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For the right to finance the modernization of the passenger terminal of the Khabarovsk airport, a fight broke out - EastRussia | Analytics of the East of Russia

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Khabarovsk airport pulls away from each other

For the right to finance the modernization of the terminal,

As it became known at the beginning of February, the decision to start financing a project for the construction of a new passenger terminal at Khabarovsk airport from the funds of the Far East Development Fund was made in December with a month's delay: it was exactly this term that Deputy Prime Minister Yury Trutnev gave to the Minsk region to the department, as its head Alexander Galushka said, could find an outside investor in the project, thereby replacing the fund's funds with private ones. How much more profitable to invest in the reconstruction of airport facilities in Khabarovsk after the adoption of a long-term tariff and whether Sojitz Corporation's intentions on this matter changed, EastRussia found out.

Khabarovsk airport pulls away from each other
Photo: airkhv.ru
In early February in Khabarovsk, Deputy Prime Minister Yuri Trutnev said that with the financing of the modernization of the passenger terminal of Khabarovsk Airport from the JSC Fund for the Development of the Far East and the Baikal Region, "there was a delay." "We were already in principle ready to take a decision on financing," he said. "The delay occurred for what reason." At a meeting of the commission, when we discussed the project and were to recognize it as a priority for financing from the "Development Fund of the Far East," it sounded he said that there is no need to spend the funds of the fund, because there are very few of them, and that he is confident that it is possible to attract a private investor, taking into account the fact that the economy has changed. "

Yury Trutnev recalled that when the project was approved for obtaining the status of a resident of the territory of advanced development (TOP), "the investor, then still declaring himself as an investor-the Japanese, asked to fix a long-term tariff in order to have guarantees." "We fixed it, and the colleague, a member of the council, said that, given the fixed tariff, the economy of the project has changed: we will find a private investor, we do not need to spend the fund's money." You know, in such a statement take the position "well and yet we will fund the fund "It seemed a little strange to me, so I said: well, you'll find an investor-one month's term, you will not find it in a month-that means you deceived us." If a private investor appears in a month-of course, a private investor is better than the fund, "Yuri explained Trutnev.

The vice-premier also promised "in a week to ask the result": "If there is an investor, go ahead, cheers, with the investor." If there is no investor, there is no need, in my opinion, advice to collect, we deferred the decision that if the investor does not appear , we simply recognize the project as a priority, and he went further. "

Yury Trutnev's report caused a bit of alarm: after all the last year of the Minsk region, the authorities of the Khabarovsk Territory and the Khabarovsk airport itself, it was stated that the investor was in the terminal - this is a Japanese consortium led by the Sojitz Corporation. In addition, the decision of the FRGD to allocate 2 billion rubles. for the project was announced as held last December. It was then that the meeting of the government subcommittee on the implementation of investment projects in the Far East, which is headed by Yuri Trutnev, was held.

WHAT AND WHO WHO PROMISED TO BUILD AT THE AIRPORT OF KHABAROVSK

Khabarovsk airport last decade is confidently holding in the top twenty Russian airports on passenger traffic and in the top ten - in terms of cargo traffic. In 2015-2016, the airport's performance fell, but together with the whole industry. Following the results of 2017 the passenger traffic of Khabarovsk airport amounted to 2,051 million people, including transit (10% increase to 2016-th level), cargo traffic - 25,8 thousand tons (plus 5%).

The new terminal of domestic lines in Khabarovsk with an area of ​​26 thousand square meters. m with a capacity of up to 3 million people per year will cost, according to recent data, in 4,5 billion rubles. Last year the airport received a positive conclusion from Glavgosexpertiza for the project, in the winter cleared the site for construction, fencing it with a fence.

But a concrete co-investor, judging by the words of Yuri Trutnev, still did not get it.

Plans for the reconstruction of obsolete terminals Khabarovsk airport announced for more than ten years. Companies with annual revenues of about 2 billion rubles. (2,11 billion rubles for reporting under RAS for 2016 year) for such a large-scale construction, both an external investor and a world-class management company are needed. One partner of the airport, it would seem, found in 2011 year: then in the charter capital of the joint-stock company, having received it 10%, entered South Korean Incheon International Airport Corp. But in 2016, the minority shareholder initiated a buy-back of the stake, explaining this by the need to focus on the projects of the Winter Olympics-2018 in South Korea. 5% were sold in September 2016, another 5% - in August 2017.

At the moment 99,9% of the capital of JSC Khabarovsk airport was consolidated by the Moscow-based ZAO Quartz-Invest, which is connected to the market by Konstantin Basyuk, the president of UK Comaks LLC, which manages the airport. However, to enter into the capital of the airport to the foreign investor it is not required any more. Especially for the implementation of projects for the reconstruction of terminals "Khabarovsk airport" as early as 2015 registered "daughter" - JSC "International Airport Khabarovsk" (MAX) with capital 130 million rubles. The company received the status of a resident of the TOP Khabarovsk with relying tax benefits and administrative support. It is assumed that the co-investor with a share of 49% will enter the MAX capital - through an additional issue.

As of February 2018, 100% of the resident company, however, still belongs to the airport.

In May 2016, it was announced that the pool of Japanese investors for the modernization of Khabarovsk airport would be formed by the Sojitz Corporation. Among the interesting people were called Japan Bank for International Cooperation (JBIC), investment fund Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN) and Sojitz Japan Airport Terminal Co., Ltd. (JATCO), which manages Tokyo International Airport Haneda.

