Rusnano
Since 2007
Russia
Central Federal District of the Russian Federation
Moscow
117036, Ave. 60th Anniversary of October, 10A
Top managers:
Agamirzyan Igor Rubenovich
Dmitry Sergeevich Peskov
Kolpachyov Georgy
German Makar Andreevich
Kalanov Alisher
Pogosyan Mikhail Aslanovich
Vasiliev Vladimir Nikolaevich
Sergey Aleksandrovich Kulikov
Vakhterov Sergey Viktorovich
Okladnikova Irina Andreevna
Alyoshin Boris Sergeevich
Owners:
ВЭБ.РФ (formerly Vnesheconombank)
Assets | Owners |
+ Rusnano |
The corporation acts as a co-investor in nanotechnology projects with significant economic or social potential. The financial involvement of the corporation in the early stages of projects reduces the risks of its private investor partners.
The corporation is involved in the creation of nanotechnology infrastructure such as collective use centers, business incubators and early investment funds. To support funded projects, the corporation implements scientific and educational programs, as well as popularizes nanotechnology research and development. The corporation chooses priority investment areas based on long-term development forecasts (foresites), the development of which the corporation attracts Russian and world experts.
Aktivs
- Equity in US-based Sitime Corporation
- The innovative company SAN - in September 2009, Rusnano became a co-investor in a project for the production of nanoconferels and equipment for high-tech types of digital printing. The volume of investments in the San project is 1.114 billion rubles, including the share of Rusnano - 166 million rubles.
Board of Directors
2020: Rusnano removed the head of the RVC from the board of directors and included Deputy Head of the Ministry of Digital Development
On September 23, 2020, Rusnano approved a new board of directors. He was left under house arrest by the head of the Russian Venture Company, Alexander Povalko. His place was taken by Deputy Minister of Finance Irina Okladnikova.
Another new representative on the board of directors of Rusnano was the deputy head of the Ministry of Digital Industry Maxim Parshin - he came instead of the first deputy head of the Analytical Center under the government of RFVladislav Onishchenko.
In total, the board of directors of Rusnano includes 13 members. In addition to the mentioned Okladnikova and Parshin, these are: Chairman of the Board of Rusnano Management Company Anatoly Chubais, former Deputy Prime Minister and Chairman of the Skolkovo Foundation Arkady Dvorkovich, Deputy Chairman of the Board of Directors of Rusnano JSC Vladislav Putilin, First Deputy Minister of Economic Development Andrei Ivanov, Deputy Minister of Industry and Trade Vasily Osmakov, Oksana Tarasenko, Deputy Minister of Economic Development, Oleg Fomichev, Director for Strategic Planning and Development of Tselsprom JSC, Elena Sakhnova, Head of the Engineering, Transport, Infrastructure and Chemical Industry Department of VTB Capital, as well as three independent directors - Mikhail Alfimov, Pavel Teplukhin and Ilya Yuzhanov.
In August 2020, the Government of the Russian Federation submitted the candidacies of Oksana Tarasenko and Irina Okladnikova to the board of directors and the audit commission of Rusnano. The corresponding order was signed by Russian Prime Minister Mikhail Mishustin. At the same time, the head of government ordered to exclude Povalko and the head of the Analytical Center under the government of RFKonstantin Kalinin from the board of directors of the state corporation.
Alexander Povalko, who left the board of directors of Rusnano, has been under house arrest since the beginning of June 2020 in a criminal case on a deal to reinvest part of the proceeds from the sale of the portfolio company Soft Machines Inc. to another portfolio company - Alion[1]
2017: Composition of the Board of Directors
As of April 2017, the board of directors of the Rusnano management company includes:
- RUSNANO Putilin - Chairman of the Board of Directors of RUSNANO Management Company
- RUSNANO Chubais - Chairman of the Management Board of RUSNANO Management Company
- Agamirzyan Igor Rubenovich - Vice President of the National Research University "Higher School of Economics"
- Androsov Kirill Gennadievich, Managing Director of Altera Investment Fund
- Evgeny Kablov, General Director of FSUE All-Russian Research Institute of Aviation Materials
- Mikhail Poghosyan - Rector of the Federal State Budgetary Educational Institution of Higher Education "Moscow Aviation Institute (National Research University)"
- Sergei Gennadyevich Polyakov, General Director of the Fund for Assistance to the Development of Small Forms of Enterprises in the Scientific and Technical Sphere
- Mikhail Dmitrievich Prokhorov, President of ONEXIM Group LLC
- Pavel Teplukhin - Member of the Board of Directors of JSC RUSNANO (independent director), Chairman of the Strategy Committee under the Board of Directors of JSC RUSNANO (independent director), Chairman of the Strategy Committee under the Board of Directors of LLC UK RUSNANO
- Oleg Fomichev - State Secretary-Deputy Minister of Economic Development of the Russian Federation
- Sergey Alekseevich Tsikalyuk - Chairman of the Board of Directors of VSK Insurance Joint-Stock Company
Performance indicators
2024: 3.3-fold loss reduction to RUB 8.84 billion
Rusnano's revenue in 2023 amounted to 2.37 billion rubles against 13.91 billion rubles a year earlier. Net losses of the state corporation during this time decreased from 29.65 billion to 8.84 billion rubles. Such data were released in early May 2024.
According to Interfax, citing Rusnano's reports, the company's loss before tax in 2023 amounted to 8.8 billion rubles, which is 3.2 times less than such losses in 2022. At the same time, the loss from sales doubled, reaching 4.1 billion rubles.
As explained in Rusnano, in 2023 the company was able to reduce the value of portfolio companies by 15%, reduce operating expenses by 33%, and increase operating profit under IFRS (before interest payments) to 4 billion rubles.
 | In three years, the norm "activities in conditions of uncertainty on the verge of insolvency" has replenished the group's piggy bank with important qualities - reliability and survivability. We are determined to fulfill all obligations on debts, and our confidence is supported by the unconditional support of the government and the Ministry of Finance, "said Vladislav Yunusov, Managing Financial Director of Rusnano (quoted by Interfax). |  |
Earlier, Yunusov said that in 2023 Rusnano reduced its debt by 28 billion rubles - to 69 billion rubles, and the bulk of the remaining volume (about 61 billion rubles) was provided by state guarantees. Of the remaining debt of 48 billion rubles by the end of 2023, bank loans accounted for. According to Vladislav Yunusov, the company's debt was formed until 2021, when a new management team came, since 2021 it has not attracted debt. He also noted that from 2007, from the moment the company was founded, to the end of 2023, the amount of interest and coupons actually paid to Rusnano has already exceeded 150 billion rubles[2]
2021: Profit growth to 0.7 billion rubles
At the end of 2021, Rusnano received a net profit of 0.7 billion rubles, while a year earlier the net losses of the state corporation were measured at 52.9 billion rubles. Such data on international financial reporting standards were published in May 2022.
As explained in Rusnano, the profit came due to the company's efforts to increase investment income, including from the sale of historical assets, reducing debt obligations and reducing management costs.
According to TASS, citing materials from Rusnano, in 2021, revenues from investment activities, including exits from projects, increased almost 2.8 times, to 36.6 billion rubles, compared with 13.3 billion rubles in 2020. The company's debt burden decreased by 20 billion rubles, to 128 billion rubles, of which 93 billion rubles were provided with state guarantees. The value of the investment portfolio increased by 18.4 billion rubles, and operating expenses decreased by more than 20%.
The company noted that the high debt burden formed until 2021 continues to have a negative impact on financial results. Debt servicing costs in 2021 amounted to 14.6 billion rubles, which is "comparable to the cost of building an entire technopark in Moscow."
In 2021, revenues from investment projects, excluding exits, increased 1.4 times, to 15.6 billion rubles, compared to the same indicator in 2020 at 11.1 billion rubles.
The "Rusnano" said that the volume of investments in technological projects affecting the achievement of Russian national goals in 2021 amounted to 67.8 billion rubles.
| | During the year, four products were commercialized in the field of new materials and new power, three more products in the field of preserving human life and health. With the participation of the company in three constituent entities of the Russian Federation, 12 launches of new industries, research and engineering centers took place, - said the representative of the company.[3] | |
2020: Growth of losses under IFRS to 52.9 billion rubles
The net loss of Rusnano JSC according to international financial reporting standards (IFRS) for 2020 increased 3.2 times, to 52.9 billion rubles compared to 2019. This follows from the company's statements published on April 2, 2021.
At the same time, revenues from assets of Rusnano's investment portfolio under IFRS increased almost 2 times during the reporting period - to 13.3 billion rubles against 6.7 billion rubles in 2019.
According to Russian accounting standards (RAS), the company's net loss amounted to almost 37.2 billion rubles for the reporting period.
2019: Rusnano losses exceeded 16.5 billion rubles
In 2019, Rusnano's net losses reached more than 16.5 billion rubles, while a year earlier there was a profit of equal, 5.6 billion rubles. This is stated in the reporting that the state corporation compiled under IFRS.
As stated in the document, despite the obtained financial result, the accumulated actual value of profit/loss for the period from 2015 to 2019 exceeds the planned indicator approved under the long-term development program of Rusnano JSC by 18.2 billion rubles. Negative exchange rate differences in the amount of 6.9 billion rubles had a significant impact on the financial result.
