Lenta Ltd, one of the largest retail chains in Russia, registered in the British Virgin Islands, announced its unaudited consolidated financial results for the year ending 31 December 2018. According to company’s financial highlights, in this year total sales of the company grew 13.2%, including retail sales growth of 13.6% and wholesales growth of 6.0%. There was a slight gross margin increase of 21.5% due to improved supplier conditions and store productivity.
Capital expenditures made Rub 22.1bn, a decrease of 18.8% as compared to fiscal results of 2017, mainly to the slower rate of expansion and lower investments in land and future stores than to the prior year. Net cash generated from operating activities, before net interest and income taxes, was Rub 32.4bn compared to Rub 34.8bn in 2017, which is a decrease of 6.9%. Net interest expenses were Rub 9.1bn, a decrease of 13.4% compared to 2017 due to the reduction of interest rates.
In 2018, the company opened 13 new hypermarkets and 38 supermarkets, Also, new Lenta App was introduced in the end of 2018, and the number of installations exceeded 1.4 million at the date of the announcement.
Luxoft Holding has announced its results for the fiscal third quarter of 2019, including a small year-over-year decline. BVI company’s performance is very much influenced by the planned acquisition by IT services and solutions provider DXC Technology. However, the US$2 billion acquisition deal is still subject to regulatory approval.
For the three months ended December 31, 2018, Luxoft’s revenue was near the low end of Luxoft’s autumn guidance, which named the range of US$230 million to US$235 million. Luxoft’s net income arrived at US$0.61 per share, down from US$0.89 in the same period last year. Adjusted EBITDA was US$32.6mln – a 18.5% decline as compared to the previous year period.
Top two accounts of Luxoft, UBS and Deutsche Bank, represented 24.9% of total revenue, down 9.5% from the same period last year. Top five accounts of the BVI company made 39% of revenue, down 7% from a year ago, and its top 10 accounts were 50.9% of revenue (down 6.3%).
Origin Agritech Ltd., an agriculture technology and rural e-commerce company incorporated in the British Virgin Islands, entered into a Financing Support Agreement with Tiger Capital Fund SPC and Longhan Investment Management Co., Ltd., allowing Tiger Fund to join Longhan to invest in Origin. The investment is under the Share Subscription Agreement signed in October 2018 by Longhan and the BVI company.
Under the Financing Support Agreement and Share Subscription Agreement, Longhan and Tiger Fund will purchase 1,397,680 shares of Origin Agritech for an aggregate purchase price of US$7,743,147.20.
Joint investment of Tiger Capital Fund, which is an investment company incorporated in Cayman Islands, and Longhan, an investment management company and operating platform focused on government-supported projects in agriculture, will increase financial support for the previously announced strategic cooperation project between Origin and Longhan, in which they will work together to start commercialization of Integrated Saline-Alkaline Land Reclamation technology in 2019.