Russia 100325 Basic Political Developments
Moscow Times: VTB Sues Chigirinsky for 8M
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- Bloomberg: Russian Drug Seller Protek Plans May IPO, Vedomosti Says
- Moscow Times: Freight One Worth $5Bln
- Dow Jones: Petropavlovsk 09 Net Profit Soars On Higher Gold Prices,Output
- Bloomberg: Petropavlovsk Full-Year Profit Soars on Output, Price (Update1)
Moscow Times: VTB Sues Chigirinsky for $118Mhttp://www.themoscowtimes.com/business/article/vtb-sues-chigirinsky-for-118m/402509.html 25 March 2010 VTB Group sued real estate investor Shalva Chigirinsky's Russian Land holding company, seeking a judgment for 3.5 billion rubles ($118 million) on an unpaid loan. The lawsuit against Russian Land, filed Feb. 3 in the High Court in London and made public this week, follows previous judgments won by VTB against Chigirinsky and another of his companies, Gradison Consultants, which holds his stake in the Russian oil producer and refiner Sibir Energy. "Getting a judgment can be pretty quick in the English courts — the hard part is actually getting the money," said VTB's lawyer, Bruce Johnston of the firm Dewey & LeBoeuf. "There are other creditors out there." Chigirinsky's lawyer, Neil Dooley of the firm Lovells in London, declined to comment. (Bloomberg) Bloomberg: Russian Drug Seller Protek Plans May IPO, Vedomosti Sayshttp://www.bloomberg.com/apps/news?pid=newsarchive&sid=axPeWy.pF0CY By Anastasia Ustinova March 25 (Bloomberg) -- Protek, a Russian drug wholesaler, may sell as much as 15 percent of its shares for $300 million in an initial public offering in May, Vedomosti said, citing unidentified people familiar with the plans. Protek hired Renaissance Capital and UBS AG to coordinate the sale, the newspaper said. To contact the reporter on this story: Anastasia Ustinova in St. Petersburg at austinova@bloomberg.net.
Freight One, a cargo unit of Russian Railways, has a value of about $5 billion as it plans to sell shares, chief executive Salman Babayev said Wednesday. The company will be ready to market the shares by September, he said. The timing and type of placement of the 51 percent stake will be decided by Russian Railways, Babayev said.
Alfa, Russia Thursday, March 25, 2010 Yesterday, the Russian Gold Producers' Union reported that Russian gold output in 1Q10 may decline by 10% y-o-y. We highlighted the risk of weak 1Q10 gold production in our sector note on February 25 after speaking to several gold companies and learning that production would be negatively affected by the severe weather conditions early in the year. Aside from the lower production volumes, energy input costs may rise owing to facility-heating and snow-removal activities. Since the gold companies under our coverage (Polyus, Polymetal and Petropavlovsk) represent a significant portion of the country's output, we believe that all of them will be negatively affected, though it is hard to estimate the specific impact. This news could be taken negatively by the market, but it should be viewed as nonrecurring and will not affect fundamental valuations. Barry Ehrlich
Posted on: Thu, 25 Mar 2010 03:27:03 EDTMOSCOW, Mar 25, 2010 (Dow Jones Commodities News via Comtex) -- By Alexander Kolyandr Of DOW JONES NEWSWIRES London-listed Russian gold and iron ore miner Petropavlovsk PLC (POG.LN) said Tuesday its net profit for 2009 rose more than sixfold on increased production and higher gold prices. Petropavlovsk reiterated its 2010 gold production forecast of between 670,000 troy ounces and 760,000 ounces. The company, whose operations are based in Russia's Far East, posted net profit attributable to equity shareholders of $143.2 million, up from $22.0 million in 2008. A Dow Jones Newswires poll of five analysts forecast net profit of $152.4 million. Revenue for 2009 reached $472.3 million, 23.7% up from $381.7 million the previous year, almost in line with analysts' estimates of $470.5 million. Underlying earnings before interest, taxes, depreciation and amortization, or Ebitda, increased to $225 million from $136 million in 2008, almost in line with analysts' estimates of $226.2 million. -By Alexander Kolyandr, Dow Jones Newswires; +7 495 232 9192; Alexander.Kolyandr@dowjones.com (END) Dow Jones Newswires 03-25-10 0327ET Bloomberg: Petropavlovsk Full-Year Profit Soars on Output, Price (Update1)http://www.bloomberg.com/apps/news?pid=newsarchive&sid=awTSPC8ObGbA March 25 (Bloomberg) -- Petropavlovsk Plc, the third- largest producer of gold in Russia, said full-year profit surged more than sixfold on increased output and higher prices. Net income rose to $143.2 million in 2009, or 96 cents a share, from $22 million, or 27 cents, a year earlier, the London-based company said today in a statement. Sales expanded 24 percent to $472.3 million. “The production increase has coincided with gold price strength in 2009 and we are confident that we will be able to deliver our forecast production growth over the next few years,” Chairman Peter Hambro said in the statement. The company, which produced 486,800 ounces of gold last year, is targeting annual output of more than 1 million ounces in 2013. Petropavlovsk offered $380 million of convertible bonds in January to fund projects. It said today that so-called proven and probable gold reserves doubled to 6.67 million ounces. The company on March 23 agreed terms for a 10-year loan from Industrial and Commercial Bank of China for 85 percent of the funding for the first phase of its K&S iron-ore project. OAO Polyus Gold is Russia’s largest producer of the precious metal, while OAO Severstal is the second biggest. To contact the reporter on this story: Thomas Biesheuvel in London tbiesheuvel@bloomberg.net.
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