DJ Fix Price announces key financial results for Q4 and FY 2021
Fix Price Group Ltd. (FIXP) Fix Price announces key financial results for Q4 and FY 2021 28-Feb-2022 / 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.
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Fix Price announces key financial results for Q4 and FY 2021
28 February 2022 - 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 2021 (FY 2021).
In view of the current elevated levels of uncertainty and market volatility, the conference call scheduled for today with management to discuss the results will not take place. Investors, analysts and media can send questions to Fix Price using the contact details at the end of this press release.
Key highlights
-- FY 2021 revenue up 21.3% y-o-y to RUB 230.5 billion, driven by store network expansion and LFL salesgrowth
-- FY 2021 LFL sales[1] for Russian stores unaffected by COVID restrictions rose by 9.0%. FY 2021 LFL salesfor the Group were up 7.2% y-o-y, reflecting the impact of new COVID restrictions as well as headwinds in FixPrice's international geographies (Belarus and Kazakhstan)
-- FY 2021 gross margin of 31.8% vs 32.4% in 2020; Q4 2021 gross margin up 80 bps y-o-y to 32.9% due tosuccessful absorption of cost of sales growth
-- FY 2021 EBITDA margin of 19.2%, unchanged from the average for FY 2019-2020, despite significantmacroeconomic and COVID-related headwinds
-- FY 2021 net profit up 21.7% y-o-y to RUB 21.4 billion, with net profit margin of 9.3%, unchanged from FY2019-2020 levels
-- IAS 17-based adjusted net debt to EBITDA ratio remained at a conservative 0.4x, well below the thresholdof 1.0x set out in the Group's guidance
-- Final dividend of RUB 5.8 billion, or RUB 6.8 per share/GDR was announced. FY 2021 dividend will reachRUB 15.6 billion or RUB 18.3 per share/GDR, equivalent to 73% of FY 2021 net profit
Dmitry Kirsanov, CEO of Fix Price, said:
2021 was a year marked by challenges including the continued impact of the COVID pandemic, supply chain issues and macroeconomic factors including rising inflation. Despite this we delivered net profit for the year of RUB 21.4 billion, an increase of 21.7% year-on-year and up by 62.4% against the 2019 result. Revenue rose by 21.3% year-on-year to RUB 230.5 billion. Our EBITDA margin of 19.2% remained in line with 2020 and 2019 results. These results are testament to both the strengths of the Fix Price business model and to the ability of the management team to anticipate and respond to the challenges that arose during the year. I would like to thank all of our staff for their hard work, and our customers for their continued loyalty to Fix Price. Current extreme levels of market volatility and uncertainty make it difficult to comment on the outlook for the rest of 2022. We are focused on maintaining business continuity and will provide further updates to the market as necessary.
Financial summary for Q4 2021[2]
-- Revenue increased by 14.5% y-o-y to RUB 66.5 billion driven by new store openings and LFL sales growth:? Retail revenue was up by 15.1% y-o-y to RUB 59.1 billion - Wholesale revenue increased by 9.6% y-o-y to RUB 7.4 billion
