Page 176 - RusRPTJun24

9.2.5 Retail corporate news
Russian electronics distributor Lanit Group has concealed information on its divisions and subsidiaries online after being added to the latest US sanction lists, Kommersant daily reports. Lanit's subsidiary diHouse is one of the largest independent distributors of portable electronics in Russia. In 2022, it ranked fourth in smartphone imports with a 6.5% share and fourth in laptop shipments with a 7% share. Lawyers surveyed by the daily see the risk that US could also sanction group's assets in consumer electronics, distributor diHouse and network Inventive Retail Group (IRG, manages retail outlets of Samsung, Xiaomi), in which Lanit’s share is less than the controlling one. They also believe that counterparties will stop cooperating with companies affiliated with Lanit in any case. The US sanctioned Lanit due to the Russian Ministry of Defence, state technology and defence agency Rostec and the United Aircraft Corporation (UAC) being among the group's clients.
9.2.6 Agriculture corporate news
Rusagro disclosed IFRS financial results for 1Q24. Revenue increased by 44% YoY to RUB 68.3 billion. The main reasons for revenue growth in 1Q24 were the increase in production volumes in the fat and oil segment, as well as the consolidation of the results of the NMZhK group, starting from 2H23.
Adjusted EBITDA increased by 2% YoY to RUB 7.3 billion. EBITDA growth turned out to be weaker than revenue dynamics due to a significant increase in both production costs and selling expenses.
Net profit for shareholders decreased 10 times YoY to 0.5 billion rubles. The main reasons for the decrease in net profit were:
Increase in other operating expenses – a loss of 1.2 billion rubles against a profit of 0.8 billion rubles a year earlier;
Revaluation of biological assets – a loss of 2 billion rubles versus a loss of 0.55 billion rubles a year earlier;
Lack of profit on exchange rate differences - a loss of 0.03 billion rubles against a profit of 3 billion rubles a year earlier;
Growth in net profit attributable to non-controlling interests – profit of 1.2 billion rubles versus a loss of 0.007 billion rubles a year earlier.
9.2.7 TMT corporate news
176 RUSSIA Country Report June 2024 www.intellinews.com