"Tsentrobuv" will double debts
The trading network "Tsentrobuv", which was going to conduct an IPO in 2011 and postponed its listing, attracted two bank lines of credit for 7 billion rubles. The company already has a significant debt burden, and if it fully uses the opportunities provided by the bank, it will almost double its debt.
The shareholders' meeting of the company "Tsentrobuv" (develops two formats of chains under the brands "Tsentrobuv" and Centro) approved the attraction of a credit line from Sberbank for 5 billion rubles. and Gazprombank for 2 billion rubles.
This loan is attracted for debt restructuring in the normal course of the company, said Andrei Nesterov, general director of Tsentrobuvi, to RBC daily. According to media reports, Tsentrobuv was going to conduct an IPO on the London Stock Exchange in 2011, but then postponed the listing to 2013. “At the moment we are not talking about any specific events, IPOs or others,” Andrey Nesterov explained to RBC daily. “The company is currently optimizing all of its business processes in order to be ready to enter international capital markets at any time.”
The company needs money to open new stores and for working capital, says Alexei Krivoshapko, director of Prosperity Capital Management. “They have an ambitious development program, and besides, the company buys goods from China,” the expert explains. - Due to the large transport leverage, the company has to wait three months for the goods to arrive. And this is not food retail, where suppliers pay for the retailer. "
In March this year, Andrey Nesterov announced that in 2012 the company intends to open 371 stores in all regions of Russia. In 2011, 265 outlets were opened. According to him, investments in the opening of one outlet amount to 240-400 thousand dollars. At the end of March this year, the chain consisted of 903 Centro and Tsentrobuv format stores.
The company's debt burden is high: judging by the financial report of Tsentrobuvi for the first quarter of 2012, it amounts to 8,4 billion rubles, says Tatiana Elizarova, analyst at IFC Metropol. Revenue for 2011 amounted to 27,8 billion rubles, she continues. The gross profit is about 10 billion rubles, the gross profit margin was 37%. “This is very good, it is higher than that of food retailers, and much higher than that of M.Video,” the analyst says. Writes about this rbcdaily.ru.
However, last year the company had very high selling and administrative expenses, which exceeded RUB 10 billion. As a result, the operating profit is very small, only 130 million rubles, so Centrobuv cannot invest its own funds in development, continues Ms. Elizarova.
Due to new bank loans, the company's debt will increase significantly. “Development at the expense of borrowed funds is a risk, usually retailers finance their growth with half of their domestic money,” says Tatyana Elizarova. This is a large profitable company that can afford to service such a debt, Mr. Krivoshapko is sure.
The Tsentrobuv trading network, which was planning to conduct an IPO in 2011 and postponing its access to the exchange, attracted two bank credit lines for 7 billion rubles. The company already has a substantial debt ...
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