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 Q4 AND FY 2024
Q4 performance driven by robust seasonal sales and focus on operational efficiency
27 February 2025, 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 financial results for the fourth quarter (Q4 2024) based on management accounts and audited IFRS financial results for the twelve months (FY 2024) ended 31 December 2024.
OPERATING AND FINANCIAL SUMMARY FOR Q4 2024
• Revenue rose 7.4% y-o-y and stood at RUB 87.7 billion
— Retail revenue grew 10.7% to RUB 80.6 billion
— Wholesale revenue amounted to RUB 7.2 billion
• LFL sales rose by 2.3% y-o-y, driven by a 4.1% increase in the LFL average ticket. LFL traffic improved q-o-q on the back of strong seasonal sales and initiatives to introduce new traffic drivers. However, the impact of these initiatives was partially offset by weaker performance in some non-food categories amid high inflationary expectations, which put pressure on customers’ budgets
• During the quarter, the Company added 274 net new stores, which included 286 Company-operated net openings and 12 franchise store net closures. As of 31 December 2024, there were a total of 7,165 stores
• In Q4 2024, the total selling space increased by 57,651 sqm, reaching 1,550,559 sqm (+11.5% y-o-y) as of the end of the period
• The total number of registered loyalty cardholders increased by 0.9 million new members over the quarter to 28.8 million (+11.9% y-o-y) as of 31 December 2024. Loyalty-card transactions accounted for 60.9% of retail sales. The average ticket for purchases with a loyalty card was RUB 511, which is 1.8x the average ticket for non-loyalty-card purchases
• Gross profit saw an increase of 6.9% y-o-y, amounting to RUB 30.8 billion. Gross margin stood at 35.1%, driven by higher transportation costs and impact of inventory write-downs, which was partially offset by an increase in the share of higher-margin retail sales amid effective work with suppliers
• SG&A costs (excl. LTIP expense and D&A) amounted to 14.7% of revenue, compared to 16.0% in Q4 2023, thanks to the efficiencies gained in staff costs, bank charges, security services and advertising costs as a percentage of revenue, which was partially offset by growth in utilities and other expenses
• Adjusted EBITDA under IFRS 16 grew by 13.3% y-o-y to RUB 18.1 billion, driven by improved SG&A costs (mainly staff costs and bank charges). Adjusted EBITDA margin improved to 20.6%, compared to 19.5% in Q4 2023
• EBITDA under IFRS 16 increased by 16.9% to RUB 18.2 billion. The EBITDA margin rose 167 bps to 20.8%
• Net profit for the period amounted to RUB 7.1 billion, compared to RUB 8.6 billion in Q4 2023, on the back of high effective tax rate driven mainly by intra-group withholding tax on record dividend payments. Net profit margin stood at 8.1%
• CAPEX as a percentage of revenue increased to 4.9% during the reporting period, compared with 1.9% in Q4 2023, primarily reflecting investments in the construction of new distribution centre
OPERATING AND FINANCIAL SUMMARY FOR FY 2024
• Revenue grew by 7.9% y-o-y, reaching RUB 314.9 billion
— Retail revenue rose 10.0% y-o-y to RUB 284.9 billion
— Wholesale revenue amounted to RUB 30.1 billion
• LFL sales increased by 1.5%
• During the year, Fix Price opened 751 stores on a net basis, including 732 Company-operated stores and 19 franchise stores, which was in line with the store opening target for 2024. The total selling space across the Company’s store base grew by 159,947 sqm (+11.5% y-o-y) to 1,550,559 sqm
• During the year, the total number of registered loyalty cardholders grew by 3.1 million members to 28.8 million, while penetration in retail sales was 60.4%
• Gross profit increased by 7.6% y-o-y, reaching RUB 106.7 billion, with a gross margin of 33.9%
• SG&A costs (excl. LTIP expense and D&A) amounted to 17.1% of revenue, compared to 15.6% in FY 2023, due to continued growth in staff costs, which was partially mitigated by lower bank charges
• Adjusted EBITDA under IFRS 16 amounted to RUB 53.4 billion. Adjusted EBITDA margin was 17.0%
• EBITDA under IFRS 16 stood at RUB 53.1 billion, with an EBITDA margin of 16.8%
• Profit for the reporting period was RUB 22.2 billion. Net profit margin was equal to 7.0%
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In 2024, we continued executing a growth strategy aimed at bolstering our leading position in the variety value market. Despite external challenges, we increased revenue and LFL sales, demonstrated high margins for the industry and successfully delivered on our target for net store openings, expanding our network by 751 new stores during the year.
