The bonds of Elefant Online, listed on the Bucharest Stock Exchange, fell on October 3-4 by 15% per day — the maximum daily fall before the shares/bonds are suspended from trading — after the group reported H1 2022 losses of RON12.4mn (€2.5mn), more than double compared to RON4.6mn losses in H1 2021.
Elefant is the second online retailer on the BVB, after Vivre, to have seen its bonds plunging amid poor financial performances.
Its turnover shrunk by 11% y/y to RON95.3mln in H1.
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 company’s financial report.
The bonds issued by the company, which bear a fixed interest rate of 9%, are now trading at 66% of the nominal value.
Elefant’s bonds were listed at the beginning of February and are due to mature in November 2026.
This is Elefant Online's second bond issue listed on the Romanian stock exchange.