Investment bank "Renaissance Capital" in the first half was $ 32 million net loss. Negative financial result of the investment bank demonstrates a third consecutive reporting period, but this time the "Renaissance" has left a negative solely because of the taxes that were paid in connection with the sale of 6.7% of shares in RTS.
Investment bank "Renaissance Capital" has opened separate indices for the first half on international financial reporting standards. Its net loss was $ 32 million this way the bank has demonstrated a negative financial result of the third reporting period in a row - in the first half of 2010, its net loss was $ 6.8 million, at the end of 2010 - $ 33.7 million from the Russian investment bank is currently only data currently available, "VTB Capital", in the first half pre-tax profit, he received 15.1 billion rubles.
"Renaissance Capital" - established in 1995 investbankovskaya group. In September 2008 a group of ONEXIM Mikhail Prokhorov bought 50% minus half the shares of the investment bank "Renaissance Capital". The rest of the investment bank owned "Renaissance teams" controlled by managers.
Despite the resulting loss, "Renaissance Capital" demonstrated an increase in operating income, compared to the same period last year - by 56% to $ 211 million, the main contribution has given control of Equities - $ 122 million, income from business M & A (mergers absorption) and advisory business were $ 42 million, however, have grown up and operating costs - in the first half of 2011 they amounted to $ 210.6 million from these personnel costs were $ 122.6 million, in the first half, when financial markets showed signs of recovery , number of employees increased by 8%, from 906 to 968 people. The remaining costs were associated with an increase in business investment bank, in particular, continued expansion into other emerging markets. "In the beginning, the proportion of Russian businesses have accounted for 80% in the first six months it dropped to 73% and the percentage of African rose to 20%, - the chairman of the board," Renaissance Capital "Alexander Pertsovsky .- This is in line with our targets Ideally, we strive to Russia accounted for about 70% of revenues. "
According to Mr. Pertsovskaya, the results of the investment could be much better, but a negative contribution to them has made taxation, including a deal to sell the "Renaissance Capital" of shares of RTS (10%). Tax rates in the "Renaissance Capital" does not disclose the investment bank pretax profit was $ 226 thousand
"Overall I am pleased that we continued to invest in business development, although the loss itself does not please me, myself, - said Alexander Pertsovsky .- Our results for the year will depend primarily on how markets behave, we now have in terms of year-end 39 mergers and acquisitions, and 30 transactions in the market to raise capital, but given the current situation, they may be delayed. " The fact that capital markets are virtually frozen in September, see "Kommersant" on October 3. Investment bank plans to respond to worsening instability in the financial markets, optimization of costs, in particular, Mr Pertsovskaya, optimizes staff. Recently became aware of the plans of the "Renaissance" to cut about 10% of staff reduction took place in almost all parts of the group with the exception of the retail bank.
Experts believe it unlikely loss reduction, "Renaissance Capital" of the year. "I do not think we will see significant improvement, although significant losses, I do not expect most of the market position of" Renaissance "hedged, long positions are not so many - says Moody's analyst Vladlen Kuznetsov .- Losses" Renaissance Capital "are linked to the cost of expansion, given the current situation, the expected revenue growth offsetting hardly worth it. "
Investment bank "Renaissance Capital" has opened separate indices for the first half on international financial reporting standards. Its net loss was $ 32 million this way the bank has demonstrated a negative financial result of the third reporting period in a row - in the first half of 2010, its net loss was $ 6.8 million, at the end of 2010 - $ 33.7 million from the Russian investment bank is currently only data currently available, "VTB Capital", in the first half pre-tax profit, he received 15.1 billion rubles.
"Renaissance Capital" - established in 1995 investbankovskaya group. In September 2008 a group of ONEXIM Mikhail Prokhorov bought 50% minus half the shares of the investment bank "Renaissance Capital". The rest of the investment bank owned "Renaissance teams" controlled by managers.
Despite the resulting loss, "Renaissance Capital" demonstrated an increase in operating income, compared to the same period last year - by 56% to $ 211 million, the main contribution has given control of Equities - $ 122 million, income from business M & A (mergers absorption) and advisory business were $ 42 million, however, have grown up and operating costs - in the first half of 2011 they amounted to $ 210.6 million from these personnel costs were $ 122.6 million, in the first half, when financial markets showed signs of recovery , number of employees increased by 8%, from 906 to 968 people. The remaining costs were associated with an increase in business investment bank, in particular, continued expansion into other emerging markets. "In the beginning, the proportion of Russian businesses have accounted for 80% in the first six months it dropped to 73% and the percentage of African rose to 20%, - the chairman of the board," Renaissance Capital "Alexander Pertsovsky .- This is in line with our targets Ideally, we strive to Russia accounted for about 70% of revenues. "
According to Mr. Pertsovskaya, the results of the investment could be much better, but a negative contribution to them has made taxation, including a deal to sell the "Renaissance Capital" of shares of RTS (10%). Tax rates in the "Renaissance Capital" does not disclose the investment bank pretax profit was $ 226 thousand
"Overall I am pleased that we continued to invest in business development, although the loss itself does not please me, myself, - said Alexander Pertsovsky .- Our results for the year will depend primarily on how markets behave, we now have in terms of year-end 39 mergers and acquisitions, and 30 transactions in the market to raise capital, but given the current situation, they may be delayed. " The fact that capital markets are virtually frozen in September, see "Kommersant" on October 3. Investment bank plans to respond to worsening instability in the financial markets, optimization of costs, in particular, Mr Pertsovskaya, optimizes staff. Recently became aware of the plans of the "Renaissance" to cut about 10% of staff reduction took place in almost all parts of the group with the exception of the retail bank.
Experts believe it unlikely loss reduction, "Renaissance Capital" of the year. "I do not think we will see significant improvement, although significant losses, I do not expect most of the market position of" Renaissance "hedged, long positions are not so many - says Moody's analyst Vladlen Kuznetsov .- Losses" Renaissance Capital "are linked to the cost of expansion, given the current situation, the expected revenue growth offsetting hardly worth it. "
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