rusnano's ceo anatoly chubais' presentation for asian investors
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RUSNANO:
Leading High-Tech Investor in Russia
October 3, 2012
Anatoly Chubais,
Chief Executive Officer
www.rusnano.com 2
Russia’s Attractive Investment Proposition
Source: EIU, UNESCO, Eurostat as of June 2012
Attractive macroeconomic outlook…
(10,0%)
0,0%
10,0%
20,0%
2007A 2008A 2009A 2010A 2011A 2012E 2013E 2014E 2015E
Real GDP Growth CPI Inflation
…on its way to modernisation…
Real Gross Fixed Investments as % of GDP
Average 2012E–2015E
24.6
0%
10%
20%
30%
40%
50%
Chin
a
India
S.K
ore
a
Russia
Ka
zakhsta
n
Ukra
ine
Tu
rke
y
Jap
an
Bra
zil
Germ
any
US
A
…supported by technology oriented
human capital…
Graduates in 2009 (mn)
2,1
0,0
1,0
2,0
3,0
US
A
Russia
Jap
an
Bra
zil
Ukra
ine
S.K
ore
a
Germ
any
Tu
rke
y
15% 28% 21% 12% 25% 31% 23% 21%
share of science and engineering majors
…and government commitment
to innovations
%
33,4
0
100
200
300
400
500
US
A
Jap
an
Chin
a
Germ
any
Fra
nce
Ko
rea
UK
Russia
Canada
Italy
Total R&D Spending, $bn
www.rusnano.com 3
RUSNANO Group: Introduction
Mandate:
- Commercialization of nanotech industry projects;
- Sales of Russian nano-enabled products by 2015 ~ $ 30 bln per year.
Fund for Infrastructure
and Educational Programs (FIEP) non-commercial organization
RUSNANO Joint-stock company
co-investment in nanotechnology industrial
projects and investment funds
investment in non-financial innovative
infrastructure and educational programs
• Investment in businesses that utilise nanotechnology
• Investment either in commercialisation of technologies of Russian origin or in transfer of foreign technologies with
establishment of production and/or R&D in Russia (the “Russian Edge”)
• Balancing return vs technological and market risks
o Focus on companies in the expansion and post-creation stages with occasional start-up financing and no seed / R&D investments
• Mostly minority stake investments
• Value creation at the portfolio company level through active involvement at the BoD level; no day-to-day operational
management of portfolio companies
• Target investment period of 3-5 years
Key investment principles
www.rusnano.com 4
RUSNANO: Generalist Fund,
Active on Diverse Investment Stages ca
sh
flo
w
start-up early growth later growth expansion test sales seed
stage IPO
Vnesheconombank SME BANK
RUSNANO
RVC Seed Fund
“Bortnik Fund”
Russian Venture Company
Skolkovo
Death valley
MICEX FIEP
www.rusnano.com 5
RUSNANO at a Glance
$6.2bn investment fund…
3.7
2.5 $6.2bn Committed
capital Financed
Outstanding
commitment 6
1.1
2.1
3.1 3.7
2007 2008 2009 2010 2011 2012 (Sept)
Foundation Bonds issue
Spin-off of non-commercial activities
Private Placement
Financing, $bn
…established in 2007…
…to invest in nanotechnology-related areas
21%
21%
17%
17%
7%
17%
Surface
modification
Investments, %% of total
Nanomaterials
Optics and
electronics
Energy efficiency
Medicine
Others
Investments, $bn
…by the Russian Government…
4.0
2.1
3.4 $9.5bn
Cash
contribution in
equity
(100%
Government)
Available debt
under government
guarantees
Funding structure, $bn
Debt raised under
government
guarantees
First investments
www.rusnano.com 6
Investment Portfolio Snapshot
By project development stages By type of investment vehicles
By technology origin By geography of recent production launches
3,6
0,1
1,6
0,9
5,2
1
Direct Investments Funds
Outstanding commitment ($bn)
0,7
1,2
3,3
Start-up Post-Creation Expansion/Development
Moscow and
Moscow region
6 launches
Novosibirsk region
1 launch
Irkutsk region
1 launch
Udmurtia
1 launch
St. Petersburg
3 launches
Bryansk region
1 launch
Tatarstan
1 launch
Sverdlovsk region
1 launch
Bashkortostan
1 launch
Tomsk Region
1 launch
Yaroslavl Region
1 launch
Financed ($bn)
2
3,2
Russian technology Technology transfer
Investments, $bn
Investments in manufacturing projects, $bn
www.rusnano.com 7
What we can do together?
