If the head of AFK Sistema, Vladimir Yevtushenkov, fell under sanctions, all his problems could be attributed to them. Otherwise, it will be difficult to justify the default looming on the horizon.
According to the correspondent MorningNews, about the financial problems of AFK “Sistema” today, only the lazy one does not gossip. So, the author of the telegram channel “Antiskrepa”allegedly having a scientific degree and understanding the topic, claims that at the beginning of the year the company’s debts exceeded 200 billion rubles, that is, they turned out to be more than quarterly revenue, and the loss of AFK Sistema is 46 billion rubles.
“The reason for the Russian financial failures of the tired Yevtushenkov is prosaic – active European expansion. We earn here, we invest there. Yevtushenkov felt as calm as possible in Europe – no sanctions would be imposed on him. Yevtushenkov planned to evacuate to the Cote d’Azur, where, according to [антикоррупционного] Scanner Project, he has luxury real estate in store. The main thing is to be released, ”the author of the publication in the telegram channel says, not without sarcasm. “Antiskrepa”.
specter of default
Among the assets of AFK Sistema, the telecom operator MTS, the Ozon marketplace, the timber industry Segezha Group and the construction company Etalon stand out. Of all of them, the construction subsidiary of Etalon Group of Companies has the greatest problems.
According to the authors of the telegram channel “Domostroy”allegedly, Etalon Group began delays at facilities due to the huge debts of the parent company, AFK Sistema, Vladimir Yevtushenkov, which reached 200 billion rubles, and their payment in the current realities is impossible.
“Yevtushenkov himself is one step away from imposing sanctions against him. This means that he will immediately need a large amount to buy back Eurobonds, ”say the authors of the telegram channel “Domostroy”.
Although the payment of dividends by a parent company registered in Cyprus is currently not prohibited, certain provisions of sanctions and rules introduced by the Bank of Russia make it significantly more difficult to carry out the necessary intra-group transactions, which may affect the ability to pay dividends under the current dividend policy,” — posted this message on your site representatives of the Etalon Group of Companies in mid-March.
The increase in the key rate by the Bank of Russia also had a negative impact on the activities of this developer, as well as many others. As a result, there were problems with equity holders who began to withdraw their funds from projects due to the fact that the deadlines for their delivery are shifting. Allegedly, such an alarming trend has emerged at the Green River facility in Omsk, and projects in Moscow and St. Petersburg are also under threat.
OZON is no better off. The company is already informed, which warned investors that due to the suspension of trading in its shares on NASDAQ, it could face early redemption of bonds for $ 750 million and the threat of a technical default. OZON does not have that kind of money, and there is nowhere for them to come from.
Unless MTS is still more or less confidently afloat. Although there can be no certainty about this either, since the problems of AFK Sistema will invariably affect this mobile operator.
Segezha Group demonstrates optimism and, as reported by the news agency AK&Meven turned out to be the leader in the rating of companies in the timber industry by the RAEX-Europe agency.
Problems, in “Nature”
Here it would be appropriate to recall the sensational at the beginning of 2022 about the possible interest of AFK Sistema in acquiring shares in Natura Siberica.
Recall that Andrey Trubnikov founded Natura Siberica in 2008, the group includes five companies. It produces and sells cosmetics under the brands Natura Siberica, Grandmother Agafya’s Recipes, Agafya’s First Aid Kit, Organic Kitchen, Planeta Organica, and others. The revenue of the main legal entities, Natura Siberica and First Solution, in 2020 amounted to 4.4 billion . rub. and 6.6 billion rubles. respectively.
After the death of Trubnikov, a corporate and hereditary conflict began in the company, which at the end of 2021 seemed to take on the contours of a certain agreement.
According to the magazine Forbes, initially AFK Sistema negotiated the purchase of shares from Trubnikov’s ex-wife Irina (she can claim 40% of the group) and their children Dmitry and Ekaterina. It looks like they weren’t successful.
Later, the third and last wife of Andrei Trubnikov, Anastasia, declared her rights to the inheritance. She was able to negotiate the sale of a share that she should receive in the distribution of assets. As reported earlier Forbesit was for this share that Yevtushenkov’s holding could, in the first place, claim.
An indirect confirmation of the fact that Vladimir Yevtushenkov’s interest in Natura Siberica was not idle was the fact that Felix Lieb, the former executive director of AFK Sistema, was appointed to the post of its new head at the beginning of 2022.
In the current situation, perhaps, one should not rush to predict how Sistema’s investments will help Natura Siberica get back on its feet. Now it’s as if the “System” itself does not “fall down”.
On top of everything, we can recall that AFK Sistema was never able to recover from the fiasco associated with Bashneft, because then, according to the decision of the Sistema court, it had to pay 100 billion rubles. An even larger amount was the estimated loss in the form of lost profits.
The most recent (in terms of time) was the blow that dealt the reputation of AFK Sistema to the now widely discussed departure from Russia of Anatoly Chubais, who was a member of the Board of Directors of the corporation. And although Yevtushenkov himself hastened to declare that “Chubais recently told him about plans to leave his homeland,” this did not add to him either authority in the eyes of the public or funds in the corporation’s budget. And it did not put off the threat of default.