O'KEY GROUP REPORTS AUDITED IFRS RESULTS FOR FY 2021
O'KEY Group S.A. (OKEY)
12-Apr-2022 / 08:30 CET/CEST
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
Press Release 12 April 2022
O'KEYGROUP REPORTS AUDITED IFRS RESULTS FOR FY 2021
O'KEYGroupS.A. (LSE, MOEX: OKEY, the 'Group'), one of Russia's leading food retailers, has announced its financial results for the full year of 2021 based on audited consolidated financial statements.
All materials published by the Group are available on its website, okeygroup.lu.
All results are presented under IFRS16 unless stated otherwise.
FY2021 Financial Highlights
Total Group revenue increased by 7.3%YoY to RUB187.1bn
O'KEY revenue rose by 2.6%YoY to RUB152.3bn driven by LFL revenue growth and expansion
DA! revenue soared by 34.0%YoY to RUB34.8 bn, led by LFL revenue growth and selling space expansion
Group gross profit increased by 7.2% to RUB 42.1bn, and gross margin stood flat YoY at 22.5%
Group EBITDA grew by 4.5%YoY to RUB15.5bn, with EBITDA margin amounting to 8.3%
DA! discounters EBITDA more than doubled YoY to RUB1.7bn
Group's net debt level improved YoY to a 3.38x interest-bearing liabilities to EBITDA ratio, as of 31December 2021
Group Profit and Losses Highlights in FY2021
RUB mln
FY 2021
FY 2020
∆ YoY, %
Total Group revenue
187,097
174,341
7.3%
O'KEY
152,260
148,341
2.6%
DA!
34,837
26,000
34.0%
Gross profit
42,119
39,288
7.2%
Gross profit margin, %
22.5%
22.5%
-
Selling, general and administrative expenses
(35,718)
(32,792)
8.9%
SG&A, % of revenue
19.1%
18.8%
0.3pp
Other operating expenses, net
(1,410)
(1,457)
(3.3%)
Operating profit
4,991
5,039
(0.9%)
Finance costs, net
(4,798)
(4,884)
(1.8%)
Foreign exchange (loss)/gain
206
(1,787)
n/a
Net (loss)/profit
208
(1,444)
n/a
Group EBITDA
15,504
14,832
4.5%
Group EBITDA margin, %
8.3%
8.5%
(0.2pp)
O'KEY EBITDA
13,839
14,048
(1.5%)
O'KEY EBITDA margin, %
9.1%
9.5%
(0.4pp)
DA! EBITDA
1,665
784
112.4%
DA! EBITDA margin, %
4.8%
3.0%
1.8pp
Group Net Retail Revenue and LFL revenue in 12M 2021
Group retail revenue rose by 7.2%YoY to RUB185,172mln in FY2021 on the back of solid LFL performance of both O'KEY and DA!, supported by selling space expansion. Rental income rose by 20.1% YoY to RUB1,925mln in FY2021. Total Group revenue increased by 7.3%YoY to RUB187,097mln.
Group Gross Profit
In FY2021, Group gross profit rose by 7.2%YoY to RUB42,119mln, while gross margin stood flatYoY at 22.5%.
In FY2021, logistics costs as a percentage of revenue increased by 0.4ppYoY due to significant transportation tariffs inflation. However, the increase was fully offset by commercial margin improvement of 0.4ppYoY in FY2021. That was mainly led by ongoing assortment optimisation, as well as additional efficiencies in procurement and operational synergies between the formats.
Shrinkage costs as a percentage of revenue stood flatYoY thanks to the efficient supply chain and despite the substantial share of 'fresh' and 'ultra-fresh' products in the mix, which amounted to 52.1% of O'KEY's and over 60% of DA!'s net retail revenue in FY2021.
Group Selling, General and Administrative Expenses
RUBmln
FY2021
% of revenue
FY2020
% of revenue
∆ YoY, pps
Personnel costs
15,388
8.2%
13,607
7.8%
0.4pp
Depreciation and amortisation
8,904
4.8%
8,204
4.7%
0.05pp
Communication and utilities
4,037
2.2%
3,720
2.1%
0.02pp
Advertising and marketing
1,992
1.1%
2,124
1.2%
(0.15pp)
Repairs and maintenance
1,399
0.7%
1,345
0.8%
(0.02pp)
Insurance and bank commissions
1,094
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