-- Gross profit increased by 17.3% y-o-y to RUB 21.9 billion. The gross margin of 32.9% exceeded the levelof Q4 2020 by 80 bps driven by diligent and proactive work with the assortment to adjust to higher cost of salesamid continued pressure from raw materials inflation and dislocations in the global shipping market. Gross marginwas down 109 bps from the level of Q4 2019 amid a higher share of food and inflationary impact on production costs
-- SG&A costs (excl. D&A) as a percentage of revenue increased by 54 bps to 13.2% reflecting increased staffcosts amid tighter competition on the Russian labour market
-- EBITDA[3] increased by 16.8% to RUB 13.4 billion, with the EBITDA margin up by 40 bps y-o-y to 20.1%thanks to the expansion of the gross margin. EBITDA margin in pre-COVID Q4 2019 stood at 21.5%
-- Operating profit rose by 16.6% to RUB 10.3 billion. The operating margin was 15.5% versus 15.2% for Q42020 and 15.9% for Q4 2019
-- Profit for the period increased by 12.1% to RUB 6.5 billion. The net profit margin was 9.7%, compared to10.0% and 12.6% for the same periods of 2020 and 2019, respectively
Financial results for Q4 and FY 2021
Statement of comprehensive income highlights
RUB million Q4 2021 Q4 2020 Q4 2019 Change Q4'21 vs Q4'20, Change Q4'21 vs Q4'19,
% %
Revenue 66,507 58,095 43,345 14.5% 53.4%
Retail revenue 59,086 51,327 37,114 15.1% 59.2%
Wholesale revenue 7,421 6,768 6,231 9.6% 19.1%
Cost of sales (44,641) (39,460) (28,623) 13.1% 56.0%
Gross profit 21,866 18,635 14,722 17.3% 48.5%
Gross margin, % 32.9% 32.1% 34.0% 80 bps (109 bps)
SG&A (excl. D&A) (8,750) (7,331) (5,514) 19.4% 58.7%
Other op. income and share of profit of 247 138 107 79.0% 130.8%
associates
EBITDA 13,363 11,442 9,317 16.8% 43.4%
EBITDA margin, % 20.1% 19.7% 21.5% 40 bps (140 bps)
D&A (3,069) (2,616) (2,430) 17.3% 26.2%
EBIT 10,294 8,826 6,885 16.6% 49.5%
EBIT margin, % 15.5% 15.2% 15.9% 29 bps (41 bps)
Net finance costs (630) (129) (197) 388.4% 219.8%
FX gain / (loss), net (165) 134 156 (223.1%) (205.8%)
Profit before tax 9,499 8,831 6,844 7.6% 38.8%
Income tax expense (3,017) (3,049) (1,383) (1.0%) 118.1%
Profit for the period 6,482 5,782 5,461 12.1% 18.7%
Net profit margin, % 9.7% 10.0% 12.6% (21 bps) (285 bps)
RUB million FY 2021 FY 2020 FY 2019 Change FY'21 vs FY'20, Change FY'21 vs FY'19,
% %
Revenue 230,473 190,059 142,880 21.3% 61.3%
Retail revenue 203,328 166,025 123,194 22.5% 65.0%
Wholesale revenue 27,145 24,034 19,686 12.9% 37.9%
Cost of sales (157,073) (128,544) (96,919) 22.2% 62.1%
Gross profit 73,400 61,515 45,961 19.3% 59.7%
Gross margin, % 31.8% 32.4% 32.2% (52 bps) (32 bps)
SG&A (excl. D&A) (30,162) (25,067) (19,186) 20.3% 57.2%
Other op. income and share of profit of 917 340 373 169.7% 145.8%
associates
EBITDA 44,155 36,788 27,150 20.0% 62.6%
EBITDA margin, % 19.2% 19.4% 19.0% (20 bps) 16 bps
D&A (11,829) (9,865) (8,693) 19.9% 36.1%
EBIT 32,326 26,923 18,455 20.1% 75.2%
EBIT margin, % 14.0% 14.2% 12.9% (14 bps) 111 bps
Net finance costs (1,647) (749) (846) 119.9% 94.7%
FX gain / (loss), net (83) 136 (74) (161.0%) 12.2%
Profit before tax 30,596 26,310 17,535 16.3% 74.5%
Income tax expense (9,207) (8,735) (4,362) 5.4% 111.1%
Profit for the period 21,389 17,575 13,173 21.7% 62.4%
Net profit margin, % 9.3% 9.2% 9.2% 3 bps 6 bps
LFL dynamics, %