In the fourth quarter, we remained focused on enhancing our unique and diverse assortment of products at low prices. For example, we expanded our traditional New Year’s collection with a retro-themed holiday assortment inspired by toys from previous generations. As a result, our holiday collection, combining time-honoured traditions with current trends, was a hit with customers. In addition, we added three new private label collections – jewellery, travel accessories and household chemicals – to store shelves. Strengthening our private label offering is our response to the rising cost of brand-name products, also enabling us to attract additional traffic and increase margins. Effective category management drove an increase in the share of high-margin products in sales during the reporting quarter, offsetting an increase in other costs and enabling us to maintain strong gross margin.
I am proud of the fact that, in the fourth quarter, our initiatives to improve operational efficiency and automate business processes yielded tangible results. Notably, in a tight labour market, we undertook a series of measures that enabled us to maintain an EBITDA margin of above 20%. We expect labour market constraints to persist in the medium term, which is why we continue to adopt digital technologies to optimise our workforce needs, improve the quality of our customer service and enhance the accuracy of our analysis and forecasting.
Our company-wide loyalty programme, which operates across Russia, Kazakhstan and Belarus, remains a source of valuable feedback and an important tool for increasing our average ticket and driving customer loyalty. In the fourth quarter, more than 1,000,000 new members joined the Fix Price loyalty programme, bringing total membership above 30 million customers.
Thanks to the excellent work of our team, we successfully adapted our business to the new market environment, maintaining a balance between growth, financial stability and value creation for our shareholders. As evidence of this, in December the Company’s Board of Directors approved a record dividend payout of RUB 30 billion, or RUB 35.3137 per GDR/share, for 2022–2024.
In conclusion, I would like to note that we remain committed to eliminating infrastructure constraints in order to protect the rights of minority investors. Among other options, we are considering the possibility of obtaining a listing for the Group’s key operating asset, which would then enable minority shareholders to switch to this level of ownership. As these efforts are ongoing, we will keep all stakeholders informed about our progress in a timely manner.
Dmitry Kirsanov, Fix Price CEO
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Store base, geographical coverage and selling space
31 Dec 2024 31 Dec 2023 31 Dec 2022
Total number of stores 7,165 6,414 5,663
Russia 6,400 5,756 5,098
Kazakhstan 337 280 235
Belarus 335 292 263
Latvia 44 46 36
Uzbekistan 24 22 19
Georgia 6 7 6
Kyrgyzstan 6 6 6
Armenia 5 2 -
Mongolia 4 3 -
UAE 4 - -
Number of Company-operated stores 6,443 5,711 5,039
Russia 5,798 5,166 4,575
Belarus 325 282 253
Kazakhstan 320 263 211
Number of franchised stores 722 703 624
Russia 602 590 523
Latvia 44 46 36
Uzbekistan 24 22 19
Kazakhstan 17 17 24
Belarus 10 10 10
Georgia 6 7 6
Kyrgyzstan 6 6 6
Armenia 5 2 -
Mongolia 4 3 -
UAE 4 - -
Selling space (sqm) 1,550,559 1,390,611 1,225,360
Company-operated stores 1,389,973 1,234,312 1,087,047
Franchised stores 160,586 156,299 138,313
Development of Company-operated stores
Q4 2024 Q4 2023 FY 2024 FY 2023
Gross openings 305 255 873 792
Russia 261 216 757 688
Kazakhstan 29 27 69 67
Belarus 15 12 47 37
Closures 19 20 141 120
Russia 15 16 125 97
Belarus - 2 4 8
Kazakhstan 4 2 12 15
Net openings 286 235 732 672
Russia 246 200 632 591
Kazakhstan 25 25 57 52
Belarus 15 10 43 29
OPERATING RESULTS
Store network expansion
• As of the end of the period, the total store count reached 7,165 (11.7% growth y-o-y); the share of franchise stores was 10.1% of the total store base (down 88 bps y-o-y)
