The Board of Directors of Norilsk Nickel at a meeting on April 27 decided to support the Olympic ski resort “Rosa Khutor”, reported the press service of “Norilsk Nickel”. The company said that the decision was made in accordance with the program of support of development of mass sports in Russia.
The Board of Directors decided that in the period of 2016-2017 years “Nornikel” will acquire the shares of Belfund Investments Limited for $250,5 million (the package is not disclosed). According to “SPARK-Interfax”, Belfund Investments Limited is registered in Cyprus and controls 99,08% of the company Sport invest, which is the 100% owner of LLC “Rosa Khutor”. According to “SPARK-Interfax”, the proceeds of the company in 2014 amounted to 1.96 billion rubles, net loss — RUB 16.8 billion (more recent data are not available). The representative of “Rosa Khutor” has not responded to calls to RBC.
So far the only owner of “Rosa Khutor” — the holding company “Interros” Vladimir Potanin (Forbes estimates his fortune at $12.1 billion). Interros owns 30.3% of shares of “Norilsk Nickel”. Except Potanin, the largest shareholders of Norilsk Nickel are the IP of Rusal Oleg Deripaska (status, according to Forbes, — $2.1 billion) and Crispian Investment Ltd Roman Abramovich ($7.6 billion) and Alexander Abramov ($3.6 billion). UC Rusal owns 27.8 percent of Norilsk Nickel, Crispian 6.3 percent.
For Norilsk Nickel’s non-core investment and plan expenses of $250 million — about 7% of the projected EBITDA of the company for the year 2016, said a senior analyst “Aton” Andrey Lobazov. But on the dividend stream of a company deal in the near future will not be reflected, he said. Under the agreement of shareholders “Norilsk Nickel” directs on dividends of 60% of the EBITDA (if net debt to EBITDA does not exceed 1.8). For 2015, the Board of Directors recommended to pay dividends of approximately $550 million.
The representative “Norilsk Nickel” did not answer RBC, as representatives of the shareholders of the company in its Board of Directors voted to purchase the share of “Rosa Khutor”. The representative “Interros” at the time of publication of this article, this issue is not commented on. The press service of the IP Rusal did not respond to a request RBC, representatives of Abramovich and Abramov refused to comment.
The resort “Rosa Khutor” located in Sochi, in Krasnaya Polyana, and is the largest ski resort in Russia: 100 km of slopes, 10 hotels 1650 1700 rooms and apartments. According to the resort, in 2015, he was visited by 1.35 million people with a daily throughput capacity of 10.5 million people.
A source in “Interros said that the funds “Norilsk Nickel” will invest in the development of the resort. According to him, due to this “Rosa Khutor” will be built 23 km of new slopes and additional ski lifts, which will increase its capacity to 20 thousand people.
Investments of $250 million is the maximum cost of the development of “Rosa Khutor” for the next three years, said a representative of Interros Pyotr Liholitov. The program funding, he said, is aimed at the conversion of the resort from the Olympic to explore the development of new slopes and lifts, as well as the transformation of the resort into a year-round. “Nornikel” traditionally supports socially important sports project in Russia. Among the most well — PBC CSKA, the Russian football Union”, — he enumerates.
According to Forbes, Potanin has invested in the construction of “Rosa Khutor”, about $2.2 billion, of which about $500 million of its own funds, the remaining amount was financed primarily by a loan to VEB (the size of the loan amounted to 72.8 bn RUB.). While on the maturity date of the moratorium, but from 2017 “Rosa Khutor” will have to start to repay the loan. The popularity of the resort allows you to begin service the debt, said a month ago RBC Federal official involved in the Olympic discussion credits.
Deripaska, which, through the share of UC Rusal in “Norilsk Nickel” will be one of the owners of “Rosa Khutor”, also participated in the Olympic construction. In Sochi its structures owned LCD “Imereti”. It’s 3 thousand apartments, which during the Olympic games in Sochi athletes lived. According to VEB, the project budget amounted to 25.3 billion rubles., the loan VEB — 22.3 bn