GC "Shoes of Russia"
RAEX (Expert RA) affirmed the Obuv Rossii GK rating at A +
RAEX Rating Agency (Expert RA) affirmed the Obuv Rossii group of companies credit rating (long-term creditworthiness) at A + “Very High Creditworthiness”, the third tier, the rating outlook is “stable”.
The key factors that had a positive impact on the rating were high profitability indicators excluding unrealized revaluations (for the period 30.06.2015-30.06.2016 ROA = 10,2%, ROE = 24,5%, ROS = 14,0%, EBITDA margin was 25,5%), low currency risks and moderately high liquidity ratios (absolute, quick and current liquidity ratios for 30.06.2016 were 0,13, 0,61 and 1,35, respectively). The activities of the group of companies are characterized by a high diversification of the revenue structure and cost of counterparties (the main buyers in the revenue structure are individuals, the share of the largest supplier by the results of 2015 was 13%), a wide geography of sales of products and location of production facilities, as well as moderately high growth trends business volumes.
“In the context of a decrease in the purchasing power of the Russian population, the use of microfinance mechanisms and installment sales of the Group’s products allows it to maintain sales volumes at the pre-crisis level. The departure of a number of players from the Russian footwear market in Russia allowed the Group to strengthen its market position, which positively affects its rating score, ”said Alexander Deineko, Corporate Ranking Analyst at RAEX (Expert RA).
The rating also included a moderately high volume of investments in fixed assets (in the coming 3 years, the group plans to implement a project to develop its own production as part of an import substitution strategy worth 5 billion rubles). In addition, analysts noted a high level of financial disclosure, risk management organization and a moderately high level of strategic planning of the company’s business.
Obuv Rossii receives a RAEX rating from 2008 of the year. “Credit rating is one of the key tools to increase the investment attractiveness of our business. - comments the director of GC Obuv Rossii Anton Titov. - Our company is actively working in the open capital market: since 2011 of the year we have been implementing the bond program, today the shoes of Russia are in circulation on the Moscow Exchange in the amount of 2 billion rubles. The independent rating of the largest national rating agency is an important indicator for investors, confirming the reliability of the company and increasing the level of trust in it. ”
The Obuv Rossii group of companies was founded in 2003; its head office is located in Novosibirsk. The main business areas of the group are footwear production, retail and wholesale trade in footwear and related products. Obuv Rossii is developing five shoe chains: Westfalika (mono-brand, mid-price segment), Pedestrian (multi-brand shoe supermarket), Emilia Estra (shoes boutique), Rossita (store for the whole family) and Lisette (fashion shoe salons). The shoe chain "Obuv Rossii" today has more than 450 stores in more than 100 cities. The company's revenue in 2015 according to RAS amounted to 9 billion rubles, net profit - 1,3 billion rubles.
The RAEX rating agency (Expert RA) has confirmed the credit rating (long-term creditworthiness) of the Obuv Rossii group of companies at the A + level “Very high level ...
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