Cash flow Element

Equities

ELMT

RU000A102093

Electronic Equipment & Parts

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

20/01	Sberbank of Russia acquired an unknown minority stake in PJSC Element from Sistema Public Joint Stock Financial Corporation in a transaction valued at approximately RUB 24 billion.	CI
03/24/03	Certain Ordinary Shares of PJSC Element are subject to a Lock-Up Agreement Ending on 3-DEC-2024.	CI

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Published financial data: ELEMENT

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023
Revenues	2.33TCr	2.1TCr	2.44TCr	3.58TCr
Total Revenues	2.33TCr	2.1TCr	2.44TCr	3.58TCr
Cost of Goods Sold, Total	1.68TCr	1.57TCr	1.67TCr	2.29TCr
Gross Profit	657.9Cr	524Cr	775.9Cr	1.29TCr
Selling General & Admin Expenses, Total	295.2Cr	330.4Cr	334.4Cr	453.4Cr
Depreciation & Amortization - (IS)	233.3Cr	174.1Cr	173.3Cr	178.4Cr
Other Operating Expenses	-56Cr	-144.3Cr	-75Cr	-33Cr
Other Operating Expenses, Total	472.1Cr	360.2Cr	432.6Cr	598.7Cr
Operating Income	185.8Cr	163.8Cr	343.3Cr	688.9Cr
Interest Expense, Total	-100.2Cr	-108.2Cr	-159.3Cr	-153.2Cr
Interest And Investment Income	5.8Cr	5.9Cr	17Cr	50Cr
Net Interest Expenses	-94Cr	-102.3Cr	-142.2Cr	-103.1Cr
Currency Exchange Gains (Loss)	-16Cr	16Cr	10Cr	14Cr
Other Non Operating Income (Expenses)	-2.5Cr	-1.1Cr	-10L	-40L
EBT, Excl. Unusual Items	73Cr	77Cr	211.4Cr	599.8Cr
Gain (Loss) On Sale Of Assets	-2Cr	-8.6Cr	-	-90L
Legal Settlements	2.1Cr	-40L	-1Cr	-1Cr
EBT, Incl. Unusual Items	73Cr	68Cr	210.4Cr	597.9Cr
Income Tax Expense	54Cr	23Cr	-56Cr	67Cr
Earnings From Continuing Operations	19Cr	45Cr	266.1Cr	530.6Cr
Net Income to Company	19Cr	45Cr	266.1Cr	530.6Cr
Minority Interest	-64Cr	-20Cr	-54Cr	-97Cr
Net Income - (IS)	-45Cr	25Cr	211.9Cr	433.7Cr
Net Income to Common Incl Extra Items	-45Cr	25Cr	211.9Cr	433.7Cr
Net Income to Common Excl. Extra Items	-45Cr	25Cr	211.9Cr	433.7Cr
Per Share Items
Net EPS - Basic	-	-	0.01	0.01
Basic EPS - Continuing Operations	-	-	0.01	0.01
Basic Weighted Average Shares Outstanding	-	-	40TCr	39TCr
Net EPS - Diluted	-	-	0.01	0.01
Diluted EPS - Continuing Operations	-	-	0.01	0.01
Diluted Weighted Average Shares Outstanding	-	-	40TCr	39TCr
Normalized Basic EPS	-	-	0	0.01
Normalized Diluted EPS	-	-	0	0.01
Dividend Per Share	-	-	-	0
Payout Ratio	-	131.33	-	8.25
Supplemental Items
EBITDA	376.7Cr	304.9Cr	498.6Cr	863.5Cr
EBITA	218.7Cr	197.2Cr	388Cr	718.3Cr
EBIT	185.8Cr	163.8Cr	343.3Cr	688.9Cr
EBITDAR	380.5Cr	310.8Cr	505Cr	873.6Cr
Effective Tax Rate - (Ratio)	73.59	34.17	-26.47	11.26
Total Current Taxes	51Cr	25Cr	11Cr	48Cr
Total Deferred Taxes	2.8Cr	-1.4Cr	-67Cr	19Cr
Normalized Net Income	-19Cr	28Cr	78Cr	277.98Cr
Interest on Long-Term Debt	23Cr	23Cr	19Cr	6.5Cr
Supplemental Operating Expense Items
Marketing Expenses	3.4Cr	7.8Cr	7.9Cr	7.1Cr
Selling and Marketing Expenses	3.4Cr	7.8Cr	7.9Cr	7.1Cr
Research And Development Expense From Footnotes	4Cr	3.5Cr	5Cr	2Cr
Net Rental Expense, Total	3.8Cr	5.9Cr	6.4Cr	10Cr
Imputed Operating Lease Interest Expense	-	4.03Cr	5.18Cr	6.52Cr
Imputed Operating Lease Depreciation	-	1.87Cr	1.22Cr	3.58Cr

