"WE ARE INCREASING OUR MARKET SHARE UP TO 15%”"Kommersant", 27.04.2005
-- What is your estimate of prospects for Russian exports?
-- It is perspective. Helicopters are in demand. The decree that was signed last year enables us to unite all “Mi” plants, to avoid competition and the national level and to improve competitive ability at foreign markets. Taking into consideration all these factors we have good opportunities to occupy a more significant niche at the market. Today it is about 5%. We are planning to increase our market share up to 15% or may be more.
-- Serial plants fear that once they are incorporated into the holding they will be put aside from foreign economic activity, will lose their legal entity and their connection with foreign partners will also be lost.
-- There are many variants for their participation and preservation of their previous contacts, both: contractual and shareholding. Each plant will remain a separate legal entity.The “Oboronprom” is a holding structure. And enterprises will continue working in the way they did before. Their production plants will procure directly to the customer but their marketing strategy is to be coordinated by the managing company. This also concerns exhibition and advertising activities, and of course, decision-making associated with new perspective developments. This will be in the framework of united concept of the managing company.
-- And how this policy will be realized with respect to those enterprises where you have no majority shareholding at “Rostvertol”, for example?
-- It is true that we have no shares of the Rostov plant yet. We are working out the mechanism of the “Oboronprom” participation in the “Rostvertol” It will be either purchase of the “Rostvertol” shares from its shareholders or exchange of the “Rostvertol” shares for the “Oboronprom” shares. At present we are discussing a blocking minority ownership of 25.1%. In the future we are planning to acquire controlling block of shares, though, this is a matter of future. Though, in the decree it is stated that by the end of the year 2005 the government and the “Oboronprom” have to find the ways of acquisition of majority shareholding in the named enterprises. It goes without saying that nobody is going to take anything, it is simply impossible. Only legitimate ways of purchasing or exchange are under consideration.
-- What about the Kazan plant?
-- We have a decree that states that 29.92% of shares are submitted by the Tatartstan government in exchange for the “Oboronprom” shares. The KPH shares that belonged to the republic are state-owned, thought not at federal level. As Tatarstan is constituent entity of the RF, it was entitled to exchange its shares of the Kazan helicopter plant for the “Oboronprom” shares. It is an exchange coefficient that matters. Together with the “Rosimushchestvo” and the Ministry of Property Relations (Tatarstan) we signed a tripartite agreement with Evaluation Company. By mid-May we will have an evaluation act that will need to be studied by the “Rosimushchestvo” and the Ministry of Property Relations. Once the KHP shares are transferred to the “Oboronprom”, the Tatarstan government will get membership in the “Oboronprom” Board.
-- What about Ulan-Ude and the Moscow plants?
-- As per decree, 49% of the Ulan-Ude aircraft shares are submitted by “Rosimushchestvo”. Another 14% - by the “Rosoboronexport”. So, we get 63% of shares. The shares are to be submitted in June-July. In Mid-May we plan to carry out defense and revision of evaluation acts. Also according to the decree the “Rosimushchestvo” will submit 31% of the Moscow helicopter plant shares. Taking into consideration the fact that 25% of shares in authorized share capital of the MHP are non-voting preferred ones, these 31% of shares turn into 41% of voting shares. Another 12.5% of MHP shares are held by the “Rostvertol”, so all together we get 53.5% of voting shares.
-- What is the role of the MPH in the holding? Coordinator? Managing company?
-- The MHP will have certain elements of managing company. Within the framework of the holding we are planning to authorize the MHP as a developer for additional functions, including the function of coordinator of market research and advertising and exhibitory activities.
Now there are two concepts: to cut some functions of the enterprises, which will happen in the future and to give them either to the “Oboronprom” or to the MHP. With respect to our company we believe the second variant to be more promising.
-- Can other shareholders block the transfer of state-owned shares to the “Oboronprom”?
-- There is a law concerning joint-stock companies. Under this law any shareholder of an opened joint-stock company may dispose of his shares as he wishes. To do so permission of other shareholders is not needed. All the plants incorporated into the holding are opened joint-stock companies.
-- When do you expect the Government decree concerning your holding to be issued?
-- I hope it will be issued in late April or early May.
-- Why do negative opinions, given all advantages provided by the holding, still exist? And as a rule such opinions are expressed by representatives of serial plants…
-- I have never heard of such opinions expressed by serial plants.
-- Such opinions are always expressed behind-the-scenes. Officially everybody supports the holding. But in informal talks there arise a lot of counter-arguments. They say that in early 90-s the state did not support defense enterprises at all and they had to survive alone. But now, when these enterprises have become profitable, the state decided to regain control over them…
-- This opinion is wrong. In this case the state acts as consolidator that gives an opportunity to unite. Besides, the state has no plans of holding these assets forever. Essentially, there may be a possibility for IPO program if there is a necessity in terms of holding’s development. In the first place the interest of the state is centered on development of this structure, provision for appropriate load of enterprises that give opportunity to pay taxes and provide employment of population.
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