DJ Magnit reports 27.7% total sales growth (13.0% adjusted for Dixy acquisition), 8.6% LFL sales growth and 7.2% EBITDA margin in 3Q 2021
MAGNIT PJSC (MGNT) Magnit reports 27.7% total sales growth (13.0% adjusted for Dixy acquisition), 8.6% LFL sales growth and 7.2% EBITDA margin in 3Q 2021 28-Oct-2021 / 09:59 MSK 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.
-----------------------------------------------------------------------------------------------------------------------
Magnit Reports 27.7% total sales growth (13.0% adjusted for dixy acquisition), 8.6% LFL Sales Growth and 7.2% EBITDA margin in 3Q 2021 Krasnodar, Russia (October 28, 2021): Magnit PJSC (MOEX and LSE: MGNT; Magnit, the Company), one of Russia's leading retailers, announces its 3Q and 9M 2021 operational and unaudited financial results.
3Q 2021 Key Operational and Financial Highlights
-- Total revenue increased by 27.7% y-o-y to RUB 489.3 billion. Total revenue adjusted for the
Dixy acquisition increased by 13.0%;
27.7% -- Net retail sales reached RUB 475.5 billion increasing 28.2% y-o-y. Net retail sales growth
adjusted for the Dixy acquisition was 13.8%;
TOTAL REVENUE -- LFL[1] sales growth of 8.6% driven by 8.3% average ticket growth and 0.3% traffic growth;
growth
-- The Company opened 535 stores on gross basis (336 Magnit convenience stores, 194 drogeries
and 5 Dixy convenience stores). As part of the Company's ongoing efficiency improvement campaign, 41
stores were closed resulting in a net store addition of 494. On top of the organic expansion Magnit
8.6% consolidated 2,477 stores under the Dixy brand. As of September 30, 2021 the total store base was
25,315;
lfl sales -- Selling space increase of 176 thousand sq. m., including selling space of the stores under
growth the Dixy brand, bringing total selling space to 8,723 thousand sq. m. (18.4% y-o-y growth);
-- The Company redesigned 145 stores (113 convenience stores, 22 supermarkets and 10
drogeries). As at September 30, 2021, 75% of convenience stores, 39% of supermarkets and 60% of
drogeries are either new or refurbished;
-- Gross profit increased by 26.6% y-o-y to RUB 115.4 billion. Gross profit margin stood at
23.6%;
7.2% -- EBITDA was RUB 35.0 billion with a 7.2% margin - an improvement q-o-q (flat y-o-y) after
Dixy consolidation driven by sales density increase and lower SG&A costs;
EBITDA margin -- Net income increased by 41.1% y-o-y to RUB 13.6 billion with a margin of 2.8% vs 2.5% a
year ago.
«
"We are very pleased with Magnit's remarkable performance during the third quarter. We completed a unique
strategic acquisition which dramatically changed our market positioning. Our initiatives, recognized by
customers and supported by the favorable trading environment, resulted in strong net retail sales growth
[2] of around 14% driven by LFL sales growth of almost 9%, driven again by mature stores. Net retail
sales growth was accelerating month-to-month from 11% in July to 17% in September.
Although the Dixy network requires additional attention and profitability improvement, first in-depth
Jan Dunning examination makes us confident that we can extract significant synergies in the medium-term. This allows
us maintain our ambitious long-term targets. Furthermore, looking at the EBITDA margin in the third
Magnit's quarter of 7.2% after Dixy consolidation, we see further potential upside.
President
and CEO
We are making good progress not only in the brick-and-mortar part of the business. Our online sales
channel is getting traction although first customer ordered food delivery from our store only 15 months
ago. Already now we serve around 50 thousand orders a day having one of the widest coverages in the
country and moving quick towards market leaders.
During the Period we continued to strengthen our management team with excellent professionals to speed up
retail and digital transformation. The progress is well evidenced by the results. And I strongly believe
we can maintain this positive momentum to deliver further growth for all stakeholders."
»
141
hard Key events in 3Q 2021 and after the Reported Period
discounters
-- The new Board, consisting of 11 Directors, was elected at the EGM. The composition of the
As of october Board reflects great continuity, with seven out of 11 members serving on the Board for the last Board
28, 2021 cycle;
-- Magnit started opening My Price hard discounters in the unique design. Total number of
discounters as of October 28, 2021 reached 141;
-- Yuri Misnik has been appointed to the position of the Chief Digital and Technology Officer;
-- Magnit launched e-pharmacy in regions and partnership with Uteka marketplace;
-- Magnit fulfilled 50,000 online orders on the peak day of September;
-- Magnit and Largest FMCG Companies signed the Code of Commitments under 'United for a
Healthier Future' Initiative.
