ACRA assigns PJSC Evropeyskaya Elektrotekhnica a BB+(RU) credit rating with stable outlook for the first time
ACRA assigns PJSC Evropeyskaya Elektrotekhnica a BB+(RU) credit rating with stable outlook for the first time
October 11, 2018. Moscow
The Analytical Credit Rating Agency (ACRA) assigned PJSC Evropeyskaya Elektrotekhnica a BB+(RU) long-term credit rating, with stable outlook. The credit rating was assigned according to the national scale for the Russian Federation.
As of the date the rating was assigned, Evropeyskaya Elektrotekhnica Group of Companies has no debt to external creditors. ACRA assigned a credit rating to PJSC Evropeyskaya Elektrotekhnica at the published level, taking into account the expected incoming funds (in the amount of around RUB 1.5 billion) for the implementation of a major contract for the development, production, supply, installation and leasing of oil and gas equipment for the Russian oil company, which is among the top three in terms of oil production volumes on the Russian market.
The rating is supported by low debt load, high debt coverage and high profitability.
Sergey Dubenok, Head of the Board of Directors of PJSC Evropeyskaya Elektrotekhnica, commented on the rating assignment: “Our Company was the first on the Russian engineering market to receive a credit rating from the national rating agency ACRA, with a stable outlook.
Since its foundation, our Group has stood out for its conservative approach to borrowing. In the course of building a federal network of engineering centers, national logistics platform, and our own production base, we rely on domestic financial resources and stable cash flow, which generate the Group's profitable business.
In addition to our usual business in the market of engineering and electrical equipment, we are currently working on new large high-margin contracts in the field of manufacturing process equipment for the Oil&Gas industry. We hope that the rating will facilitate our Group's access to external financial sources on favorable terms.”
The full text from ACRA's press release can be found here.
About the Group of Companies PJSC Evropeyskaya Elektrotekhnica
PJSC Evropeyskaya Elektrotekhnica (MOEX: EELT) provides comprehensive services in the sphere of creating energy and electric power supply systems, electric lighting systems, and low current systems at all types of facilities, as well as industrial electric heating systems.
The Company has been working in the electrical engineering market since 2004, and at present has its own engineering and production facilities. The Company is one of the leading distributors of electrical equipment in Russia, offering customers a wide range of products made both in Russia and abroad. Thanks to a well-organized and efficient logistics system, the Company is able to supply products (including oversize loads) all over Russia, including to hard-to-reach areas of the North, as well as Belarus, Kazakhstan, Turkmenistan, Kyrgyzstan and Uzbekistan. The Company established its own production of transformer substations, electric switchboard equipment of any complexity (up to 6300 A), electric lighting systems and electric heating systems.
The Company implements projects in the oil and gas sector, electric power sector, nuclear industry, metal industry, mining industry, and manufacturing industry and at transport infrastructure facilities. Evropeyskaya Elektrotekhnica's customers include companies such as Rosneft, Gazprom, NOVATEK, LUKOIL, and Nizhnekamskneftekhim. The Company's projects include Power of Siberia, Yamal LNG, Smolensk NPP, Data Center of Sberbank of Russia, and the Domodedovo, Sheremetyevo, and Pulkovo airports, etc.
Since 2018, the Group has been producing highly efficient modular process equipment for clients in Oil&Gas and petrochemical markets at the site of its subsidiary ROG-Engineering, a research and production company in Ufa (Republic of Bashkortostan, Russia).
Key financial indicators of PJSC Evropeyskaya Elektrotekhnica (IFRS):
|
Revenue (RUB billion) |
Profit for the period (RUB million) |
Total assets (RUB billion) |
H1 2018 |
1.5 |
143.4 |
1.22 |
2017 |
2.6 |
134.7 |
1.15 |
The number of employees is about 400 (as of June 30, 2018). Since September 2017, common shares of PJSC Evropeyskaya Elektrotekhnica are traded on the Moscow Exchange with trading code EELT.
In June 2018, the Company was named "Leader of Import Substitution" at the "Leader of Competitive Sales" annual national awards, in which 450 domestic suppliers from various industries took part.
Contacts:
PJSC Evropeyskaya Elektrotekhnica
Tel .: +7 (495) 640-93-48
Mailing address: Building 3, 1 Lyotchika Babushkina St., Moscow, 129344
Press contact Contact for investors and analysts
www.euroet.ru www.euroetpao.ru
For more information, please contact:
Stanislav Martyushev
Director for Corporate Communications and Investor Relations
PJSC Evropeyskaya Elektrotekhnica
Tel. +7 (495) 640-93-48, ext. 164
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