M.Video–Eldorado Group to present operational and financial results under IFRS for the first half of 2023

Key indicators for M.Video–Eldorado for the second quarter and first half of 2023 are as follows:

·         Compared to the same period last year, the gross merchandise value (GMV) for Q2 2023 have increased by 26.4%. GMV for the first half of 2023 was 219.0 billion rubles (VAT included), marking a 16.5% decrease year-on-year, due to an exceptional surge in sales from February until March 2022, which set a high benchmark for the first half of 2022.

·         In the first half of 2023, total online sales saw a rise of 3.7 percentage points (p.p.) to make up 71% of the GMV, amounting to 155.4 billion rubles (VAT included). Half of the Group's turnover is now generated through mobile solutions.

·         The Group's revenue increased by 21.0% in the second quarter, but the figure for the first half of the year saw an 18.1% decrease year-on-year, totaling 179.2 billion rubles.

·         Despite the overall volatile macroeconomic situation, the gross margin rose by 1.3 p.p. to 21.8%. The gross profit was 39.1 billion rubles (39.2 billion rubles under IFRS 16).

·         Excluding depreciation and amortization, Selling, General and Administrative (SG&A) expenses were 31.9 billion rubles (22.1 billion rubles under IFRS 16), marking a 15.7% decrease, compared to the expenses in 2022 due to the implementation of several operational efficiency measures.

·         The EBITDA margin saw an increase of 0.9 p.p., reaching 4.1%. The Group's EBITDA rose by 5.8% year-on-year to 7.4 billion rubles (17.2 billion rubles under IFRS 16), with the second quarter witnessing an EBITDA growth of over 80%.

·         As of June 30, 2023, the Group's net debt stood at 83.4 billion rubles. The rise in net debt was attributed to an increase in the import share to 30% and higher procurement levels due to a rising sales trend.

·         As of June 30, 2023, the M.Video and Eldorado store network included 1,203 stores of all formats. The company launched 13 new M.Video stores in a compact format.

·         Customers of both companies recycled nearly 2 million batteries and 27,000 devices, marking an almost 20% increase compared to the same period in 2022.

For more detailed information on the company's financials, please follow this link.