• Co-invest in RUSNANO projects
• Buy-out partially or fully RUSNANO in
technologically appealing projects
• Participate in RUSNANO private
placement
• Consider portfolio companies expansion
to Russia and encourage them to apply for
RUSNANO financing
• Encourage portfolio companies to
cooperate with RUSNANO projects to achieve
synergies: in accessing global product and finance
markets
in exits from projects (IPO or selling to a
strategic investor)
• Access to the Russian and Foreign
technologies
• Support to companies entering the
Russian market in terms of production
site search, partners, etc.
• Outstanding relations with a number
of Russian regions
• Co-investment
• Access to RUSNANO’s scientific and
technical expertise
RUSNANO offers Funds could
www.rusnano.com 8
Russian Nanotech: Unique Opportunity
3.00
14.00
0
1
2
3
4
5
6
15
Integrated
Circuits &
Chips
Opto-
electronics
Telecomm. Low Emissivity
Glass
Thermal
Insulation
Polymers &
Additives
0.12 0.38 0.46
1.85
0.75
3.07
5.11
2.40
0.10
8.87
4.30
1.20
0
1
2
3
4
5
6
15
Pharma Energy Efficiency
Electronics & Optics Construction Materials
Biopharma Vaccines Medical Services Energy Accumulation Energy Harvesting
& Conversion
Energy
Distribution
2011 2015 2011-2015 CAGR (%)
47% 78% 14% 31% 25% 7%
61% 19% 98% 86% 16% 15%
0.60 0.20 1.00
2.00
0.83 0.46 0.97 1.07 1.11
2.90
Market size in Russia ($bn)
Market size in Russia ($bn)
RUSNANO’s focus on Russia’s most attractive high tech markets
www.rusnano.com 9
The most attractive market segments
I. Pharmaceuticals and biotechnology
II. Energy efficiency
III. Electronics, photonics and optics
IV. Construction materials
www.rusnano.com 10
I. Pharmaceuticals and biotechnology –
Unique Opportunity
+47%
2015 2011
3,00
14,001) +78%
2015 2011
2,001)
+14%
2015 2011
MARKET ‘11-’15
[USD bn]
KEY TRENDS
ATTRACTIVENESS
(BIO)PHARMACEUTICALS
(excl. vaccines) VACCINES MEDICAL SERVICES
> Strong medical need, especially in cardiovascular and oncology treatments
> Government aims to localize manufacturing due to currently high share of imported drugs (77%)
> Growth of vaccines market depends mainly on government plans for including new vaccines in National Immunization Calendar
> Unclear how many and what type of vaccines will be included
> Demand for IVD services is mainly driven by the commercial sector
> Significant R&D base, experienced scientific teams
> Clinical trials in Russia are high quality and less expensive and quicker than in the EU/US
3,00 min
max
min
max
> Upside potential > Strong CAGR > Government
support
> Upside potential > Strong CAGR > Government
support
> Moderate potential > Demand from
commercial segment
1) window of opportunity (potential)
Estimated minimum size of the pharma and biotech sector in 2015 is $4,5 bln. – 78% growth in vaccines is possible.
0,20 0,50 0,60
1,00
www.rusnano.com 11
I. Pharmaceuticals and biotechnology –
Project Examples
Source: RUSNANO, Roland Berger
FINANCING as of January 2012:
• RUSNANO share of committed capital – $1,1 bn
• Private investors (in cooperation with RUSNANO) – $1,6 bln.
