IBI-Rating has affirmed the credit rating of bonds of «Pharmaceutical company «Zdorovye» LLC

IBI-Rating informs on affirming of the long-term credit rating of A-E series interest-bearing bonds of «Pharmaceutical company «Zdorovye» LLC at uaA grade with a «stable» outlook.

The Issuer of bonds ranks among the largest domestic producers of pharmaceutical products. The production and distribution of pharmaceutical drugs depends on the state regulation, primarily on licensing of activities.

The net income of «Pharmaceutical Company «Zdorovye» LLC of 2016 increased by 14.7% compared to the previous year and amounted to UAH 1,493.4 mln. During 6 months 2017 net income increase, compared with the same period last year, amounted to 8.6% - up to UAH 735.5 mln. The export revenue generates a significant share of the net revenue, which diversifies the Issuer’s distribution markets and reduces sensitivity to the exchange rate fluctuations. The Issuer's activity following the results of 2016 and 6 months of 2017 was profitable - net profit amounted to UAH 52.3 mln and UAH 52.7 mln, respectively.

The placement of interest-bearing bonds, which are the object of rating, as well as the receipt of non-resident loans and bank loans, has led to an increase in the volume of debt. At the same time, given the long-term commitment, as well as the positive dynamics of financial results, the level of debt load is assessed as acceptable.

In order to conduct the analytical research the materials provided by «Pharmaceutical Company «Zdorovye» LLC have been used, including: annual financial statements for 2014-2016 and 6 months of 2017 , background information on activities of by «Pharmaceutical Company «Zdorovye» LLC, information on the issue of A-E 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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