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servicing low despite market turbulence and an increase in gross debt.
Kosolapov reported that the ratio of net corporate debt to pre-PPA EBITDA was less than 1x, well below the company's target of 2x-3x. The average interest rate on the loan portfolio decreased from 6.5% at the end of 2021 to 5.2% as of 31 December 2022.
The release of funds from escrow accounts for delivered buildings also provided additional liquidity, which enabled the company to achieve its strategic objectives, including the development of new technologies and the acquisition of new projects, while also implementing projects from its current portfolio, according to Kosolapov.
9.2.5 Retail corporate news
Sistema PBO, the company that owns the former McDonald’s chain in Russia known as Vkusno i Tochka ("Tasty, period"), has reported an RUB11.3bn ($145mn) net loss for 2022. The restaurants are full, but the new operator is struggling to make them pay. Last year’s losses are a significant decline from a net profit of over RUB2bn in 2021, according to the company's latest report released on March 28, according to Russian Accounting Standards (RAS). The revenue of the company fell by 2.3% to RUB73.5bn in 2022, while the sales loss increased to RUB5.4bn from RUB3.9bn a year earlier. Meanwhile, the revenue of DVRP, the company responsible for developing the Vkusno i Tochka chain in the Far East, grew by 3.6% to RUB667.7mn last year. A spokesperson for the company told Prime that it would be incorrect to compare the results of 2022 with those of 2021, as the restaurants were closed from March 2022 through to June of that year.
France's Leroy Merlin will sell all stores in Russia to the local management, holding company Adeo said in a statement March 24. "After more than 18 years of activity in Russia, transferring control of Leroy Merlin to the local management should preserve the jobs of the 45,000 employees and ensure that the company’s activity remains at the service of the inhabitants," Adeo said. Leroy Merlin suspended new investments and imports to Russia in 2022. The DIY hypermarket chain Leroy Merlin continues working in Russia as normal and maintains jobs after its owner’s announcement of the sale of stores in the country. Currently, 111 Leroy Merlin hypermarkets offer goods and services in 65 cities across Russia. France’s ADEO, which owns the Leroy Merlin brand, made a decision to transfer control of its stores in Russia to the local management. ADEO is part of Mulliez Group, which also owns Auchan and Decathlon chains. Meanwhile, a source in Auchan’s press service told TASS that the company continued operations in the country and it did not plan any changes in the strategy. Decathlon announced suspension of its work in Russia in late March 2022, while its stores in the country closed last summer.
The buyer of Russian factories of Swedish furniture major IKEA plans to launch production of school and children's furniture, RBC business portal
190 RUSSIA Country Report Russia April 2023 www.intellinews.com