Fiscal Period: December	2020	2021	2022	2023
Assets
Cash And Equivalents	182.5Cr	198.6Cr	388Cr	449.1Cr
Total Cash And Short Term Investments	182.5Cr	198.6Cr	388Cr	449.1Cr
Accounts Receivable, Total	548Cr	448.9Cr	712.5Cr	371.6Cr
Other Receivables	25Cr	35Cr	54Cr	49Cr
Notes Receivable	3.1Cr	80L	10L	-
Total Receivables	575.7Cr	485.1Cr	766.9Cr	420.8Cr
Inventory	926.6Cr	974.5Cr	1.23TCr	1.8TCr
Prepaid Expenses	86Cr	114.2Cr	12Cr	23Cr
Restricted Cash	217Cr	246.2Cr	2.13TCr	2.85TCr
Other Current Assets, Total	27Cr	64Cr	540.2Cr	720.5Cr
Total Current Assets	2.01TCr	2.08TCr	5.07TCr	6.26TCr
Net Property Plant And Equipment	1.66TCr	1.64TCr	1.66TCr	1.98TCr
Long-term Investments	7.7Cr	7.9Cr	6.4Cr	-
Other Intangibles, Total	195.8Cr	308.3Cr	335.3Cr	311.6Cr
Loans Receivable Long-Term	-	1.1Cr	1Cr	-
Deferred Tax Assets Long-Term	86Cr	88Cr	98Cr	70Cr
Deferred Charges Long-Term	18Cr	67Cr	155.4Cr	399.9Cr
Other Long-Term Assets, Total	40Cr	42Cr	26Cr	237.5Cr
Total Assets	4.03TCr	4.24TCr	7.35TCr	9.26TCr
Liabilities
Accounts Payable, Total	301.7Cr	252.7Cr	317.6Cr	297.8Cr
Accrued Expenses, Total	173.2Cr	200.1Cr	375.5Cr	377.9Cr
Short-term Borrowings	92Cr	117.6Cr	1.08TCr	138.1Cr
Current Portion of Long-Term Debt	80Cr	136.6Cr	50L	38Cr
Current Portion of Leases	60Cr	45Cr	27Cr	12Cr
Current Income Taxes Payable	26Cr	3.9Cr	3.1Cr	5.1Cr
Unearned Revenue Current, Total	61Cr	108.5Cr	923.4Cr	1.56TCr
Other Current Liabilities	112.6Cr	278.9Cr	926.3Cr	80Cr
Total Current Liabilities	906.4Cr	1.14TCr	3.66TCr	2.51TCr
Long-Term Debt	833.4Cr	798.5Cr	595.4Cr	1.71TCr
Long-Term Leases	193.1Cr	179.4Cr	164Cr	35Cr
Unearned Revenue Non Current	42Cr	100.3Cr	688.9Cr	2.46TCr
Deferred Tax Liability Non Current	74Cr	75Cr	18Cr	15Cr
Other Non Current Liabilities	24Cr	30Cr	96Cr	21Cr
Total Liabilities	2.07TCr	2.33TCr	5.22TCr	6.75TCr
Common Stock, Total	2.01TCr	2.01TCr	2.01TCr	2.01TCr
Retained Earnings	-270Cr	-271Cr	-60Cr	272.7Cr
Treasury Stock	-10Cr	-20Cr	-45Cr	-60Cr
Comprehensive Income and Other	-5.5Cr	-6.2Cr	-7.5Cr	-12Cr
Total Common Equity	1.73TCr	1.72TCr	1.9TCr	2.21TCr
Minority Interest	224.6Cr	194.7Cr	227.1Cr	295.3Cr
Total Equity	1.95TCr	1.91TCr	2.13TCr	2.51TCr
Total Liabilities And Equity	4.03TCr	4.24TCr	7.35TCr	9.26TCr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	-	-	40TCr	39TCr
ECS Total Common Shares Outstanding	-	-	40TCr	39TCr
Book Value / Share	-	-	0.05	0.06
Tangible Book Value	1.53TCr	1.41TCr	1.56TCr	1.9TCr
Tangible Book Value Per Share	-	-	0.04	0.05
Total Debt	1.26TCr	1.28TCr	1.87TCr	1.93TCr
Net Debt	1.08TCr	1.08TCr	1.48TCr	1.48TCr
Debt Equivalent Oper. Leases	30Cr	47Cr	51Cr	81Cr
Minority Interest, Total (Incl. Fin. Div)	224.6Cr	194.7Cr	227.1Cr	295.3Cr
Account Code - Inventory Valuation	-	6	6	6
Inventories - Raw Materials, Total	194.6Cr	175.9Cr	363.4Cr	549.4Cr
Inventories - Work In Process, Total	560.8Cr	672Cr	740.6Cr	1.04TCr
Inventories - Finished Goods, Total	190.8Cr	148.5Cr	153.5Cr	271.2Cr
Accumulated Allowance for Doubtful Accounts (Supple)	14Cr	11Cr	11Cr	20Cr

