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United Aircraft Building Corporation Ready for Take-OffThe Government Commission for Integration of Aircraft Building Enterprises in the Russian Federation, chaired by Viktor Khristenko, at its meeting on November 2 took the decision to establish an open joint stock company “United Aircraft Building Corporation” (OAO OAK).
November 9, 2006
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The aviation industry is one of the key sectors which the government keeps under constant review. Last year’s discussion of the paths of its development has shown that the domestic market capacity is not enough to support an effective functioning of the sector. Therefore the royal road for the development of the sector is for the aviation industry to break into the world market in which only big players can hope to be successful.
Throughout 2005 and 2006 the Russian Ministry of Industry and Energy has been developing and consistently implementing a long-term strategy of the aviation industry development. The Russian government took a series of key measures, including:
- increasing the funding of new developments as part of the Federal Targeted Program “The Development of Civil Aviation Technology in
- continued state participation in increasing the capitalization of Russian aviation leasing companies;
- use of federal budget money to compensate the aviation companies for part of the lease pay and interest on credits obtained from Russian lending institutions to purchase new aviation technology;
- providing state guarantees to support the export of Russian-made planes and to ensure internal borrowing for the implementation of the project to build a new-generation Russian regional plane.
Federal targeted programs “The Development of the Defense Industry Complex of the
As a result, the federal budget financing of the civil sector of the aviation industry increased five-fold in 2005 compared with
Opening the meeting of the Government Commission, Viktor Khristenko reminded his audience that the “prospects of the development of the aviation industry lie in the sphere of conscious integration into the global market and international cooperation while preserving and developing key aircraft building competences on the territory of the Russian Federation, in reasonable concentration of assets and broad involvement of private capital and private initiative.” The industry is witnessing an intensive process of consolidation of assets, a process through which aircraft builders in Western countries have gone earlier. The central idea of this process is the creation of a United Aircraft Building Company. According to the minister, consolidation of assets is objectively a complicated, prolonged and simultaneously inevitable process involving technical auditing, specialization of individual production facilities, the development and implementation of a restructuring plan and the necessary corporate procedures.
Viktor Khristenko noted that everything that is necessary has been done to create a new structure: the evaluation of the stakes of enterprises contributed to the authorized capital of OAO OAK has been completed, and the terms of privatization of these enterprises have been determined. The market value was assessed by the international company Deloitte and Touche CIS.
The founder – the
- The Sukhoi aviation holding company – 100%,
- the Aviaexport foreign trade association – 15%
- Ilyushin Finance Co.,
- The Gagarin Aviation Association,
- Ilyushin Interstate Aviation Company – 86%,
- The Tchkalov Aviation Production Association,
- Tupolev – 90.8%,
- The Financial Leasing Company – 58%.
The Commission has also agreed to the contribution of private share holders to the authorized capital of OAO OAK of 38.2% of the total value of the shares of the research and production corporation NPK Irkut. Because 11.89% of that company’s shares are already on the books of the Aviation Holding Company Sukhoi which is being included in the OAK, the newly set up corporation will have a controlling stake in NPK Irkut. The move will help consolidate under the control of the United Aircraft Building Corporation the bulk of the Russian aircraft building business in the development and production of military, civil and transportation aircraft.
The Federal Agency for Federal Property Management, after reviewing the results of the evaluation of the shares of joint stock companies being contributed to the authorized capital of OAO OAK has submitted data on the basis of which the Government Commission developed the position of the Russian Federation on the size of the OAO OAK authorized capital and the stake of the Russian Federation in OAO OAK. The authorized capital of OAK will be about 96.72 billion rubles. The share of the
The members of the Commission have agreed a draft Charter and prepared proposals on the composition of the Board of Directors and Audit Commission of OAO OAK.
The Board of Directors will include: Deputy Chairman of the Government of the Russian Federation, Defense Minister of the Russian Federation Sergei Ivanov; First Deputy Chairman of the Russian Government’s Military-Industrial Commission Vladislav Putilin; Deputy Minister of Industry and Energy of the Russian Federation Andrei Reus; Commander-in-Chief of the Russian Air Force Vladimir Mikhailov; Assistant to the President of the Russian Federation Igor Shuvalov; the Head of the Federal Industry Agency Boris Aleshin; the Head of the Federal Agency for the Management of Federal Property Valeri Nazarov; the Head of the Federal Military-Technical Cooperation Service of the RF Mikhail Dmitriyev; Director-General and General Designer of the Federal State Unitary Enterprise RSK MIG Aleksei Fyodorov; Director General of the Federal State Unitary Enterprise Rosoboronexport Sergei Chemizov; Transport Minister of the Russian Federation Igor Levitin; Deputy Minister of Economic Development and Trade of the Russian Federation Andrei Belousov; Chairman of the Board of the Sberbank of the Russian Federation Andrei Kazmin; President-Chairman of the Board of OAO Vneshtorgbank Andrei Kostin.
The Audit Commission of OAO OAK will include: Chief of Division at a Rosprom Department Sergei Vasilyev; Advisor to the Rosimushchestvo Directorate Natalya Kadelinskaya; Chief of Division at a Minpromenergo Department Viktoria Oseledko; Director for Planning of Accounting and Reporting NP OAK Vladimir Smolko; Chief of Division, Department of the Ministry of Industry and Energy Natalya Tanulyak.
Aleksei Fyodorov has been recommended for the post of the one-man executive body, President and Chairman of the Board of OAO OAK.
Work to implement the spearhead projects which would enable the corporation to reach a level of sales required to make the top five world players is to be intensified shortly. Experts, including foreign partners, are already working in this field and the market is being studied.
Viktor Khristenko expressed confidence that the company would be registered shortly and would start its activities. By decision of the Commission, OAO OAK will be registered in
Reference:
Decree No. 140 of the Russian President On the Open Joint Stock Company “United Aircraft Building Corporation” was issued on February 20, 2006. On April 20, 2006 the Government issued Decree No. 223 “On the Government Commission to Ensure the Integration of the Enterprises of the Aircraft Building Complex of the
Pursuant to the Russian President’s Decree, the Russian Aircraft Building Corporation RSK MIG and the Gorbunov Kazan Aviation Production Association are to become part of OAO OAK before April 1, 2007 after they are transformed into joint stock companies. Private shareholders of aircraft building enterprises are also to become members of OAO OAK.
