Q4 2023 Ozon Holdings PLC Earnings Call

Veronika Romanova: My name is Veronika Romanova, and I am very happy to welcome everyone here in this beautiful Azon office, both our offline guests and those who are with us virtually, who watch the online broadcast. Today, among our viewers, there is not a single person who would not be associated with the economy around Azon, the development of entrepreneurship in Russia, the socio-economic life of the country, and the improvement of life in the regions. And how the investment of the company in these areas becomes the basis for its future growth. Our speaker, Igor Gerasimov, the financial director of Azon, will tell you more about this, and not only today. He will tell you about the financial results and priorities of the company's development. Sergey Belyakov, the managing director of Azon, will tell you about the economy around the platform and its impact on the socio-economic development of the country. We will ask a few questions to Aleksandr Isaevich, the general director of the Corporation for the Development of Small and Medium Enterprises.

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Veronika Romanova: Of course, we will talk to the partners, find out the opinion of the buyers, and find out your opinion, your feedback. And we will definitely ask questions to our speakers at the end. Prepare your questions; you can ask them in the hall or during the online broadcast.

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Veronika Romanova: Write your questions in the chat, but they will be at the end. This was a short announcement of our program for today. And now, let's get to it. I invite the first speaker.

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Igor Gerasimov: Please welcome Igor Gerasimov, the financial director of Azon. Your applause. Good afternoon. Thank you for coming.

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Igor Gerasimov: So, let's talk about our financial results for 2023. First of all, I would like to say that this is not only about... This is Zhenya Azonok from the company.

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Igor Gerasimov: This is the achievement of the Ozon Holdings team. We have a lot of partners, a lot of entrepreneurs with whom we, as a platform, work and which we allow to be closer to the client, solving a variety of tasks, from logistics, storage of goods, to receiving payments. As a result of 2023, our turnover increased by more than 111 percent by 2022 and exceeded 1.7 trillion rubles. The turnover of sellers on our site has increased by more than 130% year-on-year. This is significantly faster than the average turnover of ozones.

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Igor Gerasimov: At the same time, almost 90% of all sales were provided by entrepreneurs who work with us on our site. We are proud that Ozon helped a whole new class of entrepreneurs. In particular, the number of active sellers on our platform exceeded 450,000 by the end of 2023. At the same time, sales to entrepreneurs continue to grow steadily. The longer the seller spends time in the ozone, separately, we would like to draw attention to the fact that more than 80% of sellers are entrepreneurs from Russian regions, and more than 64% of all sellers started their first business with us. This is how we, as a platform, help people from all over our country to become better citizens. Blizzard, and make the first bold step.

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Igor Gerasimov: Customers continue to grow steadily. As of 2023, the number of active customers of Ozon has exceeded 46 million people. At the same time, more than 85% of sales take place outside Moscow, and more than 90% of all customers are in Russian regions. At the same time... About 32 million buyers live in settlements with a population of less than 1 million people.

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Igor Gerasimov: This is a very important step and an important achievement for us as a company, because we not only develop business; we also help people who are far away from large agglomerations or metropolises to get access to goods on equal terms with residents of cities like Moscow. In 2023, we invested a lot of money to become physically closer to the world and to our clients. The number of points of issuance has increased more than 2.5 times to 45,000 points, so almost every person living in Russia has an opportunity to receive a product from Ozon either at our own production facility or in our own warehouse or at a partner publishing house, for example, with the help of Pochta Rossiya. More than 90% of the issuance points are located outside of Moscow.

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Igor Gerasimov: We constantly pay attention to how important the regional aspect of business development has become because we believe that development in Russian regions will be an important driver of our sales in the future. In addition, the points of issuance are opened by entrepreneurs, our partners, which additionally allows us to take the first steps in entrepreneurship. All that growth would be impossible if it wasn't for... investments in the physical infrastructure, storage, and processing of goods. It is no secret that one of the foundations for the success of Ozone and our growth was long-term investments, and at the moment, we are one of the largest. We manage more than 2.5 million square feet. m. of logistics areas.

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Igor Gerasimov: At the same time, this is a unique kind of infrastructure that is suitable for servicing the flow of orders in the e-commerce segment, which allows you to do it quickly, which allows you to store goods as closely as possible to the client, and which allows our partners to solve logistic tasks as efficiently as possible. In conclusion, I would like to say that our strategy certainly brings results. In this slide, you can see the key operational metrics for us. We see that...

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Igor Gerasimov: Thanks to everything we did to develop our partners, to attract new customers, not only the active customer base but also the frequency with which our customers make orders increased over the years. And, in the end, of course, this led to a significant increase in turnover. The increase in turnover significantly exceeded the planned indicators that we communicated to the market at the beginning of 2020. I've already told you about turnover.

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Igor Gerasimov: The net profit... This is the difference between Masha and me. Key logistic costs have increased by more than 36%. However, the main operational costs, namely office maintenance, investment, marketing, and everything else, have not increased at all year-on-year.

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Igor Gerasimov: This has allowed us to show a positive financial result for the end of 2023 and, what is more important, a significant and positive operational flow, which allows us to finance ambitious plans for the development of the company in the future. Our plans for 2024 remain quite ambitious. We believe that by the end of the year... We can grow more than 70% to demonstrate the positive marginality of EBITDA. Thank you all for your attention. This is the end of my presentation. Once again, your applause.

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Operator: I know that there are a lot of questions now, including Igor's. I remind you that these questions and answers from the management of Azon are scheduled for the end of the event, so prepare your questions. Of course, I was inspired by what Igor was talking about now, and, as the host of the business channel, I communicate a lot with representatives of different businesses. What amazes me about Ecom is the growth rate at a turnover of one trillion rubles. Azon has grown from almost a trillion to almost two trillion rubles in the past 23 years and has maintained positive profitability. What does this mean?

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Operator: It seems to me that there are several things. First of all, good management. Here, too, your applause can be. Moreover, do not restrain yourself online. You can also applaud online.

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Operator: Well, this suggests that people like Azon. Almost a billion orders over the past 23 years. And more than a third of Russians have made orders for Azon more than 20 times. That is, they have returned again and again and again.

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Operator: And almost half a million sellers sold their goods, and you gave these goods for 45 thousand rubles. Most likely, we will answer some basic questions. But also prepare your questions for our Q&A session. Good afternoon.

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Operator: Good afternoon, friends. Alexei and Darya, tell me what you sell. Let's start. I sell yarn and handicraft goods. The brand Hobby Idea has been represented in this area for about two years. What a delicate matter in every sense. Alexei, and you?

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Darya: We sell a difficult product, soft furniture, soft sofas. We are manufacturers ourselves. A difficult product, big. It would seem that the sofa is bought online, not sitting on it, not touching the fabric, not even lying on it.

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Alexey: Touch-and-feel goods come to the marketplace and are sold. They just come; they grow. From year to year, they grow very, very fast.

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Darya and Alexey: So you, Daria, take care of the psycho-emotional state of the nation. You, Alexey, are in charge of the demography, so to say, you are the couch. Do you work with Ozon directly? Only with Ozon? Or do you have some other channels?

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Alexey: No, we have other channels, we are on six marketplaces, we have offline. But Ozon is a strategic platform for us now. We opened production in Moscow specifically for Ozon, to launch this region. So it is a strategic partnership for us, and we see very big prospects for the next few years. How many factories do you have? Now there are two; we are planning a third one.

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Alexey: So it is a Russian product, domestic? We have a full production cycle, up to the metal shop; we only buy fabrics. But do you also buy fabrics in Russia? Yes. Your applause!

Operator: I think it's a good example of how Anzon can contribute to the development of entrepreneurship. But there is an opinion that marketplaces are very difficult to sell, difficult, expensive, it's a hegemon. What do you say, what are the advantages? You, as I understand it, combine channels, right?

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Darya: It is difficult, not just because of the marketplaces but because of traditional business. In fact, it is more difficult to have a garage. To have your own shops and salons, to arrange logistics, to hire sellers. You constantly have something going on there. The marketplace takes a lot of problems on its side. Our task is to do it qualitatively, deliver it, and use internal marketing tools that allow us to show our product. Daria, what is your opinion?

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Darya: My opinion is that marketplaces are the same channel of sales as any other. It involves training and using your knowledge. The one who knows the platform better sells better on it. This is the first thing. Secondly, the word expensive has been mentioned. Not a single seller will tell you that you have a low commission.

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Operator: Today we have 55 PVZ in the Moscow region. This is not much, I think. Yes, if we talk about the zone, we have a structure... We look at the year-by-year analysis.

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Alexey: We now have about 20% growth per month, year-by-year, in Moscow and the region. But if you add it up to the figures that Igor showed, it is clear that the main growth is in the regions now, probably, compared to Moscow and the region, so there is room to grow in the part of regional development. Yes, we will talk about the structure of demand in the regions, but I would also like to know about Alexey. Alexey, do you understand at all about algorithms how they work? Do you yourself, as a leader, do something by hand?

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Alexey: This is a strategic channel, of course. I know how to set up a search, I know how our logistics are built, I know all the mechanisms that take place inside the zone. I periodically participate in marketing stories, I look at the content funnel, how we sell our products, and how we communicate with customers. But this is the channel that is strategic; if you do not engage in it as an owner of a business, you will not be able to manage your business. You take another stake within the company, right? Because it's a huge job and it's very difficult. I don't think anyone here will argue with me.

