2. Заявление об ограничении ответственности This presentation has been prepared by RAZGULAY Group OJSC (the "Company"). By attending the meeting where the presentation is made, or by reading the presentation slides, you agree to the following limitations and notifications. This presentation is strictly confidential to the recipient, may not be distributed to the press or any other person, and may not be reproduced in any form, in whole or in part. Failure to comply with this restriction may constitute a violation of applicable securities laws. This presentation does not constitute or form part of an offer, solicitation, or invitation to subscribe for, underwrite or otherwise acquire, and should not be construed as an advertisement for, any securities of the Company or any of its subsidiaries in any jurisdiction or an inducement to enter into investment activity in any jurisdiction. This presentation has been prepared solely for use in connection with the possible offering (the “Offering”) of the Company's ordinary shares (the “Shares”). Any purchase of the Shares in the Offering should be made solely on the basis of information contained in the offering circular and any supplements or amendments thereto published in connection with the Offering. The information contained in this presentation has not been independently verified. Some of the information in the presentation is still in draft form and will only be finalised at the time of the Offering. The information in this presentation speaks only as of the date of this presentation, and is subject to completion and change without notice. The Company, Renaissance Securities (Cyprus) Limited, JP Morgan Securities Limited, VTB Group or their respective affiliates, and each of the directors, officers, employees, agents and representatives of any of the foregoing (the “Participants”), do not intend to, and expressly disclaim any duty, undertaking or obligation to, make or disseminate any supplement, amendment, update or revision to this presentation or any of the information contained herein. No representation, warranty or undertaking, express or implied, is made or given by or on behalf of any Participant or any other person, and no reliance should be placed on the fairness, accuracy, completeness or correctness of this presentation or the information contained herein. No Participant or any other person accepts any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection therewith. In particular, this presentation may not be and will not be, and printed copies of this presentation may not be and will not be, distributed, directly or indirectly, into (a) the United States or to any U.S. person (as defined in the U.S. Securities Act of 1933, as amended), (b) in Canada, Australia or Japan or to any resident of Canada, Australia or Japan or (c) in any other jurisdiction where this presentation or the disclosure of the contents hereof may be restricted by law. This presentation is not an invitation nor is it intended to be an inducement to engage in investment activity for the purpose of Section 21 of FSMA. This presentation is only directed at (a) persons outside the United Kingdom, (b) persons having professional experience in matters relating to investments falling within Article 19(1) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order") or (c) high net worth entities, and other persons to whom it may otherwise lawfully be communicated, falling within Article 49(1) of the Order (all such persons together being referred to as "Relevant Persons''). Any invitation, offer or agreement to subscribe, purchase or otherwise acquire any securities of the Company will be engaged in only with Relevant Persons. Any person who is not a Relevant Person should not act or rely on this document or any of the information contained herein. This presentation is not and is not intended to be a prospectus within the meaning of Directive 2003/71/EC (the “Prospectus Directive”). In relation to each member state of the European Economic Area (other than the United Kingdom) which has implemented the Prospectus Directive (each a “PD Relevant Member State”), and with effect from and including the date on which the Prospectus Directive is implemented in that PD Relevant Member State this presentation is made to and directed only at (a) legal entities which are authorised or regulated to operate in the financial markets or, if not so authorised or regulated, whose corporate purpose is solely to invest in securities; (b) any legal entity which has two or more of (i) an average of at least 250 employees during the last financial year, (ii) a total balance sheet of more than €43,000,000, and (iii) an annual net turnover of more than €50,000,000, as shown in its last annual or consolidated accounts; or (c) any other persons in circumstances which do not require the publication of a prospectus pursuant to Article 3 of the Prospectus Directive (and any relevant implementing measure in each PD Relevant Member State). Neither this presentation nor the information contained herein is an offer to the public, or an advertisement, of any securities of the Company in the Russian Federation. This presentation may not be relied upon by any party. While the information contained in this presentation has been prepared in good faith, no representation or warranty, express or implied, is or will be made, and no responsibility or liability is or will be accepted, by the Company or any of its subsidiaries or affiliates or by any of their respective directors, employees or agents as to or in relation to the accuracy or completeness thereof or for any loss arising from any use thereof and any and all such liability is expressly disclaimed. This presentation is not to be relied upon as such and shall not be used in substitution for the exercise of independent judgement, and each recipient hereof shall be responsible for conducting its own investigation and analysis of the information contained herein. The information and opinions contained herein are subject to change without notice. This presentation contains forward looking statements that reflect the Company’s intentions, beliefs or current expectations. These forward looking statements are identified by words such as “may”, “will”, “would”, “should”, “project”, “seek”, “plan”, “predict”, “anticipate”, “believe”, “intend”, “estimate”, “expect”, “continue” and similar expressions or their negatives. Forward looking statements relate to events and depend on circumstances that will occur in the future, and are based upon assumptions and expectations which, although the Company believes them to be reasonable at this time, may prove to be erroneous. These events, circumstances, assumptions and expectations are inherently subject to significant risks, uncertainties and contingencies which are difficult or impossible to predict and are or may be beyond the Company’s control, and which could cause the Company’s actual financial condition, results of operations, business and prospects, and the actual performance of its industry or the markets it serves or intends to serve, to differ materially from those expressed in or suggested by the forward-looking statements in this presentation. Important factors that could cause actual results to differ materially from those discussed in these forward-looking statements include the achievement of the anticipated levels of revenues, profitability and growth, the ability to fund future operations and capital needs through borrowing or otherwise, the ability to successfully implement any of the Company’s business strategies, the timely development and acceptance of new products and services, the Company’s ability to procure raw materials, its ability to enter into sales contracts for its products, the economic climate, performance of the Russian financial markets and other international financial markets, the Company’s success in responding to changes within the highly competitive markets in which it operates, and the Company’s success in identifying other risks to the business and managing the risk of the aforementioned factors. There may be additional material risks that are currently not considered to be material or of which the Company is unaware. Forward-looking statements speak only as of the date of this presentation, and the Company expressly disclaims any obligation or undertaking to release any update of or revisions to any forward-looking statements in this presentation, any change in the Company's expectations or any change in events, conditions or circumstances on which these forward-looking statements are based. By attending this presentation, you agree to be bound by the foregoing terms and to maintain absolute confidentiality regarding the information disclosed herein. The Company does not undertake any obligation to review or confirm any expectations or estimates or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise after the date of this presentation. NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION IN THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN. Failure to comply with the restrictions set out in this Disclaimer may constitute a violation of applicable securities laws or may otherwise be actionable.
