Food Industry News

"Prodimex" added himself to the ground sugar

Russia's largest producer of sugar "Prodimex" Igor Hudokormova became the owner of the two sugar factories in the Kursk region, previously owned "Ivolga-Holding". The market value of companies and the adjacent land could exceed 1,8 billion rubles.

Buying assets will "Prodimex" to increase the production of sugar in the 11,5%.

According to the Unified State Register of Legal Entities, part of the Prodimex holding company of Igor Khudokormov, the United Sugar Company JSC in April became the owner of Kursksaharprom. On its balance sheet are two sugar plants in the Kursk region - "Collectivist" and Zolotukhinsky sugar plant (ZSK). Earlier, "Kursksaharprom" belonged to Yuri Kochev and Igor Ugay, connected with the Kazakh-Russian "Oriole Holding" Vasily Rozinov, it follows from the Unified State Register of Legal Entities. The fact that ZSK and "Collectivist" belonged to "Oriole", confirms the leading expert of the Institute for Agrarian Market Studies (IKAR) Evgeny Ivanov. "Prodimex" received these assets in the management in 2015 year after they were introduced to the procedure for monitoring the suit of Sberbank, knows the source on the market.

Contact Mr. Hudokormovym and representatives of "Orioles" failed. The press service of the Administration of Kursk region said they did not have the information in "Prodimex" did not respond to a request to "Kommersant".

"Ivolga-holding" was one of the largest agro-industrial companies in the world. According to the Kazakh Forbes, for May 2015, the land bank of the "Ivolga-holding" totaled 1,5 million hectares in Kazakhstan and Russia. Last year, about a dozen enterprises of the Orioles in Russia were filed for bankruptcy. Debt to Sberbank reached 1,1 billion rubles., Before Rosselkhozbank - about 0,5 billion rubles. In the same year, Royal Bank of Scotland filed a claim to recover from the Orioles Center $ 296,6 million of outstanding loans under $ 300 million from 2007. In May this year, the Supreme Court recognized as lawful the decision of the first instance court to satisfy the claim.

The aggregate capacity of the plants purchased by Prodimex, according to Sahara Online, is about 8 thousand tons of sugar beet per day. Only based on this indicator, their value can reach 800 million rubles, one of the interlocutors on the market estimated. Mr. Ivanov suggests that "Prodimex", most likely, acquired factories along with the land. In his estimation, its minimum area, which is necessary for the operation of the ZSK, is about 30 thousand hectares. The cost of farmland of this area director of the analytical center "Sovekon" Andrei Sizov estimates in 0,9-1 billion rubles. In total, the "Orioles" in 2015 year in the Kursk region was about 180 thousand hectares. The source in the market is sure that "Prodimex" has not exactly received all the "Orioles" land assets in the region.

Before the acquisition of the Orioles, Prodimex had 15 plants in the Voronezh, Penza, Belgorod regions, as well as in the Krasnodar and Stavropol regions and Bashkiria. The largest enterprise - "Uspensky Sugar" - processes more than 10 thousand tons of beet per day. The total capacity of all Prodimex plants, which is the leader of the Russian sugar market with a share of 24%, is about 70 thousand tons per day. Thus, the purchase of plants "Orioles" will allow it to increase the daily processing capacity of sugar beet by about 11,5%, to 78 thousand tons.

The increase in production capacity of "Prodimex" occurs against the backdrop of growing volumes of beet sugar production in Russia. In 2015, they increased by 11,9%, to 5,1 million tons, according to the annual report "Rusagro" (market share - 14%). Following the results of 2016 Yevgeny Ivanov expects the growth of domestic production to 5,6 million tons, and consumption - up to 5,8 million tons. "The last three years, sugar beet showed a higher yield than grain and oilseeds. This season, its profitability can prove fatal because of the high harvest and sharper, than usual, fall in prices in the fall, "- the expert predicts.

See also ... 24 / 09 / 2015 “Razgulay” divided the new way29 / 04 / 2015 “Confectioners are not sweet” Kursk Oblast22 / 10 / 2014 Rusagro increased its quarterly revenue by 900% 09 / 11 / 2011 Rusagro buys sugar assets Razgulaya 29 / 04 / 2014 Razgulay sells part of its core assets profit50 / 29 / 03 Rusagro received 2016 mln rubles of quarterly loss17 / 11 / 2015 Rusagro increased sales sugar at 30% 05 / 2014 / 21 Rusagro tripled its net profit for the quarter05 / 2013 / 578 Without waiting for an IPO, Prodimex leaves the foreign director29 / 07 / 2013 Due to low sugar prices, Rusagro stocks fell in price IPO28 / 28 / 11 Rusagro completed the reconstruction of the Znamensky Sahaz factory by launching the finished goods warehouse 2014 / 06 / 09 Rusagro

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