Head of” Rosnano “Anatoly Chubais,
The Audit Chamber has found in Rusnano inefficient investment projects, excessive dependence on financing with the involvement of state guarantees and prize “for the failures.” But this time, the joint venture plans to send the test results only civilian agencies
The Accounts Chamber of Russia (COP) on April 25 issued a report on the results of the auditor’s Tatiana Manuilova test of “Rosnano” in the period 2010-2015. The full text of the report the agency has not yet found. Report Manuilova Board considered a joint venture under the chairmanship of the Chamber Tatyana Golikova, is now testing the materials will be transferred to the Federation Council and State Duma, views on them – the Ministry of Finance, the management company “Rosnano” and the government told RBC representative of the Chamber. Member of the Board “Rosnano” Andrei Trapeznikov assures that materials JV “no plans to transfer to law enforcement authorities” (it does not comment on the representative of the Chamber of Accounts, as well as what is there in the full version checking claims to the leadership of state-owned companies). The state-owned companies have promised to make a plan to eliminate the shortcomings identified by auditors. RBC learned the main points of reference agencies report and comments “Rosnano” to them.
lost billions
The ineffectiveness of individual investment “Rosnano” project cost and even cost the state billions of rubles sure Manuylova auditor. At the end of September last year, the state company financed 21 project crisis by 60.5 billion rubles. Of this amount, 25.8 billion rubles. I had to state guarantees. When the fair value of the projects is 13.9 billion rubles. – Only 23% of the funding, the report says. Even their successful development “discourage” the investment is only 50%, resulting in a joint venture data management company (CC) “Rosnano».
«Rosnano” bad investments explains the “market forces” and “risk innovation.” The market affected, for example, in the project of creation of the first polycrystalline silicon for the production complex in Russia “polysilicon”, according to which the state guarantees amounted to 9.4 billion rubles .: prices for the company’s products have fallen to $ 300-400 per 1 kg in 2008 to $ 20 in 2015. 12 projects from the “crisis” 21 transferred to the status of “stable”, the rising cost of their portfolio in 2014-2015 amounted to 15%, said “Rosnano».
As of the end of September 2015 came out of the state-owned company 16 investment projects, from the half of them – “in excess of expenditure over income” of 13.1 billion rubles. The objectives of these “not achieved” projects and realization – “inefficient”, says Manuylova. This failed project were secured by state guarantees of 7.7 billion rubles. The sum of 13.1 billion rubles. can not be considered a net loss of “Rosnano”, but it affected the financial result of state-owned companies as a whole, said the representative of the joint venture. The other eight “O” at the same time proved to be successful for the “Rosnano”: revenues exceeded expenditures by 2.3 billion rubles. – 4.4 billion rubles. . Against 2.9 billion rubles, said interlocutor RBC
Among the “unprofitable” outlets -., Said, “polysilicon”, as well as the implementation of the project in the retail RFID technology (RFID) «Store of the Future” project for the enterprise RFID-tags “Galileo” project trasnfera production equipment for 4G LTE networks, “Nokia Siemens networks” and others. “Rosnano” claims that bad from a financial point of view, investments are not always clearly a failure for the company: for example, the “Store of the Future” left behind patents, know-how and equipment, which formed the basis of a new engineering company that uses design in an easy and the automotive industry. The failures mainly occurred in the initial period of “Rosnano” when the project is supported by “from scratch”, their development influenced by the crisis, and the team has not been the lack of experience, he lists a board member of “Rosnano” Andrei Trapeznikov.
In general, the joint venture has analyzed only 17 of the 102 investment projects “Rosnano”, secured by state guarantees, said the state-owned company. Auditors focused on “hard” projects, “says Trapeznikov. According to the position of “RUSNANO”, the sample distorts the overall picture: the end of 2015 the total portfolio assessment “Rosnano”, “fair value” almost equal to the volume of accumulated project financing “and” failures … were almost completely offset by the activities of other projects. ” By 2018, the numbers have to catch up completely, predicts Trapeznikov. As follows from the report “RUSNANO” for the 2015 assessment of the investment state-owned portfolio increased compared to 2014 by 23% last year, to more than 138 billion rubles.
Criminal audit
The Accounting Chamber is not the first time check the “Rosnano”. After checking in 2013-2014 Prosecutor General’s Office filed four cases for a number of articles of the Criminal Code: abuse of power, fraud, etc. As told RBC sources familiar with the investigation or close to “Rosnano” and personally led the company Anatoly Chubais, until 2015 all the cases investigated in a slow mode: the defendants in cases of “particularly not touch”, “no concerns about the likely publicity and arrests were not. ” However, in the summer of 2015, investigators arrested the former head of “RUSNANO” (at the time of his work called the corporation “Nanotechnologies”) Leonid Melamed. Now he is under house arrest.
