All rungs of the career ladder. Yevtushenkov spoke about the departure of the head of AFK Sistema - When agribusiness enters the stock exchange

Dubovskov Andrey Anatolievich

President, Chairman of the Board

Andrey Dubovskov was born in 1966 in the city of Alma-Ata. In 1993 he graduated from the All-Russian state institute cinematography them. S.A. Gerasimov, director by profession.

Mr. Dubovskov has extensive experience in the telecommunications industry: starting in 1993, he held a number of senior positions at Millicom International Cellular SA, Millicom International Cellular BV, Regional Cellular Communication LLC, 800 CJSC and other companies in Moscow, Alma-Ata, Nizhny Novgorod, Yekaterinburg, Perm and Kyiv.
2002-2004 - General Director of the Tele2 Group company in Nizhny Novgorod.
Since 2004, he moved to work at MTS OJSC, taking the post of director of the company's branch in Nizhny Novgorod.
2006-2007 - Director of the macro-region "MTS Ural".
Since 2007, he started working at UMS CJSC (MTS Ukraine) as the first deputy general director, since 2008 he headed the MTS Ukraine business unit.
From 2011 to March 2018 - President, Chairman of the Management Board of MTS OJSC.

From March 2018 to present – President of PJSC AFK Sistema. Member of the Board of the Sistema Charitable Foundation.

Aleshin Igor Viktorovich

Vice President of Security

Igor Alyoshin graduated from Omsk higher school militia of the Ministry of Internal Affairs of the USSR in the specialty "Jurisprudence" in 1987.

Since 2014, he has been Senior Vice President, Head of the Security Service at MTS-Bank PJSC. Prior to joining MTS Bank, he held various positions in Sistema Group, including Vice President for Security at MTS and Medsi Group of Companies.

In 2011-2012, he served as Deputy Minister of the Interior Russian Federation, in 2008-2011 - the Minister of Internal Affairs in the Republic of Bashkortostan, in 2006-2008 - the Minister of Internal Affairs in the Republic of Karelia. From 1989 to 2006, he worked in various positions in the Department of Internal Affairs of the Omsk Region: in the criminal investigation department and divisions for combating economic crimes, head of the department for combating economic crimes, then first deputy chief, head of the criminal police of the Department of Internal Affairs of the Omsk Region.

In April 2018, he was appointed to the post of Vice President for Security of PJSC AFK Sistema.

He has state awards: the medal "For Services to the Fatherland" II degree, the medal "For Distinction in the Protection of Public Order".

Egorov Sergey Valerievich

Managing partner

Sergey Egorov graduated from the Kyrgyz National University majoring in Finance and Credit.

Has been working in AFK Sistema since 2012; since April 2018 – Director for Special Projects. Since May 2019 – Managing Partner of PJSC AFK Sistema.

From 2008 to 2012, he worked as an analyst at Sberbank Capital LLC.

In 2007 - 2008 He was a senior analyst at the Department of Private Equity and Structured Finance at United Capital Partners Advisory LLC.

Previously, he worked as an expert in the audit services department at Ernst & Young LLC.

Zasursky Artyom Ivanovich

Vice President for Strategy

Born in October 1979 in Moscow.

In 2001 he graduated from the Moscow State University them. M.V. Lomonosov with a degree in Social and Economic Geography of Foreign Countries, in 2005 - postgraduate studies at the Faculty of Journalism of Moscow State University.

Since 2016, he has been Vice President and Head of the Strategy Complex of AFK Sistema. In April 2018, he was appointed Vice President for Strategy of PJSC AFK Sistema.

He joined Sistema Group in 2011 as Development Director of Stream LLC. In 2012-2013 - Vice President for Development of OAO SMM. February 2013 to May 2016 served as General Director of Stream LLC.

Between 2007 and 2011 worked as General Director of Dragonara LLC, Executive Director of Territory Igry LLC. In 2002-2003 - Head of the Development Department of Crossmedia Solutions LLC.

Katkov Alexey Borisovich

Managing partner

Alexey Katkov graduated from the Academy of National Economy under the Government of the Russian Federation with a degree in management. Since 2015, he has served as CEO and President at Sistema Venture Capital, a fund of AFK Sistema.

In 2015 Alexey Katkov was the First Vice President and COO of JSC SMM (part of the AFK Sistema Group). From 2000 to 2015 worked at MAIL.RU LLC, where he held the positions of vice president, commercial director and director for international and regional development.