Consolidation of the Dixy business and changes to the reporting standards
Magnit completed acquisition of the Dixy retail business, with results since July 22, 2021 being consolidated into Magnit's performance. Sales and operating results of the stores under the Dixy brand are reported separately, and growth metrics will be published starting from 3Q 2022. Dixy stores are not included in the LFL panel; this will begin after full 12 months of operations following consolidation. The Dixy retail business does not form a separate segment - Magnit will continue reporting consolidated financial results for the Group.
Starting from the reported quarter, the Company moves to disclose the detailed sales and operating results of its e-commerce business, including GMV (incl. VAT), average ticket, number of orders per day, etc. 3Q and 9M 2021 Operating Results
Retail Sales
3Q 2021 3Q 2020 Change Change, % 9M 2021 9M 2020 Change Change, %
Total Net Retail Sales, million RUB 475,452 370,952 104,500 28.2% 1,277,044 1,114,910 162,134 14.5%
Magnit 422,143 370,952 51,191 13.8% 1,223,735 1,114,910 108,825 9.8%
Convenience Stores[3] 329,563 284,552 45,011 15.8% 953,981 860,142 93,838 10.9%
Supermarkets[4] 50,559 48,663 1,896 3.9% 152,187 149,618 2,569 1.7%
Drogerie Stores 39,646 34,993 4,653 13.3% 109,898 97,275 12,623 13.0%
Other Formats[5] 2,375 2,744 -369 -13.4% 7,670 7,876 -206 -2.6%
DIXY 53,309 n/a n/a n/a 53,309 n/a n/a n/a
Convenience Stores 50,495 n/a n/a n/a 50,495 n/a n/a n/a
Supermarkets[6] 2,813 n/a n/a n/a 2,813 n/a n/a n/a
Number of Tickets, mln 1,410 1,200 211 17.6% 3,756 3,486 270 7.7%
Magnit 1,258 1,200 58 4.9% 3,603 3,486 117 3.4%
Convenience Stores 1,060 1,006 54 5.3% 3,033 2,928 106 3.6%
Supermarkets 84 86 -2 -2.2% 248 254 -5 -2.1%
Drogerie Stores 108 99 9 8.7% 301 281 20 7.3%
Other Formats 6 8 -2 -24.8% 21 24 -4 -14.6%
DIXY 153 n/a n/a n/a 153 n/a n/a n/a
Convenience Stores 148 n/a n/a n/a 148 n/a n/a n/a
Supermarkets 5 n/a n/a n/a 5 n/a n/a n/a
Average Ticket[7], RUB 337 309 28 9.0% 340 320 20 6.3%
Magnit 336 309 26 8.5% 340 320 20 6.2%
Convenience Stores 311 283 28 10.0% 314 294 21 7.0%
Supermarkets 602 566 35 6.2% 613 590 23 3.9%
Drogerie Stores 367 353 15 4.2% 365 347 18 5.3%
Other Formats 374 325 50 15.3% 362 318 44 13.8%
DIXY 349 n/a n/a n/a 349 n/a n/a n/a
Convenience Stores 341 n/a n/a n/a 341 n/a n/a n/a
Supermarkets 621 n/a n/a n/a 621 n/a n/a n/a Stores and Selling Space
3Q 2021 3Q 2020 Change Change, % 9M 2021 9M 2020 Change Change, %
Number of Stores (EOP) 25,315 21,154 4,161 19.7% 25,315 21,154 4,161 19.7%
Magnit 22,838 21,154 1,684 8.0% 22,838 21,154 1,684 8.0%
Convenience Stores 15,657 14,699 958 6.5% 15,657 14,699 958 6.5%
Supermarkets 467 469 -2 -0.4% 467 469 -2 -0.4%
Drogerie Stores 6,714 5,986 728 12.2% 6,714 5,986 728 12.2%
(MORE TO FOLLOW) Dow Jones Newswires
October 28, 2021 02:59 ET (06:59 GMT)
DJ Magnit reports 27.7% total sales growth (13.0% -2-
