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	-.--%		-.--%	-

Jan. 20	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
24-12-02	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	23.33B	20.98B	24.42B	35.77B
Total Revenues	23.33B	20.98B	24.42B	35.77B
Cost of Goods Sold, Total	16.76B	15.74B	16.67B	22.9B
Gross Profit	6.58B	5.24B	7.76B	12.88B
Selling General & Admin Expenses, Total	2.95B	3.3B	3.34B	4.53B
Depreciation & Amortization - (IS)	2.33B	1.74B	1.73B	1.78B
Other Operating Expenses	-564M	-1.44B	-751M	-331M
Other Operating Expenses, Total	4.72B	3.6B	4.33B	5.99B
Operating Income	1.86B	1.64B	3.43B	6.89B
Interest Expense, Total	-1B	-1.08B	-1.59B	-1.53B
Interest And Investment Income	58M	59M	171M	501M
Net Interest Expenses	-944M	-1.02B	-1.42B	-1.03B
Currency Exchange Gains (Loss)	-163M	165M	104M	144M
Other Non Operating Income (Expenses)	-25M	-11M	-1M	-4M
EBT, Excl. Unusual Items	726M	769M	2.11B	6B
Gain (Loss) On Sale Of Assets	-20M	-86M	-	-9M
Legal Settlements	21M	-4M	-10M	-10M
EBT, Incl. Unusual Items	727M	679M	2.1B	5.98B
Income Tax Expense	535M	232M	-557M	673M
Earnings From Continuing Operations	192M	447M	2.66B	5.31B
Net Income to Company	192M	447M	2.66B	5.31B
Minority Interest	-643M	-198M	-542M	-969M
Net Income - (IS)	-451M	249M	2.12B	4.34B
Net Income to Common Incl Extra Items	-451M	249M	2.12B	4.34B
Net Income to Common Excl. Extra Items	-451M	249M	2.12B	4.34B
Per Share Items
Net EPS - Basic	-	-	0.01	0.01
Basic EPS - Continuing Operations	-	-	0.01	0.01
Basic Weighted Average Shares Outstanding	-	-	395B	392B
Net EPS - Diluted	-	-	0.01	0.01
Diluted EPS - Continuing Operations	-	-	0.01	0.01
Diluted Weighted Average Shares Outstanding	-	-	395B	392B
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	3.77B	3.05B	4.99B	8.64B
EBITA	2.19B	1.97B	3.88B	7.18B
EBIT	1.86B	1.64B	3.43B	6.89B
EBITDAR	3.8B	3.11B	5.05B	8.74B
Effective Tax Rate - (Ratio)	73.59	34.17	-26.47	11.26
Total Current Taxes	507M	246M	112M	482M
Total Deferred Taxes	28M	-14M	-669M	191M
Normalized Net Income	-189M	283M	779M	2.78B
Interest on Long-Term Debt	230M	232M	191M	65M
Supplemental Operating Expense Items
Marketing Expenses	34M	78M	79M	71M
Selling and Marketing Expenses	34M	78M	79M	71M
Research And Development Expense From Footnotes	40M	35M	50M	20M
Net Rental Expense, Total	38M	59M	64M	101M
Imputed Operating Lease Interest Expense	-	40.28M	51.83M	65.16M
Imputed Operating Lease Depreciation	-	18.72M	12.17M	35.84M