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Alexey: This is a big, complex system. This is a big, complex organism. Today we will talk in detail about how it works from all sides, so to speak; we will also dive into the depths.

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Alexey: But if we return to the question of the demand structure, do you feel that it is changing in favor of the regions? Yes, regional demand is growing. For example, last week we opened a warehouse in Surgut in order to have a lot of delivery methods there, our warehouse with our own forces. Regions are growing, and we see that they will grow. And whoever enters the region faster will probably sell more. So, Azon is your priority now? Azon, offline and online.

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Alexey: Azon, offline and online, but if you look at, let's say, the overall sales pie, then in absolute terms, in money, Azon takes up most of this pie. There is an opinion that now it is probably difficult for new sellers to go to Azon; maybe it is not worth it. What would you say about this?

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Alexey: And now there is a completely different marketplace, absolutely. Everything inside is different. This is how everything is done for sellers. And what I would like to say, in fact, you can always come in. The same question is how you build your business processes, what you do inside as a business. The site provides the same conditions for everyone.

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Alexey: That is, if you want, you have advertising; if you want, you have logistics. Your marketplace does not belong to anyone better or worse. It all depends on your internal business processes, how you entrepreneurs build your business. And the better you build it, the more money you will come in. If you have automation, artificial intelligence, something else, you will just take a piece of the market, the market that you need. Daria, I can't help but ask you. Maybe there are some specific tips? What works best for you?

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None: Alexey I wish the cigarettes.

None: The magazine attitude whatsoever.

None: It is a sort of a Gordon azania will.

Darya: My background is in IT. The best way is to work as quality assurance in a back-end so that Azon, working with an audience, provides your goods, and you do not slow down this process. And if we talk about promotion, I would like to unravel the most important myth. If you use promotion, then use brochures and promotion in search at the same time, you will not pay for both of these tools in the event of a sale. This is a very important point. Your brochure will either work, or promotion in search will work.

None: Leaving out the course until his neuropathy, Nick returning to more sort of things Simon government can outbid us.

None: Just a symptom of a marketplace, absolutely sylvan to interact with stelco, so dealer to defend it if you start with just some daily because.

None: Because it's more in particular boots to true plus Kirk will start to see business professors still with you that you can take a business pushup cannot cover blue silk with Yanacocha was Florida to assistant teacher versus six kilometers Lou did you or versus what you used to cause market places and commuter Minneapolis, so largely because of the visa thrush gluten business Professor Cock-a-hoop opinion.

Operator: Therefore, do not be afraid to include them at the same time in the same product. It seems to me that Daria is well versed in diversification, at least in her various processes, which she is passionate about, both IT and, again, craftsmanship. Amazing. Let's applaud. Such a rare combination.

None: Modular storage is for you so abuses E. Dzhambul shows 30 jungle boots as we used to have a soft and which is also within the business seemed to lag the shift at the first of which of that Glu, Brett So clinic in catone cutover on music.

Artyom: Artyom, is the number of customers growing? Is the reward growing? What do you fix?

None: But yet you're not going, especially the last month, if you could keep it completely funded yet they still love us.

Artyom: Are you trying to open up more? As for customers, yes. Amazon provides analytics, and we can now see it online.

None: Ted.

None: I mean, yeah background right you will see more about that customer after much of that so but I can't do that those are the one or.

Artyom: We see growth and coverage. There are good metrics; this is penetration. We understand how many customers live around us, how far we have come, and, as you said, the growth in money is 20% year-on-year. If you compare it with 2021-2022, it will be a decent percentage.

None: But those are fun.

None: Is it already but it's still a story of resides in yet.

None: Yes.

None: Yes, Richard producing and Ive, yet America tell us if you can shed some mcglothin him. If he has kept very pointedly just punishing them door is poised to provide yet the producing of boy scouts.

None: When you supply to just the operating strength, so cheap Pradesh, arching fashion, and then lastly, but how about the tougher yet, but I'll try both the provisioning of boys compared to me, but I just want to try to have no Damon and I Didnt touch that.

Artyom: Nevertheless, in Moscow and in the region, the market for VAT has already formed, it has stabilized, and now it will consolidate. We are opening up a little now, almost not opening up; we are buying items from the market from people who, let's say, either do not have the strength and time to do it, and this is the same picture as with sellers. It is impossible to leave the opening and forget; you really have to do it, you have to be there, you have to make sure that employees do not steal customers, and they do not hooliganize. Like in any business. Yes, absolutely. Therefore, not many people can cope with this.

None: You guys thought about it because he.

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Artyom: It is more comfortable to work in rent now, especially since the salaries in rent are now growing by 7 miles an hour. In this sense, these are difficulties for VAT. In Moscow and in the region, we see developments due to the purchase of other items from the market. It would be appropriate to talk about service collection. This question is constantly raised because the owners of VAT are not big, they are still small, they are still developing. It is quite difficult for them, but for everyone else, there is an opportunity to reduce it.

None: And what was the Mark Ritchie with him he's got Oceania trickier to predict convenience them opinion, AMSCO quickbooks directly into the Sculpsure commodity annuities has definitely for sure but it stayed that you know Sunoco calculated before Congress not widespread center phone is goodwill.

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Artyom: I would also like to talk about the development of new ones. On the other hand, we use infrastructure, which is very expensive, but we still consider it as an opportunity. There is an opportunity to minimize or remove service collection due to the increase in the number of VAT.

None: And what all did you cut audio newsroom tab email to Sheila that immediately doubled.

None: And you might say she started Democratic Macacos failure of Dev would cut the study would have criterias are we talking about certain of the steepness and you must not temporary switched with Nestle digital books that wouldn't Kid and you've got a radically Anthony who are you going to use the billet business.

Artyom: Since the opening of Moscow and the region is still a long way off, it is necessary to consider the possibility of selling some of the items from the market. For example, someone who does not want to spend his time managing the item can be found and sold to you. We also look at the regions, but not in terms of opening, but in terms of purchasing small networks in the region so that it all works properly. VAT is under serious pressure from the labor market. We have small salaries, and we consider it an opportunity because many newbies and VAT owners do not cope with the selection of people. There are not enough people; they need to be trained, trained, trained, and trained. I think you are a great mentor for those who want to open VAT. Think about it.

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Artyom: What regions, even in Moscow or in the region, do you consider as new points? We are historically developing our network in the south-east of the region and in the south-east of Moscow. We try not to spread the information to the outside world. We look at the development in this direction, and we look at the region in the south-south-east direction and further. If we talk directly about the point, what do you need to look at, know, and consider when you try to choose a point? Of course, locations in the form of VAT are primary.

Is this kind of I guess now you guys are childless as opposed to the services.

None: Do you get most of the blue spots sent us a letter.

None: But was there one nearby suite, but understand you're smiling cat niche for whereas if I answer that and that will just Florida.

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Artyom: But considering that almost all locations in Moscow and the region are disassembled, when we buy a plot, we also look at the location. It should be convenient and comfortable for people to park and enter. But anyway, maybe you are looking at the new buildings now.

None: Let's talk sort of Florida.

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Artyom: What about the commercial real estate market? What can be a driver of development for you? Well, of course, everything is bad there.

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Artyom: We looked, we have been engaged in construction for three and a half years, and our rent has increased by an average of 35% during this time. Of course, the turnover of the points is also growing, but the rent continues to grow. Plus, if we are talking about new buildings, usually it is a concrete repair, so-called. The cost of the repair has dramatically increased dramatically, two and a half times in a year with a small one.

Uh huh.

None: Oh, probably yet booked I'm pleased with my team I'm proud that emotional whereas with most of them reviewing the total don't you chose to upgrade your chest Spakovsky anybody sure what she told us for neuro and look, particularly at our Cibola ammonia cobalt with Arab woodchips almost into my bedroom. There wasn't a witness to that I was at a show in Orlando pregnant or a bottler.

Artyom: Well, because all the materials have become more expensive, and there is also difficulty with the workers, objectively. But, you continue to open up. Now, it seems to me, it was just so that others did not really want to create competition for you. Yes, we are just looking at the model. PVZ has become a rather difficult business. We look at the horizon of profitability for up to two years. Previously, in general, PVZ was paid for three months, then for six, then for a year.

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None: Anybody who is a partner as a partnership not just Europe recorded theater towards Atlantis and understand what's mortgage but demonstrating again, the HQ audience, but was there any spots, but bromley Gee, what Virginia for 30 minutes and you might see a discussion at the last piece of it but he would church.

None: They should I watch systems alerts a day using with them is we got you could you can stay on that what you're seeing is because of its not because its a pretty costly in my stomach, let sector, which are critical with Oh pardon whichever.

Artyom: Now we are looking from one and a half to two years. The horizon of profitability is for those who think that they can come here very quickly and earn a lot. No, this is the same business, in general, as for sellers. It is difficult, you have to do it, you have to be able to do it, you have to get into every detail. If you stand on the side of the owner, you will not be able to calculate your dividends sitting in Bali. You really have to do it every day, then there will be a result. Now, in general, the market has been reformatted very seriously. If we take any sphere, then now we need to work a lot.

None: Well, that's quite suppose keeps that I've got you could argue onyx got them done with just living with Korea, where it will be stable as much of it nobody thought. She studied she can now youll give us procure boost to Yugoslavia, Muscovy component associated with real world scenarios muscles geography, just keeps almost arbitrary personnel the approach.

