Rostovenergo Preferred: solider RUS-Dividendentitel - 500 Beiträge pro Seite
eröffnet am 05.01.04 14:08:33 von
neuester Beitrag 22.04.05 19:45:48 von
neuester Beitrag 22.04.05 19:45:48 von
Beiträge: 45
ID: 807.937
ID: 807.937
Aufrufe heute: 0
Gesamt: 3.253
Gesamt: 3.253
Aktive User: 0
ISIN: US77853Q2075 · WKN: 916579
Werte aus der Branche Versorger
| Wertpapier | Kurs | Perf. % |
|---|---|---|
| 0,8400 | +1.455,56 | |
| 1.084,45 | +12,05 | |
| 9,1300 | +10,00 | |
| 4,8300 | +7,33 | |
| 1.288,00 | +6,88 |
| Wertpapier | Kurs | Perf. % |
|---|---|---|
| 1.032,80 | -10,19 | |
| 28,43 | -10,93 | |
| 14,050 | -11,52 | |
| 1,5000 | -11,76 | |
| 490,00 | -18,33 |
Feedback
Investmentidee Rostovenergo Preferred
ROSTOVENERGO REG.PFD SHS (SP.ADRS) 100/RL 1
US77853Q2075 / 916579
Grundsätzlich hat Rostovenergo, ein Versorger-Wert der sog. zweiten oder dritten Reihe, als Aktie Aufholpotenzial in Russland (s.Chart vs RTX). Zudem wird solid Cash als Dividende ausgezahlt.
Nachdem sich Dividende von Vorzügen (WKN 916579, aktuell € 1,35) und Stämmen (WKN 916578, aktuell € 2,30) in den letzten zwei Jahren angeglichen hat, ist auch die Kursschere zwischen beiden etwas größer geworden. Kann man auf eine Wieder-Angleichung spekulieren?!
Issue_Name CUSIP Country US_Record_Date US_Payable_Date Dividend_Type Net_ADR_Amt
ROSTOVENERGO 77853Q108 Russia Jun 04, 2003 Jul 03, 2003 Cash 0,0285
ROSTOVENERGO 77853Q108 Russia May 13, 2002 Aug 16, 2002 Cash 0,0351
ROSTOVENERGO 77853Q108 Russia Jun 06, 2001 Aug 10, 2001 Cash 0,0232
ROSTOVENERGO 77853Q108 Russia Mar 29, 2000 Jan 29, 2001 Cash 0,0129
ROSTOVENERGO PREFERRED 77853Q207 Russia Jun 04, 2003 Jul 03, 2003 Cash 0,0285
ROSTOVENERGO PREFERRED 77853Q207 Russia May 13, 2002 Aug 16, 2002 Cash 0,0351
ROSTOVENERGO PREFERRED 77853Q207 Russia Jun 06, 2001 Jul 24, 2001 Cash 0,0338
ROSTOVENERGO PREFERRED 77853Q207 Russia Mar 29, 2000 Sep 15, 2000 Cash 0,051
ROSTOVENERGO REG.PFD SHS (SP.ADRS) 100/RL 1
US77853Q2075 / 916579
Grundsätzlich hat Rostovenergo, ein Versorger-Wert der sog. zweiten oder dritten Reihe, als Aktie Aufholpotenzial in Russland (s.Chart vs RTX). Zudem wird solid Cash als Dividende ausgezahlt.
Nachdem sich Dividende von Vorzügen (WKN 916579, aktuell € 1,35) und Stämmen (WKN 916578, aktuell € 2,30) in den letzten zwei Jahren angeglichen hat, ist auch die Kursschere zwischen beiden etwas größer geworden. Kann man auf eine Wieder-Angleichung spekulieren?!
Issue_Name CUSIP Country US_Record_Date US_Payable_Date Dividend_Type Net_ADR_Amt
ROSTOVENERGO 77853Q108 Russia Jun 04, 2003 Jul 03, 2003 Cash 0,0285
ROSTOVENERGO 77853Q108 Russia May 13, 2002 Aug 16, 2002 Cash 0,0351
ROSTOVENERGO 77853Q108 Russia Jun 06, 2001 Aug 10, 2001 Cash 0,0232
ROSTOVENERGO 77853Q108 Russia Mar 29, 2000 Jan 29, 2001 Cash 0,0129
ROSTOVENERGO PREFERRED 77853Q207 Russia Jun 04, 2003 Jul 03, 2003 Cash 0,0285
ROSTOVENERGO PREFERRED 77853Q207 Russia May 13, 2002 Aug 16, 2002 Cash 0,0351
ROSTOVENERGO PREFERRED 77853Q207 Russia Jun 06, 2001 Jul 24, 2001 Cash 0,0338
ROSTOVENERGO PREFERRED 77853Q207 Russia Mar 29, 2000 Sep 15, 2000 Cash 0,051
Mittlerweile schönes Plus auf € 1,55 (bid 1,55 ask 1,70).
Heute in Berlin über 20.000 Stück zu € 1,55 gesucht...einmal sogar 232.000 Stück im bid! 
Russland-Investor, ich habe bei dir immer mehr den Eindruck, dass du ein Zocker bist
Von dir werden immer marktenge Werte gepuscht
Von dir werden immer marktenge Werte gepuscht
Osteuropäische Werte aus der 2./3. Reihe, wie in #1 geschrieben, sind eben markteng.
Sonst wären sie ja in der ersten Reihe.
Die Marktbreite bei Rostovenergo wird dann zunehmen, wenn sie bei 8 Euro stehen und von allen Börsenblättchen empfohlen werden.
Dann gehe ich raus.
Sonst wären sie ja in der ersten Reihe.
Die Marktbreite bei Rostovenergo wird dann zunehmen, wenn sie bei 8 Euro stehen und von allen Börsenblättchen empfohlen werden.
Dann gehe ich raus.
Trading Spotlight
@ Topcis
Ich bin Nebenwerte- und Smallcap Spezialist. Dabei suche ich vor allem UNENTDECKTE und FUNDAMENTAL UNTERBEWERTETE Gesellschaften. Mehr und nicht weniger...
"Pusherei" ist hier quasi ausgeschlossen, da eine breite Masse erst Interesse entwickelt, wie im Posting vorher beschrieben.
Übrigens weiß jeder, der lange an der Börse ist, das "Pusherei" nur etwas einbringt, wenn es im Förtsch oder Frick Stil passiert (Börsenbriefe empfehlen, Lemminge folgen, Insider vorher eingedeckt...) und den Schuh ziehe ich mir nicht an. Mittelfristig ist soetwas kontraproduktiv für eine Aktie! Eine sehr reizvolle Sache so zu arbeiten oder ?! Man hat so richtig das Gefühl, gut gearbeitet zu haben. Ist dir das nicht auch zuwider...
Ich bin Nebenwerte- und Smallcap Spezialist. Dabei suche ich vor allem UNENTDECKTE und FUNDAMENTAL UNTERBEWERTETE Gesellschaften. Mehr und nicht weniger...
"Pusherei" ist hier quasi ausgeschlossen, da eine breite Masse erst Interesse entwickelt, wie im Posting vorher beschrieben.
Übrigens weiß jeder, der lange an der Börse ist, das "Pusherei" nur etwas einbringt, wenn es im Förtsch oder Frick Stil passiert (Börsenbriefe empfehlen, Lemminge folgen, Insider vorher eingedeckt...) und den Schuh ziehe ich mir nicht an. Mittelfristig ist soetwas kontraproduktiv für eine Aktie! Eine sehr reizvolle Sache so zu arbeiten oder ?! Man hat so richtig das Gefühl, gut gearbeitet zu haben. Ist dir das nicht auch zuwider...
Der russische Stromsektor
Unterbewertete Stromerzeuger, übersehene Distributionsunternehmen
Der Stromsektor wies im Jahr 2003 mit die besten Entwicklung auf, wobei das Aushängeschild UES um 116% zulegen konnte und sich die regionalen Stromgesellschaften (“Energos”) durchschnittlich mehr als verdoppelten. Die Hausse wurde hauptsächlich durch strategische Investoren angeheizt, die Aktien an den unterbewerten regionalen Stromversorgern aufsammelten. Des weiteren kauften diese UES Aktien, da die Staatsduma den Weg für die Sektorliberalisierung bereitete und UES seinen Unternehmensreformplan verabschiedet hatte. Die Entscheidung UES Aktien als Kaufwährung für die OGK Auktionen verwenden zu können, unterstützte die Hausse noch mehr. Die sehr gute Entwicklung im Jahr 2003 ist nun auch auf das Jahr 2004 übergesprungen, wobei die regionalen Stromversorger im Januar im Durchschnitt um 50% zulegen konnten.
Für den weiteren Verlauf im Jahr 2004 gehen wir von zwei bedeutenden Investitionsthemen aus: die unterbewerteten Stromerzeuger (sowohl bei Heizkraft, als auch bei Wasserkraft) und die übersehenen Stromdistributionsunternehmen. Beide Bereiche können bei den regionalen Stromgesellschaften vorgefunden werden, da diese nachdem die Gesellschaften in Stromerzeugung, Distribution, Übertragung und andere Anlagen aufgeteilt wurden und somit in größere und liquidere überregionale Gesellschaften aufgegangen sind, einen zusätzlichen Wert schaffen werden.
Trotz der Hausse im Jahr 2003 wird die Heizkraftkapazität bei einigen Stromversorgern noch unterbewertet. Dafür gibt es drei Gründe: Diese wurde von den strategischen Aktionären zum größten Teil übersehen (Udmurtenergo, Kirovenergo); strategische Investoren haben sich früh eingekauft (Yukos und Tomskenergo); oder sie haben sich in nicht-öffentlichen Geschäften Anteile gesichert, wobei dies zu diesem Zeitpunkt keine Auswirkung auf den Aktienkurs hatte (Kuzbassenergo). In einigen Fällen haben die strategischen Investoren ihren Anteil an den unterbewerten Stromgesellschaften erhöht (Kuzbassenergo) und dies hat dann die Aktienkurse weiter unterstützt.
Der Markt hat den Bereich Wasserkraft zu gering bewertet. Trotz des natürlichen Kostenvorteils von Wasserkraftwerken wurden die Aktien dieses Bereichs aufgrund von Unsicherheiten bezüglich der Besteuerung und der langfristigen Verträge zurückgehalten. Aber selbst wenn man davon ausgeht, dass diese 50% ihres Jahresüberschusses aufgrund von überhöhten Steuern auf Wasser und/oder aufgrund von zu günstigen langfristigen Verträgen verlieren würden, bieten alleinstehende Wasserkraftwerke wie Volzhskaya, Votkinskaya und Stromgesellschaften mit Wasserkraftkapazitäten wie Stavropolenergo ein Aufwertungspotenzial von 70%.
Die Stromlieferanten wurden vom Markt meistens komplett vernachlässigt. Wir wandten sowohl unser DCF-Modell als auch die Vergleichswertebewertung an und dies führte zu einer deutlichen Anhebung unserer Zielwerte für diese Unternehmen. Stromversorger die „long“ bezüglich ihrer Distributionsanlagen sind, bieten nach unserer Einschätzung ein Aufwertungspotenzial von 50%-100%.
UES bleibt ein Buy mit einem Aufwertungspotenzial von 18%. Die ersten OGK Auktionen im 2.Halbjahr 2004 werden wahrscheinlich den Aktienkurs beflügeln. Wir machen uns nicht allzu große Sorgen darüber, dass auch Bargeld bei den Auktionen zugelassen werden könnte, so lange der Wert von UES Aktien für Auktionszwecke mit einer Prämie zum jetzigen Kursniveau ausgestattet ist (und wir glauben, dass dies auch der Fall seien wird).
Quelle Aton Research
Unterbewertete Stromerzeuger, übersehene Distributionsunternehmen
Der Stromsektor wies im Jahr 2003 mit die besten Entwicklung auf, wobei das Aushängeschild UES um 116% zulegen konnte und sich die regionalen Stromgesellschaften (“Energos”) durchschnittlich mehr als verdoppelten. Die Hausse wurde hauptsächlich durch strategische Investoren angeheizt, die Aktien an den unterbewerten regionalen Stromversorgern aufsammelten. Des weiteren kauften diese UES Aktien, da die Staatsduma den Weg für die Sektorliberalisierung bereitete und UES seinen Unternehmensreformplan verabschiedet hatte. Die Entscheidung UES Aktien als Kaufwährung für die OGK Auktionen verwenden zu können, unterstützte die Hausse noch mehr. Die sehr gute Entwicklung im Jahr 2003 ist nun auch auf das Jahr 2004 übergesprungen, wobei die regionalen Stromversorger im Januar im Durchschnitt um 50% zulegen konnten.
Für den weiteren Verlauf im Jahr 2004 gehen wir von zwei bedeutenden Investitionsthemen aus: die unterbewerteten Stromerzeuger (sowohl bei Heizkraft, als auch bei Wasserkraft) und die übersehenen Stromdistributionsunternehmen. Beide Bereiche können bei den regionalen Stromgesellschaften vorgefunden werden, da diese nachdem die Gesellschaften in Stromerzeugung, Distribution, Übertragung und andere Anlagen aufgeteilt wurden und somit in größere und liquidere überregionale Gesellschaften aufgegangen sind, einen zusätzlichen Wert schaffen werden.
Trotz der Hausse im Jahr 2003 wird die Heizkraftkapazität bei einigen Stromversorgern noch unterbewertet. Dafür gibt es drei Gründe: Diese wurde von den strategischen Aktionären zum größten Teil übersehen (Udmurtenergo, Kirovenergo); strategische Investoren haben sich früh eingekauft (Yukos und Tomskenergo); oder sie haben sich in nicht-öffentlichen Geschäften Anteile gesichert, wobei dies zu diesem Zeitpunkt keine Auswirkung auf den Aktienkurs hatte (Kuzbassenergo). In einigen Fällen haben die strategischen Investoren ihren Anteil an den unterbewerten Stromgesellschaften erhöht (Kuzbassenergo) und dies hat dann die Aktienkurse weiter unterstützt.
Der Markt hat den Bereich Wasserkraft zu gering bewertet. Trotz des natürlichen Kostenvorteils von Wasserkraftwerken wurden die Aktien dieses Bereichs aufgrund von Unsicherheiten bezüglich der Besteuerung und der langfristigen Verträge zurückgehalten. Aber selbst wenn man davon ausgeht, dass diese 50% ihres Jahresüberschusses aufgrund von überhöhten Steuern auf Wasser und/oder aufgrund von zu günstigen langfristigen Verträgen verlieren würden, bieten alleinstehende Wasserkraftwerke wie Volzhskaya, Votkinskaya und Stromgesellschaften mit Wasserkraftkapazitäten wie Stavropolenergo ein Aufwertungspotenzial von 70%.
Die Stromlieferanten wurden vom Markt meistens komplett vernachlässigt. Wir wandten sowohl unser DCF-Modell als auch die Vergleichswertebewertung an und dies führte zu einer deutlichen Anhebung unserer Zielwerte für diese Unternehmen. Stromversorger die „long“ bezüglich ihrer Distributionsanlagen sind, bieten nach unserer Einschätzung ein Aufwertungspotenzial von 50%-100%.
