Russian and World NewsJoint-stock anomaly
differently as impudent it is impossible to name Behaviour of the state companies: they deprive of shareholders of dividends, hide profit not clearly where and, being covered with protection of certain national interests, in practice protect the. All it forces to doubt, whether it is necessary to take shares of similar corporations in general.
Special pouring the End of April was marked by and large by two events, and both have been connected with state initiatives in corporate governance sphere.
in the middle of the month leaders of falling of quotations of a steel of the action of branches of the company “ Rosneft “ - “ Purneftegaz “ and “ Sahalinmorneftegaza “ 21,27 within week 21,27 and 25,74 % accordingly. The publication a state company of factors of converting of actions of branches in papers of the head company became the collapse reason. They have disappointed the investors estimating the prospects at consolidation of holding more optimistically.
we will remind that before publication of this data of the quotation of papers “ Purneftegaz “ and “ Sahalinmorneftegaza “ from the beginning of April showed serious growth. In the beginning of month of the action “ Sahalinmorneftegaza “ have grown on 36 %, and company capitalisation has reached $2,1 billion Capitalization “ Purneftegaz “ has at that point in time reached more than $5,3 billion According to some participants of the market, such it is inexplicable high growth of quotations was it is caused by gamble on forthcoming consolidation of affiliated companies “ Rosneft “.
But then the situation has changed. The consolidation scheme “ Rosneft “ according to participants of the market, became for them “ a tub of cold water “.
Dot assemblage affairs at investors the Autovase Not is better were. In the end of April the company declared that its net profit following the results of 2005 was reduced four times - to 1,4 mlrd rbl. (following the results of 2004 it has made 5,6 mlrd rbl.) . Thus on - to the present failure there was a fourth quarter 2005 when on factory the new command of managers from FGUP " has come; Rosoboroneksport “ under the direction of zamgendirektora Vladimir Artjakova`s state companies (he has headed board of directors the Autovase). The matter is that the net profit the Autovase following the results of three quarters still made 3,6 mlrd rbl., that is the factory has received for one fourth quarter 2,1 mlrd dead loss rbl. After the announcement of such news of the quotation of car factory at once have failed on 8,3 %.
the Interesting comment to an event has appeared in the newspaper “ “. According to the edition, sources on to the Autovase recognised that “ profitability of factory aspires to zero since autumn of last year “. As they said, on the end of 2005 it made 2 % (before Autovases kept profitability at level of 10 %).
New management has given out the whole set of versions of unprecedented falling of profit, than has even more confused the market. It has been at first declared that deterioration of indicators was affected by growth of the cost price of manufacture. To believe in it it is difficult. Now Autovases for one quarter makes about 180 thousand cars. If to assume that for the fourth quarter factory, having collected this volume, has suffered a loss in 2,1 mlrd rbl. (that is more than $75 million) leaves that by each collected car it lost more than $400.
Then Autovases has declared that, it appears, its real net profit following the results of three quarters has made not 3,6 mlrd rbl. as it is specified in the quarterly report of factory on RSBU, and all 1,3 billion According to Vladimir Artjakova, in the second quarter the factory has written off the fines added to it and penalties on a state debt which earlier enlisted to itself in the income. Thus mister Artjakov has let know that new management the Autovase is not guilty in a collapse of financial indicators of factory as has officially begun the work at the enterprise only on December, 22nd, and before Autovases coped Vladimir Kadannikov`s old command.
thus, nobody guarantees to investors that tomorrow the Autovase will not find out a new management in financial cases of factory of the next skeletons. Thus it will be always possible to declare that they are left there by a former command.
sad conclusions To tell the truth, and the strategic initiative “ Rosneft “ and not clear losses the Autovase followed to recognise as private problems of the separate companies. However confuse certain trifles.
both stories, despite outwardly different outline, have an amazing similarity in the main thing - the state behaves as if other players in the market are not present. The power, on the one hand, positions itself as the participant of the market equal in rights, and with another - in every possible way underlines that ravnee others.
the same examples the Autovase and “ Rosneft “ - evident to volume acknowledgement. Really, it is difficult to present that at similar depreciation of actives proprietors will not dismiss company management. And the proprietor - the state as it is found out, can be quite happy with an event.
and this practice, seemingly, originates from the country top management. One and a half weeks ago all TV channels have shown, how president Vladimir Putin, meeting half-way people wishes, by means of a map of the country and a felt-tip pen for pair minutes has explained to the president “ Transneft “ to Simeon Weinstock, on what distance from Baikal the oil pipeline to China should lie.
the stroke of a presidential feather has been estimated by experts approximately in $1 mlrd additional expenses. Certainly, ecology - business sacred. But it is not clear, why till now Ministry for Protection of the Environment and Natural Resources supported so odious project and that in similar cases to do to the private investors, forgotten to include similar expenses in the estimate of expenses of the investment project.
however, the investors really independent of the Russian authorities, seemingly, already do the choice. On April, 28th one of the largest companies of Great Britain F operating pension actives &C Asset Management officially has warned counterparts against participation in purchase of actions “ Rosneft “ at IPO. The reason - high legal risks, including connected with acquisition “ Rosneft “ “ Yuganskneftegaz “. Differently, Englishmen are afraid that loyalty of the Russian state to some sins of the companies belonging to it will not find understanding in the international courts.
MARIA GLUSHENKOVA, Dmitry BELIKOV, PETER RUSHAJLO