Since April 2018 - Managing Partner of PJSC AFK Sistema.

Matveeva Svetlana Sergeevna

Vice President of Human Resources

Svetlana Matveeva graduated from the Russian the University of Economics them. G.V. Plekhanov, as well as the Faculty of Computational Mathematics and Cybernetics of Moscow State University. M.V. Lomonosov.

Has been working in AFK Sistema since 2012; since March 2017 - as Executive Director for Motivation, Training and Organizational Development of the Human Resources Department, which she headed in May 2019 as Vice President.

Previously, she held various positions in the Sportmaster group of companies.

In 2019, she became the winner of the All-Russian competition of managers "Leaders of Russia" (entered the top 15 finalists).

Mubarakshin Oleg Saidashovich

Managing partner

Born in 1968 in the Saratov region.

In 2000 he graduated from the Moscow State Law Academy with a degree in Jurisprudence and in 2002 - Financial Academy under the Government of the Russian Federation with a degree in Finance and Credit. In 1991 he graduated from the Military Institute of the Ministry of Defense.

In 1996-1998 - Deputy General Director for Legal Affairs of the oil and gas company Belye Nochi (Russia).

From 1998 to 2007 - Vice President for Corporate and Legal Affairs for Central and of Eastern Europe(Russia), from 2008 to 2009 – Vice President for Legal Affairs for Western Europe (Belgium) of the InBev FMCG group of companies.

In 2009-2013 – Member of the Management Board, Head of the Legal Department of the international investment and consulting group EastOne (Ukraine, Great Britain).

Since 2013, he has held the positions of Vice President, Senior Vice President - Head of the Complex for Legal Affairs of AFK Sistema.

Pilipenko Andrey Vladimirovich

Vice President for Government Relations

Andrey Pilipenko graduated from Voronezh State University with a degree in History.

Since 2015, he has worked as Vice President for Security at Management Company Segezha Group LLC, which is part of Sistema Group.

In September 2018, he moved to PJSC AFK Sistema to the position of Vice President for Government Relations.

Rozanov Vsevolod Valerievich

Managing partner

Born in 1971 in Moscow.

Graduated from the Faculty of Economics of Moscow State University. M.V. Lomonosov with a degree in Economics of foreign countries.

From 1993 to 2001 held various positions in the consulting company Bain & Company Inc. in Moscow, London and Stockholm.

Since 2002, he has worked in senior positions in the telecommunications assets of Sistema Group as Deputy General Director for Economics and Finance of MTU-Inform CJSC, Vice President for Economics and Finance of Comstar United TeleSystems OJSC (2004-2006) , Vice President for Finance and Investments of MTS OJSC (2006-2008).

From 2008 to 2013 - CEO of Sistema Shyam TeleServices Limited (MTS-India).

Since 2013, he has been Senior Vice President – Head of the Finance and Investment Complex of AFK Sistema.

In April 2018, he became a managing partner of PJSC AFK Sistema. Member of the Board of the Sistema Charitable Foundation.

Sirazutdinov Artem Gennadievich

Managing partner

Born in 1969 in Novokuznetsk.

In 1993 he graduated from the Siberian Metallurgical Institute with a degree in Aluminum Production Technology. In 1996 he received an MBA degree from Virginia Commonwealth University (USA).

He joined Sistema in August 2016 as Vice President – Head of the Investment Portfolio. In April 2018, he became a managing partner of PJSC AFK Sistema.

From 2010 to 2016 was the Deputy Chairman of the Board of JSCB "MFC".

In 2007-2010 – Member of the Management Board, Chief Investment Officer (CIO) of the investment consulting company EastOne.

In 2005-2007 - Managing Director of the Sputnik Investment Group.

From 1996 to 2005 - Vice-President of the Management Company "Russia Partners".

He joined Sistema in August 2016 as Vice President – Head of the Investment Portfolio. In April 2018, he became a managing partner of PJSC AFK Sistema. Since November 2018, he has been a member of the Board of the Sistema Charitable Foundation.

Travkov Vladimir Sergeevich

Vice President for Finance and Investments

Vladimir Travkov graduated from Moscow State University. M.V. Lomonosov in the areas of "Economics" and "Management".