• During Q4 2024, the Company opened 274 net new stores, including 286 Company-operated stores, while the franchise store count decreased by 12. By comparison, in Q4 2023 the net total was 252 new stores, 235 of which were Company-operated, and 17 were franchise locations
• During the reporting quarter, most of the net new openings were in Russia — 84.7% (232 stores), Kazakhstan — 9.1% (25 stores) and Belarus — 5.5% (15 stores). Two stores were also opened in the UAE
• The Company’s total selling space grew by 57,651 sqm to 1,550,559 sqm as of the end of the quarter (an 11.5% increase y-o-y). The average selling space per store in Q4 2024 was 216 sqm
• During Q4 2024, Fix Price entered 46 new localities in its countries of operations. As of 31 December 2024, the brand’s international presence covered 10 countries
LFL sales growth
• LFL sales for Q4 2024 grew by 2.3% y-o-y, improving on both a y-o-y and q-o-q basis, with an acceleration in December on the back of strong holiday season sales, while some non-food categories demonstrated weak performance in an environment of high inflationary expectations, which put pressure on customers’ budgets
• The LFL average ticket increased by 4.1% y-o-y, as Fix Price maintained its focus on providing exceptional value while introducing new SKUs at mid- and higher price points
• LFL traffic improved to -1.8% y-o-y, compared to -3.1% y-o-y in the previous quarter, reflecting various category management initiatives aimed at introducing traffic drivers that started to bear fruit
• LFL sales at Russian Company-operated stores grew by 1.9% y-o-y. Thanks to an extended assortment proposition and products’ gradual shift between price points, traffic improved and LFL average ticket performance was strong at stores in Belarus in both rouble and national currency terms, with the higher growth in rouble due to its depreciation. In Kazakhstan, stores made a positive contribution to the overall LFL sales growth, driven mainly by LFL traffic growth, while average ticket performance was constrained by tighter economic conditions
Assortment and category mix
• The share of food in retail sales grew to 27.2%, compared to 25.3% in Q4 2023, due to the Company’s initiatives to introduce in-demand traffic drivers. At the same time, the share of non-food in retail sales was a solid 49.0% in Q4 2024, versus 50.2% in Q4 2023, reflecting the Company’s strong position in key categories. The share of cosmetics, hygiene and household goods as a percentage of retail sales decreased slightly, to 23.8% in Q4 2024, versus 24.6% in Q4 2023. Toys, food products and household goods were the main LFL drivers during the quarter, supported by the seasonal assortment and household chemicals
• The share of imported goods in retail sales remained stable, at 27.3% in Q4 2024 (27.1% in Q4 2023)
• The share of price points above RUB 100 in retail sales grew to 65.5% in
Q4 2024, up from 54.0% in Q4 2023. The share of price points above
RUB 200 in retail sales increased to 18.8% in Q4 2024, up from 15.2% in Q4 2023. The Company continued to gradually move its assortment mix to the mid- and higher price range
• The average ticket across all Company-operated stores was RUB 376 (a 4.4% y-o-y increase)
Loyalty programme development
• As of 31 December 2024, the total number of registered loyalty cardholders reached 28.8 million, up 11.9% y-o-y. The Company attracted 0.9 million new registered cardholders in Q4 2024. Of the total number of loyalty cardholders, 41.2% were active members of the programme
• Transactions using loyalty cards accounted for 60.9% of total retail sales in Q4 2024 (flat versus Q4 2023)
• The average ticket of loyalty cardholders was RUB 511, or 1.8x the average ticket for non-loyalty-card purchases, which was RUB 280
FINANCIAL RESULTS FOR Q4 2024 AND FY 2024
Statement of comprehensive income highlights
RUB million Q4 2024 Q4 2023 Change FY 2024 FY 2023 Change
Revenue 87,748 81,669 7.4% 314,938 291,865 7.9%
Retail revenue 80,565 72,762 10.7% 284,855 258,967 10.0%