Fiscal Period: December	2020	2021	2022	2023
Assets
Cash And Equivalents	1.82B	1.99B	3.88B	4.49B
Total Cash And Short Term Investments	1.82B	1.99B	3.88B	4.49B
Accounts Receivable, Total	5.48B	4.49B	7.12B	3.72B
Other Receivables	246M	354M	543M	492M
Notes Receivable	31M	8M	1M	-
Total Receivables	5.76B	4.85B	7.67B	4.21B
Inventory	9.27B	9.74B	12.3B	18.02B
Prepaid Expenses	861M	1.14B	123M	226M
Restricted Cash	2.17B	2.46B	21.28B	28.46B
Other Current Assets, Total	268M	639M	5.4B	7.2B
Total Current Assets	20.15B	20.82B	50.66B	62.61B
Net Property Plant And Equipment	16.64B	16.41B	16.59B	19.77B
Long-term Investments	77M	79M	64M	-
Other Intangibles, Total	1.96B	3.08B	3.35B	3.12B
Loans Receivable Long-Term	-	11M	10M	-
Deferred Tax Assets Long-Term	863M	881M	976M	704M
Deferred Charges Long-Term	175M	666M	1.55B	4B
Other Long-Term Assets, Total	398M	425M	255M	2.38B
Total Assets	40.26B	42.38B	73.46B	92.57B
Liabilities
Accounts Payable, Total	3.02B	2.53B	3.18B	2.98B
Accrued Expenses, Total	1.73B	2B	3.76B	3.78B
Short-term Borrowings	923M	1.18B	10.83B	1.38B
Current Portion of Long-Term Debt	797M	1.37B	5M	376M
Current Portion of Leases	600M	454M	271M	116M
Current Income Taxes Payable	255M	39M	31M	51M
Unearned Revenue Current, Total	614M	1.08B	9.23B	15.65B
Other Current Liabilities	1.13B	2.79B	9.26B	800M
Total Current Liabilities	9.06B	11.44B	36.56B	25.13B
Long-Term Debt	8.33B	7.98B	5.95B	17.07B
Long-Term Leases	1.93B	1.79B	1.64B	351M
Unearned Revenue Non Current	424M	1B	6.89B	24.56B
Deferred Tax Liability Non Current	744M	746M	181M	153M
Other Non Current Liabilities	237M	304M	955M	209M
Total Liabilities	20.73B	23.27B	52.18B	67.47B
Common Stock, Total	20.13B	20.13B	20.13B	20.13B
Retained Earnings	-2.7B	-2.71B	-604M	2.73B
Treasury Stock	-100M	-200M	-450M	-600M
Comprehensive Income and Other	-55M	-62M	-75M	-117M
Total Common Equity	17.28B	17.16B	19B	22.14B
Minority Interest	2.25B	1.95B	2.27B	2.95B
Total Equity	19.52B	19.11B	21.27B	25.1B
Total Liabilities And Equity	40.26B	42.38B	73.46B	92.57B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	-	-	395B	391B
ECS Total Common Shares Outstanding	-	-	395B	391B
Book Value / Share	-	-	0.05	0.06
Tangible Book Value	15.32B	14.08B	15.65B	19.03B
Tangible Book Value Per Share	-	-	0.04	0.05
Total Debt	12.58B	12.78B	18.7B	19.3B
Net Debt	10.76B	10.79B	14.82B	14.8B
Debt Equivalent Oper. Leases	304M	472M	512M	808M
Minority Interest, Total (Incl. Fin. Div)	2.25B	1.95B	2.27B	2.95B
Account Code - Inventory Valuation	-	6	6	6
Inventories - Raw Materials, Total	1.95B	1.76B	3.63B	5.49B
Inventories - Work In Process, Total	5.61B	6.72B	7.41B	10.43B
Inventories - Finished Goods, Total	1.91B	1.48B	1.54B	2.71B
Accumulated Allowance for Doubtful Accounts (Supple)	140M	114M	110M	195M

Fiscal Period: December	2020	2021	2022	2023
Net Income	-451M	249M	2.12B	4.34B
Depreciation & Amortization - CF	1.97B	1.37B	1.31B	1.57B
Amortization of Goodwill and Intangible Assets - (CF)	329M	334M	447M	294M
Depreciation & Amortization, Total	2.3B	1.71B	1.76B	1.86B
Amortization of Deferred Charges, Total - (CF)	32M	33M	38M	27M
(Gain) Loss From Sale Of Asset	-	-862M	5M	-283M
Asset Writedown & Restructuring Costs	-	-	94M	-
Provision and Write-off of Bad Debts	-118M	-48M	-14M	131M
Other Operating Activities, Total	1.35B	-385M	-518M	-131M
Change In Accounts Receivable	1.35B	753M	-6.39B	1.98B
Change In Inventories	-1.4B	-900M	-2.57B	-5.64B
Change In Accounts Payable	-3.26B	2.61B	17.4B	9.98B
Change in Other Net Operating Assets	-29M	7M	10M	10M
Cash from Operations	-224M	3.17B	11.92B	12.27B
Capital Expenditure	-1.17B	-1.78B	-1.35B	-8.24B
Sale of Property, Plant, and Equipment	107M	45M	202M	60M
Sale (Purchase) of Intangible assets	-916M	-584M	-1.78B	-3.52B
Investment in Marketable and Equity Securities, Total	-	-3M	-	-
Net (Increase) Decrease in Loans Originated / Sold - Investing	2M	-3M	1M	1M
Other Investing Activities, Total	378M	1.11B	5.27B	6.67B
Cash from Investing	-1.6B	-1.21B	2.35B	-5.03B
Long-Term Debt Issued, Total	2.35B	2.44B	11.14B	11.78B
Total Debt Issued	2.35B	2.44B	11.14B	11.78B
Long-Term Debt Repaid, Total	-1.65B	-3.12B	-4.4B	-10.4B
Total Debt Repaid	-1.65B	-3.12B	-4.4B	-10.4B
Issuance of Common Stock	70M	-	-	150M
Repurchase of Common Stock	-222M	-100M	-152M	-150M
Common Dividends Paid	-	-327M	-	-358M
Common & Preferred Stock Dividends Paid	-	-327M	-	-358M
Other Financing Activities, Total	-277M	-394M	-94M	-426M
Cash from Financing	272M	-1.49B	6.49B	602M
Foreign Exchange Rate Adjustments	-60M	-6M	-51M	-55M
Net Change in Cash	-1.61B	453M	20.71B	7.79B
Supplemental Items
Cash Interest Paid	415M	705M	346M	1.69B
Cash Income Tax Paid (Refund)	302M	457M	341M	334M
Levered Free Cash Flow	-	908M	-11.1B	-20.07B
Unlevered Free Cash Flow	-	1.58B	-10.11B	-19.11B
Change In Net Working Capital	-	-1.18B	10.92B	13.54B
Net Debt Issued / Repaid	701M	-673M	6.73B	1.39B

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 %	-	-1.51K	276.54	2.91
Capital Expenditures, 1 Yr. Growth %	-	51.41	-23.87	509.84
Levered Free Cash Flow, 1 Yr. Growth %	-	-	-1.32K	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