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Press release: RА Expert-rating confirms the rating of the bonds of leasing company ENMARK


06/08/2012

On August, 06th, 2012 the Rating Agency Expert Rating has confirmed the rating of bonded issue of the Company ENMARK (USREOU code 34981872) at the level uaBBB- according to the national scale. The borrower or the separate debt instrument with the rating uaBBB- is characterized by sufficient credit status in comparison with other Ukrainian borrowers or debt instruments. Credit status level depends on the influence of adverse commercial, financial and economic conditions. When confirming the credit rating, the Agency was guided by the results of Company work in H1 2012.

Table 1

Key performance indicators of LLC ENMARK (thousand UAH, %)

Indicators

Q2 2012

(30.06.2012)

Q2 2011

(30.06.2011)

Change

2011-2012

Growth rate

2011-2012

Balance sheet figures:

 

 

 

 

Cash and cash equivalent in domestic currency

37,6

183,9

-146,3

-79,55%

Total liabilities

15 366,4

7 853,8

7 512,60

95,66%

Short term and long term bank loans

8 453,3

4 074,5

4 378,80

107,47%

Total debt to investors in bonds

4 212,0

1 121,0

3 091,00

275,74%

Shareholder equity

3 964,0

3 915,0

49

1,25%

Total assets

19 330,4

11 768,8

7 561,60

64,25%

Authorized capital

4 450,0

4 450,0

0

-

 

 

 

 

 

Financial results:

 

 

 

 

Total income

11 739,2

9903,8

1835,4

18,53%

Operating results

864,6

377,4

487,2

129,09%

Financial incomes

2 046,9

810,6

1236,3

152,52%

Financial expenses

844,7

283,6

561,1

197,85%

Expenses for payment of bonds interests in Q1 2012

212,2

16,5

195,7

1186,06%

Net income

7,2

88,9

-81,7

-91,90%

 

 

 

 

 

Ratios:

 

 

 

 

Shareholder equity /Liabilities

25,80%

49,85%

-24,05p.p.

-

ROE

0,18%

2,27%

-2,09p.p.

-

ROA

4,47%

3,21%

1,27p.p.

-

Source: Company data, calculations by RA ‘Expert-rating’

Note: The key type of Company activity is financial leasing. In this connection, the interest incomes received from the given activity are regarded by the Company as operational. In the calculation of economic coefficients the given financial incomes are referred to as incomes of operational activity.

Confirming the rating, the Agency was guided by the following conclusions:

1. The comparative analysis of LLC ENMARK  financial accounts has shown that in H1 2012 the ratio shareholders equity/liabilities was 25,8 % that is on 24 p.p. less than indicator of H1 2011. Reduction of shareholders equity/liabilities ratio occurred due to the growth of Company liabilities by 95,7%. The liabilities of the Company increased due to attraction of banking financing and funds from sale of bonds. The borrowed funds have been used for execution of lease transactions for the purpose of leasing portfolio escalation. It proves to the growth of Company activity in the market of financial services.

 

Table 2

Indicators of LLC ENMARK lease portfolio  (UAH th., %, pcs.)

Indicator

 

Q2 2012

 

Q2 2011

Change

2011-2012

Growth rate 2011-2012

Total value of lease contracts (UAH th.)

38 430,8

19 142,70

19 288,10

100,76%

Number of lease contracts (pcs.)

62

15

47,00

313,33%

Number of lease contracts, expiring over 12 months (UAH th.)

36 076,9

18 447,10

17 629,80

95,57%

Value of lease contracts concluded with individuals (UAH th.)

6 075.7

1 609,9

4 465,80

277,40%

Value of lease contracts with 3 largest clients (UAH th.)

7 779,2

8 024,8

-245,60

-3,06%

Value of lease contracts with payments delays by more than 30 days (UAH th.)

0,0

0,0

0,00

-

Total volume of reserves provisioned for loss compensations from leasing portfolio impairment (UAH th.)

0,0

0,0

0,00

-

Accumulated leasing payments received form the clients for the period (UAH th.)

7 917,7

1 897,9

6 019,80

317,18%

Short term payables debts on leasing portfolio (UAH th.)

309,4

98,6

210,80

213,79%

Bad debt provisions (UAH th.)

0,0

0,0

0,00

-

Source: Company data, calculations by RA ‘Expert-rating’

 2. In H1 2012 the Company has fourfold increased the number of lease contracts. The value of lease contracts vs. the same indicator for H1 2011 grew by 100 %. As of 30.06.2012, the value of lease contracts by ENMARK LLC constituted UAH 38,4 million, that allows the Agency to refer the Company to the category of lessors with medium size leasing portfolio. Considerable growth of lease contracts value caused UAH 6 million growth of cumulative leasing payments received from the clients, that promoted increase of interest income of the Company.

3. The number of concluded and ongoing lease contracts increased on 313 %. The attractive leasing program for the physical persons, launched by the Company, continues to yield results: in H1 2012 the value of leasing portfolio for individuals persons increased by UAH 4,47 million. Growth of leasing portfolio has provoked debt receivables increase, but the analysis has shown that the indebtedness is a short-term one (less than 30 days) and makes less than one percent of the total leasing portfolio.

Analytical service of RA Expert Rating

Confirmation of ENMARK LLC (english version) - 06.08.2012

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