IBI-Rating has affirmed the credit rating of bonds of «Optima-Pharm Ltd» JV

IBI-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.

Net income of the «Optima-Pharm Ltd» JV for 2018 increased to UAH 27,252.8 million (+ 29.1%), and for 3 months of 2019 - up to UAH 7,533.2 million (+ 13.2%). Net profit for 2018 amounted to UAH 251.2 million (+ 34.7%), and for 3 months of 2019 amounted to - UAH 65.4 million (for the same period of the previous year - UAH 19.7 million). The volume of undistributed profit increased to UAH 1,676.3 million as at 31.03.2019. The share of equity in the structure of the Issuer's financing sources was 21%. The level of debt burden has decreased and is estimated as moderate.

In order to conduct the analytical research the materials provided by «Optima-Pharm Ltd» JV have been used, including: financial statements for 2016-2018 and 3 months of 2019, 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.

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