Cash flow B2B-RTS

Stocks

BTBR

RU000A104U43

End-of-day quote Moscow Micex - RTS			5-day change	1st Jan Change
- ^RUB	-.--%		-.--%	-

24/08

PJSC B2B-RTS Reports Earnings Results for the Half Year Ended June 30, 2026

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Published financial data: B2B-RTS

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2022 (RUB)	2023 (RUB)	2024 (RUB)	2025 (RUB)
Revenues	221.6Cr	604.37Cr	717.24Cr	794.95Cr
Total Revenues	221.6Cr	604.37Cr	717.24Cr	794.95Cr
Cost of Goods Sold, Total	113.41Cr	272.34Cr	323.41Cr	388.01Cr
Gross Profit	108.19Cr	332.03Cr	393.83Cr	406.94Cr
Selling General & Admin Expenses, Total	7.27Cr	37Cr	46Cr	49Cr
Provision for Bad Debts	1.03Cr	-30.85L	7.03Cr	-15Cr
Amortization of Goodwill and Intangible Assets - (IS)	15Cr	42Cr	37Cr	38Cr
Other Operating Expenses	58.59L	18Cr	16Cr	15Cr
Other Operating Expenses, Total	24Cr	96Cr	105.65Cr	88Cr
Operating Income	85Cr	235.64Cr	288.19Cr	319.12Cr
Interest Expense, Total	-4.29Cr	-2.47Cr	-2.37Cr	-4.92Cr
Interest And Investment Income	4.54Cr	58Cr	135.86Cr	138.25Cr
Net Interest Expenses	24.98L	55Cr	133.49Cr	133.33Cr
Income (Loss) On Equity Invest.	-	80L	-	-
Currency Exchange Gains (Loss)	22.97L	57.84L	1.39Cr	33.14L
EBT, Excl. Unusual Items	85Cr	292.17Cr	423.06Cr	452.79Cr
Gain (Loss) On Sale Of Investments	-1.86Cr	2Cr	-2.6Cr	4.58Cr
Gain (Loss) On Sale Of Assets	30Cr	47.04L	-	-
Asset Writedown	-	-6.51Cr	-98.34L	-30.86L
EBT, Incl. Unusual Items	113.12Cr	288.13Cr	419.48Cr	457.06Cr
Income Tax Expense	20Cr	52Cr	69Cr	86Cr
Earnings From Continuing Operations	93Cr	236.02Cr	350.96Cr	370.83Cr
Net Income to Company	93Cr	236.02Cr	350.96Cr	370.83Cr
Minority Interest	12.34L	-4L	54.42L	60.87L
Net Income - (IS)	93Cr	235.97Cr	351.51Cr	371.44Cr
Net Income to Common Incl Extra Items	93Cr	235.97Cr	351.51Cr	371.44Cr
Net Income to Common Excl. Extra Items	93Cr	235.97Cr	351.51Cr	371.44Cr
Per Share Items
Net EPS - Basic	-	1L	2L	20.99
Basic EPS - Continuing Operations	-	1L	2L	20.99
Basic Weighted Average Shares Outstanding	-	20T	20T	18Cr
Net EPS - Diluted	-	1L	2L	20.99
Diluted EPS - Continuing Operations	-	1L	2L	20.99
Diluted Weighted Average Shares Outstanding	-	20T	20T	18Cr
Normalized Basic EPS	-	91.28T	1L	16.02
Normalized Diluted EPS	-	91.28T	1L	16.02
Dividend Per Share	-	1L	1L	-
Payout Ratio	-	4.32	102.64	88.47
Supplemental Items
EBITDA	97Cr	266.29Cr	313.8Cr	346.06Cr
EBITA	94Cr	263.22Cr	312.17Cr	341.71Cr
EBIT	85Cr	235.64Cr	288.19Cr	319.12Cr
EBITDAR	98Cr	269Cr	317.07Cr	349.07Cr
Effective Tax Rate - (Ratio)	17.79	18.08	16.33	18.87
Total Current Taxes	22Cr	53Cr	68Cr	91Cr
Total Deferred Taxes	-1.66Cr	-72.48L	42.2L	-5.13Cr
Normalized Net Income	53Cr	182.56Cr	264.96Cr	283.6Cr
Interest on Long-Term Debt	84.25L	2.47Cr	2.37Cr	4.92Cr
Supplemental Operating Expense Items
Advertising Expense	2.18Cr	5.28Cr	6.59Cr	9.13Cr
Selling and Marketing Expenses	2.18Cr	5.28Cr	6.59Cr	9.13Cr
Net Rental Expense, Total	1.5Cr	2.71Cr	3.27Cr	3.01Cr
Imputed Operating Lease Interest Expense	-	2.15Cr	2.65Cr	4.08Cr
Imputed Operating Lease Depreciation	-	55.85L	61.68L	-1.07Cr
Maintenance & Repair Expenses, Total	29.25L	74.91L	56.75L	71.52L