Since 2003, he has held senior positions in the MTS Group, including since 2016, he has held the position of Director of the Functional Controlling Department. His responsibilities included organizing and monitoring the effectiveness of the investment process and the activities of various functional units of the company, financial planning, budgeting and operating costs management. Previously, he headed the Departments of Planning, Management Reporting and Analysis and other divisions.

Since April 2018, he has held the position of Vice President for Finance and Investments of PJSC AFK Sistema.

He is a member of the Audit Committee under the Board of Directors of MTS-Bank PJSC, a member of the Boards of Directors of MGTS PJSC, MTS Armenia CJSC and NVision Group JSC.

Tulgan Joshua Blair

Vice President for External Relations

He was educated at American Bowdoin College (Brunswick, Maine) and Phillips Academy (Andover, Massachusetts). In 2004, he graduated with a master's degree from Georgetown University (USA) and received an MBA in strategy and international development from the McDonough School of Business.

Joshua Tulgan began his career at Burson-Marsteller, a leading international communications agency, advising Russian companies on capital markets strategies and financial communications.

Joshua Tulgan joined AFK Sistema in July 2018 from PJSC MTS, where since 2012 he has been Director of Corporate Finance and Investor Relations. In this position, he was responsible for debt portfolio management, some treasury operations and risk management, and led a number of other projects. Joshua joined MTS in 2006 as Director of Investor Relations. His responsibilities included external relations with investors and financial institutions. Under his leadership, MTS' achievements in investor relations, debt issuance and liability management have been recognized with numerous awards.

Prior to joining MTS, he advised international clients on strategies for entering the markets of the Russian Federation and the CIS, worked in finance and marketing in Russia and the USA.

Uzdenov Ali Mussaevich

Managing partner

Born in 1962 in Kislovodsk, Stavropol Territory.

In 1985 he graduated from the Rostov Institute of Railway Engineers with a specialization in Automation, Telemechanics and Communications in Railway Transport. In 1990 received additional education at the International School of Survival (Italy).

1994-1997 - Head of the Rostov Commodity Exchange.

1997-1998 - Director of Ajax LLC.

1998-2001 - Director of the Rostov branch of JSC JSOC "Bashneft".

2001-2007 - Chairman of the Board of Directors of OJSC Kormmash.

2007-2009 - General Director of Rostovregiongaz LLC.

2009-2012 – First Vice-President for Refining and Commerce of JSOC Bashneft.

From 2012 2013 – Vice President of AFK Sistema OJSC. Since 2013, he has held the position of Senior Vice President - Head of the Investment Portfolio of AFK Sistema.

In April 2018, he became a managing partner of PJSC AFK Sistema.

Shishkin Sergey Anatolievich

Vice President for Corporate Governance and Legal Affairs

In 1992 he graduated with honors from the Moscow State University. M.V. Lomonosov with a degree in jurisprudence. In 1996 he was awarded the degree of candidate of legal sciences. In 2010, he completed training under the corporate program "Principles of Effective Management of Investment Projects" conducted by The American Institute of Business and Economics.

Prior to his appointment in April 2018 to the position of Vice President for Corporate Governance and Legal Affairs of Sistema JSFC, he was Vice President and Head of the Corporate Governance Complex.

In 2011-2015 - Executive Vice President for Corporate Projects of Sistema JSFC, from October 2014 to December 2015, he served as Senior Vice President - Head of the Corporate Governance Complex. In the period 2005-2011. headed the Department of Property Projects of the Corporation.

Prior to joining Sistema, he practiced law as a member of the Moscow Bar Association. In 1998-2000 was director of the Foundation International Institute development of the legal economy”.

Yanpolsky Maxim Markovich

Managing partner

Maxim Yanpolsky graduated from Moscow State University named after M.V. Lomonosov, Faculty of Computational Mathematics and Cybernetics. Studied at Booth Business School, University of Chicago, holds an MBA.

Moved to AFK Sistema from PJSC MTS, where he served as Vice President for Financial Technologies. Previously worked for leadership positions in PJSC Bank FC Otkritie, investment company Third Rome, Renaissance Investment Management.

Andrey Dubovskov was born in 1966 in the city of Alma-Ata, Kazakh SSR.

In 1993 Andrei graduated from the All-Russian State Institute of Cinematography named after S.A. Gerasimov (VGIK).

