AliExpress in Russia showed profit due to forgiven debts – Kommersant
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The RAS profit of the main legal entity of AliExpress in Russia – Alibaba.com (Ru) LLC (a joint venture of Alibaba Group with VK, USM and the Russian Direct Investment Fund) – in 2023 amounted to 10 billion rubles. after 11.7 billion rubles. losses a year earlier. Two more AliExpress legal entities are also registered in the Russian Federation – Air-Technological Solutions LLC and Aggregator-s Online LLC. The first in 2023 received a profit of 1.9 billion rubles. instead of a loss of 1 billion rubles. in 2022, the second increased the loss from 1 billion rubles. up to 1.3 billion rubles, reports RBC with reference to company reports. They managed to show a profit due to forgiven debts of a total of 8.4 billion rubles, the publication notes.
According to RBC, the Alibaba.com (Ru) report states that the company received profit for 2023 mainly from income not related to its core activities. A representative of the AliExpress CIS press service explained to RBC that the report actually reflects “virtual profit”, which was generated by forgiveness of an internal loan issued in 2021 by another company of the group. From the reporting it follows that in 2023, Alibaba.com (Ru) forgave an interest-free loan of 5.94 billion rubles. The publication’s interlocutor clarified that according to basic accounting rules, the amount of forgiven debts becomes accounting income.
A representative of AliExpress CIS told RBC that, in accordance with income tax reporting, the company ended 2023 without profit. He emphasized that Alibaba.com (Ru) is only one of the AliExpress legal entities in Russia, so its reporting does not reflect the financial results of the platform both as a whole and in the Russian Federation. According to him, the actual loss of Alibaba.com (Ru) for last year amounted to 2.6 billion rubles, it is indicated in the income tax return.
RBC, citing the reporting of Alibaba.com (Ru), reports that the legal entity’s revenue in 2023 amounted to 10.5 billion rubles, which is 36% lower than in the previous year. A representative of AliExpress CIS explained the decrease in revenue by a reduction in local business and the share of the marketplace’s own sales. Revenue of Air-Technological Solutions amounted to 3.2 billion rubles, decreasing by 8.5 billion rubles. year to year. Aggregator-s Online’s revenue decreased in annual terms by 12.5%, to RUB 1.4 billion. Last year, the first legal entity had a debt of 1.22 billion rubles forgiven, and the second – 1.27 billion rubles.
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