Wholesale revenue 7,183 8,907 (19.4)% 30,083 32,898 (8.6)%
Cost of sales (56,975) (52,875) 7.8% (208,192) (192,693) 8.0%
Gross profit 30,773 28,794 6.9% 106,746 99,172 7.6%
Gross margin, % 35.1% 35.3% (19) bps 33.9% 34.0% (8) bps
SG&A (excl. LTIP and D&A) (12,875) (13,040) (1.3)% (53,935) (45,603) 18.3%
Other op. income and share of profit of associates 157 184 (14.7)% 592 643 (7.9)%
Adjusted EBITDA 18,055 15,938 13.3% 53,403 54,212 (1.5)%
Adjusted EBITDA margin, % 20.6% 19.5% 106 bps 17.0% 18.6% (162) bps
EBITDA 18,229 15,600 16.9% 53,052 53,065 (0.02)%
EBITDA margin, % 20.8% 19.1% 167 bps 16.8% 18.2% (134) bps
D&A (4,429) (3,968) 11.6% (16,917) (15,138) 11.8%
Operating profit 13,800 11,632 18.6% 36,135 37,927 (4.7)%
Operating profit margin, % 15.7% 14.2% 148 bps 11.5% 13.0% (152) bps
Net finance costs (689) 177 n/a (1,072) (439) 144.2%
FX gain, net 1,125 166,93 1.3% 216 550 (60.7)%
Profit before tax 14,236 11,825 20.4% 35,279 38,038 (7.3)%
Income tax expense (7,137) (3,211) 122.3% (13,079) (2,331) 461.1%
Profit for the period 7,099 8,614 (17.6)% 22,200 35,707 (37.8)%
Net profit margin, % 8.1% 10.5% (246) bps 7.0% 12.2% (519) bps
Selling, general and administrative expenses
RUB million Q4 2024 Q4 2023 Change FY 2024 FY 2023 Change
Staff costs (excl. LTIP) 9,499 9,518 (0.2)% 41,424 33,687 23.0%
% of revenue 10.8% 11.7% (83) bps 13.2% 11.5% 161 bps
Bank charges 664 1,007 (34.1)% 2,973 3,554 (16.3)%
% of revenue 0.8% 1.2% (48) bps 0.9% 1.2% (27) bps
Rental expense 642 597 7.5% 1,947 1,873 4.0%
% of revenue 0.7% 0.7% 0 bps 0.6% 0.6% (2) bps
Security services 472 552 (14.5)% 1,997 2,052 (2.7)%
% of revenue 0.5% 0.7% (14) bps 0.6% 0.7% (7) bps
Advertising costs 270 301 (10.3)% 1,102 941 17.1%
% of revenue 0.3% 0.4% (6) bps 0.3% 0.3% 3 bps
Repair and maintenance costs 369 319 15.7% 1,238 1,065 16.2%
% of revenue 0.4% 0.4% 3 bps 0.4% 0.4% 3 bps
Utilities 299 242 23.6% 1,050 911 15.3%
% of revenue 0.3% 0.3% 4 bps 0.3% 0.3% 2 bps
Other expenses 660 504 31.0% 2,204 1,520 45.0%
% of revenue 0.8% 0.6% 14 bps 0.7% 0.5% 18 bps
SG&A (excl. LTIP and D&A) 12,875 13,040 (1.3)% 53,935 45,603 18.3%
% of revenue 14.7% 16.0% (129) bps 17.1% 15.6% 150 bps
LTIP expense (174) 338 n/a 351 1,147 (69.4)%
% of revenue (0.2)% 0.4% n/a 0.1% 0.4% (28) bps
Depreciation of right-of-use assets 3,356 3,041 10.4% 12,785 11,527 10.9%
% of revenue 3.8% 3.7% 10 bps 4.1% 3.9% 11 bps
Other depreciation and amortisation 1,073 927 15.7% 4,132 3,611 14.4%
% of revenue 1.2% 1.1% 9 bps 1.3% 1.2% 7 bps
Total SG&A 17,130 17,346 (1.2)% 71,203 61,888 15.1%
% of revenue 19.5% 21.2% (172) bps 22.6% 21.2% 140 bps
The Group’s revenue rose 7.4% y-o-y to RUB 87.7 billion in Q4 2024, driven by 10.7% growth in retail revenue, which offset a 19.4% decrease in wholesale revenue.
Retail revenue grew by 10.7% to RUB 80.6 billion in Q4 2024, driven by new store openings and LFL sales growth. Wholesale revenue reached RUB 7.2 billion, with the share of wholesale revenue decreasing by 272 bps to 8.2% of total revenue due to growth in the number of Company-operated stores and a slowdown in sales at franchise stores.
Gross profit increased by 6.9% y-o-y to RUB 30.8 billion in Q4 2024. Gross margin was generally stable at the level of 35.1% in Q4 2024 on the back of increased transportation costs and inventory write-downs, which was almost fully mitigated by a greater share of higher-margin items in retail sales compared to Q4 2023.
Transportation costs grew by 32 bps y-o-y to 1.9% of revenue in Q4 2024, mainly as a result of tariff hikes in Russia.
Inventory write-downs amounted to 0.5% of revenue, compared to a 0.2% inventory reserve reversal in Q4 2023, driven by lower accruals following the FY 2023 inventory count.
Selling, general and administrative expenses (SG&A), excluding LTIP and D&A expenses, decreased by 129 bps y-o-y to 14.7% of revenue, mainly attributable to efficiencies gained in staff costs, bank charges, security services and advertising costs as a percentage of revenue, which was partially offset by growth in utilities and other expenses.