Q4 2021 Q4 2020 Q4 2019
LFL sales 3.2% 15.7% 12.7%
LFL traffic (3.5%) (1.9%) 5.7%
LFL average ticket 6.9% 17.9% 6.6%
FY 2021 FY 2020 FY 2019
LFL sales 7.2% 15.8% 15.4%
LFL traffic 3.1% (1.7%) 7.6%
LFL average ticket 4.0% 17.8% 7.3%
Store selling space
31.12.2021 31.12.2020 Change 31.12.2021 vs 31.12.2020 Selling space (sqm) 1,056,840 889,526 18.8% Company-operated stores 938,392 797,352 17.7% Franchised stores 118,448 92,174 28.5% RUB mln Q4 2021 Q4 2020 Q4 2019 Change Q4'21 vs Q4'20, % Change Q4'21 vs Q4'19, % Staff costs 6,013 4,901 3,850 22.7% 56.2% % of revenue 9.0% 8.4% 8.9% 60 bps 16 bps Depreciation of right-of-use assets 2,395 2,033 1,965 17.8% 21.9% % of revenue 3.6% 3.5% 4.5% 10 bps (93 bps) Bank charges 738 626 400 17.9% 84.5% % of revenue 1.1% 1.1% 0.9% 3 bps 19 bps Other depreciation and amortisation 674 583 465 15.6% 44.9% % of revenue 1.0% 1.0% 1.1% 1 bps (6 bps) Rental expense 555 511 289 8.6% 91.9% % of revenue 0.8% 0.9% 0.7% (5 bps) 17 bps Security services 436 367 305 18.8% 43.0% % of revenue 0.7% 0.6% 0.7% 2 bps (5 bps) Repair and maintenance costs 306 233 205 31.3% 49.3% % of revenue 0.5% 0.4% 0.5% 6 bps (1 bps) Advertising costs 212 199 193 6.5% 9.8% % of revenue 0.3% 0.3% 0.4% (2 bps) (13 bps) Utilities 197 170 147 15.9% 34.2% % of revenue 0.3% 0.3% 0.3% 0.4 bps (4 bps) Other expenses 293 324 125 (9.6%) 134.4% % of revenue 0.4% 0.6% 0.3% (12 bps) 15 bps SG&A (excl. D&A) 8,750 7,331 5,514 19.4% 58.7% % of revenue 13.2% 12.6% 12.7% 54 bps 44 bps Total SG&A 11,819 9,947 7,944 18.8% 48.8% % of revenue 17.8% 17.1% 18.3% 65 bps (56 bps) RUB mln FY 2021 FY 2020 FY 2019 Change FY'21 vs FY'20, % Change FY'21 vs FY'19, % Staff costs 20,884 17,329 13,361 20.5% 56.3% % of revenue 9.1% 9.1% 9.4% (6 bps) (29 bps) Depreciation of right-of-use assets 9,198 7,618 6,921 20.7% 32.9% % of revenue 4.0% 4.0% 4.8% (2 bps) (85 bps) Other depreciation and amortisation 2,631 2,247 1,772 17.1% 48.5% % of revenue 1.1% 1.2% 1.2% (4 bps) (10 bps) Bank charges 2,535 2,009 1,258 26.2% 101.5% % of revenue 1.1% 1.1% 0.9% 4 bps 22 bps Rental expense 1,667 1,642 1,160 1.5% 43.7% % of revenue 0.7% 0.9% 0.8% (14 bps) (9 bps) Security services 1,613 1,343 1,107 20.1% 45.7% % of revenue 0.7% 0.7% 0.8% (1 bps) (7 bps) Repair and maintenance costs 925 757 625 22.2% 48.0% % of revenue 0.4% 0.4% 0.4% 0.3 bps (4 bps) Advertising costs 767 659 645 16.4% 18.9% % of revenue 0.3% 0.3% 0.5% (1 bps) (12 bps) Utilities 712 570 501 24.9% 42.1% % of revenue 0.3% 0.3% 0.4% 1 bps (4 bps) Other expenses 1,059 758 529 39.7% 100.2% % of revenue 0.5% 0.4% 0.4% 6 bps 9 bps SG&A (excl. D&A) 30,162 25,067 19,186 20.3% 57.2% % of revenue 13.1% 13.2% 13.4% (10 bps) (34 bps) Total SG&A 41,991 34,932 27,879 20.2% 50.6% % of revenue 18.2% 18.4% 19.5% (16 bps) (129 bps)
The Group's revenue increased by 14.5% to RUB 66.5 billion for Q4 2021, driven by 15.1% growth in retail revenue and a 9.6% increase in wholesale revenue.
Retail revenue grew to RUB 59.1 billion on the back of expansion of the network of company-operated stores and a 3.2% increase in like-for-like sales, partially offset by a decrease in sales densities in Belarus and Kazakhstan amid pressure on real disposable income and government restrictions.
