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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. "

Yuri Trutnev recalled that when the project was being approved for obtaining the status of a resident of the priority development area (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 have fixed it. And now a colleague, a member of the council, said that, taking into account the fixed tariff, the economy of the project has changed: we will find a private investor, we don’t need to spend the fund's money. You know, in this setting, take the position“ well, we will still finance from the fund "It seemed a little strange to me. Therefore, I said: okay. You will find an investor - one month deadline. You will not find an investor in a month - it means that you have deceived us. If a private investor appears in a month - of course, a private investor is better than a fund," Yuri Trutnev. 

The Deputy Prime Minister also promised "to ask the result in a week": "If there is an investor - go ahead, hurray, with the investor. If there is no investor, there is no need, in my opinion, to collect advice, we made a postponed decision that if the investor does not appear , we just recognize the project as a priority, and he moved on. " 

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 the Khabarovsk airport amounted to 2,051 million people, taking into account transit (an increase of 10% to the level of 2016), the cargo traffic - 25,8 thousand tons (plus 5%). 

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

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

Khabarovsk Airport has been announcing plans for the reconstruction of outdated terminals for more than ten years. Companies with an annual revenue of about 2 billion rubles. (2,11 billion rubles according to RAS reporting for 2016) for such a large-scale construction, both an external investor and a world-class management company are needed. The airport, it would seem, found one partner in 2011: then the South Korean Incheon International Airport Corp entered the authorized capital of the JSC, having received 10% of it. But in 2016, the minority shareholder initiated a buyback of the stake, explaining this by the need to focus on projects for the 2018 Winter Olympics 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 Sojitz Corporation would form a pool of Japanese investors for the modernization of Khabarovsk airport. Among the interested parties were the Japan Bank for International Cooperation (JBIC), the investment fund Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN) and the subsidiary Sojitz Japan Airport Terminal Co., Ltd. (JATCO), which operates Tokyo Haneda International Airport. 

In December 2016, Sojitz, JATCO and JOIN became the parties to the Memorandum of Intent regarding the construction and operation of a new passenger terminal in Khabarovsk, which announced thethat "they plan to create a business alliance to co-invest in a joint venture that will build and operate a new passenger terminal in Khabarovsk." It is noteworthy that JBIC was no longer present in the alliance. In April 2017 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 resolution No. 1153 mentioned by Yuri Trutnev on the possibility of establishing long-term tariffs at airports was signed by Russian Prime Minister Dmitry Medvedev on November 12, 2016. The document allowed setting tariffs before investing or when airport modernization is just beginning. The investor can provide the FAS with justifications for an acceptable tariff, and if the service finds them correct, a tariff for the airport can be set for the period from the date of commissioning and for at least three subsequent years or more, if appropriate. 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 the decision of the FAS, from 2019, MAX will be able to collect a fee for the provision of an airport terminal on internal lines in the amount of 126 rubles. per passenger, for passenger service - 379 rubles. per passenger. By 2022, tariffs will gradually rise to 139 rubles. and 480 rubles. accordingly, they will stop growing. According to the airport, from February 1, 2018 for the JSC "Khabarovsk Airport" there are tariffs in the amount of 115 rubles. for the provision of the terminal and 184,08 rubles. 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.

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

The JSC "Khabarovsk Airport" insists that it is "moving on schedule." "The project has already invested 500 million rubles at the preparation stage, another 2018 billion rubles will be invested in 2. The stage of choosing a contractor is nearing completion, in March he should start construction work. The project can be called completed: financial partners are known, and now the volume is being determined their participation, "said EastRussia in 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.
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