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Operations
Strategy
Key financials
Funding
Ratings and auditors
Regional network
History
Eurokommerz is a provider of commercial finance services. According to Expert rating agency's year-end data for 2007, Eurokommerz is the leader in the Russian factoring market by all key indicators: the factoring portfolio size, the volume of accounts receivable assigned and the number of factoring clients.
Eurokommerz is co-owned by the company's management and Russia New Growth Fund managed by Troika Capital Partners, whose beneficiaries include the European Bank for Reconstruction and Development (EBRD), Temasek Holdings, Goldman Sachs, Troika Capital Partners, LGT Capital Partners, AXA among others. In October 2008 a consortium of investors, including UBS Pactual, Eastgate Capital (member of NCB Group), Fleming Family & Partners, Troika Dialog Group and other institutional investors became the shareholder of the company.
The Company is a member of the Commercial Finance Association (CFA) and the International Factors Group (IFG).
As at June 30, 2008, Eurokommerz employed 566 people.
Eurokommerz actively deals with 3,700 clients and over 21,500 debtors. The company`s sales network consists of 55 sales and customer support offices in Russia, two representative offices in Ukraine and Kazakhstan and approximately 2,900 independent sales agents.
The company's growth is supported by its in-house IT platform and strong risk management system. Eurokommerz's experience enabled it to form one of the largest statistical database in Russia and the CIS containing credit information of more than 50,000 invoice sellers and debtors. The database is categorised by size, industries and geography.
The group's strategy is to create a leading international commercial finance business in Russia, the CIS and other emerging markets. The priorities of this strategy are:
(as of December 31, 2007)*
| 2007 | 2006 | |
| Rubles (thousands) | ||
| Total assets | 34,682,546 | 6,170,084 |
| Factoring advances to clients | 27,820,148 | 5,759,471 |
| Total equity | 7,986,287 | 828,704 |
| Borrowed capital1 | 25,675,227 | 5,169,675 |
| Revenue from factoring business | 4,828,769 | 274,226 2 |
| Net profit | 1,582,347 | 47,308 2 |
Notes:
1 - Loans and borrowings, debt securities issued
2 - From August 3, 2006 (the date of formation of the Company) to December 31, 2006.
* - according to audited IFRS financial statements
(for H1 2008)
Profit and Loss (‘000 roubles)
|
|
H1 2008 |
H1 2007 |
Change |
|
Revenue from factoring business |
5,029,430 |
1,578,717 |
218.6% |
|
Net profit |
2,446,117 |
647,775 |
277,6% |
Balance Sheet (‘000 roubles)
|
|
30 June 08 |
31 Dec 07 |
6 month increase |
|
Total assets |
46,211,215 |
34,682,546 |
33.2% |
|
Factoring advances to clients |
36,023,339 |
27,820,148 |
29.5% |
|
Total equity |
10,995,124 |
7,986,287 |
37.7% |
|
Debt funding & securities issued |
33,941,687 |
25,675,227 |
32.2% |
* - according to unaudited IFRS financial statements
Eurokommerz has a diversified investor base consisting of both Russian and international financial institutions. Eurokommerz has placed four bond issues totaling RUR 12 Bn and raised additional RUR 5 Bn through a CLN offering.
In December 2007, Eurokommerz became the first factoring company in Russia and Eastern Europe to successfully complete a securitisation of factored accounts receivable. The innovative deal was managed by Deutsche Bank and VTB and raised RUR 11.3 Bln as at June 30, 2008.
Having a combination of short-term factoring assets and long-term liabilities ensures Eurokommerz's financial stability and strong fundraising ability.
Eurokommerz's debt obligations are confirmed by stable ratings from Moody's. The Company's short and long-term assets rating is set at B2/NP/A3.ru, with a stable long-term rating outlook. The Company's financial statements have been audited by Deloitte. Starting 2008, the company`s financial statements will be audited by KPMG.
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