Dmitry Kamenshchik

Dmitry Kamenshchik
Born	Dmitry Vladimirovich Kamenshchik (1968-04-26) April 26, 1968 Sverdlovsk, Yekaterinburg, Russia
Alma mater	Lomonosov Moscow State University
Occupation	Chairman of Moscow Domodedovo Airport
Net worth	US$ 3.9 billion (February 2015)[1]

Dmitry Vladimirovich Kamenshchik (Russian: Дмитрий Владмирович Каменщик; born 26 April 1968) is a Russian businessman, the Chairman of Moscow Domodedovo Airport.

Biography

Kamenshchik was born in Sverdlovsk (Yekaterinburg, Russia). He served in the Soviet Army (involuntary service).

Graduated from Lomonosov Moscow State University (Faculty of Sociology, majoring in Economic Sociology), Sc. Candidate in Economics.

Since the 1990s, Kamenshchik has been engaged in air transportation business. He goes in for sports: martial art of Shangi, jet aircraft piloting, diving, kiting, alpine skiing.

Business

DME Control Tower

Kamenshchik joined Domodedovo Airport in 1993 and became its leader in 1998. Domodedovo is Russia’s first private airport. The state-owned airfield facilities are held by lease.

The management system introduced by Kamenshchik made Domodedovo Airport number one in Russia in terms of passenger traffic since 2005; the airport was listed among Europe's major airports in 2011.

The ownership structure of Domodedovo Airport has been a subject for active discussion for a long time. The information that Dmitry Kamenshchik is the sole beneficiary of DME Limited, the Domodedovo airport owner, was published in mass media when the airport was starting IPO^[2] process in May 2011. However, the IPO was postponed^[3] due to the unfavourable current market environment.

In 2013, the state authorities intensified the efforts to develop the Moscow air hub, specifying the following investment conditions: all investment projects participants are under the Russian jurisdiction and beneficiaries are known. The airport confirmed^[4] its consent to accept these conditions as reasonable and announced officially that “the enterprises engaged in airport business in Domodedovo on the basis of standard national certificates and licenses submit to the Russian jurisdiction, and their ultimate owner is Dmitry Kamenshchik, a Russian citizen.”

Upon its transfer to private management, the airport has been subjected to numerous audits by governmental authorities. Moreover, arbitration proceedings were instigated by the Federal Agency for Public Property Management during 2004–2009. For instance, the Agency demanded that the aerodrome infrastructure lease agreement should be recognized as invalid. However, the Supreme Arbitration Court (SAC) Presidium approved an amicable agreement and terminated the proceedings. The Federal Agency for Public Property Management also lodged a claim seeking seizure of the air terminal building and many other real estate facilities for the state. On September 30, 2008, the SAC Presidium dismissed the Federal Agency’s claim on grounds that the title to the airport terminal had been acquired legitimately.

After the terroristic attack at Domodedovo on January 24, 2011, the airport received much criticism and was subjected to a new round of audits. But following lengthy proceedings, the claims against the airport management were recognized as unfounded.

Assets assessment

The analysis of public data on the transactions involving purchase of the airport controlling stakes in the last three years (Tolmachevo^[5] in 2011, Edinburgh^[6] in 2012, and Stansted^[7] in 2013) suggests that the EV/LTM EBITDA average multiplier came to a factor of 17.2. Application of this multiplier to Domodedovo^[8] leads to an estimated value of the airport at approx. USD 7.5 billion.

Probably, the 16,000 ha of the land surrounding the airport belong to Domodedovo’s affiliates. The market value 1 ha in districts adjacent to the airport ranges from USD 35,000 to USD 900,000 depending on the functional purpose. There are no sources mentioning any other businesses controlled by Kamenshchik in Russia or abroad.

References