From the materials of Rusnano it also follows that the capital of JSC in 2019 decreased by 20.3% and amounted to 79.22 billion rubles. Rusnano's assets as of December 31, 2019 were measured at 167.6 billion rubles, which is 9.6% less than a year ago. The company's liabilities at the reporting date amounted to 88.46 billion rubles, an increase of 2.8% compared to the end of 2018. In 2019, 51.1 billion rubles were allocated for debt servicing, of which 37.6 billion rubles were spent on repayment of the principal amount of debt.
As part of its investment activities, Rusnano withdrew from four projects in 2019, the largest of which was the sale of a stake in the biopharmaceutical company. " Nanolek Over the entire period of the company's activity, as of the end of 2019, 54 exits from investment projects were implemented. Operating expenses of the state corporation in 2019 remained almost at the level of the previous year - 5.44 billion rubles.
2018: Profit under IFRS 5.6 billion rubles
The net profit of the nanotechnology corporation under IFRS in 2018 amounted to 5.6 billion rubles.
"We have been living with profit for several years, but this is a record year," Rusnano said head. - We have formed a position on the payment of dividends to the federal budget: 550 million rubles will be offered to the board of directors and further to the meeting of shareholders to pay to the federal budget. This amount is also a record. "
"The figure with which Rusnano began in 2007 is 130 billion rubles of budget allocations," said Anatoly Chubais. - We track the amounts of tax payments of the companies we have built. If you sum up all their payments, this is 132.4 billion rubles, which says: all state costs have been returned. And payments with the development of these enterprises will grow. "
In total, according to Anatoly Chubais, 97 factories were built in 37 regions of Russia. Among them, a real Russian unicorn is the OcSiAl carbon nanotube plant, the cap market for which recently overcame $1 billion. The total sales of portfolio companies' products totaled 1.76 trillion rubles.
2016
Profit under IFRS 4.5 billion rubles
Rusnano Group, consisting of JSC Rusnano and consolidated subsidiaries (including LLC UK Rusnano), in accordance with International Financial Reporting Standards (IFRS), made a profit of 4.5 billion rubles in 2016 .
Net profit from the financial assets of JSC Rusnano, reflected at fair value, in 2016 amounted to 5.6 billion rubles.
At the end of 2016, the fair value of the investment portfolio amounted to 140.6 billion rubles, compared to 140.4 billion rubles in 2015. In the assessment of historical rates, the increase in the value of assets denominated in each of the currencies amounted to 11.4 billion rubles, 11.3 million dollars, €1 million, respectively. In general, the profit on the investment portfolio excluding exchange rate differences amounted to about 12.3 billion rubles.
In 2016, revenues from exits from investment projects amounted to 17.8 billion rubles, which is more than 2.6 times more than in 2015 (6.8 billion rubles).
Among the largest and most successful exits are sales of Rusnano shares in companies such as Micron, Danaflex-Nano, DSK Grad, Uralplastic and Nikomag. At the same time, the average profitability (IRR) of 11 exits implemented in 2016, calculated to the value of the portfolio at the time of transfer of assets under the management of RUSNANO Management Company, amounted to about 11%. The average IRR for all exits for all time is 14.9%.
At the end of 2016, the ratio of the fair value of the portfolio, taking into account the yield to the volume of investments, was 1.01.
The debt of Rusnano JSC in 2016 decreased by 16.4 billion rubles, including early repayment of obligations by 2.6 billion rubles.
At the end of 2016, the total amount of funds raised from third-party investors in 4 new funds amounted to 20 billion rubles. In addition, at the beginning of 2017, the creation of 2 more new funds was approved, taking into account which, the volume of attracted investments will amount to 48 billion rubles. In accordance with the long-term development program of Rusnano, the amount of funds raised in new funds in 2020 will amount to 150 billion rubles.
Loss under RAS 17.4 billion rubles
Rusnano's net loss under RAS amounted to 17.4 billion rubles in 2016. against a profit of 10 billion rubles. in 2015, revenue - 9.7 billion rubles. against 12.783 billion rubles. in 2015
Revenues from investment projects amounted to 18 billion rubles in 2016, which is almost 2.5 times higher than in 2015 (6.9 billion rubles). For the first time, the volume of revenues exceeded the cost of additional financing of the investment portfolio.
"The average yield from all exits (IRR) in 2016 was about 11%, which is comparable to the average market rate of return from financial investments," Rusnano reports.
Rusnano expects to receive the bulk of its investment income in 2017-2019.
The financial performance in 2016 was largely affected by poor market conditions, in particular negative exchange rate differences due to the strengthening of the ruble. According to the company, the negative contribution of exchange rate differences to the total financial result amounted to more than 3.2 billion rubles. The reduction in profits was also affected by a decrease in interest income from the placement of temporarily free money.
In addition, the financial indicators were affected by the cost of servicing Rusnano loans. Interest payments amounted to 15 billion rubles in 2016. against 13.8 billion rubles. in 2015. In general, during the work of Rusnano spent more than 65 billion rubles. on debt servicing.
Meanwhile, Rusnano's interest income halved in 2016 - from 6.1 billion rubles. up to 2.9 billion rubles.
The company's management expenses in 2016 amounted to 7 billion rubles. against 5.2 billion rubles. in 2015
Rusnano's long-term liabilities by December 31, 2016 amounted to RUB 86 billion against RUB 132.5 billion by the end of 2015.
Rusnano's investments in the authorized capital of other organizations amounted to 88.1 billion rubles by the end of 2016. against 95.3 billion rubles. by the end of 2015
Clusters
Nanoelectronics and photonics
In 2016, a fiber optic production plant was launched in Saransk, which will provide for 100% of the Russian need, and in the future its products will be exported. Fiber lasers are produced by NTO "IRE-Polyus" in Fryazino for cutting metals. This is a transfer of foreign technology developed by Russian physicist Valentin Gapontsev. Splitters that separate the optical signal and without which data transfer is impossible are produced at the NeoPhotonics plant in Moscow.
The company Micron"" produces chips that are used in metro fare cards biometric , passports, payment cards "Mir" , etc. The thermal imaging locator, a product of [4], is built on the basis of the first Russian processor manufactured by the same Elvis. This processor provides video processing. Russia Today, a new technology is being created in to make electronic optics on chips less than 8 nanometers. This is done by MAPPER. Profotec manufactures optical transformers to measure current consumption, which have replaced oil transformers. However, Anatoly Chubais he admitted in May 2017 that although the Russian market for nanoelectronics and photonics is growing, like the world market, we are not leaders in this market,[5] will not become them in 10 years[6]
Coatings and surface modification
Within its framework, CJSC "New Instrumental Solutions" in Rybinsk produces a metal-cutting tool with enhanced cutting capacity and extended service life thanks to nanostructured coatings. It is used in the aviation engine industry, the rocket and space industry, etc. Acrylan paint materials contain nanoparticles, and therefore have great durability and do not contain harmful materials. Molecular beam epitaxy opens the way to ultrafast computers, solar panels with significantly higher efficiency, etc., is used by Scientific and Technological Equipment. And the Novomet-Perm company has created submersible oil pumps (25% of Russian and 3% of world production). Finally, Metakley coatings are used to protect large diameter gas pipelines from corrosion, etc., and can cover up to 80% of the Russian market.
New materials
This is, first of all, carbon fiber, ultra-strong and ultra-light material created for space rockets. A Boeing 787, the Russian Black Wing fighter, a passenger catamaran with 150 seats (manufactured by Zanevsky Shipbuilding Plant) were built from carbon fiber. Ceramic implants with a service life of up to 25 years, which are switched from titanium (up to 15 years). The volume of the Russian market for new materials reaches 1 trillion rubles, and by 2027 it will increase significantly.
Nanobiopharmaceutics
It is growing at a rate of 10.5% per year, and this industry had to be recreated almost from scratch. Here, according to the head of the nanocorporation, we are dealing with the rare case when the state program - "Pharma 2020" - is successfully implemented. In April 2017, the Novamedika technological center for the manufacture of prototypes and innovative drugs was opened (Pfizer partner, antibacterial, antifungal drugs, etc.). 250 billion rubles. - this is now the volume of production of innovative medicines, of which 13 billion rubles. - nanobiopharmaceutical. But already in 2017, the last indicator will reach the level of 100 billion rubles.
Nuclear medicine
The cluster originated in 2014. Tomography helped more than 30 thousand people in 8 regions to undergo a comprehensive diagnosis, which cannot be carried out in any other way. The achievements of this direction include cyber knife (non-invasive operation to remove cancer tumors), gamma knife (brain tumor operation - but this is not the Rusnano project), brachyotherapy (radiological radiation at the tumor site). The successes of domestic nuclear medicine are such that medical tourism has already appeared in Russia. In 10 years, this cluster is expected to grow three times.
Solar Power
But solar power works on illumination, which is quite high due to the continental climate. Rusnano has already built the Novocheboksarsky plant for the production of solar panels with an efficiency of 21%. Now many solar power plants are being built in Russia.