Fiscal Period: December	2022 (RUB)	2023 (RUB)	2024 (RUB)	2025 (RUB)
Assets
Cash And Equivalents	318.34Cr	752.13Cr	555.71Cr	193.15Cr
Short Term Investments	-	-	23Cr	23Cr
Trading Asset Securities, Total	43Cr	51Cr	106.53Cr	526.05Cr
Total Cash And Short Term Investments	361.11Cr	803.16Cr	684.77Cr	741.73Cr
Accounts Receivable, Total	8.03Cr	6.17Cr	3.44Cr	8.79Cr
Other Receivables	3.5Cr	3.2Cr	6.43Cr	4.63Cr
Notes Receivable	1.95Cr	9.81Cr	20.99L	29.56L
Total Receivables	13Cr	19Cr	10Cr	14Cr
Inventory	33.4L	41.51L	64.57L	1.15Cr
Other Current Assets, Total	11Cr	26Cr	3.85Cr	3.52Cr
Total Current Assets	385.8Cr	848.33Cr	699.34Cr	760.12Cr
Gross Property Plant And Equipment	-	-	-	57Cr
Accumulated Depreciation	-	-	-	-10Cr
Net Property Plant And Equipment	37Cr	26Cr	43Cr	47Cr
Long-term Investments	70L	3.8Cr	-	-
Goodwill	262.56Cr	262.56Cr	262.56Cr	262.56Cr
Other Intangibles, Total	135.02Cr	102.97Cr	80Cr	59Cr
Loans Receivable Long-Term	4.04Cr	-	-	-
Deferred Tax Assets Long-Term	-	-	-	2.14Cr
Other Long-Term Assets, Total	1.75Cr	1.75Cr	-	-
Total Assets	826.64Cr	1.25TCr	1.09TCr	1.13TCr
Liabilities
Accounts Payable, Total	17Cr	20Cr	22Cr	21Cr
Accrued Expenses, Total	61Cr	52Cr	54Cr	56Cr
Current Portion of Leases	10Cr	11Cr	9.74Cr	7.89Cr
Current Income Taxes Payable	4.75Cr	7.04Cr	6.83Cr	13Cr
Unearned Revenue Current, Total	30Cr	33Cr	50Cr	55Cr
Other Current Liabilities	561.04Cr	765.17Cr	585.85Cr	587.18Cr
Total Current Liabilities	684.34Cr	888.56Cr	729.52Cr	739.31Cr
Long-Term Leases	19Cr	9.32Cr	17Cr	23Cr
Deferred Tax Liability Non Current	3.29Cr	2.57Cr	2.99Cr	-
Total Liabilities	707.09Cr	900.46Cr	749.58Cr	762.73Cr
Common Stock, Total	20T	20T	20T	17.7L
Additional Paid In Capital	-	-	-	64.16L
Retained Earnings	120.29Cr	346.07Cr	336.77Cr	369.1Cr
Total Common Equity	120.29Cr	346.07Cr	336.77Cr	369.92Cr
Minority Interest	-74.76L	-70.33L	-1.25Cr	-1.86Cr
Total Equity	119.55Cr	345.36Cr	335.53Cr	368.07Cr
Total Liabilities And Equity	826.64Cr	1.25TCr	1.09TCr	1.13TCr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	-	20T	20T	18Cr
ECS Total Common Shares Outstanding	-	20T	20T	18Cr
Book Value / Share	-	2L	2L	20.9
Tangible Book Value	-277.28Cr	-19Cr	-5.71Cr	48Cr
Tangible Book Value Per Share	-	-9.73T	-2.86T	2.74
Total Debt	30Cr	20Cr	27Cr	31Cr
Net Debt	-331.36Cr	-783.15Cr	-657.96Cr	-710.42Cr
Debt Equivalent Oper. Leases	12Cr	22Cr	26Cr	24Cr
Minority Interest, Total (Incl. Fin. Div)	-74.76L	-70.33L	-1.25Cr	-1.86Cr
Equity Method Investments, Total	70L	3.8Cr	-	-
Account Code - Inventory Valuation	-	3	3	3
Machinery, Total	-	-	-	28Cr
Accumulated Allowance for Doubtful Accounts (Supple)	6.57Cr	5.52Cr	12Cr	6.54Cr

