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6? Tuesday, June 10, 2014 B U S I N E S S & M A R K E T S The Moscow Times Tinkoff ’s Q1 Profits Down 64% REUTERS Russian consumer credit company TCS said Monday that its firstquarter net profit has fallen 64 percent, yearonyear, driven by higher loanloss provisions as the Russian economy slows. TCS, owner of Tinkoff Credit Systems, which went public in London in October, said firstquarter net profit fell to 362.3 million rubles ($10.54 million) from 1 billion rubles a year earlier, missing analysts’ forecasts. The company’s shares fell 6.2 percent in early London trading. TCS said its cost of risk — the reserves it would have to set aside this year to cover lending risks — rose to 20.5 percent from 16.2 percent a year ago. Its return on equity, a measure of profitability, fell to 7.0 percent in the first quarter from 41.2 percent for the whole of last year. TCS said in a statement that its fullyear profit guidance of more than 7 billion rubles was now under review. The company, majorityowned by Russian entrepreneur Oleg Tinkov, has challenged statecontrolled banks and grabbed market share in the highmargin business of consumer credit. It focuses on Russia’s regions, where it delivers credit cards by courier. A Reuters survey of seven analysts had forecast that net profit at TCS would be 969.7 million rubles in the first quarter, 6 percent down on the yearearlier figure. The Central Bank last year toughened regulation of consumer credit companies, forcing them to raise their provisions against bad loans to prevent them from destabilizing the wider financial system. A slowdown in the Russian economy, which is forecast to achieve growth of just 0.5 percent this year amid instability caused by the crisis in Ukraine, has also increased the share of nonperforming loans at major banks including Sberbank and VTB. Ukraine Crisis Biggest Worry for British Banks REUTERS Fears of a further escalation in tensions between Russia and Ukraine have surged up British financial institutions’ list of concerns over the past six months, a Bank of England survey showed on Monday. Worries about economic downturn and sovereign risk dropped, but concerns about geopolitical risk rose sharply among British banks, building societies, insurers and investment funds. Some 57 percent of firms named it as a big concern, up from just 13 percent in October 2013, making it the second most cited risk. In Russia, the jitters in London and other financial centers have been reflected in higher borrowing costs — when banks are even willing to lend to Russian firms, which is exacerbating a sharp economic slump. “Perhaps unsurprisingly given the ongoing tensions in Ukraine, geopolitical risk was the fastestgrowing risk category compared to six months ago,” the BoE said. “All responses citing a specific region mention the Russian/ Ukrainian conflict.” The BoE conducted its survey of 72 risk managers between April 7 and May 12 — a time when scores of people died in street battles between supporters and opponents of Russia in separatist regions of Ukraine. Concern about a renewed economic downturn remains the biggest worry and was identified by 61 percent of the risk managers surveyed by the BoE, down from 67 percent in the last survey in October. Unilever Keeps Faith With Russian Market REUTERS Consumer goods maker Unilever is keeping faith in Russia as an important growth market and is ready to plow money into factories and acquisitions there despite a slowing economy. Unilever Chief Executive Paul Polman said he met First Deputy Prime Minister Arkady Dvorkovich last week and they discussed the AngloDutch company’s longterm investments. “We talked other investments we continue to make to be sure that we grow our business