Owners pump €2m into Elefant.ro as online retailer’s losses mount

Moldovan businessman Ion Sturza and investment fund Olif și Catalyst Romania, as shareholders, increased from 9.9 million RON (equivalent to 2 million EUR) to 74.9 million RON (15 million EUR) the capital of Elefant Online – which operates the online store Elefant.ro.

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

The online retailer, the second in the country by number of orders (after eMAG), according to Profit.ro, recorded greater losses in 2021.

Elefant Online, with RON 17.5 million (EUR 3.5 million) bonds listed on the BVB, maturing in 2026, announced that its losses have worsened to RON 16.7 million (3 .3 million EUR) in 2021, compared to 1.9 million RON in 2020. Last year, the company’s turnover slightly decreased by 2.8% to 232.8 million RON (46 million EUR), while operating costs increased by 17.6% to RON 56.2 million.

The consolidated accounts have been drawn up on a going concern basis, explain the auditors, adding that the Group’s ability to continue to operate depends on the company’s ability to generate sufficient turnover and on the financial support of its shareholders.

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(Photo source: the company)

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