Fix Price PJSC · RUS:FIXR
Fix Price PJSC — Fix Price — 9M 2022 Earnings Presentation
13 slides from Fix Price PJSC's earnings presentation, October 2022
Slide 1: Q3 and 9M 2022 Operating and Financial Results
Q3 AND 9M 2022 OPERATING AND FINANCIAL RESULTS October 2022
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 2022
KEY ACHIEVEMENTS IN Q3 / 9M 2022 21.2% / 23.1% 195 / 558 11.1% / 12.6% Revenue growth Net store openings(1) LFL sales year-on-year growth RUB 13bn / RUB 39bn 18.7% / 19.4% 32.4% EBITDA EBITDA margin Loyal customer base growth year-on-year Source: Company information, Management Accounts for 9M 2021,
Slide 4: Continuous Store Expansion: Geographical Coverage
CONTINUOUS STORE EXPANSION GEOGRAPGICAL COVERAGE (2021 and 9M 2022, eop) Russia LEGEND KEY RUSSIA SIBERIAN FD(1) (Number of stores) +487 +65 CENTRAL FD(1) +xx 4,932 577 +134 xx xx 4,445 512 1,425 1,291 NORTH-WESTERN FD(1) SOUTHERN FD(1) +47 +64 508 461 616 552 FAR-EASTERN FD(1) VOLGA FD(1) +17 +102
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) +15.5% +14.9% 1,181 5,462 1,022 134 4,753 607 113 516 1,046 4,855 909 4,237 30 September 2021 30 September 2022 30 September 2021 30 September 2022 Company-operated Franchised Company-
Slide 6: LFL Performance
LFL PERFORMANCE LFL SALES (1) REMAINED STRONG DRIVEN BY COMPELLING CVP COMMENTS ON QUARTERLY DYNAMICS • LFL sales increased by 11.1% y-o-y (by 12.9% adjusted for the rouble appreciation effect) Adjusted for the 20.6% rouble • The LFL average ticket was up 16.2% y-o-y (18.1% appreciation adjusted for
Slide 7: Extended CVP and Continued Robust Price Advantage
EXTENDED CVP AND CONTINUED ROBUST PRICE ADVANTAGE 86% OF ASSORTMENT UNDER RUB 100(1) RETAIL SALES MIX % of retail sales % of SKU Q3 2021 Q3 2022 0.3% 0.3% 0.8% 0.5% 8% 8% 4% 19% 15% 19% 10% 28% 27% Food 23% 44% 55% 23% 28% 58% Drogerie 48% 41% 15% 14% 17% 49% 45% Non-food Q3 2021 Q3 2022 Q3 2021 Q3
Slide 8: Strong Revenue Growth and Robust Profitability
STRONG REVENUE GROWTH AND ROBUST PROFITABILITY TOTAL REVENUE GROSS PROFIT (RUBm) (RUBm) LFL Sales growth Gross profit margin 12.6% 31.8% 32.4% 31.4% 32.8% 4.4% 11.1% 9.0% + 23.1% + 28.5% 201,887 66,205 23,026 163,966 + 21.2% 19,724 51,534 + 23.6% 70,099 57,850 22,728 7,926 178,861 18,386 6,634 144,2
Slide 9: Strong Revenue Growth and Robust Profitability (Cont'd)
STRONG REVENUE GROWTH AND ROBUST PROFITABILITY (CONT’D) EBITDA (IFRS 16) OPERATING PROFIT (RUBm) (RUBm) EBITDA margin (IFRS 16 ) Operating profit margin 19.0% 18.7% 18.8% 19.4% 13.6% 14.0% 13.4% 14.6% + 27.1% 39,127 + 33.6% 29,437 30,792 + 19.8% 22,032 + 24.6% 13,136 9,819 10,964 7,880 Q3 2021 Q3 20
Slide 10: SG&A Expenses Analysis
SG&A EXPENSES ANALYSIS SG&A BREAKDOWN COMMENTS (% of revenue) • Selling, general and administrative expenses (SG&A) were up 27 bps y-o-y to 18.9% of revenue due to the increase in the shares of staff costs and rental expenses in IFRS 16 revenue, which was partially mitigated by efficiencies gained i
Slide 11: Capital Expenditures to Support Further Growth
CAPITAL EXPENDITURES TO SUPPORT FURTHER GROWTH CAPEX(1) CAPEX COMPOSITION (RUB bn) (Q3 2022, %) 11% New stores openings CAPEX 3.2% 2.7% 2.5% 2.6% (% of revenue) RUB DC 50% 1.8bn 39% IT and Other 5,497 5,214 COMMENTS 1,805 1,420 • CAPEX for Q3 2022 amounted to RUB 1.8 billion compared to RUB 1.4 bill
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(2) (days) and Days payable(3) (days) % of Inventory days Days payable 2.1% 5.7% revenue 9M 2021 79 9M 2021 75 42,095 37,574 9M 2022 83 9M 2022 64 15,292 4,631 1,6
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) (RUBm) (RUBm) Leverage 0.4x % of 12.3% 14.3% 0.5x 0.2x 13.1% ratio(2) revenue 30,290 28,947 9,197 7,342 29500,0 29000,0 28500,0 27,688 20,229 23,480 28000,0 21,768 27500,0 27000,0 26500,0 26000,0 25500,0 2