Cash flow B2B-RTS

Stocks

BTBR

RU000A104U43

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

08-23

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	2.22B	6.04B	7.17B	7.95B
Total Revenues	2.22B	6.04B	7.17B	7.95B
Cost of Goods Sold, Total	1.13B	2.72B	3.23B	3.88B
Gross Profit	1.08B	3.32B	3.94B	4.07B
Selling General & Admin Expenses, Total	72.69M	371M	457M	492M
Provision for Bad Debts	10.3M	-3.08M	70.3M	-148M
Amortization of Goodwill and Intangible Assets - (IS)	148M	420M	373M	383M
Other Operating Expenses	5.86M	176M	156M	151M
Other Operating Expenses, Total	237M	964M	1.06B	878M
Operating Income	845M	2.36B	2.88B	3.19B
Interest Expense, Total	-42.85M	-24.69M	-23.74M	-49.19M
Interest And Investment Income	45.35M	576M	1.36B	1.38B
Net Interest Expenses	2.5M	552M	1.33B	1.33B
Income (Loss) On Equity Invest.	-	8M	-	-
Currency Exchange Gains (Loss)	2.3M	5.78M	13.89M	3.31M
EBT, Excl. Unusual Items	850M	2.92B	4.23B	4.53B
Gain (Loss) On Sale Of Investments	-18.58M	19.99M	-26.03M	45.85M
Gain (Loss) On Sale Of Assets	300M	4.7M	-	-
Asset Writedown	-	-65.12M	-9.83M	-3.09M
EBT, Incl. Unusual Items	1.13B	2.88B	4.19B	4.57B
Income Tax Expense	201M	521M	685M	862M
Earnings From Continuing Operations	930M	2.36B	3.51B	3.71B
Net Income to Company	930M	2.36B	3.51B	3.71B
Minority Interest	1.23M	-443K	5.44M	6.09M
Net Income - (IS)	931M	2.36B	3.52B	3.71B
Net Income to Common Incl Extra Items	931M	2.36B	3.52B	3.71B
Net Income to Common Excl. Extra Items	931M	2.36B	3.52B	3.71B
Per Share Items
Net EPS - Basic	-	118K	176K	20.99
Basic EPS - Continuing Operations	-	118K	176K	20.99
Basic Weighted Average Shares Outstanding	-	20K	20K	177M
Net EPS - Diluted	-	118K	176K	20.99
Diluted EPS - Continuing Operations	-	118K	176K	20.99
Diluted Weighted Average Shares Outstanding	-	20K	20K	177M
Normalized Basic EPS	-	91.28K	132K	16.02
Normalized Diluted EPS	-	91.28K	132K	16.02
Dividend Per Share	-	138K	150K	-
Payout Ratio	-	4.32	102.64	88.47
Supplemental Items
EBITDA	968M	2.66B	3.14B	3.46B
EBITA	944M	2.63B	3.12B	3.42B
EBIT	845M	2.36B	2.88B	3.19B
EBITDAR	983M	2.69B	3.17B	3.49B
Effective Tax Rate - (Ratio)	17.79	18.08	16.33	18.87
Total Current Taxes	218M	528M	681M	914M
Total Deferred Taxes	-16.59M	-7.25M	4.22M	-51.3M
Normalized Net Income	532M	1.83B	2.65B	2.84B
Interest on Long-Term Debt	8.42M	24.69M	23.74M	49.19M
Supplemental Operating Expense Items
Advertising Expense	21.84M	52.77M	65.93M	91.28M
Selling and Marketing Expenses	21.84M	52.77M	65.93M	91.28M
Net Rental Expense, Total	14.96M	27.1M	32.71M	30.1M
Imputed Operating Lease Interest Expense	-	21.52M	26.54M	40.76M
Imputed Operating Lease Depreciation	-	5.58M	6.17M	-10.66M
Maintenance & Repair Expenses, Total	2.92M	7.49M	5.68M	7.15M

