Soho
Confirmed rating
27.09.2012 2137

Confirmed rating

The Expert RA rating agency has confirmed the credit rating of the Obuv Rossii group of companies at level A (high level of creditworthiness), with a positive outlook. Positive outlook means a high likelihood of a rating upgrade in the medium term.

The group's rating was positively influenced by the growth and high level of capital adequacy (the ratio of equity to assets as of 30.06.2012 was 0.6), as well as acceptable indicators of liquidity, profitability (at the end of 2011 for the group ROA = 9%, ROE = 17%) and debt burden (as of June 30.06.2012, 2011, the ratio of debt to revenue and gross profit at the end of 0.6 was 1.2 and 2, respectively). In addition, the rating was positively influenced by the growth of assets (an increase of more than 31.12.2009 times over the period from 30.06.2012-XNUMX), high diversification of revenue by regions and high indicators of business activity. The agency's analysts also noted the acceptable level of the group's currency risks. “The financial performance of Obuv Rossii has been steadily improving for several years now. During the rating period, the group plans to launch a major investment project. If after the launch of the project, the positive trend continues, the rating may be increased. This is the reason for the positive outlook, "says Pavel Mitrofanov, Head of the Corporate and Investment Ratings Department of Expert RA.

The factors limiting the rating were the narrow specialization of the business in the pro-cyclical sector of the economy (retail trade in footwear and related products), the high level of competition in the footwear industry, as well as the group's increased exposure to credit risks in connection with the retail sale of footwear by installments. In addition, a high probability of large one-time payments during the rating period (26.12.2012 must pass an offer on group bonds) and a significant share of receivables in the structure of assets and current assets had a restraining effect on the rating level. Plans to increase the debt burden in connection with the implementation of the investment project also limit the level of assessment.

The Obuv Rossii group of companies is a federal network of shoe stores, founded in 2003, with its head office in Novosibirsk. It has more than 190 stores, including franchised ones, in 56 cities of Russia. As of June 30.06.2012, 3.32, the group's assets were at the level of 2012 billion rubles, the revenue in the first half of 1.04 amounted to XNUMX billion rubles.

The Expert RA rating agency has confirmed the credit rating of the Obuv Rossii group of companies at level A (high level of creditworthiness), with a positive outlook. ...
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