UES bleibt ein Buy mit einem Aufwertungspotenzial von 18%. Die ersten OGK Auktionen im 2.Halbjahr 2004 werden wahrscheinlich den Aktienkurs beflügeln. Wir machen uns nicht allzu große Sorgen darüber, dass auch Bargeld bei den Auktionen zugelassen werden könnte, so lange der Wert von UES Aktien für Auktionszwecke mit einer Prämie zum jetzigen Kursniveau ausgestattet ist (und wir glauben, dass dies auch der Fall seien wird).
Quelle Aton Research
Läuft gut, +24% seit Anfang Jan04 . 
Wichtig wäre irgendwann ein Ausbruch über die Zone um € 1,75 bis € 2,00 .
Dafür muss man Geduld haben! Die regelmäßige Dividende ist da hilfreich.
Ist kein Zockerwert, sondern durchaus fundamental sehr gut abgesichert. Wer auf weitere Stabilisierung in Russland setzt, liegen lassen!
Wichtig wäre irgendwann ein Ausbruch über die Zone um € 1,75 bis € 2,00 .
Dafür muss man Geduld haben! Die regelmäßige Dividende ist da hilfreich.
Ist kein Zockerwert, sondern durchaus fundamental sehr gut abgesichert. Wer auf weitere Stabilisierung in Russland setzt, liegen lassen!
Zwei News:
1. Gerade aktuell
Reuters: Putin announces resignation of government!
2. Thema: Umstrukturierung Rostovenergo (auszugsweise)
At its regular meeting held today, the Board of Directors of RAO "UES of Russia" reviewed the progress report on the preparations underway in the Holding`s energy companies for the 2003/2004 autumn-winter peak load. The Board of Directors stated that the current level of preparedness of the energy companies of RAO "UES of Russia" for the forthcoming autumn-winter season will make it possible to ensure reliable electricity and heat supply to industries and households.
It was pointed to the fact that the Unified Energy System (UES) of Russia has maintained stable performance in 2003. The Company`s subsidiaries have been able to ensure reliable electricity supply to industries and households in the Russian Federation and have fulfilled their obligations under electricity export contracts. The Unified Energy System of Russia has operated at the standard electrical frequency prescribed by the federal standard (GOST) 100% of the calendar time.
Electricity consumption in the Russian Federation increased in the first 8 months of 2003 year-on-year by 4.6% to 574.9 TWh. During the 8 first months of the current year, Russia`s power plants generated 579.9 TWh of electricity, up 4.8%, the power plants of RAO "UES of Russia" increasing generation by 5.9% to 457.8 TWh. The heat production by the companies of RAO "UES of Russia" totalled 333.6 million Gcal (103.5% of the target, and 105.9% year-on-year).
Fuel supplies to the power plants of RAO "UES of Russia" have remained stable throughout the first 8 months of 2003. The share of coal in the fuel balance of RAO UES power plants increased in the first 8 months of 2003 1.2% in year-on-year terms to 27.7%, whereas the share of fuel oil grew 0.5% to 4.8%. The share of gas declined by 1.7% to 67.0%.
The number of energy companies in crisis/turnaround management is decreasing. In 2003, 10 energy companies have stopped operating in crisis/turnaround mode. The Crisis Committee of RAO "UES of Russia" currently retains control only over OAO "Kamchatskenergo", OAO "Sakhalinenergo", and OAO "Khabarovskenergo".
Meanwhile, the status of preparations for the heating season at the housing and public utilities is rather serious. The status of preparations for the heating season in some areas of the Russian Federation causes serious concerns. As at 1 September 2003, only 31% of funds needed for the heating season preparation have been supplied throughout Russia. The preparedness of boilers in the housing sector is 69%, heating networks - 76%; only 48% of old heating networks have been replaced; the coal inventories stand at 44% of the target, whereas liquid fuel inventories make 54% of the target.
In order to ensure reliable electricity supply to consumers, RAO "UES of Russia" has signed a cooperation agreement with Russia`s State Construction Committee ("Gosstroy"). A working group consisting of representatives from RAO "UES of Russia" and Gosstroy has been set up to prepare a joint action plan. In particular, joint action is taken to check the winter preparedness of housing and public utility entities, repair and maintenance schedules are being worked out and agreed, contingency planning is underway to ensure elimination of the possible technical failures in the heating and electricity grids. The energy companies of RAO "UES of Russia" (in particular, OAO "Kurskenergo", OAO "Saratovenergo", OAO "Tverenergo") are rendering assistance to entities of the housing and public utilities sector in technological testing of power equipment.
As at 1 September 2003, within the project of OAO "Russian Communal Systems", agreements have been signed with heads of the following constituent territories of the Russian Federation and municipalities: Republic of Udmurtia, Chuvash Republic, Altay Kray, Tver Region, Rostov Region, Smolensk Region, Tambov Region, Kaluga Region, Voronezh Region, Volgograd Region, Kostroma Region, Sverdlov Region, Oryol Region, Arkhangelsk Region, Saratov Region, Kursk Region, Orenburg Region, Vladimir Region, Tula Region, Amurskaya Region, Perm Region, Lipetsk Region, the cities of Vladivostok (Primorsky Kray), Kirovo-Chepetsk and Kirov (Kirov Region), Tomsk (Tomsk Region), Rostov (Yaroslavl Region), and Blagoveschensk (Amurskaya Region).
* * *
The Board of Directors has reviewed the progress report of Deputy Chairman of the Management Board Sergey Dubinin on the implementation of the Holding`s investment program in H1 2003 and preparation of the draft investment program of RAO "UES of Russia" for 2004. The Board also considered the options for raising funds needed to complete the generation projects under construction by the deadlines established by the Russian Government and the Company`s orders.
It was noted that the FEC of Russia had approved the Investment Program of RAO "UES of Russia" (including OAO "UES FGC" and OAO "UES SO-CDA") for 2003 for the key construction projects and facilities, envisaging RUB23.5 billion in allocations. This investment program has been approved by the Russian Government and ratified by the FEC of Russia. It covers investments in generating and power grid facilities, and arrangements to prepare the market infrastructure for the launch of the market.
In connection with the establishment of OAO "UES FGC" and introduction of independent tariffs for OAO "UES FGC" and OAO "UES SO-CDA", these companies have been given an opportunity to invest according to their own investment programs. These Companies` investment programs envisage additional funding in the amount of RUB4.4 billion for the entities scheduled for re-equipment and renewal, establishment of a corporate telecommunications network at OAO "UES FGC", and construction of Severo-Zapadnaya CHPP.
According to the Companies` investment programs, RUB14.4 billion in funds have been allocated to projects to build generating capacities. For the purposes of market infrastructure development, RUB0.52 billion in funds have been committed to the upgrade of hardware and software of the System Operator of OAO "UES SO-CDA" and integrated dispatch administrations (IDAs), as well as the creation of an automated commercial electricity metering system. Total investments in power grid facilities will make RUB10 billion, including RUB2.3 in funds earmarked for the re-equipment and renewal of the facilities. RUB1.2 billion in funds have been committed for the reconstruction of energy facilities in the Republic of Chechnya.
In 2003, the planned investments in regional energos and AO-power plants amounted to RUB50.6 billion and RUB5.5 billion, respectively.
Compared to 2002, there has been a significant increase in investments throughout RAO UES Holding in accordance with the Companies` approved investment programs. In 2003, about 2,118.3 MW of turbine capacity is planned to be put into service throughout the RAO UES Holding, compared to 640 MW in 2002, with commissioning of 431.2 MW to be funded by RAO "UES of Russia" (compared 146.7 MW in 2002), and the rest of the turbine capacity construction (1,687.1 MW) to be financed with the regional energos` own funds.
In H1 2003, all projects scheduled for completion have been put into operation. In April 2003, two 25-MW power generating units were commissioned at Mutnovskaya Geothermal Power Plant; on 30 June, the first hydroelectric generator of 185 MW capacity was put into operation at Bureyskaya HPP; in June, a diesel power plant (DPP) was put into service in the settlement of Deputatsky, with a diesel generator 1-6 of 9.8 MW capacity.
Implementation of investments in construction projects, especially in key projects, continued to grow in H1 2003. Implementation of the Holding`s investment programs in H1 2003 grew year-on-year by 43%. The RAO UES investment program implemented to date made RUB11.4 billion, or 71% of the annual target.
In H1 2003, the energy companies of RAO "UES of Russia" commissioned steam boilers of aggregate capacity of 15 Gcal/h, 265.2 km of transmission lines of 35kV and above, and 14.3 km of heating networks.
Based on the ceiling for the tariff growth in 2004 recommended by the FEC of Russia, RAO "UES of Russia" estimated the aggregate amount of investments to be made by RAO "UES of Russia", OAO "UES FGC" and OAO "UES SO-CDA" at RUB29.23 billion. The amount of investments to be made according to the investment program of RAO "UES of Russia" is estimated at RUB15.1 billion, with the respective figures for OAO "UES FGC" and OAO "UES SO-CDA" estimated at RUB13.4 billion and RUB0.73 billion.
Due to a shortfall in investment resources available to RAO "UES of Russia", OAO "UES FGC", and OAO "UES SO-CDA" compared to the volumes planned by the Companies to ensure timely completion of the capital construction projects, it is necessary to raise loans against surety of RAO "UES of Russia", the latter being a source of funds for the Companies` investment programs.
Currently, work is underway at regional energos and AO-power plants to prepare investment programs for 2004. These programs will be submitted for approval, respectively, to the Regional Energy Commissions and the FEC of Russia.
In September - October 2003, the Government of the Russian Federation plans to hold negotiations to agree on the ceiling tariffs for RAO "UES of Russia", OAO "UES FGC" and OAO "UES SO-CDA" for a three-year term, from 2004 through 2006. This involves talks to agree on and approval of the Companies` investment programs for the relevant period, which will create favourable conditions for the Companies to raise loans needed for their investment programs.
* * *
The Board of Directors has noted the report on the work being done by the Management Board of RAO "UES of Russia" to complete the generation projects under construction, with funding to be generated from the earmarked investment resources and borrowed funds, including funds raised by RAO "UES of Russia".
The projects referred to this category are: Kaliningradskaya CHPP-2, Sochinskaya TPP, Ivanovskaya TPP, Severo-Zapadnaya CHPP, Bureyskaya HPP, Irganayskaya HPP, Boguchanskaya HPP, Chain of Nizhne-Chereksky HPPs, Zelenchuksky HPPs, Ust-Srednekanskaya HPP, and Zaramagsky HPPs.
The Board of Directors gave the Company`s Management Board the task to draft an investment program of the Company for completion of generation projects, indicating sources of funds and evaluation of economic efficiency of the projects being implemented.
* * *
The Board heard the issue of establishment of wholesale generation companies (WGCs) through consolidation of regional generation companies to be implemented through exchange of shares (without setting up groups controlled by holding companies during the transition period).
The Board resolved that WGCs are to be established in two stages. At the first stage, WGCs will be created on the basis of power plants` facilities and shares in federal AO-power plants owned by RAO "UES of Russia". At the second stage, AO-power plants spun off from regional energos will merge with and into WGCs, and the establishment of WGCs will thus be completed.
The Board of Directors deems that the "basic" scenario for the establishment of WGCs a priority. This plan envisages:
- that, at the first stage, WGCs will be established as wholly-owned subsidiaries of RAO "UES of Russia", with contributions to their share capital made in form of AO-power plants` property and shares;
- at the second stage, RAO "UES of Russia" will contribute shares in AO-power plants spun off from regional energos as consideration for shares in WGCs;
- consolidation ("transition to single share") of heat WGCs through share exchange using a common appraisal method.
The WGCs to be established on the basis hydrogeneration assets will be consolidated subject to compliance with the requirements of the Federal Law "On Peculiarities of Functioning of the Electricity Industry during the Transition Period".
The Board of Directors charged the Management Board of RAO "UES of Russia" with the task to draft a plan to establish a WGC on the basis of one AO-power plant forming a WGC, and subsequently consolidate AO-power plants, with shares in AO-power plants to be exchanged for WGC shares. The proposals are to be submitted for consideration of the Board of Directors of the Company within two months.
....
The Board of Directors has approved amendments to the resolutions of the Board of Directors of RAO "UES of Russia" on the restructuring plan of OAO "Rostovenergo" of 21 June 2003 to bring it into conformity with the basic restructuring plan and the adopted normative acts.
The Board resolved as follows:
- that the restructuring of OAO "Rostovenergo" be carried out through spin-off of the following companies (while preserving the current capital structure):
- OAO "Rostov Generation Company",
- OAO "Energosbyt Rostovenergo";
- OAO "Rostovenergo Management Company";
- OAO "Rostovenergo Trunk Grid Company", with shares in South ITC as its only asset;
- to approve the establishment by OAO "Rostovenergo" of the following wholly-owned subsidiaries: OAO "Rostov Energy Repairs Enterprise", OAO "Rostov Energy Installation Enterprise", OAO "Rostov Energy Repair and Construction Enterprise", and OAO "Rostov Energy Autotransport Enterprise";
- to approve that the functions of the one-man management bodies (i.e. Directors General) of the following companies be transferred to OAO "Rostovenergo Management Company":
- OAO "Rostov Generation Company",
- OAO "Energosbyt Rostovenergo";
- OAO "Rostovenergo";
The Board of Directors has also consented to the proposal that the power distribution networks that are not part of the UNPG are to remain the property of OAO "Rostovenergo".
The Board has approved the principle of pro-rata distribution of shares in South ITC owned by OAO "Rostovenergo Trunk Grid Company" among its shareholders using the procedure of liquidation of OAO "Rostovenergo Trunk Grid Company" or its merger with and into South ITC.
The restructuring of OAO "Rostovenergo" is to be carried out in several stages. During the preliminary stage, subsidiary companies are planned to be established. These should be companies engaged in businesses that are non-core for the energy company and are to be subsequently disposed of. Also, the RDA property will be transferred, for a consideration, to OAO "UES SO-CDA".
At the first stage, OAO "Rostovenergo" will be reorganized through spin-off; shares in the spin-off companies are to be distributed pro-rata among shareholders in the regional energo.
The second stage will see interregional integration of the companies separated from regional energos:
The restructuring plan of OAO "Rostovenergo" has been consented to by the Rostov Region Administration, key shareholders, and approved by the Restructuring and Strategy Committee of the Board of Directors of RAO "UES of Russia" and the Working Group for the review of restructuring plans with the Energy Reform Commission of the Russian Government.
* * *
1. Gerade aktuell
Reuters: Putin announces resignation of government!
2. Thema: Umstrukturierung Rostovenergo (auszugsweise)
At its regular meeting held today, the Board of Directors of RAO "UES of Russia" reviewed the progress report on the preparations underway in the Holding`s energy companies for the 2003/2004 autumn-winter peak load. The Board of Directors stated that the current level of preparedness of the energy companies of RAO "UES of Russia" for the forthcoming autumn-winter season will make it possible to ensure reliable electricity and heat supply to industries and households.
