Fix Price Group PLC

Раскрытие в Интернет информации, направляемой органу, регулирующему рынок иностранных ценных бумаг, иностранному организатору и/или иным организациям для целей ее раскрытия

FIX PRICE ANNOUNCES KEY OPERATING AND FINANCIAL RESULTS FOR Q3 AND 9M 2024
Delivering value to customers despite market headwinds
31 October 2024, Astana, Kazakhstan – Fix Price Group PLC (AIX: FIXP.Y; MOEX: FIXP; “Fix Price”, the “Company” or the “Group”), one of the leading variety value retailers globally and the largest in Russia, today announces its operating and IFRS financial results based on management accounts for the third quarter (Q3 2024) and nine months (9M 2024) ended 30 September 2024.
OPERATING AND FINANCIAL SUMMARY FOR Q3 2024
• Revenue increased by 5.7% y-o-y to RUB 78.8 billion
— Retail revenue was up by 8.3% to RUB 71.6 billion
— Wholesale revenue amounted to RUB 7.2 billion
• LFL sales grew modestly, by 5 bps y-o-y. In a mixed macroeconomic environment with softer consumer demand, customers planned their budgets around big non-food purchases rather than treasure-hunting for inexpensive items. The Company continued its initiatives to introduce new SKUs and to identify the most in-demand categories, while keeping prices low across its assortment
• During the quarter, the Company added 169 net new stores (including 10 franchise stores). As of 30 September 2024, there were a total of 6,891 stores
• In Q3 2024, the total selling space increased by 35,987 sqm reaching 1,492,908 sqm (+11.8% y-o-y) as of the end of the period
• During the quarter, 0.7 million new members joined the loyalty programme, increasing the total number of registered cardholders to 27.9 million (+12.4% y-o-y) as of 30 September 2024. Loyalty card transactions accounted for 60.0% of retail sales. The average ticket for purchases with a loyalty card was RUB 489, which is almost twice as high as the average ticket for non-loyalty-card purchases
• Gross profit saw an increase of 5.0% y-o-y and amounted to RUB 26.5 billion. Gross margin was 33.6%, on the back of the growth of transportation costs, which was partially mitigated by a decrease in inventory write-downs
• SG&A costs (excl. LTIP expense and D&A) were 18.0% as a percentage of revenue, compared to 15.0% in Q3 2023, primarily due to growth in staff costs and other expenses as a percentage of revenue, combined with the negative operating leverage effect
• Adjusted EBITDA under IFRS 16 was RUB 12.4 billion on the back of higher SG&A costs. Adjusted EBITDA margin stood at 15.7%
• EBITDA under IFRS 16 stood at RUB 12.3 billion. The EBITDA margin was 15.6%
• Net profit for the period amounted to RUB 6.0 billion. Net profit margin stood at 7.6%
• CAPEX as a percentage of revenue was 2.3% and remained generally flat during the reporting period compared with the previous year (2.1% in Q3 2023), primarily reflecting investments in new store openings
OPERATING AND FINANCIAL SUMMARY FOR 9M 2024
• Revenue grew by 8.1% y-o-y and reached RUB 227.2 billion
— Retail revenue increased to RUB 204.3 billion, up 9.7% y-o-y
— Wholesale revenue was RUB 22.9 billion
• LFL sales increased by 1.2%
• Since the beginning of the year, Fix Price has opened 477 stores on a net basis, including 446 Company-operated and 31 franchise stores. This is in line with the store opening guidance for 2024
• The total selling space across the Company’s store base grew by
102,296 sqm to 1,492,908 sqm
• Since the beginning of the year, the total number of registered loyalty cardholders grew by 2.2 million to reach 27.9 million, while penetration in retail sales was 60.2%
• Gross profit grew by 7.9% y-o-y to RUB 76.0 billion with a gross margin of 33.4%
• SG&A costs (excl. LTIP expense and D&A) as a percentage of revenue reached 18.1%, compared to 15.5% in 9M 2023, on the back of growth in staff costs, advertising and other expenses as a percentage of revenue, which was partially mitigated by improved cost management in terms of bank charges
• Adjusted EBITDA under IFRS 16 was RUB 35.3 billion. Adjusted EBITDA margin was 15.6%
• EBITDA under IFRS 16 stood at RUB 34.8 billion, with an EBITDA margin of 15.3%
• Profit for the reporting period amounted to RUB 15.1 billion. Net profit margin stood at 6.6%
"In Q3 2024, we continued to strengthen our leading position among variety value retailers in Russia and globally. We expanded into 48 new localities, adding 169 stores (net) to our network, and we are on track to achieve our target of 750 net openings in 2024. This past summer, we opened our first two Fix Price stores in the UAE, extending our geographic footprint to 10 countries.