After graduation, he began working in Russian and foreign telecommunications companies. Dubovskov's work geography includes work in the cities of Moscow, Alma-Ata, Yekaterinburg, Nizhny Novgorod and Perm.

It was in Nizhny Novgorod that Dubovskov was appointed in 2002 to the position of General Director of one of the companies of the Tele2 Group. Pror

having worked there until 2002, he moved to a similar position at MTS - in the same Nizhny Novgorod. So, after working for a couple more years as a branch director, in 2006 Andrey became the director of the Ural macro-region of MTS.

Another promotion followed - Dubovskov received the position of First Deputy General Director at MTS-Ukraine.

On February 1, 2008, Dubovskov took the position of acting general director of MTS-Ukraine, and he was approved as general director on March 28 of the same year.

In March 2011, Dubovskov received another

breath - he was appointed to the position of president of MTS. This personnel reshuffle was highly anticipated in the company - during the three years that Andrey spent in Ukraine, he thoroughly studied the company from the inside and made a number of very virtuoso management decisions.

It is known that Dubovskov himself is just a supporter of just such a career growth: "I strongly advocate that a person occupying a top business position in the company should come to this position, having consistently passed all the steps of the career ladder, but in a foreseeable period of time."

Andrey Dubovsko

today he is a very famous person, he has appeared many times on national television.

"At any place of work, in any company, the first year is when you have no days off or free evenings; the second year you work in the evenings, but no longer work on weekends; and in the third year you can afford to work as a common person. Something like this for my whole life, regardless of position and company," he said in one of his television interviews.

From the personal life of Andrei Dubovskov, it is known that he is married, has a son and a daughter

Andrey Dubovskov on why MTS may leave the New York Stock Exchange, why AFK is in no hurry to sell Detsky Mir and Medsi, how Ozon and the development business will develop

Andrey Dubovskov, President of AFK Sistema / Evgeniy Razumny / Vedomosti

Before taking over as president AFK Sistema, Andrey Dubovskov from 2011 to 2018 headed MTS. Now, managing a diversified investment holding, it is in the business of a cellular operator that he sees the best platform for creating businesses of the future. In conversation, he very often uses the word "synergy". In an interview with Vedomosti, he told where Sistema sees complementary businesses, and which projects are unlikely to help each other.

Andrey Dubovskov

President of AFK Sistema

Born in 1966 in Alma-Ata. Graduated from the All-Russian State Institute of Cinematography. S. A. Gerasimova (VGIK)

CEO of Tele2 in Nizhny Novgorod

Director of the MTS branch in Nizhny Novgorod

Director of the macro-region MTS "Ural"

General Director of MTS Ukraine

President of Mobile Telesystems (MTS)

President of AFK Sistema

- I would not talk about “stringing”, but in general - about complementarity. In some cases, this question is relevant, in others it is not. At AFK Sistema there are already established businesses - for example, "Children's World". And there are projects - for example, telemedicine. Both are definitely parts of the respective ecosystems (by the way, the term is already, as they say, an imposition in the teeth and we hear it with or without reason). So, Detsky Mir is an ecosystem in itself: with its own e-commerce, end-to-end brand, loyalty, etc., etc. And the role MTS may be very limited. But the telemedicine project with Medsi is more than complementary to MTS (including as a software company), because we also have medical big data (for tens of millions of patient visits to our clinics every year) and there is telecommunications big data, where we we know everything from geolocation to habits. And there is our basic connectivity service. If we combine this knowledge, we can offer something truly breakthrough. We still earn very little on the telemedicine project. At this stage, it is tens of millions of rubles, but this is work for the future.

- Telemedicine is a good link between one large telecom database and another database - a medical one.

– Speaking futurologically, sooner or later the trajectories of old-style telecom and medicine will converge in one direction of movement. Your brain will be directly coordinated with the cloud, which will help it perform better. It's on the horizon plus 100 years, but still.

- What will telecoms receive money for on the horizon of 5-15 years?

“It's like asking Bezos in 1994 what he's going to make money on. Here you are now selling books on the Internet. What will you have in 5-15 years?

– There are many businesses in AFC. Is it possible in other businesses to make the same transition as in telecom, when at first they paid for minutes, seconds and megabytes, and then we will pay for something else?

– Remember, I said that, from my point of view, telecom is the best, if not ideal, platform for creating businesses of the future. The answer to your question is no, it doesn't exist anymore. In Ozon, agriculture, etc., the essence of the business is different, they will not become a platform for the businesses of the future. But telecom can.

