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IBI-Rating has affirmed the credit rating of B series bonds of «ENERGOPOSTAVKA» LLC at uaBBB- grade

07.07.2020
IBI-Rating informs on affirming of the credit rating of В series registered interest-bearing bonds of «ENERGOPOSTAVKA» LLC at uaВВВ- grade, the rating outlook is «evolving».

In the Q4 of 2019, the share capital of «ENERGOPOSTAVKA» LLC was increased from UAH 16.5 thousand to UAH 5 million. The owner and ultimate beneficiary of the company is a citizen of Ukraine Ms. Kostenko Nelia.

The total amount of the balance sheet for 2019 and the Q1 of 2020 increased more than 10 times - up to UAH 1.2 billion. The basis of assets is formed by current and long-term financial investments, as well as current receivables. Taking into account income in the form of dividends from subsidiaries, «ENERGOPOSTAVKA» LLC received a significant profit, which contributed to the increase in equity capital from a negative amount to more than UAH 990 million, as on Q1 of 2020. In turn, the borrowed funds are represented, first of all, by long-term liabilities on placed bonds and received interest-free financial assistance.

Following the results by Q1 of 2020, the company received revenues in the amount of UAH 358 million, the overwhelming share of which was received in the form of dividends from subsidiaries. The total expenses of «ENERGOPOSTAVKA» LLC in January-March 2020 amounted to UAH 41 million, the general share of which was expenses on securities purchase operations. As a result, in the Q1 of 2020, the company received a net profit of over UAH 317 million (UAH 690 million for 2019). At the same time, the company's financial result is characterized by significant fluctuations, due to the specifics of the activity. Due to the unstable situation on the stock market, according to the IBI-Rating Agency, there are increased risks of securities transactions.

The decision on the public offering of B series bonds was made by the General Meeting of the participants of «ENERGOPOSTAVKA» LLC (Minutes of the participants meeting dated 14.03.2016). The purpose of the issue is to invest in liquid securities of enterprises in the electric power industry, metallurgy, the hotel industry, as well in enterprises that are providing financial services.

The affirmed of the credit rating grade of the debt instrument is due to the sufficient level of debt coverage on the placed bonds by equity capital, as well presence of the guarantor «Kirovohradoblenergo» PJSC (credit rating uaBBB), which is a natural monopoly on the electricity distribution in the territory of Kirovohradska oblast. At the same time, the concentration of the issuer's investments in certain types of securities are kept high what exposing to risks in the event of failure by one of the counterparties to fulfil its obligations. In addition, the issuer operates in the financial market, which is characterized by increased sensitivity to the impact of crisis phenomena, in particular, given the current unstable political and economic situation in the country.

In order to conduct the analytical research, the materials provided by «ENERGOPOSTAVKA» LLC have been used, including: financial statements for 2017-2019 and 3 months of 2020, target performance indicators, other necessary internal information, as well as the information from the public sources, which the Rating agency considers credible.

Finance department
For additional information please contact:
Press office of IBI-Rating
(044) 362-90-84
press(at)ibi.com.ua