Fix Price PJSC · RUS:FIXR
Fix Price PJSC — Fix Price — Q3 2024 Earnings Presentation
13 slides from Fix Price PJSC's earnings presentation, October 2024
Slide 1: Q3 and 9M 2024 Operating and Financial Results
Q3 AND 9М 2024 OPERATING AND FINANCIAL RESULTS October 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 Q3 / 9M 2024
KEY ACHIEVEMENTS IN Q3 / 9M 2024 RUB 78.8bn / 227.2bn 169 / 477 12.4% Revenue Net store openings (1) Loyal customer base growth year-on-year 33.6% / 33.4% RUB 12.3bn / 34.8bn RUB 6.0bn / 15.1bn Gross margin EBITDA Net profit Source: Company information, Management accounts for 9M 2023, 9M 2024, Q3 2
Slide 4: Continuous Store Expansion: Geographical Coverage
CONTINUOUS STORE EXPANSION GEOGRAPHICAL COVERAGE (2023 and 9M 2024, eop) LEGEND KEY RUSSIA NORTH-WESTERN FD(1) SIBERIAN FD(1) Russia (Number of stores) +412 +23 +67 CENTRAL FD(1) 6,168 +xx 766 5,756 576 599 699 +130 xx xx 1,780 1,650 FAR-EASTERN FD(1) +8 SOUTHERN FD(1) 127 +45 119 763 718 URALS FD(1
Slide 5: Continuous Store Expansion: Portfolio Growth and Selling Space
CONTINUOUS STORE EXPANSION FIX PRICE STORE PORTFOLIO GROWTH SELLING SPACE EXPANSION(1) (Number of stores) (Thous. sqm) +11.8% +11.8% 1,493 6,891 1,335 163 6,162 734 152 686 6,157 1,329 5,476 1,183 30 September 2023 30 September 2024 30 September 2023 30 September 2024 Company-operated Franchised Com
Slide 6: LFL Performance
LFL PERFORMANCE 2-YEAR STACKED LFL SALES DYNAMICS(1)(2) COMMENTS ON QUARTERLY DYNAMICS LFL Sales (Current Year) 6.3% LFL Sales (Prior Year) (2.8)% • In Q3 2024, LFL sales stood at 0.05%, while the 2-year 8.0% LFL average ticket increased by 3.2%, and LFL stacked LFL sales 16.0% 7.2% 5.9% 6.3% 8.0% 3
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 Q3 2023 Q3 2024 0.04% 4% 15% 17% 8% 14% 14% 26% 27% 18% 15% Food 38% 28% 30% 40% 13% 28% 27% Drogerie 29% 30% 15% 37% 12% 11% 13% 46% 46% Non-food Q3 2023 Q3 2024 Q3
Slide 8: Revenue Growth and Robust Profitability
REVENUE GROWTH AND ROBUST PROFITABILITY TOTAL REVENUE GROSS PROFIT (RUBm) (RUBm) LFL Sales Gross profit (2.8)% 0.05% (5.3)% 1.2% margin 33.9% 33.6% 33.5% 33.4% dynamics + 8.1% + 7.9% + 5.7% 227,190 210,196 22,900 + 5.0% 75,973 23,991 70,378 74,519 78,799 26,492 25,230 7,170 8,400 204,290 186,205 66,
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 19.0% 15.7% 18.2% 15.6% Operating 13.4% 10.2% 12.5% 9.8% EBITDA margin profit margin (IFRS 16) (7.6)% (15.1)% 38,274 (12.5)% 35,348 (19.2)% 26,295 14,181 22,335 12,407 9,968 8,052 Q3
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) , increased by 300 bps y-o-y to 18.0% of IFRS 16 revenue, mainly due to higher staff costs and other expenses as well as the negative operating leverage effect. Pressure on the cost base wa
Slide 11: Capital Expenditures to Support Further Growth
CAPITAL EXPENDITURES TO SUPPORT FURTHER GROWTH CAPEX(1) CAPEX COMPOSITION (RUBbn) (Q3 2024, %) New stores openings CAPEX 2.4% 2.0% 2.1% 2.3% (% of revenue) 45% RUB 1.8bn 55% IT and Other 5,023 COMMENTS 4,453 1,782 • CAPEX for Q3 2024 was largely attributable to investment in new store 1,582 openings
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 % 4.0% 5.0% 7.0% of revenue (2) 9M 2023 85 9M 2023 69 47,957 53,086 FY 2023 84 FY 2023 67
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 11.1% 11.2% 6.7% ratio(2) (0.4)x revenue 32,572 11,441 23,256 0 8,475 15,173 -5, 000 21,131 9,235 -10, 00 0 14,781 -15, 00 0 5,938 -20, 00 0 (16,371) 9M 2023 FY 2023