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RA Expert Rating confirms the rating of bonds of Public Joint Stock Company ‘Stoma’ at the level uaA-


29/06/2011

During the period from June, 10 till June, 29th, 2011 the Analytical Service of RA ‘Expert Rating performed rating research on Public Joint Stock Company ‘Stoma’ (USREOU code 00481318). On June, 29th, 2011 the Rating Committee of RA ‘Expert Rating’ has made decision on assignment to planned issues of PJSC ‘Stoma’ bonds for the total amount of USH 50 m of the credit rating at the level uaA- according to the national scale .

When taking the decision on assignment of credit rating of investment grade, РА ‘Expert Rating was guided by
the following conclusions:
1. The Issuer is the largest producer of medical drugs and a range of means used by dentists in Ukraine, which
history originates since 1929. By Agency estimates, from 35 to 80 % of the products of Ukrainian production consumed in Ukraine in market segment where PJSC ‘Stoma’ works, per different groups of assortment correspond namely to the products of the Issuer. The effect of the significant share of the market in Ukraine is increased by presence of export deliveries to the countries of near and far abroad.
2. As of 01.04.2011 the shareholder equity of PJSC ‘Stoma’ in more than three times covered the liabilities of
the Company. In 2010 the EBITDA covered 89,34 % of liabilities of the Issuer. Thus the size of EBITDA in Q1 2011nhas grown on 82% compared with the same period of 2010. The entire analyzed period from 2006 to 2010 was profitable for PJSC ‘Stoma’. The ROE fluctuated near 15%, and in the Q1 2011 the ROS exceeded 20% that is a historical record for the Company since 2007.
3. On the beginning of Q2 2011, cash and cash equivalents on the accounts of the Company made UAH 14,4 m. Such residual funds provided considerable level of PJSC ‘Stoma’ liquidity. Also the particularity of Issue consisting in planned one-step expenses in the amount of UAH 20 m from the attracted UAH 50 m for the launch of new medical drug production should positively influence the liquidity. The plan is to invest the remaining UAH 30 m in the public and corporate securities and to spend them stepwise.
4. The Agency observes restoration of business activities in the segment wherein PJSC ‘Stoma’ works. The
earning of the Company has grown on 42% in 2010, and for the Q1 2011 in comparison with the similar period of last year - on 11 %. Company EBIT for 2010 has grown on 82 %, and for the Q1 2011 in comparison with the similar period of 2010 - on 95,4 %. The analysis of production dynamics in actual amounts has shown that in 2010 the growth of production was observed practically on all commodity positions of PJSC ‘Stoma’.
5. The group of companies with common shareholder has strongly pronounced interests in the manufacture of
medical drugs, dental products and auxiliary medical equipment. RA Expert Rating estimates probability of external support by shareholders as poorly predictable.
The credit rating assigned to planned issues of PJSC ‘Stoma’ bonds can be reviewed towards increase after
completion of placement and an analysis by the Agency of the investment program of the Issuer.

The rating report

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