At the same time, Russian consumers continued trying to save on essential goods due to rising interest rates and inflation expectations, which impacted the Group’s sales dynamics. In this environment, we focused on keeping prices low to ensure that customers, regardless of their budget, could find what they were looking for at Fix Price.
The tight labour market, coupled with higher transportation costs amid a driver shortage, exerted pressure on the Group’s margins during the reporting period, which was partially offset by an increase in the share of higher-margin non-food products in our sales mix. The challenging operating environment is incentivising us to accelerate the integration of promising digital technologies to automate business processes and enhance our resilience to external challenges. The most promising technologies include self-service checkouts, voice assistants, and video analytics to monitor queues, shelf stock levels and areas on the sales floor needing attention, while also supporting in-store staff with various tasks. These innovations not only help reduce staffing needs but also improve the quality of customer service, enhance the accuracy of our analytics and forecasting, and minimise errors. I am confident that these measures, along with our unique value proposition, will enable us to sustain our market leadership.
Fix Price is ranked among the top three retailers in the country in terms of customer reach and share of wallet among Russian consumers, according to Romir. In addition, our loyalty programme continues to grow steadily: in just the third quarter, more than 700,000 people joined the Fix Price bonus system, which, in addition to earning points on purchases, allows participants to purchase selected products at a 10%–20% discount. By the end of September, the programme had nearly 28 million members across Russia, with the average ticket of loyalty card holders consistently nearly double that of non-loyalty-card purchases.
In closing, I would like to emphasise our unwavering commitment to protecting the interests of all shareholders, regardless of their jurisdiction or the size of their stake in the Company. Notably, on 11 October 2024, we completed the transfer of our global depositary receipts programme to its successor depositary, RCS Trust and Corporate Services Ltd, which allowed us to maintain the programme and our primary listing on the Astana International Exchange. As we consider our next strategic steps, we are exploring various options, including the listing of our key operating subsidiary and offering minority shareholders an opportunity to transfer their holdings to such operational subsidiary."
Dmitry Kirsanov, Fix Price CEO
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Store base, geographical coverage and selling space
30 Sep 2024 31 Dec 2023 30 Sep 2023
Total number of stores 6,891 6,414 6,162
Russia 6,168 5,756 5,537
Belarus 320 292 282
Kazakhstan 312 280 262
Latvia 43 46 42
Uzbekistan 24 22 22
Georgia 7 7 6
Kyrgyzstan 6 6 6
Mongolia 4 3 3
Armenia 5 2 2
UAE 2 - -
Number of Company-operated stores 6,157 5,711 5,476
Russia 5,552 5,166 4,966
Belarus 310 282 272
Kazakhstan 295 263 238
Number of franchised stores 734 703 686
Russia 616 590 571
Latvia 43 46 42
Uzbekistan 24 22 22
Kazakhstan 17 17 24
Belarus 10 10 10
Georgia 7 7 6
Kyrgyzstan 6 6 6
Mongolia 4 3 3
Armenia 5 2 2
UAE 2 - -
Selling space (sqm) 1,492,908 1,390,611 1,335,363
Company-operated stores 1,329,467 1,234,312 1,183,229
Franchised stores 163,441 156,299 152,134