Staff costs excluding LTIP saw an 83 bps decrease y-o-y from the previous year’s high base to 10.8% of revenue, driven by the Company’s efforts to optimise labour expenses.
The reversal of accruals for LTIP expense amounted to RUB 174 million in Q4 2024.
Depreciation and amortisation (D&A) expenses rose 19 bps y-o-y to 5.0% of revenue. Depreciation of right-of-use assets increased by 10 bps y-o-y to 3.8% of revenue. The share of other depreciation and amortisation expenses grew by 9 bps to 1.2% of revenue; the slight increase was due to store network expansion.
Rental expense (under IFRS 16) remained stable y-o-y at 0.7% of revenue (0.8% of retail revenue). The increase in rental expense in absolute terms was offset by a comparable pace of revenue growth.
Rental expense (under IAS 17) grew by 33 bps y-o-y to 5.1% of revenue (up 20 bps to 5.6% of retail revenue), driven both by the greater impact of lease expenses under fixed-rate contracts, which accounted for 32% of the total contract base and are generally less sensitive to store revenue dynamics, and by the relevant fixed components of variable contracts.
Bank charges decreased by 48 bps y-o-y to 0.8% of revenue on the back of reduced acquiring fees on bank card payments thanks to improved commercial terms with banks and payment systems, as well as a higher share of payments through the Faster Payment System and cards with lower fees.
Security costs were down 14 bps y-o-y to 0.5% of revenue on the back of optimisation efforts.
Repair and maintenance costs remained stable at 0.4% of revenue, as the increase in some repair costs was offset by efficiencies from proactive purchases of consumable materials in the previous period. Utilities remained flat y-o-y at 0.3% of revenue, while other expenses grew by 14 bps to 0.8% of revenue.
Advertising costs fell 6 bps to 0.3% of revenue.
The Group’s total SG&A expenses amounted to 19.5% of revenue, down 172 bps y-o-y, largely attributable to an 83 bps decrease in the share of staff costs (excluding LTIP) and a 48 bps decrease in the share of bank charges. The share of D&A expenses rose by 19 bps.
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 Q4 2024 Q4 2023 Change FY 2024 FY 2023 Change
EBITDA (IFRS 16) 18,229 15,600 16.9% 53,052 53,065 (0.02)%
EBITDA margin (IFRS 16), % 20.8% 19.1% 167 bps 16.8% 18.2% (134) bps
LTIP expense (174) 338 n/a 351 1,147 (69.4)%
Adjusted EBITDA (IFRS 16) 18,055 15,938 13.3% 53,403 54,212 (1.5)%
Adjusted EBITDA margin (IFRS 16), % 20.6% 19.5% 106 bps 17.0% 18.6% (162) bps
Rental expense (3,839) (3,306) 16.1% (14,445) (12,628) 14.4%
Utilities (64) (59) 8.5% (243) (223) 9.0%
Adjusted EBITDA (IAS 17) 14,152 12,573 12.6% 38,715 41,361 (6.4)%
Adjusted EBITDA margin (IAS 17), % 16.1% 15.4% 73 bps 12.3% 14.2% (188) bps
LTIP expense 174 (338) n/a (351) (1,147) (69.4)%
EBITDA (IAS 17) 14,326 12,235 17.1% 38,364 40,214 (4.6)%
EBITDA margin (IAS 17), % 16.3% 15.0% 135 bps 12.2% 13.8% (160) bps
In Q4 2024 adjusted EBITDA under IFRS 16 grew by 13.3% y-o-y and reached RUB 18.1 billion thanks to improvements in SG&A expenses, mainly in staff costs and bank charges. Adjusted EBITDA margin increased by 106 bps y-o-y to 20.6%.
EBITDA under IFRS 16 rose by 16.9% y-o-y to RUB 18.2 billion in Q4 2024. The EBITDA margin grew to 20.8%, compared to 19.1% in Q4 2023.
Adjusted EBITDA under IAS 17 increased by 12.6% y-o-y to RUB 14.2 billion in Q4 2024. The IAS 17-based adjusted EBITDA margin increased to 16.1%, versus 15.4% for Q4 2023.
Net finance costs were RUB 689 million in Q4 2024, compared to net finance income of RUB 177 million in Q4 2023, mainly due to an increase in lease liabilities from store network expansion and an increased share of loans with higher interest rates, reflecting market dynamics. These impacts were partially offset by interest income from the Group’s deposits.
