Back in 2015, JSC "First Model Printing House" was included in the government privatization plan, which took place. At a recent auction, the printing house was sold for 2.03 billion rubles, and Unitex LLC was declared the winner.
Wherein. together with the printing house, its new owner received significant debts, which the printing business is unlikely to be able to "recapture".
For this money, Unitex LLC received a plot with buildings, structures and structures in the area of Pyatnitskaya Street in Moscow, as well as production capacity in St. Petersburg, Nizhny Novgorod, Ulyanovsk, Kirov and Chekhov. This went to the company in the "plus". There is also a minus: the "first exemplary" "hanging" a credit line of €17.9 million at a rate of 15% per annum for the supply of new printing equipment. Against the backdrop of the global crisis in the printing business, the investments of Unitex LLC look very bold. The question “What can investors do with such a troubled asset?” is not rhetorical.
JSC "First Model Printing House" is in debt as if in silks. The notorious credit line of €17.9 million, opened back in 2013 for the purchase of printing equipment at 15% per annum in foreign currency, has become absolutely priceless in recent years. It was provided by the Commerzbank Aktiengesellschaft of Frankfurt am Main. It was he who received as a pledge the building and the site of the newspaper printing complex in St. Petersburg at Leninsky Prospekt, 139, letter "A". The body of the loan in terms of rubles, namely, they earn joint-stock company, for almost three years has grown by 700 million rubles and this is not the limit. The position of the joint-stock company is similar to the problems of foreign currency mortgage borrowers, only no one is in a hurry to help him, although she would not hurt. To date, the volume of the selected loan amounted to €3.8 million, which went as an advance payment for equipment that was modern 5 years ago. In October 2016, the credit line will be closed by its delivery. However, even if in the future it will have to be sold for debts, it is too specific for someone in Russia to give a real price for it. And this is not counting the current debts of the First Model Printing House. As of March 31, 2016, they amounted to 1.3 billion rubles. Thus, by November 2016, JSCs will owe creditors, according to the most simplified estimates, already 2.4 billion rubles.
"Printing production in Lately is gradually losing the newspaper and book markets, says Konstantin Chechenev, president of the Association of Book Publishers of Russia (ASKI), his main problem is the trend of falling print volumes and rising prices for paper and dyes coming in foreign currency from abroad. Newspaper circulations are not sold out, their return is up to 40% of the retail circulation. The institution of subscription as such no longer exists. Newspapers are gradually moving to paperless technology, providing delivery to the reader through modern gadgets. Printing houses urgently need to switch to other business models that are difficult to attribute to mass technologies,” Mr. Chechenev emphasized. Since 2008, the printed mass of Russian book publications has almost halved - by 45.3%. At the same time, the Russian printing industry is highly dependent on supplies from the West, this is a machine park, parts and most of the consumables. Moreover, there is no need to talk about the import substitution of coated paper and cardboard, only the development of their production, according to industry experts, will take 15-20 years. And during this time, the technologies for storing text data, according to the laws of the genre, will change dramatically again.
What do investors hope for when they invest significant funds to win the auction? First of all, on effective management assets of the "first exemplary" and business diversification. For example, in the center of Moscow on Pyatnitskaya Street, JSC owns a precious asset, the use of which does not stand up to scrutiny. According to the USRR, it consists of a plot of about 1.8 hectares and nine buildings with total area 38.2 thousand sq. m., built in 1880-1917. Indeed, it looks like a diamond in an old setting, only handed over to an underground pawnshop by an old woman who has nothing to eat. Part of the space is rented out at bargain prices, part is unusable due to an emergency condition.
Evgeny Semyonov, head of financial markets and investments at JLL, believes that the main building in Moscow is in very poor condition. "It requires overhaul, - says the expert, - and due to the fact that the building was built in the century before last, the main costs will fall on the restoration of communications, the complete replacement of interfloor ceilings. It will be necessary to carry out additional strengthening work, while the cost of a "square" in the building, due to their unpredictability, can reach $ 5,000 ".
It turns out that 38,200 sq. meters will cost the investor $ 191 million investments, which at the current rate of 64 rubles per dollar will amount to 12.22 billion rubles. And this money is needed urgently. The buyer will again have to look for investments, and what interest is in Russian banks now, we are constantly informed by the press. Let's take the minimum credit interest for rubles: 15%. When in 5 years the investor will have to repay a loan for construction, the “price tag” will be different: 12.22 + 9.17 = 21.39 billion rubles.
Now let's compare the numbers. According to Rosreestr, the cadastral value of property located at st. Pyatnitskaya, ow. 71/5 is 1.7 billion rubles, while the main share falls on a land plot valued at 1.01 billion rubles. But it will go on bail for the reconstruction of facilities on Pyatnitskaya. The already existing debts of JSC "First Model Printing House" amount to 2.4 billion rubles. In total, taking into account the unprofitability of book production, we get 24 billion rubles, giving which over 5 years the investor will remain “at zero”. This is a lot even for Moscow, where the real estate market has been stagnating for a couple of years. Of course, JSC “First Model Printing House” has one more reserve. Its branches in the regions own 41 plots worth 1.2 billion rubles and 144 buildings worth another 0.48 billion. True, it must be taken into account that now the cost of regional real estate and land is declining every year. Their reconstruction and further use could also bring Unitex LLC some profit. Whether this will happen, time will tell...