We have been building our portfolio for decades, everything is precedent-setting. And something is complementary to telecom and the new type of business that will arise on its basis, but something is not. For example, fintech is completely complementary to telecom, or software, or clouds. But it makes no sense to attach to telecom, hoping to build the business of the future, offline retail - which is strong, for example, "Children's World".

– And how is fintech sewn to telecom?

“We are already making billions in fintech. For example, in scoring. " MTS bank" is now showing good results, including thanks to telecom. We know that the level of collaboration between telecom and fintech competitors is much less serious than that of our bank and our telecom. MTS owns 95% of MTS Bank. This allows you to deeply interpenetrate each other's businesses. Thanks to the competences in the field of big data analytics, MTS Bank is able to determine the probability of loan repayment with high accuracy, which makes it possible to form proposals that are adequate for itself and beneficial for customers.

“If that’s true, then you could cut interest rates nicely.

– Logically. Think very well, very frontally. But while the profit MTS bank" is not as large as we would like. It is calculated in billions of rubles, but it should be in tens of billions. At the same time, MTS big data analytics is a very popular product on the financial market, including Tinkoff, but I don’t know if its percentage is lower than on the market.

- Different owners - different shareholder approaches. MTS is an operating company, AFK is an investment company. Now there is only one owner (95 or 100% is not the point), and all tasks are much easier to coordinate. By the way, if MTS Bank were the size of MTS or larger, then we, for example, could consider the possibility of a repurchase - to buy MTS from the bank's hands.

“Nothing will happen. Moreover, I've been in the cellular business since 1993, and since the penetration rate has approached 100%, the issue of subscriber leadership has become meaningless. Already 15 years ago, it became obvious that the formal size of the subscriber base is not just stupidity, but also a frankly harmful metric, because it indirectly provoked endless, senseless and exhausting competition in retail, which, in turn, reduced margins and threatened dividends and CAPEX of all operators. It’s just that there has always been some kind of witches’ coven on this topic both in the media and in all market research. Even now, in 2019, you ask me this question. Apparently out of habit.

Did you show your passport?

- Not. There were cheerful guests from Central Asia.

- It's a fraud. We are fighting against it and have achieved significant success in this.

- If we consider telecoms, a big redistribution is coming on the market. We are talking about the deal between Rostelecom and Tele2. How will it affect the position MTS, on competition, on Sistema?

- From the point of view of the business logic of forming a player who will have both mobile and fixed communications, we ourselves have this. For Rostelecom and Tele2, this is probably the right and logical step. But I don't think it will have much effect on MTS. If you have been doing business for a long time and understand all the potential trends and transformations of this market, then there cannot be something that can seriously affect your existence.

- Is this deal capable of provoking a new price war?

- I don't think so either.

- Why?

Because it makes no sense to anyone. In general, if you are the right leader and owner, then you should understand who will play how, and you should be ready for this. If you woke up and said: oh, the competitors have united, the lid or the regulator has changed for us, what a nightmare, the business has collapsed, etc., etc., then you are in the wrong place.

“I just can't stop asking myself this question. Because there are a lot of talks that there are not enough funds for investments. Have you already put CAPEX into the sovereign Runet and into 5G frequencies?

- Telecom has no complexes that the Yarovaya law was adopted and the development of the telecom industry stopped. This is not true. Because the issue of data storage, for example, did not arise from scratch. He always stood. The same is true with the sovereign Runet, and with 5G.

– Do you have any complaints about the regulators?

– You know, when you talk with foreign colleagues and find out how much resource – primarily financial – is taken by the “paper” side of the issue, the cost of licenses, etc., you very quickly find the answer to the question of why you are going from Heathrow to central London and you breaks in communication. We may not have perfect way frequency, licensing mechanisms have been rebuilt, but there is much less financial burden on “papers with signatures and seals,” that is, on the licenses themselves.

- Some time ago there was news about the restructuring of the management of Sistema, about the creation of funds. What are these five funds? Are they created?

- The control system has changed quite a lot compared to the previous model. We have an institute of managing partners of the corporation. At the moment there are seven of them, and each is responsible for his own piece of business.

