The owner of the AFK “System” stubbornly hides the true state of affairs?
As it became known to the correspondent The Moscow Postthe Russian investment company AFK Sistema, which is included in the TOP-20 in terms of sales of products, reported for 9 months of 2024 in IFRS. Close attention has long been focused on this multidisciplinary holding: this is one of the most popular companies in the paper market.
About 150 thousand people work in the holding, and there are several hundred large companies in the group’s portfolio – from MTS and Ozon to the Intourist and Arkhyz.
The state of Mr. Yevtushenkov himself is $ 1.7 billion.
But there are stubborn rumors on the market that the affairs of the billionaire are not going very smoothly. And this was supposed to confirm the reports that the holding as a public company is obliged to publish. And the holding published this reporting, after which the analysts concluded: “AFC” System “stocks” do not look attractive to investors. ” It reports about it “Finam”.
But this is, as they say, a blow below Page!
The results are weak
So, AFK “System” presented financial results in IFRS for nine months of this year. And showed a decrease in profit against the background of growth of debt load.
The group’s net debt during the third quarter of 2024 increased by 12.1%
Consolidated revenue over 9 months of 2024 increased by 20.1% g/g, reaching 888.3 billion rubles. And this increase in revenue demonstrated all the main assets of the group.
Net profit for January -September 2024 months decreased by 92% of the year and amounted to 1.8 billion rubles.
At the same time, in the third quarter of 2024, a loss of 2.6 billion rubles was recorded due to an increase in interest expenses against the background of increasing debt and interest rates.
What was owned in the recent past, Mr. Yevtushenkov. Photo: https://s0.rbk.ru/v6_top_pics/media/img/9/40/284117313704409.jpg
The group’s net debt during the third quarter of 2024 increased by 12.1%to 1335.2 billion rubles, and the net debt of the corporate center grew by 12.6%, amounting to 288.7 billion rubles.
At the same time, 96% of the consolidated financial obligations of the group are nominated in Russian rubles.
And analysts evaluate the results of AFK “System” as weak, due to high debt load, a significant decrease in profit from the beginning of the year and obtaining loss in the 3rd quarter due to the growth of interest expenses. The company did not reveal the full financial report for 9 months of 2024, however, according to the reporting data for 6 months, financial expenses exceeded the group’s operating profit.
Segezha Group: High debt load
In addition to the AFC system, the high debt load is even more acute for Segezha Group.
Recall that Segezha Group, in which Mr. Yevtushenkov has 62.2% of the shares, decided to place shares by 101 billion rubles to reduce a debt of 143 billion rubles. By closed subscription. In addition to current shareholders and funds, lenders may participate in the process, and the placement should allow the company to return to the implementation of investment projects. This can support the falling value of shares. Today, the charter capital of Segezha consists of 15.69 billion shares. If the additional ministry is implemented, the authorized capital will be able to grow to 71.8 billion shares.
Photo: Gazpromabank investment
The company has been a loss for the last 2 years: and for 9 months – 15 billion losses. The price of shares fell by 80% from the moment of the last IPO in 2021, the price of the share then amounted to 8 rubles, the additional ministry was announced 1.8 rubles per share.
And at the end of November, the board of directors of Segezha Group announced the convocation of an extraordinary meeting of shareholders on the issue of additional shareholders.
An extraordinary general meeting of shareholders will be held in absentia on December 26, 2024.
Thus, SPO Segezha Group can lead to the divert of the AFK System, which will have an additional negative impact on the financial indicators of the group.
In addition to Segezha Group, a high debt load is also characteristic of other assets of AFC Sistema, including MTS, Etalon, Ozon, Binnopharm groups, and therefore the probability of holding high dividends from assets is greatly reduced.
And against the background of correction in the stock market and the high rate required by investors due to the high rate of the Bank of Russia, the withdrawal of non -public assets of AFC Sistema to the exchange is in question.
But Mr. Yevtushenkov continues to inflate his cheeks?
The cobblestone on the neck
Judging by the official reporting, the affairs of the AFK “system” seemed to be in order – revenue growth in 9 months +20.1%, OIBDA +12.6%, net profit +1.8 billion rubles.
But over the past 3 months, we will get a break – the holding recognized a loss of 2.6 billion rubles.
And this loss can become a cobblestone on the neck of a drowning man.
Evil languages repeat that the billionaire Evtushenkov has long been working. And it began back in 2023, when a deal was concluded to buy a Norwegian Weenas hotel network.
The AFK system continued to do the new acquisitions in the Krasnodar Territory and Dagestan – for 1 billion rubles.
3.6 billion rubles. The daughter of AFK “System” – Ozon – invested in Ekom -Bank, 4.6 billion rubles in the company “Etalon”, 450 million rubles – in the mineral waters of Arkhyz, etc.
Mineral waters of Arkhyza. Photo: https://iconlife.ru/images/arkhyz_x_run_alpindustria_trail_3.jpg
And there is a persistent feeling that Yevtushenkov’s structures simply bought everything that is sold, including 75% “Crystal Fish”, LLC “Inter Forest Rus”, manufacturer of Elbrus processors, etc.
But Yevtushenkov’s business imperium – again – fails the head asset – the Segezha Holding. And most of the transactions, the billionaire Yevtushenkov closed for borrowed money, including those received with IPO.
Recall also that Segezha Group vigorously conducted business in Europe – and this gave a reason to blame Yevtushenkov of which economy his companies are developing.
And the billionaire paid for this. He himself is under sanctions. And 7 plants for the production of paper packaging in Denmark, the Czech Republic, Germany, the Netherlands, Italy, Turkey and Romania had to be sold.
The deal was made on market conditions, but what are these conditions?
This story is still shrouded in thick fog. He writes about this “Version”.
But it became known that in the unfriendly countries, Mr. Yevtushenkov earned about 14 billion rubles. per year.
And today, when the rate on the European market is lost, only the logistics expenses of the group doubled, to 16 billion rubles.
How will AFK “System” get out of the financial crisis?
This is a secret covered with thick darkness …