"Terminal" is a joint asset of Aeroflot, VTB and VEB, the company owns and manages Terminal D at Sheremetyevo (the other air terminals are located near the airport itself). The state's plans to merge "Terminal" with "Sheremetyevo" became known last spring, but the parties could not agree on the value of the assets for a long time: the owners of "Terminal" wanted at least a blocking stake in the enlarged "Sheremetyevo".

JSC "Sheremetyevo International Airport"

The second largest airport in the country. Owner – the state (100%) Revenue (RAS, 2010) – 8.6 billion rubles, net profit – 784.9 million rubles; debt on loans and borrowings – 7.96 billion rubles. Valuation of 100% of shares – 53.009 billion rubles (Ernst & Young – Valuation and Consulting Services LLC).

JSC "Terminal"

Airport operator (on the territory of Sheremetyevo; owner of Terminal D). Shareholders: Aeroflot (52.82%), VEB (25%), VTB (22.18%). Revenue (RAS, 2010, SPARK data) – 3.3 billion rubles, net loss – 3.7 billion rubles, debt on loans and borrowings – 27.3 billion rubles. Valuation of 100% of shares – 10.083 billion rubles (Ernst & Young).

By taking over the Terminal company, the Sheremetyevo state airport may conduct an IPO. This is stated in the explanatory note to the draft presidential decree (on the consolidation of Sheremetyevo property), which was published yesterday on the website of the Ministry of Transport.

This was not achieved: the shareholders of Terminal will receive 17% of Sheremetyevo after consolidation, according to the explanatory note on the website of the Ministry of Transport, the share of Rosimushchestvo will be 83%. The next stage will be attracting a management company, which will also act as an investor, buying up new shares of Sheremetyevo, the document notes. It is this option that Sheremetyevo consultants - Credit Suisse and Troika Dialog - called optimal, it is also stated there: this "will allow attracting investments and provide real motivation for the attracted company." Finally, "the possibility is being considered" of raising capital through an IPO.

Representatives of the Ministry of Transport and Sheremetyevo do not know how many shares the management company should buy out (and how many can be listed on the stock exchange). There is no clarity on the timing. There is only a general privatization plan until 2017, which includes Sheremetyevo. Earlier, Credit Suisse and Troika did not rule out an IPO for the airport in 2013. However, the timing may shift due to the state's plans to merge Sheremetyevo and Vnukovo: it has not yet been decided how this will happen, a representative of the Ministry of Transport admits.

And the latest valuation of Sheremetyevo, which was disclosed publicly, was about 63 billion rubles (together with the Terminal).

Sheremetyevo on the stock exchange