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Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

 

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Owners inject EUR 2 mln in Elefant.ro as the online retailer's losses widen

Moldovan businessman Ion Sturza and the investment funds Olif și Catalyst Romania, as shareholders, increased by RON 9.9 mln (sone EUR 2 mln) to RON 74.9 mln (EUR 15 mln) the capital of Elefant Online - which operates the online store Elefant.ro.

Millenium Gold Resources Limited, a vehicle of Sturza, converted into shares a RON 6 mln loan. The other two shareholders of the retailer, Olif and Catalyst Romania, participated with cash contributions of RON 2.91 mln and, respectively, RON 981,920, Profit.ro reported.

The online retailer, the second-largest in the country by the number of orders (after eMAG), according to Profit.ro, reported deeper losses in 2021.

Elefant Online, with RON 17.5 mln (EUR 3.5 mln) bonds listed on the BVB, maturing 2026, announced that its losses deepened to RON 16.7 mln (EUR 3.3 mln) in 2021, from RON 1.9 mln in 2020. Last year, the company's turnover edged down by 2.8% to RON 232.8 mln (EUR 46 mln), while the operating costs increased by 17.6% to RON 56.2 mln.

The consolidated financial statements have been prepared on a going concern basis, auditors explain, adding that the Group's ability to continue to operate depends on the company's ability to generate sufficient revenue and on the financial support of its shareholders. 

andrei@romania-insider.com

(Photo source: the company)

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Profile picture for user andreich
Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at andrei@romania-insider.com. 

 

 

The Capital Markets News section is powered by the Bucharest Stock Exchange 

 

BSE

 

 

Owners inject EUR 2 mln in Elefant.ro as the online retailer's losses widen

Moldovan businessman Ion Sturza and the investment funds Olif și Catalyst Romania, as shareholders, increased by RON 9.9 mln (sone EUR 2 mln) to RON 74.9 mln (EUR 15 mln) the capital of Elefant Online - which operates the online store Elefant.ro.

Millenium Gold Resources Limited, a vehicle of Sturza, converted into shares a RON 6 mln loan. The other two shareholders of the retailer, Olif and Catalyst Romania, participated with cash contributions of RON 2.91 mln and, respectively, RON 981,920, Profit.ro reported.

The online retailer, the second-largest in the country by the number of orders (after eMAG), according to Profit.ro, reported deeper losses in 2021.

Elefant Online, with RON 17.5 mln (EUR 3.5 mln) bonds listed on the BVB, maturing 2026, announced that its losses deepened to RON 16.7 mln (EUR 3.3 mln) in 2021, from RON 1.9 mln in 2020. Last year, the company's turnover edged down by 2.8% to RON 232.8 mln (EUR 46 mln), while the operating costs increased by 17.6% to RON 56.2 mln.

The consolidated financial statements have been prepared on a going concern basis, auditors explain, adding that the Group's ability to continue to operate depends on the company's ability to generate sufficient revenue and on the financial support of its shareholders. 

andrei@romania-insider.com

(Photo source: the company)

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