Verkhoturov Alexey Vitalievich Russian grain. — Who founded “” and when? — What makes the holding the most money?
Presumably, Aleksey Vitalievich Verkhoturov is the head of the companies, the list of which you see below. We remind you that the companies listed below may be run by different people (namesakes). This information was obtained on the basis of an analysis of the Unified State Register of Legal Entities, may be outdated and does not violate Federal Law 152 “On Personal Data” in accordance with Art. 6 129-FZ "On State Registration of Legal Entities and Individual Entrepreneurs".
LIMITED LIABILITY COMPANY "INDUSTRIAL-INVEST"
Region: Moscow
Legal address: 123060, MOSCOW, st. RASPLETINA, 19, bldg. 2, room RULES
Types of activities:
- . Exchange transactions with stock values;
- . Activities of stock, commodity, currency and currency and stock exchanges;
- . Other financial intermediation;
CLOSED JOINT STOCK COMPANY "BREAD PRODUCTS PLANT "TIKHORETSKY"
Region: Krasnodar region
Legal address: KRASNODAR region, TIKHORETSK city, Pochtovaya st., 2
Intermediary services in the purchase and sale of agricultural products
Production of flour from grain and vegetable crops and ready-made flour mixtures and baking dough
LIMITED LIABILITY COMPANY "RUSSKOYE ZERNO"
Region: Moscow
Legal address: 119049, MOSCOW, st. COW VAL, 7, building 1, 200
Wholesale
Wholesale trade of grain, seeds and feed for farm animals
According to the Unified State Register of Legal Entities, Alexey Vitalievich Verkhoturov is the head of companies or organizations, the list of which you see below. This data is open and publicly available in accordance with the provisions of paragraph 8 of Article 6 of Federal Law 129-FZ of August 8, 2001 and Order of the Ministry of Finance of Russia No. 115N of December 5, 2013. It is possible that these companies are managed by different people with the same names .
LLC "RUSSIAN GRAIN"
Address: 119049, MOSCOW, st. COW VAL, 7, building 1, office. 200.
Wholesale.
Types of activities:
- . Wholesale trade of grain, seeds and feed for farm animals;
- . Wholesale trade of sugar and sugary confectionery products, including chocolate;
- . Wholesale trade of other food products;
- . Wholesale trade of other non-food consumer goods;
- . Wholesale trade in fuel;
- . Wholesale grain trade;
- . Wholesale trade of oilseeds and oil-containing fruits;
- . Wholesale trade in feed for farm animals;
Department of the Ministry of Taxes and Taxes of Russia in MOSCOW.
CJSC "RUSGRAIN-KUBAN"
Address: 129010, MOSCOW, st. COW VAL, 7, building 1, office. 200.
Activities of grain wholesale agents.
LLC INDUSTRIAL ETC
Address: 620026, EKATERINBURG, st. LUNACHARSKY, 217 ADMINISTRATION OF OCTOBER DISTRICT.
Wholesale trade, including trade through agents, except for trade in motor vehicles and motorcycles.
CJSC "KHP "TIKHORETSKY"
Address: 352122, KRASNODAR region, TIKHORETSK, st. Pochtovaya, 2.
Intermediary services for the purchase and sale of agricultural products.
Production of flour from grain and vegetable crops and ready-made flour mixtures and baking dough.
LLC "INDUSTRIAL-INVEST"
Address: 123060, MOSCOW, st. RASPLETINA, 19, bldg. 2, room RIGHT
Exchange transactions with stock values.
Six years ago, the president of the RTS stock exchange, Ivan Tyryshkin, decided to start a new business and chose agriculture. “I analyzed the markets: grain, oil, timber and information,” he recalled. — I chose the first one. Entrance to it turned out to be the cheapest - about $3 million.” After leaving RTS, Tyryshkin hired traders and, together with Alexey,
Verkhoturov and two other partners established “ Rusgrain Holding "in order to enter the top 10 Russian grain traders by 2005. The company did not become one of the largest traders, but it turned into a vertically integrated public holding company with IFRS reporting, revenue of $200 million, 20% free float on the RTS and plans to purchase several hundred thousand hectares of land. Verkhoturov spoke about how this happened in an interview with “ Agroinvestor ».
- Who founded it and when? Rusgrain Holding »?