DIXY 2,477 n/a n/a n/a 2,477 n/a n/a n/a Convenience Stores 2,438 n/a n/a n/a 2,438 n/a n/a n/a Supermarkets 39 n/a n/a n/a 39 n/a n/a n/a Store Openings (Net) 494 260 234 90.0% 1,274 429 845 197.0% Magnit 494 260 234 90.0% 1,274 429 845 197.0% Convenience Stores 309 118 191 161.9% 746 77 669 868.8% Supermarkets -2 -3 1 -33.3% -3 -4 1 -25.0% Drogerie Stores 187 145 42 29.0% 531 356 175 49.2% DIXY 0 n/a n/a n/a 0 n/a n/a n/a Convenience Stores 0 n/a n/a n/a 0 n/a n/a n/a Supermarkets 0 n/a n/a n/a 0 n/a n/a n/a Total Selling Space (EOP), th. sq.m 8,723 7,371 1,353 18.4% 8,723 7,371 1,353 18.4% Magnit 7,924 7,371 553 7.5% 7,924 7,371 553 7.5% Convenience Stores 5,410 5,005 405 8.1% 5,410 5,005 405 8.1% Supermarkets 941 940 1 0.1% 941 940 1 0.1% Drogerie Stores 1,546 1,384 162 11.7% 1,546 1,384 162 11.7% Other formats 28 42 -14 -33.3% 28 42 -14 -33.3% DIXY 799 n/a n/a n/a 799 n/a n/a n/a Convenience Stores 725 n/a n/a n/a 725 n/a n/a n/a Supermarkets 75 n/a n/a n/a 75 n/a n/a n/a Selling Space Addition (Net), th. sq.m 176 80 96 n/a 427 132 295 n/a Magnit 176 80 95 n/a 427 132 295 n/a Convenience Stores 134 49 85 n/a 320 53 267 n/a Supermarkets -2 -3 2 n/a 0 -8 8 n/a Drogerie Stores 45 34 11 n/a 117 81 36 n/a Other formats -2 1 -3 n/a -10 6 -16 n/a DIXY 0 n/a n/a n/a 0 n/a n/a n/a Convenience Stores 0 n/a n/a n/a 0 n/a n/a n/a Supermarkets 0 n/a n/a n/a 0 n/a n/a n/a
3Q and 9M 2021 LFL Results[8]
3Q 2021 9M 2021
Average Ticket Traffic Sales Average Ticket Traffic Sales
Total (Magnit excl. Dixy) 8.3% 0.3% 8.6% 5.9% 0.1% 6.0%
Convenience Stores 9.5% 0.6% 10.2% 6.6% 0.3% 6.9%
Supermarkets 5.9% -2.5% 3.2% 3.6% -2.1% 1.5%
Drogerie Stores 3.7% -0.4% 3.2% 4.8% -0.5% 4.3%
Trading Performance
Total sales in 3Q 2021 grew by 27.7% y-o-y to RUB 489.3 billion. Net retail sales grew by 28.2% y-o-y,
driven by a combination of 18.4% selling space growth and 8.6% LFL sales growth. Net retail sales
achieved by the stores under the Magnit brand accelerated to 13.8% from 9.1% in 2Q 2021 driven by LFL
sales growth in the mature outlets.
4.7%
Net retail sales growth continued to outpace selling space growth on further improvement of sales
LTM sales densities. Overall sales densities in 3Q 2021 (excluding stores under the Dixy brand) improved by 1.6%
density[9] q-o-q and 4.7% y-o-y while across the Company's main convenience store format these improved by 1.9%
improvement q-o-q and 6.0% y-o-y.
y-o-y
Within the reported quarter, net retail sales growth of Magnit business demonstrated gradual
month-by-month acceleration from 10.7% in July to 17.2% in September.
Selling space growth increased from 6.3% in the previous quarter to 18.4% in the reported quarter,
driven by organic expansion and the Dixy acquisition (2,477 stores added in 3Q 2021). Selling space
growth adjusted for the Dixy acquisition accelerated on the previous quarter to 7.5%, reflecting a
record high number of store openings per quarter since 4Q 2019.
LFL sales growth accelerated from 5.2% in the previous quarter to 8.6% in 3Q 2021 predominantly driven
by the strong performance of mature stores which demonstrated high single-digit to double-digit y-o-y
growth. 272 stores entered LFL comparison in 3Q (including 126 convenience stores and 148 drogeries).