In December 2016 parties to the Memorandum of Intent on the construction and operation of the new passenger terminal in Khabarovsk became Sojitz, JATCO and JOIN, which announced thethat "they plan to create a business alliance for co-investment in a joint venture that will build and operate a new passenger terminal in Khabarovsk." It is noteworthy that JBIC in the alliance was no longer present. In April 2017-th Sojitz, JATCO and JOIN signed in Moscow an agreement with the "Khabarovsk airport", fixing the positions of the parties at the preparatory stage.



TARIFF REBROM: PLUS 2,5 BILL FOR FIVE YEARS

The decree №1153 mentioned by Yury Trutnev on the possibility of establishing long-term tariffs at airports was signed by Russian Prime Minister Dmitry Medvedev 12 November 2016. The document allowed setting tariffs before investing investments or when the airport modernization is just beginning. The investor can provide the FAS with justification for an acceptable tariff, and if the service finds them correct, a tariff for the airport from the date of commissioning to the airport and for at least three consecutive years or more, if appropriate, may be established for the airport. In this case, tariff regulation was also allowed to be applied using a new method - comparison with similar airports.

In April 2017, FAS issued an order establishing long-term tariffs for JSC "International Airport Khabarovsk" for 2019-2023 years. The investor asked for an increase in tariffs compared to those in effect at 2,2 times, East Fussia told FAS. But the agency made a clarification on the projected passenger flow, took into account the company's benefits as a resident of the TOP, excluded interest on the loan from the capitalized investment indicator, applied a smoothing of settlement tariffs and a number of adjustments. So it was possible to achieve a configuration in which the growth of tariffs for the first year of service, 2019, will be 63,5% to the current level, and then over the years the increase will be 10,9%, 8% and 0,3%.

By decision of the FAS, from 2019, MAX MA will be able to levy a fee for providing an air terminal on domestic lines in the amount of 126 rub. for the passenger, for passenger service - 379 rub. for the passenger. By 2022, tariffs will gradually rise to 139 rubles. and 480 rub. accordingly and cease to grow. According to the airport, from 1 February 2018 year for JSC "Khabarovsk airport" there are tariffs in the amount of 115 rub. for the provision of air terminal and 184,08 rub. for passenger service (in 2017 they were 115 rubles and 156 rubles).

Thus, even if 2019-2023 passenger traffic is kept at 1,7 million people on domestic routes only thanks to new tariffs established from 2019 year, according to EastRussia calculations, MAX SA will be able to increase revenue by approximately 170 million rubles. due to fees for the terminal and at 2,3 billion rubles. due to fees for passenger service.

In 2016, according to the latest available annual airport report, the total revenue for these two fees was 315,5 million rubles, or 15% of 2,113 billion in total. The airport has earned more only on services for ground handling of passengers and airlines (372,6 million rubles, or 17,6% of revenue) and from charges for takeoff, landing and parking (338,9 million rubles, 16% of revenue).

Note that the antimonopoly service also regulates other airport taxes, but they do not depend on passenger traffic. Charges for takeoff and landing, provision of aviation security and provision of refueling of aircraft are charged per ton of maximum takeoff weight, parking charge - as a percentage of the fee for takeoff and landing. The airport itself determines the rates for the temporary parking, service surcharges outside the time of the airport (from 2 to 6 local time), and others.

In addition, importantly, Khabarovsk airport can still influence fuel prices: refueling is carried out by TZK-Aero LLC, where Khabarovsk airport belongs to 49%, and affiliated with NOC through Meadows Gate Ltd. " (BVI) OOO Petrolius-Invest - 51%. Only in January 2018-th fuel for aircraft in Khabarovsk went up by 5% compared to December 2017, it follows from the monthly reporting of Rosaviatsii: with 45 819 руб. up to 48 176 руб. for a ton of kerosene.

DOES INVESTORS BECOME OR COMBINE?

In the meantime, despite the apparent attractiveness of the new financial model, potential investors of the project prefer to remain silent.

In the JSC "Fund for the Development of the Far East and the Baikal Region" in response to the request of EastRussia to clarify the last statement of Yuri Trutnev said that while they refrain from commenting.

"So far, nothing has been decided, as we are still negotiating between all the parties involved in the project." As soon as the project is completed, we will inform you in an official manner, "EastRussia said in Sojitz Corporation.

In the very JSC "Khabarovsk airport" insist that "move on schedule." "The project has already been invested at the stage of preparation of 500 million rubles, in 2018 another 2 billion rubles will be invested, the contractor selection stage is being completed, in March it should start construction work." The project can be called formed: financial partners are known, their participation, "EastRussia told the company, stressing that at this stage" they do not disclose details. "

A source familiar with the situation argues that the initiative to attract a private investor instead of financing the FRDF at a meeting of the government subcommittee was put forward by the Minister for the Development of the Far East, Alexander Galushka. The current mechanism for providing funds to the FRDV suggests that the decision to finance projects is taken by several levels of management. First, the project passes expertise and approval within the fund itself, up to its board of directors, and then the government subcommission must approve the decision. Formally, the FRD would have the right to start financing the project, if not for the requested Minvostokrazvitiya delay.

At the same time, according to EastRussia, the financial model of the project after the adoption of the long-term tariff was interesting not only for the FRDF, but for other state players with available funds, and above all VEB - the fund's owner. The Fund allocates funding for priority projects under 5% per annum, and this rate may fall in the coming years, and VEB could receive from the investor up to 10% per annum. "The question of who will ultimately finance the reconstruction of the airport of Khabarovsk, with its seeming far-fetched nature, rests on one thing - who, and under what conditions, will have the opportunity to exercise additional control over the asset," says EastRussia's interlocutor close to a possible deal.

EastRussia will continue to follow developments.