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PRESS-RELEASE: RA «Expert-Rating» confirms the credit rating of bonds of Private JSC «U.F.C.» at the level uaA.


15/03/2012

PRESS-RELEASE

(Translation from Russian)

 

RA «Expert-Rating» confirms the credit rating of bonds of Private JSC «U.F.C.» at the level uaA.

March 14, 2012 RA «Expert-Rating» confirms the rating of bond issue of Private JSC «U.F.C.» at the level uaA. Borrower or separate bond with rating uaA is characterized by high solvency in comparison with other Ukrainian borrowers or bonds. The Agency has confirmed the credit rating after analyzing indicators of the group of companies «U.F.C.» over the 12 months of 2011.

Table 1

Key performance indicators of the group of companies «U.F.C.»

in 2010-2011, th. USD, %

Indicators

2011

(31.12.2011)

2010

(31.12.2010)

Change

Growth rate 2010/2011

 

 

 

 

 

Balance sheet indicators:

 

 

 

 

Assets

45 994

39 397

6 597,00

16,74%

Fixed assets at net book value

18 104

17 872

232,00

1,30%

Fixed assets at initial value

22 584

20 993

1 591,00

7,58%

Total receivables

14 764

11 409

3 355,00

29,41%

 

 

 

 

 

Liabilities

45 994

39 397

6 597,00

16,74%

Short-term and long-term bank loans

23 753

21 825

1 928,00

8,83%

Total current liabilities (bank loans excluded)

14 762

10 643

4 119,00

38,70%

Shareholders’ equity

7 479

6 928

551,00

7,95%

Authorized fund

3 513

3 513

0,00

0,00

 

 

 

 

 

Financial results:

 

 

 

 

Revenues

167 858

127 716

40 142,00

31,43%

Net income

165 649

126 245

39 404,00

31,21%

Gross margin

24 359

16 250

8 109,00

49,90%

Operating profit

2 575

3 964

-1 389,00

-35,04%

Net profit

4 499

5 716

-1 217,00

-21,29%

 

 

 

 

 

Calculated indicators and ratios:

 

 

 

 

EBIT

12203,64

13131,463

-927,823

-7,07%

EBITDA

14150,106

14925,621

-775,515

-5,20%

Shareholders’ equity/Liabilities ratio

16,26%

17,59%

-1,33 p.p.

-

ROS

2,68%

4,48%

-1,80 p.p.

-

ROA

5,60%

10,06%

-4,46 p.p.

-

ROE

60,16%

82,51%

-22,35 p.p.

-

Source: Data on Group consolidated indicators have been provided by the issuer

 

Confirming the rating, the Agency was guided by the following conclusions:

            1. In 2011 the group of companies has demonstrated a significant growth of indicators characterizing its business activity. Revenues of the Group UFC have grown by 31,43% in comparison to 2010. Rise of revenues has been caused by the business activity of the company, as well as by the increase of fruit import to Ukraine in the 1H of 2011. Thus, net income has grown by 31% and gross margin of the company – by 50%.

            2. Group’s indicators, which characterize efficiency of sales and operating activity, have declined. Thus, ROS has fallen by 1,8 p.p., from 4,48% down to 2,68%, ROA has decreased by 4,46 p.p., ROE – by 22,35 p.p. At the same time, despite the fall of ROS, ROE has remained at a very acceptable level and has reached 60,16% following the results of 2011.

 

Analytical service of RA «Expert-Rating»

Confirmation of Private JSC «U.F.C.» (english version) - 14.03.2012

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