Dmitry Firtash forms international holding company to consolidate business interests
Vienna, 21st June 2007 – Dmitry Firtash, the Ukrainian businessman, has today announced the formation of an international holding company, Group DF, (“GDF” or “Group”) within which he has consolidated his portfolio of operating entities and investments. The Group consists of assets in the energy, chemicals and construction of energy related infrastructure.
As at December 31, 2006, GDF had consolidated revenues of circa $4.6 billion and approximately 23,500 employees across 11 different countries in Europe and Central Asia. Most prominently, the Group incorporates Mr. Firtash’s 90% interest in Centragas AG, which in turn owns a 50% stake in gas distribution and trading company, RosUkrEnergo; it also includes his 100% interest in EMFESZ, the independent Hungarian gas and energy distribution and services company, and his 90% interest in OSTCHEM Holding AG, the holding company for a number of chemicals companies in Central and Eastern Europe and Central Asia encompassing mineral fertilisers, organic acids, titanium dioxide and soda ash. GDF also incorporates Mr. Firtash’s interests in pipeline construction. An investment portfolio of assets and projects in real estate and property in Ukraine is currently undergoing restructuring and will be consolidated in the Group in due course.
The Group intends to pursue significant growth in energy and large energy-related infrastructure projects in Europe and internationally.
The Group has appointed Robert Shetler-Jones as CEO. KPMG are the auditors to Group DF Limited and tax and financial advisers widely within the Group. Legal advisors are Squire Sanders & Dempsey LLP. Raiffeisen Zentralbank AG (RZB) and Raiffeisen Investment AG are bankers and investment advisors to the Group.
Commenting on the announcement, Dmitry Firtash, Chairman, said:
“This consolidation is an objective we have been committed to and have been working towards for some time. Whilst our interests extend across a broad range of sectors, the Group’s focus will be on continuing the building of a substantial energy and infrastructure business in Europe and beyond. The diversity of energy supply and distribution, and energy security, are some of the most significant issues of today, and I am a firm believer in providing efficient access to energy at economic and competitive prices across the various borders of Europe.
“In a broader context, the formation of GDF reflects the Group’s desire to have a clearer, more unified structure for its business interests, one that is transparent, and which will provide a platform for access to competitive financing terms to support the Group’s ambitious business expansion.”
For more information:
Group DF
Contact email: info@groupdf.com
NOTES TO EDITORS
The consolidated Group will include 2 main divisions, defined by sector: Energy and Chemicals.
The Energy division will include the Group’s 90% stake in Centragas Holdings, which in turn controls a 50% stake in RosUkrEnergo, the joint venture with Gazprom, responsible for the supply of Turkmenistan’s natural gas to Ukraine. EMFESZ Kft, the Hungarian and Polish energy trading company; Zangas, a specialist in the development of gas infrastructure; and EuroNit Kft a Hungarian wholesale trading company, also become part of GDF Energy.
OSTCHEM Holdings (Austria) and OSTCHEM Trading (Switzerland) are consolidated in the Chemicals division.
A number of real estate assets and ongoing development projects in Kyiv and Crimean regions of Ukraine are currently undergoing restructuring. Their consolidation into GDF as a separate division is planned after this process is completed.