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 to 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.

By results of 9 months of 2017, «Optima-Pharm Ltd» JV increased sales volumes of pharmaceutical drugs both in-kind and in monetary terms. The increase in net income as compared to the similar period of the previous year accounted for 29%, amounting to UAH 14,636.5 mln. The profit from operating activities increased by 24% and amounted to UAH 353.7 mln. Activity of «Optima-Pharm Ltd» JV was profitable - net profit for 9 months 2017 amounted to UAH 131.5 mln. The volume of retained earnings grew to UAH 1,327.9 mln. as at September 30, 2017. The share of equity in the structure of the Issuer's financing sources was 23%. Growth in the volume of promissory notes of «Optima-Pharm Ltd» JV for January-September of 2017 determined the strengthening of the debt burden, however, its level has remained acceptable.

In order to conduct the analytical research the materials provided by «Optima-Pharm Ltd» JV have been used, including: the annual financial statements for 2014-2016 and 9 months of 2017, 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

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