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M.Video-Eldorado Group’s revenue increased by 13% to RUB 476 billion in 2021

M.Video-Eldorado Group’s revenue increased by 13% to RUB 476 billion in 2021

PJSC M.video (M.Video-Eldorado Group, the Company, or the Group; MOEX: MVID), Russia’s leading e-commerce and consumer electronics retailer, announces its audited consolidated financial results under International Financial Reporting Standards (IFRS) for the twelve months ended December 31, 2021. SFI owns 10,4% of the shares of M.Video-Eldorado.
  • The Group’s revenue increased by 12.9% year-on-year to RUB 476,364 million.
  • Gross profit[i] decreased by 4.0% year-on-year to RUB 95,191 million (RUB 95,250 million under IFRS 16), while gross margin stood at 20.0%.

  • Selling, general and administrative expenses (SG&A), excluding depreciation and amortization, totaled RUB 77,872 million (RUB 61,855 million under IFRS 16) and as a percentage of revenue amounted to 16.3%.

  • The Group’s EBITDA increased 2.3% year-on-year to RUB 27,495 million (RUB 43,656 million under IFRS 16). EBITDA margin totaled 5.8% (9.2% under IFRS 16).

  • The Group’s adjusted EBITDA fell 38.8% year-on-year to RUB 17,414 million (RUB 33,576 million under IFRS 16). Adjusted EBITDA margin totaled 3.7% (7.0% under IFRS 16).

  • The Group's net profit[ii] totaled RUB 8,651 million (RUB 3,325 million under IFRS 16).

  • The Group’s net debt as of December 31, 2021 stood at RUB 57,085 million (up 41.0% vs. December 31, 2020), with net debt / adjusted EBITDA at 2.06x (vs. 1.44x as of December 31, 2020).

Enrique Fernandez, CEO of M.Video-Eldorado Group:

"The current situation poses new challenges for individuals and society, as well as to the Russian economy and business community. During its nearly 30-year history, M.Video-Eldorado has accumulated a wealth of experience in operating within various environments and has always prioritized business sustainability, transparency with respect to its customers, partners, and shareholders, and the safety, security and well-being of its employees.

In response to the latest external developments, we are leveraging all our expertise, knowledge, and skills to support the further development of the Russian consumer electronics market and protect the interests of our customers and employees in these uncertain times.

At present, the stores and online platforms of both brands of the Group are operating as usual, considering the restrictions introduced within the past week, аnd we are focusing on providing customers with the reasonable and competitive price offers. M.Video-Eldorado has vast customer base, strong relationships with international suppliers, unique retail and IT infrastructure and maintains a continuous dialogue with all major technology manufacturers in order to ensure a stable supply across various potential scenarios. In addition, we are in discussions with our financial partners regarding the formats and tools that would properly support the needs of our business this year". 

M.Video-Eldorado Group is currently proceeding with all its offline and online business operations, bearing in mind the applicable restrictions. In February 2022, the Group’s GMV grew by 35% year-on-year.

Against the backdrop of the current geopolitical situation, we have seen a significant rise in volatility in the stock and currency markets since February 2022. These events are highly likely to affect the activities of Russian institutions in various sectors of the economy. As part of the publication of its 2021 financial results, the Group considers the current situation to be non-corrective events after the reporting period, the quantitative effect of which is difficult to assess in full at this point in time. Given the current ruble volatility and a number of macroeconomic factors that create a high level of uncertainty, the Group will avoid short-term and long-term forecasts for both operating and financial performance at this time. The Group's management is currently analyzing the potential impact of micro- and macroeconomic conditions on its future operational and financial performance and does not rule out revising its previously stated goals, which will be communicated additionally.

The Group has a long history of partnership with most of manufacturers. The Company typically replenishes its inventories taking into account multiple market trends, and at present the Company’s assortment is sufficient to meet market demand. The Group maintains a constant dialogue with all of its vendors, distributors and partners in order to ensure that its customers will be able to purchase all of the household appliances and electronics they need at affordable prices.



[i] Hereinafter gross profit does not include one-off changes in accounting estimates for net realizable value (NRV) provision. The total effect from these one-off expenses on gross profit amounted to -RUB 304 million in 2021.


[ii] Hereinafter net profit includes one-off expenses and income (including income tax): income from revaluation and sale of goods.ru, income from the write-off of the subsidized loan obtained in 2020 as part of the government program to support companies most affected by COVID-19, and expenses associated with personal protective equipment. The total effect from one-off expenses and income on net profit amounted to RUB 8,568 million in 2021.




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5.03.2022