As for funds, this is a slightly different topic. Almost all of these funds appeared even before we changed the management model last year. All these funds are heterogeneous in essence and tasks. Of these, only two are venture funds. And the rest do not relate to the strategy that we adopted last spring. The strategy assumed a reorientation to the fund structure, it was assumed that we would invest through fund mechanisms. For a certain period of time, we considered that we needed, on the one hand, to share the risks (we had a certain number of unsuccessful stories, they are also known to everyone), and on the other hand, by the spring of last year, against the backdrop of well-known events, we found ourselves in the position of a limited investment resource. The practice of the last year has shown that yes, we have certain successes in our funds and the funds are growing very well. Sistema VC and Sistema Asia Fund have definitely already won their place in the sun - the valuations of these funds have grown significantly, and there are already examples of the first multiple yield exits. Capital under management is actively growing in Sistema Capital - now this figure is approaching about 100 billion rubles. But in general, our funds are not such an explosive growth to build a corporation's business model on it. The scale of investment in funds is incomparable to investment in the development of our core assets. For example, the construction of a pulp and paper mill in Krasnoyarsk will require, according to preliminary estimates, more than 100 billion rubles. Our private equity assets performed very well last year. They grow by tens or even hundreds of percent. And even telecom. Now telecom shows about 10%, or even more in some specific periods. According to the old international financial reporting standards in the fourth quarter of 2018, we generally showed growth rates of almost 12%.

- IN last years- it can be seen from the reporting - Sistema's share of telecom in revenue is declining. It just organically turns out that you are developing other businesses - the same agribusiness, construction business, retail. Do you have targets on how the share of telecom should decrease?

– Of course, management has KPIs for our growth rates. But some targets for specific gravity there is no business of any kind. Basically, I'm opposed to this. Because, you see, when you put such artificial tasks at the forefront, then you provoke slyness in assets - in planning, in budgets. Because each of them must grow and develop in accordance with its business logic, with the state of affairs in its market. It is impossible to speak with business in the language of speculative figures and then adjust the business to fit them.

Wide steppe"

- Back in 2015-2017. the agricultural division in the form of the Steppe agricultural holding that was being formed was the fastest growing business within AFK. However, due to the events of the past year, it seems that the group has put development on hold. The company is no longer actively expanding its land bank, the number of M&A transactions has decreased, and the assets of Stepi and RZ Agro, a joint venture, have not been merged AFK Sistema and members of the Louis-Dreyfus family. What is it connected with?

- Our activity in the agricultural sector is very significant. We bought a large cereal packaging business, which allowed us to significantly increase revenue, albeit at a lower profitability, since this business has a lower margin. Last year, we began to trade independently, including third-party grain. At the same time, in the very first year of operation, we showed a phenomenal result - we entered the top 6 largest agricultural traders in the country. We are also looking at other agricultural segments adjacent to ours.

– The harvest of 2018 was the third largest in the history of modern Russia.

– You are in vain linking the good potential of agricultural trading with the scale of the harvest. Just on record fees high-quality trading is more difficult to do than on a bad harvest. Last year, the harvest was not very good - we harvested 112 million tons against 135 million tons in 2017 (a historical record since the times of the USSR. - Vedomosti). The state makes appropriate interventions, etc. The factors of falling or rising prices correlate with the situation on the world market, the balance of supply and demand, and other factors.

- And what about the plans to increase the land bank to 500,000 hectares?

– Our strategic goal is to increase the land bank to more than 600,000 hectares. We are going according to plan: for example, just a month ago we closed another deal and acquired 11,000 hectares in the Stavropol Territory. In general, a specific figure is all very speculative. We're doing business. And the totality of all inputs is of interest to us in the first place - because the business result is their overall result. Not a derivative of one indicator taken out of context - the size of the land bank, for example. Our entire land bank is geographically and logistically very well configured. The climate zone is very favorable. And the reason for our success in agribusiness is, among other things, a balanced approach to the cost of growth rates in general and the speed of increasing the land bank in particular. We have big ambitions. We will be in the top five, and in the top three, and in the leaders. And for the land bank as well.

– AFC planned to make Steppe public in 2019, but, apparently, it did not grow together.

– All of our leading companies will sooner or later become public.

- When will agribusiness enter the stock exchange?

– The issue of IPO is primarily a matter of business value and market capacity. This will happen when we understand that the business has reached the value that allows us to hope for a successful placement. In addition, there must be readiness and demand from the market, institutional investors. When these two factors converge, then the placement decision will be made.

