Fix Price PJSC · RUS:FIXR
Fix Price PJSC — Fix Price — 9M 2021 Earnings Presentation
19 slides from Fix Price PJSC's earnings presentation, October 2021
Slide 1: Q3 and 9M 2021 Operating and Financial Results
Q3 AND 9M 2021 OPERATING AND FINANCIAL RESULTS October 2021
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 2021
KEY ACHIEVEMENTS IN Q3 / 9M 2021 17.8% / 24.3% 168 / 586 4.4% / 9.0% Revenue growth Net store openings(1) LFL sales year-on-year growth RUB 11.0bn / RUB 30.8bn 19.0% / 18.8% c.11% / c.34% (2) EBITDA EBITDA margin Loyal customer base growth Source: Company information, Management Accounts for 9M 2020
Slide 4: Continuous Store Expansion
CONTINUOUS STORE EXPANSION FIX PRICE PORTFOLIO EXPANSION SELLING SPACE EXPANSION (Number of stores) (Ths sqm) +586 4,753 +655 +133 4,167 516 1,022 +147 890 425 113 3,512 743 92 440 96 4,237 3,742 909 797 3,072 647 2019 2020 9M 2021 2019 2020 9M 2021 Company-operated Franchised Company-operated Franc
Slide 5: Continuous Store Expansion (Cont'd)
CONTINUOUS STORE EXPANSION (CONT’D) GEOGRAPGICAL COVERAGE (2020 and 9M 2021, eop) Russia LEGEND KEY RUSSIA SIBERIAN FD(1) (Number of stores) +442 +63 CENTRAL FD(1) +xx 4,333 496 +110 xx 3,891 xx 433 1,263 1,153 2020 9M 2021 NORTH-WESTERN FD(1) SOUTHERN FD(1) +50 +57 447 397 539 482 FAR-EASTERN FD(1)
Slide 6: Strong LFL Growth
STRONG LFL GROWTH STRONG 2-YEAR STACKED LFL SALES GROWTH(1)(2) COMMENTS ON Q3 2021 DYNAMICS LFL Sales (Current Year) LFL Sales (Prior Year) Average: 33.2% • LFL sales grew by 4.4% y-o-y following abnormally high LFL sales growth of 20.6% in Q3 2020 40.9% 37.5% 38.2% • LFL traffic was supported by pr
Slide 7: Extended CVP and Continued Robust Price Advantage
EXTENDED CVP AND CONTINUED ROBUST PRICE ADVANTAGE >70% OF ASSORTMENT UNDER RUB100(1) RETAIL SALES MIX % of retail sales % of SKU Q3 2019 Q3 2020 Q3 2021 1% 1% 0.3% 3% 2% 1% 11% 18% 19% 8% 10% 18% 19% 8% 27% 25% 28% Food 71% 66% 58% 64% 61% 55% 22% 23% 23% Drogerie 17% 15% 15% 23% 19% 17% 51% 52% 49%
Slide 8: Growing Loyalty Programme with Attractive Benefits
GROWING LOYALTY PROGRAMME WITH ATTRACTIVE BENEFITS HOW IT WORKS BENEFITS FOR CUSTOMERS BENEFITS FOR US 15 1 point = RUB 1 when spent Get the maximum value Data and feedback of the up to 20% active client base m through customised offers(2) of purchase amount is returned to the card in form of points
Slide 9: Strong Revenue Growth and Robust Profitability
STRONG REVENUE GROWTH AND ROBUST PROFITABILITY TOTAL REVENUE GROSS PROFIT (RUBm) (RUBm) LFL Sales growth Gross profit margin 13.6% 20.6% 4.4% 16.7% 15.9% 9.0% 32.0% 32.1% 31.8% 31.4% 32.5% 31.4% + 24.3% + 20.2% 163,966 + 17.8% + 32.6% 19,724 + 37.3% 51,534 + 16.5% 131,964 42,880 + 38.5% 57,850 17,26