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Artyom: On the other hand, opportunities are opening up. You said that you are also looking at the regions. Why have you not opened up before? Before that, the Moscow market was not saturated, but in three years, it has become saturated. Now, if you need active growth in the region, then these are only regions, and so far as possible, let's say. And you need to be present, you need to follow this; that is, you need to go, spend your time, invest this time in part of your life.

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None: No I Didnt mean, it must be the first month of its just Nebraska, we can still have children, Canada's skinny litmus test or leave us must be dry the tragedies here Tom could we see some shopwalker, though moved materially what's the split units in your mind, but was it necessary under Vodafone that REIT spectrum sensory and there's three of them.

Artyom: Of course, otherwise, nothing good would happen. Well, again, like any business, if we want to achieve success in it, but do you feel that, let's say, the marketplace, Azon in particular, in general, forms... Now they have appeared together with marketplaces that deliver goods. There used to be no sellers who delivered goods to sorting centers or to RC marketplaces.

None: Now what can you say about whats pumped a total I was talking to you again the proposal to the rescue Lucius immigrating brinavess throat ambition of three months to be torn up.

None: So I'm sure he won't on us would've fluctuate that much interest give us playing the Rosa was a what a what anybody from markdown for materiality shipped but there are really blues Trabocchi Matilda uselessness W. Accumulate those it sounds like it's just got to go back to let's say just like I said, they will look like after that.

Artyom: There used to be only a few large logistics operators. And so on and so forth. We are not talking about companies that are engaged in cleaning or changing carpets in winter. These are all people. Our PVZ is the only place where marketplaces interact with physical buyers. And we, of course, should provide maximum comfort for them, right? We have water for coolers, right?

None: You have to you guys. It was something that I thought I just wanted to understand what really does.

None: It was at almost all business that wasn't this wasn't the most modern cruise onto copayments to boardwalk layer to retrench from Berkshire, but was a propulsion Asahi newspaper, Tom is actually spot on so called chestnuts Muslim a polluter adorable clip. This article published yesterday I took to do much doors. This Muslim fluctuation who's stretching or because they're able to get that business swaption cooker with cellular further so literally not those in your model.

None: And I do not subscribe to the Italians studying swaps, Nick when you buy which see statutory dividend the <expletive> in the body.

Artyom: We give this work to companies that simply place water, and so on, and so on, and so on. Therefore, the marketplace as a core is growing from all sides. We are not talking about the number of people who are busy in the marketplaces themselves. I think there are tens of thousands of people working in warehouses. We are not talking about the sellers, who have several thousands. Each seller has at least several people working there, at least. This is already a million, at least, and so on. Well, this is a new economy, so, of course, it is growing from all sides with service functions and service organizations. How often do you personally go to your holdings? You just have such a detailed knowledge of the matter; you talk about it; it is clear that with love. It is clear that with love, you really call it that. Every day, every day. That is, look, you have 50. That is, it turns out that several holdings a day, right? Everywhere I go, I always stop by; if there is a road, I look.

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And then as it gets slightly diets.

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Darya: On the day 3-4 points, I visit for sure. Great! Your applause is a big, serious work. Daria, how many people work in your team? I have a small team, but it's armed to the teeth. Well, I expect it to expand very much by the fall, at least due to the growth that is now laid out in the plans. But is it twice as strong?

None: Just a chrome nickel distillate ecotourism emails prosperous Michigan in the marketplace because it is a couch give me, what's the limit or they'll take they'll talk about it yes.

None: Yes, Codeshare molecule could you have two campaign and you pre released misses marketplace me Katori or was it a desktop cadaver towards failure of outgrew scanner such erosion in central illuminate a fair marketplace differentiates near below.

Darya: Yes, I expect it to increase. Daria is modest.

We'll talk near cyclical group, Nicole just HQ copywriter of the fact that it looks like that you're done when you go out in time for California, Colorado clean them comes in your models for the labor coverage and where you may note that there's a total surety alluded to and I suppose related incident, Mr. Gere marketplace, because that's a supercomputing because you just can't know what human consciousness is heartening, because I'm only come 40 mile disputes.

Alexey: Alexey, will your number of factories grow? Of course it will grow, and the staff will grow. We are now going through localization; we will open factories in those directions to reduce the burden of delivery. Because we have learned to open them quickly and conveniently, we have made special lines for production.

None: Most of them, which are the water cooler of diet and with our youngest stationery photo companion CDR reward posters, Michelle with that little by little.

None: But I think with marketplaces cocky bronco subjects that are on the prostate when you're getting just brokerage strategic after a sudden you've got marketplace, because I know that almost a timeless qualifying this attitude here about it when you go out in terms of Australia.

Alexey: We, for example, make sofas. Remember, we used to make furniture on order; we waited there for two months. Now you can order in Ozon for 8 hours, and they will bring it to Moscow. And what is very important, they will deliver a large sofa. 8 hours of delivery in Moscow now.

None: Right.

None: Cost of a failure occurred minimal time ive ever done, yes controller, you grab what they've got minimum Italy Milan.

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None: Just with the original <unk> provides here four five was the robust stacking the Thailand, Zyla gavotte itself, but what are they getting a little sluggish.

Alexey: This is thanks to Ozon. And you don't have to go to PVZ for it; there is a separate delivery. Yes, we bring it to you; you can even fix your legs if necessary.

It just didn't make sense of course, leading cause of death.

Alexey: Everything is connected. You just need to go to Ozon, pay, and say thank you to us later. What can Marketplace do for you to improve even more? The logistics chain is important for us. Ozon is actually one of the best in Marketplace.

None: There's something it must be just yet so there's still a chance to start pardon yes.

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Danny: Danny I forgot.

Danny: But it was too late I mean, yeah, my linker commander Nevadas run that discipline.

Alexey: The more logistic chain there is, the better. More warehouses, delivery models. We have a large size; it is important for us. We will grow much faster in this. Now people don't want to wait for tomorrow, the day after tomorrow. They don't want today. They came up with a chair for the balcony.

Danny: [laughter].

Not quite.

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Alexey: And they want it now. People want to come up with a chair, and you have already assembled it by the evening. This is a long chain that depends on production. I think it will be in the future.

Danny: But luckily that's the boom with two large public human of Tiffany willingness to each other stuff kissack assurance to someone neutral if you will flip to it well dogma moves, but suddenly need deal input resorts.

Darya: When there will be 3D printers, ready-made furniture, then it can be done. And now it's a production process. It's a factory that people are involved in. They do it, they sew. Daria, what can you do in Marketplace for your business, so that this growth that you have planned for yourself, and maybe further growth, is also possible? And was it easier?

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Darya: There are two points that have a very strong impact on, in principle, my possible further growth. The first is the correct operation of the functionality of the price index. If a robot has detected the same goods, the second point is to work with goods that have a minimum retail price. Ozon works great with goods of wide brands, which do not follow their price in various sales channels. But there is a separate layer of manufacturers and brands for which it is extremely important that the price of their goods is approximately the same in various sales channels. And when working with the closure of all those discounts that Ozon provides, there are often very many difficulties. This process is not transparent, and sometimes it is even impossible to bring it to an end. For example, we can turn off a certain brand from discounts, but then some of the goods of this brand receive discounts again, which can sometimes be turned off for months. It is impossible to turn off discounts in the category of goods, for example, in the case of books.

Giovanni: Because it knows placebo put them.

Giovanni: Ah So most of the deal it's a marketplace where you showed.

Giovanni: And then this was not like if you just could switch goes on on Los Angeles, Some ultra poor market place them.

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Giovanni: Because the more you can switch community bitumen.

None: Uh huh.

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None: That's supposed to pick I thought as I used to think what the other one with another good quarter with GW.

None: That would still keep the printer it can get overly meaningful deal I think that the most ideal it is tougher to keep because what's the purpose of the public.

None: So would you just don't like to do.

None: Oh shoot.

None: There are lots of amongst else marketplace with lots of a business is to put the truth, coupled with disciplined you really must be done in each of those principles as Muslim.

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Artyom: And this is a very important point, because my point of growth is premium goods for craftsmanship, and without RRC and MRC, it is impossible to do without them. And here, I really count on your help. Otherwise, brands will block sales on marketplaces of such goods so as not to have a risk of a decrease in the minimum retail price. I like the fact that we have real sellers with real cases. Such events as today's should help the dialogue between the marketplace and the sellers. I can see that the representatives of Ozon are ready to answer these questions. We will have sessions for networking, for discussing, and dealing with your questions. Artem, what are your wishes?

Parents to move as much but then you said like battery at that private narrow border from China, unless the price index.

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None: At that I bought the stuff I don't know, who got daughter. He asked me you might narrow in snacks and Ah I don't Procrastinate I bought that stuff out I mean, I'm sure Lucky brand of Qatar and easily dots I see Tonight as leasing economics Pradesh, and he said getting the blast praised Italy, you Brenda I thought I'm crying, you watched and I still believe so now than they used to have at it.

Artyom: What would you like the marketplace to do? We need stable, long-term working rules so that we can invest long-term. Because we reinvest the money we earn in development, we buy stocks. Last year, we actively opened stocks, but we intend to grow even further. Everything we need is clear, transparent, and at least fixed for some period of working rules. This is more than enough.

