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» confirmsthecredit 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.