It was pointed to the fact that the Unified Energy System (UES) of Russia has maintained stable performance in 2003. The Company`s subsidiaries have been able to ensure reliable electricity supply to industries and households in the Russian Federation and have fulfilled their obligations under electricity export contracts. The Unified Energy System of Russia has operated at the standard electrical frequency prescribed by the federal standard (GOST) 100% of the calendar time.
Electricity consumption in the Russian Federation increased in the first 8 months of 2003 year-on-year by 4.6% to 574.9 TWh. During the 8 first months of the current year, Russia`s power plants generated 579.9 TWh of electricity, up 4.8%, the power plants of RAO "UES of Russia" increasing generation by 5.9% to 457.8 TWh. The heat production by the companies of RAO "UES of Russia" totalled 333.6 million Gcal (103.5% of the target, and 105.9% year-on-year).
Fuel supplies to the power plants of RAO "UES of Russia" have remained stable throughout the first 8 months of 2003. The share of coal in the fuel balance of RAO UES power plants increased in the first 8 months of 2003 1.2% in year-on-year terms to 27.7%, whereas the share of fuel oil grew 0.5% to 4.8%. The share of gas declined by 1.7% to 67.0%.
The number of energy companies in crisis/turnaround management is decreasing. In 2003, 10 energy companies have stopped operating in crisis/turnaround mode. The Crisis Committee of RAO "UES of Russia" currently retains control only over OAO "Kamchatskenergo", OAO "Sakhalinenergo", and OAO "Khabarovskenergo".
Meanwhile, the status of preparations for the heating season at the housing and public utilities is rather serious. The status of preparations for the heating season in some areas of the Russian Federation causes serious concerns. As at 1 September 2003, only 31% of funds needed for the heating season preparation have been supplied throughout Russia. The preparedness of boilers in the housing sector is 69%, heating networks - 76%; only 48% of old heating networks have been replaced; the coal inventories stand at 44% of the target, whereas liquid fuel inventories make 54% of the target.
In order to ensure reliable electricity supply to consumers, RAO "UES of Russia" has signed a cooperation agreement with Russia`s State Construction Committee ("Gosstroy"). A working group consisting of representatives from RAO "UES of Russia" and Gosstroy has been set up to prepare a joint action plan. In particular, joint action is taken to check the winter preparedness of housing and public utility entities, repair and maintenance schedules are being worked out and agreed, contingency planning is underway to ensure elimination of the possible technical failures in the heating and electricity grids. The energy companies of RAO "UES of Russia" (in particular, OAO "Kurskenergo", OAO "Saratovenergo", OAO "Tverenergo") are rendering assistance to entities of the housing and public utilities sector in technological testing of power equipment.
As at 1 September 2003, within the project of OAO "Russian Communal Systems", agreements have been signed with heads of the following constituent territories of the Russian Federation and municipalities: Republic of Udmurtia, Chuvash Republic, Altay Kray, Tver Region, Rostov Region, Smolensk Region, Tambov Region, Kaluga Region, Voronezh Region, Volgograd Region, Kostroma Region, Sverdlov Region, Oryol Region, Arkhangelsk Region, Saratov Region, Kursk Region, Orenburg Region, Vladimir Region, Tula Region, Amurskaya Region, Perm Region, Lipetsk Region, the cities of Vladivostok (Primorsky Kray), Kirovo-Chepetsk and Kirov (Kirov Region), Tomsk (Tomsk Region), Rostov (Yaroslavl Region), and Blagoveschensk (Amurskaya Region).
* * *
The Board of Directors has reviewed the progress report of Deputy Chairman of the Management Board Sergey Dubinin on the implementation of the Holding`s investment program in H1 2003 and preparation of the draft investment program of RAO "UES of Russia" for 2004. The Board also considered the options for raising funds needed to complete the generation projects under construction by the deadlines established by the Russian Government and the Company`s orders.
It was noted that the FEC of Russia had approved the Investment Program of RAO "UES of Russia" (including OAO "UES FGC" and OAO "UES SO-CDA") for 2003 for the key construction projects and facilities, envisaging RUB23.5 billion in allocations. This investment program has been approved by the Russian Government and ratified by the FEC of Russia. It covers investments in generating and power grid facilities, and arrangements to prepare the market infrastructure for the launch of the market.
In connection with the establishment of OAO "UES FGC" and introduction of independent tariffs for OAO "UES FGC" and OAO "UES SO-CDA", these companies have been given an opportunity to invest according to their own investment programs. These Companies` investment programs envisage additional funding in the amount of RUB4.4 billion for the entities scheduled for re-equipment and renewal, establishment of a corporate telecommunications network at OAO "UES FGC", and construction of Severo-Zapadnaya CHPP.
According to the Companies` investment programs, RUB14.4 billion in funds have been allocated to projects to build generating capacities. For the purposes of market infrastructure development, RUB0.52 billion in funds have been committed to the upgrade of hardware and software of the System Operator of OAO "UES SO-CDA" and integrated dispatch administrations (IDAs), as well as the creation of an automated commercial electricity metering system. Total investments in power grid facilities will make RUB10 billion, including RUB2.3 in funds earmarked for the re-equipment and renewal of the facilities. RUB1.2 billion in funds have been committed for the reconstruction of energy facilities in the Republic of Chechnya.
In 2003, the planned investments in regional energos and AO-power plants amounted to RUB50.6 billion and RUB5.5 billion, respectively.
Compared to 2002, there has been a significant increase in investments throughout RAO UES Holding in accordance with the Companies` approved investment programs. In 2003, about 2,118.3 MW of turbine capacity is planned to be put into service throughout the RAO UES Holding, compared to 640 MW in 2002, with commissioning of 431.2 MW to be funded by RAO "UES of Russia" (compared 146.7 MW in 2002), and the rest of the turbine capacity construction (1,687.1 MW) to be financed with the regional energos` own funds.
In H1 2003, all projects scheduled for completion have been put into operation. In April 2003, two 25-MW power generating units were commissioned at Mutnovskaya Geothermal Power Plant; on 30 June, the first hydroelectric generator of 185 MW capacity was put into operation at Bureyskaya HPP; in June, a diesel power plant (DPP) was put into service in the settlement of Deputatsky, with a diesel generator 1-6 of 9.8 MW capacity.
Implementation of investments in construction projects, especially in key projects, continued to grow in H1 2003. Implementation of the Holding`s investment programs in H1 2003 grew year-on-year by 43%. The RAO UES investment program implemented to date made RUB11.4 billion, or 71% of the annual target.
In H1 2003, the energy companies of RAO "UES of Russia" commissioned steam boilers of aggregate capacity of 15 Gcal/h, 265.2 km of transmission lines of 35kV and above, and 14.3 km of heating networks.
Based on the ceiling for the tariff growth in 2004 recommended by the FEC of Russia, RAO "UES of Russia" estimated the aggregate amount of investments to be made by RAO "UES of Russia", OAO "UES FGC" and OAO "UES SO-CDA" at RUB29.23 billion. The amount of investments to be made according to the investment program of RAO "UES of Russia" is estimated at RUB15.1 billion, with the respective figures for OAO "UES FGC" and OAO "UES SO-CDA" estimated at RUB13.4 billion and RUB0.73 billion.
Due to a shortfall in investment resources available to RAO "UES of Russia", OAO "UES FGC", and OAO "UES SO-CDA" compared to the volumes planned by the Companies to ensure timely completion of the capital construction projects, it is necessary to raise loans against surety of RAO "UES of Russia", the latter being a source of funds for the Companies` investment programs.
Currently, work is underway at regional energos and AO-power plants to prepare investment programs for 2004. These programs will be submitted for approval, respectively, to the Regional Energy Commissions and the FEC of Russia.
In September - October 2003, the Government of the Russian Federation plans to hold negotiations to agree on the ceiling tariffs for RAO "UES of Russia", OAO "UES FGC" and OAO "UES SO-CDA" for a three-year term, from 2004 through 2006. This involves talks to agree on and approval of the Companies` investment programs for the relevant period, which will create favourable conditions for the Companies to raise loans needed for their investment programs.
* * *
The Board of Directors has noted the report on the work being done by the Management Board of RAO "UES of Russia" to complete the generation projects under construction, with funding to be generated from the earmarked investment resources and borrowed funds, including funds raised by RAO "UES of Russia".
The projects referred to this category are: Kaliningradskaya CHPP-2, Sochinskaya TPP, Ivanovskaya TPP, Severo-Zapadnaya CHPP, Bureyskaya HPP, Irganayskaya HPP, Boguchanskaya HPP, Chain of Nizhne-Chereksky HPPs, Zelenchuksky HPPs, Ust-Srednekanskaya HPP, and Zaramagsky HPPs.
The Board of Directors gave the Company`s Management Board the task to draft an investment program of the Company for completion of generation projects, indicating sources of funds and evaluation of economic efficiency of the projects being implemented.
* * *
The Board heard the issue of establishment of wholesale generation companies (WGCs) through consolidation of regional generation companies to be implemented through exchange of shares (without setting up groups controlled by holding companies during the transition period).
The Board resolved that WGCs are to be established in two stages. At the first stage, WGCs will be created on the basis of power plants` facilities and shares in federal AO-power plants owned by RAO "UES of Russia". At the second stage, AO-power plants spun off from regional energos will merge with and into WGCs, and the establishment of WGCs will thus be completed.
The Board of Directors deems that the "basic" scenario for the establishment of WGCs a priority. This plan envisages:
- that, at the first stage, WGCs will be established as wholly-owned subsidiaries of RAO "UES of Russia", with contributions to their share capital made in form of AO-power plants` property and shares;
- at the second stage, RAO "UES of Russia" will contribute shares in AO-power plants spun off from regional energos as consideration for shares in WGCs;
- consolidation ("transition to single share") of heat WGCs through share exchange using a common appraisal method.
The WGCs to be established on the basis hydrogeneration assets will be consolidated subject to compliance with the requirements of the Federal Law "On Peculiarities of Functioning of the Electricity Industry during the Transition Period".
The Board of Directors charged the Management Board of RAO "UES of Russia" with the task to draft a plan to establish a WGC on the basis of one AO-power plant forming a WGC, and subsequently consolidate AO-power plants, with shares in AO-power plants to be exchanged for WGC shares. The proposals are to be submitted for consideration of the Board of Directors of the Company within two months.
....
The Board of Directors has approved amendments to the resolutions of the Board of Directors of RAO "UES of Russia" on the restructuring plan of OAO "Rostovenergo" of 21 June 2003 to bring it into conformity with the basic restructuring plan and the adopted normative acts.
The Board resolved as follows:
- that the restructuring of OAO "Rostovenergo" be carried out through spin-off of the following companies (while preserving the current capital structure):
- OAO "Rostov Generation Company",
- OAO "Energosbyt Rostovenergo";
- OAO "Rostovenergo Management Company";
- OAO "Rostovenergo Trunk Grid Company", with shares in South ITC as its only asset;
- to approve the establishment by OAO "Rostovenergo" of the following wholly-owned subsidiaries: OAO "Rostov Energy Repairs Enterprise", OAO "Rostov Energy Installation Enterprise", OAO "Rostov Energy Repair and Construction Enterprise", and OAO "Rostov Energy Autotransport Enterprise";
- to approve that the functions of the one-man management bodies (i.e. Directors General) of the following companies be transferred to OAO "Rostovenergo Management Company":
- OAO "Rostov Generation Company",
- OAO "Energosbyt Rostovenergo";
- OAO "Rostovenergo";
The Board of Directors has also consented to the proposal that the power distribution networks that are not part of the UNPG are to remain the property of OAO "Rostovenergo".
The Board has approved the principle of pro-rata distribution of shares in South ITC owned by OAO "Rostovenergo Trunk Grid Company" among its shareholders using the procedure of liquidation of OAO "Rostovenergo Trunk Grid Company" or its merger with and into South ITC.
The restructuring of OAO "Rostovenergo" is to be carried out in several stages. During the preliminary stage, subsidiary companies are planned to be established. These should be companies engaged in businesses that are non-core for the energy company and are to be subsequently disposed of. Also, the RDA property will be transferred, for a consideration, to OAO "UES SO-CDA".
At the first stage, OAO "Rostovenergo" will be reorganized through spin-off; shares in the spin-off companies are to be distributed pro-rata among shareholders in the regional energo.
The second stage will see interregional integration of the companies separated from regional energos:
The restructuring plan of OAO "Rostovenergo" has been consented to by the Rostov Region Administration, key shareholders, and approved by the Restructuring and Strategy Committee of the Board of Directors of RAO "UES of Russia" and the Working Group for the review of restructuring plans with the Energy Reform Commission of the Russian Government.
* * *
@ all
Jetzt wird es hier spannend. Das erste Mal könnten die Rostovenergo VZ die bisher scheinbar unnehmbare Hürde € 2,- nachhaltig überspringen.
Ein wenig spielt auch das zunehmende Interesse für die angrenzende Ukraine und Kasachstan etc. mit. Osteuropa und GUS sind i.M. "in"!
Wir können hier in Ruhe zuschaun. Ist langfristig interessant und wenn in RUS nichts sehr Negatives passiert, eine gute Bank, die Dividende zahlt.
Positiv auch: der Abstand zum Index wird bereits verringert.
Jetzt wird es hier spannend. Das erste Mal könnten die Rostovenergo VZ die bisher scheinbar unnehmbare Hürde € 2,- nachhaltig überspringen.
Ein wenig spielt auch das zunehmende Interesse für die angrenzende Ukraine und Kasachstan etc. mit. Osteuropa und GUS sind i.M. "in"!
Wir können hier in Ruhe zuschaun. Ist langfristig interessant und wenn in RUS nichts sehr Negatives passiert, eine gute Bank, die Dividende zahlt.
Positiv auch: der Abstand zum Index wird bereits verringert.
Heute auf € 2,30. Das ist könnte der Ausbruch aus einer jahrelangen Range sein! In Kürze kommt zudem eine saftige Dividende.
Rostovenergo hats geschafft. Ausbruch aus einer langen Range. Langfristig halten, man muss aber nicht dem Kurs hinterherlaufen.
Wurde die Dividende schon gezahlt?
Rostovenergo Vz oder 916578 Stämme ???
Rostovenergo Vz oder 916578 Stämme ???
@ 123tom
Nein. Ich erwarte den EX-Tag für Mai/Juni.
Es gibt Schätzungen die bei ca. 10% Dividendenrendite für die VZ liegen. Das sind aber zunächst nur Schätzungen.
Sobald die genaue Dividendenhöhe für die VZ (und auch die ST) feststeht, melde ich mich.
Nein. Ich erwarte den EX-Tag für Mai/Juni.
Es gibt Schätzungen die bei ca. 10% Dividendenrendite für die VZ liegen. Das sind aber zunächst nur Schätzungen.
