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9.2.4 Construction & Real estate corporate news
Etalon published its 2023 IFRS financial results. The company's consolidated revenue increased by 10% YoY to RUB 88.8 billion, including revenue of RUB 78 billion. (+13% y/y) in the residential development segment. Revenue in the regions for the year increased 3.4 times to 11.6 billion rubles. EBITDA amounted to RUB 18.1 billion. (+10% y/y), and EBITDA margin was at 20%. The net loss amounted to 3.4 billion rubles. against net profit of RUB 13.0 billion. in 2022. Net corporate debt at the end of 2023 amounted to RUB 37 billion, with the ratio of net corporate debt to EBITDA before the distribution of the cost of asset acquisition at 1.9x. Commenting on the results, the company's chief executive officer noted, among other things, the following: “The company has entered an investment phase of development associated with the rapid expansion of its geographic presence and strengthening its leading position in regional markets. <...> Aggressive business growth is associated with high capital investments, which, against the backdrop of high interest rates, puts temporary pressure on net profit.”
9.2.5 Retail corporate news
9.2.6 Agriculture corporate news 9.2.7 TMT corporate news
● Wildberries
Federal migration agents and members of Russia’s National Guard raided a warehouse in Elektrostal, east of Moscow, operated by the online retailer Wildberries on March 27. Officers checked residence and work permits, detaining several dozen workers, and reportedly took some to a local military registration and enlistment office. Officials ultimately held 38 workers for additional questioning and released the rest. A source told the Telegram channel Shot that further raids are planned on Wildberries warehouses and sorting centers outside Moscow as officials search for undocumented migrants and draft dodgers.
● Other
More than half the processors manufactured by Baikal Electronics are defective, multiple sources told the newspaper Vedomosti. The Russian chipmaker has struggled to meet the country’s production needs since foreign
148 RUSSIA Country Report April 2024 www.intellinews.com