– Director General of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev has repeatedly stated his readiness to invest in the Steppe agricultural holding. Perhaps, if it is decided to postpone the public offering, AFK is ready to sell the stake to a strategic investor? In addition, you have the following experience: in 2016, Sistema sold a blocking stake in Detsky Mir, the largest seller of children's goods, to the RDIF structure, and a year later, the group was successfully listed on the Moscow Exchange.

– We are always in contact with RDIF – they look at many of our assets, but it is too early to talk about specifics. We may understand that our asset is good and strong, it is important that investors think the same way.

To sell or not to sell

– In 2018, the medical division of the corporation, Medsi Group, showed phenomenal growth – more than 1.5 times to RUB 17.7 billion. Although a few years ago, the company lost a contract with Moscow for servicing officials, which had a negative impact on its financial results.

“They are great, just great.

– In winter, AFK announced that it was negotiating the sale of 20% of Medsi to a strategic investor. Do you have specific agreements with anyone? Again, RDIF expressed interest.

– Our idea is to sell a share in the group to a partner, guaranteeing him a very serious upside in the event of an IPO, as happened with Detsky Mir. In principle, this is possible not only with Medsi. But time goes by, businesses are growing, as you yourself noted, phenomenally. And the upside is becoming more and more interesting to us every day. For the whole package. in any asset.

– Did the company need money to fulfill Medsi’s strategy – to become the market leader in private diversified medical clinics in Russia with a 5% share and revenue of over 30 billion rubles?

- Yes, although there are opinions in the corporation that cast doubt on the need for a sale. The question, by the way, is about the "Children's World". A year ago, we believed that for us, as an investor, the right moment had come to exit this asset. And now we understand that this is not so. "Children's World" pays 3-4 billion rubles. dividends annually - and is able to pay more without compromising development, and it retains the potential for growth in value. This is a very stable, high-quality business, it has very good prospects. It continues to grow, even remaining within the countries of presence. In addition to Russia, Detsky Mir successfully opens stores in Kazakhstan and Belarus. Access to other geographies is also possible.

- In Russia, the children's goods market is estimated at about 500 billion rubles, of which a fifth is Detsky Mir. At the same time, the children's goods market itself is not growing even by 10% per year.

– We will continue to grow by increasing our market share. That is, we have the possibility of multiple growth simply by expanding our presence in the country: where there is no children's retail yet, or where there are competitors, but they are weak. Our second upside is constantly increasing online sales " children's world».

– In 2018, online sales, although they doubled, but this is only about 8% of the group's revenue, or 8.8 billion rubles.

Yes, but the number could be higher.

– Vladimir Chirakhov, General Director of Detsky Mir, told us in an interview in autumn 2018 that the group’s sales via the Internet would grow, but at the same time, growth could halve by the end of 2019.

PJSC AFK Sistema

Financial and industrial group

Shareholders: Vladimir Evtushenkov (59.2%), about 17.6% is traded on the LSE in the form of GDRs, 14.8% on the Moscow Exchange.

Capitalization (LSE) – $1.3 billion.
Financial indicators (IFRS, 2018):
revenue - 777.4 billion rubles,
net loss - 38.3 billion rubles.

– Seeing the dynamics of online sales in the market as a whole and in our other assets, let me suggest a more ambitious forecast. I think that the online sales of Detsky Mir may well become a significant contribution to the development of this wonderful business. At the same time, tectonic changes occur in retail, which are sometimes difficult to predict.

- So we understand correctly that, perhaps, now you have changed your mind about selling Detsky Mir?

“I would not make such a statement. I would say this: this year, based on a very good results all other businesses, we no longer face the obvious need to sell.

– The main reason for the sale of Detsky Mir was the need to reduce the debt of AFK. Over the past year, it has decreased by only 7 billion rubles. and is still very large. Why, then, is the issue of selling Detsky Mir not more acute?

– This is a combination of factors: sustainable development and excellent financial results of our other businesses, reducing the debt burden, albeit not so radical, as well as our understanding of how financial institutions treat us, how they fund us and how we conduct other transactions – in pharmaceuticals, development and other industries. All this allows us now to abstract from the thesis “we sell without fail”. This does not mean that we will not sell. But the balance of these inputs has shifted in the direction of our attempts to think about the appropriateness of this again.

