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EBRD Your Partner in North-West RussiaTetsuya Uchida
Head of EBRD St. Petersburg office10 November, 2005
MoscowSmolensk
Bryansk
OryolKursk
Belgorod
Voronezh
Kaluga
Tula
LipetskTambov
Ryazan
TverYaroslavl
KostromaIvanovoVladimir
Pskov Archangelsk
Murmansk
Nenets AO
KomiVologda
Karelia
Novgorod
Kaliningrad
Rostov-on-Don
Volgograd
ElistaStavropol
Krasondar
Groznyi
Astrakhan
N.Novgorod
Perm
Bahkortostan
Orenburg
SamaraSaratov
PenzaUlyanovskTatarstan
Udmurtya
Komi-PermyatskiKirov
Mordovia ChuvashiaMariy El
Chelyabinsk
Khanty-Manskiysk
Tyumen
Kurgan
Ekaterinburg
Salekhard
Taimyr
Evenkysky
Omsk
Novosibirsk
Tomsk
Altai-T
Altai-O
Kemerovo
Krasnoyarsk
Khakssia
Tyva
Ust-Ordynsky
Irkutsk
Buryatia
Chita
AginskyBuryatia
Sakha
Magadan
Koryask
Amur
Jewish
Khabarovsk
Chukota
Kamchatka
Primorsk
SakhalinMakhachkala
Maikop
Nazran
Cherkessk
Vladikavkaz
Nal’chik
89 regions and 7 Federal Districts89 regions and 7 Federal Districts
NorthNorth--West Federal DistrictWest Federal District
Pskov Archangelsk
Murmansk
Nenets AO
KomiVologda
Karelia
Novgorod
St.Petersburg
Kaliningrad
Iron ore
BauxiteApatite
Nickel
Oil & Gas
Timber
Titanium
Large projects
SME financing
Growth above 5%
Decline above 5%
Region: NORTH-WESTArea: 1.68 mln km2
Population: 15 mlnCities: 152Capital: St. Petersburg
10% of Russian population 28% below poverty line12% of workforce in SME9% of GDP 7% of FDI
80% of shipbuilding40% of timber productionFDI grows in Leningrad Oblast, St. Petersburg, Novgorod.
Current agendaCurrent agendao Key transport hub to Europeo St. Petersburg tourism and property
PotentialPotential: Agribusiness, general industry, infrastructure, tourism and p: Agribusiness, general industry, infrastructure, tourism and propertyroperty
RiskRisk: : Average risk areaAverage risk areaLower risk in Novgorod and St. Petersburg Lower risk in Novgorod and St. Petersburg Higher risk in Komi Higher risk in Komi
A network of 32 offices in 27 countries
EBRD EBRD RResident esident OOffices ffices
St. Petersburg RO
Moscow RO Ekaterinburg RO
Vladivostok RO
Rostov RO (2006)
Samara RO (2005)
High Market Potential
Good Market Potential
• EBRD has presence in 47 out of 89 regions. • A “real” presence is maintained in 19 regions
in which the Bank has 4 or more big projects.
International financial institution est. 1991, owned by 62 national and supranational shareholdersPromotes market-based economies in 27 countries in central & eastern Europe and the former Soviet UnionCommitted cumulatively €26.2 billion for 1,167 projects to dateMobilized additional €55.7 billion of cumulative businessCapital base of €20 billion0
5
10
15
20
95 96 97 98 99 00 01 02 03
Audited May 2004
What is EBRD?