Sobald die genaue Dividendenhöhe für die VZ (und auch die ST) feststeht, melde ich mich.
@ RI
Thanks!
Thanks!
In der Langfristperspektive ist der im Jan04 begonnende signifikante Ausbruch über die 2 € Marke zu erkennen.
In Kürze erfolgt die Dividendenfestsetzung.
Kirsch: Ist Osteuropa schon zu teuer?
INTERVIEW: Jürgen Kirsch von Griffin, bester Osteuropa-Fondsmanager der letzten fünf Jahre, findet den Markt kurzfristig zu teuer.
Bild vergrößern
Der Griffin Eastern European Fund weist mit +31,3 Prozent pro Jahr den höchsten Ertrag aller Osteuropa-Aktienfonds in den letzten fünf Jahren auf. Er liegt damit vor Konkurrenten wie Angelika Millendorfer (Raiffeisen-Osteuropa), Stefan Böttcher (Magna Eastern European), Mark Mobius (Templeton Eastern European) oder Jury Ostrowsky (Pictet Eastern European). Kirsch, der bereits über zehn Jahre Osteuropa-Investmenterfahrung verfügt, ist ein klassischer Stock-Picker. Nur so findet er immer wieder versteckte Perlen in Osteuropa. e-fundresearch besuchte ihn in seinem Büro in London:
„Kurzfristig ist schon viel in den Kursen enthalten“
e-fundresearch/London: Herr Kirsch, wie beurteilen Sie derzeit die Lage an den osteuropäischen Börsen? Sind die Aktien nach den starken Anstiegen der letzten Zeit immer noch günstig bewertet?
Jürgen Kirsch: Wir sind auf Sicht der nächsten drei bis vier Jahre nach wie vor positiv für die Region gestimmt. Kurzfristig, etwa wegen dem 1. Mai, ist aber schon sehr viel in den Kursen eingepreist. Es gibt in einigen Teilbereichen noch Bewertungsabschläge, die sich bis zur Einführung des Euro in ein paar Jahren auflösen sollten.
Nachteil: Investmentuniversum wird immer kleiner
e-fundresearch/London: Wie groß ist Ihr Investmentuniversum heute im Vergleich zu vor ein paar Jahren?
Jürgen Kirsch: Heute sind das maximal 70 Firmen, vor fünf Jahren waren es noch über 100.
„Den Index schlägt man immer“
e-fundresearch/London: Warum ist das Anlageangebot geschrumpft bzw. ist das für aktive Manager wie Sie es sind, nicht ein Nachteil?
Jürgen Kirsch: Für mich ist das sicher nicht positiv. Es wird damit immer schwerer die Konkurrenz mit diesem verminderten Angebot zu schlagen. Den Index schlägt man in der Regel aber weiterhin sehr leicht. Deswegen würde ich niemandem empfehlen, in den Index zu investieren.
e-fundresearch/London: Wie viele dieser 70 Titel schaffen es dann im Durchschnitt in den Fonds?
Jürgen Kirsch: So etwa 35-40 Aktien. Wie die meisten anderen Fonds fahren wir sehr konzentrierte Portfolios. Da wir unsere Hausaufgaben machen, wollen wir in unsere Unternehmen auch maßgeblich investieren. Das Maximum liegt - rechtlich beschränkt – bei zehn Prozent Anteil am Fondsvolumen pro Position.
Kirsch: Managementqualität ist ausschlaggebend
e-fundresearch/London: Was sind für Sie die wichtigsten Kriterien, die eine Aktie bzw. ein Unternehmen erfüllen muss um in den Fonds zu gelangen?
Jürgen Kirsch: Die Qualität des Managements selbst spielt eine sehr wichtige Rolle bei der Kaufentscheidung bzw. auch wie realistisch wir deren Prognosen einschätzen.
„Ich heiße nicht Mark Mobius“
e-fundresearch/London: Nehmen Sie als Investor gegenüber dem Management eine aktive Rolle ein bzw. wie wichtig ist für Sie eigentlich eine gute Corporate Governance?
Jürgen Kirsch: Für uns ist die Verbesserung von Corporate Governance sehr wichtig, selbst werden wir aber nicht aktiv. Die Zeit um in Aufsichtsräten von Firmen zu sitzen, fehlt uns einfach, obwohl uns das immer wieder angeboten wird. Das ist einfach nicht unser Job. Wenn uns die Corporate Governance nicht gefällt, verkaufen wir die Aktie. Ich heiße ja nicht Mark Mobius…
Fonds wird immer Blue-Chip-Lastiger
e-fundresearch/London: Bei mittlerweile 630 Millionen Euro an Fondsvolumen in 35 Aktien kommt der Verdacht auf, dass Sie großteils eigentlich nur noch auf Blue-Chips setzen können. Stimmt das?
Jürgen Kirsch: Da haben Sie recht. Heutzutage sind wir nur noch ein Blue-Chip Fonds mit einigen Ausnahmen bzw. Special-Situations-Titeln. Diese findet man zwar immer schwerer, aber es gibt sie noch: Ein sehr gutes Beispiel war die Sberbank vor zwei Jahren. Hier waren wir der erste westliche Investor überhaupt.
Ist der Fonds bald zu?
e-fundresearch/London: Noch einmal zurück zum Fondsvolumen: In den letzten 12 Monaten hat sich der Fonds von 210 auf 630 Mio. Euro verdreifacht. Ist das nicht schon sehr groß für diese Region bzw. ab wann leidet die Performance darunter?
Jürgen Kirsch: Wir haben bereits alle Marketing-Aktivitäten für den Fonds eingestellt. Im letzten Monat ist das Volumen trotzdem noch von 540 auf 630 Mio. Euro angestiegen. Sollte diese Maßnahme weiterhin wenig helfen, müssten wir einen Hard-Close des Fonds in Betracht ziehen.
„Wir sind die besten Stock-Picker“
e-fundresearch/London: Welche Stärken und Schwächen sehen sie eigentlich bei sich bzw. bei Ihrem Fonds?
Jürgen Kirsch: Ich denke was Stock-Picking und die richtige Bewertung von Aktien angeht sind wir die besten. Unsere Schwäche liegt im Momentum. Und manchmal funktioniert Momentum-Playing einfach besser als Stock-Picking bzw. es kommt zu Übertreibungen im Kurs. Die letzten Prozentpunkte im Anstieg einer Aktie nehmen wir dann unter Umständen nicht mehr mit, weil wir zu früh verkaufen.
e-fundresearch/London: Vielen Dank für das Gespräch!
Über die Person:
Jürgen Kirsch, 1966 in Deutschland geboren, ist Manager des Griffin Eastern European Fund und Griffin Eastern European Value Fund. Von 1993 bis 1997 war Herr Kirsch Senior Fund Manager bei Mercury Asset Management in London und Er war Manager des Mercury Eastern European Fund, welcher unter seinem Management zum weltweit größten Osteuropafonds anwuchs. Herr Kirsch begann seine Karriere im Corporate Finance bei der britischen Investmentbank S.G. Warburg in London. Er studierte Volks- und Betriebswirtschaftslehre an der Friedrich-Alexander Universität in Nürnberg.
INTERVIEW: Jürgen Kirsch von Griffin, bester Osteuropa-Fondsmanager der letzten fünf Jahre, findet den Markt kurzfristig zu teuer.
Bild vergrößern
Der Griffin Eastern European Fund weist mit +31,3 Prozent pro Jahr den höchsten Ertrag aller Osteuropa-Aktienfonds in den letzten fünf Jahren auf. Er liegt damit vor Konkurrenten wie Angelika Millendorfer (Raiffeisen-Osteuropa), Stefan Böttcher (Magna Eastern European), Mark Mobius (Templeton Eastern European) oder Jury Ostrowsky (Pictet Eastern European). Kirsch, der bereits über zehn Jahre Osteuropa-Investmenterfahrung verfügt, ist ein klassischer Stock-Picker. Nur so findet er immer wieder versteckte Perlen in Osteuropa. e-fundresearch besuchte ihn in seinem Büro in London:
„Kurzfristig ist schon viel in den Kursen enthalten“
e-fundresearch/London: Herr Kirsch, wie beurteilen Sie derzeit die Lage an den osteuropäischen Börsen? Sind die Aktien nach den starken Anstiegen der letzten Zeit immer noch günstig bewertet?
Jürgen Kirsch: Wir sind auf Sicht der nächsten drei bis vier Jahre nach wie vor positiv für die Region gestimmt. Kurzfristig, etwa wegen dem 1. Mai, ist aber schon sehr viel in den Kursen eingepreist. Es gibt in einigen Teilbereichen noch Bewertungsabschläge, die sich bis zur Einführung des Euro in ein paar Jahren auflösen sollten.
Nachteil: Investmentuniversum wird immer kleiner
e-fundresearch/London: Wie groß ist Ihr Investmentuniversum heute im Vergleich zu vor ein paar Jahren?
Jürgen Kirsch: Heute sind das maximal 70 Firmen, vor fünf Jahren waren es noch über 100.
„Den Index schlägt man immer“
e-fundresearch/London: Warum ist das Anlageangebot geschrumpft bzw. ist das für aktive Manager wie Sie es sind, nicht ein Nachteil?
Jürgen Kirsch: Für mich ist das sicher nicht positiv. Es wird damit immer schwerer die Konkurrenz mit diesem verminderten Angebot zu schlagen. Den Index schlägt man in der Regel aber weiterhin sehr leicht. Deswegen würde ich niemandem empfehlen, in den Index zu investieren.
e-fundresearch/London: Wie viele dieser 70 Titel schaffen es dann im Durchschnitt in den Fonds?
Jürgen Kirsch: So etwa 35-40 Aktien. Wie die meisten anderen Fonds fahren wir sehr konzentrierte Portfolios. Da wir unsere Hausaufgaben machen, wollen wir in unsere Unternehmen auch maßgeblich investieren. Das Maximum liegt - rechtlich beschränkt – bei zehn Prozent Anteil am Fondsvolumen pro Position.
Kirsch: Managementqualität ist ausschlaggebend
e-fundresearch/London: Was sind für Sie die wichtigsten Kriterien, die eine Aktie bzw. ein Unternehmen erfüllen muss um in den Fonds zu gelangen?
Jürgen Kirsch: Die Qualität des Managements selbst spielt eine sehr wichtige Rolle bei der Kaufentscheidung bzw. auch wie realistisch wir deren Prognosen einschätzen.
„Ich heiße nicht Mark Mobius“
e-fundresearch/London: Nehmen Sie als Investor gegenüber dem Management eine aktive Rolle ein bzw. wie wichtig ist für Sie eigentlich eine gute Corporate Governance?
Jürgen Kirsch: Für uns ist die Verbesserung von Corporate Governance sehr wichtig, selbst werden wir aber nicht aktiv. Die Zeit um in Aufsichtsräten von Firmen zu sitzen, fehlt uns einfach, obwohl uns das immer wieder angeboten wird. Das ist einfach nicht unser Job. Wenn uns die Corporate Governance nicht gefällt, verkaufen wir die Aktie. Ich heiße ja nicht Mark Mobius…
Fonds wird immer Blue-Chip-Lastiger
e-fundresearch/London: Bei mittlerweile 630 Millionen Euro an Fondsvolumen in 35 Aktien kommt der Verdacht auf, dass Sie großteils eigentlich nur noch auf Blue-Chips setzen können. Stimmt das?
Jürgen Kirsch: Da haben Sie recht. Heutzutage sind wir nur noch ein Blue-Chip Fonds mit einigen Ausnahmen bzw. Special-Situations-Titeln. Diese findet man zwar immer schwerer, aber es gibt sie noch: Ein sehr gutes Beispiel war die Sberbank vor zwei Jahren. Hier waren wir der erste westliche Investor überhaupt.
Ist der Fonds bald zu?
e-fundresearch/London: Noch einmal zurück zum Fondsvolumen: In den letzten 12 Monaten hat sich der Fonds von 210 auf 630 Mio. Euro verdreifacht. Ist das nicht schon sehr groß für diese Region bzw. ab wann leidet die Performance darunter?
Jürgen Kirsch: Wir haben bereits alle Marketing-Aktivitäten für den Fonds eingestellt. Im letzten Monat ist das Volumen trotzdem noch von 540 auf 630 Mio. Euro angestiegen. Sollte diese Maßnahme weiterhin wenig helfen, müssten wir einen Hard-Close des Fonds in Betracht ziehen.
„Wir sind die besten Stock-Picker“
e-fundresearch/London: Welche Stärken und Schwächen sehen sie eigentlich bei sich bzw. bei Ihrem Fonds?
Jürgen Kirsch: Ich denke was Stock-Picking und die richtige Bewertung von Aktien angeht sind wir die besten. Unsere Schwäche liegt im Momentum. Und manchmal funktioniert Momentum-Playing einfach besser als Stock-Picking bzw. es kommt zu Übertreibungen im Kurs. Die letzten Prozentpunkte im Anstieg einer Aktie nehmen wir dann unter Umständen nicht mehr mit, weil wir zu früh verkaufen.
e-fundresearch/London: Vielen Dank für das Gespräch!
Über die Person:
Jürgen Kirsch, 1966 in Deutschland geboren, ist Manager des Griffin Eastern European Fund und Griffin Eastern European Value Fund. Von 1993 bis 1997 war Herr Kirsch Senior Fund Manager bei Mercury Asset Management in London und Er war Manager des Mercury Eastern European Fund, welcher unter seinem Management zum weltweit größten Osteuropafonds anwuchs. Herr Kirsch begann seine Karriere im Corporate Finance bei der britischen Investmentbank S.G. Warburg in London. Er studierte Volks- und Betriebswirtschaftslehre an der Friedrich-Alexander Universität in Nürnberg.
Russia Country brief - March 2004
* General
* Bilateral Relations
* Economic and Commercial Links
* Political System
* Recent Political Developments
* North Caucasus violence
* Foreign Policy
* Russia and the Asia-Pacific Region
* Economic Developments
General
The Russian Federation is the largest country in the world, covering more than 17 million square kilometres and stretching from the Baltic and Black seas in the west, to the Pacific Ocean in the east. Russia`s population at the census in late 2002 stood at 145 million, of which more than 80 per cent were ethnic Russians. Russia`s National Day is 12 June and is called Independence Day.
Russia`s economic and political life has changed considerably since the break-up of the USSR on 25 December 1991. The two major structural tasks, the shift of the economy to a market system and the consolidation of a new state and social order based on the rule of law, have presented ongoing historical challenges for Russia`s government and people.
Russia has faced a number of daunting political, economic and social problems over recent years. Political instability and upheaval marked much of the early 1990s, although the situation has stabilised considerably since Vladimir Putin was first elected President in 2000. The economy endured several years of recession from 1998, during which entire sectors of industry were devastated. Although economic conditions have improved and stabilised, Russia still faces considerable challenges in economic restructuring and ensuring sustainable growth. And it has had to address significant fiscal problems arising from shortfalls in tax collections and problems unknown in Soviet times, such as inflation and unemployment. Russia also carries significant external debt. There are many social problems, such as a falling birth rate and a low life expectancy rate, the huge disparity in the distribution of income, and significant levels of organised crime. The development of good governance and a diverse civil society has also lagged behind what many hoped for with the arrival of a more democratic form of government.
