The credit rating of Obuv Rossii GC remained unchanged
RAEX rating agency (Expert RA) analyzed the IFRS reporting by Obuv Rossii GC and affirmed the credit rating of Obuv Rossii group of companies at ruBВB +. The rating outlook is stable.
The main factor in confirming the credit rating of the company was the high diversification of end customers and the lack of strong dependence on individual suppliers. Among the positive factors for the rating, the agency also identified a high level of capital adequacy of the company.
“Keeping the credit rating at the same level is a confirmation of the correctness of the chosen financial strategy of the company. Our company is actively expanding its retail network and increasing business volumes. To finance our development, we use a wide range of tools, including equity. In October 2017, the Group held an IPO on the Moscow Exchange, we reached a qualitatively new level of development and received new opportunities for long-term financing of our investment programs, ”comments Anton Titov, Director of Obuv Rossii GC.
The rating is also positively influenced by the high level of capital adequacy of the company (0,61), which is reflected in the high level of “stress” liquidity. Stressful liquidity is calculated as the ratio of adjusted assets to the total liabilities of the company and at the reporting date is 1,9.
RAEX notes that by the end of the 2018 year, the company has a rather comfortable debt repayment schedule and EBITDA interest coverage level, and the 2019 year accounts for repayment of 72% of the total debt, taking into account offers on bonds. Based on the company's past sustainable actions to refinance its loan portfolio, in the period of declining demand in the footwear market (2014-2016 years), the agency proceeds from the assumption that there are sufficient sources for refinancing debt in the 2019 year (on the rise of the market) and expects these substitute liquidity limits for end of 2018 year.
GC "Shoes of Russia" founded in 2003 year, has a headquarters in Novosibirsk and an office in Moscow. The main business area of the group is the production and sale of footwear and related products. The company operates 636 stores (113 operate under a franchise) under the brands Westfalika (single-brand shoe store), Pedestrian (multi-brand shoe supermarket), Rossita (a family-friendly store), Emilia Estra and Lisette (fashion shoe stores), and also develops brands of shoes and clothes for an active lifestyle S-tep, All.go and Snow Guard and owns two shoe factories in the Novosibirsk region.
In 2017, RAEX (Expert RA) assigned the group a credit rating of ruBBB +, with a stable outlook.
In accordance with the audited financial results of the group according to IFRS, in 2017, revenue amounted to 10,8 billion rubles, net profit - 1,31 billion rubles, EBITDA - 2,74 billion rubles.
The RAEX rating agency (Expert RA) analyzed the IFRS reporting of Obuv Rossii Group of Companies and confirmed the credit rating of Obuv Rossii Group of Companies at ruBВB + level. ...
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