Development of Company-operated stores
Q3 2024 Q3 2023 9M 2024 9M 2023
Gross openings 197 144 568 537
Russia 175 126 496 472
Kazakhstan 11 10 40 40
Belarus 11 8 32 25
Closures 38 40 122 100
Russia 35 32 110 81
Belarus - 4 4 6
Kazakhstan 3 4 8 13
Net openings 159 104 446 437
Russia 140 94 386 391
Kazakhstan 8 6 32 27
Belarus 11 4 28 19
OPERATING RESULTS
Store network expansion
• As of the end of the period, the total store count was 6,891 (11.8% growth y-o-y); the share of franchise stores was 10.7% of the total store base (down 48 bps y-o-y)
• During Q3 2024, the Company opened 169 net new stores, including 159 Company-operated stores and 10 franchise stores. By comparison, in Q3 2023 the net total was 123 new stores, 104 of which were Company-operated and 19 of which were franchise locations
• In Q3 2024, Fix Price closed 38 Company-operated stores, versus 40 stores in Q3 2023, amid a highly competitive landscape and with the Company’s continuing focus on rental expense management
• During the quarter, 13.0% of the net new stores were opened outside of Russia, as Fix Price continued its expansion internationally as well as domestically. The share of international geographies increased to 10.5% of the total number of stores, in comparison with 10.1% as of the end of Q3 2023
• The chain’s total selling space grew by 35,987 sqm to 1,492,908 sqm as of the end of the quarter (an 11.8% increase y-o-y). The average selling space per store in Q3 2024 was 217 sqm
• During Q3 2024, Fix Price entered the UAE market, opening its first two stores, while the total number of new locations added in its countries of operations was 48. As of 30 September 2024, the brand’s international presence was spread across 10 countries
LFL sales growth
• In Q3 2024, LFL sales stood at 0.05%, as the Company continued transforming its assortment with a view to introducing new SKUs and identifying the most in-demand categories, while keeping prices low across the assortment
• LFL traffic was down 3.1% y-o-y, as the dynamics were constrained by challenging macroeconomic factors and tighter competition in a rapidly evolving consumer environment. The LFL average ticket increased by 3.2% thanks to a gradual shift of the assortment matrix towards higher price points
• The LFL sales increase at Company-operated stores in Russia amounted to 0.03%. Stores in Belarus continued to enjoy robust traffic growth and a stable average ticket, which supported the Group’s LFL sales in rouble terms despite exchange rate volatility. This was partially offset by the LFL sales dynamics of Kazakhstan stores, which were negatively affected by the currency conversion effect
• LFL sales at the stores in Belarus and Kazakhstan showed a positive trend in their respective national currencies. This was attributable to stable traffic growth due to effective work with the assortment and an attractive customer value proposition, although the average ticket in Kazakhstan was affected by continued inflationary pressure on consumer behaviour
Assortment and category mix
• The share of non-food in retail sales was 46.1% in Q3 2024, up from 45.8% in Q3 2023, reflecting the gradual recovery of some non-food categories. The share of food in retail sales grew to 27.3%, versus 25.7% in Q3 2023, as the Company’s initiatives to introduce in-demand traffic drivers started bearing fruit. The share of cosmetics, hygiene and household chemicals as a percentage of retail sales fell to 26.7% in Q3 2024, compared to 28.5% in Q3 2023. The seasonal assortment and toys were the main LFL drivers during the period, supported by household goods, party goods, and food
