Bonds of Romanian online retailer Elefant plunge at Bucharest Exchange on weak results
The bonds of Elefant Online (BVB: ELF26), listed on the Bucharest Stock Exchange (BVB) at the beginning of February and maturing in November 2026, fell by around 15% on October 3, after the group reported H1 2022 losses of RON 12.4 mln, more than double compared to RON 4.6 mln losses in H1 2021, Ziarul Financiar reported.
It is the second online retailer at BVB, after Vivre, which sees its bonds plunging amid poor financial performances.
Its turnover shrunk by 11% YoY to RON 95.3 mln. Thus, the bonds issued by the company, which bear a fixed interest rate of 9%, are traded at 77.4% of the nominal value, in the context of a 22.5% decrease since the beginning of this year, on transactions of RON 2.1 mln.
This is Elefant Online's second bond issue listed on the Romanian stock exchange.
The financial results came against the background of the decrease in the purchasing power of customers and the change in consumer preferences, from online to physical bookstores, according to the financial report.
(Photo source: the company)