Anatoly Chubais,
                                  Chief Executive Officer



                 RUSNANO:
Fostering Nanotech...
Innovative economy in USSR:
Real achievements and ―golden age of stagnation‖


     Nuclear program                       ...
Labor productivity in Russian economy:
Neither fall, nor growth
        Productivity per one employed citizen in USSR and ...
Russian Economy:
Gap in innovations
         Sources: World Economic Forum – The Global Competitiveness Report 2009-2010; ...
1990-2020:
Milestones of initial development and further growth of Russian economy

                                      ...
Russia’s Modernisation:
Main Policy Challenge
‖In our work to make our economy radically            In the twenty-first ce...
Investments into innovative sector in Russia:
Risks…

                                      Risks



              Legal r...
…and Opportunities
  Russia as a production location place offers multiple benefits in terms of available
  resources, acc...
Investments into innovative sector in Russia:
Additional opportunities: Low taxes
                                        ...
Investments into innovative sector in Russia:
Additional opportunities: Skilled Labor


                        R&D person...
Investments into innovative sector in Russia:
Additional opportunities: Low value of land

             Total cadastral va...
RUSNANO: Brief overview

  Founded in 2007

  Mission: to implement the state policy in the field of nanotechnologies

  T...
RUSNANO’s terms of financing

  Financing projects at early stage and stage of expansion




  Ownership participation — n...
RUSNANO: Management structure

                            Supervisory Council                                            ...
RUSNANO: Support for co-investors

Financial support                      Non-financial support

Corporate:               ...
RUSNANO’s Project Selection Mechanism
              01.04.2008 – 14.05.2010, total applications: 1607
                    ...
Investment Projects Today
                        ~9.7
  ~8                                    • Approved by the Superviso...
Projects’ clusters
Solar energy and energy conservation                   Nanostructured materials




    Medicine and Bi...
RUSNANO plans: timeline




           2007        2008         2009        2010       2011            2012      2013     ...
Long-term financing program
RF Government Decree No. 1454-r of 05 October 2009




                                       ...
Dynamics of the Russian Nanoindustry Market:
Target



   $ billion                                                       ...
What we can do together

         RUSNANO offers

   Co-investment
   Support in companies entry into the
    Russian ma...
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презентация а.чубайса по роснано 26 мая 2010

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презентация а.чубайса по роснано 26 мая 2010

