SFI (formerly Safmar Financial Investment)

PJSC Safmar Financial Investments Holding is a public diversified investment holding that manages the financial assets of the Safmar Group.

Owners

The share capital structure of SFI for August 2021 by 55.84% consists of shares on the balance sheet of SFI and operators of the repurchase of the holding's securities, 30.37% of the shares are owned by the companies of Russian businessman Said Gutseriev, 2.96% are controlled by SAO VSK, 10.83% of SFI shares are in free float.

Aktivs

As of October 2020, the perimeter of PJSC Safmar Financial Investments includes:

• NPF "Safmar"
• NPF Mospromstroy-Fund
• LC Europlan
• Insurance house VSK (49% of shares)
• Direct Credit LLC (75% of shares)

Performance indicators

2023: Profit growth triples to RUB 19.37 bln

Investment holding SFI (PJSC EsEfAi, formerly Safmar Financial Investments) Mikhail Gutseriev at the end of 2023 more than tripled its net profit: it amounted to 19.37 billion rubles against 6.06 billion rubles in 2022. This is reported in the reporting under IFRS, which the company disclosed at the end of March 2024.

According to Interfax, citing SFI materials, in 2023 the group's total income from operating activities and financial income reached 34.9 billion rubles, while a year earlier it was measured at 15.6 billion rubles. This rise in the holding was associated with an increase in the financial results of subsidiaries, as well as with a positive revaluation of SFI's investments in shares of public issuers in the amount of 1.8 billion rubles in 2023.

Unsplash

The holding's income in the leasing segment amounted to 28.7 billion rubles, income from insurance activities (the reporting takes into account the results of SAO VSK in proportion to the share in the capital attributable to the holding - 49%) - 5.8 billion rubles.

The holding's assets by the end of 2023 increased to 312 billion rubles from 229.9 billion rubles at the end of 2022. Of these, net investments in leasing (CHIL) of Europlan - 229.6 billion rubles. The holding's capital at the end of 2023 reached 80.7 billion rubles, which is 30% higher than last year.

The holding's net debt on an annualized basis decreased by 1.5 billion rubles, to 10.7 billion rubles. Profit per SFI share in 2023 amounted to 407.12 rubles, an increase from 126.53 billion rubles in 2022.

It also follows from the SFI report that in 2023 the holding and its subsidiary leasing company Europlan paid a windfall tax of 286.2 million rubles, taking advantage of the opportunity to reduce the rate to 5% by making a security payment.^[1]

2022: Assets up 6% to RUB 229.9 billion

The net profit of the investment holding SFI (PJSC EsEfAi, formerly Safmar Financial Investments) in 2022 reached 6.1 billion rubles, which is 47% higher than the profit a year ago. The holding's assets grew over the year from 217.1 billion to 229.9 billion rubles (an increase of 6%). Total operating income and financial income reached 15.8 billion rubles, an increase of 20%. SFI released such data at the end of March 2023.

The holding said that the consolidated statements of SFI take into account the indicators of the 100% subsidiary of the leasing company PJSC Europlan, as well as in accordance with the ownership shares, the indicators of SAO VSK (SFI owns 49%) and Region Estate LLC, which develops the game service GFN.RU (SFI owns 51%). SFI also owns 11.18% of the shares of PJSC RussNeft and 10.37% of the shares of retailer M.Video, which are accounted for in the holding's statements as financial instruments measured at fair value.

Net profit of investment holding SFI reached 6.1 billion rubles

SFI named the most significant events for the holding in 2022:

In July, SFI simplified the ownership structure of its assets, transferring it to Russian jurisdiction. Thus, the holding directly began to own 11.18% of the shares of the oil and gas company RussNeft and 10.37% of the retailer M.Video. Also, 55.96% of the holding shares were transferred to the possession of the Russian company EsEfAi Trading LLC, controlled by SFI.

• On July 15, the general director changed in the holding - SFI was headed by entrepreneur Igor Sidorov;
• in September, the holding repaid part of the principal debt to the creditor bank in the amount of 1.5 billion rubles, reducing the loan body to 12.2 billion rubles;
• in September, the Russian rating agency ACRA confirmed the SFI credit rating at A (RU) with a stable outlook.
• In October, SFI entered the ESG index of the Russian business of the NKR rating agency. According to the results of the survey, the holding was included in the group with a level of implementation of ESG principles "above average."^[2]

History

2024: Repurchase of Glencore assets in Russneft

The President Russia Vladimir Putin signed an order that allowed the Swiss trader Glencore to withdraw from the capital of Russneft. The corresponding document was published in early February 2024. More. here

2021

Sale of the Mospromstroy-Fund pension fund to Vnesheconombond

On September 29, 2021, the SFI investment holding, which was previously called Safmar Financial Investments, announced the sale of 100% of the shares of the non-state pension fund Mospromstroy Fund"." The buyer of the asset was Vnesheconombond"," owned by the investment group "Russian Funds." Financial terms of the transaction are not disclosed. here More.