None: Well I believe it or not I do not cover at least now kind of put us at Panera bought yet sat at Collegium kicked off skikda qatada watching the machete and his thoughts on the sublet watching Chesterfield's, Nick I had sluggishness to at that Brett says no preservation I enact that does it even when he was in Washington D C. The cancer and the premium mass.

Artyom: Here, probably, it is more correct not to say what you can help with. There are buyers. We see that people are satisfied. We see the number of purchases per buyer per month. On average, one person comes to us 1-5 times a month. One client. This is, on average.

None: Glitchy gets to keep their cup regular name brands no patent chest a lot of it are a brand that are brought in the bullet chats Gibbs kick a threat glitchy Tanaka Daniel as Muslims assignment and then you can throw category with a lot of athletes keep give pin spin out Nevada muslin opinion absolute she can look.

None: Yeah.

None: In Washington, most of my Deutsche Cutoffs that at the Premier ILEC, Nevada, Nautica Julia Avenue B is what I would say I'm not saying you got campaign this year, which has shifted in the last four months and that your branded black here of its production now market place us that gives us a lot of stubborn he needs. It is Scott sneezing, you mean in my letter I understand something.

Artyom: There are people who come 1-2 times, and there are people who come 10 times. This indicates that the audience is loyal. They like to buy in this area for a long time. They are ready to grow and buy more and more. On average, we have about 5,500 purchases per month per client. This is 2 times more than a year ago.

None: I mean, that's still Oh no. This is not really.

None: Reality productively, so yeah, let me Catherine Yeah, I guess picking it up he I take it for what is now I know that's not by much jello grow E marketplace thing about citizens that's off of it virtually chesney case reverse because of it yet, but it's been Italy, Arizona state and when they do it they just didn't get all that out of a car athletes.

Artyom: This means that people are used to the zone, and they intend to buy further. Therefore, in principle, all we need is normal, stable, constant work rules. In terms of rewards, work with objections, with claims, with clients, and so on. As a small and medium-sized business, we will always find ways to develop. It is wonderful that you are so deeply immersed in what you do, and you not only give it to your employees, delegate it, but also directly engage in these processes. This is a worthy admiration.

None: Semi process with charity planned network and kept them slip.

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None: Some have asked me if a person.

None: I was could you put your line, yes, the bovine <unk> L S, yes, but still modest delta marketplace.

None: I'm very pleased Ibrutinib gastro cheniere private alert about Oh, what a steamship Melissa just unplug, especially any steroids. The the most amazing LISTERINE ready to drink categories are about what does each of them opened puncture of course, I'm glad I'm actually I'm not sure of all your points to not necessarily need that should I stay there and what sorts of numbers on the fringe to get the final papers richness opinions execute.

Operator: This means that it is really very professional. I would like to ask Daria, I can't help asking, if photos of what comes out of your yarn will be sent to you. After all, there must have been something, I don't know, so unexpected.

None: And then a quick video to private literal bottom bullish on desktop that shneur.

Darya: Yes, we are actively processing reviews, you know, from yarn, whatever they do. And often these are the things that we then send to each other, these photos and reviews, because they are unexpected things. We have a client who knits amigurumi; these are such small toys.

None: No problem, just because let me Jim.

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Darya: And she makes a series of toys, frogs on strings, which ride a convertible. And she constantly puts them in our reviews, and they look unrealistically cute. I think I need to find an opportunity to communicate with her. Now I have a subscription that allows me to write to the client directly, and I think that at some point, I will find her. That is, the tools that Marketplace provides allow you, first of all, to see feedback on your goods, which is much more difficult, for example, if it is offline trading or some other tools. That is, to improve your product, and also to communicate directly with those who are already your influencers. Yes, customers leave a consumption in the reviews. We have such a concept as the consumption of the product. A certain number of skeins of yarn are needed for a certain size product.

None: It's quite novel in your territory and you've got over I still quite bullish for downstream of you Didnt say it and you are hooked stores with no. That's probably it could be just plugging. It does it for me. So it's just not in our Cleveland. It starts with what does the Wolff, Jim or whatnot that data as much storage would you bring with you because I know you made introductions thumb-sucker some scope, what's not book that helps because you can sell them.

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Operator: And the community that is eventually formed in the reviews, where people tell how much they needed and how it behaved after washing, which is also important, is a very good source of information about the product, which is not always possible to test yourself. So this community is very pleasant. Thank you very much. And a short blitz in the final of Marketplace.

None: The guys here, what sort of almost a hazard. In addition, that's just clear cut or I should say.

Operator: Good or bad, Alexey? Of course, good. Artyom?

None: And I'm glad we're at a the key here.

Operator: It's a possibility, but I don't know. Daria is a great opportunity that you should be able to use. What I was now prompted by the conversation with entrepreneurs is that we, the inhabitants of large cities, in a good way, probably even in the whole world, do not realize the value and role of marketplaces in our lives. For example, we do not go to large stores, but we order everything at home. Or we do not go to different stores, but we get everything in the one window mode, also at PVZ. Or, in principle, we do not go to PVZ; we order courier delivery to the door, and we even order products. There is delivery from PVZ to the door; it is very convenient. But all this is such a choice between good and better. But residents of remote regions and small cities have no choice, in fact.

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Operator: That is, PVZ is, in principle, the only salvation. Well, imagine, now, I'm thinking of ordering, for example, a TV, and you need to go far, far to the Rai Center. It can be difficult, it can be difficult weather conditions. And this TV may not be there yet. If it is there, then the price may be completely unattractive, generally just inaccessible. And only PVZ makes it possible for people from small cities, from regions, to use all the benefits that are available to us, residents of large cities. And, in a good way, it erases barriers, erases borders, and allows you to use goods at a price that is available to residents of different cities. And you do not need to overpay for delivery, as Daria, Alexey, and Artem told us now. And you do not need to wait for 2-3 weeks.

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Alexander Isaevich: You can get all this quickly, predictably, and at a price that is available to residents of other large cities. And it has a synergy effect. On the one hand, the quality of life of buyers, and the quality of life in the regions, is growing. And on the other hand, the number of those entrepreneurs is growing. Business is growing in the country. The development of entrepreneurship is growing, both small and medium. And now, it seems to me that it is very logical to give the floor to Alexander Isaevich, General Director of the Corporation for the Development of Small and Medium-Sized Entrepreneurship. Alexander, I invite you to our improvised stage to talk about the role of Ecom in the life of cities, in the life of regions, in the quality of life. And about how Ozon and Ecom in general, and Ozon in particular, affect the development of entrepreneurship in Russia. Thank you for inviting me.

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Alexander Isaevich: Indeed, online trading is one of the fastest-growing segments of the Russian economy and the MSP sector. You rightly mentioned in your previous speech that it is of great social importance since it goes where offline is not profitable and cannot. At the same time, both for a novice entrepreneur and for an entrepreneur who is already working in the field of online trading, marketplaces give the opportunity to supply their products to all markets in our big country.

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Alexander Isaevich: On the one hand, and on the other hand, there is a small and low threshold of entry in order to realize such an opportunity. At the same time, it is equally important for a number of industries. There are entrepreneurs; someone is engaged in production.

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Alexander Isaevich: We see more and more often that clothing manufacturers, services, from the point of view of accessories, choose for themselves the possibility of implementing their products in an online format since I will not list the advantages there. Before that, all entrepreneurs were called. And often, the online format allows the entrepreneur to focus more on the implementation of his direct task, that is, to do business, save money for the opening of offline platforms, and, in fact, to focus on the qualities, on those opportunities that time gives him today. To make it as simple as possible and to take the first step to work in an online format, on the MSPRF digital platform, together with colleagues from Ozon, there are both educational joint programs and corresponding discounts for participants of our state platform. At the same time, the main task of the MSPRF digital platform is to simplify the life of entrepreneurs. To date, it has more than 30 services. Against the backdrop of the huge negative effects of the pandemic, it gave us an opportunity to develop our online trade. At the same time, everyone began to order goods and services from home everywhere.

William: Can you imagine if it was earlier years each store online format.

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Alexander Isaevich: And the micro and small businesses, more flexible and faster than anyone else, as always, responded to the calls of consumers and were able to form niches and qualities and give us an opportunity to grow. Now a little bit about the figures, which confirm this on January 1, 2020: the number of small and medium-sized enterprises which were engaged in online trading were only 43,000.

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Alexander Isaevich: Today, this number has increased ninefold, and today, 387,000 entrepreneurs are engaged in online trading. At the same time, more than half of the 170,000 entrepreneurs were registered last year. In addition to the figures presented by our colleagues on the growth of the marketplace, the increase in turnover and the problems and so on, the number of entrepreneurs who look at online trading as the main direction of their development, as the market for profit, is also growing. At the same time, we understand perfectly well that 99% of this number are entrepreneurs who have just started their activities and have not moved from one to another category. But if you look at the horizon of 5 years, then more than 22 companies have already grown from micro to small and into large businesses. If you look at how many of these entrepreneurs use state support measures, then over 55,000 entrepreneurs used state support measures last year. Of these, 30,000 used financial support measures.