Only 8% of Magnit's selling space is currently in the 'ramp-up' phase with 92% already mature.
92%
Performance of LFL stores was strong across all the regions with Moscow and Central demonstrating the
of selling first-rate results in the double-digit zone.
space is
already
matured
In the reported quarter LFL average ticket growth was 8.3%, and formed the main driver of the LFL sales
growth in 3Q 2021. Solid LFL average ticket performance was supported by ongoing operational
improvements, the acceleration of inflation and one-off state payments to various social groups.
LFL traffic growth remained positive and stood at 0.3% reflecting normalized comparison base. LFL
traffic growth was driven by both the inflow of new unique customers and visit frequency. Magnit
continued gaining customers from traditional retail and other market players.
Acceleration of revenue and LFL sales growth versus the previous quarter was delivered despite
promotional share as a % of sales remaining flat both q-o-q and y-o-y. This was due to efficient
seasonal promotional campaigns supported by favorable weather conditions and strong domestic tourist
season.
55 mln During the reported quarter the number of loyalty program cardholders reached 54.5 million.
Company-wide, the proportion of tickets using the loyalty card was 51% with sales penetration of 65%.
of loyalty The loyalty program continues to deliver positive cross-format gains - 40% of Magnit's customer base at
program the end of the reporting period visit 2+ store formats (1.2% growth y-o-y). Average ticket of the active
cardholders user is by 1.8x higher vs transaction without loyalty card.
Store Network Development and Performance by Format
The convenience segment within the Magnit brand generated 69.3% of total net retail sales in the
reported quarter. In 3Q 2021 Magnit accelerated its expansion program both q-o-q and y-o-y and
10.2% opened (gross) 336 convenience stores (187 in 3Q 2020). The Company continued its efficiency
campaign and closed 27 convenience stores compared with 69 store closures in 3Q 2020. Magnit added
LFL sales growth 309 convenience stores (net) during the reported quarter. The selling space growth of convenience
in Magnit stores picked up to 8.1% y-o-y, driving a 15.8% acceleration in sales in the convenience format -
convenience in 3Q the strongest performance across all Magnit's store formats - driven by LFL sales growth of 10.2%
2021 and selling space growth of 8.1%. Both LFL sales components were positive - average ticket growth
reached 9.5% while traffic growth was 0.6%.
Magnit supermarkets generated 10.6% of the Group's net retail sales in the reported quarter. During
46 3Q 2021 the Company didn't open any supermarket, and closed two stores focusing on the refurbishment
versus space addition. The Company's redesign program is gaining traction with 46 supermarkets being
magnit refurbished during 9M 2021 including 22 in 3Q 2021. The pace of redesign during the 4Q 2021 is
supermarkets expected to remain. Selling space across this format remained almost flat y-o-y, but the Company was
redesigned in 9M able to deliver LFL sales growth of 3.2%, compared with 2.0% in the previous quarter. This was
2021 driven by 5.9% average ticket growth and 2.5% traffic decline As a result, net retail sales growth
of supermarkets improved to 3.9% in the reported quarter.
The sales contribution of Magnit's drogerie format represented 8.3% of total net retail sales.
During 3Q 2021 Magnit opened (net) 187 cosmetics stores and added 45,000 sq. m. of selling space,
delivering a 11.7% y-o-y increase in selling space, the highest of all formats. Driven by this
increase in selling space and LFL sales growth of 3.2%, sales grew 13.3%. LFL traffic growth was
11.7% slightly negative at -0.4%, well compensated by 3.7% LFL average ticket growth. LFL trends in the
cosmetics format reflect lower inflation on the non-food assortment, different mix of the articles
y-o-y selling on promotion and high comparison base.
space increase in
drogerie in 3Q
2021
During 3Q 2021 Magnit continued its renovation program and redesigned 113 convenience stores, 22
(MORE TO FOLLOW) Dow Jones Newswires
October 28, 2021 02:59 ET (06:59 GMT)
DJ Magnit reports 27.7% total sales growth (13.0% -3-
supermarkets and 10 drogeries. This resulted in the combined share of refurbished and new stores at:
75% for convenience stores, 39% for supermarkets and 60% for the drogerie format.