Fiscal Period: December	2022 (RUB)	2023 (RUB)	2024 (RUB)	2025 (RUB)
Assets
Cash And Equivalents	3.18B	7.52B	5.56B	1.93B
Short Term Investments	-	-	225M	225M
Trading Asset Securities, Total	428M	510M	1.07B	5.26B
Total Cash And Short Term Investments	3.61B	8.03B	6.85B	7.42B
Accounts Receivable, Total	80.3M	61.74M	34.4M	87.95M
Other Receivables	34.98M	31.97M	64.28M	46.31M
Notes Receivable	19.53M	98.06M	2.1M	2.96M
Total Receivables	135M	192M	101M	137M
Inventory	3.34M	4.15M	6.46M	11.46M
Other Current Assets, Total	109M	256M	38.55M	35.23M
Total Current Assets	3.86B	8.48B	6.99B	7.6B
Gross Property Plant And Equipment	-	-	-	571M
Accumulated Depreciation	-	-	-	-100M
Net Property Plant And Equipment	368M	264M	433M	471M
Long-term Investments	7M	38M	-	-
Goodwill	2.63B	2.63B	2.63B	2.63B
Other Intangibles, Total	1.35B	1.03B	799M	589M
Loans Receivable Long-Term	40.44M	-	-	-
Deferred Tax Assets Long-Term	-	-	-	21.4M
Other Long-Term Assets, Total	17.5M	17.5M	-	-
Total Assets	8.27B	12.46B	10.85B	11.31B
Liabilities
Accounts Payable, Total	173M	205M	223M	206M
Accrued Expenses, Total	609M	521M	543M	557M
Current Portion of Leases	103M	107M	97.44M	78.88M
Current Income Taxes Payable	47.5M	70.44M	68.28M	131M
Unearned Revenue Current, Total	301M	331M	505M	549M
Other Current Liabilities	5.61B	7.65B	5.86B	5.87B
Total Current Liabilities	6.84B	8.89B	7.3B	7.39B
Long-Term Leases	195M	93.24M	171M	234M
Deferred Tax Liability Non Current	32.94M	25.69M	29.91M	-
Total Liabilities	7.07B	9B	7.5B	7.63B
Common Stock, Total	20K	20K	20K	1.77M
Additional Paid In Capital	-	-	-	6.42M
Retained Earnings	1.2B	3.46B	3.37B	3.69B
Total Common Equity	1.2B	3.46B	3.37B	3.7B
Minority Interest	-7.48M	-7.03M	-12.48M	-18.56M
Total Equity	1.2B	3.45B	3.36B	3.68B
Total Liabilities And Equity	8.27B	12.46B	10.85B	11.31B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	-	20K	20K	177M
ECS Total Common Shares Outstanding	-	20K	20K	177M
Book Value / Share	-	173K	168K	20.9
Tangible Book Value	-2.77B	-195M	-57.11M	485M
Tangible Book Value Per Share	-	-9.73K	-2.86K	2.74
Total Debt	297M	200M	268M	313M
Net Debt	-3.31B	-7.83B	-6.58B	-7.1B
Debt Equivalent Oper. Leases	120M	217M	262M	241M
Minority Interest, Total (Incl. Fin. Div)	-7.48M	-7.03M	-12.48M	-18.56M
Equity Method Investments, Total	7M	38M	-	-
Account Code - Inventory Valuation	-	3	3	3
Machinery, Total	-	-	-	280M
Accumulated Allowance for Doubtful Accounts (Supple)	65.71M	55.16M	119M	65.45M

Fiscal Period: December	2022 (RUB)	2023 (RUB)	2024 (RUB)	2025 (RUB)
Net Income	931M	2.36B	3.52B	3.71B
Depreciation & Amortization - CF	49.25M	145M	133M	158M
Amortization of Goodwill and Intangible Assets - (CF)	98.66M	276M	240M	226M
Depreciation & Amortization, Total	148M	420M	373M	383M
(Gain) Loss From Sale Of Asset	-301M	-4.7M	-3.5M	-
(Gain) Loss on Sale of Investments - (CF)	18.58M	-19.99M	26.03M	-45.85M
Asset Writedown & Restructuring Costs	-	65.12M	9.83M	3.09M
(Income) Loss On Equity Investments - (CF)	-	-8M	-	-
Provision and Write-off of Bad Debts	10.3M	-3.08M	70.3M	-148M
Other Operating Activities, Total	42.22M	-74.98M	-104M	-331M
Change In Inventories	1.44M	-811K	-2.31M	-5M
Change in Other Net Operating Assets	1.06B	2.05B	-1.68B	77.81M
Cash from Operations	1.91B	4.79B	2.21B	3.65B
Capital Expenditure	-33.51M	-36.03M	-108M	-44.14M
Cash Acquisitions	-288M	-	-	27.46M
Divestitures	128M	30M	-	-
Sale (Purchase) of Intangible assets	-202K	-20.49M	-19.24M	-11.5M
Investment in Marketable and Equity Securities, Total	-	-218M	-500M	-4.19B
Net (Increase) Decrease in Loans Originated / Sold - Investing	2.09M	-38.15M	89.66M	-40.46M
Other Investing Activities, Total	8.06M	39.8M	84.96M	369M
Cash from Investing	-184M	-243M	-453M	-3.89B
Long-Term Debt Issued, Total	1.79B	-	-	-
Total Debt Issued	1.79B	-	-	-
Long-Term Debt Repaid, Total	-468M	-103M	-111M	-102M
Total Debt Repaid	-468M	-103M	-111M	-102M
Issuance of Common Stock	-	-	-	8.02M
Common Dividends Paid	-	-102M	-3.61B	-3.29B
Common & Preferred Stock Dividends Paid	-	-102M	-3.61B	-3.29B
Cash from Financing	1.32B	-205M	-3.72B	-3.38B
Net Change in Cash	3.04B	4.34B	-1.96B	-3.63B
Supplemental Items
Cash Interest Paid	53.28M	24.69M	23.74M	49.19M
Cash Income Tax Paid (Refund)	99.35M	497M	685M	856M
Levered Free Cash Flow	-	3.65B	757M	2.37B
Unlevered Free Cash Flow	-	3.67B	772M	2.4B
Change In Net Working Capital	-	-1.83B	1.28B	-78.28M
Net Debt Issued / Repaid	1.32B	-103M	-111M	-102M

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