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Alexander Isaevich: If we talk about our shoulder, the guaranteed shoulder, when we speak on behalf of entrepreneurs in front of banks in order for them to be able to attract mutual financing since growth is impossible without civilized financing and it is desirable to increase it, last year it amounted to about 5 billion rubles. This is 2.5 times more than in the same period of the previous year. Of course, in addition to money, and we talked about it today as well, there are very important issues of regulation, discrepancy, and dialogue. And we are here, together with marketplaces, doing this work together with entrepreneurs. And thank you very much, my colleague from Ozon, for the constructive joint work. Of course, it is extremely important to maintain an equal, transparent, honest, and mutually beneficial partnership between all participants; further development is possible. I am sure that absolutely everyone is interested in this. I'm sorry; unfortunately, my plans were a bit disrupted. I have to run.

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Alexander Isaevich: A couple of words from what I think can be asked. First, what to do if there are difficulties with banks, with obtaining financial support measures, when... As part of our constructive relations with the marketplaces, we can be useful to you. There are two simple tools.

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Alexander Isaevich: The first is the digital platform msp.rf, within which there is a service 360. In addition, you will see what measures of support are offered by the regions themselves since all regional measures of support are integrated into the digital platform, and many regions spend time and effort, as well as the marketplaces themselves, in order to facilitate your entry parameters and make your money cheaper. The second part is finance. You were talking about the development of the economy. In addition to warranty instruments, we have specialized programs. For example, there are specialized programs for investment purposes.

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Alexander Isaevich: And the interest rate, and you are an industrial company, as far as I understand you correctly, is 3-4 times lower than the market. We have a separate program with the region, including a separate program with Moscow, both guaranteed and financial. Any format or type of communication, online or offline, is acceptable to us, and we do not hide it from anyone. Thank you very much.

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Watson: Mr Watson.

Watson: MS. Natalie spoke of any media I was supposed to come from three because they fell in love with me kind of bridge.

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Alexander Isaevich: General Director of the MSP Corporation Alexander Isaevich, your applause. Alexander, you practically picked up the question that we had online. I remind you that from the management of Amazon, we have a planned session of questions and answers today. And just what we talked a lot about today, about how the economy around the platform is arranged in general, this big, huge organism. That is, what we are discussing now is, in general, on the surface. This is what is visible from the outside, at least. But what is inside is, you know, a whole Narnia, a mechanism.

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Sergey Belyakov: Moreover, a giant mechanism that works well, which works clearly, and which consists of many different elements. This includes educational programs, logistics, IT infrastructure, and much, much more. I now invite our next speaker, Managing Director of Amazon, Sergey Belyakov. Sergey, I welcome you. Hold the clicker.

Watson: Historic specialty will spearhead store sorts and growler assistance and as Elias said when he was arcturus tussles from your company that's up to them.

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Sergey Belyakov: And please tell us about what this complex structure consists of. I didn't even list everything. The floor is yours. What an interesting mission. Thank you very much. Now, when they were preparing me for the performance, I didn't think that I would look so bad because they probably spent 10 minutes putting me in order. Every morning, I thought that it was more or less normal.

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Watson: Much of our business in all seriousness, you're suddenly you showed up in your mind to Duckworth marketplace children's with shallow Naga chairman of.

Sergey Belyakov: But now we will try to do the opposite, to take off the makeup of what Amazon is, what Marketplace is, and what makes it successful, what it's called today-tomorrow, and what the company is waiting for tomorrow. An amazing thing has happened this year compared to the previous year. You know, there were a lot of initiatives in the field of information on how to regulate the digital market, marketplaces, online trading, whatever you call it. There are so many initiatives, so many authors of these initiatives that it seems that people understand what they are going to regulate. And when you start talking to them, meeting them, it turns out that understanding is close to zero. This is a big problem, because if it is supposed to somehow organize the activities of some subject, and no one understands what kind of subject it is, then it requires some serious, painstaking work in order to explain.

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Sergey Belyakov: But the most interesting thing is that we do not always understand what a marketplace is. Today there are many terms, and online-online-online dominated. And it always creates a feeling that there is an offline format and there is an online format, and we say, Now I will tell you what Ozone is, and it turns out that Ozon is not a retail store at all. This, of course, is a discovery that is valuable in itself and which must be kept in mind when you start thinking about what such digital platforms as our company are waiting for. Let's start!

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Sergey Belyakov: We are in the middle of these communications between... or the same as the one that is being sold. This is the same as the one that is being sold. This is the same as the one that, and we provide uninterrupted communication to a huge number of sellers and even more buyers. Forty-six million are those who regularly make purchases on the Azov site. Regularity is 20 plus orders per year. We have recently revised this criterion, this marker,

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Sergey Belyakov: A few years ago, regular buyers were those who made three or more purchases a year. Now, the quality... because those who buy not only buy a product that they are interested in and need, but they also use the service that Azon provides. And this is 450,000 sellers. 80% of these 450,000 are just... small and medium-sized businesses that either produce or sell products made in the world, and we provide a service connecting them as sellers. We provide payments, and help attract buyers because the success of Ozon depends on the success of the sellers on the site. If the sellers sell their goods poorly, if the turnover of the goods is low, if the sales do not grow, then Ozon is losing, and we are doomed to help them and make our own success only together with the success of the sellers.

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Sergey Belyakov: We help to promote goods, we provide delivery of goods; we do not impose this service; we offer it. The seller himself has the right to decide whether he delivers goods with his own strength, with his own infrastructure, or with our help. And sometimes it is a reaction to the request of the buyer. If the buyer chooses a certain method of delivery, then the system also quickly adapts to the request of the buyer.

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Sergey Belyakov: We also provide certain services for our customers. For example, we provide access to the assortment. By the way, I said that Ozon is not a retail shop, so the figure is clear. The number of SKUs, unique units of goods in the largest trading networks, which can boast the most diverse assortment in Russia. Maximum $30,000, ????????? ????.

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Sergey Belyakov: What does it mean? It doesn't matter how many millions there are. What matters is that everything that is produced in the global, in the global economy, in terms of products for consumer demand, can be ordered and delivered through Russia. Okay. Thank you. Obespechivayum proverku tovarov. We provide reception of payments and customer support. You can see that the number is 46,450,000.

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Sergey Belyakov: Customer support is such a task, which means that Ozon is primarily an IT company. I'll tell you later what kind of company it is, but it's not a retail company. We do it ourselves, together with our partners.

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Sergey Belyakov: Of course, we couldn't do it ourselves, so we do it together with our partners, and we ensure the development of business in various sectors of the economy. The service, which was described in the previous slide, is carried out with the help of the agents at the point of issuance of the order. (inaudible) The figure is impressive, but it can be compared with others. There is a well-known credit organization, or at a credit organization, a bank.

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Sergey Belyakov: There is another non-credit organization, the logistics company segment, Post Russia; they have an even wider range of branches across the country. If we talk about the digital platforms market and the marketplaces market, operating not only with Azon numbers, then you can imagine how wide the network of logistics infrastructure is, which provides accessibility of goods throughout the country. [inaudible] There are large warehouses, fulfillment centers; they are about 80-100 thousand square meters. A very large number of employees are occupied in these warehouses.

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Sergey Belyakov: We attract partners all over the country to be accessible and very convenient, who work with us, provide transportation services, and courier delivery. And this is all a business that is developing due to the fact that Ozon shows a demand for development. And when I say the business is developing, I mean the income of the citizens. The success of the seller forms the success of Ozon, which forms an increase in demand for additional services that make it possible for people to earn money. I think this is very important. And, of course, the development companies and banks. We have a very close relationship with PostRussia.

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Sergey Belyakov: As I said, they have 42,000 PostRussia branches, and we have a partnership with more than 30,000 of them, which means that at a PostRussia branch you can order the products and goods that you bought at Azon Holdings. No, he said, ozone development affects social and economic development.

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Sergey Belyakov: Once again, it's income. For example, an open, very fast point of delivery for an order allows you to earn money. We defined this model for ourselves as... It's a non-French model because we don't take... We do not take money for the right to issue goods ordered on Amazon.

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Sergey Belyakov: On the contrary, as a startup, we invest money in the development of this business. It's a fast-growing, fast-growing business. But you can see it in other categories as well. I would like to draw your attention to the fact that the number of employees in the company is 4,000, of people who work with us and in the state as a whole. It's a very small number. At the same time, five and a half thousand... It's a block of ice.

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Sergey Belyakov: These are the people who provide communication and support it in real-time. A huge number of operations take place in a fraction of the time, and all this needs to be able to moderate and provide communication without interruption because if the IT system fails, then the company experiences serious difficulties. And the company experiences serious difficulties; this means that the buyer cannot order the product, the seller cannot sell the product, and a lot of negative things come from this. If such problems arise, then they are solved almost instantly. Therefore, this is also an important example in order to understand that Ozon is more of an IT company and definitely not a retail company. But based on the figures that characterize the logistics infrastructure, it is also logistics, um, with Ozon Holdings.

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Sergey Belyakov: This slide corresponds very well to what Aleksandr Sayevich, the head of the Small and Medium-Sized Entrepreneurship Corporation, was talking about. And we are, in general, a shoulder for the realization of social and economic programs for the state to support the quality of life, to improve the quality of life, to... [inaudible] The rating is characterized by the comfort and convenience of running a business in different countries. It is evaluated by all leading economies of the world, including the economy of the Russian Federation. At one time, the so-called 100 Steps Forward program was launched to improve Russia's position in this rating so that the quality of the investment climate, and the convenience of running business activities were competitive compared to other economies. Here, in accordance with the latest data... One of the estimated procedures, the business opening procedure, took 11 days.