July 22, 2016 Russian companies Russian companies author RussiaBack in 2015, JSC "First Model Printing House" was included in the government privatization plan, which took place. At a recent auction, the printing house was sold for 2.03 billion rubles, and Unitex LLC was declared the winner. Wherein. along with the printing house, its new owner received significant debts that the printing business could hardly recoup. For this money, Unitex LLC received a plot with buildings, structures and structures in the area of Pyatnitskaya Street in Moscow, as well as production facilities in St. Petersburg, Nizhny Novgorod, Ulyanovsk, Kirov and Chekhov. This went to the company in the "plus". There is also a minus: the "first exemplary" "hangs" a credit line of €17.9 million at a rate of 15% per annum for the supply of new printing equipment. Against the backdrop of the global crisis in the printing business, the investments of Unitex LLC look very bold. The question "What can investors do with such a troubled asset?" is not rhetorical. JSC "First Model Printing House" is in debt as if in silks. The notorious credit line of €17.9 million, opened back in 2013 for the purchase of printing equipment at 15% per annum in foreign currency, has become absolutely priceless in recent years. It was provided by the Commerzbank Aktiengesellschaft of Frankfurt am Main. It was he who received as collateral the building and plot of the newspaper printing complex in St. Petersburg at Leninsky Prospekt, 139, letter "A". The body of the loan in terms of rubles, and it is them that the joint-stock company earns, has grown by 700 million rubles in almost three years, and this is not the limit. The position of the joint-stock company is similar to the problems of foreign currency mortgage borrowers, only no one is in a hurry to help him, although she would not hurt. To date, the volume of the selected loan amounted to €3.8 million, which went as an advance payment for equipment that was modern 5 years ago. In October 2016, the credit line will be closed by its delivery. However, even if in the future it will have to be sold for debts, it is too specific for someone in Russia to give a real price for it. And this is not counting the current debts of the First Model Printing House. As of March 31, 2016, they amounted to 1.3 billion rubles. Thus, by November 2016, JSCs will owe creditors, according to the most simplified estimates, already 2.4 billion rubles. “Printing production has been gradually losing the newspaper and book markets lately, says Konstantin Chechenev, president of the Association of Book Publishers of Russia (ASKI), “its main problem is the trend of falling print volumes and rising prices for paper and dyes coming in foreign currency from abroad. Newspaper circulations are not sold out, their return is up to 40% of the retail circulation. The institution of subscription as such no longer exists. Newspapers are gradually moving to paperless technology, providing delivery to the reader through modern gadgets. Printing houses urgently need to switch to other business models that are difficult to attribute to mass technologies," Mr. Chechenev emphasized. Since 2008, the printed mass of Russian book publications has almost halved - by 45.3%. At the same time, Russian printing production is highly dependent on supplies from the West, this is a machine park, parts and most of the consumables.Moreover, there is no need to talk about import substitution of coated paper and cardboard, only, according to industry experts, it will take 15-20 years to establish their production.And during this time, text data storage technology , according to the laws of the genre, will change dramatically again. What do investors who have invested heavily in winning the auction hope for? First of all, effective asset management of the "first exemplary" and business diversification. For example, in the center of Moscow on Pyatnitskaya Street, JSC owns the current sometimes a precious asset, the use of which does not stand up to scrutiny. nym EGRP, it consists of a plot of about 1.8 hectares and nine buildings with a total area of 38.2 thousand square meters. m., built in 1880-1917. Indeed, it looks like a diamond in an old setting, only handed over to an underground pawnshop by an old woman who has nothing to eat. Part of the space is rented out at bargain prices, part is unusable due to an emergency condition. Evgeny Semyonov, head of financial markets and investments at JLL, believes that the main building in Moscow is in very poor condition. “It requires a major overhaul,” the expert says, “and due to the fact that the building was built back in the century before last, the main costs will fall on the restoration of communications, the complete replacement of interfloor ceilings. in a building due to their unpredictability can reach $5,000". It turns out that 38,200 sq. meters will cost the investor $ 191 million investments, which at the current rate of 64 rubles per dollar will amount to 12.22 billion rubles. And this money is needed urgently. The buyer will again have to look for investments, and what interest is in Russian banks now, we are constantly informed by the press. Let's take the minimum credit interest for rubles: 15%. When in 5 years the investor will have to repay a loan for construction, the "price tag" will be different: 12.22 + 9.17 = 21.39 billion rubles. Now let's compare the numbers. According to Rosreestr, the cadastral value of property located at st. Pyatnitskaya, ow. 71/5 is 1.7 billion rubles, while the main share falls on a land plot valued at 1.01 billion rubles. But it will go on bail for the reconstruction of facilities on Pyatnitskaya. The already existing debts of JSC "First Model Printing House" amount to 2.4 billion rubles. In total, taking into account the unprofitability of book production, we get 24 billion rubles, giving which over 5 years the investor will remain "at zero". This is a lot even for Moscow, where the real estate market has been stagnating for a couple of years. Of course, JSC "First Model Printing House" has one more reserve. Its branches in the regions own 41 plots worth 1.2 billion rubles and 144 buildings worth 0.48 billion more. True, it must be taken into account that now the cost of regional real estate and land is declining every year. Their reconstruction and further use could also bring some profit to Unitex Ltd. And time will tell whether this will happen…
As PRINTNEWS.TV previously reported, in mid-May, a 100% stake in JSC “Order of the October Revolution, Order of the Red Banner of Labor “First Exemplary Printing House” was sold at the auction. The winner of the auction was recognized - Unitex LLC. This firm acquired from the Federal Property Management Agency the buildings and land plots of a printing house in Moscow, St. Petersburg, Kirov, Ulyanovsk and Chekhov, as well as the entire printing business for 2.03 billion rubles, for 20 million rubles. more than the initial price (four steps were taken as part of the auction at the auction, 1 step = 5 million rubles). Thus, Unitex became the owner of the largest printing complex in Russia.
