The bonds of the Romanian home decoration e-tailer Vivre, with operations in several countries in the region, plunged by some 15% during two trading sessions (September 1-2). They are now traded at the Bucharest Stock Exchange (BVB) at a discount of over 50% after the company announced its business nearly halved in H1 and the losses deepened.

The bonds maturing in 2025 (5.25% coupon) are traded at 42.75% of their face value, while those maturing in 2026 (5.5% coupon) at 37% of their face value. Both bonds are denominated in euros.

The retailer posted RON 18.64 mln losses in H1, nearly 10% up YoY, while the turnover shrunk by 45% to RON 70.7 mln.

Călin Fusu, who took over Vivre’s management after Monica Cadogan resigned, criticized the previous management team for its strategy of increasing turnover and market share at unsustainable costs in the long term.

The net profit margin was -22.9% in H1 this year, compared to -12.8% in the same period last year, according to the company’s report filed to BVB.

(Photo: Dreamstime)

andrei@romania-insider.com