The Moody’s international rating agency has assigned the following corporate credits ratings to Power Machines OJSC: Ba1 international scale rating and Aa1.ru national scale rating. These ratings have been assigned to the Company for the first time. The ratings outlook is stable.
Power Machines have obtained the ratings in accordance with the corporate program for stock market operations, including the bond issue involvement.
The obtained ratings confirm that Power Machines are a reliable borrower, having a strong impact and a stable position in the sector of power machine building, a balanced financial policy, sustainable operational growth, robust risk management practices and a qualified team of managers.
“We are glad that the Moody’s rating agency has highly praised the Company’s financial and operational results, its stable position in the Russian market and its robust outlook in the international market. We expect that the obtained ratings will allow us to even more efficiently attract loan financing and expand the circle of our investors when entering the stock market,” pointed out Igor Kostin, Director General of Power Machines OJSC.
According to the Moody’s agency, the ratings are assigned to Power Machines due to the high stability of the Company’s financial results, its strong liquidity, low debt burden, which are supported by constant improvement of business systems and prudent financial policies of the Company.
As per the IFRS report, the revenue of Power Machines in 2012 amounted to 2.095 billion U.S. dollars, which is 23% higher than the revenue in 2011. The gross profit for 2012 amounted to 689.4 million U.S. dollars. It exceeded by 21% the gross profit for the report period of 2011. The operating profit grew by 30% and amounted to 487.3 million U.S. dollars for 2012. The net profit increased by 17% and amounted to 377.3 million U.S. dollars. The EBITDA index grew by 26% up to 558.6 million U.S. dollars.
The consolidated statements was compiled for the Power Machines OJSC group of companies taking into account its subsidiaries, including EMAlliance PJSC, which has become a 100-percent subsidiary of the company since February 2012.