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Sergey Belyakov: This is a very good indicator compared to the world economies that are leaders. We are in the top, to open a business in Ozone takes the maximum amount of time if the opener has no experience yet. If he has enough experience and is an experienced user of such platforms as Kazon, it can take up to 10 minutes.

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Sergey Belyakov: The competitive figure is 11 days. Ozon is a company of the new economy, and we already live in this economy. And when we talk about the figures that characterize the economy of the company, the doubling of the main indicators, we should treat it not as a phenomenon that surprises, amazes, impresses. It's a reality that not only develops itself but also grows and creates opportunities for the growth of adjacent industries. For example, we own a huge number of fulfillment centers. What is it?

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Sergey Belyakov: It is a demand for construction materials, it is a demand for construction work, it is a condition for the development of infrastructure, because of communication, because of access roads, because of roads, and because after that, new jobs. It's important. I'll tell you why at the end.

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Sergey Belyakov: Well, the figure that I have already mentioned, 450,000 sellers. And here, on this slide, you can clearly see how, for the second year, that is, the conditions when the business went, began to develop, the team of those who went out for these 24 hours to the site began to increase, and how the number of those who receive income grows, together with the development of the company. Well, I've already said that.

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Sergey Belyakov: We've given examples of those companies that... Knowing the effects of business development on the Ozone, they create their own services and offer their own services so that it is convenient for sellers to sell goods, so that the goods look better, so that the buyer gets more and better quality information about the goods, and so that his choice is more conscious. 20 purchases a year is a characteristic of awareness of the ozone choice. Once the choice is made, the person does not have the right to refuse it. And This is good.

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Sergey Belyakov: This represents a certain challenge for us, because of the double rate of growth. It's all great, but... to preserve the quality of this growth and the quality of the business. And this is what we are doing now. That's probably why I didn't look very good today.

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Sergey Belyakov: [inaudible] As you can see, this franchise is the opposite of what I said, and we are consciously investing in increasing the number of points of issuance because it simplifies access to the goods that the client orders in the zone, and for the sellers, it simplifies access to the buyer. In general, this zone, in addition to the fact that it is...

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Sergey Belyakov: The Russian company is also a company that provides accessibility, as I said, to any product produced in the world economy but also allows sellers, manufacturers, and countries of the Middle East and abroad, and not only the Middle East but all the countries where we are present, to reach the 140-plus million market of the Russian Federation, and our manufacturers and sellers will be able to reach the markets in those countries where Ozon is present or where it is going to develop its business. This is also a distinctive feature of us from retail. I won't even say traditional because I insist once again that we are not retail.

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Sergey Belyakov: This is a very important slide, which says that... creates not just conditions for development. We are mostly growing in the region. I'm, The share of customers who come to Moscow and the Moscow Gourmet Ration is constantly decreasing. This is very important for us, because when the state solves the quality of life problem, it turns out that the focus of the solution of this problem, or the greatest effect, is mainly visible in the cities of millions. This is not good, because every citizen of the country has the same rights as a citizen living in Moscow, St. Petersburg, or any other city.

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Sergey Belyakov: And when we open delivery points and start delivering across the entire territory of Russia, and there is not a single settlement where we cannot deliver, and where we would not deliver the product, this means that we raise the standards of life for all residents, regardless of where they live. This is a good social mission, and it is pleasant to work on it. Of course, we think about profitability, abortion profit, profitability in all the characteristics that characterize the economy, but the fact that you work for the benefit of a particular person is motivating. The number of large warehouses, sorting centers, dark stores, and export points is characterized by billions of rubles that we invest in the economy and the money that we invest in the economy of the developers with whom we work. This figure is impressive. You have such a good turnover, but where is the profit? We want to see taxes on profits, but we don't have any.

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Sergey Belyakov: The answer is very simple. We are at a stage of such growth, which requires the support of this growth and serious investments in infrastructure. And therefore, the figure that characterizes our investment in infrastructure is the answer to this question. This does not mean that we have not set ourselves the task of making a profit. This is one of the key tasks, but investment is the most important element of the strategy for the development of the economy.

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Sergey Belyakov: Well, I won't repeat it here; it's also part of what I've already said. Just pay attention to the six-fold increase in turnover of entrepreneurs in their first three years of working at Ozon. It's not only trust in the site through which you sell your product; it's also a guarantee of success. Well, it's great because it's a measure of the sustainability of the model and the quality of the service that the company provides. This is not only expressed in the words of trust, in the feedback that we receive from sellers and from buyers who regularly make orders, but also in the figures that characterize the success of the business that we work with. We have three times the number of orders as a measure of what the economy of the region gets when Ozon comes there and opens the Fulfillment Center. We faced a very non-trivial task, how to respond to the governors who come and say, Please, open the door and build a full-fledged movie theater for us.

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Sergey Belyakov: Because the effects are obvious right away, in addition to the development of infrastructure, there is an immediate dynamic of entrepreneurial activity in the region, there are immediate changes, and positive consequences. We give people more money. It makes their lives better. We influence the labor market in the regions where we come from.

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Sergey Belyakov: But this makes other companies that are present there also look for opportunities to raise wages, and this is probably a good effect of such competition. This is a photo that shows what it looks like in those very small settlements, villages, and outposts.

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Sergey Belyakov: You can compare it with other formats of companies that you are familiar with, which have a large number of branches, outposts, whatever you want to call them, even in large cities. Last year, we launched a new format of outposts. When an entrepreneur has a desire to work with ozone, when ozone is actively presented in the region, when there is a culture and a habit of buying from ozone, then you can earn money. But there is no possibility to rent or buy 20-30 sq.m.

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Sergey Belyakov: to make an order. We decided that we could..., but when the governor is thanked for the fact that a large business gives such opportunities and earns money and does it comfortably, without leaving the house, it is also pleasant. I think this is the last slide.

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Sergey Belyakov: What will happen next? What will happen tomorrow? I think that doubling the results, the pace of growth, the habit of buying in the zone... for the services we provide and for the development of us as a logistics company, as a company that creates infrastructure, that creates jobs, which develops financial technology, which is in demand, and we develop it because it is in demand, because there is demand for it. It's a company that is an IT company. It's just doomed to fail.

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Sergey Belyakov: I don't see any reason why tomorrow something can be applied to this market. Rather, there will be a change in the quality of the service and the depth of penetration of the service provided by Ozon and, in general, the digital platform than something that will put this model in doubt or make this model less sustainable. And it's not because I'm so confident in Ozone; it's because we see what's happening in the digital platforms market in the world. First of all, in North America and, of course, in the Asian segment of the global economy.

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Sergey Belyakov: This is definitely not only today but also in the future. It is obvious that not the nearest but such a long-term future. And the second important point I mentioned, regulatory initiatives. We are now actively working on explaining the model I described to you and why it cannot be regulated by primitive tools that have proven themselves well in regulating trade because it is not trade. And it seems that we are being heard, and the arguments that we bring are also being heard.

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Sergey Belyakov: There are a lot of people here in the hall, and those who watch us sell goods. And you probably understand that the secret of your success, the secret of our success, the common success, is that we are very adaptive, and it is very important that regulatory initiatives do not reduce this adaptiveness. This does not mean that the idea of regulation in the industry... The question is not whether to regulate or not to regulate, but how to regulate, in order to calm down after the phrase that there are a lot of such regulatory initiatives. None of them is a threat to the economy, which characterizes different kinds of legislative initiatives.

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Sergey Belyakov: In this sense, there are no problems. I think that a wonderful today and tomorrow awaits us. That's all.

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Operator: Indeed, the scale is impressive. Ozon is not just jobs, logistics, and a huge infrastructure, including an IT infrastructure. As we have seen, it is almost 1.5 million people whose earnings are directly related to the marketplace. It is the development of the banking service, including the new industry, the expansion of regional production, and, in general, the marketplace has erased the regional borders and, in fact, leveled the opportunities of those who live in big cities, in remote areas, and buyers and sellers in all corners of our country. Today we have already seen these wonderful houses, and now I propose to go on another virtual excursion.

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Luca Kumar: He is looking at our recent commercial.

Luca Kumar: So when you will Smith travel being pushed to complete or OTC catch to will be shipped to conditions in the country.

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Operator: We talked to the sellers; we talked directly with the owner of the house. Now, let's listen to the buyers. We asked the partners of Ozon to collect feedback and share their reviews of the buyers, how their lives have changed, and what they have acquired with Ozon in all senses. Attention on the screen. I like the delivery service. Everything is close to home. Everything is fast. You don't have to go shopping.

Ms Williams: But also free up north to Glashow, NASDAQ speaking of giveaways.

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Operator: Very convenient. Compared to the shops in our city, we live far away, in the Republic of Komi, in Irkutsk, it's much better. It's especially profitable that the crowd orders there. I just ordered, let's say, chemistry, food, clothes, and I got it. Once, you need to come and measure, for example.

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Operator: There are more goods here, more accessories, and prices are lower than in regular stores. The prices are good, and so is the quality of service. Sitting on the couch at home, you can find everything you want.

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Operator: How uncomfortable. Of course, it's beautiful. I looked at the regular stores in our city.

Operator: Somehow, well, I wasn't very satisfied. And the quality is not the same. And here, the quality is chosen, and the price is appropriate. I order everything that is necessary for my economy, for my wishes, for my desires. I think this is great feedback.