The share of the Dixy stores in the Group's total net retail sales reached 11.2% in the third
quarter, being taken into account from the consolidation date of 22 July 2021. In the reported
period five convenience stores were opened, while the same number of outlets have been closed,
leading to unchanged number of stores and selling space. On pro-forma basis, Dixy network
demonstrated mid-single digit LFL sales growth driven by mature stores.
E-commerce
11.2%
Magnit has been piloting e-commerce services since the third quarter of 2020. The Company currently
share of the Dixy runs a number of online delivery projects, including own delivery and partnerships (express
stores in the delivery, regular delivery, e-pharma, cosmetics and partnerships).
total net retail
sales in 3Q 2021
Total e-commerce GMV (incl. VAT) in the reported period was RUB 2.9 billion, contributing more than
half to the nine months e-commerce GMV of RUB 5.2 billion.
During 3Q 2021, the average number of orders per day continued to grow to 32,600. On September 26th
Magnit fulfilled over 50,000 orders.
5.2
RUB billion The average ticket across all online services was c. RUB 969 including VAT. This average ticket is
approximately 2.7x higher than in the convenience stores (RUB 356 in 3Q 2021). This is mostly due to
GMV in 9M 2021 a larger number of items per basket. The average ticket within Magnit own delivery service was RUB
1,202.
Magnit's e-commerce services today cover over 2,700 offline stores and 15 dark stores in 64 regions
and 267 cities, with 66% of the current revenue generated outside Moscow and St. Petersburg. Within
the three reported months the Group increased the number of cities covered by 2.5x. By the end of
2021, the Company plans to have over 4,000 stores across all formats covered by e-commerce services
including Magnit's own delivery and partnerships.
3Q 2021 3Q 2020 Change Change, times/% 9M 2021 9M 2020 Change Change, times/%
GMV, billion RUB 2.9 0.004 2.9 707x 5.2 0.004 5.2 1,268x
Number of orders per day (average) 32,600 77 32,523 423x 19,705 77 19,628 256x
Average ticket incl. VAT, RUB 969 900 69 7.7% 1,013 900 113 12.6%
Number of stores covered, EOP 2,700 130 2,570 21x 2,700 130 2,570 21x Financial Results for 3Q and 9M 2021 (IAS 17)
RUB mln 3Q 2021 3Q 2020 Change 9M 2021 9M 2020 Change
Total Revenue 489,296 383,189 27.7% 1,311,526 1,146,550 14.4%
Retail 475,452 370,952 28.2% 1,277,044 1,114,910 14.5%
Wholesale 13,844 12,237 13.1% 34,483 31,640 9.0%
Gross Profit 115,412 91,180 26.6% 307,983 270,701 13.8%
Gross Margin, % 23.6% 23.8% -21 bps 23.5% 23.6% -13 bps
SG&A, % of Sales -20.4% -20.5% 9 bps -20.4% -20.5% 6 bps
EBITDA pre LTI[10] 34,999 27,891 25.5% 93,602 81,461 14.9%
EBITDA Margin pre LTI, % 7.2% 7.3% -13 bps 7.1% 7.1% 3 bps
EBITDA 35,047 27,598 27.0% 92,976 80,819 15.0%
EBITDA Margin, % 7.2% 7.2% -4 bps 7.1% 7.0% 4 bps
EBIT 21,304 16,841 26.5% 55,999 46,978 19.2%
EBIT Margin, % 4.4% 4.4% -4 bps 4.3% 4.1% 17 bps
Net Finance Costs -3,759 -3,368 11.6% -9,130 -10,642 -14.2%
FX Gain/ (Loss) 8 -905 -100.9% 452 -1,730 -126.2%
Profit before Tax 17,553 12,567 39.7% 47,321 34,606 36.7%
Taxes -3,977 -2,948 34.9% -10,797 -7,942 35.9%
Net Income 13,576 9,620 41.1% 36,525 26,664 37.0%
Net Income Margin, % 2.8% 2.5% 26 bps 2.8% 2.3% 46 bps
For 3Q and 9M 2021 financial results in accordance with IFRS 16 - see Appendix
23.6%
Gross margin
in 3Q 2021
Total revenue in 3Q 2021 increased 27.7%. This growth was underpinned by net retail sales growth of 28.2%
and wholesale revenue growth of 13.1%. Wholesale operations accounted for 2.8% of total sales.
