To whom Vekselberg will give the company t plus. Why did they come to Vekselberg. Through various schemes

The Chairman of the Board of Directors of the Renova Group, Viktor Vekselberg, in a public speech, mentioned the problems of the company included in the group " T plus”, against whose top managers a criminal case of bribes is being investigated. This happened at the launch ceremony of the combined cycle thermal power plant in Yekaterinburg. He also promised that the company would provide “every support to our comrades” (quote from Interfax). Renova hopes that "the investigation will figure everything out."

“Taking advantage of the moment, I would like to say that the T plus company has always been, is and will be a highly professional company, a company that is aimed at modernizing and creating a new quality of energy capacities. As a company that bears the duty of social responsibility, we have a broad program of implementation of various initiatives in all 16 regions. Therefore, no matter what momentary difficulties we would have to face, I want to express confidence that we will firmly move towards our goals, ”TASS quotes Vekselberg.

“Eight years of hard work and serious mobilization of the T plus team. The Russian economy is going through a difficult situation, but our company did not allow itself to disrupt the schedule for the implementation of this program. We have fulfilled our obligations. More than 10% of the capacities throughout the country were commissioned by our own hands - we are proud of this, ”Interfax quotes the businessman.

Earlier it was reported that the cost of construction of the Akademicheskaya CHPP, which T Plus solemnly launched on September 13, amounted to about 12 billion rubles.

On the same day, Andrey Vagner, Acting General Director of T Plus, commented on the situation with the criminal case to TASS. “We are cooperating in the usual and on-duty mode, everything is defined and everything is clear there,” he said. Your appointment and about. he called the CEO "natural" and assured that the company was operating as usual.

Boris Vainzikher, general director of T Plus, and Yevgeny Olkhovik, chairman of the board of directors of this company and co-owner of Renova, were arrested on charges of giving bribes to the former administration of the Komi Republic. Also on the case is the former head of ZAO Kompleksnye energy systems(IES) and, until recently, the general director of VimpelCom, Mikhail Slobodin. According to investigators, in 2007-2014. the suspects, acting in the interests of CJSC IES (in mid-2015, reorganized into PJSC T plus) and organizations affiliated with it, transferred money and other property to senior officials of the Komi Republic, who are now involved in the so-called Gaiser case, for “the establishment of the most favorable tariffs for heat and electricity, as well as the provision of other benefits and the creation of comfortable conditions for the implementation commercial activities in the territory of Komi.

A day earlier, the Renova group of companies, which includes T Plus, officially announced its readiness for constructive cooperation with the investigation. “The specialists of the group have prepared a detailed analytical material covering in detail all aspects of the activities of the T plus company in 16 regions Russian Federation, and in particular in the Komi Republic, including its relationship with the federal, republican and municipal authorities,” the company said in a press release. On September 13, Vekselberg confirmed this statement: “We have prepared sufficiently extensive materials to be sent to the government of the Russian Federation, to the relevant ministries, in order to familiarize the country's leadership in sufficient detail with the activities of our company in the Komi Republic” (Interfax quote).

Searches in the office of "Renova" in the center of Moscow took place on 5 September. At the same time, Renova indicated that the investigative actions were not related to the group of companies itself and concerned only the subsidiary T Plus.

On September 13, Vladimir Putin's press secretary, Dmitry Peskov, said at a briefing that the president has all the necessary information on this case, "moreover, from various sources" (quoted by RIA Novosti). He stressed that only the court can establish the guilt of the defendants in the case.

05.04.2018 15:04

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(Reuters) The energy holding T Plus of Russian businessman Viktor Vekselberg is not yet going to return to the stock exchange after delisting in 2016 and is not ready to pay dividends for 2017-2018 due to upcoming new investments, Denis Pasler, CEO of the company, said.

"We're not even discussing it yet. Not yet. We don't think it's time (to return to the stock exchange)," Pasler told reporters on Thursday.

Pasler, who previously headed the government of the Sverdlovsk region, last March became acting CEO of the energy holding Vekselberg, whose managers are under house arrest in connection with a 2016 investigation of bribery in Komi.

Vekselberg reorganized the energy business in 2014, consolidating the generating and marketing assets of the holding's IES on the basis of Volzhskaya TGC (now T Plus).

The energy holding with power plants of 16.2 gigawatts ranks fifth in Russia in terms of electric installed capacity and first in terms of heat. At the end of 2016, the company left the Moscow Exchange.

Now Vekselberg and structures friendly to him have 76.72% of shares, 15.08% - from minority shareholders, another 8.2% - a treasury stake.

According to Pasler, the controlling shareholder is not going to buy out the shares of minority shareholders, and those who did not show interest in selling the shares.