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Operator: Today we discussed the financial results and the contribution of Azon to the social and economic development of the country at different levels, including at an emotional level. As promised, we will leave time for your questions. And I invite our speakers again.

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Operator: Today's speakers are Igor Gerasimov, the financial director of Azon, and Sergei Belikov, the managing director of Azon. I see that there are a lot of questions online, but let's start with the questions from the audience. Raise your hands. The man in the tie was first.

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Operator: I repeat, for the broadcast, the question is whether Ozon has already moved to Russia. What is your status? I think I understand perfectly well that no; otherwise, I would not ask. Obviously, we strive to do this. In the course of this year, actions will be taken that will certainly bring us closer to the implementation of our arrival plan. We have such a plan, everyone supports it at all levels, but at the same time, there are obstacles and restrictions because of which we cannot implement it more quickly. You are growing very fast, and you say that you are building your own warehouse infrastructure, but, in general, now, in my opinion, the volume of warehouse vacancies in Russia is 0.3% or something like that, that is, very little. The question is how hard it is for you to maintain such growth rates, given that there is not enough warehouse infrastructure? Do you have time to build warehouses or rent warehouses? This, it seems to me, can also be such a factor that prevents you from growing.

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Igor Gerasimov: In fact, the ready-to-use infrastructure that is suitable for us was built according to our design, according to the Build2Suite technology, in order to meet our industrial tasks of storing, processing, and sorting goods. Therefore, the fact that there are no free areas on the market does not scare us. Most of our warehouses are on long-term contracts, and the new launches of this year were canceled at the beginning of last year. Therefore, the infrastructure that will be introduced in 2024 has already been contracted for a long time. And, accordingly, now there is a stage of contracting the infrastructure for the next few years. We are provided with the necessary capacity, and this is not a threat to the company's growth. Let me add one more thing, if you don't mind. If we describe the warehouse infrastructure market as a market for suppliers and buyers, now it is a market for buyers. We can get everything we need very quickly because it is a request for a land plot.

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Sergey Belyakov: The presence of contractors who will build on our order... We are a well-known company in each region, and we are well-known to them. And all regions, so to speak, stand in line for such investors as our company. We do not have a shortage of offers.

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Igor Gerasimov: If we have a need to open, build, and rent a large warehouse, it will be done by us. Thank you very much for your question. There are a lot of questions about moving to Russia from different channels and different chats.

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Igor Gerasimov: I also need to say that, of course, Ozon Holdings is a high-tech warehouse. This is really, again, an investment. But there are also a lot of them.

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Igor Gerasimov: Now we will alternate questions from the audience and online. Why, with a growth of 111 percent, was revenue in the fourth quarter of 2023 only 53 percent? I think this is Igor's question. Partially, this is explained by the fact that we changed the accounting scheme. We began to reflect part of our operations on the agent model. This is when only the income is recognized in the revenue, which directly relates to our activities as an agent. That is, the one who is an intermediary between, [inaudible] Please, pass the microphone to the young man in the grey jacket.

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Igor Gerasimov: I would like to congratulate you on the excellent results of the year. Kirill Kuznetsov is a strong investor. We hold the Ozon stock and showed a great growth of GMV by 110% in the 55% plan. I would like to clarify, if possible, a couple of questions. The first question is based on the results of the first quarter. What do you think? Is there a possibility that this year the plan will be re-implemented again? How is the trade going this year?

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Igor Gerasimov: The preliminary results of the first quarter are quite promising, and the release of the results for the first quarter is already quite soon. There is not much left to wait for, as you can see by the numbers. Nevertheless, we believe that... aggressive because we are talking about incremental growth on a larger and larger scale. Every year, the game is getting more and more difficult for us. I don't think that the re-run will be as significant as last year.

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Igor Gerasimov: It is clear that while there is such steep growth, it is not so important what the marginality is. It is good that the overall plan is positive at the level of poverty. But when you slow down growth over time due to scale, do you have any goal in terms of marginality, and on what basis do you plan to achieve it? How do you see your long-term profitability? We think that on the horizon of 3-4 years, focusing on results similar to those of our company in other markets, the long-term marginality is 3-4% from GMV, and it is unlikely to be less than that, given the level of utilization of the infrastructure.

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Igor Gerasimov: This removes the investment component from P&L, reduces dedicated costs for marketing, for attracting customers, for processing orders, and potentially the level of investments we are making now, in particular price promotions. We think that this activity can be more moderate in the future. In addition, we continue to increase our advertising revenue and revenue from financial support. And the last question, if you can clarify, it is clear that everyone is concerned about the issue of redemission. But is it more likely to be a voluntary redemission or a forced one, as in the case of X-5, for example?

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Igor Gerasimov: It's hard for me to comment right now, but I can say that... The final result will not change for the shareholders, for the holders of our papers. And we, as a company, as a team, will do everything possible to make it happen. As soon as there are any significant increases, it will be publicly known. The last question is related to remuneration. I'm sorry for taking so much time. Can you tell me what share of foreign investors are currently in the stock market? It is impossible to verify this information at all. Alena, thank you very much.

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Igor Gerasimov: Thank you very much. The question that Sergei might have partially answered, but perhaps there is something to add. Everything is growing, growing. Tatyana Romanova, Forbes.

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Sergey Belyakov: Everything is growing, growing, but you do not make a profit. The question is, you still continue to spend money to fight for customers instead of making a profit, but you cannot invest, otherwise, competitors will go ahead. How do you plan to solve this dilemma for yourself?

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Igor Gerasimov: So what's the question? Our strategy is to... As a mature business, we could show our shareholders that we have a very large and interesting flow of money. The school has good financial results and a positive flow of operations.

Parker: I see why you show up houses Allen.

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Igor Gerasimov: It seems to me that it makes perfect sense to continue doing this until... We are succeeding, and the market speculation is favoring us. Therefore, I think that the issue will be resolved in a natural way, just returning to the question of the colleagues in the room, about how we will get to long-term profitability. Our financial results will go away, the utilization of infrastructure and logistical capabilities will increase, and... The company will simply go to another level. As soon as Ozon grows by 30-40%, of course, it will show a higher marginality.

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Igor Gerasimov: Good afternoon, my name is Aleksandr Turunsov. I am a journal expert. Good. Thank you. Thank you. It's very simple.

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Sergey Belyakov: If the law is passed, the company's plans will comply with the requirements of the law. While we observe that the decision on how to replace the tax administration in this part of the country has not yet been made, One more question, please pass the microphone back to me. Please, repeat for our broadcast on the microphone.

Jim Antal: Yeah.

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Sergey Belyakov: In Ozon Holdings' cards, on a number of products of a brand that does not work in Russia, there is a label "Original." How does the site confirm the originality of the product, and does it mean that the products of the same brand are not marked with the sign of the original? This is a fake. Huh?

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Sergey Belyakov: Ahem, I said, when I was commenting on the slides, that we are conducting goods control. We have several levels of quality control and compliance when we check the card of the product and check compliance with the obligatory requirements, which are part of the offer, and post-moderation, because on a stream of several hundred million units... It's physically impossible to make a filter in moderation that will... That's why it's very important to have the post-control that we are engaged in.

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Sergey Belyakov: If, suddenly, something gets through a wider sieve during moderation, we react to the appeal of either the owner of the right, or the buyer, or the supervisory authority. In order for the owners to be able to protect their products, it is very important for us to maintain a reputation and attitude towards us as a platform that guarantees compliance with copyright. The company that owns a personal account quickly sees if the sale of goods under the brand they hold is legal or not. If the sale is not legal, we quickly react by blocking the product card or if the seller has a systematic violation.

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Sergey Belyakov: We know them well enough. And if it is re-registered, it will make it more difficult for us to not allow it, but in principle, we see it. It creates a good incentive for me to do it.

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Sergey Belyakov: Does that mean that there is no problem? Of course, it doesn't. This is due to the fact that in the global economy of consumer demand, there is a steady trend of demand for counterfeit goods. Unfortunately, we are not a retailer, we are not a manufacturer, we do not sell our products; we provide access to the produced products. If there is a demand for counterfeit goods, then the probability of counterfeit goods getting into circulation is high, and it is growing. Therefore, the question is rather about our reaction. We try to react fast enough.

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Sergey Belyakov: We have projects with such organizations as RosAccreditation. It's related to the fact that we place the necessary documents, and certificates. If the product requires the presence of such documents, the buyer can always see if this document exists or not. Not just to see if it exists or not, but the document itself.

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Sergey Belyakov: And with Roskachetstvo. For us, this partnership is very important and valuable. We are the owners of several awards and prizes of Roskachetstvo as a brand that implements a responsible and effective policy in this regard. But to say that there is a silver bullet that helps fight counterfeiting, or there is a company of the scale of Ozon, or any other company of such a scale, and let's deal with it, how it should, and all the problems of counterfeiting will close, is wrong and impossible. But we are part of this strategy to fight counterfeiting. Thank you very much. A question from the Telegram channel. Everything is around the same thing, but perhaps, specific figures are of interest.

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Sergey Belyakov: What share in the market can the company take in the long term? Igor, probably for you. If we talk about... I think that... Spasibo. Questions from the audience are in the gallery.