Gross Profit in 3Q 2021 increased by 26.6% y-o-y to RUB 115.4 billion. Gross margin decreased by 21 bps
y-o-y to 23.6% as a result of consolidation of the Dixy business, which operates with a lower commercial
margin. This was partially offset by better promotional margin, lower shrinkage, supply chain costs and a
favorable format mix. Promotional intensity was broadly flat both y-o-y and q-o-q. On a q-o-q basis gross
margin improved by 14 bps from 23.4% in 2Q 2021.
24 bps
y-o-y
reduction of Despite further increases to on-shelf availability, supply chain costs decreased by 7 bps y-o-y. This was
shrinkage due to higher DC productivity and utilization, which offset the negative impact of the increasing
container shipping tariffs.
Alongside the growing share of fresh products and overall improvement of on-shelf availability, shrinkage
as a proportion of sales decreased further by 24 bps y-o-y. This was driven by the ongoing optimization
of supply chain processes, renegotiation of quality standards with suppliers, and other positive
initiatives.
SG&A costs improved by 9 bps y-o-y to 20.4% as a percent of sales, driving positive operational leverage.
This was achieved as a result of lower personnel costs, utilities, packaging and raw materials, all of
which was partially offset by higher marketing and rent costs.
Personnel costs as a percent of sales decreased by 64 bps, driven by operational leverage, continued
productivity improvements, and ongoing automation of business processes.
Advertising expenses increased by 33 bps y-o-y, on higher marketing activities, including digital
marketing and loyalty campaigns.
Rental costs as a percent of sales increased by 24 bps y-o-y driven by consolidation of Dixy stores
predominantly located in the Moscow and Saint-Petersburg regions with higher rent rates. This increase
was partially offset by higher sales density, improved lease terms with landlords and the closing of
inefficient stores. The share of leased selling space increased to 79.6% in 3Q 2021 vs 77.6% a year ago.
Utilities costs as a percent of sales decreased by 17 bps y-o-y. This fall was driven by operational
leverage, good progress in several projects aimed at energy savings, and a switch to the wholesale energy
tariffs.
Packaging and raw materials as a percent of sales decreased by 10 bps y-o-y driven by the base effect of
the previous year related to the write-off of the old-stock materials.
Other costs as a percent of sales increased by 22 bps y-o-y driven mostly by higher information services.
Depreciation, repair, maintenance, bank and tax expenses as a percent of sales remained broadly flat
y-o-y.
As a result, EBITDA was RUB 35.0 billion with a 7.2% margin, driven by lower SG&A costs. Whilst this
remained flat on a y-o-y basis, it was an improvement from 7.1% in the previous quarter thanks to sales
density hike, lower shrinkage and supply-chain cost, partly offset by negative effect from consolidation
of Dixy business with lower profitability. EBITDA margin for the 9M 2021 was 7.1% with y-o-y improvement
of 4 bps.
Net finance costs in 3Q 2021 increased by 11.6% y-o-y to RUB 3.8 billion due to the higher total amount
of borrowings and cost of debt. The Company increased its total debt by RUB 87.4 billion during the last
7.2% twelve months, by means of long-term bank loans and bond issuance. These supported the Company's
financing of accelerated expansion and the acquisition of the Dixy retail chain. This increase happened
ebitda margin during the period of growing market rates.
in 3Q 2021
As a result, average cost of debt increased to 6.4% (27 bps y-o-y or 2 bps q-o-q). 99.9% of the Company's
debt profile is represented by long-term borrowings and bonds with the average maturity of 21 months.
Income tax in 3Q 2021 was RUB 4.0 billion. The effective tax rate stood at 22.7%.
As a result, net income in 3Q 2021 increased by 41.1% y-o-y and stood at RUB 13.6 billion. Net income
margin increased by 26 bps y-o-y to 2.8%. Net income for 9M 2021 grew by 37.0% with a margin improvement
of 46 bps to 2.8%.
2.8%
Net income
margin
in 3Q 2021 Financial Position Highlights (IFRS 16)
RUB mln 30.09.2021 31.12.2020 30.09.2020
Inventories 216,984 205,949 209,526
Trade and other receivables 14,815 8,564 13,038
Cash and cash equivalents 37,466 44,700 5,551
(MORE TO FOLLOW) Dow Jones Newswires
October 28, 2021 02:59 ET (06:59 GMT)
© 2021 Dow Jones News
