Two forecasts for Rosnano's revenue from project companies differ by $5 bln
MOSCOW. Aug 12 (Interfax) - In the second quarter of 2011, OJSC Rosnano revised a 2015 forecast for project companies with its involvement.
Sales revenue for production projects, including risks, in 2015 is forecast at 281.6 billion rubles, Rosnano said in its financial reporting for the second quarter.
Three months earlier, however, in the company's financial reporting for the first quarter, Rosnano provided a more optimistic sales revenue forecast, which came to over 392.9 billion rubles, which did not cite possible risks.
The forecast included in the report for the second quarter is conservative. Rosnano's optimistic forecast puts revenue from these projects in 2015 at 425.8 billion rubles, a company representative told Interfax.
Therefore, the difference between the forecasts comes to 144.2 billion rubles, or around $5 billion.
The company said that the forecast for sales revenue changes when investment agreements are signed with project companies.
The number of projects approved for Rosnano's financing increased to 120 in the second quarter from 106 projects at the end of March. The budget for the approved projects increased to 404 billion rubles with Rosnano's stake at 185 billion rubles from 352.8 billion rubles and 144.1 billion rubles, respectively.
To date, a total of 58 projects have been financed. Rosnano has provided 79 billion rubles and co-investors - 52 billion rubles (25 billion of which are cash funds). In addition to 79 billion rubles in investment, Rosnano has given guarantees for 10.9 billion rubles, of which 4.2 billion rubles has already been extinguished.
Rosnano's production target for project companies with its involvement should come to at least 300 billion rubles. The company's target for the entire Russian nanotechnological industry at 900 billion rubles.
Rosnano expects sales revenue from companies with its involvement to reach 25 billion rubles this year.
Rosnano's chief, Anatoly Chubais, told Interfax at the start of the year that all projects still pending approval would be successful. "So far there are no unrealized projects but this year there will definitely be cases where we have approved a project and started investing in it but it, for various reasons, it is not taking place," he said. "This is unavoidable. I think that the first examples of this will appear in 2011," Chubais said.
Chubais told Interfax in mid-June that Rosnano had yet to see examples of failed projects on the market. He noted that there were several situations when the project applicants have decided against implementing approved projects. He added that none of these cancelled projects had started.
Rosnano, which is entirely state-controlled, is obliged to implement state policy in nanotechnology and the development of innovative infrastructure. The company invests in selected projects with prospects for commercialization.
For the first half of 2011, Rosnano had received 124 requests for project financing with a total budget of 460 billion rubles (including 233 billion rubles of Rosnano funds). The company's board of directors and executive board approved 16 projects with a total budget of 67 billion rubles, including co-financing from Rosnano totaling 28.3 billion rubles.