LFL sales increased by 3.2% in Q4 2021 driven by 6.9% LFL average ticket growth, which offset a LFL traffic contraction of 3.5% due to new COVID-related restrictions. Excluding the impact of international geographies, LFL sales at company-operated stores in Russia grew by 5.3% in Q4 2021. For stores unaffected by restrictions in November-December and adjusting for the leap-year effect, LFL sales were up by 6.5% in Q4 2021 and 9.0% for FY2021 despite abnormal market turbulence.
Wholesale revenue increase to RUB 7.4 billion was driven by growth of the franchised network, while the share of wholesale revenue in the Company's total revenue decreased by 49 bps to 11.2% on the back of faster growth of sales densities at company-operated stores.
Please refer to our Q4 2021 operating results press release for more details on revenue drivers.
Gross profit grew by 17.3% y-o-y to RUB 21.9 billion for Q4 2021. The gross margin improved by 80 bps y-o-y to 32.9% as a result of successful adaptation of the assortment strategy to macro headwinds, including steep raw materials price inflation and elevated freight costs. Despite a higher share of food in the sales mix, product rotation and redesign as well as price point architecture reengineering and solid sell-through of the seasonal New Year assortment supported gross margin both year-over-year and quarter-over-quarter, while price levels remained competitive.
In pre-pandemic Q4 2019, gross margin stood at 34.0% amid a lower share of food in sales and more favourable macroeconomic backdrop.
Transportation costs as a percentage of revenue decreased by 12 bps y-o-y to 1.5% despite higher tariffs for truckload services and an increased number of international stores requiring longer trips. In comparison with Q4 2019, transportation costs as a percentage of revenue grew by 18 bps.
Inventory write-down due to shrinkage and write-offs to net realisable value in Q4 2021 slightly improved by 7 bps to 1.0%. Shrinkage and write-downs as a percentage of revenue was up by 49 bps versus Q4 2019.
The Group's selling, general and administrative expenses grew as a percentage of revenue by 65 bps to 17.8% mainly due to an increased share of depreciation of right-of-use assets. SG&A excluding D&A as percentage of revenue was up by 54 bps to 13.2%, driven by growth in the share of staff costs, bank charges, security and maintenance services. These were partially offset by improved efficiency in rental and advertising costs as well as other expenses.
Staff costs as a percentage of revenue increased by 60 bps to 9.0% due to growth of average wages in line with the market on the back of higher inflation, as well as competition for talent with online players because of a shortage of personnel as a result of COVID-related travel restrictions, and an increase in staff numbers amid a slowdown in revenue growth.
Rental expense (in accordance with IAS 17) were slightly down by 6 bps y-o-y to 4.7% of revenue, reflecting strong negotiating power, which helped to improve lease terms in the post-COVID environment despite pressure from external factors on LFL sales growth.
Rental expense (under IFRS 16) improved by 5 bps y-o-y to 0.8% of revenue despite a growing share of variable lease contracts to 57% from 49% as of December 31, 2020.
Depreciation and amortisation (D&A) expenses as a percentage of revenue increased by 11 bps to 4.6% driven by a 10 bps increase in depreciation of right-of-use assets and a 1 bps increase in other D&A.
Bank charges slightly increased by 3 bps to 1.1% as a share of revenue on the back of the continued growth in the share of non-cash payments with higher commissions on bank card transactions compared to cash transactions.
Despite tariff growth mitigated by efficient store management and partial passing of utilities costs to landlords under newly signed contracts, utilities as a share of revenue remained flat y-o-y at 0.3%.
Costs for security services increased by 2 bps to 0.7% of revenue due to the low base of 2020, which was a result of a lack of workforce during the pandemic and travel restrictions, whilst advertising costs as percentage of revenue further decreased by 2 bps to 0.3%.
Other expenses decreased by 12 bps and amounted to 0.4% of revenue.
Other operating income and share of profit of associates substantially increased by 13 bps on the back of higher income from third-party companies advertising via the Company's advertising tools, higher proceeds from the sale of waste such as cardboard and stretch film for the purpose of recycling, as well as income received from a depositary bank in connection with the IPO, with the latter being accrued on a linear basis during the life of the depositary facility and lower costs related to the IPO.
