IBI-Rating has affirmed the credit rating of bonds of «Pharmaceutical company «Zdorovye» LLC

IBI-Rating informs on affirming of the long-term credit rating of A-E series interest-bearing bonds of «Pharmaceutical company «Zdorovye» LLC at uaA grade with a «stable» outlook.

The Issuer of bonds is one of the largest domestic producers of pharmaceutical products. The production and distribution of pharmaceutical drugs depends on the state regulation, primarily on licensing of activities.

According to the results by 6 months of 2019, the net income of«Pharmaceutical Company «Zdorovye» LLC increased to UAH 901.9 mln (+7.7%).The export revenue generates a part of the net income, which diversified its sales markets and reduces sensitivity to foreign exchange risk arising from foreign currency debt. Net profit increased in 3.9 times - up to UAH 43.7 mln (retained earnings as of June 30, 2019 amounted to UAH 564 mln). The share of equity in the structure of financing increased to 49%.

According to the results of January-June 2019, the volume of net debt of «Pharmaceutical Company «Zdorovye» LLC decreased, the overwhelming majority of commitments are long-term, and the level of debt is assessed as acceptable.

In order to conduct the analytical research the materials provided by «Pharmaceutical Company «Zdorovye» LLC have been used, including: annual financial statements for 2016-2018 and 6 months of 2019, background information on activities by «Pharmaceutical Company «Zdorovye» LLC, information on the issue of A-E series bonds, other necessary internal information, as well as the information from the public sources, which the Rating agency considers credible.

Corporate department

For more information please contact:
Press service of IBI-Rating
(044) 362-90-84