PHARMACEUTICALS SynBio
• BioBetter class of pharmaceuticals
• Novel biotherapeutic molecule for the treatment of tumours
• Stem cell medicine
• Biopolymer polysialic acid
• Histone H1 molecules
• Cord blood
VACCINES AND
MEDICINES
Technologies based on pseudo-adenoviral nanoparticles
COMPANY PRODUCT TECHNOLOGY
• Device for misc. blood coagulation disorders diagnostics
• Disposable units for tests
• Organic nano-layers deposition
• AI imagery recognition
• New diagnostic methods in healthcare
DIAGNOSTICS
TECHNOLOGY
TRANSFER
Domain Associates
Therapeutic products for the treatment of cardiovascular diseases, cancer, infectious diseases, ophthalmology, etc.
Misc. advanced technologies in biopharma (new molecules, nanoparticles, polymers, oligomers, combined therapy)
TECHNOLOGY
TRANSFER
Celtic Pharma Innovative medications in hematology, endocrinology, cardiology, oncology GMP-standard manufacturing
• Flu vaccine
• Treatment of toxic states
• Treatment of ALS
www.rusnano.com 12
II. Energy Efficiency Sector –
Unique Opportunity Power generation and energy accumulation will drive the sector up to $8 bln. in 2015
Source: RUSNANO, Roland Berger
+31%
2015 2011 2015
+25% +7%
2015 2011
MARKET 2011-2015 [USD bn]
KEY TRENDS
ATTRACTIVENESS
ENERGY
ACCUMULATION
POWER
GENERATION
ENERGY
HARVESTING
AND CONVERSION
ENERGY
DISTRIBUTION
> Opening up of the electric vehicles market
> Growth in demand for accumulators for power distribution companies
> USC technology power stations will be built in Russia from 2015
> Technology will account for more than 30% of total power capacity installed
> Growth driven by overall growth of advertising and construction markets
> Growth rate of non-residential property market 2011-2015 is 18.6%
> Growth driven by import substitution for power transformers and high level of overall investment in energy
> Industry leaders plan to localize transformer production in Russia
> High potential > Strong CAGR > Government
support
> Upside potential
> Huge future market share
> Moderate potential
> Strong CAGR > Government
support
> Stable potential
> Moderate CAGR
2,90 0,97
3,16
2015
1,11
2011
0,46 1,07 0,83
www.rusnano.com 13
II. Energy Efficiency Sector –
Project examples
FINANCING as of January 2012:
• RUSNANO share of committed capital – $0,9 bln;
• Private investors (in cooperation with RUSNANO) – $1,28 bln.
SUPERCAPACITORS Nesscap Energy Inc
High-capacity energy accumulators
Carbon microwave steam activation of nanopore electrode structures
ACCUMULATORS Liotech Accumulators for electric vehicles and energy sector
High capacity lithium-ion batteries
COMPANY PRODUCT TECHNOLOGY
TRANSDUCERS Profotech
Fiber optic metering systems for power grids
Nanostructured fiber-based optic current and voltage measurement and monitoring sensors
PHOTOVOLTAICS Hevel Solar modules Thin film technology
www.rusnano.com 14
III. Electronics, photonics and optics –
Unique opportunity The electronics and photonics sector is highly attractive for investors – Estimated market potential of $5,7 bln
in 2015
Source: RUSNANO, Roland Berger
+61%
2015 2011
0,46
+18%
2015 2011
0,38
+98%
2015 2011
0,12
MARKET 2011-2015 [USD bn]
KEY TRENDS
ATTRACTIVENESS
INTEGRATED CIRCUITS
AND CHIPS OPTOELECTRONICS TELECOMMUNICATIONS
> Many areas of application, including transportation, pharmaceuticals, logistics, etc.