— « Rusgrain Holding " - the name of the joint stock company [management company], we operate in the market under the brand "Russian Grain". The holding was created in 2002 by the president of the RTS stock exchange, Ivan Tyryshkin, and me. We launched the project with personal funds. We started with grain trading: in 2003-2004 we sold about 100 thousand tons, in 2005 we sold 200 thousand tons, and in 2007 - already 400 thousand tons. This year we also opened an export direction, We plan to export 20-25 thousand tons by the beginning of 2009. However, we were engaged exclusively in trading for only a few months: in July 2003, we bought the first enterprise, the Urbach KHP, for about $1 million. Then we continued to purchase elevators necessary for successful trading. Having them, you can purchase grain at the lowest price, store it without risks and sell it under favorable price conditions. Then they added farms - in a word, they created, as they say now, a vertically integrated agricultural holding.
— Why did you decide to invest in the agricultural sector?
— Six years ago, in our opinion, it made sense to create a large-scale business in the agro-industrial complex: this is one of the few unconsolidated industries with thousands, if not tens of thousands, of market participants. There are several hundred elevators alone! Almost all of them belonged to independent owners, and the purchase of land and production facilities by federal agricultural holdings and international companies was just beginning.
— Why does the holding need agricultural production?
“At first we had this strategy - to buy land only near enterprises in order to minimize the risks of trading and elevator business. And when they began to prepare for the placement of shares, it was already clear that farmland was a good factor for capitalization.
— When did you buy the first lands?
— In 2004. In the Voronezh region, they purchased a collective farm with 5 thousand hectares and 500 cows. He was located in the raw material zone of our Latnensky elevator, he owed money to him for storing grain and could not pay. Therefore, we bought this asset cheaply, using debts. Then the same story repeated itself with another elevator - Tulinovsky, when Russian Grain bought a large local agricultural enterprise with 16 thousand hectares of land, of which 6 thousand were fallow. $2-3 million were spent on its acquisition. That’s how we plunged into agriculture. Now we have 11 agricultural companies.
- In April " Rusgrain » conducted private placement. Why - to attract investment?
- Not only. Of course, it was necessary to refinance expensive loans and generally insure ourselves: we felt that money was becoming expensive and less accessible a year ago. But the first goal pursued was to create a credit history. The owners of Russian Grain are building a transparent and, in the future, public business. The holding is registered in Russia, and not in offshore jurisdictions. Since 2004, we have been reporting according to IFRS, and at the same time we conducted the first independent audit, which was carried out by Deloitte. Since then, the holding has been audited annually. In 2005, a bill of exchange loan for 500 million rubles was registered. And during a private placement in April, they received $35 million for 20% of the shares. This free float is enough to subsequently enter the market with a large block of shares.
— Do you mean IPO?
- Certainly. Before the crisis, we planned it for 2010. We are not abandoning our placement plans now, but we will adjust them depending on the situation on the financial market.
— Who bought shares during private placement?
— Approximately 25 Western investment funds. The placement organizer, Renaissance Capital, is behind many of them.
— What did you spend the money on?
— All $35 million came to the company and was invested in the purchase and lease of land in the black earth regions. When planning the placement, we understood: agricultural assets are so undervalued that it makes sense to sell part of the shares and buy them with the money thus earned. For example, we acquired the profitable Omsk agricultural enterprise “Tsvetnopolye” with 14 thousand hectares and about 2 thousand cattle. Of course, having earned money from the placement, it was possible to reduce the debt burden and then attract more money for development. But I believe that we acted more efficiently: we sold shares at a favorable time and at a good price, purchased agricultural companies with the proceeds and sowed grain, which is now collected and stored in elevators.
— How much do you estimate investments in farmland?
— Purchasing an agricultural company costs an average of $1 thousand/ha, and the same amount is needed to purchase combines, tractors, seeds, fertilizers, etc.
— How much land is owned and leased?
— Of the 87 thousand hectares, more than 30 thousand hectares are owned. The rest are leased for 10 years. We are aimed at a gradual redemption, although, of course, we understand that 100% of the land cannot be purchased: not all shareholders want to sell it, plus some of the land is in distribution funds or belongs to municipalities.
— Are all your agricultural companies profitable?
— Since 2007, yes, primarily due to the equalization of crop rotation, which took up to three years. After all, peasants, in order to survive in the market, often rely on short-term profits - whichever crop is more expensive, that’s what they mostly sow. So it turned out that sunflowers were sown after sunflowers, beets after beets, etc.
As a result, many lands were essentially ruined and had to be put back into circulation. We are now cultivating 100% of the areas we control.
— What makes the holding the most money?
— In 2007, the main financial flow was generated by agriculture. Up to 50% of the revenue will come from processing enterprises. If we take the agricultural divisions (20% of the holding’s revenue in 2008), then 97% of their turnover comes from crop production. Dairy farming performs more of a social than a business function. However, it also brings us a small profit, around 2%.