Wind power
There are several windmills - in Elista, in Kaliningrad, near Vorkuta. Their power is microscopic. However, there is a joint project with the Finnish company Fortum for 100 billion rubles. for the construction of wind farms. The first wind farm worth 35 million rubles will soon be launched in Ulyanovsk. By 2024, wind farms with a total capacity of 3.5 thousand megawatts will be commissioned, by 2027 investments in this sector will reach 450 billion rubles.
Recycling municipal solid waste into electricity
There are many technologies - direct combustion, pyrolysis, etc. To begin with, Russia will be engaged in direct burning: it is planned to build five such plants - in the Moscow region and in Kazan using foreign equipment. But by 2027, new technologies will appear, ranging from pyrolysis to plasma gasification.
Industrial storage of electricity
Today, the entire electricity industry is designed for maximum consumption, because there are no effective ways to store electricity. But in the near future, this basic principle will break, leading to a real revolution in the electric power industry. The only existing technology for storing electricity today - a pumped storage station - is a very expensive and obsolete structure. Lithium-ion batteries are already replacing it. Rusnano plans to expand their production in Novosibirsk. So far, Novosibirsk batteries are used in trolleybuses, but by 2027 they will begin to be used in residential buildings. Chubais promises that there will be a transformation of the house from a consumer to an electricity producer.
Nanomodified materials
Nanotubes are an ultra-strong material, with minimal additives of which aluminum acquires titanium strength, plastic becomes electrically conductive, lithium-ion batteries increase the service life, etc. This is well known, but what is unknown is how to produce them on an industrial scale. But the head of the nanotechnology concern assures that this task was solved in Novosibirsk - OCSiAl created the world's first industrial plant for the production of single-wall carbon nanotubes and mastered the technology of their introduction into dozens of materials - elastomers, thermoplastics, nanomodified coatings, etc.
Anatoly Chubais predicts in May 2017 that by 2027 the market for products of the Russian nanoindustrial will reach 4.4 trillion rubles. This means that Russia will change its place in the global Heitek hierarchy. Ten years ago, in 2007, we were in the lower league, now we are together with China in the "looking to the future" cluster, and by 2027 both Russia and China will enter the major league of the world high-tech.
History
2024
Damage to former Rusnano projects reached 40 billion rubles. Criminal cases opened
At the end of October 2024, it became known that the total damage on former Rusnano projects exceeded 40 billion rubles. We are talking about initiatives on which criminal cases have been initiated.
According to TASS, referring to information received from knowledgeable persons, Rusnano revealed evidence of abuse in the implementation of certain investment projects. Information about the detected violations is sent to law enforcement agencies.
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| | The audit of projects to determine the damage is ongoing. To date, [the end of October 2024], the total damage is estimated at more than 40 billion rubles, the publication says. | |
Several criminal cases have been initiated in connection with the embezzlement at Rusnano. In particular, according to the data, the FSB company Plastic Logic"," established as part of the joint project "Rusnano" and the Irish Plastic Logic, stole over 13 billion rubles. Boris Galkin, general director of Plastic Logic, was arrested on charges of embezzlement of funds. In addition, Meshchansky court Moscow in August 2024, he arrested in absentia former top managers of Rusnano Oleg Kiselev and Irina Rapoport. They are accused of embezzlement committed by a group of persons by prior conspiracy using their official position.
| | After the investigators conducted checks on the fact of theft from Rusnano, several criminal cases were initiated. Only one case in relation to the company caused damage in the amount of more than 2 billion rubles, - said the interlocutor of TASS. | |
The damage detected during audit and anti-crisis measures is planned to be recovered within the framework of criminal proceedings, as well as compensated by concluding amicable agreements. To resolve such situations, Rusnano intends to interact, among other things, with foreign partners.[7]
Former deputy Chubais in Rusnano arrested in embezzlement case
In August 2024, it became known that the former deputy chairman of the board Rusnano , Oleg Kiselev, was arrested in the embezzlement case. Meshchansky court Moscow granted the petition of the investigating authorities for the absentee arrest of Kiselev, who from 2008 to 2019 held high positions at Rusnano. The suspect in the same case is the former head of the subsidiary Rusnano Capital Irina Rapoport, in respect of whom an absentee arrest was also made. More here
Former top managers of Rusnano and Peresvet Bank accused of embezzling 1.68 billion rubles
Former top managers Rusnano of "" and the bank Relight"" were accused of embezzling 1.68 billion. rubles Telegram The chairman of the State Duma Committee on Information Policy spoke about this case in his channel on April 1, 2024. Alexander Hinstein More. here
Rusnano does not have enough funds to continue payments on debt
Rusnano has exhausted its own opportunities to continue paying payments on debt. This was reported on March 20, 2024 by Vedomosti with reference to the financial director of the company, Vladimir Yunusov.
According to Yunusov, since 2021, after the change of leadership, payments on loans and bonds amounted to 116 billion rubles, of which 37 billion were interest and coupons. Rusnano paid off most of these funds on its own. At the beginning of 2021, the amount of Rusnano's debt on loans and bonds amounted to 148 billion rubles. As of March 2024, the debt decreased to 69 billion rubles, of which 62 billion were provided with state guarantees.
| | Almost all of the debt we repaid in three years was paid off at our own expense. And without restructuring, without delays, clearly according to the schedule, - said Yunusov. | |
Rusnano in December 2023 repaid bonds worth 5.5 billion rubles. At the same time, the company paid coupon income on bonds of 185.13 million.
Yunusov claims that the shareholder will have to choose between bankruptcy and liquidation of the company and payment of debt for it. Rusnano and federal executive bodies agree with banks on a one-time repayment of debt at a discount of 30%.
Rusnano warned about the potential bankruptcy back in October 2023. Then the company declared the impossibility of fulfilling obligations to creditors at its own expense. In the same month, the State Duma initiated an audit of all operating activities of the company. According to the deputies, the damage to the state budget amounted to about 100 million rubles.
| | There is a high probability of bankruptcy of the organization. At the same time, the former head of the corporation, Anatoly Chubais, freely left the country, the State Duma said.[8] | |
2023: Rusnano owes 95.56 billion rubles warned of bankruptcy
On October 3, 2023, Rusnano issued a report warning of a possible bankruptcy of the group. Against this background, the company's securities fell sharply in price.
| | The fulfillment of debt obligations by JSC Rusnano in full solely at the expense of its own funds is objectively impossible, - says the material of the group. | |
It also says that the current situation meets the signs of insolvency and insufficient property in the terminology of the law "On insolvency (bankruptcy)." If Rusnano shareholders do not make decisions to normalize their financial situation in order to fulfill their obligations to creditors, then there will be "a high likelihood of signs of bankruptcy," the document emphasizes, excerpts from which RBC cites.
At the end of June 2023, Rusnano's net debt amounted to 95.56 billion rubles against 90.85 billion rubles at the beginning of the year. The reason for the increase in debt is called "a decrease in short-term financial investments" in the first half of this year. The data on revenue and profits in the organization were not disclosed. At the same time, in December 2023, Rusnano needs to repay the issue of exchange-traded bonds in the amount of 10 billion rubles.
In the first minutes of trading on October 4, 2023, quotes of Rusnano bonds decreased (depending on the issue) by 5-40% as of 10:10 Moscow time, according to trading data from the Moscow Exchange. Paper yields jumped to a range of 69% to 215%. Five issues of Rusnano corporate bonds are addressed to the Moscow Exchange.
In September 2023, the president Russia Vladimir Putin said that a "financial hole" had been identified in the capital of Rusnano and that this could be connected with the departure abroad of the former head of the company. Anatoly Chubais
| | There's a big hole, a huge financial hole. I will not name the numbers now, big numbers. Maybe he fears that in the end this will all lead to the emergence of some kind of criminal cases, so he switched to an illegal situation, "Putin said.[9] | |
2022
The government is discussing the disbandment of Rusnano
On October 19, 2022, it became known that the government was discussing the disbandment of Rusnano, Vedomosti sources said.
The state corporation has lost the opportunity to service its obligations due to Western sanctions, but the scenario of its preservation is also being considered in the Cabinet.
The company's losses amounted to 95.8 billion rubles. The total amount of state support for the company since its foundation amounted to more than 404.6 billion rubles.
The Ministry of Finance of Russia covered Rusnano's debt for 9 billion rubles
In October 2022, it became known that the Russian Ministry of Finance covered Rusnano's debt by 9 billion rubles. It was necessary to pay off obligations at the expense of budget funds due to state guarantees. The corporation was brought to ruin by Anatoly Chubais, who left Russia.
Sale of interest in ICM Glass
The founder of Банки.ру, Philip Ilyin-Adaev, bought ICM Glass, which is the only manufacturer of innovative thermal insulation material in Russia - fractionated foam glass. This was announced on August 15, 2022 by TASS with reference to the press service of the state corporation Rusnano, which had previously invested in a startup. Read more here.
Adjustment of the exit strategy from the historical portfolio
RUSNANO has adjusted its exit strategy from the historical portfolio, as announced on June 9, 2022.
All of these companies have received approval from relevant ministries and departments, comply with the National Development Goals of the Russian Federation until 2030, have high growth potential and can become an alternative supplier for the market by replacing products from foreign manufacturers.
