Fix Price PJSC · RUS:FIXR
Fix Price PJSC — Fix Price — Q3 2023 Earnings Presentation
13 slides from Fix Price PJSC's earnings presentation, October 2023
Slide 1: Q3 and 9M 2023 Operating and Financial Results
Q3 AND 9M 2023 OPERATING AND FINANCIAL RESULTS October 2023
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 2023
KEY ACHIEVEMENTS IN Q3 / 9M 2023 RUB 75bn / 210RUB 123 / 499 21.5% Revenue Net store openings(1) Loyal customer base growth year-on-year 33.9% / 33.5% RUB 14bn / RUB 37bn RUB 7bn / RUB 27bn Gross margin EBITDA Net profit Source: Company information, Management Accounts for 9M 2022, 9M 2023, Q3 2022
Slide 4: Continuous Store Expansion: Geographical Coverage
CONTINUOUS STORE EXPANSION GEOGRAPGICAL COVERAGE (2022 and 9M 2023, eop) LEGEND KEY RUSSIA NORTH-WESTERN FD(1) SIBERIAN FD(1) Russia (Number of stores) +439 +37 +74 CENTRAL FD(1) 5,537 558 669 +xx 5,098 595 +108 xx 521 xx 1,576 1,468 FAR-EASTERN FD(1) +12 SOUTHERN FD(1) 112 100 +57 693 636 URALS FD(
Slide 5: Continuous Store Expansion: Portfolio Growth and Selling Space
CONTINUOUS STORE EXPANSION FIX PRICE STORE PORTFOLIO GROWTH SELLING SPACE EXPANSION (Number of stores) (Thous. sqm) +13.1% +12.8% 1,335 6,162 1,181 152 5,462 686 134 607 1,183 5,476 1,046 4,855 30 September 2022 30 September 2023 30 September 2022 30 September 2023 Company-operated Franchised Compan
Slide 6: LFL Performance
LFL PERFORMANCE 2-YEAR STACKED LFL SALES GROWTH(1)(2) COMMENTS ON QUARTERLY DYNAMICS LFL Sales (Current Year) LFL Sales (Prior Year) • In Q3 2023, LFL sales were 2.8% lower y-o-y as a result of the continued high base effect of the 25.9% 19.4% 24.9% 29.0% 16.0% 7.2% 5.9% 6.3% 8.0% previous year. The
Slide 7: Extended CVP and Continued Robust Price Advantage
EXTENDED CVP AND CONTINUED ROBUST PRICE ADVANTAGE 75% OF ASSORTMENT UNDER RUB 99(1) RETAIL SALES MIX % of retail sales % of SKU Q3 2022 Q3 2023 0.3% 0% 0.5% 0% 4% 4% 15% 15% 10% 8% 27% 26% 18% Food 23% 38% 44% 40% 28% 28% 48% 13% Drogerie 41% 14% 15% 37% 45% 46% 12% Non-food Q3 2022 Q3 2023 Q3 2022
Slide 8: Solid Revenue Growth and Robust Profitability
SOLID REVENUE GROWTH AND ROBUST PROFITABILITY TOTAL REVENUE GROSS PROFIT (RUBm) (RUBm) LFL Sales Gross profit 33.9% 32.8% 33.5% 11.1% (2.8)% 12.6% (5.3)% 32.4% dynamics margin + 4.1% + 6.3% 210,196 + 6.3% 201,887 70,378 23,991 66,205 23,026 + 11.0% 74,519 70,099 25,230 7,926 8,400 22,728 178,861 186
Slide 9: Solid Revenue Growth and Robust Profitability (Cont'd)
SOLID REVENUE GROWTH AND ROBUST PROFITABILITY (CONT’D) ADJUSTED EBITDA (IFRS 16) OPERATING PROFIT (RUBm) (RUBm) Adjusted 18.7% 19.0% 19.4% 18.2% Operating 14.0% 13.4% 14.6% 12.5% EBITDA margin profit margin (IFRS 16) (2.2)% (10.7)% 39,127 38,274 29,437 + 8.0% + 1.5% 26,295 13,136 14,181 9,819 9,968
Slide 10: SG&A Expenses Analysis
SG&A EXPENSES ANALYSIS SG&A BREAKDOWN COMMENTS (% of revenue) • SG&A costs (excl. LTIP and D&A expenses) increased by 91 bps y-o-y to 15.0% of IFRS 16 revenue due to higher staff costs, banking charges, advertising and repair and maintenance costs as well as the negative operational leverage effect,
Slide 11: Capital Expenditures to Support Further Growth
CAPITAL EXPENDITURES TO SUPPORT FURTHER GROWTH CAPEX(1) CAPEX COMPOSITION (RUB bn) (Q3 2023, %) 21% New stores openings CAPEX 2.7% 2.4% 2.6% 2.1% (% of revenue) RUB 44% DC 1.6bn 35% IT and Other 5,497 COMMENTS 1,805 5,013 • CAPEX for Q3 2023 was RUB 1.6 billion versus RUB 1.8 billion in Q3 2022, due
Slide 12: Net Working Capital Dynamics
NET WORKING CAPITAL DYNAMICS NET TRADE WORKING CAPITAL DEVELOPMENT(1) ROBUST INVENTORY DAYS AND DAYS PAYABLE LEVELS (RUB m) Inventory days(3) (days) and Days payable(4) (days) NTWC as % Inventory days Days payable 5.7% 4.0% of revenue (2) 9M 2022 83 9M 2022 64 42,095 45,629 9M 2023 85 9M 2023 69 15,
Slide 13: Conservative Debt Level and Superior Cash Flow Generation
CONCERVATIVE DEBT LEVEL AND SUPERIOR CASH FLOW GENERATION NET DEBT / (CASH)(1) FCF DYNAMICS(3) (RUB m) (RUB m) Leverage % of (0.04)x (0.4)x 6.2% 9.0% 11.1% ratio(2) 0.2x revenue 24,857 23,256 9,903 8,475 9,753 15,000 10,000 12,587 5,000 0 7,342 14,954 14,781 (1,656) -5,000 -10,000 5,245 -15,000 (16,