Pasler also said that the holding will not pay dividends for 2017 and 2018 as the amount of investment required is still high. The company plans capital investments of 25 billion rubles this year, in addition, it has to spend 10 billion rubles on the construction of solar power plants.

"There is a desire of the shareholders, but with such huge investment programs, it is not easy to do... As long as the strategy includes the construction and development of new power plants, there are no payments yet," Pasler said.

In November last year, in a presentation for investors to debut bonds, T Plus, referring to the current dividend policy, wrote that achieving a debt to EBITDA ratio of 3.5 allows for the formation of dividend payments.

According to the top manager of the energy holding, the ratio of debt to EBITDA by the end of 2017 decreased to 3.1x from 3.8x a year earlier. The debt is currently valued at 134 billion rubles, compared with about 147 billion rubles at the beginning of the year, he said.

Pasler said the holding wants to participate in a new competition for green generation, which will be held in June, planning to apply for the construction of solar generation.

At this competition, it is planned to distribute 830 megawatts for the construction of wind turbines, 270 megawatts for small hydroelectric power plants and 150 megawatts for generation based on solar energy.

T Plus intends to participate in the upcoming tender for the modernization of existing power plants and hopes that the first auction will start this year.

Pasler estimated the volume of possible modernization of the company at 2.5-3 gigawatts with investments of 60-90 billion rubles. (Anastasia Lyrchikova. Editor Anastasia Teterevleva)

The management of the energy company "IES", later renamed "T Plus", as well as its parent company "Renova" in 2003-2008. took the profits of companies offshore, and also used the funds of investment programs to pay off loans and buy shares in generating and distribution companies, a source close to the investigation into the case of the former head of Komi, Vyacheslav Gaizer, told TASS.

The Gaiser case exposed corruption schemes in the region's housing and communal services, where, according to the investigation, representatives of local authorities received bribes from energy companies in order to provide preferences in doing business and maintain high energy tariffs. The investigation also accuses the former leaders of the energy holding "IES" and "T Plus" of giving bribes to the former leadership of Komi for more than 800 million rubles.

According to the source, the investigation into these cases also revealed schemes for withdrawing funds in other regions where T Plus is present.

"In the period from 2003 to 2008, the profit from the activities of CJSC IES and GC Renova was withdrawn by the management of companies outside of Russia to foreign accounts," the source said.

CJSC "Integrated Energy Systems" was created as a result of the reform of the electric power industry and the reorganization of RAO "UES of Russia". As a result, IES has become the largest Russian private energy company in the production and sale of heat and electricity for the population and enterprises.

Its assignee "T Plus" provides power supply in 16 regions of Russia. The company's clients are more than 14 million citizens and more than 160 thousand enterprises. The company accounts for almost 5% of electricity production and about 8% of the district heating market.

Through various schemes

The defendants in the case of corruption in Komi at the moment are the former CEO"T Plus" Boris Vainzikher, ex-director of CJSC "IES" and co-owner of "Renova" Yevgeny Olkhovik and another former head of CJSC "IES" and already the former head of the telecommunications company "VympelCom" Mikhail Slobodin.

Vainzikher and Olkhovik were detained after the complaint of the acting governor of the region, Sergei Gaplikov, to President Vladimir Putin in August 2016 about the unpreparedness of power engineers for the heating season. Slobodin is located abroad.

According to the source, the management of IES used funds intended for the implementation of investment programs in accordance with obligations under capacity supply agreements (CDA), to repay loans and purchase shares in generating companies. Such contracts provide for compensation of costs for the construction of generating facilities through increased tariffs.

"The volume of the funds of the capacity supply agreement, misused by IES CJSC, amounted to 33.9 billion rubles. These funds were used through offshore companies to service debts and acquire new assets," the source said.

According to him, in accordance with the order of the Ministry of Energy and the decree of the government, IES also had to allocate 41.2 billion rubles, attracted during the issue of shares of subsidiary generating companies, for the construction of additional capacities.

"However, the management of CJSC IES unlawfully used these funds to repay loans and used them through various schemes to acquire the missing block of shares in order to exercise control over generating companies and manage them operationally," the source said.

Fuel scheme

According to the source, as a result of the actions of the company's management, its total debt today is about 170 billion rubles, of which about a third is debt to Sberbank on loans to purchase shares in generating companies.

The source also said that T Plus is using a scheme related to advances for fuel supplies to withdraw funds in favor of the parent company Renova, which creates a risk of disrupting fuel supplies to the regions.

"In all the constituent entities of the Russian Federation, where CJSC IES companies are present, since 2010 a "fuel scheme" has been practiced, implemented in order to withdraw funds from TGCs (generating companies - ed.) in favor of Renova Group," the source said. According to him, the proceeds and credit funds of the generating and supply companies included in T Plus were also used to pay off the debts of T Plus and Renova.

