Financial-industrial group TAS plans to invest at least $30-40 million in the development of its own production and land bank in 2024, TAS Group founder Serhiy Tigipko said in an interview with Forbes-Ukraine on Wednesday.
“So far we are looking at what gives synergy. This is our own production, primarily in Ukraine. But we are watching the market, if any interesting enterprises will appear. We are definitely ready to invest in agriculture – in the land bank, first of all. This is a strategy for us,” he said.
Tigipko added that he is looking out for investments in processing, which the group has not yet engaged in. “Where exactly we will go, we do not know yet to the end,” – said the founder of the group “TAS”.
The businessman also said that among the plans for 2024 is to increase the production of apple concentrate.
“We want to increase the export volume of apple concentrate. We plan to invest in one of the two plants, and if everything succeeds, to double production,” Tigipko added.
At the same time, according to the founder of TAS Group, logistics currently “eats up” a large share of funds. He noted that his own logistics company mitigates the situation, but the issue of logistics remains complicated, so the group is studying the possibility of acquiring a European transportation company.
“We are considering buying a European transportation company. This will allow to link the supply chain for the client – both in Ukraine and the EU,” he said.
Financial and industrial group “TAS” was founded in 1998 by businessman Serhiy Tihipko. Its business interests include the financial sector (banking and insurance segments) and pharmacy sector, as well as industry, real estate and venture projects.
Cypriot T.A.S. Overseas Investments Limited of Sergey Tigipko’s TAS Group has acquired 40.03% in Austrian TransAnt GmbH (Linz), a joint venture established by Austrian ÖBB Rail Cargo Group and voestalpine Stahl GmbH to produce innovative and cost-efficient rail freight cars.
“Another strategic investor with extensive know-how in the railcar industry and modern available assets for the production of freight cars has been brought on board for the company’s recent growth phase in February 2023,” according to information on TransAnt’s website.
According to the Austrian register, voestalpine Stahl’s share has fallen from 80.2% to 48.1% and Rail Cargo Group’s from 19.8% to 11.87%.
The joint venture specifies that after its first cars in continuous operation on the railroad since 2019, another series is being worked on, and TransAnt is focused on creating its own manufacturing technology.
“As early as the second half of 2023, we plan to produce additional railcars in greater numbers using this new manufacturing technology,” the company pointed out.
As previously reported, the competition authorities in Ukraine and Cyprus previously granted TAS Overseas Investments Limited of the TAS Group permission to purchase over 25% in TransAnt.
“TransAnt GmbH is a joint venture established at the end of 2020 between Rail Cargo Austria Aktiengesellschaft and voestalpine Stahl GmbH to operate in the rail freight sector. At this stage, TransAnt is not engaged in commercial activities. However, after the completion of this transaction, it is expected to be actively engaged in the production, development, supply, sale and rental of “flexible” wagons and superstructures for the transport of goods in the industrial sector,” the Cyprus Competition Commission pointed out.
Initially, Rail Cargo Group reported plans for parity ownership in the joint venture with voestalpine, but voestalpine had a controlling stake before the transaction with the TAS Group, in connection with which the Antimonopoly Committee of Ukraine classified TransAnt and voestalpine Stahl GmbH and related companies as a single business entity – the VAS Group. It is a global steel and technology group operating in the automotive, consumer, aerospace, oil and gas, and railroad industries, which is listed on the Vienna Stock Exchange and has no ultimate beneficial owners.
TAS Group was founded in 1998 by businessman Sergei Tigipko. Its business interests include the financial sector (banking and insurance) and pharmacy, industry, real estate and venture projects.
The group includes Dneprovagonmash, one of Ukraine’s leading companies in design and manufacture of freight cars. Its annual production capacity is 9 thnd railcars. In 2021, DVM decreased its production of freight cars by 39.2% to 477, and its sales decreased by 44% to 461, but last year it produced 623 cars. There is no data on financial indicators for 2022 yet, but the company reported a net profit of 32.7 mln hryvnias.
Tigipko told Forbes Ukraine in late 2022 that Dniprovagonmash manufactures 70 freight cars per month and is preparing to localize production in Austria.
Cyprus T.A.S. Overseas Investments Limited from Sergiy Tigipko’s TAS Group intends to acquire over 25% in Austrian TransAnt GmbH (Linz), a joint venture (JV) established by Austrian ÖBB Rail Cargo Group and voestalpine Stahl GmbH to produce innovative and cost-effective railway freight cars.
According to a message of the Antimonopoly Committee of Ukraine (AMCU) on its website, the agency has already provided T.A.S. Overseas Investments Limited with appropriate authorization based on its application and applications from TransAnt and voestalpine Stahl.
In addition, the Cypriot Competition Authority also announced that it had received a notification in connection with the proposed acquisition by TAS Overseas Investments Limited of a share in a charter capital of TransAnt GmbH on January 24 this year.