State guarantees without order
According to the joint venture is estimated that the total amount of state guarantees for projects “Rosnano “amounted to 157.1 billion rubles at the end of 2015. According Manuilova in the government decree that regulates the provision of guarantees for loans or bond issues, not established the procedure and methodology of the analysis of the financial condition state-owned companies. In the years 2016-2023 “Rosnano” will repay 146.1 billion rubles. principal on loans secured by state guarantees. Thus until 2020 the state company plans to get state support another 70 billion rubles., And its activities will be scheduled unprofitable, recalls the joint venture with reference to the long-term program of development until 2017 “Rosnano”. The department was rated as “high” likelihood that the state-owned company in the period of 2017-2023 years will not be able to pay the bank loan taken under the state guarantees and commitments will have to carry the state.
The “Rosnano” “shared concern” JV Associates from financing involving state guarantees. However, the state-owned company has three years left as a direct infusion of the budget and the second consecutive year shows the profit under IFRS (17 bn. In 2015), recalled in “Rosnano”. According to the base scenario of the financial model of the company, in the years 2016-2020 it will be enough money for the fulfillment of obligations on loans under the state guarantees. “We are so calculated cash balances by year that they cover
the cost of loans to 2020. The amount in the accounts of the company does not disclose “- RBC Trapeznikov said
The representative of the joint venture told RBC that the agency offers a” Rosnano “to reduce the risks of occurrence of warranty case,” more qualitative conducting the selection and evaluation of companies and projects “for investment. , but did not specify details of the recommendations.
Corporate discord
The Accounting Chamber conducted an additional inspection of corporate evening “Rosnano” on the eve of 2016. The event sparked a media scandal after appearing in record online, in which Anatoly Chubais told subordinates that the state company “a lot of money.” As a result, the head of “RUSNANO” compensated organizer pm – CJSC “Continent Express” – the full amount to “corporate” costs: Rest 300 employees state company Chubais cost 3.3 million rubles. In “Rosnano” it noted that despite the references to events in the JV materials, claims on this occasion the auditors were not to the company.
Prize for the failures
The management company “Rosnano”, which since 2014 is responsible for increasing efficiency and improving the financial performance of state-owned, two years of remuneration paid to the employees at 8.09 billion rubles. Of this amount, 7.9 billion rubles. It accounted for management fees (1.95% of the book value of the assets “Rosnano” as at 31 December of the year preceding billing period, excluding VAT), 130 million rubles. – A commission for the success (calculated on investment projects “Rosnano”, of which the state-owned company came by selling shares / units, or restoring the loan)
The claims in the Accounts Chamber was the fact that the success of the commission paid, even if “. Rosnano “came out of the project at a loss: two years so it was spent 25.4 million rubles: 20.9 million rubles. was rewarded for a way out of “Polysilicon”, 1.75 million rubles. – Production of project nanoceramics ITN Nanovation, 1,42 mln. – The project of production of autonomous Liliputian fuel cells. These payments “Rosnano” went “beyond the restrictions imposed by the rules of” company state guarantees, which were approved by the Government in 2010, according to the auditor Manuylova.
The state company has refused to commission payments for the success of the project with a negative yield , according to the “Rosnano” message. Government restrictions and previously forbidden to pay bonuses to top-managers of the funds raised under the state guarantees, as well as to spend these funds for other purposes, the company stressed. Creating a management company “not only brought the company out of restrictions … and significantly tightened their spread to all kinds of Criminal expenses” Rosnano “, summed up the company.
The Accounting Chamber, however, separately suggested the government to ban payment of premiums, bonuses and other remuneration management UK “Rosnano” from funds secured by state guarantees.
Fading investor
In recent years, “Rosnano” sharply reduced its investment activity, said the Accounts Chamber. Number on investment applications from 2010 to 2015 decreased by 34 times, from 439 to 13, the number of projects approved at the request of – 7 times, from 44 to 6, the number of funded projects – from 42 to 27
. The most active “Rosnano” invested in 2010-2012 – 101.8 billion rubles, or 64.2% of total investments (their total 158,6 billion rubles.).. The amount of funds provided state guarantees , in this period amounted to 89.7 billion rbl., Or 64.1% of the total (139.9 billion rubles.).
from 2013 to 2015 the number of projects that invested in “Rosnano”, fell from six to two, and the last two occurred in the fourth quarter of last year, and new projects are not funded at all for its first nine months. The volume of investments from a peak in 2011 in 2015 fell by 2.2 times – from 36.3 billion rubles. to 16.7 billion rubles., follows from the calculations Manuilova auditor.
Andrew Trapeznikov this dynamic explains the fact that the state-owned company is now not included in the projects at the initial stage. Previously, “Rosnano” was required to review each application, and among the criteria for evaluating its effectiveness were “financed by the money and the number of funded projects,” recalls a member of the Board “Rosnano».
The Accounting Chamber is only checked as “Rosnano” uses the funds raised under the state guarantees, and not in danger Do not fulfill obligations under the guarantees, – the problem of determining the efficiency of the entire operation state-owned agency before becoming a not explained RBC representative of the joint venture. The slowdown in investment is not indicative of new claims against the state-owned company, the source said RBC.
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