Maxima Group appreciated by the rating agency
The S&P Global Ratings report highlights the group's revenue growth, successful expansion in Poland and Bulgaria, effective cost management and stable cash flow generation.
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Lithuanians are closing unprofitable Stokrotka stores. They will invest PLN 218 million
S&P Global Ratings also confirmed the BB+ rating for MAXIMA GRUPĖ's unsecured bonds. However, the agency noted that in order to maintain this rating, the Group should reduce the share of secured receivables in its capital structure.
MAXIMA GRUPĖ obtained a BB+ credit rating for the first time in 2018. In the same year, it successfully issued bonds worth EUR 300 million, which were redeemed in 2023. Two years ago, MAXIMA carried out a second bond issue worth EUR 240 million for a five-year period .
Stokrotka is the driving force of the Maxima Group
Despite the difficult economic situation in all MAXIMA GRUPĖ markets, in 2023 the company managed to achieve financial stability. In conditions of high inflation, the Group consciously continued expansion and consistently increased revenues. Their value amounted to EUR 5.845 billion last year, which means an increase of 13% compared to the previous year.
Almost half of the annual increase resulted from the increase in turnover of the Stokrotka store chain. In 2023, Stokrotka's revenues amounted to over PLN 7.897 billion. The company recorded the highest increase in this indicator in the Group, which reached 24.7% y/y in EUR (over 20% in PLN).
In 2023, the entire Group's investment in store expansion and renovation increased by 45% compared to the previous year, amounting to over EUR 168 million.