Bilateral Relations
Russia has considerable influence in many areas directly relevant to Australia`s foreign and trade policy interests, not only as a regional partner but also as a country of global significance. Our two countries enjoy positive and constructive bilateral relations. There is considerable scope, nevertheless, to strengthen the relationship, particularly in the area of trade and investment.
The Russian financial crisis of August 1998 had a significant impact on the business environment, with Australian exports suffering a major downturn, especially in the meat and food products sector. More recently Australia has welcomed the progress under President Vladimir Putin’s economic reform program, as well as Russia`s commitment to integration with the international economic system. Both of these factors are expected to stimulate bilateral trade and investment. Australia and Russia are engaged in negotiations on Russia`s accession to the World Trade Organisation (WTO). Australia supports Russia’s WTO membership on acceptable commercial terms and in accordance with the rules governing WTO membership.
Russia has been seeking to strengthen its involvement in the Asia-Pacific region, particularly through the development of its bilateral relations with China, Japan and India. Australia has been active in encouraging Russia`s full participation in the Asia-Pacific Economic Cooperation (APEC) process. Russia became a full APEC member in 1998.
The changed political climate in Russia in recent years has enabled increased bilateral cooperation in a number of important international and multilateral areas, including non-proliferation issues, regional security and the environment. One of the developments that has most helped to broaden the bilateral relationship in recent years has been the establishment of regular political-military talks, the most recent round of which took place in Canberra in October 2002.
A high priority now is to convene a further session of the Australia-Russia Joint Commission on Trade and Economic Cooperation, which last met in Canberra in November 1995. Both sides agree that a meeting of the Joint Commission should be held as soon as a mutually convenient time can be found.
Australia’s Ambassador to the Russian Federation is Mr Leslie Rowe. Gregory Klumov is Australia’s senior trade commissioner in Moscow. Australia also has Honorary Consuls in St. Petersburg and Vladivostok.
Economic and Commercial Links
Since the break-up of the Soviet Union Australia`s trade with Russia has changed significantly. Traditional commodities exports, particularly wool and wheat, have decreased markedly and in some cases the trade in these products ceased altogether for a period. At the same time, more sophisticated products, ranging from processed foods to medical equipment, educational services, tourism and telecommunications products and services, have begun to penetrate the market. Many small and medium-sized companies are now present in the market alongside large, well-established, multinational companies. In recent times the Australian Government has sought, in particular, to increase awareness on the Russian market of the excellence of Australian educational institutions and to increase their contacts with Russian educational institutions.
Against this background, bilateral trade is slowly recovering from the low levels of 1998-99, as the Russian economy has again begun to grow strongly, and with recent progress in Russia’s economic reform program. Australian merchandise exports to Russia in the calendar year 2003 were worth A$151 million, and imports from Russia totalled A$39 million. Key Australian exports to Russia in 2003 included meat, photographic supplies, hides and skins, and butter. Key imports from Russia in the same period included aluminium, metallic salts, paper and paper board and alcoholic beverages. Australia’s exports of services to Russia in 2002-03 were valued at A$45 million, and imports of services from Russia were valued at A$52 million.
Bilateral investment remains low. According to official figures, Australian direct investment in Russia is estimated at only A$25 million and Russian investment in Australia at A$40 million. Anecdotal evidence suggests, however, that the actual figure for Australian direct investment in Russia may be higher than the official figures indicate.
Australia and Russia recently concluded a Double Taxation Agreement. Australia has completed its procedures for entry into force of the Agreement, and the Russian Government approved ratification of the agreement at the end of 2003. The provisions of the Agreement came into effect in Russia on 1 January 2004 and will come into effect in Australia on 1 July 2004. This Agreement will contribute to efforts to build an institutional framework for Australian companies wishing to do business in Russia, providing a greater degree of certainty for traders and investors.
In May 2001 Australia and Russia signed an inter-governmental agreement (IGA) on space cooperation. The Agreement will facilitate the development of a space launch industry in Australia using Russian technology and launch vehicles. One project currently under negotiation is a proposal to build a cosmodrome on Christmas Island. Australia and Russia are now developing the necessary legal agreements, including a Technology Safeguards Agreement, to enable this and other potential projects to proceed. The Space Agreements will assist Australia`s entry into a growing high technology market and mark a new stage in the bilateral economic relationship.
Visits
Recent high-level bilateral visits include those by the Minister for Foreign Affairs, Mr Alexander Downer, who was in Moscow on 5-6 February 2002, and by the Minister for Industry, Tourism and Resources, Mr Ian MacFarlane, who visited Moscow on 10-12 July 2002. In addition, the Minister for Sport and the Arts, Senator Rod Kemp, attended a meeting of the International Intergovernmental Group on Anti-doping in Sport in Moscow in December 2002.
Political System
The Constitution of the Russian Federation was adopted in 1993 after a popular referendum. This followed a long political struggle between then President Yeltsin and the Duma, which was ultimately resolved by military forces loyal to the President shelling and then storming the Duma building.
The 1993 Constitution provides for the separation of powers between three branches of government: the executive, the legislature and the judiciary. Within this system the office of President holds considerable political power. Russia is a federation, composed of 89 constituent parts, including regions, ethnically-based autonomous republics, territories and the cities of Moscow and St. Petersburg. The precise distribution of powers within the Federation is still evolving, and is an important reform issue. In recent years, however, President Putin has tended to recentralise power in Moscow.
The executive branch of the government is headed by the President, who is elected by a majority of the popular vote. Where one candidate does not receive more than 50% of the vote in the first round of presidential elections, a run-off election is subsequently held between the two leading candidates. The President’s term of office is four years and one individual may only serve a maximum of two terms. Under the 1993 Constitution the President wields broad powers. The President controls the Defence and Security Councils, and is in charge of the country`s foreign policy. The Prime Minister is selected by the President but must be approved by the Duma, Russia’s federal parliament. If the nomination is rejected, the President may dissolve the Duma and call new elections. The President, in consultation with the Prime Minister, chooses the Cabinet. The Ministries of Defence, Foreign Affairs and the Interior report directly to the President. The President can draft laws to submit to the Duma and has a right of veto over proposed legislation. He can also issue Presidential Decrees, which have the force of law. The President is the Commander-in-Chief of the armed forces, can appoint or dismiss top military commanders, and may declare martial law or a state of emergency.
Recent Political Developments
For many years, the Communist Party was the only nationwide party with a formal structure and wide popular membership. Support for the Communist Party declined considerably at the December 2003 Duma elections, however, with its vote halved to 12.5% and Duma representation cut by over 50%. The Duma landscape is now dominated, with two-thirds of the 450 seats, by the United Russia Party, which emerged when the two main centrist parties in the previous Duma merged. The United Russia Party is closely aligned with the President and the Duma is broadly supportive of the political program favoured by the executive branch of government.
The decline in electoral support for the Communists was shared by the pro-market Union of Right Forces and Yabloko parties, which retained only 7 of their previous 48 Duma seats. As a consequence, these two parties are no longer an influential factor in the Duma. The rise of the nationalistic-populist ‘Motherland’ (Rodina) party and the resurgence of the Liberal Democratic Party is broadly considered to reflect the scepticism of many Russians about the relevance of Western liberalism and market reforms to Russian society. International election observers criticised the use of so-called ‘administrative resources’ during the Duma elections by United Russia and its supporters in the executive arm of government – especially in relation to biased State-owned television coverage of the election campaign, and help provided by regional governments to candidates.
President Vladimir Putin has put his own stamp on the Government since 2000 by replacing Ministers and appointees from the Yeltsin period and setting a new agenda. Since the 11 September 2001 terrorist attacks on the United States President Putin has followed a broadly pro-Western foreign policy and has cooperated with the United States in the war against terrorism. He has pointed to links between Al Qaeda and some Chechen groups when advocating a continued strong stance in dealing with the Chechen situation.
President Putin was re-elected for a second four-year term on 14 March 2004 by a commanding majority (71% of the vote), reflecting his considerable personal popularity with the Russian electorate. In the lead-up to the election he appointed a new cabinet, headed by a new Prime Minister, Mikhail Fradkov, and rationalised the structure of the federal government, reducing the number of ministries from 30 to 17 and creating a three-tier government sector comprising policy ministries, federal services and federal agencies. The changes are intended to increase the efficiency of the government and boost economic reform.
North Caucasus Violence
Since 1999, the province of Chechnya has once again been embroiled in a state of conflict. Russian forces continue to battle armed militants in the province who are seeking independence from the Russian Federation. In April 2002 President Putin announced that the conflict stage of the war was over and that a process of normalization had begun. However, fighting continues daily, with Russian forces sustaining substantial casualties. The conduct of the war is a key concern to many in the international community, including international human rights organizations, which report that Russian troops have committed human rights violations against the civilian population, such as extra-judicial killings, torture and the arrest and disappearance of many young Chechen men. Chechen militants also continue to commit human rights abuses and acts of terrorism. Improving the situation for the large number of refugees who have fled from the conflict in Chechnya is a major task for the Russian Government.
The Russian Government describes its use of force in Chechnya as an anti-terrorist operation, pointing to linkages between Chechen fighters and the Al Qaeda network. In October 2002, Chechen gunmen took the conflict to Moscow, seizing the Dubrovka Theatre and holding some 760 people hostage. When Russian Special Forces stormed the theatre using debilitating gas to disable the terrorists, about 170 hostages and terrorists died. Since the Dubrovka siege the number of bombings and suicide attacks committed by Chechen terrorists against “soft” or Russian government targets in Moscow and the North Caucasus has grown. Targets have included the pro-Moscow local administration building in the Chechen capital, Grozny, (December 2002), a youth concert and restaurant in Moscow (July 2003), a Russian military hospital in North Ossetia (August 2003) and the Federal Security Bureau in Ingushetia (September 2003). Terrorist attacks also took place just before and straight after the Russian Duma elections in December 2003, with at least 45 people killed in Stavropol and 5 people killed near Red Square in Moscow. Both of these incidents involved suicide bombers.
The Russian Government is currently following a policy of ‘normalisation’ and what it terms ‘Chechenisation’ of the Chechnya issue, that is, the fostering of a greater role for local Chechens in resisting separatist activities and normalising life in the province. In March 2003, Chechens voted at a referendum for a new constitution and for draft laws on parliamentary and presidential elections. The presidential elections were held in October 2003, with the Moscow-supported incumbent, Administrator Akhmad Kadyrov, winning more than 80% of the vote. Western organisations such as the OSCE and PACE did not send observers to these elections. The EU Presidency subsequently issued a declaration expressing serious concerns about the conditions under which the elections were held, but also expressing hope that the political settlement process in Chechnya would continue.
Foreign Policy
President Putin set Russian foreign policy on a new course following the terrorist attacks on the United States on 11 September 2001. Russia also took a series of steps calculated to improve relations with Western countries. Russia dropped its opposition to the expansion of NATO to eastern Europe, and to the deployment of US troops in former Soviet Central Asia and Georgia, and reacted mildly to the US decision to leave the Anti Ballistic Missile Treaty.
Russia’s pro-Western foreign policy attracted considerable criticism within the Russian foreign and defence policy elite. It has, however, brought benefits for Russia. The United States and Russia negotiated a treaty in May 2002 to reduce their stocks of offensive ballistic missiles to between 1700-2200 each by 2012. Russia entered into a mutually beneficial relationship with NATO through the establishment of the NATO-Russia Council in May 2002. The victory of coalition forces in Afghanistan in late 2001 removed the Taliban regime, which Russia viewed as major security threat to itself and the neighbouring Central Asian CIS countries. Russia’s opposition to US military action in Iraq in the first half of 2003 represented a change in the Russian foreign policy climate. Russia has also been moving to reassert its presence in the countries making up the Commonwealth of Independent States (CIS - the former Soviet republics). Russia continues to stress that it wants to work co-operatively with the United States in areas of common interest, with counter-terrorism and post-conflict normalisation in Iraq being key examples.
In Asia the Putin administration has maintained its traditionally good relations with India and has developed relations with China. Russia and China signed a Friendship and Amity Agreement in July 2001 and have been the major drivers in establishing the Shanghai Cooperation Forum, which groups the two countries with Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. The Shanghai Cooperation Forum has a heavy security and anti-terrorism focus, but the member countries also hope that it will become a catalyst for economic cooperation and development in Central Asia. Russia is also striving to improve relations with Japan, especially in the areas of trade and investment. The Kurile Islands dispute remains an obstacle in the bilateral relationship. Russia has continued to play an active role in the international community’s response to the North Korea nuclear crisis in recent years.
Russia’s relations with the European Union (EU) are fundamental to its foreign policy interests. Germany, in particular, remains an important source of investment. Economic relations with the EU are vital to Russia and seem set to grow, especially in the energy sector. The accession of Lithuania and Poland to the EU in 2004 will mean that the Russian enclave of Kaliningrad will then be surrounded by EU territory. In November 2002, Russia and the EU concluded an agreement to facilitate the travel of Kaliningrad residents to the rest of Russia through EU territory. Recently, divergent positions on issues affecting the ten new EU member states acceding in May 2004 have caused some strains in the Russia-EU relationship.
Although the links and common interests between the CIS countries have weakened since 1991, Russia continues to place value on its relations with them, both through the CIS as an institution and bilaterally with individual CIS countries. President Putin has publicly stressed the importance that he places on regular CIS summits. The CIS Collective Security Agreement has six members. Under the Agreement deployments of Russian military aircraft have been made to Armenia (in 1996) and Kyrgyzstan (2002). In October 2003 Russia opened a new airbase at Kant in Kyrgyzstan. Russia is also pursuing closer economic integration with its CIS partners and in September 2003 finalised a Common Economic Space Framework Agreement under which Ukraine, Belarus, Russia and Kazakhstan will work towards economic integration.
Russia and the Asia-Pacific Region
President Putin`s focus on Europe early in his administration has been balanced to some extent by his visits to China, Japan, North Korea, Vietnam, India, Malaysia and Thailand over the last two years. These visits have demonstrated that Russia continues to see itself as an Asian, as well as a European, power.
President Putin has on several occasions observed that Russia`s richest natural resources are largely located in Russia’s Asian regions, making Asia`s stability and prosperity essential to Russian interests. He has also emphasised that Russia must develop good relations with all its Asian neighbours in pursuit of “international balance”.
Russia`s economic engagement with the Asian region nevertheless remains significantly under-weighted in Russia`s overall commercial relationships. Russia’s trade is dominated by markets in Europe and the CIS. Exports to East Asia constitute less than ten percent of Russia’s total exports, although two-way trade with China grew from US$6 billion in 1995 to US$12 billion in 2002. While there is growing official appreciation of economic opportunities in Asia, it is the private sector that is driving renewed economic engagement with the region. Opportunities for economic engagement chiefly derive from the proximity of Russian energy reserves to energy-hungry economies such as Japan, China and Korea.