According to RBC, initially, about 10 companies applied for the shares of the First Model Printing House, only 5 of them who paid a deposit were admitted to trading. In fact, the auction was held between two companies: Unitex and Zamoskvoretskoye Business Center (according to the SPARK-Interfax database, Zamoskvoretskoye Business Center belongs to the Cypriot company Stanhigh Limited).
The printing community of the country was stirred up by interest in the real buyer of shares in such a large asset. All the same SPARK database provides information that the main activity of the company "Juritex" is consulting on issues of commerce and management. The firm is owned by offshore companies Demanio Capital Ltd (50%) and Sodbury Holdings Limited (49%). Another 1% belongs to Printcapital, controlled by the co-owner of the investment and construction company Krona-Market, Leonid Barenboim. Sodbury is owned on a parity basis by Boris Azarenka and Denis Kitaev, according to extracts from the company's register. Also called the main shareholders of the developer Vesper, which specializes in the construction of luxury residential real estate in the capital.
A Vesper representative confirmed to RBC the company's participation in the auction and the purchase of a 49% stake in the First Model Printing House. A controlling stake was bought by Vesper's partners, who plan to develop book production, while the developer is considering "possible development projects for the printing house" on Valovaya Street in Moscow. The details of the projects will be disclosed by the company after obtaining permits.
Reference:
Investment company Vesper operates in the premium segment of club residential real estate. Among the main objects are the Bulgakov house in the Patriarch's Ponds area, St. Nickolas on Nikolskaya Street, the Chekhov club house, the Nabokov club house in the Ostozhenka district, the Sovremennik house on Chistye Prudy. In 2015-2016, Vesper plans to invest 6.5 billion rubles. to new facilities in the capital.
Who is behind the Demanio offshore is not specified in the extracts from the company's register. A Vesper spokesperson also did not disclose this information. Unofficial sources suggest that Vesper's senior partner in the purchase of the printing house's assets is Chairman of the Board of Directors of O1 Group Boris Mints. However, there is no direct confirmation of this information, the press service of the O1 Group declined to comment.
But according to the databases, the General Director of Unitex LLC is Vyacheslav Nazarov, who also heads Double LLC. And since May 11, 2016, this company has been 100% owned by the Cypriot O1 Group Limited (Boris Mints is listed among its directors). When trying to get comments from Vyacheslav Nazarov on one of his contact phone numbers, the call was answered from the reception of the O1 Group.
Reference:
According to RBC, the investment group O1 Group of Boris Mints, which ranks 62nd in the Russian Forbes ranking with an estimated fortune of $ 1.2 billion, is one of the largest owners of office real estate in Moscow. Its portfolio includes O1 Properties, which owns 14 business centers with a total leasable area of 517.5 thousand square meters. m, including the Lighthouse business center, located at 26 Valovaya Street. The building next door at 28 Valovaya Street occupies the office of the First Model Printing House. Lighthouse also houses Vesper's central office.
Until recently, Vesper was also controlled by the O1 Group: Mints acquired 70% of the developer in May 2014. In the summer of 2015, the founders of Vesper bought this share back.
Vesper is said to have been interested in building a printing house on Valovaya Street for a long time and even negotiated the purchase, presumably, this object was bought in order to get land in the center of Moscow for the construction of elite housing.
According to experts in the real estate market, the cost of new construction on the site will cost about $ 2.5-3 thousand per square meter. m. The estimated profitability of the project may be 20-25%, but it depends on many factors.
What's next?
The “core” business of the printing house has “low profitability”, it is difficult for it to “compete with development projects”, so a large share of the revenue of the First Model Printing House probably comes from the income from renting premises, suggests Pavel Arsenyev, general director of the printing complex Pareto Print. In his opinion, the office on Valovaya Street is "a diamond in this whole structure" for a developer who could repurpose the facility. The buyer of the printing house is likely to retain the Moscow office and sell assets in the regions to local developers. Another scenario is possible - the sale of the printing business to individual structures, Pavel Arsenyev believes.
Reference:
"The first exemplary printing house"
In 1876, the merchant Pyotr Sharapov discovered lithography on Valovaya Street. In 1919, production was nationalized. In 2011-2012, the printing house got a branch network in Russia. In July 2013, OJSC, 100% owned by the state, was included in the forecast plan for the privatization of federal property for 2014-2016.
In 2015, the printing house produced 118.1 million copies of books in hard and soft covers. According to the Russian Book Chamber, this amounted to about a quarter of the total book production in the country. The company's revenue in 2015 amounted to about 3 billion rubles, which is 4.5% more than in 2014. Data on profit for 2015 the company is not known, for 2014 this figure amounted to 10.2 million rubles.
According to Yakov Soskin, General Director of the enterprise, the new shareholder of the First Model Printing House does not plan to abandon the existing strategy for the development of the printing complex and will continue to work on new projects.
She devoted several investigations to the strange sale of the state-owned printing giant First Model Printing House at an extremely low price of 2.03 billion rubles. The amount of the transaction and a number of other circumstances raised doubts about its legality and purity. Recently, another sharp turn took place in this story: the Moscow Regional Court invalidated the auction for the sale of the printing house, obliging the seller to return the money, and the buyer - the company's shares.
Anatomy of a deal
The auction took place in May 2016. Its winner got a very tidbit - first of all, a land plot of 1.8 hectares and an elite office building on Valovaya Street in the very center of Moscow, as well as first-class printing complexes that bring solid profits throughout the country. Among them is the oldest printing house in St. Petersburg "Printing Yard" named after A.M. Gorky”, the leading regional manufacturer of printed materials “Nizhpoligraph”, the famous publishing house from Soviet times “ art”, “St. Petersburg Newspaper Complex”, “Printing Resources”, printing house “Children's Book”, “Printing House - VYATKA”, “IPK “Ulyanovsk Printing House”, “Lenizdat” and other objects.