Fiscal Period: December	2020	2021	2022	2023
Net Income	-45Cr	25Cr	211.9Cr	433.7Cr
Depreciation & Amortization - CF	197.2Cr	137.4Cr	130.9Cr	156.9Cr
Amortization of Goodwill and Intangible Assets - (CF)	33Cr	33Cr	45Cr	29Cr
Depreciation & Amortization, Total	230.1Cr	170.8Cr	175.6Cr	186.3Cr
Amortization of Deferred Charges, Total - (CF)	3.2Cr	3.3Cr	3.8Cr	2.7Cr
(Gain) Loss From Sale Of Asset	-	-86Cr	50L	-28Cr
Asset Writedown & Restructuring Costs	-	-	9.4Cr	-
Provision and Write-off of Bad Debts	-12Cr	-4.8Cr	-1.4Cr	13Cr
Other Operating Activities, Total	135.2Cr	-38Cr	-52Cr	-13Cr
Change In Accounts Receivable	135.4Cr	75Cr	-639.1Cr	197.8Cr
Change In Inventories	-140.5Cr	-90Cr	-256.9Cr	-564.3Cr
Change In Accounts Payable	-326Cr	261.2Cr	1.74TCr	998.3Cr
Change in Other Net Operating Assets	-2.9Cr	70L	1Cr	1Cr
Cash from Operations	-22Cr	316.7Cr	1.19TCr	1.23TCr
Capital Expenditure	-117.3Cr	-177.6Cr	-135.2Cr	-824.5Cr
Sale of Property, Plant, and Equipment	11Cr	4.5Cr	20Cr	6Cr
Sale (Purchase) of Intangible assets	-92Cr	-58Cr	-177.9Cr	-351.7Cr
Investment in Marketable and Equity Securities, Total	-	-30L	-	-
Net (Increase) Decrease in Loans Originated / Sold - Investing	20L	-30L	10L	10L
Other Investing Activities, Total	38Cr	110.7Cr	527.4Cr	667.4Cr
Cash from Investing	-160.2Cr	-121.4Cr	234.6Cr	-502.7Cr
Long-Term Debt Issued, Total	234.7Cr	244.5Cr	1.11TCr	1.18TCr
Total Debt Issued	234.7Cr	244.5Cr	1.11TCr	1.18TCr
Long-Term Debt Repaid, Total	-164.6Cr	-311.8Cr	-440.1Cr	-1.04TCr
Total Debt Repaid	-164.6Cr	-311.8Cr	-440.1Cr	-1.04TCr
Issuance of Common Stock	7Cr	-	-	15Cr
Repurchase of Common Stock	-22Cr	-10Cr	-15Cr	-15Cr
Common Dividends Paid	-	-33Cr	-	-36Cr
Common & Preferred Stock Dividends Paid	-	-33Cr	-	-36Cr
Other Financing Activities, Total	-28Cr	-39Cr	-9.4Cr	-43Cr
Cash from Financing	27Cr	-149.4Cr	648.8Cr	60Cr
Foreign Exchange Rate Adjustments	-6Cr	-60L	-5.1Cr	-5.5Cr
Net Change in Cash	-161.4Cr	45Cr	2.07TCr	779.2Cr
Supplemental Items
Cash Interest Paid	42Cr	70Cr	35Cr	169.2Cr
Cash Income Tax Paid (Refund)	30Cr	46Cr	34Cr	33Cr
Levered Free Cash Flow	-	91Cr	-1.11TCr	-2.01TCr
Unlevered Free Cash Flow	-	158.48Cr	-1.01TCr	-1.91TCr
Change In Net Working Capital	-	-118Cr	1.09TCr	1.35TCr
Net Debt Issued / Repaid	70Cr	-67Cr	673.4Cr	138.6Cr