RUB mln FY 2021 FY 2020 FY 2019 EBITDA IFRS16 44,155 36,788 27,150 Rental expense (9,840) (7,999) (7,221) Utilities (153) (157) (153) EBITDA IAS17 34,162 28,632 19,776
EBITDA IAS 17 and IFRS 16 reconciliation
RUB mln Q4 2021 Q4 2020 Q4 2019 EBITDA IFRS16 13,363 11,442 9,317 Rental expense (2,565) (2,251) (1,966) Utilities (39) (38) (37) EBITDA IAS17 10,759 9,153 7,314
EBITDA under IFRS 16 increased by 16.8% to RUB 13.4 billion for Q4 2021. The EBITDA margin improved by 40 bps y-o-y and stood at 20.1%, on the back of gross margin improvement which was partially offset by the increase of SG&A costs as a result of higher wages and inflation.
EBITDA under IAS 17 increased by 17.5% to RUB 10.8 billion for Q4 2021, with the IAS 17-based EBITDA margin standing at strong 16.2% versus 15.8% for Q4 2020 and 16.9% for Q4 2019.
Net finance costs in Q4 2021 increased by 388.4% to RUB 630 million, driven by an increase in loans and borrowings year-on-year, higher loan rates and decrease in income on bank deposits and financial instruments.
In Q4 2021 the Group recorded an FX loss of RUB 165 million, compared to a RUB 134 million gain in Q4 2020, as revaluation of trade accounts denominated in foreign currency was partially offset by forward contracts.
The Group's total income tax expense was down by 1.0% to RUB 3.0 billion in Q4 2021. The effective tax rate was 31.8% in the reporting period versus 34.5% in Q4 2020. The abnormally high effective tax rate in Q4 2020 was attributable to withholding tax accrued on intra-group dividends.
Profit for the period increased by 12.1% y-o-y to RUB 6.5 billion. The net profit margin was 9.7% versus 10.0% for Q4 2020.
Statement of financial position highlights
RUB mln 31.12.2021 31.12.2020 31.12.2019 Current loans and borrowings 21,523 15,680 5,006 Current lease liabilities 6,971 6,339 5,306 Non-current lease liabilities 3,765 3,713 2,496 Cash and cash equivalents (8,779) (26,375) (11,881) Net Debt/(Cash) 23,480 (643) 927 Dividends payable - 23,658 5,030 Adjusted Net Debt 23,480 23,015 5,957 Adjusted Net Debt/ EBITDA (IFRS16) 0.5x 0.6x 0.2x Current lease liabilities (6,971) (6,339) (5,306) Non-current lease liabilities (3,765) (3,713) (2,496) IAS 17-Based Net Debt/(Cash) 12,744 12,963 (1,845) IAS17-based Adjusted Net Debt/ EBITDA (IAS17) 0.4x 0.5x (0.1x)
As of 31 December 2021, the Group's total loans, borrowings and lease liabilities amounted to RUB 32.3 billion, up RUB 6.5 billion from the start of the year on the back of raising additional financial debt for dividend financing amid slowdown in cash generation.
As of 31 December 2021, adjusted net debt was RUB 23.5 billion, while IAS 17-based adjusted net debt stood at RUB 12.7 billion. The Group's IAS 17-based adjusted net debt to EBITDA ratio remained low at a conservative 0.4x, well below the threshold of 1.0x set out in the Group's guidance.