— You announced the construction of a mega-farm near Voronezh for 3 thousand dairy cows for $50 million. What now with this project?
— We announced it before the crisis in order to capitalize the livestock division. They were going to build livestock buildings and reconstruct them. It was planned to purchase 2.5 thousand cows by 2010 and carry out selection to improve the livestock. But I can’t say yet what will happen now.
— In the Voronezh region, you also announced a seed plant with a capacity of 100 thousand tons/year. Will you also freeze its construction?
- No, we will start building this year on the base
Tulinovsky elevator. Investments in equipment, reconstruction and crop rotation - €5-6 million. The plant will produce grain seeds, primarily malting barley. We take as partners the company Dieckmann technologies (Germany) with 25 years of experience in seed production. The contribution of the Germans will be technology and money, the “Russian grain” will be land, equipment and also finance. The Euroseeds joint venture has been registered, in which we have a controlling stake.
— How much is the holding’s loan portfolio?
— According to KPMG, 1.32 billion rubles. with revenue of 4.5 billion rubles. There is no need to increase it yet: we made good money on private placements, and in 2008 we reaped a good harvest. Of course, to continue the active purchase of land, borrowed funds will be required. But we will approve the borrowing strategy only after detailed negotiations with banks. They have not yet decided how to work now: to whom to give loans, to whom not, on what collateral, on what conditions, etc. It is clear that collateral will decrease in price and it will be more difficult to obtain long-term loans. But now there are no such loans de facto. And what kind of loan is this - 15% per annum or more? Can you imagine how much you need to earn in order to be able to pay off and not be left in the red? Thus, at the moment, you can only develop using your own funds, and use borrowed funds for working capital.
— What is your debt/EBITDA ratio?
— Quite comfortable — according to preliminary data from KPMG, 1:4.5. We are seriously underfunded, at least compared to many other agricultural holdings. So we have no need to reduce our debt burden.
— Rusgrain shares fell in price by more than three times by the beginning of October. Don't want to buy it?
— Most likely, we won’t do this. We are focused on publicity, which we have been achieving for several years. Therefore, a buy back would be a step back for us, even though the company’s capitalization is now clearly lower than its real value. But we are sure that this is temporary, the market will definitely recover. Indeed, even with the onset of the crisis, grain consumption in the world continues to grow, and demand for it exceeds supply.
— What is the capitalization of the holding?
- Before the crisis - $320 million, now - a little more than $200 million based on the latest transactions on the RTS [at the time of the interview - October 10 - "AI"].
— The company has a strategy until 2010.
What is it?
— We will continue to buy elevators in the southern and black earth regions and consolidate up to 30 thousand hectares of land around each. Next year we want to at least double the land bank, and by 2010 increase it to 250 thousand hectares. The holding needs 8 elevators with a capacity of up to 1 million tons of simultaneous storage instead of the current 2 elevators with a capacity of 450 thousand tons. We are interested in land in the south of the Rostov region, in the Krasnodar region and in the raw material zones of our Voronezh enterprises. There are plans to grow malting barley near Omsk, where we now have our own farm. Now, of course, all these projects can be adjusted due to the crisis. On the one hand, it is clear that agricultural assets will become cheaper, but on the other hand, it will be more difficult to obtain financing for their consolidation.
— What revenue and EBITDA do you expect in 2008?
— Revenue should exceed $200 million, and EBITDA will be about $20 million.
Alexey Verkhoturov
General Director of LLC "Russian Grain"
Born May 30, 1970
In 1991 he graduated from the Sverdlovsk Higher Military-Political School, in 2001 - graduate school at the Ural State Agricultural Academy. From 1993 to 2002 engaged in business activities in the fields of trade, investment and finance. Since 2002 - General Director of Russian Grain LLC. Hobbies include collecting paintings and exotic fishing.
"Rusgrain Holding"
Management company. Unites LLC "Russian Grain", KHP - "Tikhoretsky" (Krasnodar region), "Urbakhsky" (Saratov region) and "Kubani Bread", elevators - Latnensky and Tulinovsky (both - Voronezh region). 11 agricultural enterprises in the Voronezh, Rostov and Omsk regions. It is engaged in crop production on 87 thousand hectares and dairy farming, grain and oilseed processing, feed production and grain trading. Revenue in 2007 was more than $95 million, EBITDA was $7 million. The company's shares are traded on the RTS, free float is 20%. The controlling shareholder is Ivan Tyryshkin.