  1. 1. Anatoly Chubais, Chief Executive Officer RUSNANO: Fostering Nanotechnology Innovation in Russia Moscow May 26, 2010
  2. 2. Innovative economy in USSR: Real achievements and ―golden age of stagnation‖ Nuclear program Space program Key Soviet innovative projects were launched during 1940-1960: First Soviet atomic bomb, RDS-1 (1949) Take off of Vostok-1 (1961) 1970-1980– economy in stagnation, increasing dependence on energy prices Page 2
  3. 3. Labor productivity in Russian economy: Neither fall, nor growth Productivity per one employed citizen in USSR and post-Soviet Russia based on purchasing power parity (in %% of the similar indicators in USA) 29,4% 29,5% 1990 2005 Source: «International comparison of GDP in Europe in 1990 .» (ECE ,UN, Geneva. 1994) ; Global round of international comparisons of GDP in the World for 2005 Page 3
  4. 4. Russian Economy: Gap in innovations Sources: World Economic Forum – The Global Competitiveness Report 2009-2010; IMF data 16 GDP (purchasing power parity), 14 $ trillion 12 Russia is ranked 7th-8th for its GDP 10 8 and 73rd for its innovation level 6 4 2 0 0 10 20 30 40 50 60 70 80 Innovation level (rated under WEF methodology) Page 4
  5. 5. 1990-2020: Milestones of initial development and further growth of Russian economy 2010 - 2020 New model of innovation- 2000 – 2010 based economic growth Raw materials export dependent economic growth 1990-2000 Setting the base for market economy Page 5
  6. 6. Russia’s Modernisation: Main Policy Challenge ‖In our work to make our economy radically In the twenty-first century, our country once again more effective we also need to put in place needs to undergo comprehensive modernisation. incentives and conditions for progress in a whole […] We have a duty to heed the lessons of recent number of different directions [...] This calls for events. So long as oil prices were growing many, large-scale modernisation of production facilities almost all of us, to be honest, fell for the illusion in all economic sectors. This requires a that structural reforms could wait and that what completely new quality of business was important now was to make maximum use of management and completely new technology, the high prices. The priority was on pushing ahead above all machines and equipment. In most the old raw materials economy, while developing cases, the best technology is energy effective unique technology and innovative products was the and energy conserving technology, economical subject of only random individual decisions. But we and environmentally friendly technology‖. can delay no longer. We must begin the modernisation and technological upgrading of our entire industrial sector. I see this as a question of our country’s survival in the modern world. (President Vladimir Putin. Speech at Expanded (President Dmitry Medvedev. Presidential Address Meeting of the State Council on Russia’s to the Federal Assembly of the Russian Federation, Development Strategy through to 2020, November 12, 2009) February 8, 2008) Page 6
  7. 7. Investments into innovative sector in Russia: Risks… Risks Legal risks Macroeconomic risks  Lack of sustainability and weak  Weak competition and high protection of property rights monopolization of the economy (incl. IP)  Strong economy dependence  High level of corruption and on the global raw materials bureaucracy prices  Weak judicial system Page 7
  8. 8. …and Opportunities Russia as a production location place offers multiple benefits in terms of available resources, access to domestic market, logistics, scientific and technical potential Resources Domestic market  Strong natural resource base  Underpenetrated domestic market  Relatively cheap land and lease  Opportunity of products’ upgrade rates before entering export markets Location of production and Location R&D in Russia Human capital  Location between large markets  Qualified personnel (China, Europe, C.I.S.)  Low labor costs Scientific and technical potential  Large number of research institutions  Competitive soviet-time developments (e.g. in air-space industry) Page 8
  9. 9. Investments into innovative sector in Russia: Additional opportunities: Low taxes 2010: Tax Rates Around the World Income Tax (corporate+individual) + VAT, %% 97 92.9 94.4 Source: http://www.worldwide-tax.com 86.5 87 82.5 85 85.5 70 59 60 61 61 48 51 53.5 38 India U.S.A. Italy U.K. Estonia Japan Brazil Serbia Germany Ukraine Lithuania Russia Canada Montenegro France Latvia China Tax haven countries excluded, tax rate in Russia are among the world’s lowest Page 9
  10. 10. Investments into innovative sector in Russia: Additional opportunities: Skilled Labor R&D personnel headcount per 10,000 people employed in the economy (2008) Sources: Higher School of Economics (HSE, Moscow) 144 146 124 127 130 115 106 77 23 China Italy UK Korea Germany Russia Canada France Japan Page 10
  11. 11. Investments into innovative sector in Russia: Additional opportunities: Low value of land Total cadastral value of all land in the country 33 $ trillion (2006) 3,6 0,9 1,1 Russia Australia France USA Sources: World Bank, Ministry of economic development of Russia Page 11