In addition, according to the source, IES overestimated the costs in generating and supply companies controlled by them in order to increase the amounts that were subsequently withdrawn from the country using offshore companies, in particular the so-called Israel Fund, which is managed by Renova and a number of service companies.

"In order to increase the amounts that were withdrawn through these schemes, the costs were artificially inflated in TGCs (generating companies - ed. note) and sales (retail companies - ed. note)," the source said.

According to him, more than 99 billion rubles were withdrawn to Renova's offshore accounts through IES service companies.

https://www.industri-survey.com/single-post/2017/03/20/Management-of-Vekselberg-KES-Renova-T-Plus-thermal-offices-transferred-profits-offshore

T Ppyus energy holding, which is part of Viktor Vekselberg's Renova, intends to continue active investments. We are talking about the modernization of thermal power plants, and renewable energy sources - solar generation and, possibly, waste incineration projects of Rostec. As a result, T Plus plans to invest up to 90 billion rubles only in the modernization. The need for large investments will not allow paying dividends yet, the company acknowledges.

In 2017-2018, T Plus does not see the possibility of paying dividends to shareholders, said on April 5 and. about. CEO of the company Denis Pasler. He explained this by the high need for investment. “There is a desire of shareholders (to receive dividends. - Kommersant), but if there are huge investment programs, this will not work,” the top manager explained. “As long as there are plans to build new power plants, both solar and CSA, there will be no payments. If DPM-2 appears (the discussed program for the modernization of the old generation. - "Kommersant"), then for the next ten years it is clear what we should do. CSA - contracts for the supply of capacity, guarantee a return on investment in generation due to increased payments by the energy market.

T Plus will also participate in the summer in the competition for solar generation projects (currently T Plus' solar portfolio is 215 MW). According to Mr. Pasler, the company also negotiated with Rostec on the joint construction of waste incinerated thermal power plants (MTPPs) in Ulyanovsk, Nizhny Novgorod and Sverdlovsk regions(Such projects in the Moscow region and Tatarstan are carried out by RT-Invest, which is part of the state corporation). “They have the technology, we have the assets,” the head of T Plus explained, adding that the company will return to the topic when “the state makes a decision on the territories,” but did not specify possible investments. RT-Invest confirmed its interest in cooperation with T Plus.

The basis of "T Plus" - purchased by 2008 from RAO UES thermal power plants in the Volga region and the Urals with a capacity of 15.7 GW (sixth place in Russia). Net profit according to RAS in 2017 - 3 billion rubles. against 323 million rubles. a year earlier, revenue grew by 2.8%, to 222.7 billion rubles. The company has not paid dividends before. Under the program of contracts for the supply of capacity, T Plus built 2.9 GW, investing 127 billion rubles. In 2016, the company's CEO Boris Vainzikher and chairman of the board of directors Yevgeny Olkhovik (retain their posts) were arrested in the Komi Republic in a bribery case, now under house arrest.

According to Denis Pasler, the modernization of TPP "T Plus" may affect 2.5-3 GW, the amount of investment - 60-90 billion rubles. In total, the Ministry of Energy plans to modernize up to 40 GW of thermal power plants by 2035. In 2017, the capital investments of T Plus will amount to 25 billion rubles, another 10 billion rubles will be invested in solar generation. The ratio of net debt to EBITDA by the end of 2017, according to the top manager, decreased to 3.1 against 3.8 a year earlier, the debt itself decreased from 147 billion rubles. at the beginning of 2017 to 134 billion rubles. today and in 2018, the debt burden will not decrease. "T Plus" also does not see any prospects for the return of shares to the stock exchange. “We believe that now is not the time,” Mr. Pasler said. The delisting from the Moscow Exchange took place in 2016 - immediately after the completion of the reorganization, when TGK-5, TGK-6, Volzhskaya TGK and TGK-9 were merged into T Plus.

Natalya Porokhova from ACRA notes that the statement about the impossibility of paying dividends is atypical for energy companies. She notices that in 2016, for the first time in many years, free cash flow(FCF) in the industry as a whole became positive and until the beginning of 2020, when the modernization of TPPs is likely to begin, it will remain positive on average, since most companies have completed CSA investment programs. “It is expected that the next two or three years will be record-breaking in terms of dividends for energy companies,” the expert believes. Vladimir Sklyar from VTB Capital notes that after the completion of the CSA, the company's debt is at its peak, with its decrease, dividend payments can be expected "already next year." He noted that "T Plus" has one of the biggest needs in the modernization of CHP, and "tariff setting in heat is now difficult."