• The share of imported goods in retail sales grew to 22.9% in Q3 2024, compared to 21.9% in Q3 2023, due to a higher share of non-food in retail sales
• The share of price points above RUB 100 in retail sales grew to 60.8% in
Q3 2024, up from 47.4% in Q3 2023. The share of price points above
RUB 200 in retail sales grew to 16.9% in Q3 2024, up from 14.5% in Q3 2023
• Across all Company-operated stores, there was a 3.6% y-o-y increase in the average ticket, to RUB 349
Loyalty programme development
• As of 30 September 2024, the total number of registered loyalty cardholders amounted to 27.9 million, up 12.4% y-o-y. During the quarter, the Company attracted 0.7 million new registered cardholders. Of the total number of loyalty cardholders, 39.9% were active members of the programme
• 60.0% of total retail sales in Q3 2024 were generated by transactions using loyalty cards, compared to 61.4% in Q3 2023
• The average ticket of loyalty cardholders was RUB 489, or almost twice as high as the average ticket for non-loyalty-card purchases, which amounted to RUB 260
FINANCIAL RESULTS FOR Q3 2024 AND 9M 2024
Statement of comprehensive income highlights
RUB million Q3 2024 Q3 2023 Change 9M 2024 9M 2023 Change
Revenue 78,799 74,519 5.7% 227,190 210,196 8.1%
Retail revenue 71,629 66,119 8.3% 204,290 186,205 9.7%
Wholesale revenue 7,170 8,400 (14.6)% 22,900 23,991 (4.5)%
Cost of sales (52,307) (49,289) 6.1% (151,217) (139,818) 8.2%
Gross profit 26,492 25,230 5.0% 75,973 70,378 7.9%
Gross margin, % 33.6% 33.9% (24) bps 33.4% 33.5% (4) bps
SG&A (excl. LTIP and D&A) (14,216) (11,207) 26.8% (41,060) (32,563) 26.1%
Other op. income and share of profit of associates 131 158 (17.1)% 435 459 (5.2)%
Adjusted EBITDA 12,407 14,181 (12.5)% 35,348 38,274 (7.6)%
Adjusted EBITDA margin, % 15.7% 19.0% (328) bps 15.6% 18.2% (265) bps
EBITDA 12,278 13,903 (11.7)% 34,823 37,465 (7.1)%
EBITDA margin, % 15.6% 18.7% (308) bps 15.3% 17.8% (250) bps
D&A (4,226) (3,935) 7.4% (12,488) (11,170) 11.8%
Operating profit 8,052 9,968 (19.2)% 22,335 26,295 (15.1)%
Operating profit margin, % 10.2% 13.4% (316) bps 9.8% 12.5% (268) bps
Net finance costs (175) (25) 600.0% (383) (616) (37.8)%
FX (loss)/gain, net (199) (373) (46.6)% (909) 534 n/a
Profit before tax 7,678 9,570 (19.8)% 21,043 26,213 (19.7)%
Income tax (expense)/benefit (1,677) (2,123) (21.0)% (5,942) 880 n/a
Profit for the period 6,001 7,447 (19.4)% 15,101 27,093 (44.3)%
Net profit margin, % 7.6% 10.0% (238) bps 6.6% 12.9% (624) bps
Selling, general and administrative expenses
RUB million Q3 2024 Q3 2023 Change 9M 2024 9M 2023 Change
Staff costs (excl. LTIP) 11,233 8,227 36.5% 31,925 24,169 32.1%
% of revenue 14.3% 11.0% 322 bps 14.1% 11.5% 255 bps
Bank charges 616 902 (31.7)% 2,309 2,547 (9.3)%
% of revenue 0.8% 1.2% (43) bps 1.0% 1.2% (20) bps
Rental expense 496 475 4.4% 1,305 1,276 2.3%
% of revenue 0.6% 0.6% (1) bps 0.6% 0.6% (3) bps
Security services 496 508 (2.4)% 1,525 1,500 1.7%
% of revenue 0.6% 0.7% (5) bps 0.7% 0.7% (4) bps
Advertising costs 252 278 (9.4)% 832 640 30.0%
% of revenue 0.3% 0.4% (5) bps 0.4% 0.3% 6 bps
Repair and maintenance costs 296 277 6.9% 869 746 16.5%
% of revenue 0.4% 0.4% 0 bps 0.4% 0.4% 3 bps
Utilities 245 204 20.1% 751 669 12.3%
% of revenue 0.3% 0.3% 4 bps 0.3% 0.3% 1 bps
Other expenses 582 336 73.2% 1,544 1,016 52.0%
% of revenue 0.7% 0.5% 29 bps 0.7% 0.5% 20 bps
