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PRESS RELEASE: RА Expert Rating confirms the credit rating of VAB Leasing LLC bonds


14/08/2012

On August, 14th, 2012 the Rating agency Expert Rating confirmed the rating of bonded emission of the Company VAB Leasing LLC (USREOU code 33880354) at the level uaBBB + according to the national scale. The debt instrument with the rating uaBBB + is characterized by sufficient credit status in comparison with other Ukrainian borrowers or debt instruments. Credit status level depends on influence of adverse commercial, financial and economic conditions. Confirming the credit rating, the Agency was guided by the results of Company work in H1 2012.

                                                                                                                                          Table 1

Key performance indicators of LLC VAB Leasing (UAH th.,%)

Indicators

 

Q2 2012

 

 

Q2 2011

 

Change

2011-2012

Growth rate

2011-2012

Balance sheet figures:

 

 

 

 

Cash and cash equivalent in domestic currency (F1 230+240)

12842

5502

7 340

133%

Total liabilities (F1 480+620)

104566

141732

-37 166

-26%

Short term and long term bank loans (F1 500+480)

34970

80255

-45 285

-56%

Total debt to investors in bonds

58696

72800

-14 104

-19%

Shareholders’ equity (F1 380)

68685

58817

9 868

17%

Total assets (F1 280)

173251

200550

-27 299

-14%

Authorized capital (F1 300)

35350

35350

0

-

 

 

 

 

 

Financial results:

 

 

 

 

Total income (F2 010)

1948

1072

876

82%

Operating results (F2 100 (105))

-11584

-2790

-8 794

315%

Financial incomes (F2 120)

28975

21383

7 592

36%

Financial expenses (F2 140)

-10189

-11444

1 255

-11%

Net income (F2 220 (225))

4132

2840

1 292

45%

 

 

 

 

 

Ratios:

 

 

 

 

Shareholder equity /Liabilities

66%

42%

24 p.p.

-

ROE

6%

5%

1 p.p.

-

ROA

2%

1%

1 p.p.

-

Source: Company data, calculations by RA ‘Expert-rating’

1. In H1 2012 the Company continued the trend of debt load reduction. In comparison with H1 2011 the liabilities of VAB Leasing LLC decreased on 26 %. Bank loans decreased more than twice – by UAH 45,2 million, total debt to investors in bonds – by UAH 4,1 million. Shareholders’ equity of the Company grew by 17 % and made up UAH 68,7 million.

 2. The analysis of VAB Leasing LLC financial results has shown that in H1 2012 the active policy of the Company on attraction of new clients and escalation of leasing portfolio has yielded positive results. Company revenue grew on 82 % compared vs. the same indicator of H1 2011. The financial result from operations has fallen, but at the expense of financial income increase and reduction of financial expenses Company’s net profit grew by 45 % and made up UAH 4,1 million.

 3. ROE and ROA have slightly improved, whereas the ratio shareholders equity/liabilities grew by 24 p.p. compared to the end of H1 2011.

 

Table 2

Indicators of VAB Leasing LLC lease portfolio  (UAH th., %, pcs.)

Indicator

 

Q2 2012

 

Q2 2011

Change

2011-2012

Growth rate 2011-2012

Total value of lease contracts (UAH th.)

559017

475456

83 561

18%

Number of lease contracts (pcs.)

1565

1260

305

24%

Number of lease contracts, expiring over 12 months (UAH th.)

358184

214918

143 266

67%

Value of lease contracts concluded with individuals (UAH th.)

53107

33282

19 825

60%

Value of lease contracts from 3 largest clients (UAH th.)

43531

41584

1 947

5%

Value of lease contracts with payments delays by more than 30 days (UAH th.)

44587

48448

-3 861

-8%

Total volume of reserves provisioned for loss compensations from leasing portfolio depreciation (UAH th.)

2116

1919

197

10%

Accumulated leasing payments received form the customers for the period (UAH th.)

47552

49410

-1 858

-4%

Short term payables debts on leasing portfolio (UAH th.)

92233

95464

-3 231

-3%

Bad debt provisions (UAH th.)

11861

11149

712

6%

Source: Company data, calculations by RA ‘Expert-rating’

4. The analysis of Company leasing portfolio has shown that the number of lease contracts in H1 2012 is by 24 % higher, than in H1 2011, it caused UAH 83,6 million growth of lease contracts value. The value of lease contracts with individuals grew by 60 %. The time structure of leasing portfolio improved, so in particular the amount of long-term contracts with repayment term over 12 months grew by 67%.

5. The company has performed work with debtors: indicators of short-term and long-term debt receivables in H1 2012 decreased compared to same indicators of H1 2011. Also the growth of provisioning under impairment and bad debt is a positive trend.

Analytical service of RA ‘Expert Rating’

Confirmation of VAB Leasing LLC (english version) - 14.08.2012

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