According to the representative of one of the participants in the auction "UralBusinessGroup" Oleg Maltsev, the cost of all this was estimated at about 15 billion rubles.
As Lenta.ru wrote in its investigations, according to the official website of the Russian Federation for posting information about the auction, Unitex, Gradostroy-Invest, Novoe Zavidovo, UralBusinessGroup, Business- center "Zamoskvoretskoye" and two private individuals. But only two applicants were admitted to the auction, the rest were removed, and for very strange reasons. Part - for the fact that the deposits made (it was required to pay 402 million rubles) arrived at the accounts of the organizers of the auction with a delay. Others simply did not make it on the day of the auction, May 18, 2016, as the building was cordoned off by the police due to a bomb threat. Nevertheless, the auction took place. The lot was drawn by two finalists - the Unitex company, controlled, according to Vedomosti, by billionaire Boris Mints, and the Zamoskvoretskoye Business Center company.
Photo: Kirill Kallinikov / RIA Novosti
The printing house went under the hammer for only 2.03 billion rubles. The auction participants raised the starting price by an insignificant amount of 20 million rubles, after which the printing giant passed into the hands of billionaire Boris Mints and his company Unitex.
Get through to justice
The first to prove the illegality of the transaction in court was the Novoe Zavidovo company. According to the rules of the auction, it was required to transfer a deposit of 402 million rubles no later than May 10, 2016. However, the transfer was delayed - confirmation came only on May 11, and "New Zavidovo" was not included in the auction. On July 22, the company filed a lawsuit with the Arbitration Court of the Moscow Region against both the winner of the auction, Unitex, and the organizer, Rossiysky auction house(GLAD).
Representatives of Novoye Zavidovo demanded to invalidate the decision to refuse admission to trading and, as a result, to invalidate the auction itself and the contract for the sale of 100 percent of the shares of the First Model Printing House. The Novoe Zavidovo company also asked the Arbitration Court of the Moscow Region to oblige the RAD to hold repeated auctions and seize the shares of the printing holding. The lawsuit was considered for several months, and on November 1, 2016, the court refused the plaintiff. The company did not appeal this decision.
A private person also failed to participate in the auction on May 18, although he was much closer to them than the employees of Novoye Zavidovo. As follows from Andreev's complaint, sent to, his representative, a certain I.A. Melnik, on the appointed day, arrived at the building of the Russian Auction House in Khrustalny lane (Tverskoy district of Moscow). The representative was there at 8:40, but the security guard did not let him in, saying that the organization only opens at 9 am. But at 8:50 a.m., due to a report of a terrorist attack, the entire Khrustalny Lane was evacuated by the police - and when Melnik and representatives of other bidding companies were let inside at 11:00 a.m., the auction, as it turned out, had already taken place. For some reason, the threat of a terrorist attack did not prevent the companies "Unitex" and "Business Center Zamoskvoretskoye" from taking part in the auction.
In the OFAS, Alexander Andreev’s complaint was considered unfounded: the officials took the side of the RAD, where they explained that they had not heard at all about any cordon and evacuation of the whole lane.
“On May 18, 2016, the Organizer of the auction has no information regarding the restriction of access by police officers to the building located in Khrustalny Lane, the Organizer of the auction received no notifications about the conduct of events by police officers,” the text of the commission’s decision says.
Andreev decided not to give up - and appealed to the Khimki City Court of the Moscow Region. The servants of Themis did not immediately heed his arguments.
Snatch in 60 seconds
At first it seemed that the case was hopeless. Thus, on August 9, 2016, the Khimki City Court of the Moscow Region refused to satisfy the plaintiff's claims. But Andreev, unlike Novoe Zavidovo, appealed the decision to a higher authority, the Moscow Regional Court. And on October 24, 2016, his panel of judges issued an appeal ruling, according to which Andreev's requirements were satisfied and the auction for the sale of the First Model Printing House was declared invalid.
V modern Russia cases when the court cancels transactions worth billions of rubles are a rarity. But in the case of the printing giant there were so many dark spots that the servants of Themis could not leave them unattended. According to the court decision, the contract of sale of the "First Model Printing House" was declared invalid. Now the seller - the state - was obliged to return the money to Unitex, and she, in turn, to return the acquired shares to the seller. This decision was not appealed - but it turned out to be not so easy to execute it.
There are several reasons. One of them is the ambiguous financial position of the printing giant. Only at the time of the sale of the holding, he had a debt of 17 million euros. This money was taken for the re-equipment of printing complexes. However, information on loans was not advertised: it was not clear to whom the holding owed money and for what reasons the money was borrowed in foreign currency. After the owner changed, the financial position of the holding, apparently, did not become more stable.
Even before the court decision, OJSC IPK Ulyanovsk Printing House and OJSC Printing House - VYATKA were withdrawn from the First Model Printing House. General manager"Exemplary" - Yakov Soskin. It is worth recalling that it was not without the participation of Mr. Soskin that the printing industry lost numerous areas and capacities of the Pravda printing house. Now the workshops of this former giant enterprise near the Savelovskaya metro station have turned into office centers. The equipment has been taken out, the premises are rented out by the owners, - an informed source told Lente.ru.
One can only guess what damage was done to the "First Model Printing House" in the process of its transition from hand to hand. If we take the same Ulyanovsk Printing House, then, according to the portal ulbusiness.ru, the printing giant owned many other objects along with it in the region: a land plot on Goncharova Street of almost 9 thousand square meters; non-residential buildings on Goncharova Street - workshops, garages, warehouses, fuel and lubricants warehouses; numerous premises on Energetikov passage, house 6; a recreation center and a land plot of 6 thousand square meters in the Krasnoyarsk forestry (Cherdaklinsky district). Their current fate raises many questions.