SG&A (excl. LTIP and D&A) 14,216 11,207 26.8% 41,060 32,563 26.1%
% of revenue 18.0% 15.0% 300 bps 18.1% 15.5% 258 bps
LTIP expense 129 278 (53.6)% 525 809 (35.1)%
% of revenue 0.2% 0.4% (21) bps 0.2% 0.4% (15) bps
Depreciation of right-of-use assets 3,202 2,999 6.8% 9,429 8,486 11.1%
% of revenue 4.1% 4.0% 4 bps 4.2% 4.0% 11 bps
Other depreciation and amortisation 1,024 936 9.4% 3,059 2,684 14.0%
% of revenue 1.3% 1.3% 4 bps 1.3% 1.3% 7 bps
Total SG&A 18,571 15,420 20.4% 54,073 44,542 21.4%
% of revenue 23.6% 20.7% 287 bps 23.8% 21.2% 261 bps
In Q3 2024, the Group’s revenue was up 5.7% y-o-y, reaching RUB 78.8 billion as a result of an 8.3% increase in retail revenue, which mitigated a 14.6% decrease in wholesale revenue.
Retail revenue reached RUB 71.6 billion; the increase was mainly due to expansion of the Company’s selling space. Wholesale revenue amounted to RUB 7.2 billion, with the share of wholesale revenue decreasing by 217 bps to 9.1% of total revenue on the back of growth in the share of Company-operated stores and lower sales on the part of the franchise network.
Gross profit grew by 5.0% y-o-y and reached RUB 26.5 billion in Q3 2024. Gross margin was down 24 bps to 33.6% on the back of increased transportation costs, which was partially mitigated by a decrease in inventory write-downs.
Transportation costs increased by 45 bps y-o-y to 2.0% of revenue in Q3 2024, largely as a result of tariff hikes in Russia due to a shortage of drivers.
Inventory write-downs amounted to 0.8% of revenue, compared to 1.0% in Q3 2023, on the back of lower accruals based on the FY 2023 inventory count.
Selling, general and administrative expenses (SG&A), excluding LTIP and D&A expenses, increased by 300 bps y-o-y to 18.0% of revenue, mainly due to higher staff costs and other expenses as well as the negative operating leverage effect. Pressure on the cost base was partially mitigated by efficiencies gained in bank charges as a percentage of revenue.
Staff costs excluding LTIP grew by 322 bps y-o-y to 14.3% of revenue, driven by salary indexation on the back of a tighter labour market, including widespread labour shortages, and an increase in the number of employees as a result of new DC openings in 2023.
LTIP expense totalled RUB 129 million in Q3 2024, versus RUB 278 million in Q3 2023.
Depreciation and amortisation (D&A) expenses rose by 8 bps y-o-y to 5.4% of revenue. Depreciation of right-of-use assets grew by 4 bps y-o-y to 4.1% of revenue. The share of other depreciation and amortisation expenses increased by 4 bps to 1.3% as a result of the expansion of the store network.
Rental expense (under IFRS 16) remained stable y-o-y at 0.6% of revenue (0.7% of retail revenue).
Rental expense (under IAS 17) grew by 29 bps y-o-y to 5.3% of revenue (up 19 bps to 5.8% of retail revenue), primarily due to the negative operating leverage effect of both fixed-rate contracts and variable contracts with fixed rental expense components.
Bank charges improved by 43 bps y-o-y to 0.8% of revenue on the back of lower acquiring commissions on bank card transactions due to better commercial terms with banks and payment systems, as well as a higher share of payments made via the Faster Payment System with lower fees.
Security costs decreased by 5 bps y-o-y to 0.6% of revenue thanks to the Company’s ongoing optimisation efforts.
Repair and maintenance costs and utilities remained nearly flat y-o-y and stood at 0.4% and 0.3% of revenue respectively, while other expenses grew by 29 bps and amounted to 0.7% of revenue.