In 1993 Andrei graduated from the All-Russian State Institute of Cinematography named after S.A. Gerasimov (VGIK).

It was in Nizhny Novgorod that Dubovskov was appointed in 2002 to the position of General Director of one of the companies of the Tele2 Group. Having worked there until 2002, he moved to a similar position at MTS - in the same Nizhny Novgorod. So, after working for a couple more years as a branch director, in 2006 Andrey became the director of the Ural macro-region of MTS.

Another promotion followed - Dubovskov received the position of First Deputy General Director at MTS-Ukraine.

On February 1, 2008, Dubovskov took the position of acting general director of MTS-Ukraine, and he was approved as general director on March 28 of the same year.

In March 2011, Dubovskov received another promotion - he was appointed to the position of president of MTS. This personnel reshuffle was highly anticipated in the company - during the three years that Andrey spent in Ukraine, he thoroughly studied the company from the inside and made a number of very virtuoso management decisions.

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Andrei Dubovskov today is a very famous person, he has appeared many times on national television.

"At any place of work, in any company, the first year is when you have no days off or free evenings; the second year you work in the evenings, but no longer work on weekends; and in the third year you can afford to work like an ordinary person . Something like this for my whole life, regardless of position and company, "he said in one of his television interviews.

The Board of Directors of Sistema Vladimir Yevtushenkov today will consider the appointment of Andrey Dubovskov as the President of AFC. He now holds a similar position at MTS, Sistema reported. Current President Mikhail Shamolin will move to another position in the group, but what this position will be, the message does not say. There is no explanation for what the personnel changes are connected with. A spokesman for Sistema declined to comment. So did Shamolin.

A source close to AFK says that Shamolin will soon head Segezha Group, which is part of Sistema, and become its minority shareholder. Shamolin did not say what package he was talking about and under what conditions it would go to him.

Segezha Group unites almost 20 timber harvesting and processing companies. Production assets are located in Russia and seven European countries. It is Russia's largest manufacturer of paper bags, lumber and glued beam houses. The group also has enterprises for the production of plywood and boards. The investment program of Segezha Group is estimated at more than 40 billion rubles. The main projects are the organization of the production of premium plywood in Kirov, the construction of a plywood plant in the Kostroma region and the expansion of the capacities of the Sokolsky DOK for wooden multi-storey housing construction.

A source close to AFK Sistema heard that Shamolin would have a stake less than the controlling one. In any case, this would be a strong argument for moving to a subsidiary structure, because, in fact, he becomes a partner, the interlocutor argues. His experience in finance and management will help the company better prepare for an IPO, he said.

Instead of Dubovskov, the company's vice president for finance, investments, mergers and acquisitions, Alexei Kornya, will become the new president of MTS, the operator's press service said. To work in new position He will start March 13th.

Under the leadership of Dubovskov, MTS strengthened its leadership in Russian market, consistently increasing the gap in revenue and OIBDA from its closest competitors, the press service of the company quotes the chairman of its board of directors, Ron Sommer: MTS has transformed from a traditional operator into a digital service provider.

Dubovskov also replaced Shamolin as president of MTS - this was in 2011. Before that, Dubovskov headed MTS in Ukraine for three years, he has been working in the company since 2004.

Analyst of Sova Capital Alexander Vengranovich connects personnel changes in MTS and Sistema with the rotation of personnel. The main achievements of Shamolin can be considered the structuring of Sistema's investments, its transformation from a holding into an investment fund, and a reduction in the costs of the corporate center, Vengranovich lists. Under the leadership of Shamolin, Sistema ended the conflict with Rosneft relatively painlessly, the analyst believes.

May 2017 Rosneft », « Bashneft"and Bashkiria filed a lawsuit demanding to recover 106 billion rubles from Sistema. for the damage caused by the reorganization of Bashneft at a time when it was under the control of Sistema. In June, the state-owned company increased its requirements to 170.6 billion rubles. The Arbitration Court of Bashkiria took the side of Rosneft and other plaintiffs, but reduced the amount of claims to 136.3 billion. The plaintiffs appealed the decision - it took the intervention of President Vladimir Putin for the parties to come to an amicable agreement: in December last year it was signed. According to its terms, AFK must pay 100 billion rubles. 80 billion rubles already paid, the remaining 20 billion rubles will be transferred in March.

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