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The IBI-Rating Agency has affirmed the high level of creditworthiness of the «Borispol» airport
20.08.2018
The National Authorized Rating Agency IBI-Rating informs on affirming of the long-term credit rating of SE «IA «Boryspil» at uaAA+ grade with a «positive» outlook, which indicates the possibility of upgrading the rating if the enterprise will be keeping an increasing dynamics of the key indicators of financial and economic activity.
SE «IA «Boryspil» is strategically important and holds the status of the country’s main airport with the largest modern infrastructure, and its operating indicators show a steady growth trend. The number of flights performed through the airport, according to the results of 2017, increased by 17.7% - to 87.5 thousand and for 3 months of 2018, growth made up 9.9% - to 20.2 thousand. The total passenger traffic increased to 10.55 million passengers (+ 22.1%), which is a record value for the entire period of activity. In the 1st quarter of 2018, passenger traffic increased by 15.3% to 2.31 million passengers. The increase in the passenger flow was facilitated by the implementation of the «hub» development strategy, attracting new air carriers, improving the level of service. The improved efficiency of management and optimization of business processes creates potential for further development of the enterprise.
The growing dynamics of air transportation contributes to the growth of net income of the SE «IA «Boryspil», the volume of which for 2017 amounted to UAH 3,870 million (+15.4%), and for 3 months of 2018 - to UAH 922 million (+3.1%). Net profit for 2017 increased by 24.9% - to UAH 1,731.4 million. Profitability ratios are estimated as very high.
During 2017 and January-March 2018, the amount of debt (obligations under bank loans and a sub-loan agreement) of the SE «IA «Boryspil» was decreasing and as of March 31, 2018, it amounted to UAH 1,715.7 million eq. Linking airport fees to foreign currency significantly reduces the sensitivity of foreign exchange risk on foreign currency loans. Effective debt management policies helped to reduce the debt burden - at the end of March 2018, the ratio of net debt to EBITDA in 12 months was amounted 0.52x. The funds available at the end of March 2018 covered 31% of current liabilities. The share of own capital of the SE «IA «Boryspil» in the structure of sources of financing its activity has increased to 71%, which indicates the strengthening of the level of financial independence.
In order to conduct the analytical research, the materials provided by SE «IA «Boryspil», have been used, including: financial statements for 2015-2017 and 3 months of 2018, background information on activities of Airport 's, information on the bond issue, 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
press(at)ibi.com.ua
SE «IA «Boryspil» is strategically important and holds the status of the country’s main airport with the largest modern infrastructure, and its operating indicators show a steady growth trend. The number of flights performed through the airport, according to the results of 2017, increased by 17.7% - to 87.5 thousand and for 3 months of 2018, growth made up 9.9% - to 20.2 thousand. The total passenger traffic increased to 10.55 million passengers (+ 22.1%), which is a record value for the entire period of activity. In the 1st quarter of 2018, passenger traffic increased by 15.3% to 2.31 million passengers. The increase in the passenger flow was facilitated by the implementation of the «hub» development strategy, attracting new air carriers, improving the level of service. The improved efficiency of management and optimization of business processes creates potential for further development of the enterprise.
The growing dynamics of air transportation contributes to the growth of net income of the SE «IA «Boryspil», the volume of which for 2017 amounted to UAH 3,870 million (+15.4%), and for 3 months of 2018 - to UAH 922 million (+3.1%). Net profit for 2017 increased by 24.9% - to UAH 1,731.4 million. Profitability ratios are estimated as very high.
During 2017 and January-March 2018, the amount of debt (obligations under bank loans and a sub-loan agreement) of the SE «IA «Boryspil» was decreasing and as of March 31, 2018, it amounted to UAH 1,715.7 million eq. Linking airport fees to foreign currency significantly reduces the sensitivity of foreign exchange risk on foreign currency loans. Effective debt management policies helped to reduce the debt burden - at the end of March 2018, the ratio of net debt to EBITDA in 12 months was amounted 0.52x. The funds available at the end of March 2018 covered 31% of current liabilities. The share of own capital of the SE «IA «Boryspil» in the structure of sources of financing its activity has increased to 71%, which indicates the strengthening of the level of financial independence.
In order to conduct the analytical research, the materials provided by SE «IA «Boryspil», have been used, including: financial statements for 2015-2017 and 3 months of 2018, background information on activities of Airport 's, information on the bond issue, 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
press(at)ibi.com.ua