3. Ключевые детали сделки Эмитент : ОАО Группа «РАЗГУЛЯЙ» («Компания») Количество выпущенных акций : До -SPO: 120 000 000 акций Объем размещения 1 : До 70 000 000 акций Структура размещения : Международные институциональные инвесторы за пределами США, в соответствии с правилом Reg S Институциональные инвесторы в России Цена : Ожидается быть близкой к рыночной цене В свободном обращении : До- SPO: около 38,5 % Дата определения цены : 9 июля 2008 Листинг : РТС / ММВБ Совместные глобальные координаторы и букраннеры JPMorgan и Ренессанс Капитал Ко-лид менеджер ВТБ Групп Период запрета на продажу : 180 дней ( для Компании и аффилированных акционеров) 1 Менеджеры изъявили свое намерение подавать оферты в отношении до 35,000,000 акций, с возможностью последующего увеличения данного количества (а также с учетом количества акций, приобретаемых в рамках осуществления преимущественных прав), Российскому Брокеру, действующему от имени Компании
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5. Зерновой субхолдинг 17 Страница Ключевые аспекты инвестиционной привлекательности 6 Основные финансовые результаты 20 Сельскохозяйственный субхолдинг 10 Сахарный субхолдинг 14
11. Сельское хозяйство в России: значительный потенциал и нереализованные возможности Источник : ИКАР Объем пахотной земли под зерновыми в России Средняя цена земли сельскохозяйственного назначения в 2007, тыс. долл. / га Растущая государственная поддержка в России прирост пахотной земли под зерновыми в 2007-2008гг. составил в России 6% на фоне 2% роста в мире Источник: ИКАР Источник: Росстат Источник: ИКАР, Росстат Урожайность пшеницы в странах мира, 2006 – 2007 млрд. долл. CAGR 2,2%
12. Программа развития сельскохозяйственного бизнеса Разгуляя Прирост земельных активов под контролем Планы по увеличению урожайности, 2007-2010П Планы по расширению c/х бизнеса Программа капитальных вложений, 2008П-2009П Источник: Разгуляй Источник: Разгуляй Сахарная свекла Зерновые ( пшеница) тыс. га Источник: Разгуляй млрд. руб. 1 1 - первоначальный платеж по программе приобретения оборудования в лизинг (7% от общей стоимости техники, оставшаяся часть суммы будет выплачиваться равными платежами в течение 15 лет). Оператор программы – госкомпания Росагролизинг. тонн/га тонн/га Источник: Разгуляй
20. Ключевые финансовые показатели Источник: Разгуляй Источник: Разгуляй Источник: Разгуляй CAGR 15% CAGR 20 % Выручка EBITDA и рентабельность EBITDA Чистая прибыль Всего активов Источник: Разгуляй млрд. руб. млрд. руб. млрд. руб. млрд. руб. Примечание: на основе консолидированной финансовой отчетности Группы, подготовленной в соответствии с МСФО (период с 2001 по 2007 год), аудитор КПМГ
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Editor's Notes
Increased food consumption mainly driven by world population growth and improved wealth, predominantly in developing BRIC economies Higher disposable incomes result in substitution to more quality food, including meat and poultry, which in turn warms up demand for grains as main livestock feed 6-7 kg of grains is necessary to produce 1 kg of beef Permanently growing demand for agricultural products from bio fuel industry EU has built up bio diesel production around 5 times over the past 5 years Deficit of raw materials for bio fuel production
Increased food consumption mainly driven by world population growth and improved wealth, predominantly in developing BRIC economies Higher disposable incomes result in substitution to more quality food, including meat and poultry, which in turn warms up demand for grains as main livestock feed 6-7 kg of grains is necessary to produce 1 kg of beef Permanently growing demand for agricultural products from bio fuel industry EU has built up bio diesel production around 5 times over the past 5 years Deficit of raw materials for bio fuel production
Increased food consumption mainly driven by world population growth and improved wealth, predominantly in developing BRIC economies Higher disposable incomes result in substitution to more quality food, including meat and poultry, which in turn warms up demand for grains as main livestock feed 6-7 kg of grains is necessary to produce 1 kg of beef Permanently growing demand for agricultural products from bio fuel industry EU has built up bio diesel production around 5 times over the past 5 years Deficit of raw materials for bio fuel production