In the future, it is planned to maximize their economic potential. Industry competence centers will be created on the basis of companies. RUSNANO assumes the function of a managing partner and integrator to form a complete chain of product creation and delivery to the end customer under long-term life cycle contracts. This will provide an opportunity to constantly improve and increase the value of solutions for the end consumer. Reliance on advanced innovation methods, science and digital tools will accelerate the pace of development and launch of new products, expand the scale of technology dissemination and involve scientists and investors who are ready to finance promising projects in the process.
The head of the company, Sergei Kulikov, asks the Prosecutor General's Office to check the work of the company during the management period of Anatoly Chubais
In April 2022, Sergei Kulikov, who headed Rusnano at the end of 2020, appealed to the Prosecutor General's Office of the Russian Federation with a request to check the work of his company for 2010-2020. During these years, the company was led by Anatoly Chubais.
The letter states that in 2010-2020, Rusnano's external borrowing exceeded 290 billion rubles. By the end of 2020, the company's debt amounted to more than 146 billion rubles, and the cost of servicing it in 2010-2021 - 126 billion rubles.
In 2016, Rusnano's liabilities exceeded the value of the company's assets. The company had signs of bankruptcy.
At the end of March 2022, it became known that Chubais resigned and left Russia.
Change in investment policy
At the end of January 2022, it became known about changes in Rusnano's investment policy. The company decided not to invest in projects alone, but to attract partners in order to reduce risks in the event of unsuccessful financing.
According to Vedomosti, Rusnano will invest in initiatives only together with private investors, and the share of the latter should prevail. The target ratio of own and private funds at the entrance to the project is 1 to 4, this indicator is planned to be reached by 2024. It is assumed that by 2030 Rusnano will reduce the share of its investments to 1 in 8.
As a source close to the government explained to the newspaper, the logic of this approach is to reduce the risks of investment in unprofitable projects, a source close to the government explained. Firstly, the investment committee of the state structure is not always able to assess the real prospects of the project, business often understands better than the state what to invest in. Secondly, Rusnano is no longer ready to take on the main risks of the project. Its key function will be to "substitute leverage," guarantee investments in a particular venture project, but not become the main source of capital for it, the source said.
Rusnano financed venture projects with commercial loans. The funds did not return with the promised profitability. Russian President Vladimir Putin in December 2021 estimated the company's debt at 102-140 billion rubles on bonds and to banks. The Company implements a strategy to restructure loans while in a pre-default state.
By January 2022, Rusnano supported a total of 109 projects worth 500 billion rubles, taking into account funds from external investors. The state-owned company itself invested 205 billion rubles. The most successful was the joint project with Renova to produce solar modules.[10]
Sale of 50% FRV to Gazprombank
On January 18, 2022, Rusnano announced the sale to Gazprombank of 50% of the Wind Energy Development Fund (FRV), which the state corporation developed together with the Finnish company Fortum. The financial terms of the agreement were not disclosed. Read more here.
2021
Exit from Optosense
Rusnano announced on December 6, 2021 that it was withdrawing from the project to create and produce unique infrared sensors MIPEX to determine the concentration of explosive (gases methane and others) hydrocarbons that are used in the industrial safety market. Details. here
Stopping trading in company bonds at the Moscow Exchange and debt restructuring plan
At the end of 2021, analysts began to talk about a possible default of Rusnano. In November 2021, the Moscow Exchange suspended trading on Rusnano securities. From the evening of Friday, November 19, nine issues of the company's bonds placed in the period from 2014 to 2020 were withdrawn from trading at once. The total volume is about 70 billion rubles. On the same day, the company published a message in which it acknowledged that "the accumulated disproportionate debt and the current financial model require adjustments."
Also on Friday, Rusnano held a meeting with large holders of its bonds on debt restructuring.
Until now, Russian state-owned companies have never defaulted on their obligations, investors' faith in Rusnano's state support makes experts consider this scenario unlikely.
In December, the international rating agency Fitch confirmed Rusnano's ratings with a negative outlook, withdrawing them from the revision with the possibility of a decrease. The government calculated the results of Rusnano's work over 14 years (the company was created in 2007), and they turned out to be really disappointing: over 14 years and 405 billion rubles. state aid at the exit turned out to be more losses than profits. By the end of the first half of 2021, Rusnano had outstanding loan obligations of 76.3 billion rubles, mainly to Sovcombank, Bank St. Petersburg, Promsvyazbank. Obligations on bond loans were 70.4 billion rubles.
Agreement with the United Chemical Company for the development of the chemical sector
On September 22, 2021, the Rusnano Group announced the signing of a cooperation agreement with the United Chemical Company.
The companies plan to jointly invest in chemical sector companies in Russia and Kazakhstan. Read more here.
Rusnano's exit from the VRS Towers project
On September 13, 2021, Rusnano JSC announced the sale of its share in the enterprise Towers VRS LLC, which implies the exit from the project for the production of towers for wind power plants (WEU) in Taganrog upon reaching the planned economic indicators. 24.5% of the shares were bought by PAO Severstal. Read more here.
2020
Proposal of the post of head of Rusnano to Sergei Kulikov
On December 2, 2020, it became known that President Vladimir Putin offered the post of head of Rusnano to the first deputy chairman of the board of the Military-Industrial Commission, Sergei Kulikov. The current head of the corporation, Anatoly Chubais, who has led it since its creation in 2011, will leave his post. Read more here.
Transition under the control of ВЭБ.РФ
On November 23, 2020, Russian Prime Minister Mikhail Mishustin announced a large-scale optimization of development institutions. Some of them will come under the control of the ВЭБ.РФ state corporation, namely:
- SME Corporation;
- Russian Export Center;
- Russian Export Credit and Investment Insurance Agency (EXIAR);
- Rusnano
- Skolkovo;
- Industry Development Fund;
- Infrastructure and Educational Programs Fund;
- Fund for Assistance to the Development of Small Forms of Enterprises in the Scientific and Technical Field (aka Innovation Assistance Fund).
The ВЭБ.РФ will also receive part of the functions of eight more development institutions, which will be liquidated. Another part of their tasks will go to the federal executive authorities.
The liquidation will be subject to the Development Fund for Single-Industry Towns, JSC Special Economic Zones, the Russian Fund for the Development of Information Technologies (RFRIT), Rosinfokominvest and the Agency for Technological Development. Most of their functions will go to "ВЭБ.РФ," except for those that relate to attracting workers and investments, distributing grants and subsidies, and managing special contracts - these tasks will return to the relevant state departments.
| | We analyzed the activities of the main operating development institutions, today there are 40 of them. All of them were created to solve specific problems... But in recent years, new challenges have appeared that require a significant adjustment of their work and promising plans, - said Mikhail Mishustin, whose words are quoted by the press service of the Cabinet. | |
According to him, on behalf of the President, the Government of the Russian Federation will optimize development institutions so that they can fully work to achieve national development goals, which are determined by presidential decree
The press service of the state corporation ВЭБ.РФ said that "changes in the system of development institutions are part of the administrative reform."
| | Within its framework, measures are planned to optimize the number of personnel, create an effective, working model of supporting the economy and achieve national development goals, the corporation said in a statement.[11] | |
Output from the manufacturer of thermoelectric elements PMT
On October 16, 2020, Rusnano came out with a profit from the manufacturer of thermoelectric elements (TEMM) RMT. The state corporation sold its 39.48 percent stake to the German Ferrotec. The return on the deal for institutional investors reached 4x (return on investment ratio). Read more here. more detailed here.
New Board of Directors
On September 23, 2020, Rusnano approved a new board of directors. He was left under house arrest by the head of the Russian Venture Company, Alexander Povalko. His place was taken by Deputy Minister of Finance Irina Okladnikova.
Another new representative on the board of directors of Rusnano was the deputy head of the Ministry of Digital Industry Maxim Parshin - he came instead of the first deputy head of the Analytical Center under the government of RFVladislav Onishchenko.
In total, the board of directors of Rusnano includes 13 members. In addition to the mentioned Okladnikova and Parshin, these are: Chairman of the Board of Rusnano Management Company Anatoly Chubais, former Deputy Prime Minister and Chairman of the Skolkovo Foundation Arkady Dvorkovich, Deputy Chairman of the Board of Directors of Rusnano JSC Vladislav Putilin, First Deputy Minister of Economic Development Andrei Ivanov, Deputy Minister of Industry and Trade Vasily Osmakov, Oksana Tarasenko, Deputy Minister of Economic Development, Oleg Fomichev, Director for Strategic Planning and Development of Tselsprom JSC, Elena Sakhnova, Head of the Engineering, Transport, Infrastructure and Chemical Industry Department of VTB Capital, as well as three independent directors - Mikhail Alfimov, Pavel Teplukhin and Ilya Yuzhanov.
In August 2020, the Government of the Russian Federation submitted the candidacies of Oksana Tarasenko and Irina Okladnikova to the board of directors and the audit commission of Rusnano. The corresponding order was signed by Russian Prime Minister Mikhail Mishustin. At the same time, the head of government ordered to exclude Povalko and the head of the Analytical Center under the government of RFKonstantin Kalinin from the board of directors of the state corporation.