Investment of 200 million rubles for the development of GFN.Ru

On July 22, 2021, at a meeting of the Board of Directors of Financial Safmar Investments PJSC, it was decided to allocate 200 million rubles for LLC "" Estate Region(manages). cloud service gaming GFN.RU The funds will be used to develop the infrastructure of GFN.RU. Region Estate announced this on July 27, 2021. More. here

Said Gutseriev sold 10% of M.Video to the SFI holding with a 30% discount

On January 11, 2021, some details of the transaction for the sale of 18 million shares (about 10%) to M.Video holding Safmar Financial Investments (SFI) became known. The seller of the package was the Cypriot offshore Ericaria Holdings (owned by Said Gutseriev), which at the end of the third quarter of 2020 had 73.5% of the retailer's shares. SFI is the holding company of the Gutseriev family. Read more here.

2019: Mikhail Gutseriev resigned from the number of shareholders. His son Said consolidated 30.4% of the holding

In January 2021, it became known that Mikhail Gutseriev left the number of Safmar Financial Investments (SFI) shareholders, 30.4% of the holding's shares were consolidated by his son Said. According to experts, after solving the problems that arose in the financial business in the second half of 2017, the Gutseriev family returns to the previous distribution of powers. Mikhail Gutseriev will concentrate on industrial assets, his son - on financial ones.

This follows from the information disclosed at the end of January on two NPFs owned by the SFI: Safmar and Trust. According to the structure of NPF shareholders as of mid-October 2018, Mikhail Gutseriev had a 19.9% stake in the Cypriot offshore Lanbury Trading. Now this share has passed to his son Said, who concentrated 100% of the shares of the offshore company, which, through a chain of companies, owns 30.4% of the financial holding.

Some of the shareholders are either part of the holding itself, or are close to its founders. In particular, NPF Safmar and Doverie own 4.8% and 3.7% of SFI shares, respectively. Also 1.7% belongs to the insurance company VSK, which is 49% owned by the holding itself. Another subsidiary, Invest Project, which bought out the holding's shares at the end of the year, owns 0.9%. Among the co-owners of the holding was the offshore Ferlamor Investments (3.4%), previously seen in ties with companies owned by the Gutseriev family. However, the SFI said that at the moment the holding does not have information about the beneficial owners of the offshore.

Other large shareholders (9.5%) are funds that were previously part of the Future financial group, and are now owned by Leningradskoye Adagio, co-owner of the Region group of companies, Sergei Sudarikov. The bank of non-core assets "Trust" owned by the Central Bank owns 7.7% of the shares of the SFI.

SFI is the only financial asset preserved by the Gutseriev family after the Central Bank sanitized Binbank (now annexed to Otkritie FC Bank) and Rost-Bank (poured into Trust) in the fall of 2017. Earlier, Mikhail Gutseriev's nephew Mikail Shishkhanov was responsible for the development of the financial business. But after the start of the recovery of banks, he, like Mikhail Gutseriev's younger brother Sait-Salam, resigned from the SFI shareholders.

In addition to the Safmar and Doverie funds, the SFI also has the Mospromstroy Fund NPF, which was corporatized at the end of 2018. The holding also owns the leasing company Europlan"" and 75% of the credit broker Direct Credit Center. At the end of the third quarter of 2018, the total assets of the SFI exceeded 410 billion rubles. Net profit amounted to 7.7 billion rubles. 9.6 billion rubles were booked on the holding's accounts. for investment.

The holding declined to comment on the current change in the structure of SFI owners. A source close to him claims that the transfer of Mikhail Gutseriev's share to his son took place in November 2018, which is also confirmed by a change in the shareholder structure of Lanbury Trading. The interlocutor of Kommersant said that this action was associated with sanctions risks, but did not specify which ones.

At the end of January Ministry of Finance USA 2018, he published the so-called Kremlin report, which, according to the authors of the document, included people close to the president. In Russia particular, Sait-Salam and Mikhail Gutseriev are present on this list, but Said is absent. The list does not imply any real restrictions, but its participants are traditionally referred to the risk group of sanctions.

"A year has passed since the reorganization of Binbank and the shadow of Mr. Shishkhanov. Apparently, there was a certain recovery in the financial business, which required the participation of Mikhail Gutseriev, and now there is a redistribution of functions, "suggests Yuri Nogin, director of the ACRA financial institutions ratings group. In his opinion, "the elder Gutseriev returns to the more famous and interesting industrial business, and Said becomes responsible for the financial assets of the family." Thus, the SFI can get a new impetus for development and more actively participate in the expansion of the financial business, the expert believes.

2017: Reorganisation of the holding by merging various assets

In 2017, the company was reorganized by merging various assets and was named PJSC Safmar Financial Investments.

Notes