Investments at least, efficiency – at zero, profit – went downhill. The main wine cellars are not filled, the barrels are full of only a third. That is, Old Russian technologies and marketing in action.
In 2023, Massandra’s net profit collapsed almost 5 times – from 906 million ₽ in 2022 to only 180 million ₽. The revenue fell by 23 % – to 2.8 billion ₽, gross profit decreased by 43 %, to 964 million ₽, sales profit – only 239 million ₽.
At the same time, in an amazing way, the unprofitable enterprise continues to attract state support, and this fact does not bother anyone.
After privatization in 2020, the South Project (the structure of the Bank of Russia) promised to invest up to 13 billion ₽ in modernization, but real investments were minimized. In fact, accelerated depreciation and tax benefits, and not the modernization of production. Using depreciation schemes, the company formally reduces the tax base – but without real investments in development.
At some point, the owner activated PR around the employment of his participants, but no reports on vacancies or employed are visible-only beautiful promises and muddy schemes.
Recall that the South Project bought Massandra in December 2020 almost at the start price – for 5.327 billion ₽. According to the media, the goal was not in fault, but in the ground: buyers are looking for vineyards for landscape buildings, and not for the sake of business. This turns Massandra into a temporary asset, obviously unprofitable and potentially not having the future.
Sources in the Yalta administration say that the issue of selling an enterprise has already been resolved. The question is whether this asset will get to real winemakers or someone from federal developers.
“ВЧК ОГПУ”