here,” he said during a visit to Moscow. Foreign companies have been reviewing their growth plans in Russia since it annexed Ukraine’s Crimea region in response to the overthrow of Ukraine’s Moscowbacked president in February, provoking the deepest crisis in Moscow’s relations with the West since the Cold War. The standoff has taken its toll on the economy, which is now close to recession. Russia’s government already acknowledged last November that the economy would lag global growth over the next two decades. Unilever’s Russian businesses include cosmetics maker Kalina, ice cream producer Inmarko, dressings maker Baltimor and its own factories producing Knorr soup and Lipton tea. “Obviously [the Ukraine crisis] affects our business,” said Polman. “The ruble is down, the Ukrainian currency is down. It is not helping the economic situation … and there are rules and regulations that have to be rewritten.” “Despite that, we are growing our market share in all our home and personal care businesses … We have a good business in Russia and we do not complain about that.” With many developed economies growing only slowly, Unilever has moved to focus on emerging markets including Russia and has been reviewing its range of global brands. It recently sold Skippy peanut butter, Wishbone salad dressings and Ragu and Bertolli pasta sauces in the U.S. “You have to pull the weeds sometimes to let the flowers grow,” Polman said. RUSSIAN MARKET INDICATORS THE MOSCOW EXCHANGE INDEXES BENCHMARK AND SECTOR INDEXES CLOSE CHANGE, VOLUME, MLN RUB 52WEEK 52WEEK 52WEEK MARKET CAP, BLN RUB % ($ MLN FOR RTS) HIGH LOW PERFORMANCE, % ($ BLN FOR RTS) MICEX Index 1,485.39 0.03 26,374.93 1,533.61 1,237.43 11.24 6,703.39 RTS Index 1,361.65 0.19 764.61 1,518.54 1,062.47 4.70 195.07 SecondTier Index 1,152.18 0.21 4.09 1,267.42 959.33 6.20 3.49 Broad Market Index 980.58 0.18 768.69 1,093.98 766.84 4.37 206.44 Blue Chip Index 9,982.51 0.01 23,315.57 10,437.17 8,402.22 10.26 5,728.44 Russian Volatility Index 28.25 10.09 0.00 74.46 15.42 0.39 0.00 Oil & Gas 3,517.90 0.21 10,786.20 3,626.98 2,841.58 19.06 1,595.20 Power 998.16 0.63 1,034.14 1,262.78 765.12 12.60 151.41 Telecommunication 2,170.64 0.06 1,060.04 2,522.79 1,757.53 8.50 479.86 Metals & Mining 2,427.36 0.22 2,604.75 2,432.75 1,945.14 20.11 350.84 Manufacturing 1,544.41 0.65 40.19 1,940.85 1,263.22 6.42 18.09 Source: Moscow Exchange MARKET ACTIVITY THE MOSCOW EXCHANGE STOCK MARKET WINNERS & LOSERS MICEX & RTS Index constituents showing the biggest change to the previous day Source: Moscow Exchange TOP 50 BY MARKET CAPITALIZATION CLOSE, CHANGE, CLOSE, VOLUME, 52WEEK 52WEEK 52WEEK MARKET CAP, RUB % $ MLN RUB HIGH LOW PERFORMANCE, % BLN RUB AFK Sistema 44.448 1.29337 194.68 45.001 43.751 63.41 428.89 ALROSA 40.8 1.57 1.18722 257.90 45.197 29.2 20.54 302.77 Aeroflot 58.84 2.17 1.71216 200.03 99.3 44.7 11.80 65.03 Akron 1228 35.73299 40.35 1244.9 1180.2 8.01 49.37 Bashneft 2464.7 71.71914 40.96 2522.9 2381.1 25.42 372.84 Bashneft (pref) 1835.3 53.40453 37.41 1847.4 1803.3 73.96 54.72 DIXY Group 367.04 0.01 10.68032 24.78 440.51 185 22.24 46.38 E.ON Russia 2.9158 0.08485 64.95 2.957 2.8873 20.49 184.06 Enel OGK5 0.934 0.54 0.02718 1.67 1.305 0.7512 28.70 33.12 FSK EES 0.05968 0.00174 218.10 0.06115 0.05945 41.89 76.70 Gazprom 144.4 4.20183 5,851.24 146.2 143.03 23.95 3,433.13 Gazprom neft 148.92 4.33335 26.06 149.49 145.53 20.22 704.23 INTER RAO EES 0.0094 1.54 0.00027 108.19 0.01388 0.00626 19.78 99.43 IrkutskEnrg 7.058 0.20538 1.62 7.198 6.999 32.23 33.61 LSR 620.8 0.50 18.06437 2.40 824.4 366.2 15.03 63.92 LUKOIL 2025 0.28 58.92452 1,453.77 2140 1715 7.14 1,726.13 M.video 254.45 7.40412 16.37 262.7 245.11 1.37 46.12 MMK 6.835 0.19889 102.05 6.989 6.674 7.87 75.96 MOESK 1.2057 1.64 0.03508 2.41 1.48 0.81 6.24 