“According to some reports, Mr. Soskin is currently abroad, and the partners have a number of claims against him,” the source said to Lenta.ru.
Fair revenge
The fact that the "exemplary" is literally torn to pieces did not go unnoticed by those who were excommunicated from the auction. In November 2016, Alexander Andreev applied to the Khimki City Court of the Moscow Region with a request to take interim measures to enforce the decision of the Moscow Regional Court. The plaintiff noted that the management of the First Model Printing House was selling the most valuable property owned by the company.
“Andreev A.V. appealed to the court with a statement to ensure the execution of the court decision on the basis of Article. 213 Code of Civil Procedure of the Russian Federation, in which he indicated that JSC "Order of the October Revolution, the Order of the Red Banner of Labor" First Exemplary Printing House "is selling the most valuable real estate belonging to him. On the websites of real estate listings, there are advertisements for the sale of non-residential buildings. The properties offered for sale are owned by the Printing House, and also encumber it with collateral under loan agreements concluded with banks,” the court ruling says.
The plaintiff pointed out that as a result of the actions of the management of the "exemplary" after the execution judgment the state will be returned an asset significantly changed compared to the moment of sale, and of a lower value. According to Andreev, it is completely unclear whether the First Model Printing House will be able to function normally after all the changes in its structure.
The Khimki City Court of the Moscow Region agreed with Andreev's arguments and on November 18, 2016 ruled in his favor. All real estate owned by the First Model Printing House has been seized. The court also prohibited any actions to reorganize the enterprise, as well as the issuance valuable papers, including additional emission.
In December last year, the management of the printing holding and representatives of Unitex tried to appeal this decision, citing its illegality. The Judicial Collegium for Civil Cases of the Moscow Regional Court put an end to this dispute. On January 11, she upheld the decision of November 18, 2016 and refused to satisfy the demands of representatives of the First Model Printing House and Unitex.
It would seem that justice has triumphed - but sharp turns have happened more than once in the history of the printing giant. Therefore, Lenta.ru will continue to monitor the fate of the enterprise.
Conducted auctions for the sale of one of the largest printing houses in Russia - the First Model Printing House, whose central building is located on Valovaya Street in Moscow, back on May 18th. The little-known OAO Unitex, which bought the printing house for 2.03 billion rubles, was declared the winner of the auction. at an initial cost of 2.01 billion rubles. and an auction step of 5 million rubles.
A source familiar with the privatization process claims that behind the winner is a well-known luxury real estate developer who financed the purchase and whose interest is limited to the land and building on Valovaya Street for the subsequent luxury real estate project.
The rest of the property - operating printing houses and real estate in the regions - will go to Mintz's partner in this transaction, Yakov Soskin, who managed the joint-stock company in the interests of the state and organized the privatization process, the source indicates.
According to SPARK, Unitex is 50% owned by the Cypriot offshore Demanio Capital Ltd, 49% by the Cypriot company Sodbury Holdings Ltd, 1% by the Russian company Printcapital, controlled by businessman Leonid Barenboim, co-owner of the investment and development company Krona-Market "(Builds one of the largest shopping and entertainment centers in Moscow - "Abramtsevo"). The General Director of Unitex is listed. He also manages other Moscow companies, which also hide their owners behind foreign offshore companies. Behind the Cypriot Sodbury Holdings are Boris Azarenka, co-owners of the Russian investment company Vesper, which specializes in premium residential real estate. Most of her projects are located in historical buildings in the center of Moscow: on Malaya Dmitrovka, Plyushchikha, Mashkov, Nikolskaya streets, in Prechistensky lane, etc.
As previously reported by the media, the Cypriot Demanio Capital is controlled by businessman Boris Mints. Indirectly, this information is confirmed by the fact that the General Director of Unitex Nazarov is also the director of Double, a 100% subsidiary of the Cypriot O1 Group Limited, which previously owned Trinity LLC, the son of Boris Mints was listed as the General Director of Trinity. Now O1 Group Limited owns Russian company"O1 Group Management", located in the building next to the purchased printing house. This building also houses the office of Vesper, another shareholder of Unitex. Traces of companies associated with Soskin are also lost in the Cypriot offshore. However, it is possible that he is engaged not only in the publishing business. One of the companies, Joint-Stock Company PO Pressa-1, in which Soskin is the chairman of the board of directors, is engaged in leasing non-residential real estate. It is owned by the Cypriot company Bivisto Hldings Ltd.
As Gazeta.Ru was informed by the First Model Printing House, printing production at the printing house sites will continue and even be expanded through the acquisition of new equipment for book production using sheet-fed technology. offset printing on large format machines. To develop this project, the printing house attracted a loan of €17 million from Commerzbank (Germany) under the guarantees of Hermes export insurance agency. The printing house also noted that this year it has expanded its activities with a corporate printing division.
A representative of the printing house did not name the investors behind the Unitex company, limiting itself to explaining that Unitex acts in the interests of Vesper and a "group of private investors."
As for the developers' plans for the building of the printing house on Valovaya Street, "there is a developer component in the deal, but the printing house has previously leased premises," the company representative added. When asked if Soskin was one of the beneficiaries of the privatization deal, the printing house said that he "did not participate in any way in the asset sale procedures." “Now, at the request of new shareholders, he will carry out general leadership development of printing production of JSC "First Model Printing House" within the framework of the new emerging corporate management structure," the company added. A Vesper spokesperson declined to comment. this information, Mints did not respond to inquiries from Newspapers. Ru".
