PRESS RELEASE

from Fix Price Group PLC (isin : US33835G2057)

Fix Price announces key financial results for Q4 and 12M 2022

Fix Price Group PLC (FIXP)
Fix Price announces key financial results for Q4 and 12M 2022

27-Feb-2023 / 09:50 MSK
The issuer is solely responsible for the content of this announcement.


 

Fix Price announces key financial results for Q4 and 12M 2022

Reaching targets through a sustainable business model
 

 

 

27 February 2023, Limassol, Cyprus – Fix Price (LSE and MOEX: FIXP, the “Company” or the “Group”), one of the leading variety value retailers globally and the largest in Russia, today announces its audited IFRS financial results for the twelve months ended 31 December 2022 (FY 2022).

 

financial summary for Q4 2022

 

 

  • Revenue increased by 13.9% y-o-y to RUB 75.8 billion, supported by the Company’s store network expansion and LFL sales growth
  • Retail revenue reached RUB 67.4 billion, up 14.0% y-o-y
  • Wholesale revenue increased by 13.3% y-o-y and stood at
    RUB 8.4 billion
  • Gross profit increased by 17.9% y-o-y and reached RUB 25.8 billion in Q4 2022. Gross margin improved by 116 bps y-o-y to 34.0%, evidencing the Group’s successful management of the assortment and price point mix
  • SG&A expenses (excl. D&A) grew by 139 bps y-o-y to 14.6% of revenue primarily due to higher staff costs as a percentage of revenue, which were partially mitigated by efficiencies gained in other SG&A costs
  • EBITDA[1] increased by 12.8% y-o-y to RUB 15.1 billion. EBITDA margin declined slightly, by 20 bps, y-o-y to 19.9% as gross margin gain was offset by the growth of SG&A expenses (excl. D&A)
  • Operating profit increased by 12.9% y-o-y to RUB 11.6 billion. Operating margin decreased by 14 bps y-o-y to 15.3%
  • Profit for the period grew by 43.8% y-o-y to RUB 9.3 billion. Net profit margin was up to 12.3% versus 9.7% in Q4 2021
  • The IAS 17-based net cash to EBITDA ratio was (0.04)x, versus the
    IAS 17-based net debt to EBITDA ratio of 0.4x as of 31 December 2021

 

 

financial summary for 12M 2022

 

 

  • Revenue grew by 20.5% y-o-y to RUB 277.6 billion
  • Retail revenue reached RUB 246.2 billion, representing growth of 21.1% y-o-y
  • Wholesale revenue grew by 15.8% y-o-y to RUB 31.4 billion
  • Gross profit went up 25.3% y-o-y to RUB 92.0 billion. Gross margin was up 129 bps y-o-y to 33.1%
  • SG&A costs (excl. D&A) as a percentage of revenue increased to 14.1%, compared to 13.1% for 12M 2021
  • Rental expenses under IAS 17 as a percentage of retail revenue improved by 32 bps y-o-y to 5.3%, in line with IPO guidance
  • EBITDA was up by 22.7% y-o-y to RUB 54.2 billion. EBITDA margin grew by 36 bps y-o-y to a record high of 19.5%, outperforming IPO guidance. The increase in EBITDA margin was mainly due to a substantial improvement in gross margin which was partially offset by growing SG&A expenses
  • Operating profit grew by 27.0% y-o-y to RUB 41.1 billion. Operating margin rose to 14.8%, compared with 14.0% in 2021
  • Profit for the period amounted to RUB 21.4 billion
  • CAPEX as a percentage of revenue grew to 4.3% for 12M 2022 from 2.7% for the previous year, as the Company pushed forward expansion of distribution centres’ space to capture better construction terms and benefit from the current market environment

 

 

“In 2022, we once again proved that we are capable of operating in any economic conditions, and, despite all the challenges, we achieved solid financial results, thus delivering on all the key targets we announced during our IPO. Throughout the year, we actively contributed to the economic development in our extensive regions of operations, where we created new jobs by expanding our network. Most importantly, we ensured that a wide range of high-quality essentials were always available to our customers at the best prices.

“Although the macroeconomic environment remains tough in 2023, we are positive about what lies ahead, and we will continue to make every effort to develop Fix Price business and increase its long-term value.

Dmitry Kirsanov, Fix Price CEO

 

 

Financial results for Q4 and FY 2022

Statement of comprehensive income highlights

RUB million

Q4 2022

Q4 2021

Change

12M 2022

12M 2021

Change

Revenue

75,757

66,507

13.9%

277,644

230,473

20.5%

Retail revenue

67,351

59,086

14.0%

246,212

203,328

21.1%

Wholesale revenue

8,406

7,421

13.3%

31,432

27,145

15.8%

Cost of sales

(49,968)

(44,641)

11.9%

(185,650)

(157,073)

18.2%

Gross profit

25,789

21,866

17.9%

91,994

73,400

25.3%

Gross margin, %

34.0%

32.9%

116 bps

33.1%

31.8%

129 bps

SG&A (excl. D&A)

(11,023)

(8,750)

26.0%

(39,149)

(30,162)

29.8%

Other op. income and share of profit of associates

305

247

23.5%

1,353

917

47.5%

EBITDA

15,071

13,363

12.8%

54,198

44,155

22.7%

EBITDA margin, %

19.9%

20.1%

(20 bps)

19.5%

19.2%

36 bps

D&A

(3,448)

(3,069)

12.3%

(13,138)

(11,829)

11.1%

Operating profit

11,623

10,294

12.9%

41,060

32,326

27.0%

Operating profit margin, %

15.3%

15.5%

(14 bps)

14.8%

14.0%

76 bps

Net finance costs

(564)

(630)

(10.5%)

(3,001)

(1,647)

82.2%

FX gain / (loss), net

1,220

(165)

n/a

(234)

(83)

181.9%

Profit before tax

12,279

9,499

29.3%

37,825

30,596

23.6%

Income tax expense

(2,961)

(3,017)

(1.9%)

(16,414)

(9,207)

78.3%

Profit for the period

9,318

6,482

43.8%

21,411

21,389

0.1%

Net profit margin, %

12.3%

9.7%

255 bps

7.7%

9.3%

(157 bps)

 

LFL[2],[3] dynamics adjusted for the rouble appreciation effect, %

 

Q4 2022

Q4 2021

12M 2022

12M 2021

LFL sales

5.2%

3.2%

11.0%

7.2%

LFL traffic

(4.1%)

(3.5%)

(2.5%)

3.1%

LFL average ticket

9.7%

6.9%

13.9%

4.0%

 

LFL dynamics before the adjustment for the rouble appreciation effect, %

 

Q4 2022

Q4 2021

12M 2022

12M 2021

LFL sales

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