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Ernst&Young has assessed Sheremetyevo airport terminals at $2 billion

Russian Aviaton » Wednesday March 23, 2011 13:50 MSK
Terminal D at Sheremetyevo airport | © Michael Vakhneev

According to Kommersant, Ernst&Young has presented a preliminary assessment for Sheremetyevo airport's value of assets.

The company has assessed JSC "Terminal" (controls terminal D; stockholders - Aeroflot, VEB and VTB) at $354 million and the terminals of JSC "Sheremetyevo international airport" at $1,743 billion. On the basis of this assessment, in case of assets unification the owners of "Terminal" would have received 29% of unified terminal's shares and the state would have received 71% of shares as the single stockholder of "Sheremetyevo international airport".

"Aeroflot" and VEB have disagreed with the results of preliminary assessment. These numbers have been calculated by the valuer on the basis of passenger flow: 12 million passengers a year for terminal D and 18 million passengers for terminals of "Sheremetyevo international airport". However the numbers for "Sheremetyevo international airport" are not confirmed by airlines' applications and infrastructure investments; the planned capacities will not be achieved without these factors.

The parties will insist on assessment correction because the Terminal's stockholders believe that its value is higher. They still want to get the control stock of the unified Sheremetyevo. The results of Ernst&Young's assessment should have been discussed during the meeting with Transport Minister Igor Levitin, but the meeting has not taken place.