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Investments climat
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Agro holding companies mount |
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25 % of «Agrotone»‘s shares are sold for $42 million
Yesterday it was declared about private placing of agro holding "Agrotone" – the company has gained $42 million for 25 % of shares. Experts consider it as the most successful attraction of financing by the Ukrainian agro companies from the beginning of the year and consider this situation as an improvement on a loan of foreign markets.
On November, 4th,agro industrial holding "Agrotone" has led private placing of 25 % of shares for $42 million, informed the organizer of placing – IC Phoenix Capital. Private placement has been realized by 4 million sale of depository receipts, issued by The Bank of New York Mellon in the ratio 1:1 to company’s shares. Its price is $10,5 for the depositary receipt that corresponds to company capitalization in $168 million. On November, 12th, "Agrotone" receipts will receive listing at the Frankfurt stock exchange.
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The financial director of "Agrotone" Andrey Anpilov has confirmed the placing fact, having refused to inform details about listing.
"Buyers of shares are an institutional investors from Europe, the USA and Russia", – has told Andrey Andrijchuk, the director of investment bank services group, Phoenix Capital. The main bulk of receipts (3, 98 million) has been placed out of the USA, informed The Bank of New York Mellon.
Holding "Agrotone" based in 1992. It works in Lugansk and Kharkov areas; processes 134 thousand in hectare of farmland and supervises grain elevators; general capacity of single storage constitutes 235 thousand tones. "Agrotone" controls two dairy complexes and two integrated poultry farms. This year it has sown 56, 23 thousand in hectare of winter crops (wheat, rape, barley and a rye). The primary proprietor of "Agrotone» is named the deputy of the Lugansk regional council Jury Zhuravlyov. In 2008 holding gained $76 million (expected in 2009 – $70 million), EBITDA – $22 million ($20 million).
The basic part of the involved resources "Agrotone" plans to direct to the increase of a ground bank from 40 thousand in hectare to 174 thousand in hectare, and also on expansion of capacities elevators, has informed Andrey Andrijchuk. According to the independent expert of the agro market Sergey Trifonova, the declared investments can not suffice for the rent of 40 thousand in hectare, though the earth has really strongly decrease in price. As in 2008 the ceding of rent rights was 450$-500/hectare, now – 100$-150/hectare. According to strategy of "Agrotone" till 2012, the ground bank is planned to increase to 300 thousand in hectare. For attraction of the capital "Agrotone" does not refuse from declared before plans to spend IPO at the Warsaw stock exchange in I part of 2010, mister Andrijchuk has informed.
Additional resources will be necessary for the company not only for increasing the ground bank. Mister Trifonov considers: "The earth in Lugansk area is in a zone of risky agriculture and is subject to a drought, therefore the companies working in this region need not only to increase ground bank, but also to invest much more resources to agro technology (purchase of qualitative fertilizers and agricultural machinery) to have good harvest".
Analysts affirm that the holding has placed successfully enough that testifies about interest of investors to the Ukrainian agro market. So, at the end of October Company Sintal Agriculture declared about private placement. The company has placed 17,2 % of shares for $13 million. By estimations of analyst Tamara Levchenko, IC Dragon Capital, "Agrotone" has placed with animator EV/Sales (company costs to a gain, calculated on expected indicators in 2009) 3,1 and EV/EBITDA – 10,8. Whereas indicator EV/Sales at Sintal takes 1,3, agro holding "Mriya" – 2,1, and Russian "Razguljaja" – nearby 2,9. "The company ' Agrotone ' has placed successfully – with the average award of 30-40 % to animators of the similar agro companies of Russia and Ukraine", – madam Levchenko has noted.
However, it is early to speak about restoration of the markets.
Sergey Trifonov considers: "By the crisis, companies had placed with animator EV/Sales not less than 8, on the average – 11-12". Thus the expert adds that "Agrotone" placing, for certain, becomes defined benchmark for business. "Investors observe the financial history. Obviously, 'Agrotone ' had the best financial history in comparison with the same Sintal, besides, company possesses more developed capacities of elevators", – Tamara Levchenko underlines. "Investors are now ready to pay money even for small asset, but basically for well generated income and without big debt loading", – marked general director of IC BG Capital, Nick Piatsa. |
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Investments: redeem for Ukraine |
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As the statistical data testify about upgrade from the second quarter in the economy of developed countries – France, Germany and Japan, and also developing, such as China, Brazil and India.
What is about Ukraine? Here, experts make a helpless gesture. The country has met crisis on a peak of growth of the economy. Even when indexes in the USA started falling, Ukrainian commonwealth continued to show economic growth at the falling process. Since 2000 to the 3d quarter of 2008, economy growth annually added on the average on 7, 5 %, one of factors of what was sharply growing export and increase in volumes of internal consumption.
However, world crisis, sweeping away all on the way, seemed simply "horror story" for Ukraine in the autumn of 2008. It has interrupted a state growth cycle. In the conditions of sharp deterioration of the economic environment from out of the country – Ukraine experienced the most serious down falling of economy and the deepest devaluation of currency.
The Ukrainian grivna has fallen more than to 50 % in comparison to the basic currencies, index PFTS has decreased to record 70 %. Export has decreased to 16 %, in November-December, 2008 and already in the second quarter of 2009 has made 50 % in comparison with a pre-crisis year. |
According to experts view, investments should become new sources of growth of Ukrainian well-being. Today, as well as earlier, state prospects remain favorable for economic growth which is based on investment.