Alexander Povalko, who left the board of directors of Rusnano, has been under house arrest since the beginning of June 2020 in a criminal case on a deal to reinvest part of the proceeds from the sale of the portfolio company Soft Machines Inc. to another portfolio company - AlionОшибка цитирования Отсутствует закрывающий тег </ref>.
2018
Cases against Rusnano Managing Director for Investment Activities Andrei Gorkov under the articles "fraud" and "abuse of authority"
In relation to the managing director of Rusnano for investment activities, Andrei Gorkov, cases were initiated in 2017-2018 under the articles "fraud" and "abuse of authority." According to the investigation, from 2011 to 2013, Gorkov, contrary to the established procedure and interests of Rusnano JSC and its sole shareholder, the state, permanently placed the company's funds in Smolensky Bank in the amount of 460 to 740 million rubles under the guise of settlement and cash services. In fact, the investigation believes, the purpose of placing funds in the bank was to finance the activities of the credit institution itself.
Leaving Cantenna Communications with the sale of shares for 2.8 billion rubles
On February 14, 2019, Rusnano JSC announced that it had completed its exit from the portfolio company Quantum Communications. The Quantum stake was sold through the sale of shares on the stock exchange for a total of $43 million (2.8 billion rubles), the exit was completed at the end of December 2018. Read more here.
2016
The Audit Committee welcomes the payment of Rusnano's New Year holidays at the expense of management
In accordance with the instructions of Arkady Dvorkovich, Chairman of the Board of Directors of RUSNANO, in February 2016, the procedure and volume of financing for the corporate New Year event held on December 21, 2015 were checked.
The Audit Committee of the RUSNANO Board of Directors reviewed the "factual circumstances of accounting and reimbursement of expenses" and found that RUSNANO Management fully compensated for the total cost of services for the organization and conduct of the New Year's corporate event, which is reflected in the accounting.
It was emphasized that the Audit Committee "welcomes the well-established practice of financing New Year's celebrations through Management rather than company funds"
The total cost of the New Year's corporate party of the Rusnano group amounted to 2,238,000 rubles, the company said. The event was attended by 415 people. "Members of the boards of the Rusnano Infrastructure and Educational Programs Fund and Rusnano Management Company decided to pay for the New Year's event for employees of the Rusnano group from personal funds,"[12] of the[13] Year's[14].
On the eve of the video recording of the speech of the head of Rusnano Anatoly Chubais at the New Year's festive event spread in the media and social networks. In particular, summing up the results of the year, he said that the company "has a lot of money." 'There's just quite a few of them. And that is why we have the opportunity not only to turn with big money, but also to invest it in a long-term strategy "and solve the problem of a potential failure in 2017." We will not fail in the 17th year, we are all right, "he assured.
The Prosecutor General's Office reported the embezzlement of 227 million rubles allocated to Rusnano
The head State Offices of Public Prosecutor Yury Chaika prepared a report to the Federation Council in April 2016, in which he spoke about some high-profile corruption investigations. In particular, he said that FSB of Russia the embezzlement of budget funds in the amount of 227 million rubles was revealed, allocated by Rusnano for the implementation of high-tech projects, TASS[15] agency reported[16] of[17]
The report of the Prosecutor General also says that 44 criminal cases on embezzlement and abuse during the construction of the Vostochny cosmodrome were initiated according to the materials of the federal security service, the damage for which exceeded 11 billion rubles.
The Chaika report also emphasizes that due to the decrease in the access of the Russian Federation to Western technologies and credit resources, it becomes important to stimulate the state to produce innovative products, but this is hindered by the widespread spread of corruption crimes in the relevant sectors of the economy.
Comments of the Accounts Chamber
According to the Accounts Chamber, the creation of the management company RUSNANO and the conclusion of an agreement on asset management of JSC RUSNANO negatively affected the quality of control over the targeted use of funds of loans and loans received under state guarantees.
Auditors of the Accounts Chamber substantively analyzed 17 projects out of 102 projects financed by funds provided by state guarantees and, among other things, from the Block of Anti-recessionary Management (BARM). In total, 21 problematic projects were transferred to BAU. Unsuccessful investments in projects are explained as market factors (for example, prices for products of the Polysremniy project fell from $300-400 per kg. in 2008 to $20 in 2015), as well as technological, financial, marketing and other risks inevitable in innovative activities.
Commenting on the comments of the Accounts Chamber, Chubais admitted that "in the form that previously acted, it was wrong" and the company had already changed the rules for paying premiums so as to stimulate not the lack of income, but its receipt "even on unprofitable projects."
According to the calculations of the Accounts Chamber, in two years Rusnano spent 25.4 million rubles on the payment of the so-called commission for success in unprofitable projects: 20.9 million rubles. amounted to a reward for leaving Polycremonium, 1.75 million rubles. - from the project for the production of nanoceramics ITN Nanovation, 1.42 million rubles. - from the project for the production of fuel autonomous cells Liliputian.
These payments to Rusnano went "beyond the restrictions established by the rules for the provision" of state guarantees to the company, which were approved by the government in 2010, the auditor considered.
Chubais explained the meaning of premiums for unprofitable projects
The head of Rusnano believes that for the sake of motivating specialists, bonuses can be written out for projects that bring losses to the company. Earlier, the Accounts Chamber estimated the company's losses from such projects at 13.1 billion rubles[18].
"If you want to focus on income, then in this case you need to motivate the specialists who are engaged in the project to receive income. In this sense, when seriously considering the premium for receiving income from unprofitable projects, it may make sense, "Chubais told reporters (quoted by TASS).
Rusnano rejected the "unreasonable" recommendations of the Accounts Chamber on prizes
The head of Rusnano said that the proposals of the Accounts Chamber on prizes to employees who the company considers unreasonable will not be fulfilled. In April, the auditor criticized state-owned companies for bonuses for unprofitable RBC projects[19]
According to him, Rusnano supports "reasonable and correct" proposals of the Accounts Chamber "not just in words" - in accordance with them, regulatory documents were changed in the company. When asked how Rusnano will deal with proposals that it does not consider reasonable, the top manager replied that the company would not implement them.
2015
Profit of 17 billion rubles
In 2015, RUSNANO Group made a total profit of 17 billion rubles. The capital of the group of companies increased by the same amount.
The value of financial assets (RUSNANO portfolio) increased by 23% and exceeded 138 billion rubles. Including 16.8 billion rubles increased the fair value of the investment portfolio. The share of meaningful growth in this indicator was 53% against 10% a year earlier. At the same time, the effect of the exchange rate difference decreased from 90% to 47%.
Taking into account the specifics of investment cycles, the increase in the fair value of the portfolio is the result of the company's work not only in 2015, but also in general over the past five years.
The Group's assets under management increased by 18.6% to RUB 227.7 billion.
In 2015, the Group's revenues increased by 6% to RUB 7.2 billion. RUSNANO received 6.9 billion rubles from portfolio companies, including income from the sale of shares in their capital and income as a return on previously issued loans.
At the same time, RUSNANO continues to fulfill its priority obligations as a key national institute for the development of promising nanotechnology industries. In 2015, the Group invested RUB 15.8 billion in the development of portfolio companies. The decrease in investments compared to 2014 is due to the fact that RUSNANO is improving the formats of the investment mechanism, ending the active phase of financing the first wave of projects and moving to work through private equity funds.
RUSNANO's operating expenses in 2015 remained at the level of the previous period and amounted to 5.6 billion rubles. This fact, along with the increase in the fair value of the portfolio, is another objective indicator that reflects the effectiveness of management.
RUSNANO fulfilled its 2015 obligations to repay creditors for previously received loans issued under state guarantees in the amount of 30.9 billion rubles, including repayment of loans and interest on them.
RUSNANO Long-Term Development Program Approved
RUSNANO's Board of Directors approved in December 2015 an updated long-term development program for the company until 2020. The document was prepared in pursuance of the instructions of the Government of the Russian Federation.
The strategic vision remains unchanged - RUSNANO seeks to become a Russian global technology investor specializing in investments (directly and through nanotechnology investment funds) in competitive Russian and foreign companies introducing promising nanotechnology. By 2020, RUSNANO should become one of the internationally recognized leaders in the field of investment in the high-tech sector.
The priorities of the state economic policy in the field of import substitution formed the basis of a new direction of the long-term development program. In particular, in the period 2015-2020, RUSNANO will participate in organizing the production of import-substituting products critical for the Russian industry on the basis of its design companies. Together with the RUSNANO Infrastructure and Educational Programs Fund (FIOP), it is also planned to implement about ten pilot projects within the framework of import substitution programs of the Ministry of Industry and Trade of Russia and the Ministry of Energy of Russia.
One of the most important tasks of RUSNANO is to accelerate the process of attracting private capital to the nanoindustry through the formation of nanotechnology investment funds with the participation of RUSNANO OJSC under the management (co-management) of the RUSNANO Management Company. At the same time, as "success stories" are formed, the ratio of RUSNANO's target investment to investments of third-party investors in joint funds will decrease from 1:1 at the initial stage (2015-2016) to 1:4 or more in funds formed in 2020.
