Rieker
Confirmed rating
27.09.2012 1554

Confirmed rating

The Expert RA rating agency affirmed the Obuv Rossii group of companies credit rating at A (high credit rating), with a positive outlook. A “positive” outlook means a high probability of a rating upgrade in the medium term.

Growth and a high level of capital adequacy (the ratio of equity to total assets at 30.06.2012 amounted to 0.6), as well as acceptable indicators of liquidity and profitability (following the 2011 results for the group ROA = 9%, ROE = 17%) had a positive impact on the group’s rating level. ) and debt burden (the ratio of debt on 30.06.2012 to revenue and gross profit for the 2011 year amounted to 0.6 and 1.2, respectively). In addition, the rating was positively affected by asset growth (an increase of more than 2 times over the period from 31.12.2009-30.06.2012), high diversification of revenue by region and high rates of business activity. Agency analysts also noted the acceptable level of currency risks of the group. “The financial performance of Shoe Russia 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 upgraded. This is the reason for the positive outlook, ”says Pavel Mitrofanov, head of the Corporate and Investment Rating 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.

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. At 30.06.2012, the group’s assets were at the level of 3.32 billion rubles, revenue for the first half of the 2012 year amounted to 1.04 billion rubles.

The Expert RA rating agency affirmed the Obuv Rossii group of companies credit rating at A level (high credit rating), the outlook is positive. ...
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