VTB Bank Opened Credit Lines to "Obuv Rossii" for the Amount of 1.5 Billion Rubles
VTB Bank and "Obuv Rossii" Group of Companies continue their cooperation within the established credit limit. The Bank opens to the Group two revolving unsecured credit lines for the total amount of 1.5 billion rubles for the period of 3 years. "Obuv Rossii" will use the money to implement the production development program and to finance the current activity of the Group.
VTB Bank and "Obuv Rossii" have been cooperating since 2013. "VTB is one of our key financial partners, and we are glad to continue our mutual work," comments Anton Titov, Director of "Obuv Rossii" GC. "Now our company is actively developing its production, is investing in the growth of production capacities. Our objective is to increase the share of our own production in the total amount of products we sell to 50%. It also due to financial support of the Bank, that we reach objectives we set and put our business strategy into effect."
Head of VTB Corporate Branch in Novosibirsk Viacheslav Briukhanov, in his turn, said, "Obuv Rossii Group of Companies is an excellent example of an enterprise that clearly knows its goals, strong points and development strategy, which allows it to successfully develop in any conditions. It is important for us to support companies that invest in production projects, increase the amount of domestic product, and make their contribution to the implementation of the national program of import substitution."
In the first quarter of 2016 "Obuv Rossii" increased its revenue by 11% up to 1.98 billion rubles, the net profit was 234 million rubles, EBIDTA was 25.2%. In the end of May "Obuv Rossii" announced a production development program for the nearest 7 years with the amount of 5 billion rubles, of them 2 billion are our own funds. This year "Obuv Rossii" opened a new shop to produce special and military footwear and started the modernization of the cutting-and-sewing shop at our factory in the city of Berdsk of Novosibirsk Region.