Economic Developments
Russia, a vast country with a wealth of natural resources, a well-educated population, and a diverse industrial base, continues to tread the testing path towards achieving long-term sustainable economic growth following the break-up of the Soviet Union in late 1991.
Since the major financial crisis in 1998, Russia`s GDP growth has rebounded, with real increases of 10% in 2000, 5% in 2001, 4.3% in 2002, and 7.3% in 2003. Russia`s GDP in 2003 was estimated at US$434 billion. High international energy and some metals prices and robust industrial production, as well as competitiveness provided by the low value of the rouble, have contributed to growth. High international oil prices have underpinned growth more recently. Inflation has fallen significantly from the 86% record in 1999, and came within the Government’s target range of 12% in 2003.
Russia has had a long-running problem with capital flight out of the country. Capital outflows slowed markedly in 2003, reflecting improved market sentiment about investment conditions in Russia. This was despite the Government’s investigations into senior figures in Yukos, a leading Russian oil company. Russia’s gold and foreign exchange reserves also increased to record highs in 2003, exceeding US$71 billion. Russia`s trade balance was a healthy US$58 billion for 2003, also due in large part to an increase in the value of oil exports.
Apart from investment in Russia’s prospering energy sector, levels of foreign investment in Russia remain low. Many investors, both Russian and foreign, continue to be concerned about the lack of transparency in the investment environment. The economic reform process, after a concerted start in 2000 when the government launched a long-term plan to improve the business climate and modernise the economy, has slowed more recently, and will need to be pursued vigorously if Russia’s recent positive economic performance is to be broadened and sustained.
* General
* Bilateral Relations
* Economic and Commercial Links
* Political System
* Recent Political Developments
* North Caucasus violence
* Foreign Policy
* Russia and the Asia-Pacific Region
* Economic Developments
General
The Russian Federation is the largest country in the world, covering more than 17 million square kilometres and stretching from the Baltic and Black seas in the west, to the Pacific Ocean in the east. Russia`s population at the census in late 2002 stood at 145 million, of which more than 80 per cent were ethnic Russians. Russia`s National Day is 12 June and is called Independence Day.
Russia`s economic and political life has changed considerably since the break-up of the USSR on 25 December 1991. The two major structural tasks, the shift of the economy to a market system and the consolidation of a new state and social order based on the rule of law, have presented ongoing historical challenges for Russia`s government and people.
Russia has faced a number of daunting political, economic and social problems over recent years. Political instability and upheaval marked much of the early 1990s, although the situation has stabilised considerably since Vladimir Putin was first elected President in 2000. The economy endured several years of recession from 1998, during which entire sectors of industry were devastated. Although economic conditions have improved and stabilised, Russia still faces considerable challenges in economic restructuring and ensuring sustainable growth. And it has had to address significant fiscal problems arising from shortfalls in tax collections and problems unknown in Soviet times, such as inflation and unemployment. Russia also carries significant external debt. There are many social problems, such as a falling birth rate and a low life expectancy rate, the huge disparity in the distribution of income, and significant levels of organised crime. The development of good governance and a diverse civil society has also lagged behind what many hoped for with the arrival of a more democratic form of government.
Bilateral Relations
Russia has considerable influence in many areas directly relevant to Australia`s foreign and trade policy interests, not only as a regional partner but also as a country of global significance. Our two countries enjoy positive and constructive bilateral relations. There is considerable scope, nevertheless, to strengthen the relationship, particularly in the area of trade and investment.
The Russian financial crisis of August 1998 had a significant impact on the business environment, with Australian exports suffering a major downturn, especially in the meat and food products sector. More recently Australia has welcomed the progress under President Vladimir Putin’s economic reform program, as well as Russia`s commitment to integration with the international economic system. Both of these factors are expected to stimulate bilateral trade and investment. Australia and Russia are engaged in negotiations on Russia`s accession to the World Trade Organisation (WTO). Australia supports Russia’s WTO membership on acceptable commercial terms and in accordance with the rules governing WTO membership.
Russia has been seeking to strengthen its involvement in the Asia-Pacific region, particularly through the development of its bilateral relations with China, Japan and India. Australia has been active in encouraging Russia`s full participation in the Asia-Pacific Economic Cooperation (APEC) process. Russia became a full APEC member in 1998.
The changed political climate in Russia in recent years has enabled increased bilateral cooperation in a number of important international and multilateral areas, including non-proliferation issues, regional security and the environment. One of the developments that has most helped to broaden the bilateral relationship in recent years has been the establishment of regular political-military talks, the most recent round of which took place in Canberra in October 2002.
A high priority now is to convene a further session of the Australia-Russia Joint Commission on Trade and Economic Cooperation, which last met in Canberra in November 1995. Both sides agree that a meeting of the Joint Commission should be held as soon as a mutually convenient time can be found.
Australia’s Ambassador to the Russian Federation is Mr Leslie Rowe. Gregory Klumov is Australia’s senior trade commissioner in Moscow. Australia also has Honorary Consuls in St. Petersburg and Vladivostok.
Economic and Commercial Links
Since the break-up of the Soviet Union Australia`s trade with Russia has changed significantly. Traditional commodities exports, particularly wool and wheat, have decreased markedly and in some cases the trade in these products ceased altogether for a period. At the same time, more sophisticated products, ranging from processed foods to medical equipment, educational services, tourism and telecommunications products and services, have begun to penetrate the market. Many small and medium-sized companies are now present in the market alongside large, well-established, multinational companies. In recent times the Australian Government has sought, in particular, to increase awareness on the Russian market of the excellence of Australian educational institutions and to increase their contacts with Russian educational institutions.
Against this background, bilateral trade is slowly recovering from the low levels of 1998-99, as the Russian economy has again begun to grow strongly, and with recent progress in Russia’s economic reform program. Australian merchandise exports to Russia in the calendar year 2003 were worth A$151 million, and imports from Russia totalled A$39 million. Key Australian exports to Russia in 2003 included meat, photographic supplies, hides and skins, and butter. Key imports from Russia in the same period included aluminium, metallic salts, paper and paper board and alcoholic beverages. Australia’s exports of services to Russia in 2002-03 were valued at A$45 million, and imports of services from Russia were valued at A$52 million.
Bilateral investment remains low. According to official figures, Australian direct investment in Russia is estimated at only A$25 million and Russian investment in Australia at A$40 million. Anecdotal evidence suggests, however, that the actual figure for Australian direct investment in Russia may be higher than the official figures indicate.
Australia and Russia recently concluded a Double Taxation Agreement. Australia has completed its procedures for entry into force of the Agreement, and the Russian Government approved ratification of the agreement at the end of 2003. The provisions of the Agreement came into effect in Russia on 1 January 2004 and will come into effect in Australia on 1 July 2004. This Agreement will contribute to efforts to build an institutional framework for Australian companies wishing to do business in Russia, providing a greater degree of certainty for traders and investors.
In May 2001 Australia and Russia signed an inter-governmental agreement (IGA) on space cooperation. The Agreement will facilitate the development of a space launch industry in Australia using Russian technology and launch vehicles. One project currently under negotiation is a proposal to build a cosmodrome on Christmas Island. Australia and Russia are now developing the necessary legal agreements, including a Technology Safeguards Agreement, to enable this and other potential projects to proceed. The Space Agreements will assist Australia`s entry into a growing high technology market and mark a new stage in the bilateral economic relationship.
Visits
Recent high-level bilateral visits include those by the Minister for Foreign Affairs, Mr Alexander Downer, who was in Moscow on 5-6 February 2002, and by the Minister for Industry, Tourism and Resources, Mr Ian MacFarlane, who visited Moscow on 10-12 July 2002. In addition, the Minister for Sport and the Arts, Senator Rod Kemp, attended a meeting of the International Intergovernmental Group on Anti-doping in Sport in Moscow in December 2002.
Political System
The Constitution of the Russian Federation was adopted in 1993 after a popular referendum. This followed a long political struggle between then President Yeltsin and the Duma, which was ultimately resolved by military forces loyal to the President shelling and then storming the Duma building.
The 1993 Constitution provides for the separation of powers between three branches of government: the executive, the legislature and the judiciary. Within this system the office of President holds considerable political power. Russia is a federation, composed of 89 constituent parts, including regions, ethnically-based autonomous republics, territories and the cities of Moscow and St. Petersburg. The precise distribution of powers within the Federation is still evolving, and is an important reform issue. In recent years, however, President Putin has tended to recentralise power in Moscow.
The executive branch of the government is headed by the President, who is elected by a majority of the popular vote. Where one candidate does not receive more than 50% of the vote in the first round of presidential elections, a run-off election is subsequently held between the two leading candidates. The President’s term of office is four years and one individual may only serve a maximum of two terms. Under the 1993 Constitution the President wields broad powers. The President controls the Defence and Security Councils, and is in charge of the country`s foreign policy. The Prime Minister is selected by the President but must be approved by the Duma, Russia’s federal parliament. If the nomination is rejected, the President may dissolve the Duma and call new elections. The President, in consultation with the Prime Minister, chooses the Cabinet. The Ministries of Defence, Foreign Affairs and the Interior report directly to the President. The President can draft laws to submit to the Duma and has a right of veto over proposed legislation. He can also issue Presidential Decrees, which have the force of law. The President is the Commander-in-Chief of the armed forces, can appoint or dismiss top military commanders, and may declare martial law or a state of emergency.
Recent Political Developments
For many years, the Communist Party was the only nationwide party with a formal structure and wide popular membership. Support for the Communist Party declined considerably at the December 2003 Duma elections, however, with its vote halved to 12.5% and Duma representation cut by over 50%. The Duma landscape is now dominated, with two-thirds of the 450 seats, by the United Russia Party, which emerged when the two main centrist parties in the previous Duma merged. The United Russia Party is closely aligned with the President and the Duma is broadly supportive of the political program favoured by the executive branch of government.
The decline in electoral support for the Communists was shared by the pro-market Union of Right Forces and Yabloko parties, which retained only 7 of their previous 48 Duma seats. As a consequence, these two parties are no longer an influential factor in the Duma. The rise of the nationalistic-populist ‘Motherland’ (Rodina) party and the resurgence of the Liberal Democratic Party is broadly considered to reflect the scepticism of many Russians about the relevance of Western liberalism and market reforms to Russian society. International election observers criticised the use of so-called ‘administrative resources’ during the Duma elections by United Russia and its supporters in the executive arm of government – especially in relation to biased State-owned television coverage of the election campaign, and help provided by regional governments to candidates.
President Vladimir Putin has put his own stamp on the Government since 2000 by replacing Ministers and appointees from the Yeltsin period and setting a new agenda. Since the 11 September 2001 terrorist attacks on the United States President Putin has followed a broadly pro-Western foreign policy and has cooperated with the United States in the war against terrorism. He has pointed to links between Al Qaeda and some Chechen groups when advocating a continued strong stance in dealing with the Chechen situation.
President Putin was re-elected for a second four-year term on 14 March 2004 by a commanding majority (71% of the vote), reflecting his considerable personal popularity with the Russian electorate. In the lead-up to the election he appointed a new cabinet, headed by a new Prime Minister, Mikhail Fradkov, and rationalised the structure of the federal government, reducing the number of ministries from 30 to 17 and creating a three-tier government sector comprising policy ministries, federal services and federal agencies. The changes are intended to increase the efficiency of the government and boost economic reform.
North Caucasus Violence
Since 1999, the province of Chechnya has once again been embroiled in a state of conflict. Russian forces continue to battle armed militants in the province who are seeking independence from the Russian Federation. In April 2002 President Putin announced that the conflict stage of the war was over and that a process of normalization had begun. However, fighting continues daily, with Russian forces sustaining substantial casualties. The conduct of the war is a key concern to many in the international community, including international human rights organizations, which report that Russian troops have committed human rights violations against the civilian population, such as extra-judicial killings, torture and the arrest and disappearance of many young Chechen men. Chechen militants also continue to commit human rights abuses and acts of terrorism. Improving the situation for the large number of refugees who have fled from the conflict in Chechnya is a major task for the Russian Government.
The Russian Government describes its use of force in Chechnya as an anti-terrorist operation, pointing to linkages between Chechen fighters and the Al Qaeda network. In October 2002, Chechen gunmen took the conflict to Moscow, seizing the Dubrovka Theatre and holding some 760 people hostage. When Russian Special Forces stormed the theatre using debilitating gas to disable the terrorists, about 170 hostages and terrorists died. Since the Dubrovka siege the number of bombings and suicide attacks committed by Chechen terrorists against “soft” or Russian government targets in Moscow and the North Caucasus has grown. Targets have included the pro-Moscow local administration building in the Chechen capital, Grozny, (December 2002), a youth concert and restaurant in Moscow (July 2003), a Russian military hospital in North Ossetia (August 2003) and the Federal Security Bureau in Ingushetia (September 2003). Terrorist attacks also took place just before and straight after the Russian Duma elections in December 2003, with at least 45 people killed in Stavropol and 5 people killed near Red Square in Moscow. Both of these incidents involved suicide bombers.
The Russian Government is currently following a policy of ‘normalisation’ and what it terms ‘Chechenisation’ of the Chechnya issue, that is, the fostering of a greater role for local Chechens in resisting separatist activities and normalising life in the province. In March 2003, Chechens voted at a referendum for a new constitution and for draft laws on parliamentary and presidential elections. The presidential elections were held in October 2003, with the Moscow-supported incumbent, Administrator Akhmad Kadyrov, winning more than 80% of the vote. Western organisations such as the OSCE and PACE did not send observers to these elections. The EU Presidency subsequently issued a declaration expressing serious concerns about the conditions under which the elections were held, but also expressing hope that the political settlement process in Chechnya would continue.
Foreign Policy
President Putin set Russian foreign policy on a new course following the terrorist attacks on the United States on 11 September 2001. Russia also took a series of steps calculated to improve relations with Western countries. Russia dropped its opposition to the expansion of NATO to eastern Europe, and to the deployment of US troops in former Soviet Central Asia and Georgia, and reacted mildly to the US decision to leave the Anti Ballistic Missile Treaty.
Russia’s pro-Western foreign policy attracted considerable criticism within the Russian foreign and defence policy elite. It has, however, brought benefits for Russia. The United States and Russia negotiated a treaty in May 2002 to reduce their stocks of offensive ballistic missiles to between 1700-2200 each by 2012. Russia entered into a mutually beneficial relationship with NATO through the establishment of the NATO-Russia Council in May 2002. The victory of coalition forces in Afghanistan in late 2001 removed the Taliban regime, which Russia viewed as major security threat to itself and the neighbouring Central Asian CIS countries. Russia’s opposition to US military action in Iraq in the first half of 2003 represented a change in the Russian foreign policy climate. Russia has also been moving to reassert its presence in the countries making up the Commonwealth of Independent States (CIS - the former Soviet republics). Russia continues to stress that it wants to work co-operatively with the United States in areas of common interest, with counter-terrorism and post-conflict normalisation in Iraq being key examples.