Statement of cash flows highlights
RUB mln Q4 2021 Q4 2020 Q4 2019 Profit before tax 9,499 8,831 6,844 Cash from operating activities before changes in working capital 13,990 12,005 9,509 Changes in working capital (2,903) 1,809 1,289 Net cash generated from operations 11,087 13,814 10,798 Net interest paid (624) (154) (220) Income tax paid (2,961) (1,634) (1,085) Net cash from operating activities 7,502 12,026 9,493 Net cash used in investing activities (1,026) (2,534) (1,141) Net cash used in financing activities (1,494) (1,554) (10,381) Effect of exchange rate fluctuations on cash and equivalents - (84) (444) Net (decrease) / increase in cash and equivalents 4,982 7,854 (2,473) RUB mln FY 2021 FY 2020 FY 2019 Profit before tax 30,596 26,310 17,535 Cash from operating activities before changes in working capital 46,155 38,338 28,216 Changes in working capital (9,646) (1,548) (2,428) Net cash generated from operations 36,509 36,790 25,788 Net interest paid (1,776) (833) (905) Income tax paid (9,396) (5,687) (3,459) Net cash from operating activities 25,337 30,270 21,424 Net cash used in investing activities (6,159) (6,025) (4,366) Net cash used in financing activities (36,829) (11,079) (10,228) Effect of exchange rate fluctuations on cash and equivalents 55 1,328 (831) Net (decrease) / increase in cash and equivalents (17,596) 14,494 5,999
As of 31 December 2021, the Group's net trade working capital[4] stood at RUB 7.9 billion, compared to RUB 1.1 billion as of 31 December 2020 due to a build-up of inventories amid purchasing additional safety stock to mitigate supply chain disruptions, higher cost of inventory due to inflation, increase of the active assortment matrix and the shift in the product mix towards seasonal ranges at higher price points heading into peak trading during the New Year season. All these factors coupled with a slowdown in LFL sales growth on the back of COVID-related restrictions led to tying up more working capital compared to the previous year.
CAPEX for the reporting period stood at RUB 1.1 billion compared to RUB 2.6 billion for the same period of 2020. The year-on-year decrease was attributable to lower investments in the distribution centre network in Q4 2021 and a lower number of openings of company-operated stores.
Announcement of final dividends for 2021
The Board of Directors of Fix Price Group Ltd. today announces that the Company intends to pay a final dividend of RUB 5.8 billion or RUB 6.8 per GDR/share (gross amount subject to taxes and fees).
Together with the interim dividend paid on September 28, 2021, total dividends for the year will amount to RUB 15.6 billion, or RUB 18.3 per share/GDR, or 73% of FY 2021 net profit under IFRS.
The final dividend will be paid on 31 May 2022 to shareholders on the register of members at the close of business on 27 May 2022. The ex-dividend date will be 26 May 2022.
About the Company
Fix Price (LSE and MOEX: FIXP), one of the leading variety value retailers globally and the largest in Russia, has helped its customers save money every day since 2007. Fix Price offers its customers a unique and constantly refreshed product assortment of non-food goods, personal care and household products and food items at low fixed price points.
As of 31 December 2021, Fix Price operates 4,904 Fix Price stores in Russia and neighbouring countries, all of them stocking approximately 2,000 SKUs across around 20 product categories. As well as its own private brands, Fix Price sells products from leading global names and smaller local suppliers. The Company operates 8 DCs covering 79 regions of Russia and 6 countries.
In 2021, the Company recorded revenue of RUB 230.5 billion, EBITDA of RUB 44.2 billion and net profit of RUB 21.4 billion, in accordance with IFRS.
Contacts
Fix Price investor relations Fix Price media relations
Elena Mironova Ekaterina Lukina
ir@fix-price.com elukina@fix-price.ru
EM
Dmitry Zhadan Peter Morley Ekaterina Shatalova
zhadan@em-comms.com morley@em-comms.com shatalova@em-comms.com
+7 916 770 8909 +43 676 684 5252 +7 915 321 8579
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[1] Here and hereinafter, like-for-like (LFL) sales, average ticket and number of tickets are calculated based on the results of stores operated by Fix Price and that have been operational for at least the 12 full calendar months preceding the reporting date. LFL sales and average ticket calculated based on retail revenue including VAT. LFL numbers exclude stores that were temporarily closed for seven or more consecutive days during the reporting period and the comparable period
[2] Here and hereinafter Q4 results are unaudited and based on management accounts
[3] EBITDA calculated as profit for the respective period adjusted for income tax expense, interest expense, interest income, depreciation and amortisation expense, and foreign exchange gain / (loss), net
[4] Net trade working capital is calculated as Inventories plus Receivables and other current assets minus Payables and other financial liabilities
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ISIN: US33835G2057 Category Code: MSCU TIDM: FIXP LEI Code: 549300EXJV1RPGZNH608 OAM Categories: 2.2. Inside information Sequence No.: 145549 EQS News ID: 1289347 End of Announcement EQS News Service =------------------------------------------------------------------------------------
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(END) Dow Jones Newswires
February 28, 2022 01:59 ET (06:59 GMT)