Advertising costs were down 5 bps to 0.3% of revenue.
The Group’s total SG&A expenses grew by 287 bps y-o-y to 23.6% of revenue, largely attributable to 322 bps growth in the share of staff costs (excluding LTIP) and a 29 bps increase in the share of other expenses.
Other operating income and the share of profit of associates decreased by 5 bps y-o-y to 0.2% of revenue.
EBITDA IFRS 16 and IAS 17 reconciliation
RUB million Q3 2024 Q3 2023 Change 9M 2024 9M 2023 Change
EBITDA (IFRS 16) 12,278 13,903 (11.7)% 34,823 37,465 (7.1)%
EBITDA margin (IFRS 16), % 15.6% 18.7% (308) bps 15.3% 17.8% (250) bps
LTIP expense 129 278 (53.6)% 525 809 (35.1)%
Adjusted EBITDA (IFRS 16) 12,407 14,181 (12.5)% 35,348 38,274 (7.6)%
Adjusted EBITDA margin (IFRS 16), % 15.7% 19.0% (328) bps 15.6% 18.2% (265) bps
Rental expense (3,646) (3,225) 13.1% (10,606) (9,322) 13.8%
Utilities (62) (55) 12.7% (179) (164) 9.1%
Adjusted EBITDA (IAS 17) 8,699 10,901 (20.2)% 24,563 28,788 (14.7)%
Adjusted EBITDA margin (IAS 17), % 11.0% 14.6% (359) bps 10.8% 13.7% (288) bps
LTIP expense (129) (278) (53.6)% (525) (809) (35.1)%
EBITDA (IAS 17) 8,570 10,623 (19.3)% 24,038 27,979 (14.1)%
EBITDA margin (IAS 17), % 10.9% 14.3% (338) bps 10.6% 13.3% (273) bps
Adjusted EBITDA under IFRS 16 decreased by 12.5% y-o-y to RUB 12.4 billion, due to higher costs of sales and SG&A costs. Adjusted EBITDA margin was 15.7%, versus 19.0% in Q3 2023.
EBITDA under IFRS 16 stood at RUB 12.3 billion (down 11.7% y-o-y). The EBITDA margin was 15.6%, compared to 18.7% in Q3 2023.
Adjusted EBITDA under IAS 17 was RUB 8.7 billion. The IAS 17-based adjusted EBITDA margin was 11.0%, compared to 14.6% in Q3 2023.
Net finance costs in Q3 2024 rose to RUB 175 million, compared to RUB 25 million in Q3 2023, mainly due to higher interest expenses on Group loans and growth in lease liabilities on the back of growing interest rates and expansion of the retail chain. These results were offset to a considerable degree by an increase in interest income driven by a rise in interest rates on Group deposits.
In Q3 2024, the Group recorded an FX loss of RUB 199 million, compared to a RUB 373 million loss in Q3 2023, on the back of a weakening rouble and a subsequent loss on the revaluation of trade accounts payable, which were partially offset by a gain on the revaluation of the Group’s deposits and bank accounts denominated in foreign currencies, the revaluation of forward contracts, and the revaluation of rouble-denominated intra-group accounts payable of the Group’s international entities.
Income tax expense amounted to RUB 1.7 billion in Q3 2024, versus RUB 2.1 billion in Q3 2023. The decrease in tax expense during the reporting period was attributable to a lower tax base.
The Group recorded profit for the period of RUB 6.0 billion, down 19.4% y o y. The net profit margin was 7.6%.
