Fix Price PJSC · RUS:FIXR
Fix Price PJSC — Fix Price — H1 2024 Earnings Presentation
13 slides from Fix Price PJSC's earnings presentation, August 2024
Slide 1: Q2 and H1 2024 Operating and Financial Results
Q2 AND H1 2024 OPERATING AND FINANCIAL RESULTS August 2024
Slide 2: Disclaimer
DISCLAIMER IMPORTANT: This document does not constitute or form part of, and should not be because they relate to events and depend on circumstances that may or may not occur the results of the Company's operations presented under IAS 17 after 1 January 2019 construed as an offer for sale or subscri
Slide 3: Key Achievements in Q2 / H1 2024
KEY ACHIEVEMENTS IN Q2 / H1 2024 RUB 76.7bn / 148.4bn 177 / 308 13.0% Revenue Net store openings (1) Loyal customer base growth year-on-year 34.0% / 33.3% RUB 12.8bn / 22.5bn RUB 5.8bn / 9.1bn Gross margin EBITDA Net profit Source: Company information, Reviewed IFRS accounts for H1 2023 and H1 2024;
Slide 4: Continuous Store Expansion: Geographical Coverage
CONTINUOUS STORE EXPANSION GEOGRAPHICAL COVERAGE (2023 and H1 2024, eop) LEGEND KEY RUSSIA NORTH-WESTERN FD(1) SIBERIAN FD(1) Russia (Number of stores) +265 +19 +38 CENTRAL FD(1) +xx 6,021 737 5,756 576 595 699 +78 xx xx 1,728 1,650 FAR-EASTERN FD(1) +4 SOUTHERN FD(1) 123 +35 119 753 718 URALS FD(1)
Slide 5: Continuous Store Expansion
CONTINUOUS STORE EXPANSION FIX PRICE STORE PORTFOLIO GROWTH SELLING SPACE EXPANSION(1) (Number of stores) (Thous. sqm) +11.3% +11.4% 1,457 6,722 1,308 161 6,039 724 148 667 5,998 1,296 5,372 1,160 30 June 2023 30 June 2024 30 June 2023 30 June 2024 Company-operated Franchised Company-operated Franch
Slide 6: LFL Performance
LFL PERFORMANCE 2-YEAR STACKED LFL SALES DYNAMICS(1)(2) COMMENTS ON QUARTERLY DYNAMICS LFL Sales (Current Year) 29.0% LFL Sales (Prior Year) 5.9% 6.3% • In Q2 2024, LFL sales increased by 3.2%, while the 2-year LFL average ticket was up by 5.7%, and LFL traffic stacked LFL sales 29.0% 16.0% 7.2% 5.9
Slide 7: Extended CVP and Continued Robust Price Advantage
EXTENDED CVP AND CONTINUED ROBUST PRICE ADVANTAGE 87% OF ASSORTMENT UNDER RUB 200(1)(2) RETAIL SALES MIX(2) % of retail sales % of SKU Q2 2023 Q2 2024 0.04% 0.3% 3% 14% 16% 9% 13% 20% 16% 15% 28% 27% Food 42% 31% 44% 30% 8% 28% 26% Drogerie 28% 29% 9% 38% 13% 10% 13% 44% 48% Non-food Q2 2023 Q2 2024
Slide 8: Revenue Growth and Robust Profitability
REVENUE GROWTH AND ROBUST PROFITABILITY TOTAL REVENUE GROSS PROFIT (RUBm) (RUBm) LFL Sales Gross profit (7.9)% 3.2% (6.6)% 1.9% margin 33.2% 34.0% 33.3% 33.3% dynamics + 9.4% + 9.6% + 9.9% 148,391 + 12.4% 49,481 135,677 45,148 15,730 76,707 15,591 26,047 69,782 23,182 7,395 7,795 132,661 120,086 69,
Slide 9: Revenue Growth and Robust Profitability (Cont'd)
REVENUE GROWTH AND ROBUST PROFITABILITY (CONT’D) ADJUSTED EBITDA (IFRS 16)(1) OPERATING PROFIT (RUBm) (RUBm) Adjusted 18.1% 16.9% 17.8% 15.5% Operating 12.5% 11.2% 12.0% 9.6% EBITDA margin profit margin (IFRS 16) (4.8)% (12.5)% + 2.3% 24,093 (2.1)% 16,327 12,953 22,941 14,283 12,658 8,740 8,553 Q2 2
Slide 10: SG&A Expenses Analysis
SG&A EXPENSES ANALYSIS SG&A BREAKDOWN(1) COMMENTS (% of revenue) • SG&A costs (excl. LTIP(2) and D&A expenses) grew by 198 bps y-o-y to 17.3% of IFRS 16 revenue, mainly driven by growth in staff costs, advertising, repair and maintenance costs and other expenses as a percentage of revenue, which was
Slide 11: Capital Expenditures to Support Further Growth
CAPITAL EXPENDITURES TO SUPPORT FURTHER GROWTH CAPEX(1) CAPEX COMPOSITION (RUBbn) (Q2 2024, %) 21% New stores openings CAPEX 2.5% 1.8% 1.9% 1.7% (% of revenue) RUB 1.3bn IT and Other 79% 3,441 COMMENTS 1,317 1,306 2,671 • CAPEX for Q2 2024 remained flat y-o-y and amounted to RUB 1.3 billion, primari
Slide 12: Net Working Capital Dynamics
NET WORKING CAPITAL DYNAMICS NET TRADE WORKING CAPITAL DEVELOPMENT(1) ROBUST INVENTORY DAYS AND DAYS PAYABLE LEVELS (RUBm) Inventory days(3) (days) and Days payable(4) (days) Inventory days Days payable NTWC as % 4.2% 5.0% 5.7% of revenue (2) H1 2023 82 H1 2023 65 40,026 47,957 50,180 FY 2023 84 FY
Slide 13: Conservative Debt Level and Solid Cash Flow Generation
CONCERVATIVE DEBT LEVEL AND SOLID CASH FLOW GENERATION NET DEBT / (CASH)(1) FCF DYNAMICS(3) (RUBm) (RUBm) Leverage % of (0.6)x (0.5)x 10.1% 11.2% 8.0% ratio(2) (0.2)x revenue 32,572 11,441 0 13,701 11,850 -5, 000 -10, 00 0 5,542 21,131 (9,851) 6,099 8,159 -15, 00 0 5,751 -20, 00 0 (19,627) (22,644)