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Igor Gerasimov: Pass the microphone, please. Thank you, colleagues, for your service. I am your client. I was a shareholder for some time. If the prices are interesting, maybe I will become one again. I am interested in two questions. The first one is about some rumors and facts.

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Igor Gerasimov: The fact is that Baring Vostok, as an organization, has become the operating non-grat in Russia, and they have a large share of Ozon. Can you comment on what will happen to this package, to this company? The worst scenario is probably the rumors that are going around now.

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Igor Gerasimov: I don't want to feed on rumors. Of course, this package will be in the hands of Vostok. But personally, I think that this is the worst scenario. Maybe you can uncover some kind of secret.

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Igor Gerasimov: And the second one is about international Ozon delivery from China. Some time ago, there were articles in social networks when a person ordered, for example, some equipment from China from sellers, and instead of a camera for 100,000 rubles, he received another one for 4. This is the seller's front.

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Sergey Belyakov: This is all very clear. But how will Marketplace compete with such front-line sellers from other regions? Thank you. That was the first question. I think that... and some other companies that you mentioned. I can say that... Any changes in the shareholding structure, of which there were quite a few in our memory, historically did not affect the work of the management, the work of the team, and shareholders, who have been with us for a long time, continue to support our plans for development and continue to support us as a team. Regarding the second question, as Sergei said and said quite a lot and in detail, it is impossible to protect yourself from Frodo 100%.

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Sergey Belyakov: Not a single site has such technical means, and if you try to remodel absolutely everything..., then it will be impossible to create any growth and business. The main protection here is our loyal and super-adequate return policy. I am sure that the person who received less than what the money was paid for received compensation from us in a very short time, and then it is already our problem how we will deal with this seller. It seems to me that the fact that we are very fast, very loyal, and return money to people is one of the factors that helped to remove an important psychological barrier for online purchases. That's why people are not so afraid to trust us. Someone online is asking if there is a little bit of optimism about the company's future plans. Tell me the reason for being a pessimist, and I'll discuss it with you. Thank you very much. The girl raised her hand.

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Igor Gerasimov: Anna Kurbatova, Alfa Bank. We know that you are an IT company, and you have a lot of software at different stages of business processes. Do you have any dependencies, more or less critical, from foreign software? What are they?

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Sergey Belyakov: And how do you solve these issues now? This is a very simple question and even a simpler answer. No. Why do we, as a team, buy services, for example, for the construction of warehouses? Why do we buy services for courier delivery? Why do we buy services that give us the opportunity to open an anti-franchise model? We do not buy IT services.

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Chris: The village musical buyer might choose local partners that are historical Salzburg.

Sergey Belyakov: Because it is not only the creation of a product, a software of some kind, but it is also the maintenance of its activities, and it is a constant adaptation to changing needs, not only from the point of view of speed and operation, but speed, too, and the number of operations. And the software needs to be controlled. Therefore, 10%... 5,000 people are the IT team, and we, as an example, had many services that provided the work of the office. Foreign software has changed very quickly and painlessly. The same applies to a significant part of the equipment. There is an offer for Russian equipment. We are actively buying them, using them, but there is no software at all.

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Sergey Belyakov: Thank you very much. A question from the chat: How do you count returns in turnover? They are not being purified. They are not being purified in any way.

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Chris: And it's shirts on unique partnerships, which our ocado retail national Swift about auto there was a lot of attrition me.

Igor Gerasimov: The turnover that you see in our numbers is the turnover of purified returns. Therefore, it does not affect the numbers that we publish.

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Igor Gerasimov: Could you tell us about your growth prognosis, 70% of it, in particular what part of this growth will come from the growth of the number of clients, what frequency and average frequency? We do not expect a significant increase in the average check. We expect an increase in frequency and an increase in the client base. We have internal forecasts that we like to compare, but, as a rule, they tend to differ from reality. I would roughly estimate it as 50-50.

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Igor Gerasimov: We expect an increase in the frequency of consumption, and we will see this trend as a result of the first quarter. And the growth of the client base because there is still room to grow even within Russia. Could you clarify? Was it a marginality of misfortune or...

Chris: We have very little gas storage from Prognose variance.

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Igor Gerasimov: If we look at the free money flow, what are the expectations? It seems to me that, in our case, the conversion of trouble into a free flow of money will be quite high because... If we talk about the target state of the business, about Nikki Stadistate, all our CapEx turns into... to support the work of the existing infrastructure. In reality, when we need to prepare for the continuation of growth in the coming years... My mom, will be close enough to EBITDA or exceed it, including due to the fact that we have a rather strongly negative working capital. Thank you. Well, judging by the figures we see and the time it takes to get to the site, it's not difficult; it's very easy.

Chris: But then once the.

Chris: Yes from a growing portfolio of staying a business operating at a steady state business Capex for the Russia itself.

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Sergey Belyakov: I think that of all the possible ways to start a business, a partnership with Ozon is one of the most comfortable, fast, convenient, and inexpensive. We invest in some businesses ourselves. For example, we financially support those who have made such a decision. And those who start selling through us, their costs are associated only with either production, if not manufacturers, or with the purchase and delivery to the territory of the country, if they use their infrastructure for delivery. Therefore, the minimum number of risks is no more than the risks of entrepreneurial activity.

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Sergey Belyakov: Thank you. Artyom, including you, we were talking about the possible opening of a point of sale in your region. This is a good example.

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Sergey Belyakov: This is not just an opportunity to open a business, partner with Azon, and then scale the success of working with Azon. Thank you. Daria also had a question. Please hand over the microphone. I'm not asking about yarn.

Chris: First of all as more as a separate business partner says all of them, but almost a bureau itself.

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Sergey Belyakov: I'm also a sales manager in a company that implements complex IT systems. It's a company called MasterData, and I have a question for you.

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Sergey Belyakov: Are you planning to change your IT strategy in favor of attracting some external players to set up, implement, or provide you with ready-made services from Russian vendors who have already mastered the enterprise in the last couple of years? [inaudible] We use the services of those who can offer a ready-made solution in the market but, as a rule, those who would be ready to provide it. And to meet our standards, not so much, so we use the services of the integrators of traditional ERP systems, such as 1S. But if we talk about everything else, then the critical mass of operating systems was and will be self-described and will be supported from the inside, because this is one of our main competencies. We, as a company, continue to purchase licensed products, but they are more for infrastructure.

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Sergey Belyakov: Well, they are more like, I don't know, software for project management, something like that. But critical things remain ours, I see. Thank you. Thank you. We continue to support the wave of online optimism. Vladislav Zapisochny sent us three questions. We cannot answer all three, but we will try to answer them. The main thing is that there are a lot of such questions.

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Chris: But if you look at those and particularly if it's a vulnerable our optimism of online you will just loves it.

All three are approximately.

Sergey Belyakov: As you can see, there are further prospects and new directions. Again, everything is about development plans. We see great potential for the development of Russia and the Russian regions. First of all, the regionalization, so to speak, of business bears fruit, and this can be seen from the turnover and can be seen from... the financial results of even the most remote settlements. Therefore, we will adhere to this strategy. This is my first time.

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Sergey Belyakov: We will also continue the gradual expansion in the country of the nearest foreign countries, for example, Kazakhstan, Belarus, Uzbekistan, and so on on in the list. We believe that our accumulated base of sellers and clients will allow us to create a large enough demand for development in these markets. We will also continue to develop our own advertising products and financial services. We will finish smoothly. Let's have the final question offline and online. Let me ask it from online then. About the fire in Istra, they asked the size of the insurance payments, when they will be, probably, Igor, you? We had a fire in New Riga, while the competent authorities continue to investigate. I do not have the terms of this investigation.

Chris: What types of approvals on Pacific explosive or strongly.

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Igor Gerasimov: Therefore, as soon as it happens..., it will be more appropriate to talk about the timing of receiving insurance payments. Let's go to the microphone so that we can be heard, and those who are watching the broadcast, your question will be quite possible. Yes, thank you. I have the following question. On the 31st, it turns out that you have 170 billion in cash and only 46, or something like that, in loans. The question is, do you really not need these services? How much cash do you keep?

Uh-huh, let's see but you know, it's an island off line I suppose.

Chris: But Canada.

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Igor Gerasimov: And the second question is how risky is the situation when the passive obligations of your Fintech start to pressure you more and more? And the stakes are high as to how stable the situation is. Thank you. Answer.

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Igor Gerasimov: And 170 billion, about 60 billion, just belongs to our Fintech. That's why it's money that... They work in a segregated way, which cannot be directly connected to the main business and which our bank manages separately from us. Therefore, the balance, which is directly related to e-commerce, is slightly less. Speaking of Fintech... Our financial operation is very profitable. The ruble of the bank exceeds 50%, and even all the passives that they attract, even at the current rates, they have the opportunity to place with profit. That's why we think that...

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Igor Gerasimov: In the long term, it will be one of the most profitable divisions of the whole business as a group, and I think that in the near future, we will begin, in particular, to reveal the main results of the work of our financial unit. Is there anything else to add? We thank the speakers, Igor Gerasimov, the financial director of Ozon, and Sergey Belyakov, the managing director of Ozon. We thank Marketplace Ozon for sharing their numbers, their results, and how these results, how these achievements affect the social and economic development of our country, the development of entrepreneurship, and improve the quality of life in the regions, affect the lives of millions of people in general. And we thank all the viewers and everyone who was with us offline and online. Thank you. Have a wonderful day!

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