O`KEY Group S.A. (AIX, MOEX: OKEY, the “Group” or the “Company”), one of Russia’s leading food retailers, announces that NCR rating agency (the ‘Agency’) has affirmed a credit rating of ‘A.ru’ for O`KEY LLC, the main operating subsidiary of O`KEY Group S.A. The outlook of the rating remains Stable.
Download full press release >>
The Agency highly valued the Group’s business profile due to the grocery retail market sustainability, the Company’s geographical distribution and diversified supplier base, as well as low assets concentration.
The Agency also commended the Group's efforts to develop the discounter segment in response to the growing consumer sensitivity to prices. Over the past five years, the share of discounters in the Group's revenue has grown from 11% to 31%. The Agency expects that discounters will remain a key driver of the Group's growth in 2024.
According to the Agency, the Company's financial profile was supported by strong indicators of debt servicing. The total amount of cash and operating profit (OIBDA) of the Group in 2022-2023 was 1.5-2 times higher than the total amount of short-term debt and net interest expenses. The share of short-term debt in the last three years has stood in the range of 14-23% of the Group’s total debt.
The Agency appreciated the high level of the Company's corporate governance and transparency, as well as low shareholder risks. The Group’s credit history and payment discipline were also positively assessed by the Agency.
Download full press release >>
For further information please contact:
Natalya Belyavskaya
Head of Investor Relations
+7 495 663 6677 ext. 266
natalya.belyavskaya@okmarket.ru
www.okeygroup.lu