Fiscal Period: December	2022 (RUB)	2023 (RUB)	2024 (RUB)	2025 (RUB)
Net Income	93Cr	235.97Cr	351.51Cr	371.44Cr
Depreciation & Amortization - CF	4.92Cr	14Cr	13Cr	16Cr
Amortization of Goodwill and Intangible Assets - (CF)	9.87Cr	28Cr	24Cr	23Cr
Depreciation & Amortization, Total	15Cr	42Cr	37Cr	38Cr
(Gain) Loss From Sale Of Asset	-30Cr	-47.04L	-35L	-
(Gain) Loss on Sale of Investments - (CF)	1.86Cr	-2Cr	2.6Cr	-4.58Cr
Asset Writedown & Restructuring Costs	-	6.51Cr	98.34L	30.86L
(Income) Loss On Equity Investments - (CF)	-	-80L	-	-
Provision and Write-off of Bad Debts	1.03Cr	-30.85L	7.03Cr	-15Cr
Other Operating Activities, Total	4.22Cr	-7.5Cr	-10Cr	-33Cr
Change In Inventories	14.44L	-8L	-23.06L	-50.04L
Change in Other Net Operating Assets	105.55Cr	205.22Cr	-167.63Cr	7.78Cr
Cash from Operations	190.58Cr	478.59Cr	220.8Cr	364.92Cr
Capital Expenditure	-3.35Cr	-3.6Cr	-11Cr	-4.41Cr
Cash Acquisitions	-29Cr	-	-	2.75Cr
Divestitures	13Cr	3Cr	-	-
Sale (Purchase) of Intangible assets	-2L	-2.05Cr	-1.92Cr	-1.15Cr
Investment in Marketable and Equity Securities, Total	-	-22Cr	-50Cr	-419.47Cr
Net (Increase) Decrease in Loans Originated / Sold - Investing	20.92L	-3.82Cr	8.97Cr	-4.05Cr
Other Investing Activities, Total	80.63L	3.98Cr	8.5Cr	37Cr
Cash from Investing	-18Cr	-24Cr	-45Cr	-389.46Cr
Long-Term Debt Issued, Total	179Cr	-	-	-
Total Debt Issued	179Cr	-	-	-
Long-Term Debt Repaid, Total	-47Cr	-10Cr	-11Cr	-10Cr
Total Debt Repaid	-47Cr	-10Cr	-11Cr	-10Cr
Issuance of Common Stock	-	-	-	80.2L
Common Dividends Paid	-	-10Cr	-360.8Cr	-328.61Cr
Common & Preferred Stock Dividends Paid	-	-10Cr	-360.8Cr	-328.61Cr
Cash from Financing	132.25Cr	-20Cr	-371.91Cr	-338.02Cr
Net Change in Cash	304.44Cr	433.79Cr	-196.42Cr	-362.56Cr
Supplemental Items
Cash Interest Paid	5.33Cr	2.47Cr	2.37Cr	4.92Cr
Cash Income Tax Paid (Refund)	9.94Cr	50Cr	68Cr	86Cr
Levered Free Cash Flow	-	365.47Cr	76Cr	236.99Cr
Unlevered Free Cash Flow	-	367.01Cr	77Cr	240.06Cr
Change In Net Working Capital	-	-183.35Cr	127.51Cr	-7.83Cr
Net Debt Issued / Repaid	132.25Cr	-10Cr	-11Cr	-10Cr