TransAnt GmbH is a joint venture established at the end of 2020 between Rail Cargo Austria Aktiengesellschaft and voestalpine Stahl GmbH with the aim of operating in the rail freight sector. At this stage, TransAnt is not engaged in commercial activities. However, after the completion of this transaction, it is expected to be actively engaged in production, development, supply, sale and lease of “flex” wagons and superstructures for the transport of goods in the industrial sector.
Rail Cargo Group originally announced plans for parity ownership in the JV with voestalpine, but currently holds a 19.8% share, according to the Austrian register, while voestalpine holds 80.2%.
In this regard, the AMCU classifies TransAnt GmbH and voestalpine Stahl GmbH and their related companies as a single business entity – VAS Group. It is a global steel and technology group operating in the automotive, consumer, aerospace, oil and gas, and rail industries, which is listed on the Vienna Stock Exchange and has no ultimate beneficial owners.
TAS Group was founded in 1998 by businessman Sergiy Tigipko. Its business interests cover the financial sector (banking and insurance segments) and pharmacy, as well as industry, real estate, and venture projects.
TAS Insurance Group (Kyiv) in January-November 2020 paid UAH 792.37 million of insurance claims under concluded insurance contracts, which is 21.27% more than in the same period a year earlier (UAH 653.38 million).
According to the insurer’s website, in particular, the company reimbursed UAH 291.66 million under OSAGO policies, which is 36.81% of the total payments for the reporting period and is 11.9% more than the corresponding figure for the 11 months of last year.
The second place in the portfolio of the company’s payments with a share of 30.79% is taken by KASKO: under land transport insurance contracts, TAS paid UAH 244.01 million, which is 42.5% more than was paid in January-November 2019.
Under Green Card policies, TAS Insurance Group reimbursed UAH 123.78 million over the 11 months, which is 15.62% of the total amount of the insurer’s payments and is 28.1% more than this figure for January-November last year.
The volume of payments under voluntary medical insurance contracts increased even more (by 52%) over the year: UAH 107.7 million of compensations were paid under them. Thus, the share of voluntary medical insurance in the insurer’s payment portfolio amounted to 13.59%. In January-November, the company paid out UAH 5.49 million under property insurance contracts. During the reporting period, UAH 19.73 million of compensation were paid under other insurance contracts.
TAS Insurance Group (Kyiv) collected UAH 162.06 million in premiums in November, which is 11.7% more than the company’s receipts in November last year, according to the insurer’s website.
The press release notes that 35.19% of premiums fall on OSAGO – UAH 57.03 million of premiums, which is 7.3% more than in November 2019. Under KASKO agreements, UAH 47.88 million of premiums were attracted, which is 29.54% of the total income of the insurer and is 30.4% more than the corresponding figure for November 2019.
The share of Green Card in the company’s portfolio in November of this year amounted to 13.09%: on such policies UAH 21.21 million of premiums were attracted during the month.
In November, the company paid UAH 84.34 million of compensation under concluded insurance contracts, which is 26.1% more than the amount paid by the insurer for the same period a year earlier.
Under OSAGO policies, UAH 32.27 million was reimbursed during the month, which is 38.27% of the company’s total payments for the month and is 19.2% more than the corresponding figure for November 2019.
The second place in the portfolio of payments with a share of 29.03% at the end of the month is taken by KASKO: under land transport insurance contracts, UAH 24.48 million was reimbursed (more by 41%).
The TAS insurance group in February 2020 collected UAH 141.82 million of insurance premiums, which is 12.9% more than in February 2019, the insurer said on its website.
Most of the premiums (37.17%) accounted for compulsory insurance of vehicle owners’ civil liability (OSAGO), of which UAH 52.72 million were collected. This is 31.6% more than a year ago.
Under the voluntary car insurance (KASKO) policies, TAS insurance group attracted UAH 32.08 million in premiums, which is 22.62% of the total insurer’s income for the month, and more than 1.5 times exceeds the same indicator of February 2019. Under the Green Card policies, premiums amounted to UAH 28.5 million (a rise of 20.95%), under voluntary medical insurance policies – UAH 4 million, which is 56.8% higher than the same indicator for the second month of last year. Under other insurance policies in February the group attracted UAH 18.52 million of premiums.
In February, the company paid UAH 70.46 million as indemnities, which is 25.6% more than for the reporting period last year.
More than a third of all insurer payments per month – 35.34% – accounted for compulsory civil liability insurance policies of car owners, under which a total of UAH 24.9 million was reimbursed.
KASKO is in the second place of the February payments portfolio with a share of 30.4%: UAH 21.42 million was reimbursed under the ground transport insurance policies – 32.3% more than a year ago.
Under voluntary medical insurance policies, TAS paid UAH 10.15 million, which is 14.4% of the company’s total payments and 60.4% higher than in February last year.
The share of the Green Card of the payment portfolio of the company amounted to 12.89%: under the relevant policies, TAS compensated UAH 9.09 million during the month, which is over 1.5 times more than in February 2019.
Under other insurance policies, UAH 4.9 million of insurance indemnities were paid.
