Unproven oligarch

Andrei Guriev only considered the primary beneficiary of the world's second holding company for the production of phosphate fertilizers, "Phosagro." Documents to support or refute this very widespread opinion (so common that no other versions), the public has not seen. Neither the senator nor the "Phos-agro" this situation can not comment. The office of Senator of the Murmansk region in which the "F." asked for an interview, or at least the comments, said: Senator AG Guriev - non-public entity. What is interesting business? "F." put a conservative estimate of Andrei Guriev at $ 4.3 billion in its core is just holding "Phosagro." But with high probability we can say that capital is much higher than the senator. Certainly can not tell no one, at least until the IPO, when the company will disclose the main beneficiaries. What can expect in the apatite monopolist offering of shares? Analysts' Renaissance Capital "assess the entire company at $ 6 billion, based on the average ratio of 11x EV/EBITDA-2010 and growth of EBITDA« Phosagro "about 20%. Slightly larger estimates suggest analysts Gazprombank - $ 6-7 billion, "This is the largest producer of phosphate fertilizers in Russia, which is unparalleled in terms of profitability among domestic companies. According to our estimates, "Fos-Agro" level EBITDA margin should be about 30%, "- explains the analyst of" Renaissance Capital "Michael Safin. Margin producers of phosphate fertilizers differ from their counterparts nitrogen and potassium, being approximately in the middle. At the same time, "Phosagro" sufficient own funds for industrial development and modernization of enterprises. "The high debt burden, which is typical for the domestic fertilizer industry, was the result of an excessive struggle waged by the company's branch in 2006-2008 to obtain licenses, which permit the development of potassium and apatite deposits. In the absence of its own sources of financing companies are actively used foreign borrowing to purchase these licenses, often without regard to their cost. "Akron" and "Silvinit" - the most obvious examples, "- said Alexei Astapov from Gazprombank. "Fos-aggro" during the general insanity escaped this fate, as a result of debt does not exceed 15% of annual EBITDA. Case of the "Yukos affair". In big business, Andrei Guriev was going through the work in the bank "Menatep" with Mikhail Khodorkovsky, whom he knew from the time Komsomol work. After changing a few positions, visiting, including the chief expert service information storage, Andrei Guriev in 1995 found himself in the mining and chemical business direction, "Menatep". Them he did until 2001, until he was in a chair member of the Federation Council of the Murmansk region, which remains to this day. At the time, he renounces all other positions except the chairman of the board of directors "Apatite" - now the main asset of the holding "Phosagro." At this time, Mikhail Khodorkovsky, the problems begin. First conducted searches on suspicion of misappropriating a 20 percent state-owned shares "Apatite" (ward senator enterprise). And on the basis of seized documents formed the well-known case of "Yukos", which still remains a major bugbear for any foreign investor. Mikhail Khodorkovsky, together with partners, deprived of all assets, himself once a billionaire number one is in jail. That's just the whole story, though, and began with "Apatite" actually "Apatite" as little affected. Over the past decade, not only withstood the senator accused the Prosecutor General. Collected as part of "Phosagro" assets generate the lion's share of apatite and nepheline concentrate in the country. Apatite concentrate - raw materials for the production of phosphate fertilizers. The absorption of the mountain. State to "Phosagro" evil does not hold. For example, the board of directors of the holding head rector of St. Petersburg State Mining Institute, Vladimir Litvinenko. Besides the indisputable experience, he is known for their close relations with the Russian prime minister, who was the scientific leader in the preparation of a thesis. Official invitations to the rector of the motive for this post - its graduates are core staff holding companies. By the way, Andrei Guriev also got into this school a second degree - in 2006. First - in RSU physical culture, sport and tourism. The appointment of a person close to the prime minister must be partly to reassure investors who have in their heads still sitting case "Yukos", under the impending IPO of the company. But even more important sign of this could be an exchange of 20% of the state "Apatite" to share in the "Phosagro." The package is worth in terms of privatization, and CEO of the holding Maxim Volkov advises officials to go this way. "Phosagro" will also benefit from the fact that will not have to spend or borrow cash. Finally, evidence of mutual understanding would be a help, "Fos-agro" in the acquisition of Canadian Potash Corp. A letter with the request simply is not in the government officials warn about the work in this direction. And while we are talking about when the cost of the buyer in times less capitalization of "shopping", you never know?