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IBI-Rating has affirmed the credit rating of bonds of «Optima-Pharm Ltd» JV
10.01.2019IBI-Rating informs on affirming of the credit rating of A series registered interest-bearing unsecured bonds of «Optima-Pharm Ltd» JV at uaBBB grade, with a «stable» outlook.
«Optima-Pharm Ltd» JV continues being dependent on the government regulation, as the activities of wholesale distribution of pharmaceutical drugs and their imports is subject of the licensing. The well-developed network of its own pharmaceutical warehouses, as well as cooperation with Ukrainian and foreign manufacturers ensures a stable market position of the Issuer. Thus, in recent years «Optima-Pharm Ltd» JV ranks the second by volumes of supply of pharmaceutical drugs to pharmacy networks. At the same time, significant volume of import operations of pharmaceutical drugs as well as existing foreign currency denominated debt liabilities cause the Issuer’s sensitivity to foreign currency risk.
«Optima-Pharm Ltd» JV increased sales volumes of pharmaceutical drugs both in-kind and in monetary terms. Net income by 9 months of 2018 amounted to UAH 19,207.7 million, which is in 31.2% more than in the same period of the previous year. Net profit increased by 42% and amounted to UAH 186.8 million. The volume of undistributed profit increased to UAH 1,569.7 million as at 31.09.2018. The share of equity in the structure of the Issuer's financing sources was 21%. Despite the increase in the volume of promissory notes, the level of debt burden has decreased and is estimated as moderate, which is due to improved financial results.
In order to conduct the analytical research the materials provided by «Optima-Pharm Ltd» JV have been used, including: financial statements for 2015-2017 and 9 months of 2018, background information on activities of «Optima-Pharm Ltd» JV, information on the issue of A 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
press(at)ibi.com.ua
«Optima-Pharm Ltd» JV continues being dependent on the government regulation, as the activities of wholesale distribution of pharmaceutical drugs and their imports is subject of the licensing. The well-developed network of its own pharmaceutical warehouses, as well as cooperation with Ukrainian and foreign manufacturers ensures a stable market position of the Issuer. Thus, in recent years «Optima-Pharm Ltd» JV ranks the second by volumes of supply of pharmaceutical drugs to pharmacy networks. At the same time, significant volume of import operations of pharmaceutical drugs as well as existing foreign currency denominated debt liabilities cause the Issuer’s sensitivity to foreign currency risk.
«Optima-Pharm Ltd» JV increased sales volumes of pharmaceutical drugs both in-kind and in monetary terms. Net income by 9 months of 2018 amounted to UAH 19,207.7 million, which is in 31.2% more than in the same period of the previous year. Net profit increased by 42% and amounted to UAH 186.8 million. The volume of undistributed profit increased to UAH 1,569.7 million as at 31.09.2018. The share of equity in the structure of the Issuer's financing sources was 21%. Despite the increase in the volume of promissory notes, the level of debt burden has decreased and is estimated as moderate, which is due to improved financial results.
In order to conduct the analytical research the materials provided by «Optima-Pharm Ltd» JV have been used, including: financial statements for 2015-2017 and 9 months of 2018, background information on activities of «Optima-Pharm Ltd» JV, information on the issue of A 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
press(at)ibi.com.ua