Not everyone was allowed
Of the seven bidders, five were not allowed to bid. Only Unitex LLC and BC Zamoskvoretskoye LLC (according to SPARK, owned by the Cypriot company Stanhigh Limited) participated in the auction. A number of companies that were ultimately not allowed to participate in the auction - Antares LLC, UralBusinessGroup, Novoe Zavidovo LLC filed complaints with. Everyone complains that the conditions for transferring the deposit were incorrectly indicated. According to the terms of the auction, the amount of the deposit (402 million rubles) was to be transferred no later than May 10. However, as noted, for example, in the complaint of Novoe Zavidovo, although the money was transferred within the specified period, it was not allowed to participate in the auction on the grounds that the amount had not yet been credited to the account of the organizer.
This is due to the fact that the bank needs another day to complete the transfer. According to participants not admitted to the auction, incorrectly drawn up conditions are contrary to the law and business practice. The Federal Antimonopoly Service did not support the complaint, but at the same time drew attention to the violation. The contract of sale was concluded immediately on the day of the auction, however, according to Article 191 Civil Code RF, this can be done not earlier than the next day after the auction, the decision of the department says. However, in this regard, no measures are planned to be taken, since "the violation by the Organizer of the auction of paragraph 14 of Article 18 of the Privatization Law when concluding the sale and purchase agreement did not affect the course of the Auction."
sold cheap
The first exemplary printing house is one of the oldest in the country: it was founded in 1876 and nationalized after 1917. Its main asset is the building at the address: Moscow, st. Valovaya, house 28, with an area of 38 thousand square meters. m, which has been used for several years for offices, and a land plot under it with an area of 1.8 hectares. Printing activity is concentrated mainly in the regions: in Chekhov, Kirov, Nizhny Novgorod, St. Petersburg.
Now it's still largest enterprise, which accounts for about a quarter of all printed products produced in Russia.
According to financial statements, revenue over the past year amounted to about 3 billion rubles, and since 2014 it has grown by 100 million. The company also owns 50 land plots throughout Russia and 278 real estate objects for various purposes (along with production sites, these are both administrative and residential buildings). Among other things, the printing house even owns a water intake tower in Nizhny Novgorod.
“According to the auction, the asset was sold for 2.03 billion rubles, thus, the company affiliated with Vesper got the historic building between the Dobryninskaya and Paveletskaya metro stations, as well as the site located under it. Even during the initial assessment, such an asset, located in one of the central districts of the city, should cost more, ”says Artem Provotorov, project manager for the Infrastructure practice consulting group NEO Center. The average cadastral value of land on Valovaya Street is 130,000 rubles. for 1 sq. m. The market price is about twice the cadastral value. With this in mind, only the land plot of the First Model Printing House on Valovaya Street, according to the cadastral valuation, costs 2,340 million rubles. and according to the market - 4680 million rubles.
It turns out that the sale price of the property complex of the First Model Printing House, which includes land and property complexes and existing production facilities in the city of Moscow and several regions, is two times lower than the cost of the land plot alone on Valovaya Street.
According to the expert, there is reason to believe that the facility was implemented according to a predetermined scenario between friendly developers - Vesper and O1 Group, owned by Boris Mints. Alexander Zaritsky, head of land and property relations at Heads Consulting, also admitted that the real price is indeed higher than the one for which the lot was sold, although this could be due to the company's high credit obligations. However, the information that the buyers intend to repay the company's debt (about €17 million) has not yet been confirmed.
Meanwhile, experts estimate the regional printing business quite highly. As for the cost of creating a printing house, in order to complete a normal, high-quality offset line, if it is made from scratch or updated, tens of millions of dollars are needed, says Alexander Limansky, co-owner of Alpina Publisher. According to him, the costs of organizing a business include leasing equipment, buying or renting large enough areas.
According to his estimates, the cost of a printing house in only one branch of the First Exemplary, in Ulyanovsk, can "offhand be $ 30-50 million." “In Ulyanovsk, some time ago, new equipment appeared, there are quite large capacities, there is new equipment,” he believes.
Other regional printers are also valuable for their business and equipment. “The printing business is low-margin, and the regions have an advantage, because the salaries in the regions are low,” explains Limansky. “There are really working businesses in the regions.” Books are practically not printed in Moscow due to higher costs, he adds.
In early June, there were reports that in Moscow during auction sales(passed back in May 2016) the state-owned “First Model Printing House” was sold. The printing house became the largest asset sold from the privatization plan this year: it was sold for 2.03 billion rubles. According to Vedomosti, the winner, Unitex LLC, raised the starting price by only 20 million rubles. At the same time, the buyer acted in the interests of Vesper, which owns 49 percent of the buyer. The amount of the sale cannot but raise questions: 2.03 billion rubles is just the cadastral value of a single building in Moscow, but in reality, the First Model Printing House consists of several enterprises not only in the capital, but also in the regions. Lenta.ru conducted its own investigation and discovered a number of entertaining violations with which the auction was held, due to which many bidders lost the opportunity to fight for the purchase of the giant of the book industry, and the state lost millions of rubles in sales proceeds.
The Russian Auction House (RAD) on May 18 reported on the sale of a stake in the enterprise “Order of the October Revolution, Order of the Red Banner of Labor “First Exemplary Printing House””. Only two applicants participated in the auction at the final stage. The winner was Unitex LLC, which paid two billion thirty million per lot to the treasury. According to Vedomosti, this company acted in the interests of the large developer Vesper, which received 49 percent of the shares, and private investors who, through a chain of offshore companies, are controlled by the co-owner of the O1 Group, Boris Mints. The source of the publication said that Vesper and O1 Group are friendly companies and have previously implemented many joint projects, and until the end of last year, O1 Group owned a stake in Vesper.
