On the closing of the transaction is Russia’s largest retailer “Magnet” said Thursday morning. The placement Lavreno Ltd., affiliated with the company’s founder Sergey Galitsky, sold 1 million of its shares, or about 1% of the company, the report said.
The papers were sold as part of the placement with accelerated book-building applications on the price of 9823 rubles. apiece, and the total vsumma transaction exceeded 9.8 billion rubles. February 4 retailer shares at the closing of the Moscow stock exchange cost 10 172 rubles. Such a discount – “a good level,” says senior analyst Natalia Raiffeisenbank Kolupaeva.
The deal with the shares of “Magnit” was held on virtually closed to Russian companies in the capital market. “A few days ago, posted a semi-ruble bonds Gazprombank, but such transactions are very few” – says the analyst “Uralsib Capital” Dmitry Doudkin. At the end of 2014 attempted to be placed “Sukhoi Civil Aircraft”, but could not do it in full, he recalls. And in the last week of January Agricultural Bank closed the book orders for the bonds for 5 billion rubles., Did not sell a single paper. “With the key rate at 17% for a long time it was very difficult to hold, in addition seriously increased foreign exchange and inflation risks, says Doudkin now rate slightly lowered it will facilitate access to the bond market».
joint global coordinators and bukranerami accommodation “Magnit” were Morgan Stanley & amp; Co. International plc and VTB Capital.
The deal was molnienisno: the book was opened on Wednesday at 19.30. MSC, and signed a few hours, said RBC Head of Equity Capital Markets “VTB Capital” Elena Khisamova. “We have not closed it, deciding to allow Russian investors to participate in placement,” – she specified. Acceptance of applications, according to her, was completed in the end of Thursday morning (at 9.30. MSK) “with a comfortable oversubscription».
buyers are large funds with long-term investment horizon purchased, they accounted for about 97% release. According Khisamova, demand for shares was as from existing shareholders, who increased their share, as well as from those who previously came from the company’s capital, but has now decided that it was time to return. More than 50% of investors participating in the transaction, it was from the UK, 26% – from the United States and 20% bought Russian funds, including pension.
premarketing was not “for” Magnet “he did not need” – said a source close to the placement. Because of the macroeconomic situation in Russia is low investor interest, “but for the super-market issuers will always be,” said the source RBC. Anchor investors, according to him, in this transaction was not. The range of accommodation is not defined – investors focused on the closing price of the auction. Discount, in his words, a normal practice in such accommodation – without investors could simply buy shares on the market.
«We had a desire to participate in the placement, but the internal procedures of the company was technically impossible to obtain approval on request “, – said Vladimir Tsuprov, chief investment officer” TKB BNP Paribas Investment Partners “(in its portfolio have shares” Magnet “). “Vendors were given a discount to the market price, and it seemed a good idea to buy shares:” Magnet “has shown that even in the current market conditions are not closed to those who are well able to do business” – he said.
a good time
For Sale was chosen a good time, says Kolupaeva: the company recently disclosed its financial results for 2014, given market forecasts for the current year. “The market is certainly volatile, but expect better time can be infinitely long,” – says Khisamova: “Magnet” has published annual results on January 27 and in the same week management began meeting with investors during the road show, the feedback showed that the transaction can be carried out now.
Revenue “Magnet” for 2014, according to unaudited data, increased by 31.7%, amounting to 763.5 billion rubles., net profit rose 33% comparable to 47375000000 rub. “Magnet” remains one of the most efficient retailers in the world, margin / EBITDA of the company in 2014 amounted to 11.2%. For comparison, the US network of Wal-Mart, this figure is expected to reach 7.7% in the UK Tesco – 7,5%, the French Carefour – 5%, the German Metro – 4,2% (data consensus forecast Bloomberg) .
If it were not for the devaluation of the ruble in the last months of 2014 – the results of the network could be even vyshi. Due to the currency panic retailer profitability in the IV quarter decreased to 11.28% compared with 12.42% in the III quarter of the same year and 12.5% in October-December 2013.
Despite the crisis, Galitsky promised investors that this year’s capex will remain at the 2014 level and amount to about 65 billion rubles. And the opening of new stores “Magnit” is going to even surpass last year’s figures: “2015 will be the most aggressive discoveries” – promised Galitsky. The company plans to open more than 800 cosmetic stores, 1,200 stores “at home” and in the area of 90 stores format “Magnit Family” and hypermarkets. In sum – more than 2,000 points against 1,618 in 2014.
