Rus News Journal

evrosibenergo expensively itself has estimated

evrosibenergo $2 mlrd for 25 % of the actions placed in Hong Kong are going to gain Oleg Deripaska in the autumn. But the company estimation in $8 mlrd considerably surpasses market capitalisation of its largest actives - Irkutskenergo and Krasnoyarsk HYDROELECTRIC POWER STATION. But if evrosibenergo it will be possible to take place at the set price, the company can pay off the debts in $1,5 billion
evrosibenergo entering in En + Group Oleg Deripaska, has increased to $2 mlrd the size of means which is going to receive from placing of the actions at the Hong Kong stock exchange. The power company estimates the cost after IPO in $8 mlrd, has informed Interfax referring to sources in financial circles. To place on - former 25 % from the increased authorised capital stock are planned. In February volume of attraction of means from IPO EN + Power on which balance was evrosibenergo Sources estimated in $1 - 2 mlrd (see from February, 16th).

On balance evrosibenergo on 100 % belonging En + Group, there are Open Society controlling interests Irkutskenergo Open Society Krasnoyarsk HYDROELECTRIC POWER STATION Open Company Autofactory thermal power station the marketing companies of Joint-Stock Company Volgaenergosbyt and Joint-Stock Company MAREM +, and also inzhiniringovaja Open Company company evrosibenergo - engineering . The established capacity of power stations of the company makes 19,5 GVt.

In En + yesterday have refused comments concerning parametres of future IPO. A source familiar with a situation on placing preparation, considers that it will pass not earlier than October. In its opinion, the appreciation of cost of the company is connected with the future growth of consumption in Siberia where occurrence of new industrial consumers is expected, and also that in IPO small exchange players of the Hong Kong stock exchange can take part. The interlocutor has reminded that at IPO OK Rusal Oleg Deripaska in January, 2010 the circle of participants has been limited by large institutional investors that reduced a potential demand for actions. The company, which debts were estimated in $14,9 mlrd then for 10 % of the actions has received $2,24 billion

Interrogated analysts notice that now at a stock exchange papers only two largest companies supervised " bargain; evrosibenergo - Irkutskenergo and Krasnoyarsk HYDROELECTRIC POWER STATION. Their total capitalisation makes $4,2 mlrd (in February - $2,6 mlrd). Thus packages evrosibenergo In these two power companies there are $2,4 mlrd, Alexander Seleznev from " speaks; Uralsiba . Ekaterina Tripoten from IK Sovlink adds that the marketing companies, Autofactory thermal power station and engineering evrosibenergo it is possible to estimate roughly in $300 million Mister Seleznev also pays attention that Irkutskenergo one of the largest coal-mining companies - " belongs also; Vostsibugol .

Capitalization of Krasnoyarsk HYDROELECTRIC POWER STATION now is at the rate of about $207 for 1 kw of the established capacity, Irkutskenergo - $280 for 1 kw, are told by mister Seleznev. Analysts notice that it much more low, than at other large hydrogenerating company - RusGidro ($540 for 1 kw). Madam Tripoten adds, as this company is strongly underestimated concerning the analogues in foreign countries. In its opinion, $8 mlrd for evrosibenergo - Quite real figure .

Alexander Seleznev believes that minuses for evrosibenergo it is possible to consider presence at the controllable power companies of contracts on delivery of the electric power with factories Rusala that limits their efficiency, and also a low transparency of the company. Thus he pays attention that recently financial results of the power companies improve. For the first half of the year 2010 Irkutskenergo has received 4,7 mlrd net profit rbl. on RSBU whereas for first six months 2009 - only 2,2 billion It means that the companies gradually become the centre of consolidation of profit, the analyst considers.

Ekaterina Tripoten believes that involved at IPO means will go on improvement of a debt position of group. Debts evrosibenergo makes about $1,5 mlrd, marks a source But it is long-term and does not demand repayment in the near future. Mister Seleznev adds that at supervised evrosibenergo the power companies of essential debts and large investment programs are not present.