Export will be stimulated with state membership in WTO. Free trade agreement between EU and our state, in turn, will promote growth of direct foreign investments and certainly export. Inflow of foreign investments is attractive also at the expense of qualified labour, that is cheap enough in Ukraine.
Besides, Ukraine is attractive in unique potential of growth in agrarian and industrial complex, and the infrastructure and scientifically-technological base are not badly developed enough.
However, for disclosing of all aspects including this potential, Ukraine requires improvement of business environment quality. On the given data published by World Bank, Ukraine occupies the 142d place in the list of 183 countries on business dealing.
To improve business climate in Ukraine it is necessary to create a transparent legislation and to carry out reforming of loans, also it is necessary to cut expenses on business dealing and to simplify regulatory environment, to improve governmental system, reduce corruption.
Source: Credit-consult |
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Delegate promises increase investments into Ukraine |
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The chairman of Ukrainian State agency of investments and innovations, Lyudmila Suprun considers increase in volumes of investments to Ukraine quite real.
As UNIAN (Informational agency) have informed, it was declared by Lyudmila Suprun during her representation in a new post by Alexander Turchynov, the first vice-prime minister.
According to L. Suprun, attraction in national economy of 150 billion US dollars is quite feasible problem for State investments. Thus, it wasn’t specified for information management of State investments for what term such volume of investments can be involved.
L. Suprun has noticed that considers expedient to realize pilot innovative and investment projects in priority branches of economy. The important constituent of State investments work will be the further development and perfection of standard-legal base in sphere of investments and innovative activity and its reduction in conformity with the European legislation.
A. Turchynov noted that high professionalism of L. Suprun as lawyer and as economist, its experience as a politician, the chairman of Committee concerning the Supreme Rada budget give all grounds to expect successful work on a post of a head of State Investments.
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He has underlined that the priority for State investments is attraction both external, and internal investments into large-scale projects, including within the limits of preparation to Euro-2012.
As informed UNIAN, Lyudmila Suprun is appointed to the post of State Investments chairman by the order of the Cabinet of Ministers at October, 14th 2009 № 1208.
Reference. The state agency of Ukraine of investments and innovations is created in 2005. The agency is the special representative of the central enforcement authority in sphere of innovative activity. Its work goes and is coordinated by the Cabinet of Ministers through the Minister of Economics. The primary goals of State investments are participation in formation and maintenance of a state policy in sphere of investments and innovative development, creation of national innovative system for maintenance and carrying out effective state innovative policy.
Source: UNIAN
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Reduction of direct investments to Ukraine |
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In January-September, 2009, foreign investors deposited $3948,3 million in economy of Ukraine by direct investments that constitutes 46,3 % of volumes of previous year relevant period. Investments arrived from 125 countries of the world. It was informed by Ukrainian State committee of statistics (USCS).
According to USCS, it has arrived $3125, 4 million from the EU countries (79, 1 % of total amount), from the CIS countries - $398, 0 million (10, 1 %), from other countries of the world - $424, 9 million (10, 8 %). At the same time the capital of non-residents has decreased to $845, 4 million. |
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As a whole the gain of a total volume of foreign capital in a national economy, taking into account its revaluations, losses and a difference in exchange, has constituted $2972,1 million that is 36,8 % of level of a relevant period, 2008.
In January-September, 2009, volumes of the capital from the Netherlands have grown on $616,8 million, Cyprus - $554,8 million, France - $358,4 million, Aruba - $273,6 million and the Russian Federation - $214,3 million. Indicated countries have ensured almost 68 % of a gain of foreign capital in Ukraine.
The total amount of direct foreign investments introduced to Ukraine, for October, 1st, and 2009 has constituted $38591, 6 million.
Ten basic countries-investors, that is almost 81 % of total amount of direct investments, embrace: Cyprus - $8201,7 million, Germany - $6580,8 million, the Netherlands - $3814,2 million, Austria - $2564,8 million, the United Kingdom - $2348,5 million, the Russian Federation - $2061,5 million, France - $1589,6 million, the USA - $1381,5 million, the Virgin Islands, British - $1340,5 million and Sweden - $1256,4 million.
Let's remind, in the first half of the year 2009, foreign direct investments in economy of Ukraine constituted $2 billion 699, 7 million, that is 40,2 % of volumes of the last year similar period.
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Renaissance Group headquarters moves to Kiev |
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«Renaissance Group» headquarters moves to Kiev
Russian financial holding "Renaissance Group" intends to carry out all transactions in Eastern Europe through Kiev office in the future. It was declared by head of holding, Stephen Jennings. |
According to Jennings statements, group intends to fast revival of the share market in Ukraine. "The majority capital, having been in the western markets earlier, will come to the developing. I consider that after the crisis Ukraine will show very good results, capital markets will quickly be opened; foreign investors will return to the country", - “Komersant-Ukraina” quotes the head of "Renaissance Group".
It is planned that through office in Kiev there will be organized transactions on capital attraction for the companies in Moldova, Belarus, a number of Central European countries, and even in Kazakhstan and Africa. The Moscow office of "Renaissance" will be engaged only for Russia.
"The Renaissance Group" is one of leading Russian corporations at the financial market. The group specializes in management of actives, realization of direct investments and consumer crediting. Companies, being a part of group, work basically on emerging markets. In September, last year "Oneksima" president, Michael Prokhorov, became the owner of holding’s half part of shares. In November, 2008, government of Ukraine has involved Swiss bank, Credit Suisse and Russian Investment Company «Renaissance Capital", forming "Renaissance Group", to become advisers on recapitalization in bank sector.
Reference to:
”Renaissance" has chosen the capital” - Kommersant", 05.11.2009 |
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