Fix Price PJSC · RUS:FIXR
Fix Price PJSC — Fix Price — Q1 2024 Earnings Presentation
13 slides from Fix Price PJSC's earnings presentation, April 2024
Slide 1: Q1 2024 Operating and Financial Results
Q1 2024 OPERATING AND FINANCIAL RESULTS April 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 Q1 2024
KEY ACHIEVEMENTS IN Q1 2024 RUB 71.7bn 131 14.6% Revenue Net store openings(1) Loyal customer base growth year-on-year 32.7% RUB 9.8bn RUB 3.3bn Gross margin EBITDA Net profit Source: Company information, Management Accounts for Q1 2024 Notes: 1 Including Company-operated and franchise stores Q1 202
Slide 4: Continuous Store Expansion
CONTINUOUS STORE EXPANSION GEOGRAPHICAL COVERAGE (2023 and 3M 2024, eop) LEGEND KEY RUSSIA NORTH-WESTERN FD(1) SIBERIAN FD(1) Russia (Number of stores) +118 +6 +21 CENTRAL FD(1) +xx 5,874 720 5,756 576 582 699 +31 xx xx 1,681 1,650 FAR-EASTERN FD(1) +3 SOUTHERN FD(1) 122 +17 119 735 718 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) +12.1% 1,419 +11.9% 6,545 1,266 158 5,848 709 142 642 1,262 5,836 1,124 5,206 31 March 2023 31 March 2024 31 March 2023 31 March 2024 Company-operated Franchised Company-operated Fr
Slide 6: LFL Performance
LFL PERFORMANCE 2-YEAR STACKED LFL SALES DYNAMICS(1)(2) COMMENTS ON QUARTERLY DYNAMICS LFL Sales (Current Year) LFL Sales (Prior Year) • In Q1 2024, LFL sales turned positive to 0.4% due 2-year 24.9% 29.0% 16.0% 7.2% 5.9% 6.3% 8.0% 3.0% (4.7)% to LFL average ticket growth of 3.7% offsetting a stacke
Slide 7: Extended CVP and Continued Robust Price Advantage
EXTENDED CVP AND CONTINUED ROBUST PRICE ADVANTAGE 88% OF ASSORTMENT UNDER RUB 200(1) RETAIL SALES MIX(3) % of retail sales % of SKU Q1 2023 Q1 2024 0.1% 0.2% 0.2% 14% 15% 10% 12% 18% 15% 27% 26% 22% 17% Food 32% 46% 31% 48% 29% 26% Drogerie 26% 28% 4% 4% 14% 10% 19% 13% 45% 49% Non-food Q1 2023 Q1 2
Slide 8: Revenue Growth and Robust Profitability
REVENUE GROWTH AND ROBUST PROFITABILITY TOTAL REVENUE GROSS PROFIT (RUBm) (RUBm) LFL Sales Gross profit (5.1)% 0.4% 33.3% 32.7% dynamics margin + 8.8% + 6.7% 71,684 65,895 8,335 23,434 7,796 21,966 63,349 58,099 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Retail Wholesale Source: Management Accounts for Q1 2023
Slide 9: Revenue Growth and Robust Profitability (Cont'd)
REVENUE GROWTH AND ROBUST PROFITABILITY (CONT’D) ADJUSTED EBITDA (IFRS 16) OPERATING PROFIT (RUBm) (RUBm) Adjusted Operating EBITDA margin 17.4% 13.9% 11.5% 8.0% profit margin (IFRS 16) (12.7)% (24.5)% 11,435 9,988 7,587 5,730 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Source: Management Accounts for Q1 2023 a
Slide 10: SG&A Expenses Analysis
SG&A EXPENSES ANALYSIS SG&A BREAKDOWN COMMENTS (% of revenue) • Selling, general and administrative expenses (SG&A) excluding LTIP and D&A expenses increased by 275 bps y-o-y to 19.0% of revenue mainly due to growth in the shares of IFRS 16 staff costs, advertising and other expenses coupled with th
Slide 11: Capital Expenditures to Support Further Growth
CAPITAL EXPENDITURES TO SUPPORT FURTHER GROWTH CAPEX(1) CAPEX COMPOSITION (RUBm) (Q1 2024, %) CAPEX New stores openings 3.2% 1.9% 42% (% of revenue) RUB 1.4 bn 58% IT and Other COMMENTS 2,124 • CAPEX decreased to RUB 1.4 billion compared to RUB 2.1 billion in Q1 2023, when Fix Price was investing in
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) Inventory days Days payable NTWC as % 4.1% 5.4% of revenue (2) Q1 2023 83 Q1 2023 67 49,632 39,346 Q1 2024 92 Q1 2024 68 16,
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) (RUB m) (RUB m) Leverage % of ratio(2) (0.05)x (0.6)x (0.3)x revenue 4.7% 11.2% 2.8% 32,572 11,441 -- (5,000) (2,122) (10 ,000) 21,131 (15 ,000) 3,073 2,012 (13,203) 2,716 (20 ,000) 3,017 357 (1,005) (22,644)