The Board of Directors also approved the key performance indicators (KPIs) of RUSNANO until 2020 (including interim values), which were included in the long-term development program. One of the key indicators is "the volume of sales of products by portfolio companies RUSNANO," which in 2020 should amount to 600 billion rubles. By this year, 100 production facilities, engineering and research centers will be launched with the participation of RUSNANO.
- RUSNANO's Board of Directors approved additional financing for the portfolio company CJSC Fiber Optic Systems"." The funds allocated on a parity basis with another participant in the project - JSC Gazprombank"," will contribute to the earliest possible exit of the enterprise to the design capacity. In the future, the company plans to occupy more than 20% of the domestic optical fiber market.
- As part of the leveraged financing, the Board of Directors approved the conclusion of an additional agreement specifying the loan disbursement and repayment schedule to the agreement on a non-revolving credit line with Promsvyazbank PJSC in the amount of 11 billion rubles and an agreement on the provision of a state guarantee providing the specified loan, which is an interested party transaction.
Q2
On July 31, 2015, RUSNANO's press service announced the company's financial results for the second quarter of 2015. In accordance with Russian Accounting Standards (RAS), revenue for 6 months of 2015 amounted to 3.6 billion rubles, which is 1.7 billion rubles. more compared to the same period last year.
The increase in revenue is associated, among other things, with the proceeds from the withdrawal of RUSNANO from the project to create supercapacitors - Nesscap in compliance with the corporate rate of return. The company's net loss for the reporting period decreased by 23%.
The company's total investment in nanotechnology projects in the first half of 2015 amounted to RUB 6.46 billion, including RUB 5.26 billion of direct investments and RUB 1.2 billion through partner funds.
Q1
The Board of Directors of RUSNANO Management Company LLC approved the adjusted financial plan for 2015 in April 2015 and decided to hold the next (annual) general meeting of participants on April 30, 2015.
The revenue part of the company's budget, formed in accordance with the agreement on the transfer of powers of the sole executive body of OJSC RUSNANO to the management organization of LLC UK RUSNANO, will amount to 3.8 billion rubles. The expenditure part of the budget is 3.8 billion rubles.
Compared to the previously approved plan for 2015, in order to optimize costs, it is planned to reduce the cost of personnel - by 3%, for development and maintenance in the IT sector - by 10%, for consulting and other professional services - by 8%.
It is also planned to increase spending on project management and the creation of new funds in order to find and attract investors from Asia-Pacific and other regions, to which RUSNANO's activities are reoriented within the current geopolitical situation.
2014
Detection of signs of theft of 300 million rubles
In 2014, investigators from the Prosecutor General's Office found signs of embezzlement of 300 million rubles in Rusnano, in which the financial director and members of the board of the state-owned company were suspected of involvement. Criminal cases were initiated against top managers under the articles "Appropriation and embezzlement" and "Abuse of office."
IFRS 8 billion profit and 36% increase in portfolio value
On March 20, 2015, Rusnano published its 2014 financial results in accordance with International Financial Reporting Standards (IFRS). According to these data, the company reached a net profit of 8 billion rubles, increasing income by 16% and the portfolio value by 36%[20]
The Group recorded a net profit of RUB 8.2 billion, increasing the company's capital by this amount. The value of Rusnano's investment portfolio increased by 36% and exceeded 112 billion rubles. The value of the Group's assets increased by 10% to RUB 192 billion.
At the end of 2014, Rusnano was able to reach a net profit of RUB 0.5 billion from financial assets, compared with losses of RUB 29.4 billion in the previous reporting period. This indicator includes profit from changes in the fair value of equity instruments, which amounted to 3.2 billion rubles, while in 2013 Rusnano's loss in this indicator reached 18.5 billion rubles. The Company assesses the result as a steady trend, through which it is possible to compensate for losses by increasing the value of the portfolio, which, according to the Company, is based on improving the efficiency of the Group's asset management by Rusnano Management Company and improving the development indicators of portfolio companies.
In 2014, the Group's revenues increased by 16% to RUB 6.8 billion. At the same time, the article "income" according to the IFRS methodology does not reflect the consolidated source of income - the sale of equity instruments owned by Rusnano, which allowed in 2014 to receive 3.3 billion rubles. cash after leaving the capital of portfolio companies with a yield of up to 20-25%. Although the peak of revenues from this source, according to Rusnano's long-term business plan, will occur in 2017-2018, when a significant part of portfolio projects reaches the required level of maturity, and the exit from investment will give the Group the maximum effect.
The growth rate of sales of nanoproduction of Rusnano portfolio companies in 2014 more than doubled the planned one and reached 227 billion rubles.
Rusnano announced the continuation of its obligations as a leading state institute for the development of promising nanotechnology industries. In 2014, the Group invested almost twice as much in the development of portfolio companies as in 2013 - RUB 23.8 billion.
In 2014, Rusnano's operating expenses remained at the level of 2013 and amounted to RUB 5.6 billion.
Rusnano's main income is still interest - from the placement of funds. In 2014, they amounted to 6.3 billion rubles. against 5.9 billion rubles. in 2013[21]. Interest rates on Rusnano's ruble deposits as of December 31, 2014 amounted to 11.91-23.62% against 5.03-7.8% per annum as of December 31, 2013. Rates on deposits in other currencies amounted to 1.7-3.8% against 0.1-4.5% per annum, respectively.
As of March 20, 2015, Rusnano was transformed into a private equity fund. At the same time, the functions of asset ownership and management are divided. Since February 2014, a management company has been operating to implement the latter. The Management Company will also become a managing partner for new funds that will be formed at the expense of OJSC Rusnano and external investors.
Rusnano's obligations to invest in new funds will amount to 63 billion rubles, and partners, according to the company's business plan, will bring 150 billion rubles. The first fund was planned to be formed back in 2014, but it has not yet been created.
2013
Revenue - 9.8 billion rubles
The company's revenue for 2013 amounted to 9.8 billion rubles, having increased by more than one and a half times compared to 2012 - by 3.8 billion rubles.
RUSNANO's significant revenue growth in 2013 was primarily driven by revenues from the company's complete and partial withdrawal from investment projects. The amount of funds received by RUSNANO in the sale of shares and stakes in 2013 amounted to 5.7 billion rubles and increased by 3.7 billion rubles compared to 2012.
In particular, in 2013, RUSNANO completely withdrew from the capital of Niarmedic, which produces the original Russian antiviral drug Kagocel, and reduced its stake in the Russian Quartz project by selling a 16.13% stake to a strategic investor, the Japanese financial and industrial holding Sumitomo Corporation. Recall that in accordance with the new Strategy and business plan of the company, the main exits of RUSNANO from existing portfolio investments are planned for 2017-2018.
It is also possible to note an increase in dividend income - from 12 to 210 million rubles, although the share of dividends received in the total amount of RUSNANO's income remains insignificant. The volume of RUSNANO revenues in the form of receiving interest on loans issued remained almost at the same level - 3.8 billion rubles.
Results of the audit of activities for 5 years
In 2013, the Accounts Chamber published the results of the audit of Rusnano's activities for 2007-2012, as a result of which numerous violations were revealed: at the time of the audit, no documents were established confirming the effectiveness of the investments made over five years of activity - they amounted to more than 196 billion rubles. At the same time, transactions carried out at the expense of investments had the following signs: money laundering, obtaining unreasonable tax benefits, underreporting taxable income and unreasonable receipt of VAT refunds from the budget for export-import operations.
In a number of cases, this high-tech company simply avoided taxes and withdrew money abroad. Back in 2011, Anatoly Chubais presented the experimental Plastic Logic gadget to the President of the Russian Federation and promised that it would soon replace the entire set of textbooks for schoolchildren. But the project was soon closed due to a "lack of economic feasibility." As the auditors of the Accounts Chamber found out, the billions allocated for the creation of an innovative gadget were withdrawn abroad through Plastic Logic Luxemburg - then, thanks to the Rusnano scheme, it turned out to be more than 5 billion rubles, and the plant in Zelenograd for the production of the tablet was never built.
The Accounts Chamber of the Russian Federation revealed 7 violations and shortcomings
The Accounts Chamber of the Russian Federation revealed 7 violations and shortcomings formulated in the Submission of the Accounts Chamber of May 16, 2013. RUSNANO reported on their elimination in writing to the Accounts Chamber on June 25, 2013. According to RUSNANO:
- The company's strategy until 2020, as well as a long-term business plan, were approved by the company's Board of Directors. All performance indicators of JSC RUSNANO in 2013 were fulfilled. The key indicator of the Strategy - the volume of sales by portfolio companies of RUSNANO of nanoindustry products and high-tech materials - amounted to 93 billion rubles at current market prices, which exceeded the planned value by almost half.
- The company has reduced operating costs. They are reduced to the indicator generally accepted in the global practice of the private equity industry - 1.95% of the value of assets per year.
- The procedure for internal stress testing of the investment portfolio of JSC RUSNANO was introduced, which takes place twice a year. The first such procedure was carried out in November-December 2013.
- In August 2013, the Register of Intellectual Property of JSC RUSNANO was introduced to systematize information on the intellectual property of design companies.