Fiscal Period: December	2020	2021	2022	2023
Profitability
Return on Assets	-	2.48	3.7	5.19
Return on Total Capital	-	3.2	5.97	10.21
Return On Equity %	-	2.31	13.18	22.89
Return on Common Equity	-	1.45	11.72	21.08
Margin Analysis
Gross Profit Margin %	28.19	24.97	31.77	35.99
SG&A Margin	12.65	15.75	13.69	12.67
EBITDA Margin %	16.14	14.53	20.41	24.14
EBITA Margin %	9.37	9.4	15.89	20.08
EBIT Margin %	7.96	7.81	14.06	19.26
Income From Continuing Operations Margin %	0.82	2.13	10.89	14.83
Net Income Margin %	-1.93	1.19	8.68	12.12
Net Avail. For Common Margin %	-1.93	1.19	8.68	12.12
Normalized Net Income Margin	-0.81	1.35	3.19	7.77
Levered Free Cash Flow Margin	-	4.33	-45.47	-56.1
Unlevered Free Cash Flow Margin	-	7.55	-41.39	-53.42
Asset Turnover
Asset Turnover	-	0.51	0.42	0.43
Fixed Assets Turnover	-	1.27	1.48	1.97
Receivables Turnover (Average Receivables)	-	4.21	4.21	6.6
Inventory Turnover (Average Inventory)	-	1.66	1.51	1.51
Short Term Liquidity
Current Ratio	2.22	1.82	1.39	2.49
Quick Ratio	0.83	0.6	0.32	0.35
Operating Cash Flow to Current Liabilities	-0.02	0.28	0.33	0.49
Days Sales Outstanding (Average Receivables)	-	86.7	86.78	55.31
Days Outstanding Inventory (Average Inventory)	-	220.37	241.46	241.71
Average Days Payable Outstanding	-	62.37	54.13	39.25
Cash Conversion Cycle (Average Days)	-	244.7	274.1	257.77
Long Term Solvency
Total Debt/Equity	64.46	66.86	87.89	76.89
Total Debt / Total Capital	39.2	40.07	46.78	43.47
LT Debt/Equity	52.58	51.18	35.7	69.42
Long-Term Debt / Total Capital	31.97	30.67	19	39.25
Total Liabilities / Total Assets	51.5	54.91	71.04	72.89
EBIT / Interest Expense	1.85	1.51	2.16	4.5
EBITDA / Interest Expense	4.15	3.09	3.26	5.71
(EBITDA - Capex) / Interest Expense	2.98	1.45	2.41	0.33
Total Debt / EBITDA	3.03	3.82	3.6	2.2
Net Debt / EBITDA	2.59	3.22	2.86	1.69
Total Debt / (EBITDA - Capex)	4.21	8.14	4.87	38.06
Net Debt / (EBITDA - Capex)	3.6	6.87	3.86	29.2
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-	-10.07	16.4	46.46
Gross Profit, 1 Yr. Growth %	-	-20.35	48.07	65.95
EBITDA, 1 Yr. Growth %	-	-19.06	63.53	73.18
EBITA, 1 Yr. Growth %	-	-9.83	96.75	85.13
EBIT, 1 Yr. Growth %	-	-11.84	109.58	100.67
Earnings From Cont. Operations, 1 Yr. Growth %	-	132.81	495.3	99.4
Net Income, 1 Yr. Growth %	-	-155.21	751	104.67
