"Rusagro" catches "White Bird"

Vadim Moshkovich's group can claim the agroholding of Dmitry Ananyev.
07.05.2018
Kommersant
Origin source
On the assets of the holding "White Bird", which is connected to the ex-co-owner of Promsvyazbank Dmitry Ananyev on the market, another challenger has appeared - the Rusagro group of ex-senator Vadim Moshkovich. Along with other players, including the Tkachev Agrocomplex, the company, according to unofficial information, is already assessing the assets. The deal will allow Rusagro to enter the poultry market, which the group has been interested in for several years.

The fact that the group "Rusagro" conducts an audit of the assets of a large producer of broiler meat "White Bird", offered for sale, was told by a source of Kommersant in the industry. This was heard by another interlocutor of Kommersant on the market, as well as one of the investment bankers. The press service of the White Bird said that negotiations are being held with several potential investors for the development of the holding, but not one of them has been completed yet. It is not possible to clarify whether there are any among the candidates Rusagro in the company. The general director of Rusagro Maxim Basov declined to comment. As reported by "Kommersant" on April 25, the assets of the "White Bird" is claimed by the Agrocomplex. NI Tkacheva (belongs to the family of the head of the Ministry of Agriculture Alexander Tkachev).

In 2017, Rusagro was the third largest producer of pork in Russia with a market share of 5.4% (207.42 thousand tonnes) after Cherkizovo (211.72 thousand tonnes) and Miratorg (415.16 thousand tons). The group also deals with crop production, sugar production and fat and oil products. In 2017, Rusagro's revenue decreased by 6%, to 79.05 billion rubles., Net profit fell by 60%, to 5.56 billion rubles. The main owner of Rusagro, Vadim Moshkovich, with a fortune of $ 2 billion, occupies the 50th line of the rating of the richest businessmen of Russia in 2018, according to Forbes.

In June, 2017, communicating with investors and analysts, Mr. Basov said that the new direction for "Rusagro" could be poultry farming. According to a source from Kommersant in the industry, the group is looking for assets in this sector for the third year. Poultry farming provides synergy with pig farming: the industries have one fodder base, one logistics, general marketing and so on, explains the president of Agrifood Strategies Albert Daveleev. The purchase of "White Bird" is a good opportunity for Rusagro to enter the market, he said: "Such a deal will be cheaper than building poultry farms from scratch."

According to Rosptitsesoyuz, in 2017 "White Bird" occupied 5% of the Russian market of broiler meat (300 thousand tons in live weight). The beneficiary of the "White Bird" is Promsvyaz Capital B. V. The former co-owner of Promsvyazbank (DPB), Dmitry Ananyev. After the introduction of the temporary administration in the PSB, the crediting of the enterprises of the "White Bird" was suspended, and the holding was forced to reduce production volumes and personnel.

According to Albert Davleev, the business of the "White Bird" can cost about 23 billion rubles. without taking into account debt and depreciation. As of the end of 2016, the obligations of the largest holding structures of OOO White Bird - Kursk and LLC White Bird - Belgorod were at the level of 27.31 billion rubles. (data from SPARK-Interfax). Rinat Khasanov, the head of the agricultural services group at Deloitte, believes that a possible buyer can count on a discount: "Given the saturation of the domestic poultry market, no one will pay a premium to the assets, and the" White Bird "also has problems with servicing significant debt. " In such circumstances, the owners may be interested in selling the asset as quickly as possible, he concludes.

According to Mr. Khasanov, Rusagro now shows good liquidity, has a small debt and a significant amount of funds on accounts and deposits, so it may be interested in buying assets at a discount. Thus, the net debt of Rusagro at the end of 2017 reached 6.6 billion rubles, which corresponds to 0.47xEBITDA (13.95 billion rubles). The volume of cash and cash equivalents by the same period was at the level of 4.86 billion rubles, the report says. Some analysts do not rule out that Rusagro will be able to attract bank financing, but due to a sharp drop in revenue this year, the group will be unprofitable to increase the debt by more than 10 billion rubles.

Business

Previous Article
Next article