  12. 12. RUSNANO: Brief overview Founded in 2007 Mission: to implement the state policy in the field of nanotechnologies Tasks: •commercialization of nanotech industry projects and innovations •production volume of Russian nano-enabled products by 2015 – ~ $30 bln per year Areas of financing: •fabrication of nano-enabled products and materials •foresight and road maps, standardization, certification, safety in nanotech industry •education, popularization Page 12
  13. 13. RUSNANO’s terms of financing Financing projects at early stage and stage of expansion Ownership participation — no more than 50% minus 1 share Investment horizon — up to 10 years Page 13
  14. 14. RUSNANO: Management structure Supervisory Council Management Board Includes representatives of the President, the State Includes Corporation’s top management Duma, the Federation Council and the Government Chairman, Chief Executive Officer: Chairman: Fursenko A.A. Chubais A.B. Management Function: final approval of the projects to be funded Function: preliminary approval of projects to be funded before their presentation to the SC Investment Policy Committee Scientific and Technical Council Includes business representatives Includes academicians of the Russian Academy of Chairman: Teplukhin P.M. Sciences and prominent scientists Chairman: Alfimov M.V. Function: approves projects’ investment attractiveness and deal structure Function: approves projects’ scientific and technical components 8 Investment Departments Includes teams of Managing Directors Investments Key functions  Initial project evaluation  Investment analysis of the project  Corporate compliance  Deal structuring  Participation in project company management (inclusion in the BoD, etc.) Page 14
  15. 15. RUSNANO: Support for co-investors Financial support Non-financial support Corporate: Infrastructural: RUSNANO’s minority stake Technical and investment in all projects expertise, certification, foresight and road maps Credit: Managerial: Long-term and Assistance in marketing, comparatively cheap money. investment spending Guarantee for loans supervision in the interests of all shareholders Administrative: Shielding from the red tape and corruption Basic condition – location in Russia Page 15
  16. 16. RUSNANO’s Project Selection Mechanism 01.04.2008 – 14.05.2010, total applications: 1607 Application Entry expertise Internal technical Rejected: 920 Internal investment and scientific Still to be reviewed: expertise expertise 321 Undergoing due Technical diligence procedures: Investment policy and scientific Board 290 committee financing decision BoD < 1% < Supervisory Council RUSNANO book value of assets, % Projects approved / launched: 76 Page 16
  17. 17. Investment Projects Today ~9.7 ~8 • Approved by the Supervisory Council: 76 projects $ bln in 27 Russian regions •Total investment volume: ~ $8 billion (incl. RUSNANO’s share: ~ $3.5 billion) from 5.7 (incl. 3.5) • Consolidated revenue - 2015: from $5.7 billion (conservative scenario) Total Consolidated investments revenue - 2015 (conservative/optimistic scenario) In Q3 2009, RUSNANO achieved the planned ―project capacity‖ – a minimum of 15 projects per quarter. It makes our strategic task possible: to ensure production volume of Russian nanoindustry by 2015 – ~ $30 billion per 1 year Page 17
  18. 18. Projects’ clusters Solar energy and energy conservation Nanostructured materials Medicine and Biotechnology Mechanical engineering and metalwork Optoelectronics and nanoelectronics Infrastructure and Education Page 18
  19. 19. RUSNANO plans: timeline 2007 2008 2009 2010 2011 2012 2013 2014 2015 RUSNANO is First project Debt financing via RUSNANO Mass production in Exit from projects founded. is financed open markets transformation project companies started Government started into started makes a joint-stock contribution into company the charter capital Additional major challenge: IPO after RUSNANO transformation into a joint-stock company Page 19
  20. 20. Long-term financing program RF Government Decree No. 1454-r of 05 October 2009 RF asset contributions in RUSNANO 4,6 4,5 State guaranteed debt financing: $ bln bonds issuance Expected equity income from project companies (exits+dividends) 6,2 Total in 2008-2015: up to $15.3 bln Page 20
  21. 21. Dynamics of the Russian Nanoindustry Market: Target $ billion 30 Sales of Russian nanoindustry products 22.5 Incl. revenue of project companies set up with participation of RUSNANO Incl. revenue of 76 projects 14.5 already approved by RUSNANO 10.4 5.5 7.1 5.7 4.9 4.6 3.6 1.4 2.6 2.5 0.3 1.2 1.4 0,007 0,007 0.3 2009 2010 2011 2012 2013 2014 2015 Page 21
  22. 22. What we can do together RUSNANO offers  Co-investment  Support in companies entry into the Russian market  Access to RUSNANO’s scientific and technical expertise  Joint creation of venture funds Funds could  Consider opportunities for portfolio companies expansion into Russia  Encourage portfolio companies to apply for RUSNANO financing  Act as co-investors in RUSNANO projects  Encourage portfolio companies to cooperate with RUSNANO projects to achieve synergies:  in accessing global product and finance markets  in exits from projects (IPO or selling to a strategic investor) Page 22
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