Page 153 - RusRPTApr24

paper packaging prices decreasing by 31% (€179 per thousand bags) and 27% (€573 per tonne), respectively. These price reductions were partially offset by the depreciation of the ruble.
Against this backdrop, Segezha Group's revenue fell by 9% year-on-year to ₽88.5 billion. The cost of goods sold remained consistent with the previous year's levels. EBITDA took a significant hit, dropping by 54% year-on-year to ₽9.3 billion. The adjusted net loss was reported at ₽16.7 billion, a stark contrast to the ₽1 billion adjusted net profit in 2022. According to estimates, the company's free cash flow remained negative, totaling approximately ₽18.6 billion.
The company's debt witnessed an 8% year-on-year increase, reaching ₽133 billion, with the net debt to EBITDA ratio escalating to 13.2x from 4.7x at the end of 2022. In response to these challenges, Segezha Group announced it is considering a recapitalization in 2024 to alleviate its debt burden and is currently in discussions with potential investors. However, a final decision has yet to be made.
Shareholders of Cyprus-based HeadHunter Group Plc (HH) at their annual meeting approved the redomiciliation of the company to a special administrative region (SAR) in the Kaliningrad region, according to its press release. Last year, HH initiated a change in corporate structure - as part of the process, MCAO Headhunter, the new parent company of the HeadHunter group, was registered in the SAR in Kaliningrad. At the same time, it was reported that Headhunter Group PLC was also planning to redomicile to the Russian Federation. As a result of the first stage of redomiciliation, MCAO received 72.7% of the share capital of the Cyprus Headhunter Group PLC (73.2% excluding treasury shares owned by the company). In addition, as part of the AGM, HH shareholders re-elected five directors to the board. Thus, founder and senior partner of Elbrus Capital Dmitry Kryukov, partner of Elbrus Capital Valentin Mashkov, managing partner of Kismet Capital Group Svetlana Ushakova and former member of the board of directors of TCS Group Holding Sergey Arsenyev were re-elected as non-executive directors. At the same time, HH CEO Dmitry Sergienkov, who by decision of the board of directors joined the board on March 4, was re-elected as executive director. The HH board of directors also includes CIAN founder Maxim Melnikov, independent directors Douglas Gardner and Olga Filatova.
153 RUSSIA Country Report April 2024 www.intellinews.com