RATING REPORT
The Slovak Rating Agency hereby assigns the following rating to the issues MATADOR 03 and MATADOR 04:
| Long-term domestic koruna rating | BBB+ (stable outlook)
|
| Short-term rating | S2
|
The assigned long-term rating in the category of transactions in Slovak koruna of BBB+ (stable outlook) is 1 level below the rating of the State (A - stable outlook). The short-term rating of the issues MATADOR 03 and MATADOR 04 is S2, which is the best possible short-term rating accompanying a long-term rating of BBB+.
Details of issues:
| Name of issue: | MATADOR 03 | MATADOR 04 |
| Listed: | 24.1.2002 | 24.1.2002 |
| ISIN: | SK 4120002981 | SK 4120002973 |
| Par value: | SKK 10,000 | SKK 100,000 |
| Number of securities in issue: | 25 000 | 3 000 |
| Issue date: | 12.12.2001 (series 01) | 12.12.2001 (series 01) |
| Maturity date: | 12.6.2006 | 12.6.2007 |
| Flexible interest rate: | 6-M BRIBOR + 1.8 % | 6-M BRIBOR + 1.9 % |
| Frequency of coupon payout: | 6 months | 6 month |
Details of issuer:
| Issuer: | MATADOR, a.s. |
| Company reg. no. (IČO): | 00 152 820 |
| Principal office: | Terézie Vansovej 1054/45, Púchov 020 01 |
| Legal form: | joint stock company |
| Date of incorporation: | 01.07.1990 |
Justification:
- The Slovak Rating Agency positively perceives the ongoing process of restructuring of company activities with the aim of concentrating on core business. A part of the activities originally carried out by the company is now secured in the form of outsourcing, whereby an increase in the volume of externally procured services is anticipated in future. For 2005 the company estimates possible cost savings of SKK 10 million. Part of restructuring concerns increased effectiveness of subsidiaries.
- The economic results of the company are regarded by the agency as stable with preserved positive trend in 2003, especially in terms of sales revenue, operating results, and profitability with a slight drop in debt. In 2003 the volume of sales revenue amounted to more than SKK 9.7 billion, which means a y/y increase of approximately SKK 755 million, after tax profit of SKK 182.65 million and the operating ratio of profit was on the level of 4.5%.
- The system of managing risks and business relations is on a high level. Emphasis is not only placed on evaluating the risks of business relations in which the company Matador stands as creditor, but also those with financing institutions of the company. The company Matador has a clear concept and objectives regarding the building up of business relations and for defining conditions of mutual deals.
Please don't hesitate to address your questions to autner@slovakrating.sk, or call +421 2 5464 5151.
Slovak Rating Agency
Bratislava, 16 November 2004