Fiscal Period: December	2022 (RUB)	2023 (RUB)	2024 (RUB)	2025 (RUB)
Profitability
Return on Assets	-	14.21	15.45	18
Return on Total Capital	-	57.23	49.5	52.37
Return On Equity %	-	101.53	103.09	105.41
Return on Common Equity	-	101.2	102.95	105.12
Margin Analysis
Gross Profit Margin %	48.82	54.94	54.91	51.19
SG&A Margin	3.28	6.13	6.37	6.19
EBITDA Margin %	43.68	44.06	43.75	43.53
EBITA Margin %	42.59	43.55	43.52	42.98
EBIT Margin %	38.14	38.99	40.18	40.14
Income From Continuing Operations Margin %	41.97	39.05	48.93	46.65
Net Income Margin %	42.02	39.04	49.01	46.73
Net Avail. For Common Margin %	42.02	39.04	49.01	46.73
Normalized Net Income Margin	24.03	30.21	36.94	35.68
Levered Free Cash Flow Margin	-	60.47	10.55	29.81
Unlevered Free Cash Flow Margin	-	60.73	10.76	30.2
Asset Turnover
Asset Turnover	-	0.58	0.62	0.72
Fixed Assets Turnover	-	19.13	20.59	17.6
Receivables Turnover (Average Receivables)	-	85.1	149.2	129.95
Inventory Turnover (Average Inventory)	-	727.11	609.74	433.09
Short Term Liquidity
Current Ratio	0.56	0.95	0.96	1.03
Quick Ratio	0.54	0.91	0.95	1.02
Operating Cash Flow to Current Liabilities	0.28	0.54	0.3	0.49
Days Sales Outstanding (Average Receivables)	-	4.29	2.45	2.81
Days Outstanding Inventory (Average Inventory)	-	0.5	0.6	0.84
Average Days Payable Outstanding	-	25.28	24.18	20.13
Cash Conversion Cycle (Average Days)	-	-20.49	-21.12	-16.48
Long Term Solvency
Total Debt/Equity	24.88	5.79	7.99	8.51
Total Debt / Total Capital	19.92	5.48	7.4	7.84
LT Debt/Equity	16.28	2.7	5.09	6.36
Long-Term Debt / Total Capital	13.04	2.55	4.71	5.86
Total Liabilities / Total Assets	85.54	72.28	69.08	67.45
EBIT / Interest Expense	19.72	95.45	121.38	64.88
EBITDA / Interest Expense	23.17	112.48	137.11	72.67
(EBITDA - Capex) / Interest Expense	22.39	111.02	132.54	71.78
Total Debt / EBITDA	0.3	0.07	0.08	0.09
Net Debt / EBITDA	-3.34	-2.82	-2.02	-1.99
Total Debt / (EBITDA - Capex)	0.31	0.07	0.09	0.09
Net Debt / (EBITDA - Capex)	-3.45	-2.86	-2.09	-2.01
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-	172.73	18.68	10.83
Gross Profit, 1 Yr. Growth %	-	206.9	18.61	3.33
EBITDA, 1 Yr. Growth %	-	175.08	17.84	10.28
EBITA, 1 Yr. Growth %	-	178.9	18.6	9.46
EBIT, 1 Yr. Growth %	-	178.82	22.3	10.73
Earnings From Cont. Operations, 1 Yr. Growth %	-	153.78	48.7	5.66
Net Income, 1 Yr. Growth %	-	153.4	48.96	5.67
