says Director of Business Development Agency" Analysis of commodity markets "Michael Turukalov. - The prices for kerosene, the FAS required to de-monopolize the market, as a result of many isadeltsam airports had to sell refueling. Prices, however, have not ceased to grow. "

Owner refueling, usually favors a specific fuel seller. Sheremetyevo and Vnukovo, where refueling owned "Rosneft", she also is a major supplier of jet fuel (see. Infographic), and only 5% are in Domodedovo on it. Sale of fuel carriers (called dressing "in the wing") - high-margin business. For example, in "Rosneft" reports called "premium segment". According to the calculations Turukalov, the difference between the "input" to the airport and the cost of kerosene for the carrier reaches 30-40%.

Accused

On 24 January 2011 a terrorist Magomed Yevloyev went to Domodedovo airport parking side, bypassing the metal detector. Police, as seen in the records from surveillance cameras at this point passionately talked with the employee Airport. An hour later, a suicide bomber blew himself up, killing 37 and injuring 117 people.

The criminal case against the managers of the airport and police Investigative Committee of Russia (TFR) initiated as early as nextconductive day, accusing them of transport security violation. In March 2012, the case was closed, resumed two months later, finally closing in August 2015. But by the time investigators brought against members of the Domodedovo separate case, accusing them of providing unsafe services. Figurants - three of Airport Executives (including two former) owner and Dmitry Mason, all are under house arrest.

Claims TFR reduced to the fact that in the Domodedovo hardly inspect incoming terminal in people through a metal detector were asked to only 2% of visitors. According to investigators, so I saved on airport security staff. Prosecutor General's Office has four required to close the deal, pointing to the lack of connection between the provision of services and the unsafe act of terrorism: the loss of life resulted in a suicide action, not airport employees, according to the GP. Lawyers for the accused managers emphasize that while the law did not require one hundred percent inspection of incoming, in addition, it is responsible for the police, not the aviation safety.

Surrounded by Kamencrate claim that for a criminal case, initiated on the fact of a terrorist attack, are trying to force Mason to sell the airport. Do not rule out pressure on the Domodedovo and a senior government official. From 2011 until investigated a criminal investigation into the terrorist attack, media reported about the interest to the business of Mason by a number of buyers.

Forbes wrote that after the abolition of IPO Domodedovo in 2011, Mason was discussing an asset sale to businessman Alexander Ponomarenko. In a conversation with RBC Ponomarenko confirms that considering the deal "with partners." According to Forbes, it was about the owner of the "Amount" Ziyavudin Magomedov.

Ponomarenko said that since no interest in Domodedovo. Together with Arkady Rotenberg and Alexander Skorobogatko they are now developing another airport - businessmen control "Sheremetyevo Holding", owning 68.4% of shares Sheremetyevo. In the "Summa" declined to comment. A source close to the group said that its representatives did participate in the negotiations, and even have access to a "virtual room DATAx "Domodedovo (there is stored information about the asset), but consider the history of the airport" rather as an interesting business case. "

"Kommersant" cited as possible buyers Domodedovo group "Renova" Viktor Vekselberg (owned by holding "Airports of Regions") that is included in the "Alfa Group" investment company A1 (in the early 2000s, had planned to become an investor of the third construction of the terminal at Sheremetyevo) and the company "Vnukovo-Invest", representing the interests of private shareholders Vnukovo - Vladimir Skoch (father of the deputy of the State Duma and former co-owner "Metalloinvest" Andrei Skoch) and Vitaly Vantsev.

Vantsev declined to comment on their possible interest in Domodedovo. General Director of "airports in the region" Evgeny Chudnovsky in 2012 in an interview with "Kommersant" on the issue of interest to Domodedovo said: "Renova" stated an interest in the Moscow aviation hub. Interest saved now. However, this interest is still purely theoretical, because to date and plans for asset owners do not understand & raquo ;. The press service declined to comment on the A1.

Another contender for the purchase of shares in Domodedovo was investor Yusufov, a member in 2011 "Gazprom" Board of Directors. In an interview with "Vedomosti", he told me that he negotiated with Valery Kogan to buy a 25% stake in the airport for $ 1 billion. Now Yussufov not answer the question of RBC, whether he is now interested in this asset.

difficile seller

Closest to buying Domodedovo, according to RBC sources, was an alliance of "Rosneft" and operator of regional airports "Novaport", controlled by businessman holding AEON Roman Trotsenko. Negotiations between Mason and entered the final stage in the fall of 2013. If successful, the deal "Rosneft" would get TCC and "Novaport" - airport terminals and other infrastructure. Trotsenko at the time was president of "Rosneft" Igor Sechin advisor and headed overseas division of the company, Rosneft Overseas. Prior to that, he worked businessman President of the United Shipbuilding Corporation (USC), whose board of directors headed by Sechin. <br />
The RBC has available materials describing one of the final version of the scheme of the transaction. According to these materials, the total price of the airport complex and the TCC was to be $ 4.8 billion, "Rosneft" was ready to provide $ 985 million, AEON -. Not less than $ 500 million, the remaining $ 3.315 billion was supposed to take in the Savings Bank (including a $ 3.115 billion loan and to $ 200 million mezzanine financing). "Rosneft" and AEON were specifically for the deal to establish a joint venture and to make their money, and the JV - to get a loan and buy the Savings Bank of Domodedovo. Then, the joint venture would have transferred the shares of the airport complex and refueling as collateral on the loan.

The material was reported that "Rosneft" will receive the ownership of the TCC three years after the transaction, that is, by the time the asset is removed from the pledge. In addition, "Rosneft" would become the exclusive supplier of fuel to the airport, for which the joint venture must be paid royalties on the $ 50 million per year for seven years. Thus, the oil company Domodedovo costs would exceed $ 1.3 billion.

According to RBC a source familiar with the position of Mason, the deal fell through, cohbut the seller asked AEON transfer deposit of $ 100 million. "Trotsenko Representatives for the first time negotiated the purchase of Domodedovo in the fall of 2011, then almost all of 2013. Perhaps Mason environment, tired of meetings and conversations, decided to verify the seriousness of the buyer "- suggests the source of RBC. According to another source in the RBC airport market, at the last moment Mason made it a condition of the transaction and the redemption of the land around the airport that buyers did not need.

Two weeks ago, at the St. Petersburg Economic Forum Trotsenko told the news agency the RNS, which retains an interest in buying Domodedovo, but Mason is under arrest, the negotiations will not lead. "It's just unethical, and many will assume that we take this difficult situation for Mason. I think Mason is very worthy man and very strong. He will not sell, until it's over, whatever the offer. [...] If all ends well, which we sincerely wish them, then we will then sit down, breathe, drink a cup of tea and start talking, if he would be interested in "- Said Trotsenko RNS. "If someone thinks that these circumstances make it somehow change his decision, it is a profound mistake. This is one of the strongest people I've seen in my life ", - said the owner of AEON.

In the "Rosneft", Domodedovo, Sberbank CIB (representatives of Sberbank divisions participated in the negotiations) and AEON declined to comment on the events of 2013. A source close to Domodedovo, and representatives of the press service of the claim that no proposals for the sale of the airport under house arrest, Mason has not yet received.