58.62 MTS 297.55 1.90 8.65827 544.92 353.77 226.43 16.46 625.81 Magnit 8949 0.35 260.40272 614.20 9558 6565.3 27.86 848.54 MegaFon 1110 32.29937 152.31 1120 1048 10.60 679.95 MosEnrg 0.8123 0.21 0.02364 4.56 1.4441 0.6398 27.26 32.30 Moscow Exchange 65.66 0.49 1.91061 170.31 69.99 42.74 22.50 148.98 Mostotrest 110.48 3.21481 18.88 113.69 109 22.04 31.57 NLMK 49.42 1.43805 86.05 49.74 49.09 15.41 296.31 NMTP 2.26 0.06576 2.23 2.26 2.2001 17.29 43.25 NOVATEK 405.93 0.68 11.81197 703.02 427.52 303.6 31.12 1,234.81 NorNickel GMK 7029 204.53355 1,496.17 7076 6971 51.39 1,112.47 PIK 87.76 2.49 2.55369 5.11 95.73 59.21 40.73 59.87 Pharmstandard 1200 34.91823 0.38 1245 1165.2 42.45 45.05 PhosAgro 1170.5 1.38 34.05983 1.94 1371.8 621.7 7.76 151.83 Polus Zoloto 511.6 14.88681 3.93 514.9 510.1 43.84 97.56 Polymetal International 314.79 1.00 9.15993 9.79 484.34 227.25 N/A 122.43 Rosneft 240.36 6.99412 1,527.09 241.79 237.02 10.88 2,539.32 Rosseti 0.53 0.01542 220.05 0.548 0.529 N/A 87.14 Rostelecom 87.69 1.78 2.55165 206.45 132.97 71.27 11.56 233.96 RusGidro 0.7299 1.82 0.02124 388.36 0.7523 0.465 48.72 232.54 Sberbank 88.89 0.12 2.58657 7,560.96 106.8 65.33 9.20 1,923.83 Sberbank (pref) 73.4 0.70 2.13583 573.27 86.13 54.93 0.07 73.52 Severstal 296.5 8.62771 544.32 305 295 31.90 251.32 Surgut 26.942 0.78397 404.39 27.33 26.831 7.12 969.35 Surgut (pref) 27.48 0.79963 348.44 27.59 27.313 37.32 211.74 TMK 87.08 1.75 2.5339 11.14 109.99 58.05 13.47 81.04 Tatneft3 207.63 0.92 6.04173 194.65 226.38 180.5 15.67 454.87 Transneft (pref) 77050 1.05 2242.04155 213.72 87789 70555 2.60 121.41 Uralkaliy 154.05 1.87 4.48263 340.97 225.52 140.15 32.26 456.67 VTB 0.04731 0.90 0.00138 1,217.07 0.05177 0.02975 0.82 614.59 VTGK 1.8138 0.05278 0.74 1.8138 1.7999 9.27 54.02 Verhnesald MPO 8020 233.37019 1.72 8200 8018.1 40.95 93.29 Source: Moscow Exchange Source: Moscow Exchange He who will not economize will have to agonize. Confucius Source: Moscow Exchange CENTRAL BANK CURRENCY RATES CURRENCY UNITS RUBLES U.S. $ CURRENCY UNITS RUBLES U.S. $ Australian dollar 1 32.14 0.94 Brazilian real 1 15.28 0.45 Canadian dollar 1 31.43 0.92 Chinese yuan 10 55.03 1.60 Danish krone 10 62.82 1.83 Euro 1 46.87 1.37 Indian rupee 100 58.15 1.69 Japanese yen 100 33.52 0.98 Source: Sberbank CIB Kazakh tenge 100 18.71 0.54 New Turkish lira 1 16.52 0.48 Norwegian krone 10 57.75 1.68 Swedish krona 10 51.71 1.51 Swiss franc 1 38.45 1.12 U.K. pound 1 57.74 1.68 U.S. dollar 1 34.33 1.00 Ukrainian hryvna 10 29.16 0.85 ADRS, GDRS AND FOREIGNTRADED STOCK SHARES CLOSE, CHANGE, VOLUME*, 52WEEK 52WEEK PER ADR $ % $ HIGH LOW Evraz 102.20 2.1 1,187,152 142.90 51.35 Gazprom 2.00 8.45 1.6 15,975,830 9.87 6.25 Gazprom Neft 5.00 21.70 0.6 17,928 23.28 16.61 KazMunaiGas EP 0.17 16.03 4.5 84,260 16.50 12.50 Lukoil 1.00 58.95 0.2 995,427 66.70 47.03 Magnit 0.20 59.35 0.0 144,760 67.50 43.63 Mail.ru Group 1.00 36.56 2.0 564,460 44.86 23.23 MMK 13.00 2.59 1.2 571,026 3.70 1.54 MTS 2.00 19.16 0.9 86,341 24.06 15.06 NLMK 10.00 14.43 0.5 57,545 18.30 10.23 Novatek 10.00 125.30 1.4 117,019 145.30 94.83 Polymetal 546.00 0.5 104,188 812.00 439.50 Polyus Gold 189.75 0.7 34,661 214.50 177.00 Rosneft 1.00 6.97 2.5 8,342,083 8.49 6.03 Sberbank 4.00 10.74 0.1 7,232,220 13.31 7.69 Severstal 1.00 8.67 1.9 807,093 9.95 5.86 Sistema 20.00 30.10 1.8 152,107 32.56 17.88 Surgutneftegaz 10.00 7.80 0.0 1,342,946 9.30 6.72 Tatneft 6.00 36.39 0.0 169,962 42.79 30.22 Uralkali 5.00 22.44 1.4 317,216 35.72 19.90 VimpelCom Ltd 1.00 8.80 1.1 82,572 14.74 7.53 VTB 2000.00 2.75 0.2 4,342,971 3.08 1.59 X5 Retail Group 0.25 20.09 0.8 25,218 20.67 13.80 Yandex 33.65 0.2 162,231 45.42 21.70 * Estimated reported volumes ** N.Y. price at 7 p.m. Moscow time Source: Sberbank CIB

Полоса 1

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