In Q4 2024, the Group’s FX gain was RUB 1,125 million, compared to a RUB 16 million gain in Q4 2023, driven by rouble depreciation and subsequent gains from the revaluation of the Group’s deposits and bank accounts denominated in foreign currencies, the revaluation of rouble-denominated intra-group accounts payable of the Group’s international entities and the revaluation of forward contracts. These gains were partially offset by a loss on the revaluation of trade accounts payable.
Income tax expense amounted to RUB 7.1 billion in Q4 2024, up 122.3% y-o-y due to withholding tax expenses on intra-group dividends and changes in deferred taxes stemming from tax reform in Russia.
Profit for the period was RUB 7.1 billion, compared to RUB 8.6 billion in Q4 2023, on the back of high effective tax rate driven mainly by intra-group withholding tax on record dividends. The net profit margin was 8.1%.
Statement of financial position highlights
RUB million 31 Dec 2024 31 Dec 2023
Current loans and borrowings 15,056 10,024
Non-current loans and borrowings 3,010 4,675
Current lease liabilities 10,200 8,800
Non-current lease liabilities 5,473 4,974
Cash and cash equivalents (19,579) (37,343)
Net debt / (net cash) 14,160 (8,870)
Dividends payable 8,321 -
Adjusted net debt / (net cash) 22,481 (8,870)
Adjusted net debt / (net cash) to EBITDA (IFRS 16) 0.4x (0.2)x
Current lease liabilities (10,200) (8,800)
Non-current lease liabilities (5,473) (4,974)
IAS 17-based adjusted net debt / (net cash) 6,808 (22,644)
IAS 17-based adjusted net debt / (net cash) to EBITDA 0.2x (0.6)x
Current loans and borrowings increased by RUB 5.0 billion during the year to RUB 15.1 billion, as the Company aimed to maintain an optimal cash position. Non-current loans and borrowings amounted to RUB 3.0 billion, down RUB 1.7 billion from the beginning of the year. Total loans and borrowings stood at RUB 18.1 billion, compared to RUB 14.7 billion as of 31 December 2023. Lease liabilities rose to RUB 15.7 billion, in comparison with RUB 13.8 billion at the beginning of the year. As a result, total loans, borrowings and lease liabilities amounted to RUB 33.7 billion, up by 18.5% from the beginning of 2024.
The Company’s IAS 17-based adjusted net debt position stood at RUB 6.8 billion, versus an IAS 17-based adjusted net cash position of RUB 22.6 billion as of 31 December 2024, due to dividend payments totalling RUB 29.9 billion in 2024 and RUB 8.3 billion in dividends payable as of 31 December 2024. The IAS 17-based adjusted net debt to EBITDA ratio stood at a conservative level of 0.2x, compared to an IAS 17-based adjusted net cash position of 0.6x as of 31 December 2023.
Statement of cash flows highlights
RUB million Q4 2024 Q4 2023 FY 2024 FY 2023
Profit before tax 14,236 11,825 35,279 38,038
Cash from operating activities before changes in working capital 17,730 14,978 54,789 55,416
Changes in working capital (1,243) (1,101) (12,167) (7,476)
Net cash generated from operations 16,487 13,877 42,622 47,940
Net interest paid (715) 181 (806) (493)
Income tax paid (5,590) (3,210) (12,011) (8,331)
Net cash flows from operating activities 10,182 10,848 29,805 39,116
Net cash flows used in investing activities (4,310) (1,532) (8,704) (6,479)
Net cash flows used in financing activities (26,742) (7,966) (39,336) (19,031)
Effect of exchange rate fluctuations on cash
and cash equivalents 723 12 471 153
Net (decrease)/increase in cash and cash equivalents (20,147) 1,362 (17,764) 13,759
Net trade working capital reached RUB 22.3 billion (7.1% of revenue) as of 31 December 2024, compared to RUB 14.5 billion (5.0% of revenue) as of 31 December 2023, mostly due to increased inventory.
CAPEX for Q4 2024 amounted to 4.3 billion, versus RUB 1.5 billion in Q4 2023, driven by investment in the construction of new distribution centre in Kazan, as well as new store openings.
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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 31 December 2024, Fix Price was operating 7,165 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 31 December 2024, the Company was operating 13 DCs covering 81 regions of Russia and 9 other countries.
In 2024, the Company recorded revenue of RUB 314.9 billion, EBITDA of RUB 53.1 billion and net profit of RUB 22.2 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