- As of December 31, 2013, as part of 44 projects with the participation of JSC RUSNANO, 49 launches of new production facilities, research and engineering centers took place.
- In the first quarter of 2014, RUSNANO opened the Center for Nuclear Medicine (PET-Center) in Ufa - an object of high social significance, which is part of the first federal network of diagnostic PET centers with private capital in Russia.
- It is planned to launch 4 new production facilities:
- Hevel solar module plant in Novocheboksarsk;
- JV Glass plant in the Moscow region for the production of energy-saving glasses with nano-coating;
- Bebig Microsource for Brachytherapy in Dubna;
- Mapper microelectronic production facility for electron beam lithographic systems in Moscow.
Investments and New Industries
As part of the implementation of its key medium-term task - the development of the nanoindustry in the Russian Federation - RUSNANO continues to finance various high-tech projects. The total investment of the company in 2013, including additional financing of existing projects, amounted to 16.4 billion rubles.
In 2013, with the participation of RUSNANO, 8 new production facilities were launched in Russia. Among them:
- RM Nanotech, Europe's largest membrane filter plant for water treatment;
- "ICM Glass Kaluga," the first enterprise in Russia for the production of foam glass crushed stone, universal building material;
- Acrylan, production of aqueous nanodispersions for the paint and construction industry;
- Crocus Nanoelectronics, the first phase of the magnetoresistive memory (MRAM) plant.
Operating expenses
In preparation for the transition to a new business model (separation of ownership and asset management functions), RUSNANO led its operating expenses to a generally accepted indicator in the global practice of the private equity industry - 1.95% of the cost of assets per year. The company has successfully reduced its expenses on a number of items - such as transportation services, travel expenses, economic support, as well as consulting and legal services.
Losses and provisions
RUSNANO's net loss decreased by 0.5 billion rubles compared to 2012 and amounted to 23.8 billion rubles in 2013. Such a result corresponds to the business plan adopted by RUSNANO, according to which the company will remain planned and unprofitable until 2016 inclusive. This practice is traditional for investment funds, which in the first 5-7 years of their work concentrate on investing in projects and only then move on to the systematic organization of exits from them.
This indicator includes a provision for a possible reduction in the cost of investments and loans, which was formed as part of the audit and restructuring process launched in 2012 of RUSNANO's current investment portfolio. The decision to reserve funds is made by RUSNANO on the basis of a new, more stringent methodology for assessing and analyzing investment activities, which was introduced in the company in 2013.
At the end of 2013, the company decided to create reserves for a possible decrease in the cost of financial investments in the amount of 18.4 billion rubles. Also included in the accounting statements for 2013 is a reserve on receivables of Usolye-Sibirskiy Silicon LLC in the amount of 3 billion rubles. The total amount of reserves amounted to about 23 billion rubles.
As you know, in the practice of investment funds, the formation of a reserve does not mean that these funds will be automatically written off. RUSNANO has organized targeted work to improve the projects for which reserves have been formed.
2012: Development of Rusnano strategy of American Bain & Co.
In November 2012, it became known that Rusnano OJSC ordered the development of its new development strategy from Bain & Company Russia, which was selected as a contractor despite the fact that its price tag was a quarter higher than that of the Boston Consulting Group. Read more here.
2011
Putin approves candidates for the board of directors of Rusnano
In February 2011, Prime Minister Vladimir Putin signed a decree nominating candidates for the board of directors of Rusnano. Most of the candidates are also members of the current supervisory board of Rusnano. Among the newcomers are the general director of the state corporation "Russian Technologies" Sergei Chemezov and RVC Igor Agamirzyan. Also, the chairman of the state corporation Vnesheconombank (VEB) Volodymyr Dmitriyev, already a member of the supervisory board of Rusnano, has been nominated to the board of directors.
Thus, the board of directors of Rusnano, whose main task is to promote the development of the Russian nanotechnology industry, for the first time should include the heads of three more state development institutions.
We are talking about candidates who will be elected to the Rusnano council after its corporatization. Earlier it was assumed that the state corporation would be transformed into an OJSC with 100% state participation from the beginning of 2011. But this required "six decisions and orders from the government," Rusnano CEO Anatoly Chubais told Vedomosti in December 2010. As a result, the process dragged on somewhat. According to a representative of Rusnano, the corporation hopes to become an OJSC in March.
The candidates nominated by the government are headed by "key from the point of view of the development of innovations of the Ministry" (Ministry of Economic Development and the Ministry of Education and Science . - Vedomosti), state development institutions or conduct large public-private projects, indicates an employee of the press service of Rusnano. Their entry into the board of directors will allow them to quickly coordinate the tactical and strategic plans of the company, he says, as a result, "the interconnection of all participants in the innovation process in Russia" will become greater.
There are projects that are not suitable for "Rusnano," but can be picked up by other development institutions, adds a source close to the corporation.
Kama Fund First: Joint Fund with Perm for 2 billion rubles
The target size of the Kama Fund First fund is 2 billion rubles, of which 750 million rubles. invests Rusnano, another 750 million rubles. - Perm Territory and 500 million rubles. - Nanostart.
"Kama Fund One" is created in order to intensify the innovative development of the Perm Territory, expand the tools of venture financing and increase the project base of Rusnano. The fund provides for the implementation of 10-20 projects, of which at least 75% should belong to the field of nanotechnology. The registration of the fund in the Federal Service for Financial Markets of Russia is scheduled for June 2011, the start of financing projects - at the end of 2011. The fund is created for a period of 10 years.
In April 2011, Rusnano and the Perm Territory chose the German management company Nanostart AG for a joint venture fund of 2 billion rubles. The agreement on cooperation with the investment company Nanostart AG - the winner of the competition for the selection of the management company for the Kama Fund First fund - was signed by the chairman of the board of Rusnano Anatoly Chubais, the governor of the Perm Territory Oleg Chirkunov and CEO of Nanostart AG Marco Beckmann.
"Stores of the Future" using RFID tags
On April 21, 2011, it became known that Anatoly Chubais's ambitious project to build a network of stores equipped with RFID tags in Russia faced an unexpected problem. The planned supplier of the technological solution - "Sitronics" came out of the project. Nevertheless, Rusnano and the X5 holding promise to implement[22] project[22]
The president of the company Sergey Aslanyan spoke about the withdrawal of "Sitronics" from the project "Store of the Future." According to him, such a decision has a number of reasons, including the company was not satisfied with one of the partners in the implementation of the project.
"This partner is not Rusnano," Aslanyan said. "We offered to change him, but Rusnano refused."
The project "Store of the Future" was announced by the head of Rusnano Anatoly Chubais in the fall of 2010. For 5 years, it was supposed to create a network of stores throughout Russia equipped with RFID tag readers. This would eliminate the need for customers to lay out products from reading carts at the checkout. It was planned to open stores on the basis of the X5 holding (combines the Perekrestok, Kopeyka, Pyaterochka and Karusel chains), Sitronics was supposed to become the supplier of the technological platform. He was also supposed to produce chips for RFID tags at an enterprise launched jointly with Rusnano using 90 nm technology.
"The most time-consuming phase of the buyer's stay in the store - the calculation at the checkout - will take place virtually instantly, because each product will be marked with a nano-mark, and when the trolley passes the reader, the price will be automatically determined," promised Mikhail Fridman, chairman of the supervisory board of Alfa Group (the main shareholder of X5).
The first pilot "store of the future" was to be created by the end of 2012, according to Chubais's forecasts, the development of a network of such stores could create a demand for RFID tags in Russia with a volume of 50 billion units per year.
A source familiar with the details of the project explained to CNews that Sitronics considered the risks of participating in this project too high for itself.
"X5 demanded that Sitronics develop a technological solution, provide a guarantee of low prices for RFID tags and, in addition, the X5 lacks the necessary infrastructure," says the source of CNews. "And this in the absence of guaranteed demand, which is caused by a number of technological problems, in particular, information with RFID cannot be read through aluminum cans, liquid containers, etc."
Rusnano, in turn, assures that the project is developing according to plan and all partners involved in it are working according to an agreed schedule. "Since this project is quite unique, it is natural that the parties are trying to maintain a balance of risks and interests during the negotiations," the press service of the state corporation said. "Recently, from the shareholders of Sitronics, apparently, in connection with its reorganization, we received a proposal to change the technological partner from Sitronics to Micron (a microelectronic plant owned by Sitronics - approx. CNews), and this proposal was accepted by us."
The representative of the X5 holding Svetlana Vitkovskaya does not comment on the issue of relations with Sitronics, but also promises that the project will be completed on time and "all necessary measures are being taken for this." The discussion of the project "Store of the Future" was indeed at the level of "Micron," says Irina Lanina, vice president of "Sitronics," but no specific agreements were made.
Participation in the expansion of production of the American Sitime Corporation
On June 1, 2011, Rusnano announced its participation in the expansion project of the production of the American manufacturer of synchronization signal generation systems Sitime Corporation. The total investment will be up to $22 million, of which up to $15 million will be invested by the Russian side. Rusnano CNews clarified that the corporation acquired a stake in Sitime, the size of which, like the financial indicators of the acquired company, was not disclosed[22].
