VEB threw Vadim Vaneev from "Eurodon"

The turkey producer has accumulated more than 37 billion rubles of debt to the bank and lost almost all the poultry population due to the outbreak of the disease and mismanagement.
01.11.2018
Kommersant
Origin source
The conflict between VEB - the main owner of Eurodon, one of the largest turkey producers in Russia - and the founder of the group, Vadim Vaneev, is over. The group will be led by the managers of RK-Project and VEB-Capital, and Mr. Vaneev may take the post of deputy general director. For the development of a new financial model, “Eurodon”, which has lost all the commercial stock of turkey, will attract an investment bank and an auditing company from the “big four”.

The meeting of participants of the Eurodon Group on Wednesday decided to terminate the powers of the current CEO and founder of the group Vadim Vaneev, said a representative of VEB, the main owner and creditor of the group. According to a source “Kommersant”, familiar with the results of the meeting, the authority of Mr. Vaneev and his team of top managers terminated on November 1. In VEB, it was clarified that the company “Eurodon”, LLC “Eurodon-South” and LLC “Ursdon” will be managed by LLC “RK-project”. According to the representative of VEB, the company was chosen because of its special specialization in the management of distressed assets. Sergey Bogomazov from VEB-Capital has been appointed Director General of Irdon LLC and Metal-Don LLC. Indolina Trading House LLC will be headed by Dmitry Orlov, head of the VEB monitoring group at Eurodon. According to a Kommersant source, Vadim Vaneev was asked to remain in the group as deputy general director for development. In "Eurodon" did not provide a comment.

Eurodon is the second turkey producer in Russia after Damate, Naum Babayev. According to Agrifood Strategies, in 2017, the group released 47.25 thousand tons of products (20.68% of the market in physical terms). Due to outbreaks of bird flu from December 2016 to April 2017, about 1.5 million birds died at the Eurodon sites, and the losses of the group exceeded 2.6 billion rubles. To resolve the situation, VEB gave the group an additional 2.6 billion, and 74% each of Eurodon, Eurodon-Yuga, Ursdone, Indolina Trading House, Irdon and Metal-Don took over control of the bank. The share of Mr. Vaneyev in Eurodon has decreased to 11%, in other companies - to 26%. Another 15% of “Eurodon” was kept by the artistic director of the Mariinsky Theater Valery Gergiev. His representative on Wednesday did not answer the call "b".

VEB offered Vadim Vaneev to move away from the management of Eurodon in early September. In particular, the state corporation pointed to the lack of a high-quality organization of production management and management errors, which led to an unfavorable epidemiological situation and a drop in the livestock population. Earlier, in August 2018, Eurodon did not transfer another payment of 240 million rubles to VEB. on the loan. According to a Kommersant source, the violation of covenants allows VEB-Capital to initiate the procedure for buying out Mr. Vaneev’s shares in the companies of the group at par. He estimates the total debt of Eurodon to VEB at more than 37 billion rubles.

On September 12, a critical situation emerged at Eurodon: the management had no sources of financing and continued to plant birds on the pads in the absence of feed, indicate in the VEB monitoring group. At that time, according to their data, 2.1 million turkeys were kept at the sites, and by October 31, there was no commercial herd left at Eurodon. The bird died from underfeeding and other problems that have arisen due to a series of force majeure circumstances after quarantine measures and the closure of sales in connection with the bird flu epidemic, the company acknowledged. Now Eurodon has 72 thousand heads of parent flocks and almost 359 thousand hatching eggs.

According to the president of Agrifood Strategies Albert Davleev, to reach the pre-crisis production volume of 8–8.5 thousand tons of products per month, “Eurodon” will have to buy hundreds of thousands of turkey eggs on the market: “The product is not commercially available, and need to be concluded about six months before receipt. ” As a result, the full restoration of production can take about a year, he warns. VEB previously said that they intend to allocate 1.6 billion rubles to Eurodon. to restore production. A representative of VEB added that the meeting of participants also decided to attract an investment bank and an auditing company from the “big four” (Deloitte, PricewaterhouseCoopers, EY and KPMG) to develop a new financial model of Eurodon.

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