Slide 10: 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% 19.1% 19.0% 17.9% 19.2% 18.8% 12.7% 14.0% 13.6% 11.6% 13.7% 13.4% + 21.5% + 21.7% 30,792 + 42.1% 22,032 25,346 + 56.4% 18,097 17,833 +17.1% +
Slide 11: SG&A Expenses Analysis
SG&A EXPENSES ANALYSIS SG&A BREAKDOWN COMMENTS (% of revenue) IFRS 16 • SG&A expenses decreased as percentage of revenue by 53 bps to 18.4% for 9M 2021 driven by improved operating efficiency in staff costs, rental expense and advertising costs 19.6% 20.0% 18.6% 18.9% 18.4% 18.3% 3.4% 3.3% • Staff c
Slide 12: Capital Expenditures to Support Further Growth
CAPITAL EXPENDITURES TO SUPPORT FURTHER GROWTH CAPEX(1) CAPEX COMPOSITION (RUBm) (Q3 2021, %) 17% New stores openings 4% CAPEX 2.2% 2.5% 2.7% 3.2% RUB (% of revenue) DC 1,420m 58% 22% Refurbishments IT and Other 5,214 COMMENTS 3,616 • Capex increase on a y-o-y basis was driven by higher investments
Slide 13: 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 2.4% 2.0% 2.8% revenue 9M 2019 67 9M 2019 70 9M 2020 71 9M 2020 69 37,574 26,540 9M 2021 79
Slide 14: Superior Cash Flow Generation and Consistent Shareholder Returns
SUPERIOR CASH FLOW GENERATION AND CONSISTENT SHAREHOLDER RETURNS ROIC EVOLUTION(1) NET DEBT / (CASH)(2) FCF DYNAMICS(4) (%) (RUBm) (RUBm) Leverage % of NM 0.5x 0.5x 11.8% 14.7% 12.3% ratio(3) revenue 98.8% 20,229 19,364 87.2% 86.9% 11,756 18,000 17,500 16,820 17,000 12,963 16,500 16,000 15,500 15,00
Slide 15: Appendix
APPENDIX
Slide 16: P&L Summary
P&L SUMMARY In millions of Russian rubles 2019 2020 Q3 2020 Q3 2021 9M 2020 9M 2021 Revenue 142,880 190,059 49,095 57,850 131,964 163,966 Retail revenue 123,194 166,025 43,192 51,216 114,698 144,242 Wholesale revenue 19,686 24,034 5,903 6,634 17,266 19,724 Cost of sales (96,919) (128,544) (33,313) (
Slide 17: Balance Sheet Summary
BALANCE SHEET SUMMARY In millions of Russian rubles 31.12.2019 30.09.2020 31.12.2020 30.09.2021 ASSETS Non-current assets 18,930 22,905 25,297 29,308 Property, plant and equipment 10,882 12,900 13,308 14,502 Right-of-use assets (non-current) 6,220 8,181 8,554 9,469 Other non-current assets 1,828 1,8
Slide 18: Cash Flow Summary
CASH FLOW SUMMARY In millions of Russian rubles 2019 2020 Q3 2020 Q3 2021 9M 2020 9M 2021 Profit before tax 17,535 26,310 5,497 7,496 17,479 21,097 Cash from operating activities before changes in working capital 28,216 38,338 9,751 11,406 26,333 32,165 Changes in working capital (2,428) (1,548) (2,
Slide 19: EBITDA and Net Debt Reconciliation
EBITDA AND NET DEBT RECONCILIATION EBITDA (IAS 17) RECONCILIATION In millions of Russian rubles 2019 2020 Q3 2020 Q3 2021 9M 2020 9M 2021 EBITDA (IFRS 16) 27,150 36,788 9,365 10,964 25,346 30,792 Rental expense (7,221) (7,999) (2,098) (2,511) (5,748) (7,275) Utilities (153) (157) (39) (38) (119) (11