Commenting on the results of the transaction, Andrey Stepanenko, the head of the RAD, called the result satisfactory, taking into account the fact that finding an investor for the property being sold "in the current economic realities is not an easy task." However, an investigation by Lenta.ru revealed a discrepancy with the assessments made. Potential buyers lined up for a promising printing holding, but applicants one after another faced insurmountable mysterious circumstances that deprived them of the opportunity to honestly fight for a place in the sun.
modest self esteem
Information about the upcoming sale of the "First exemplary printing house" was announced last year. Yakov Soskin, General Director of the enterprise, in an interview with the Book Industry, said that he was preparing the enterprise for privatization. It must be said that the head of the recently sold company was one of the ideologists of the concept of a systematic transition of printing enterprises from state to private hands. The first steps in this matter were taken after the creation in 2008 by the order of the Federal Property Management Agency of an interdepartmental working group. The "First Exemplary Printing House", which included 12 organizations and represented an integrated group after the transformation, was headed by Soskin.
“It is worth recalling that it was not without the participation of Mr. Soskin that the printing industry lost numerous areas and capacities of the Pravda printing house,” a source familiar with the situation in the book industry market told Lente.ru. - Now the workshops of this former giant enterprise near the Savelovskaya metro station have turned into office centers. The equipment has been removed, the premises are rented out by the owners.”
Yakov Soskin
In July 2011, the Moscow Arbitration Court received an application for bankruptcy from Sberbank of Russia, but in August of the same year it was withdrawn. This event was preceded by important changes in the structure of the enterprise: OJSC Printing Dvor named after A.M. Gorky, OAO Nizhpoligraf, OAO Publishing House Fine Art, OAO St. Petersburg Newspaper Complex, OAO Polygraphic Resources, OAO Typography Children's Book, OAO Printing House - VYATKA, OAO "IPK" Ulyanovsk Printing House "", OJSC "Lenizdat" - that is, disparate enterprises were actually consolidated under one "roof".
According to Vedomosti sources, the estimated cost of the enterprise's capital facilities in the Zamoskvorechye area is 2.5-3 billion rubles. A source from Lenta.ru, who is familiar with the situation on the real estate market in the center of the capital, gives slightly different figures. The “First Model Printing House” on Valovaya Street owns, in addition to the building, a land plot of 1.8 hectares. Considering that the average cadastral value per square meter in this place is 130 thousand rubles, the amount of 2.3 billion rubles emerges. The market value of this area is approximately 4.6 billion rubles. And this is just bare land without structures, equipment, communications.
As for regional objects, they, apparently, go to the buyer as a bonus. By the way, the main printing facilities are located in the regions. First of all, this is the Ulyanovsk Printing House. In particular, according to the ulbusiness.ru portal, in the Ulyanovsk region alone, the First Model Printing House owns, in addition to the Press House itself: a land plot on Goncharova Street of almost 9,000 square meters; non-residential buildings on Goncharova Street - workshops, garages, warehouses, fuel and lubricants warehouses; numerous premises on Energetikov passage, house 6; a recreation center and a land plot of 6 thousand square meters in the Krasnoyarsk forestry (Cherdaklinsky district). Who and how assessed the value of these objects before the auction - it is not clear how unclear the situation with the assessment of other branches of the organization is.
According to a Lenta.ru source in the book industry circles, the total capacity of the Ulyanovsk branch, Printing House - VYATKA and Chekhov Printing Yard”, included in the structure of the “First Model Printing House”, ensured the release of 25 percent of the printing products market in Russia.
Boris Mints
Photo: Dmitry Azarov / Kommersant
“Even enterprises that are considered illiquid are usually valued according to the standard financial model for such transactions. It consists in assessing the building itself - real estate - based on the market price. Plus, since in this case we are talking about typography, discounted price is taken into account cash flow- in other words, the average income that the enterprise can bring. Naturally, all objects, including regional ones, should be included in the assessment,” says Alexander Razuvaev, director of the Alpari analytical department. According to the expert, these digital values are added up, resulting in an estimated cost, but within the "corridor" the amount usually varies. As a comparison, we can cite the “book house” on Novy Arbat: this building alone was put up for auction with a starting amount of 2.4 billion rubles.
Buildings of the First Model Printing House
In fairness, it is worth mentioning that the First Exemplary Printing House had a very impressive debt of 17 million euros. This money was taken for the re-equipment of printing complexes. However, it remains unclear to whom the holding owes, for what reasons it was decided to borrow money for growth in foreign currency, and whether the creditor and the current owner have anything in common. This information is not advertised.
Wind of the 90s
One way or another, the assessment of the property being sold is always a subjective matter. In the end, this was only the initial price of the printing holding lot. It is likely that the state would have gained a much more significant amount from the deal if it were not for a series of troubles that have befallen most of the applicants in the race for the printing company. Auction sales took place on May 18 in the building of the Moscow Gostiny Dvor and looked, to put it mildly, strange.
According to the official website of the Russian Federation, in order to post information about the auction, in addition to Unitex LLC, Gradostroy-Invest, Novoe Zavidovo, UralBusinessGroup, two private individuals and the Zamoskvoretskoye Business Center company claimed the holding. Of the winner's competitors, only last company, five participants were refused due to "non-confirmation of the receipt of the deposit for participation in the auction within the prescribed period" (402 million rubles were required to be paid).