> Massive government support via ERA GLONASS project and implementation of RFID in all pharma products, transportation and postal systems
> Market is driven by LED, which will mainly be used for lighting systems
> Government support via the restriction of incandescent light bulbs and changes in construction rules involving the use of LED in new buildings
> Massive market growth mainly due to transition of mobile operators to 4G networks by applying LTE base stations
> Growth in fiber channel market is moderate and driven by the increasing number of broadband service users
> High potential > Strong CAGR > Government support
> Moderate potential > Moderate CAGR
> Stable potential > Moderate CAGR
KEY TRENDS
3,07 0,75
1,85
www.rusnano.com 15
III. Electronics, photonics and optics –
Project examples
FINANCING as of January 2012:
• RUSNANO share of committed capital – $1,1 bln. • Private investors (in cooperation with RUSNANO) – $1,98 bln.
OPTOELECTRONICS Optogan Light emission diodes
High-brightness light-emitting diodes for a large variety of applications
PHOTONICS NTO IRE-Polus
Fiber lasers and telecommunications equipment in Russia
Fiber lasers
ELECTRONICS Crocus Tech-nology SA
Magnetoresistive
memory Innovative memory production technology
COMPANY PRODUCT TECHNOLOGY
www.rusnano.com 16
IV. Construction materials –
Unique opportunity Total market volume of the sub-sectors with the biggest commercial potential is ~$14,6 bln
Source: RUSNANO, Roland Berger
+86%
2015
1,20
2011
0,10
+15%
2015 2011
MARKET 2011-2015 [USD bn]
KEY TRENDS
ATTRACTIVENESS
LOW EMISSIVITY
GLASS
THERMAL
INSULATION
POLYMERS AND
ADDITIVES
> Tighter regulations on thermal resistance of windows for new buildings from 2016
> Share of low emissivity glass expected to grow
> Overall construction growth and changes in energy effic'y regulations for new buildings are driving market growth
> Great need for insulation for refurbishing existing residential stock
> Growth driven by overall construction growth
> Good prospects for increased application of new materials (composites, nano-additives, etc.)
> Strong CAGR > Massive market
potential
> Large market volume
> Stable market growth
+16%
2015 2011
> Large market volume
> Stable market growth
> Increased application of new materials
4,30 2,40
8,87 5,11
www.rusnano.com 17
IV. Construction materials –
Project examples
FINANCING as of January 2012:
• RUSNANO share of committed capital as per January 2012– $0,46 bln • Private investors (in cooperation with RUSNANO) – $1,0 bn
COMPANY PRODUCT TECHNOLOGY
ADDITIVES Unicom Additives for bituminous concrete and asphalt
Devulcanized rubber nanoparticles for bituminous concrete and asphalt additives production
COMPOSITES Galen Composite reinforcement and fittings
Reinforcement of polymer with basalt fibers
LOW EMISSIVITY GLASS
STiS Low emissivity glass Glass magnetron spattering in metal-oxide nanofilm vacuum
Source: RUSNANO, Roland Berger
www.rusnano.com 18
Best-In-Class Partners to Ensure
Commercial Focus
Russian Financial Partners
International Funds and Financial Institutions
Ulyanovsk
Belgorod
Penza
Moscow
St. Petersburg
Tatarstan
Regional Governments
Development Institutions
…and 26 more
Strategic Partners
www.rusnano.com 19
Demand Promotion - Important Step to
Develop Russian High-tech Market
• Russia has huge government related entities in energy, telecommunications, car
production and transportation sectors, which annual investment programs exceed
$10 bln. This is one of the prominent consumers for high-tech products and solutions
• RUSNANO works closely with potential consumers of nanotechnology products to
educate them and explain the efficiency behind high-tech solutions
www.rusnano.com 20
RUSNANO is a Catalyst for the Commercialization and
Growth Stages High-tech Investments in Russia
RUSNANO actively cooperates with financial and strategic investors to co-finance nanotechnology
projects
• Leveraging strong relationships and administrative support of local governments, RUSNANO is
able to realize green-field projects in any region of Russia depending on geographical needs and
required resources;
• Strategic investors including the largest Russian industrial groups provide equity and debt
financing, production sites, technology and intellectual property for project companies;
• Russian and foreign Private Equity & Venture Capital funds find it attractive to co-invest in
nanotechnology projects.
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