In Asia the Putin administration has maintained its traditionally good relations with India and has developed relations with China. Russia and China signed a Friendship and Amity Agreement in July 2001 and have been the major drivers in establishing the Shanghai Cooperation Forum, which groups the two countries with Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. The Shanghai Cooperation Forum has a heavy security and anti-terrorism focus, but the member countries also hope that it will become a catalyst for economic cooperation and development in Central Asia. Russia is also striving to improve relations with Japan, especially in the areas of trade and investment. The Kurile Islands dispute remains an obstacle in the bilateral relationship. Russia has continued to play an active role in the international community’s response to the North Korea nuclear crisis in recent years.
Russia’s relations with the European Union (EU) are fundamental to its foreign policy interests. Germany, in particular, remains an important source of investment. Economic relations with the EU are vital to Russia and seem set to grow, especially in the energy sector. The accession of Lithuania and Poland to the EU in 2004 will mean that the Russian enclave of Kaliningrad will then be surrounded by EU territory. In November 2002, Russia and the EU concluded an agreement to facilitate the travel of Kaliningrad residents to the rest of Russia through EU territory. Recently, divergent positions on issues affecting the ten new EU member states acceding in May 2004 have caused some strains in the Russia-EU relationship.
Although the links and common interests between the CIS countries have weakened since 1991, Russia continues to place value on its relations with them, both through the CIS as an institution and bilaterally with individual CIS countries. President Putin has publicly stressed the importance that he places on regular CIS summits. The CIS Collective Security Agreement has six members. Under the Agreement deployments of Russian military aircraft have been made to Armenia (in 1996) and Kyrgyzstan (2002). In October 2003 Russia opened a new airbase at Kant in Kyrgyzstan. Russia is also pursuing closer economic integration with its CIS partners and in September 2003 finalised a Common Economic Space Framework Agreement under which Ukraine, Belarus, Russia and Kazakhstan will work towards economic integration.
Russia and the Asia-Pacific Region
President Putin`s focus on Europe early in his administration has been balanced to some extent by his visits to China, Japan, North Korea, Vietnam, India, Malaysia and Thailand over the last two years. These visits have demonstrated that Russia continues to see itself as an Asian, as well as a European, power.
President Putin has on several occasions observed that Russia`s richest natural resources are largely located in Russia’s Asian regions, making Asia`s stability and prosperity essential to Russian interests. He has also emphasised that Russia must develop good relations with all its Asian neighbours in pursuit of “international balance”.
Russia`s economic engagement with the Asian region nevertheless remains significantly under-weighted in Russia`s overall commercial relationships. Russia’s trade is dominated by markets in Europe and the CIS. Exports to East Asia constitute less than ten percent of Russia’s total exports, although two-way trade with China grew from US$6 billion in 1995 to US$12 billion in 2002. While there is growing official appreciation of economic opportunities in Asia, it is the private sector that is driving renewed economic engagement with the region. Opportunities for economic engagement chiefly derive from the proximity of Russian energy reserves to energy-hungry economies such as Japan, China and Korea.
Economic Developments
Russia, a vast country with a wealth of natural resources, a well-educated population, and a diverse industrial base, continues to tread the testing path towards achieving long-term sustainable economic growth following the break-up of the Soviet Union in late 1991.
Since the major financial crisis in 1998, Russia`s GDP growth has rebounded, with real increases of 10% in 2000, 5% in 2001, 4.3% in 2002, and 7.3% in 2003. Russia`s GDP in 2003 was estimated at US$434 billion. High international energy and some metals prices and robust industrial production, as well as competitiveness provided by the low value of the rouble, have contributed to growth. High international oil prices have underpinned growth more recently. Inflation has fallen significantly from the 86% record in 1999, and came within the Government’s target range of 12% in 2003.
Russia has had a long-running problem with capital flight out of the country. Capital outflows slowed markedly in 2003, reflecting improved market sentiment about investment conditions in Russia. This was despite the Government’s investigations into senior figures in Yukos, a leading Russian oil company. Russia’s gold and foreign exchange reserves also increased to record highs in 2003, exceeding US$71 billion. Russia`s trade balance was a healthy US$58 billion for 2003, also due in large part to an increase in the value of oil exports.
Apart from investment in Russia’s prospering energy sector, levels of foreign investment in Russia remain low. Many investors, both Russian and foreign, continue to be concerned about the lack of transparency in the investment environment. The economic reform process, after a concerted start in 2000 when the government launched a long-term plan to improve the business climate and modernise the economy, has slowed more recently, and will need to be pursued vigorously if Russia’s recent positive economic performance is to be broadened and sustained.
@ all
Russland konsolidiert!
Rostovenergo VZ haben nun die Underperformance seit über 2 Jahren zum Index ab Jan 04 vollständig aufgeholt.
Russland konsolidiert!
Rostovenergo VZ haben nun die Underperformance seit über 2 Jahren zum Index ab Jan 04 vollständig aufgeholt.
Hallo Russland-Investor,
gab´s bei der Rost schon den Dividenstichtag, bzw.
wann ist der?
Grüße CCR
gab´s bei der Rost schon den Dividenstichtag, bzw.
wann ist der?
Grüße CCR
@ CCR
Noch nicht.
Letzte News:
Rostovenergo posts FY03 RAS financials
Rostovenergo (RTS: RTSE, RTSEP) posted 2003
RAS financials last week showing net profit 9.2 times
higher y-o-y at $17m. The company did not give any
explanation of the net profit surge. The company’s
2003 revenues grew 28% in dollar terms to $320m.
Operating margin improved from 5.5% in 2002 to
10% in 2003. Capex in 2003 was $35m, most of
which was spent on power plant reconstruction.
Electric power production by the company declined
1.3% y-o-y in 2003 to 10.6b kWh. Heat production fell
2.8% y-o-y in 2003 to 3.8m Gcal.
Rostovenergo 2003 RAS results
FY03F, $m FY02, $m Change, %
Sales 320 250 28%
CGM 281 238 18%
Operating profit 31 13 138%
Operating margin 10% 5%
Pre-tax profit 25 12 108%
Net profit 17 1.7 n/a
Net margin 5% 1%
Source: Company data, RMG estimates
Noch nicht.
Letzte News:
Rostovenergo posts FY03 RAS financials
Rostovenergo (RTS: RTSE, RTSEP) posted 2003
RAS financials last week showing net profit 9.2 times
higher y-o-y at $17m. The company did not give any
explanation of the net profit surge. The company’s
2003 revenues grew 28% in dollar terms to $320m.
Operating margin improved from 5.5% in 2002 to
10% in 2003. Capex in 2003 was $35m, most of
which was spent on power plant reconstruction.
Electric power production by the company declined
1.3% y-o-y in 2003 to 10.6b kWh. Heat production fell
2.8% y-o-y in 2003 to 3.8m Gcal.
Rostovenergo 2003 RAS results
FY03F, $m FY02, $m Change, %
Sales 320 250 28%
CGM 281 238 18%
Operating profit 31 13 138%
Operating margin 10% 5%
Pre-tax profit 25 12 108%
Net profit 17 1.7 n/a
Net margin 5% 1%
Source: Company data, RMG estimates
(e): Das Datum der Hauptversammlung ist im Juni, und der EX Tag dürfte bereits Vergangenheit sein (Ende April).
#23
Hab mal in meinen alten Unterlagen gekramt. Letztes Jahr war der Zahltag der 03.06.. Am 07.07. ist dann die Dividende auf´s Konto gutgeschrieben worden.
Gruß CCR
Hab mal in meinen alten Unterlagen gekramt. Letztes Jahr war der Zahltag der 03.06.. Am 07.07. ist dann die Dividende auf´s Konto gutgeschrieben worden.
Gruß CCR
Hallo,
hat schon jemand die Dividende gutschrieben bekommen?
Gruß CCR
hat schon jemand die Dividende gutschrieben bekommen?
Gruß CCR
Stromsektor – Die Regierung unterschreibt neuen Zeitplan für die Restrukturierung.
Der Zeitplan bringt keine bedeutenden neuen Veränderungen gegenüber dem ursprünglichen Plan mit sich und lässt auch das Jahr 2006 als Datum für den liberalisierten Markt stehen.
Der Zeitplan bringt keine bedeutenden neuen Veränderungen gegenüber dem ursprünglichen Plan mit sich und lässt auch das Jahr 2006 als Datum für den liberalisierten Markt stehen.
Auszahlung der Dividende am 02.08.04
Die Vorzüge bekommen 0,1261 USD pro ADR und die Stämme 0,0121 USD pro ADR.
Das macht ca. 5 % Dividendenrendite auf den aktuellen Kurs um die € 2,00 .
ROSTOVENERGO 77853Q108 Russia Jun 30, 2004 Aug 02, 2004 Cash 0,0121 0 0 0 Final
ROSTOVENERGO PREFERRED 77853Q207 Russia Jun 30, 2004 Aug 02, 2004 Cash 0,1261 0 0 0 Final
Die Vorzüge bekommen 0,1261 USD pro ADR und die Stämme 0,0121 USD pro ADR.
Das macht ca. 5 % Dividendenrendite auf den aktuellen Kurs um die € 2,00 .
ROSTOVENERGO 77853Q108 Russia Jun 30, 2004 Aug 02, 2004 Cash 0,0121 0 0 0 Final
ROSTOVENERGO PREFERRED 77853Q207 Russia Jun 30, 2004 Aug 02, 2004 Cash 0,1261 0 0 0 Final
Hallo,
habe meine ADR´s heute verkauft. Hier droht ähnliches
Unheil für die ADR-Besitzer wie bei NITR.
habe meine ADR´s heute verkauft. Hier droht ähnliches
Unheil für die ADR-Besitzer wie bei NITR.
@CCR
Kannst du deine Aussage begründen ?? Gibt es diesbezüglich eine offizielle Meldung ??
Kannst du deine Aussage begründen ?? Gibt es diesbezüglich eine offizielle Meldung ??
@donaldzocker
durch die Energiereform in Rußland soll Rosto in verschiedene
Unternehmen aufgesplittet werden. Eigentlich eine positive
Nachricht für die Aktionäre. Was mit den ADR´s passiert weiß
ich nicht. Wer bei den ADR`s von NITR (Ukraine) dabei war, hat bei der laufenden Kapitalerhöhung sein blaues Wunder erlebt, sprich es war so gut wie unmöglich daran teilzunehmen, was zu einem hohen Verlust geführt hat. Für
die Besitzer der Originalaktien war die Kapitalerhöhung kein
Problem. Für mich war der Verkauf meiner Rostos eine reine Vorsichtsmaßnahme. In Zukunft werde ich nach Möglichkeit keine ADR`s mehr kaufen, sondern die Originalaktien.
Gruß CCR
durch die Energiereform in Rußland soll Rosto in verschiedene
Unternehmen aufgesplittet werden. Eigentlich eine positive
Nachricht für die Aktionäre. Was mit den ADR´s passiert weiß
ich nicht. Wer bei den ADR`s von NITR (Ukraine) dabei war, hat bei der laufenden Kapitalerhöhung sein blaues Wunder erlebt, sprich es war so gut wie unmöglich daran teilzunehmen, was zu einem hohen Verlust geführt hat. Für
die Besitzer der Originalaktien war die Kapitalerhöhung kein
Problem. Für mich war der Verkauf meiner Rostos eine reine Vorsichtsmaßnahme. In Zukunft werde ich nach Möglichkeit keine ADR`s mehr kaufen, sondern die Originalaktien.
Gruß CCR
!
Dieser Beitrag wurde vom System automatisch gesperrt. Bei Fragen wenden Sie sich bitte an feedback@wallstreet-online.de
@Menglovator,
kurz gesagt, ADR`s sind Kunstprodukte, was alle ADR-Besitzer
(inclusive mir) bei NITR schmerzvoll erfahren durften.
Eine Gleichstellung gegenüber den Originalaktien ist nicht
gewährleistet. Man sollte, wenn möglich, immer den Kauf der Originalaktien vorziehen.
kurz gesagt, ADR`s sind Kunstprodukte, was alle ADR-Besitzer
(inclusive mir) bei NITR schmerzvoll erfahren durften.
Eine Gleichstellung gegenüber den Originalaktien ist nicht
gewährleistet. Man sollte, wenn möglich, immer den Kauf der Originalaktien vorziehen.
"Man sollte, wenn möglich, immer den Kauf der Originalaktien vorziehen."
Ja, wenn Deine Bank dies zulässt.
Ja, wenn Deine Bank dies zulässt.
An inländische Broker/Banken hatte ich nicht gedacht. Da
sind meine Erfahrungen nicht besonders gut. Es gibt genug
ausländische Broker/Banken die den Kauf an den Heimatbörsen
seriös abwickeln und wo ich mich gut aufgehoben fühle.
Die Rostos-ADRs hatte ich schon etwas länger im Depot.
Die Möglichkeit direkt in Rußland zu kaufen/verkaufen ergab
sich erst später. Bei NITR war es ähnlich, deshalb bin leider
in die "ADR-Falle" getappt. Dies ist mir eine Lehre!
sind meine Erfahrungen nicht besonders gut. Es gibt genug
ausländische Broker/Banken die den Kauf an den Heimatbörsen
seriös abwickeln und wo ich mich gut aufgehoben fühle.
Die Rostos-ADRs hatte ich schon etwas länger im Depot.
Die Möglichkeit direkt in Rußland zu kaufen/verkaufen ergab
sich erst später. Bei NITR war es ähnlich, deshalb bin leider
in die "ADR-Falle" getappt. Dies ist mir eine Lehre!
#34 von CCR ,
ich wünsche Dir viel §Glück§ !
ich wünsche Dir viel §Glück§ !
@CCR
da bin ich ja beruhigt, dass hier konkret nichts im Busch ist...
dass eine Aufspaltung stattfinden soll, ist ja seit längerem bekannt und ist eigentlich der Hauptgrund meiner Investition in Rostovenergo ...
Die Restrukturierung der Russischen Telecomgesellschaften Tyumentelecom/Uralsvyazinforn hat zu erheblichen Gewinnen für die ehemaligen Aktionäre von Tyumentelecom geführt...
Ähnliches wird auch hier erwartet...
Ich vermute außerdem, das evl. Kapitalmaßnahmen geordnet vonstatten gehen, da diese Problematik ja sämtliche russische Energieversorger betrifft...
ich gebe zu ... es bleibt immer ein gewisses Restrisiko ... aber die Chancen sind in diesem Fall (nach meiner Ansicht) so erheblich, dass man das Risiko eingehen sollte
da bin ich ja beruhigt, dass hier konkret nichts im Busch ist...
dass eine Aufspaltung stattfinden soll, ist ja seit längerem bekannt und ist eigentlich der Hauptgrund meiner Investition in Rostovenergo ...
Die Restrukturierung der Russischen Telecomgesellschaften Tyumentelecom/Uralsvyazinforn hat zu erheblichen Gewinnen für die ehemaligen Aktionäre von Tyumentelecom geführt...