Statement of financial position highlights
RUB million 30 Sep 2024 31 Dec 2023 30 Sep 2023
Current loans and borrowings 15,043 10,024 15,026
Non-current loans and borrowings 4,947 4,675 4,584
Current lease liabilities 9,572 8,800 8,564
Non-current lease liabilities 4,859 4,974 4,731
Cash and cash equivalents (39,726) (37,343) (35,981)
(Net cash) (5,305) (8,870) (3,076)
(Net cash) to EBITDA (IFRS 16) (0.1)x (0.2)x (0.06)x
Current lease liabilities (9,572) (8,800) (8,564)
Non-current lease liabilities (4,859) (4,974) (4,731)
IAS 17-based (net cash) (19,736) (22,644) (16,371)
IAS 17-based (net cash) to EBITDA (0.5)x (0.6)x (0.4)x
Current loans and borrowings remained flat y-o-y at RUB 15.0 billion, as the Company’s approach is to maintain an optimal level of financial debt with modest variation throughout the year. Non-current loans and borrowings grew to RUB 4.9 billion, up RUB 0.4 billion y-o-y and up RUB 0.3 billion since the beginning of the year. Total loans and borrowings increased to RUB 20.0 billion versus RUB 19.6 billion as at 30 September 2023 and RUB 14.7 billion as at 31 December 2023. Lease liabilities stood at RUB 14.4 billion, up from RUB 13.3 billion as at 30 September 2023 and RUB 13.8 billion at the start of the year. As a result, total loans, borrowings and lease liabilities amounted to RUB 34.4 billion, up by 4.6% y-o-y and 20.9% since the beginning of 2024.
As of the end of the reporting period, the Company’s IAS 17-based net cash position had improved to RUB 19.7 billion, versus RUB 16.4 billion on 30 September 2023, on the back of accumulated cash reserves, and decreased from RUB 22.6 billion as of 31 December 2023 mainly due to the payment of an interim dividend of RUB 8.4 billion in Q1 2024. The IAS 17-based net cash to EBITDA ratio remained at a conservative level of 0.5x, compared to 0.4x as of 30 September 2023 and 0.6x as of 31 December 2023.
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Statement of cash flows highlights
RUB million Q3 2024 Q3 2023 9M 2024 9M 2023
Profit before tax 7,678 9,570 21,043 26,213
Cash from operating activities before changes in working capital 13,017 14,903 37,059 40,438
Changes in working capital (5,412) (1,648) (10,924) (6,375)
Net cash generated from operations 7,605 13,255 26,135 34,063
Net interest paid (75) (25) (91) (674)
Income tax paid (2,426) (2,103) (6,421) (5,121)
Net cash flows from operating activities 5,104 11,127 19,623 28,268
Net cash flows used in investing activities (1,781) (1,572) (4,394) (4,947)
Net cash flows used in financing activities (3,136) (2,943) (12,594) (11,065)
Effect of exchange rate fluctuations on cash and cash equivalents 21 (4) (252) 141
Net increase in cash and cash equivalents 208 6,608 2,383 12,397
Net trade working capital grew to RUB 21.7 billion (7.0% of revenue) as of 30 September 2024, versus RUB 14.5 billion (5.0% of revenue) as of 31 December 2023, while still remaining at a comfortable level. The Company follows its approach of ordering products in advance amid continued supply chain uncertainty to keep sufficient stock of traffic drivers and the holiday season collections.
CAPEX for Q3 2024 was largely attributable to investment in new store openings and amounted to RUB 1.8 billion, compared to RUB 1.6 billion in Q3 2023.
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ABOUT THE COMPANY
Fix Price (AIX: FIXP.Y; MOEX: FIXP), one of the leading variety value retailers globally and the largest in Russia, offers its customers a compelling and constantly updated assortment of non-food goods, including personal care and household products, and food items at low fixed price points.
As of 30 September 2024, Fix Price was operating 6,891 stores in Russia and other 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. As of 30 September 2024, the Company was operating 13 DCs covering 81 regions of Russia and 9 other countries.
In 2023, the Company recorded revenue of RUB 291.9 billion, EBITDA of RUB 53.1 billion and net profit of RUB 35.7 billion, in accordance with IFRS.
CONTACTS
Fix Price Investor Relations Fix Price Media Relations
Elena Mironova Ekaterina Goncharova
ir@fix-price.com pr@fix-price.com