Normalized Net Income, 1 Yr. Growth %	-	-249.34	175.72	256.72
Diluted EPS Before Extra, 1 Yr. Growth %	-	-	-	106.08
Accounts Receivable, 1 Yr. Growth %	-	-18.08	58.72	-47.85
Inventory, 1 Yr. Growth %	-	5.17	26.27	46.45
Net Property, Plant and Equip., 1 Yr. Growth %	-	-1.4	1.11	19.16
Total Assets, 1 Yr. Growth %	-	5.26	73.34	26.02
Tangible Book Value, 1 Yr. Growth %	-	-8.11	11.17	21.57
Common Equity, 1 Yr. Growth %	-	-0.68	10.74	16.52
Cash From Operations, 1 Yr. Growth %	-	-1.51T	276.54	2.91
Capital Expenditures, 1 Yr. Growth %	-	51.41	-23.87	509.84
Levered Free Cash Flow, 1 Yr. Growth %	-	-	-1.32T	80.7
Unlevered Free Cash Flow, 1 Yr. Growth %	-	-	-737.92	89.03
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-	-	2.31	30.57
Gross Profit, 2 Yr. CAGR %	-	-	8.6	56.76
EBITDA, 2 Yr. CAGR %	-	-	15.05	68.29
EBITA, 2 Yr. CAGR %	-	-	33.2	90.85
EBIT, 2 Yr. CAGR %	-	-	35.93	105.08
Earnings From Cont. Operations, 2 Yr. CAGR %	-	-	272.28	244.53
Net Income, 2 Yr. CAGR %	-	-	116.76	317.34
Normalized Net Income, 2 Yr. CAGR %	-	-	102.92	213.62
Accounts Receivable, 2 Yr. CAGR %	-	-	14.03	-9.02
Inventory, 2 Yr. CAGR %	-	-	15.24	35.99
Net Property, Plant and Equip., 2 Yr. CAGR %	-	-	-0.15	9.76
Total Assets, 2 Yr. CAGR %	-	-	35.08	47.8
Tangible Book Value, 2 Yr. CAGR %	-	-	1.07	16.26
Common Equity, 2 Yr. CAGR %	-	-	4.88	13.59
Cash From Operations, 2 Yr. CAGR %	-	-	629.63	96.85
Capital Expenditures, 2 Yr. CAGR %	-	-	7.36	115.46
Levered Free Cash Flow, 2 Yr. CAGR %	-	-	-	369.98
Unlevered Free Cash Flow, 2 Yr. CAGR %	-	-	-	247.25
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-	-	-	15.31
Gross Profit, 3 Yr. CAGR %	-	-	-	25.09
EBITDA, 3 Yr. CAGR %	-	-	-	31.85
EBITA, 3 Yr. CAGR %	-	-	-	48.65
EBIT, 3 Yr. CAGR %	-	-	-	54.78
Earnings From Cont. Operations, 3 Yr. CAGR %	-	-	-	202.34
Net Income, 3 Yr. CAGR %	-	-	-	112.65
Normalized Net Income, 3 Yr. CAGR %	-	-	-	144.9
Accounts Receivable, 3 Yr. CAGR %	-	-	-	-12.15
Inventory, 3 Yr. CAGR %	-	-	-	24.82
Net Property, Plant and Equip., 3 Yr. CAGR %	-	-	-	5.91
Total Assets, 3 Yr. CAGR %	-	-	-	31.99
Tangible Book Value, 3 Yr. CAGR %	-	-	-	7.49
Common Equity, 3 Yr. CAGR %	-	-	-	8.62
Cash From Operations, 3 Yr. CAGR %	-	-	-	279.8
Capital Expenditures, 3 Yr. CAGR %	-	-	-	91.56