The condition of the deal is the opening of the Sitime development and design center in Russia. The center will be opened in Zelenograd, but where specifically, has not yet been decided. Sitime already has a development center in Ukraine. Sitime products are produced in the factories of Jazz (USA) and TSMC (Taiwan). It is not planned to create production in Russia.
Production of LTE equipment in conjunction with Nokia
On December 1, 2011, the research and Nokia Siemens Networks production company "" and Micron Rusnano opened a joint production of base stations of the Long Term Evolution (LTE) standard[23]
The joint venture Center for Wireless Technologies, located in the Tomsk special economic zone, has already released the first base station Flexi Multiradio 10 from Nokia Siemens Networks and by the end of December 2011 plans to manufacture a batch of 1,000 pieces of equipment. The Flexi Multiradio 10 station simultaneously supports GSM/EDGE, WCDMA/HSPA +, LTE/LTE-Advanced and offers over 10 Gbit/s capacity while consuming 30% less power compared to the previous generation Flexi Base Station (about 1 kW for all 3GPP communication standards).
"At the moment, no more than ten companies in the world can produce equipment with support for fourth-generation LTE technology. And now production in the special economic zone "Tomsk" is among them. This is an important step towards building a modern telecommunications infrastructure and innovative economy. And on the scale of not only the region, but the whole country, "said Oleg Kostin, General Director of the Special Economic Zones management company.
Net profit for the year 1 billion rubles
Net profit of OJSC Rusnano under IFRS in 2011 amounted to RUB 1 billion - four times less than in 2010. Profit before tax decreased from RUB 5.9 billion in 2010 to RUB 1.23 billion. Operating profit decreased from 6.2 billion rubles. up to 5.9 billion rubles.
Rusnano 's revenue, on the contrary, increased slightly, amounting to 2.6 billion rubles. against 2.5 billion rubles. in 2010. Revenue falls mainly on interest income. Operating expenses of the company in 2011 amounted to 5.6 billion rubles. compared to 5.1 billion in 2010.
Profitability was maintained due to 8.9 billion rubles. growth from revaluation of the fair value of financial assets, including equity stakes and loans to Rusnano project companies. Their fair value at the end of the year was estimated at 103.3 billion rubles.
In the first half of the year, Rusnano invested 16.9 billion rubles in design companies. and provided debt financing for 3.09 billion rubles. Rusnano bank deposits at the end of 2011 amounted to 63.3 billion rubles. against 15.8 billion rubles. a year earlier. The effective interest rate on deposits is 8.57% per annum (in 2010 - 6.47% per annum). The volume of loans and borrowings of the company increased to 67.5 billion rubles. from 42.9 billion rubles.
According to the privatization program, the state level in Rusnano in 2012 should be reduced to 90% from 100% through the placement of an additional issue. In this regard, the company held a tender and chose a banking consortium - Merrill Lynch and VTB Capital - to organize a private placement. PricewaterhouseCoopers (PwC) conducts due diligence of all Rusnano projects. The appraiser for determining the market value of shares will be LLC "Institute of Entrepreneurship Problems." Rusnano was transformed into OJSC from a state corporation in early March 2011. The authorized capital of the company is 53 billion 741 million 700 thousand ordinary shares with a par value of 1 ruble.
2010: Net profit 3.6 billion rubles
Rusnano announced that in 2010 the company's net profit amounted to 3.6 billion rubles, the value of the assets was 118.9 billion rubles. (the profit and value of the assets of the predecessor, Rosnanotech Group of Companies, are indicated).
In total, during 2010, Rusnano received 439 requests for co-financing of projects (from April 1, 2008 to December 31, 2010 - 1884 requests). Over the past year, the Supervisory Board of Rusnano approved 44 projects for co-financing with a total budget of 146 billion rubles, including co-financing from Rusnano in the amount of 47.1 billion rubles. In general, in 2008-2010 104 projects were approved with a total budget of 347 billion rubles, including the company's share in the amount of 140.1 billion rubles, the state corporation said in a statement.
As of December 31, 2010, Rusnano invested RUB 64.2 billion in the projects. Among the main areas of investment: solar power and energy saving, nanostructured materials, medicine and biotechnology, mechanical engineering and metalworking, opto- and nanoelectronics.
Authorized capital - 130 billion rubles, of which 65.4 billion rubles. Rusnano temporarily returned to the federal budget under the guarantee of the subsequent return of these funds to it.
2009
Loss at the end of the year 17 million rubles
IFRS: Profit before tax (EBIT) - RUB 1.649 billion, Net loss for 2009 - 17 million rubles.
Standard & Poor's Credit Rating: BB +
In May 2009, Standard & Poor's, at the initiative of RUSNANO, assessed the corporation's international credit rating. The agency's rating service assigned a long-term credit rating "BB +" and a rating on the Russian scale "ruAA +," the forecast is "negative." Such a forecast for the corporation's ratings reflects the forecast for the sovereign ratings of the Russian Federation and will depend on their dynamics in the future.
RUSNANO's rating is a continuation of the corporation's policy aimed at increasing the transparency of the system of interaction with financial institutions. Earlier, RUSNANO already introduced an open procedure for selecting banks for the management and control of temporarily free and invested funds, as well as a treasury budget execution system in project companies. All this is aimed at expanding the corporation's ability to attract investors, including credit and financial organizations, to implement investment projects in the nanoindustry.
When assigning ratings to RUSNANO, Standard & Poor's took into account the main financial indicators of the corporation: income and expenses, the level of debt burden, investment plans, as well as the possibility of receiving financial support from the Government of the Russian Federation. Currently, RUSNANO's liquidity level is assessed by the agency's experts as high. However, after the return of 85 billion rubles of temporarily free funds of the corporation to the budget of the Russian Federation scheduled for the end of 2009 and the implementation of the planned investments, this figure may be revised. According to the agency, this, as well as uncertainty in the issue of further financing of RUSNANO, mainly explains the difference in three steps between the corporate and sovereign ratings on obligations in national currency.
RUSNANO expects that in 2010-2014. financing of the corporation will be provided by providing it with property contributions from the federal budget annually. The amount and timeliness of government allocations, according to Standard & Poor's, will further be one of the significant factors in determining the liquidity indicators of the corporation and its rating.
Chubais presents the Americans with a revenue forecast: $10.4 billion in 2015
The forecast for revenue from Rusnano projects was presented by Anatoly Chubais during a visit to the state corporation of American investors in Russia on a working visit in May 2010. According to the forecasts of the head of the company, by 2015, sales of nanotechnology products, the creation of which was financed by Rusnano, will amount to $30 billion, and revenue may reach $10.4 billion.
According to the results of mid-2009, 332 million rubles have already been spent on the project "Development of infrastructure in the nanoindustry in the Russian Federation for 2008-2010."
2007: The state contributes 130 billion rubles to Rusnano
The property contribution states to the corporation amounted to 130 billion rubles. In total, the company planned to invest 200 billion rubles in the industry over the next 5 years, attracted from various sources. It was stated that the money will go to fundamental nanotechnology research, the development of nanotechnology infrastructure and co-investment. Of the same funds, Rusnanotech was located in the Gazoil Plaza office center - through the lane from the Gazpromovsk complex in Novye Cheryomushki. It was reported that the corporation will occupy 3 floors in the Plaza, and a little later it will build its own office and certification center.
In 2008, a profit of 5 billion rubles was planned for investments.
Notes
- ↑ The board of directors of Rusnano includes the deputy head of the Ministry of Finance Okladnikova and Deputy Head of the Ministry of Digital Development Parshin
- ↑ Rusnano's net loss in 2023 decreased 3.3 times to 8.8 billion rubles
- ↑ Rusnano's net profit for 2021 under IFRS reached 0.7 billion rubles
- ↑ Elvis
- ↑ [https://www.if24.ru/anatolij-chubajs-my-kontroliruem-75-mirovogo-rynka-nanotrubok/ and Anatoly Chubais
- ↑ : "We control 75% of the world nanotube market."]
- ↑ Damage to former Rusnano projects exceeds 40 billion rubles
- ↑ Rusnano has exhausted resources to continue payments on debt
- ↑ Rusnano warned of bankruptcy risk
- ↑ Rusnano revised its investment policy
- ↑ Operational meeting with Deputy Prime Ministers
- ↑ [http://www.vedomosti.ru/politics/articles/2015/12/23/622216-rosnano-stoimost-korporativa Rusnano announced the cost
- ↑ New
- ↑ corporate party]
- ↑ [http://tass.ru/proisshestviya/3238992 the Chaika
- ↑ : the FSB revealed the embezzlement
- ↑ 227 million rubles allocated by Rusnano.]
- ↑ RBC: Chubais explained the meaning of premiums for unprofitable projects
- ↑ : Rusnano rejected the "unreasonable" recommendations of the Accounts Chamber on prizes
- ↑ of RUSNANO in 2014 reached a net profit of 8 billion rubles with an increase in income by 16% and an increase in portfolio value by 36%.
- ↑ , Rusnano in 2014 made a profit of 8.2 billion rubles
- ↑ 22,0 22,1 22,2 [http://www.cnews.ru/news/top/index.shtml?2011/04/22/437621 the Chubais
- ↑ In Russia, the production of LTE equipment was first launched.
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