Ähnliches wird auch hier erwartet...
Ich vermute außerdem, das evl. Kapitalmaßnahmen geordnet vonstatten gehen, da diese Problematik ja sämtliche russische Energieversorger betrifft...
ich gebe zu ... es bleibt immer ein gewisses Restrisiko ... aber die Chancen sind in diesem Fall (nach meiner Ansicht) so erheblich, dass man das Risiko eingehen sollte
@donaldzocker
das ganze sehe ich auch positiv, auch wenn ich im Moment nicht mehr investiert bin. meine Vorsicht bezog sich nur
auf die ADR`s.
@Menglovator (#35)
Danke! Funktioniert bisher reibungslos.
das ganze sehe ich auch positiv, auch wenn ich im Moment nicht mehr investiert bin. meine Vorsicht bezog sich nur
auf die ADR`s.
@Menglovator (#35)
Danke! Funktioniert bisher reibungslos.
Die ADRs scheints ja ziemlich zu erwischen heute.
Weiss jemand wann die Aufteilung genau stattfindet? Hier wird immer was von einem #35 geschrieben aber dieser Beitrag wurde wohl gelöscht und durch einen anderen mit derselben Nummer ersetzt (passt inhaltlich jetzt aber nicht).
Weiss jemand konkrete Termine ?
(Habe übrigens keine ADRs, frage aber aus Interesse, weil ich mal ne ziemliche Stückzahl hatte)
Weiss jemand wann die Aufteilung genau stattfindet? Hier wird immer was von einem #35 geschrieben aber dieser Beitrag wurde wohl gelöscht und durch einen anderen mit derselben Nummer ersetzt (passt inhaltlich jetzt aber nicht).
Weiss jemand konkrete Termine ?
(Habe übrigens keine ADRs, frage aber aus Interesse, weil ich mal ne ziemliche Stückzahl hatte)
nun ist es geschehen: Rostovenergo aufgesplittet
http://www.uptotrade.de/talk/showpost.php?p=16364&postcount=…
http://www.uptotrade.de/talk/showpost.php?p=16364&postcount=…
Hier nochmals der Link:
http://www.uptotrade.de/talk/showpost.php?p=16364&postcount=…
Unified Energy Systems of Russia (RAO UES)
Seven More Regional Energos Complete Separation by Lines of Business
January 11, 2005 Today, 11 January 2005, state registration was issued to companies spun off from the following seven regional energos (subsidiaries and dependent companies of RAO "UES of Russia") as a result of their reorganization: OAO "Astrakhanenergo", OAO "Lipetskenergo", OAO "Rostovenergo", OAO "Ryazanenergo", OAO "Tambovenergo", OAO "Tverenergo", OAO "Yarenergo".
The regional energos were reorganized in accordance with the basic restructuring plan. As provided by the regional energos` restructuring plans approved by the Board of Directors of RAO "UES of Russia", new companies are to be spun off from the energy companies by lines of business-electricity generation, transmission and retailing-with the companies` ownership structure preserved.
The following companies were spun off from the regional energos:
OAO "Astrakhanenergo":
OAO "Astrakhan Regional Generation Company
OAO "Astrakhan Energy Management Company"
OAO "Astrakhan Energy Retail Company"
OAO "Lipetskenergo":
OAO "Lipetsk Generation Company"
OAO "Lipetsk Energy Management Company"
OAO "Lipetsk Energy Retail Company"
OAO "Rostovenergo":
OAO "Rostov Generation Company"
OAO "Rostovenergo Management Company"
OAO "Energosbyt Rostovenergo"
OAO "Ryazanenergo":
OAO "Ryazan Heating Company"
OAO "Ryazan Management Company"
OAO "Ryazan Energy Retail Company"
OAO "Tambovenergo":
OAO "Tambov Generation Company"
OAO "Tambov Energy Management Company"
OAO "Tambov Energy Retail Company"
OAO "Tverenergo":
OAO "Tver Generation Company"
OAO "Tver Management Energy Company"
OAO "Tver Energy Retail Company"
OAO "Tver Energy Repair Company"
OAO "Yarenergo":
OAO "Yaroslavl Energy Company":
OAO "Yaroslavl Management Energy Company"
OAO "Yaroslavl Retail Company"
Thus, as at 11 January 2005, 21 regional energos of OAO RAO "UES of Russia" largely completed separation by lines of business (previously, the process was completed at OAO "Belgorodenergo", OAO "Kalugaenergo", OAO "Bryanskenergo", OAO "Voronezhenergo", OAO "Pskovenergo", OAO "Vladimirenergo", OAO "Volgogradenergo", OAO "Ivenergo", OAO "Karelenergo", OAO "Kostromaenergo", OAO "Marienergo", OAO "Penzaenergo", OAO "Udmurtenergo", OAO "Chuvashenergo").
http://www.uptotrade.de/talk/showpost.php?p=16364&postcount=…
Unified Energy Systems of Russia (RAO UES)
Seven More Regional Energos Complete Separation by Lines of Business
January 11, 2005 Today, 11 January 2005, state registration was issued to companies spun off from the following seven regional energos (subsidiaries and dependent companies of RAO "UES of Russia") as a result of their reorganization: OAO "Astrakhanenergo", OAO "Lipetskenergo", OAO "Rostovenergo", OAO "Ryazanenergo", OAO "Tambovenergo", OAO "Tverenergo", OAO "Yarenergo".
The regional energos were reorganized in accordance with the basic restructuring plan. As provided by the regional energos` restructuring plans approved by the Board of Directors of RAO "UES of Russia", new companies are to be spun off from the energy companies by lines of business-electricity generation, transmission and retailing-with the companies` ownership structure preserved.
The following companies were spun off from the regional energos:
OAO "Astrakhanenergo":
OAO "Astrakhan Regional Generation Company
OAO "Astrakhan Energy Management Company"
OAO "Astrakhan Energy Retail Company"
OAO "Lipetskenergo":
OAO "Lipetsk Generation Company"
OAO "Lipetsk Energy Management Company"
OAO "Lipetsk Energy Retail Company"
OAO "Rostovenergo":
OAO "Rostov Generation Company"
OAO "Rostovenergo Management Company"
OAO "Energosbyt Rostovenergo"
OAO "Ryazanenergo":
OAO "Ryazan Heating Company"
OAO "Ryazan Management Company"
OAO "Ryazan Energy Retail Company"
OAO "Tambovenergo":
OAO "Tambov Generation Company"
OAO "Tambov Energy Management Company"
OAO "Tambov Energy Retail Company"
OAO "Tverenergo":
OAO "Tver Generation Company"
OAO "Tver Management Energy Company"
OAO "Tver Energy Retail Company"
OAO "Tver Energy Repair Company"
OAO "Yarenergo":
OAO "Yaroslavl Energy Company":
OAO "Yaroslavl Management Energy Company"
OAO "Yaroslavl Retail Company"
Thus, as at 11 January 2005, 21 regional energos of OAO RAO "UES of Russia" largely completed separation by lines of business (previously, the process was completed at OAO "Belgorodenergo", OAO "Kalugaenergo", OAO "Bryanskenergo", OAO "Voronezhenergo", OAO "Pskovenergo", OAO "Vladimirenergo", OAO "Volgogradenergo", OAO "Ivenergo", OAO "Karelenergo", OAO "Kostromaenergo", OAO "Marienergo", OAO "Penzaenergo", OAO "Udmurtenergo", OAO "Chuvashenergo").
Note for the information of stock market participants and shareholders:
Shares in a spin-off company will be distributed among shareholders of the company reorganized through spin-off.
Shares in the spin-off companies will be distributed to the regional energos` shareholders at a rate set in the reorganization resolution, taking into account the number and class of energos` shares held by each shareholder.
Shareholders who voted against the resolution to reorganize the regional energos or did not take part in the voting on this matter will receive shares in the newly established companies of the corresponding class in the amount equal to the number of shares of that class in the reorganized regional energo held by them as at the date of share placement.
The date on which the shares in the spin-off companies are placed shall be the date of state registration of the companies established as a result of regional energos` reorganization. The new shares will be credited to the securityholder accounts with registrars and securities safekeeping accounts at securities depositories in accordance with the records in the share register of the regional energo concerned as at such date.
The shares will be credited to the securityholder accounts by the Registrar to be appointed by the Boards of Directors of the newly established companies in the very near future (not later than the end of the current month), immediately after an agreement with such Registrar is made.
Share issues of the spin-off companies are expected to be registered with the regulators within one and a half months after the date of companies` state registration. Transactions in such shares may be effected after the state registration of the issues.
In January-February 2005, it is expected that the following companies will be registered with the regulatory authorities:
companies spun off from
OAO "Chelyabenergo"
31 January 2005 +
OAO "Chelyabinsk Generation Company",
OAO "Chelyabinsk Management Energy Company",
OAO "Chelyabenergosbyt" and
OAO "Yuzhnouralskaya TPP"
OAO "Kurskenergo"
1 February 2005 +
OAO "Kursk Generation Company",
OAO "Kursk Energy Management Company"
OAO "Kurskenergosbyt"
OAO "Mordovenergo"
1 February 2005 +
OAO "Mordovia Generation Company",
OAO "Mordovia Heat Network Company",
OAO "Mordovia Energy Management Company"
OAO "Mordovia Energy Retail Company"
OAO "Nizhnovenergo"
1 February 2005 +
OAO "Nizhny Novgorod Generation Company"
OAO "Smolenskenergo"
1 February 2005 +
OAO "Smolensk Management Energy Company",
OAO "Smolensk Generation Company ",
OAO "Smolenskenergosbyt",
OAO "Smolenskaya TPP" and
OAO "Smolensk Energy Repair Company"
Die gesplitteten Gesellschaften als Pdf-File:
http://www.capitallink.com/ppress/ppressfile/50010042/Moscow…
Shares in a spin-off company will be distributed among shareholders of the company reorganized through spin-off.
Shares in the spin-off companies will be distributed to the regional energos` shareholders at a rate set in the reorganization resolution, taking into account the number and class of energos` shares held by each shareholder.
Shareholders who voted against the resolution to reorganize the regional energos or did not take part in the voting on this matter will receive shares in the newly established companies of the corresponding class in the amount equal to the number of shares of that class in the reorganized regional energo held by them as at the date of share placement.
The date on which the shares in the spin-off companies are placed shall be the date of state registration of the companies established as a result of regional energos` reorganization. The new shares will be credited to the securityholder accounts with registrars and securities safekeeping accounts at securities depositories in accordance with the records in the share register of the regional energo concerned as at such date.
The shares will be credited to the securityholder accounts by the Registrar to be appointed by the Boards of Directors of the newly established companies in the very near future (not later than the end of the current month), immediately after an agreement with such Registrar is made.
Share issues of the spin-off companies are expected to be registered with the regulators within one and a half months after the date of companies` state registration. Transactions in such shares may be effected after the state registration of the issues.
In January-February 2005, it is expected that the following companies will be registered with the regulatory authorities:
companies spun off from
OAO "Chelyabenergo"
31 January 2005 +
OAO "Chelyabinsk Generation Company",
OAO "Chelyabinsk Management Energy Company",
OAO "Chelyabenergosbyt" and
OAO "Yuzhnouralskaya TPP"
OAO "Kurskenergo"
1 February 2005 +
OAO "Kursk Generation Company",
OAO "Kursk Energy Management Company"
OAO "Kurskenergosbyt"
OAO "Mordovenergo"
1 February 2005 +
OAO "Mordovia Generation Company",
OAO "Mordovia Heat Network Company",
OAO "Mordovia Energy Management Company"
OAO "Mordovia Energy Retail Company"
OAO "Nizhnovenergo"
1 February 2005 +
OAO "Nizhny Novgorod Generation Company"
OAO "Smolenskenergo"
1 February 2005 +
OAO "Smolensk Management Energy Company",
OAO "Smolensk Generation Company ",
OAO "Smolenskenergosbyt",
OAO "Smolenskaya TPP" and
OAO "Smolensk Energy Repair Company"
Die gesplitteten Gesellschaften als Pdf-File:
http://www.capitallink.com/ppress/ppressfile/50010042/Moscow…
Heureka....mit Datum vom 15.2.2005 sind „meine“ neuen Rostovenergo Teile im Depot eingebucht.
18***** Stk. РостовЭн(P) / RostovEnergo
18***** Stk. РостовэнергоУК(P) / Rostovenergo Management Company
18***** Stk. РостовскаяГенКомп(P) / Rostov Generation Company
18***** Stk. РостовЭнергоСбыт(P) / Energosbyt Rostovenergo
bisher noch keine Bewertung
...und es steht nirgends etwas von "Pref" oder "Vorzug"
18***** Stk. РостовЭн(P) / RostovEnergo
18***** Stk. РостовэнергоУК(P) / Rostovenergo Management Company
18***** Stk. РостовскаяГенКомп(P) / Rostov Generation Company
18***** Stk. РостовЭнергоСбыт(P) / Energosbyt Rostovenergo
bisher noch keine Bewertung
...und es steht nirgends etwas von "Pref" oder "Vorzug"
Na, das sieht ja aktuell nicht besonders rosig aus...
Hat einer von euch schon probiert, ob sich die Stücke aktuell immer noch umtauschen lassen?
Dann wäre der aktuelle Kurs ja ein Schnäppchen.
Ansonsten hält man mit den ADRs aktuell nur noch die Stücke der "Hauptgesellschaft", das wäre dann ja eine böse Verwässerung...
Wie gesagt, nur eine Vermutung.
Gruß Matthias
Hat einer von euch schon probiert, ob sich die Stücke aktuell immer noch umtauschen lassen?
Dann wäre der aktuelle Kurs ja ein Schnäppchen.
Ansonsten hält man mit den ADRs aktuell nur noch die Stücke der "Hauptgesellschaft", das wäre dann ja eine böse Verwässerung...
Wie gesagt, nur eine Vermutung.
Gruß Matthias
Habe ADR im Depot und keine neue Aktien dazu bekommen, ist wohl richtig so? Wo kann ich denn den russischen Tageskurs bekommen?
Aus einem anderen Forum:
Laut Irina Haase von Aton steht hinter den ADRs gar nichts mehr!
Nur noch Papier!
Die Originalaktien von Rostovenergo wurden bereits in mehrere Gesellschaften aufgespaltet.
Diese werden noch nicht gehandelt. Deshalb gibt es auch noch keine Bewertung.
Was mit den noch bestehenden ADRs passiert, ist noch unklar.
Ob man sie noch umtauschen kann, weiss auch Frau Haase nicht.
Laut Irina Haase von Aton steht hinter den ADRs gar nichts mehr!
Nur noch Papier!
Die Originalaktien von Rostovenergo wurden bereits in mehrere Gesellschaften aufgespaltet.
Diese werden noch nicht gehandelt. Deshalb gibt es auch noch keine Bewertung.
Was mit den noch bestehenden ADRs passiert, ist noch unklar.
Ob man sie noch umtauschen kann, weiss auch Frau Haase nicht.
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