Normalized Net Income, 1 Yr. Growth %	-	242.89	45.13	7.04
Diluted EPS Before Extra, 1 Yr. Growth %	-	-	48.96	-99.99
Accounts Receivable, 1 Yr. Growth %	-	-23.12	-44.28	155.64
Inventory, 1 Yr. Growth %	-	24.28	55.55	77.5
Net Property, Plant and Equip., 1 Yr. Growth %	-	-28.17	63.88	8.76
Total Assets, 1 Yr. Growth %	-	50.71	-12.9	4.21
Tangible Book Value, 1 Yr. Growth %	-	-92.98	-70.66	-948.38
Common Equity, 1 Yr. Growth %	-	187.69	-2.69	9.84
Cash From Operations, 1 Yr. Growth %	-	151.12	-53.86	65.27
Capital Expenditures, 1 Yr. Growth %	-	7.53	200.9	-59.28
Levered Free Cash Flow, 1 Yr. Growth %	-	-	-79.29	213.09
Unlevered Free Cash Flow, 1 Yr. Growth %	-	-	-78.97	211.06
Dividend Per Share, 1 Yr. Growth %	-	-	8.79	-
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-	-	79.91	14.69
Gross Profit, 2 Yr. CAGR %	-	-	90.8	10.71
EBITDA, 2 Yr. CAGR %	-	-	80.04	14
EBITA, 2 Yr. CAGR %	-	-	81.87	13.94
EBIT, 2 Yr. CAGR %	-	-	84.66	16.37
Earnings From Cont. Operations, 2 Yr. CAGR %	-	-	94.26	25.35
Net Income, 2 Yr. CAGR %	-	-	94.28	25.46
Normalized Net Income, 2 Yr. CAGR %	-	-	123.08	24.64
Diluted EPS Before Extra, 2 Yr. CAGR %	-	-	-	-98.67
Accounts Receivable, 2 Yr. CAGR %	-	-	-34.55	19.35
Inventory, 2 Yr. CAGR %	-	-	39.04	66.16
Net Property, Plant and Equip., 2 Yr. CAGR %	-	-	8.5	33.51
Total Assets, 2 Yr. CAGR %	-	-	14.57	-4.73
Tangible Book Value, 2 Yr. CAGR %	-	-	-85.65	57.78
Common Equity, 2 Yr. CAGR %	-	-	67.32	3.39
Cash From Operations, 2 Yr. CAGR %	-	-	7.64	-12.68
Capital Expenditures, 2 Yr. CAGR %	-	-	79.88	10.69
Levered Free Cash Flow, 2 Yr. CAGR %	-	-	-	-19.47
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	-	-	-19.12
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-	-	-	53.08
Gross Profit, 3 Yr. CAGR %	-	-	-	55.52
EBITDA, 3 Yr. CAGR %	-	-	-	52.9
EBITA, 3 Yr. CAGR %	-	-	-	53.55
EBIT, 3 Yr. CAGR %	-	-	-	55.72
Earnings From Cont. Operations, 3 Yr. CAGR %	-	-	-	58.57
Net Income, 3 Yr. CAGR %	-	-	-	58.59
Normalized Net Income, 3 Yr. CAGR %	-	-	-	74.64
Accounts Receivable, 3 Yr. CAGR %	-	-	-	3.08
Inventory, 3 Yr. CAGR %	-	-	-	50.83
Net Property, Plant and Equip., 3 Yr. CAGR %	-	-	-	8.59
Total Assets, 3 Yr. CAGR %	-	-	-	11.01
Tangible Book Value, 3 Yr. CAGR %	-	-	-	-44.09
Common Equity, 3 Yr. CAGR %	-	-	-	45.42
Cash From Operations, 3 Yr. CAGR %	-	-	-	24.18
Capital Expenditures, 3 Yr. CAGR %	-	-	-	9.62