EBRD offers a wide variety of productsEBRD offers a wide variety of products
Loans 81%Loans 81%Guarantees 14%Guarantees 14% Equity 5%Equity 5%
Specific risk guarantees (i.e. political, commercial risk participations)Commodity-backed instruments (i.e. warehouse receipts)Trade facilitation program (with participation of local banks)
Corporate or Project specific
Non or limited recourse to sponsors
Syndicated loans (w. underwriting)
Parallel with ECA’s, other IFI’s or Banks
Hard / local currency
Floating/fixed rates
Venture CapitalPrivatisationsNew EquityQuasi-equity‘Portage’
Business volume, Portfolio and Pipeline in RussiaBusiness volume, Portfolio and Pipeline in Russia
Largest investor in RussiaSince 1991 the EBRD’s a Cumulative Business Volume is €5.9 billion (this is 23% of all projects financed by EBRD)At the end of 1st quarter 2005 the Portfolio Stock was at €3.9 billion and Pipeline projects were at €3.8 billion 76% of the Bank’s portfolio in Russia was the private sector, while 81% was debt, 14% equity and 5% guarantee
0
1
2
3
4
5
6
7
1991-1994 1997 2000 2003
Annual Business Volume (cumulative '91-'94)
Net Cumulative Business Volume
€ billionCumulative
Business Volume
Russia Becoming the Biggest Focus
Central Asia7%
SEEC30%
Central Europe40%
Russia23%
Net cumulative commitments €26.2 billionof which €5.9 billion in Russia
St Petersburg City14%Moscow City
11%
Moscow Oblast7%
Samara Oblast4%
Nizhny-Novgorod R.3%
Volgada Oblast2%
Yamalo-Nenetsk R.3%
National14%
Multi-Regional21%
Others17%
Kamchatskaya Oblast2%
Perm Oblast2%
Russia Portfolio by Region
Russia Portfolio
Stock €3.75 billion
Telecoms & Media 3%
Infrastructure 11%Natural
Resources 9%
Power & Energy
5%
General Industry
20%
Small Business
3%
Equity Funds8%
Transport15%
Property & Shipping
3%
Financial Institutions
14%
Agribusiness 9%
Russia Portfolio Stock by Sector
Portfolio Volume €3.75 billion
EBRD in NorthEBRD in North--West RussiaWest Russia
Priority region for the Bank
Total cumulative portfolio of signed projects – EUR 1.5 billion (2005)
Well diversified portfolio: municipal, food processing, general manufacturing, forestry, telecommunications, property etc
70% of the portfolio concentrated in St. Petersburg and Leningrad oblast
Major projects in NorthMajor projects in North--West Russia 1West Russia 1
Municipal & Infrastructure– St.Petersburg:
Municipal Support Project;Toxic Waste Clean-Up Project;South Waste Water Treatment Plant (22 September 2005- opening ceremony);Flood protection barrier;Ring Road
– Arkhangelsk Municipal Services Improvement Programme
Food Processing– Dirol Chewing Gum Factory (Novgorod)– Baltika Brewery– Vena Brewery
Major projects in NorthMajor projects in North--West Russia 2West Russia 2
Property & Tourism
– Nevsky 25 Business Centre
– Radisson SAS Hotel
Other Industries
– North-West GSM (telecommunications)
– Air Cargo Terminal Pulkovo (transport)
– Lenenergo (power & energy)
– Severstal-Arselor JV (steel making, Vologda region)
– Pestovo Novo Sawmill (UPM Kummene) (forestry, Novgorod region)
Projects signed in 2004 and pipeline 2005Projects signed in 2004 and pipeline 2005
Signed in 2004:Nokian Tyres (Leningrad oblast; 22 September 2005- opening ceremony)Uralkali II (Baltic Bulker Terminal, St. Petersburg)Pokrov Glass Plant (Vologda)Power Machines (St. Petersburg)Lenta cash & carry hypermarkets (S. Petersburg)Komi Municipal Water Services Improvement Programme (Komi)
Total signed in 2004 – EUR 160 millionTotal pipeline 2005 is estimated at EUR 250 million
Strengths of the EBRDStrengths of the EBRD
Strong, internationally recognised financial partner with long-term perspective and mission;
Willing to share risks, including political risks (customised to each transaction);
International institution;
Preferred Creditor Status;
Longer term perspective than that of many investors in the CEE & CIS region (i.e. medium- to long-term financing);
One of the few sources of limited recourse finance for projects in Russia and Central Asia;
Excellent working relationships with governments;
Political leverage due to EBRD’s unique mandate and shareholders’ structure
Portage EPortage Equity Financequity Finance
The EBRD purchased a 20% equity stake in the Russian company established by Toyota in the amount of EUR 15 million
EBRD exits through a put and call arrangement to Toyota
Diversify Russian economy
Maturity 7 years
Pricing equal Toyota’s debt funding costs plus a marginNote: details are simplified for case study
Equity
EquityToyota EBRD
Toyota Russia LLC
How to contact us
Moscow Resident OfficeVictor Pastor, Director, Russia TeamTel: +7-095-787-1111 / fax: 787-1122
St. Petersburg Resident OfficeTetsuya Uchida, Head of OfficeTel: +7-812-703-5525 / fax: 703-5526
Procurement Opportunities and General Informationvia web site: www.ebrd.com
PublicationsTel: +44-20-7338-7553 / fax: +44-20-7338-6102