For general analysts, in 2015, the main advantage will be at discounters, in which the consumer will move traffic from other formats. The “Magnet” is one of the most powerful positions in the market among Russian retailers. The main division of the company – a network of “convenience stores” – in a crisis will attract more customers, says Kolupaeva.
After the start of trading on the Moscow Stock Exchange stock quotes “Magnet” fell on Thursday to 9,951 rubles. That was 3.76% lower than yesterday’s close. But reaching a minimum – began adjusted upwards. By 14.00. MSC shares worth 10,200 apiece (-1.35%, to close Wednesday), the company’s capitalization was 970.58 billion rubles.
Dear stadium
After the transaction Lavreno will not sell its remaining shares within 90 days, the same lock-up period will apply to shares that Galitsky owns directly, the report said, “Magnet”. There’s also emphasizes that the founder of the company intends to remain a long-term strategic investor “Magnet”, and proceeds from the sale of shares will be used to finance their individual investment projects. About which projects in question – it does not say. And he Galitsky comments on the results of the transaction does not give.
One of the reasons why Sergey Galitsky is now needed funds – commitments for the construction of the stadium for FC “Krasnodar”, which is owned by businessman.
Galitsky himself does not hide that from the construction site have difficulties. “We faced some difficulties – for the supply of materials, deadlines specified work – businessman said this week in an interview with the newspaper” Sport-Express. ” – Would like to split a beautiful park next to the arena, but will have to do it later, in the second place. Quickly and efficiently build and engage with the landscaping of the adjacent territory difficult. ” According to Galitsky, he still hopes to enter the arena into operation in October 2015, although it is now building behind the plan. “This object we are building for the first time and has therefore with great care refers to specific dates. It is important to do everything qualitatively, “- he explains.
Work on the construction of a new arena with a capacity of 33-36 thousand people began in May 2013. Its value, according to Sports.ru, estimated at about 200 million euros (one seat 5.5 thousand. Euros). For comparison: the stadium Zenith would cost about 950 million euros (13.5 thousand. Euros per bed), “Kazan Arena” – 330 million euro (7.3 thousand. Euro / place). Contractor for the construction of the stadium for the “Krasnodar” is a Turkish ESTA Construction, which also raises the “Magnit” hypermarket in the Russian regions.
The cost per team :
December 24 FC “Krasnodar” acceded to an agreement with all the clubs of the Russian Premier League (Premier League) memorandum, koto ing involves fixing the ruble exchange rate in the calculation with the players at the level of 45 rubles. for the $ 1 and 55 rubles for € 1 . But in any case, to fix the rate in a particular contract, the consent of the players themselves.
«I was against it, but top managers” Krasnodar “and close friends persuaded to sign a document on behalf of the club. And then, and today just do not see the feasibility of this idea. Perhaps the new contracts will not be as generous, but you can not change the already signed agreements, “- commented the” Sport-Express “Galitsky.
in the first team of FC” Krasnodar ” now playing 23 players, 9 of them – foreigners. According Sports.ru, the highest paid player of the team – Swedish captain “Krasnodar” Andreas Granqvist. February 2 at his twitter Galitsky said: “It was an offer from the Italian club’s top Granqvist, but the hand was raised to sell Andreas.” According to the site tranfermarkt.de, for Granqvist Galitsky could fetch € 6,5 млн . According to the same portal, the aggregate value of all of the team is € 71,25 млн . In the annual ranking of “The biggest salaries of Russian football” portal Sports.ru, where players come with an annual income of more than € 1,5 млн , represented by five players of FC “Krasnodar” with total annual salary € 8,6 млн . Another € 1, 1 млн “Krasnodar” pay rented in January 2015 in Moscow “Spartak” for four months midfielder Roman Shirokov.
According to SPARC, a net loss of FC “Krasnodar “in 2013 amounted to 220,7 million rubles. on revenue of 115,6 million rubles. (data for 2014 yet).
Galitsky costs of maintaining the club’s growing every year. According to the annual study sports portal Sports.ru, expenses “Krasnodar” in 2012 amounted to $ 45 million , a year later – is $ 65 million (8 th place on the size of the budget among the 16 Premier League clubs). This amount does not include the cost of the Krasnodar businessman on the content of the youth football academy and building their own stadium for the club.
With the participation of Anfisa Voronina
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