However, Lente.ru managed to find out that some companies from the list of non-admitted funds were nevertheless transferred, but they were not received to the account of the organizers within the agreed deadline (until May 10, 2016). Complaints against the actions of the Moscow branch of the "Russian Auction House" were addressed, in particular, by the company "New Zavidovo". The funds transferred by the company, as it turned out, were received by the organizers of the auction on the next day - May 11, however, the company was excluded from the list of applicants for the lot. Representatives of UralBusinessGroup filed a similar complaint with the OFAS.
Russian Auction House
An interesting nuance: the FAS commission considered the delay in the deposit for several hours as a fundamental point and recognized the complaint as unfounded (the answer is at the disposal of the editors). And, for example, the fact that the winner of the auction paid for the purchase prematurely is insignificant. In particular, in the decision on the complaint of UralBusinessGroup LLC, the state regulator between cases reports an oversight of their winning competitor, but turns a blind eye to the inconsistency: “... the sale and purchase agreement following the results of the auction (between Unitex LLC and the state - approx. "Tapes.ru") must be concluded no earlier than the next day from the date of summing up the results of the auction. At the same time, the commission of the FAS Russia notes that "the violation by the Organizer of the auction of paragraph 14 of article 18 of the Law on privatization when concluding the sale and purchase agreement did not affect the course of the Auction." At the time of writing, UralBusinessGroup and Unitex did not respond to Lenta.ru's request for comment.
Telephone terrorism
According to other sources, Antares LLC and Aptekarsky LLC, as well as a private person Alexander Andreev, were also supposed to participate in the auction (he did not advertise his affiliation with commercial structures during the transaction). The latter is the author of a complaint against the actions of the organizers of the auction, sent to the OFAS (a copy of the document sent by Andreev to the antimonopoly department is on the website torgi.gov.ru and is also available to the editors). This is perhaps the most curious nuance in the auction.
“May 18, 2016 at 08:40 my representative Melnik I.A. arrived at the Russian Auction House JSC at the indicated address, but could not get inside the building, as the door to enter the building entrance indicated in the auction documentation, says the text of the appeal. - At the same time, the guard located inside the building, behind the door, said that the organization works from 9:00 in the morning and the door will be open only at 9:00. At 08:50, police officers arrived in Khrustalny Lane, who took all citizens out of Khrustalny Lane, completely blocking access to Khrustalny Lane from both Varvarka Street and Ilyinka Street in connection with a report of a terrorist attack, which is confirmed by the attached certificate from the Police Department "Kitai-gorod" of the Internal Affairs Directorate for the Central Administrative District of Moscow dated May 18, 2016.
Only at 11:00, Melnik, who had been standing for more than two hours at the entrance to the Gostiny Dvor, and representatives of other companies participating in the auction were allowed inside. But the auction had already taken place by then. Latecomers were only told the name of the winner. By the way, the representatives of the complainant were not too lazy to get a certificate from the police confirming the fact that access to the building was blocked.
Andreev expressly states in his complaint that the representatives of Unitex and BC Zamoskvoretskoye (the only companies that were included in the auction on May 18 - approx. "Tapes.ru") “without collusion with the organizer of the auction, they could not get into the building of the organizer of the auction to participate in the auction,” since the building was completely blocked by the police.
“Such a restriction of competition has led to the sale of state property at a substantially lower price and thereby caused a major material damage Russian Federation”, - sums up Andreev. And it’s hard to disagree with him, because in addition to confidant Andreev, based on the text of the complaint, the lawyers of Antares LLC and Aptekarsky LLC were beyond the threshold of the auction.
It is worth noting that these players do not appear on the auction site in the “participants” section, but are mentioned in the “complaints” section. By the way, the Antares company withdrew its claim from the OFAS.
The message about an explosive device planted in the city center actually took place on May 18, and in connection with this, the special services carried out preventive measures. Safety is definitely paramount. But it remains to be surprised at the speed of the police, which very quickly blocked access to Khrustalny Lane, where the entrance to Moscow's Gostiny Dvor is located, given that a telephone terrorist reported a bomb at the Central Department Store. As Lenta.ru reported, a day after the incident, a 15-year-old schoolboy from the Amur Region was detained on suspicion of telephone terrorism, who said during interrogation that he was just joking.
Ulyanovsk Printing House
Even more surprising is the fact that the FAS commission considered Andreev's complaint unfounded. The state regulator took the side of the organizers, who, as it turns out, had never heard of any cordon. “On May 18, 2016, the Organizer of the auction has no information regarding the restriction of access by police officers to the building located in Khrustalny Lane, the Organizer of the auction has not received notifications about the conduct of events by police officers,” the position of the RAD is given in the text of the decision of the commission.
The auction will take place in any weather
At the same time, one cannot rule out the fact that Zamoskvoretskoye Business Center, which competed with Unitex at the final stage, was only a formal bidder. The editors have no evidence of this fact, except for information from sources, however, an indirect argument that confirms this assumption can be the passivity of the representatives of the organization at the auction: the applicant took only two small, in the light of a two-billion-dollar deal, steps of five million and gave up. Among other things, it remains unclear why the fateful trouble did not happen to the Zamoskvoretskoye business center, as with other participants? And the deposit arrived on time, and the representatives of the office got inside the auction hall, bypassing the cordon ...
Meanwhile, according to Vedomosti, the new owners are not going to reconstruct the printing house complex in the capital. The publication cites the opinion of one of the consultants in the real estate market: according to him, the new owners have already attracted a development company, which will determine what is best to build on the site of this building. Most likely, these will be apartments or apart-hotels, since there are many offices in this area, but there is little luxury housing. The newspaper emphasizes that the plot of land under the printing house complex costs 2.5-3 billion rubles, and the developers received it at too low a price.
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