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PRESS RELEASE RA Expert-Rating confirms the credit rating of bonds of Limited Liability Company ‘Gubyn battery farming complex’ at the level uaA following the results of the 1st half of 2011


14/09/2011

According to the results of the 1st half of 2011 RA Expert Rating confirms credit rating of bonds of Limited Liability Company ‘Gubyn battery farming complex’ at the level uaA. Confirming a high level of credit rating, the Agency relied on the analysis of the Company in the 1st half of 2011.

1. Liabilities of the Company have decreased by 27,5%, management of receivables and payables has improved. Such optimisation in Company’s finance has enabled the issuer to reduce working capital requirements. In the period 01.07.2010 – 01.07.2011 the issuer has managed to decrease the volume of long term bank loans from UAH 9,1 mln. to UAH 1,5 mln., i.e. approximately by 83%. Besides, equity/liabilities ratio has risen from 411,21% to 614,53%.
Despite the Company announcement about the bond issue in spring of 2011, as of 01.07.2011 this issue hasn’t started, that’s why the Company hasn’t had bond debt to investors. The Agency appreciates the optimisation held by the issuer and estimates that the Company has managed to improve key performance indicators of the balance sheet.
2. Optimization of indicators in the balance sheet hasn’t influenced on the sales opportunities of the Company. In the 1st half of 2011 sales income of the issuer has increased by 68,84%, and sales without indirect taxes have risen by 53,38%. The unprofitability of the Company activity has decreased by 63,66% according to the official reports. Such positive trends have had an impact on the dynamics of EBITDA, which has constituted UAH 2,1 mln. according to the results of the 1st half of 2011, and in the same period of 2010 the indicator of EBITDA has been negative. The Agency also emphasizes that EBITDA/Liabilities ratio has made 8,31% following the results of the 1st half of 2011. In RA ‘Expert-Rating’ opinion, ‘Gubyn battery farming complex’ LLC has demonstrated positive tendencies in its development in the 1st half of 2011. And if the issuer is able to return to profitable activity following the results of 9 or 12 months of 2011, the Agency will revise the forecast of the bonds credit rating from stable to positive.

Analytical department of RA Expert-Rating

Rating confirmation of Limited Liability Company ‘Gubyn battery farming complex’ (engl.) - 14.09.2011

Updated rating report of ‘Gubyn battery farming complex’ LLC (engl.) - 05.09.2011

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