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Fix Price Group Ltd. : Fix Price announces key operating and financial results for Q3 and 9M 2021

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Fix Price Group Ltd. (FIXP)
27-Oct-2021 / 08:59 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.

Fix Price announces key operating and financial results for Q3 and 9M 2021

 

Solid growth of key financial metrics amid effective management of macro headwinds

 

27 October 2021 - 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 operating and IFRS financial results based on management accounts for the third quarter (Q3 2021) and nine months (9M 2021) ended 30 September 2021.

 

Operating and financial summary for Q3 2021

 

Operating and financial summary for 9M 2021

 

Fix Price CEO Dmitry Kirsanov said:       

"Fix Price delivered strong results for the first nine months of 2021 despite the unprecedented challenges that all Russian non-food retailers have been facing. As always, our number-one priority is to continue bringing our customers the most attractive pricing proposition in all of the markets where we operate.

"Revenue for Q3 2021 reached RUB 57.9 billion, an increase of 17.8% year-on-year and up by 63.2% on the same period in 2019, due to growth of like-for-likes and expansion of the store network in line with our guidance. I would also highlight our team's work to support LFL sales growth in Q3, resulting in an increase of 4.4% compared to Q3 2020, which was characterised by unusually strong growth as COVID restrictions were lifted. Compared to the same period of 2019, LFL sales grew by 25.1%. EBITDA for the period was RUB 11.0 billion, an increase of 17.1% year-on-year. Management has worked hard to control costs and maximise operating leverage in order to maintain a robust EBITDA margin of 19.0%, compared to 19.1% and 19.0% in Q3 2020 and Q3 2019, respectively.

"The flexibility of the Fix Price business model meant that we were able to mitigate the impact of external factors on our results by introducing new items at higher price points and making targeted adjustments to our own private-label products, as well as through fast assortment rotation. High levels of demand at our two new price points of RUB 249 and RUB 299 more than vindicated our decision earlier this year to introduce them, as they accounted for more than 8% of sales in September 2021. We plan to introduce two new price points - at RUB 59 and RUB 79 - in the near future, and expect that two other price points RUB 50 and RUB 77 will be gradually squeezed out, which will give us additional tools for managing our product matrix and margin.

Fix Price seeks to be consistently ahead of the curve when it comes to anticipating customer needs and wants, with regular promotions themed around upcoming holidays and key dates in the calendar being a good example. In August, our back-to-school collection provided additional support for demand in non-food, while at the end of September we introduced our Halloween collection. In mid-October we were among the first retailers to start selling goods for New Year in order to give customers enough time to evaluate our attractively priced offering.

"While it is difficult to assess the overall impact of new measures being introduced to contain rising levels of COVID infections in Russia, we expect that the vast majority of our stores will remain open, as has been the case throughout the past 18 months, given that Fix Price is a systemically important retailer selling essential products, including food. We were able to successfully adapt to the restrictions imposed in spring 2020 while continuing to maintain our growth trajectory. Amid the uncertainty, what we know for sure is that we will take all steps necessary to safeguard our employees and our customers.

Finally, we maintain our forecast for approximately 730 net new store openings this year, and despite expected growth in raw materials costs we plan to keep capex low as a percentage of revenue thanks to our standardised store layouts, high levels of business process automation and unified assortment."

 

LFL dynamics, %

 

 

 

      Q3 2021

Q3 2020

Q3 2019

LFL sales growth

 

4.4%

20.6%

13.6%

LFL traffic growth

 

0.3%

4.1%

4.9%

LFL average ticket growth

 

4.1%

15.9%

8.2%

 

 

 

9M 2021

9M 2020

9M 2019

LFL sales growth

 

9.0%

15.9%

16.7%

LFL traffic growth

 

5.8%

(1.6%)

8.3%

LFL average ticket growth

 

3.1%

17.8%

7.7%

  

Store base, geographical coverage and selling space

 

30.09.2021

31.12.2020

30.09.2020

Total number of stores

4,753

4,167

3,965

Russia

4,333

3,891

3,737

Belarus

194

152

134

Kazakhstan

154

89

69

Uzbekistan

44

15

9

Latvia

22

14

10

Georgia

4

4

4

Kyrgyzstan

2

2

2

Number of company-operated stores

4,237

3,742

3,575

Russia

3,878

3,507

3,381

Belarus

185

143

125

Kazakhstan

130

77

60

Uzbekistan

44

15

9

Number of franchised stores

516

425

390

Russia

455

384

356

Belarus

9

9

9

Kazakhstan

24

12

9

Latvia

22

14

10

Georgia

4

4

4

Kyrgyzstan

2

2

2

Selling space (sqm)

1,022,442

889,526

844,380

Company-operated stores

908,946

797,352

760,175

Franchised stores

113,497

92,174

84,205

 

Development of company-operated stores

 

Q3 2021

Q3 2020

Change Q3'21 vs Q3'20, %

9M 2021

9M 2020

Change 9M'21 vs 9M'20, %

Gross openings, incl. buy-outs

185

256

(27.7%)

589

611

(3.6%)

Russia

149

174

(14.4%)

461

430

7.2%

Belarus

14

58

(75.9%)

43

125

(65.6%)

Kazakhstan

16

15

6.7%

55

47

17.0%

Uzbekistan

6

9

(33.3%)

30

9

233.3%

Closures

47

44

6.8%

94

108

(13.0%)

Russia

46

44

4.5%

90

108

(16.7%)

Belarus

-

-

-

1

-

-

Kazakhstan

1

-

-

2

-

-

Uzbekistan

-

-

-

1

-

-

Net openings, incl. buy-outs

138

212

(34.9%)

495

503

(1.6%)

Russia

103

130

(20.8%)

371

322

15.2%

Belarus

14

58

(75.9%)

42

125

(66.4%)

Kazakhstan

15

15

0.0%

53

47

12.8%

Uzbekistan

6

9

(33.3%)

29

9

222.2%

 

Operating results

Store network expansion

 

LFL sales growth

 

Assortment and category mix

 

Loyalty programme development

 

Financial results for Q3 and 9M 2021    

 

Statement of comprehensive income highlights 

RUB million

Q3 2021

Q3 2020

Q3 2019

Change Q3'21 vs Q3'20, %

Change Q3'21 vs Q3'19, %

Revenue

57,850

49,095

35,447

17.8%

63.2%

Retail revenue

51,216

43,192

30,598

18.6%

67.4%

Wholesale revenue

6,634

5,903

4,849

12.4%

36.8%

Cost of sales

(39,464)

(33,313)

(24,096)

18.5%

63.8%

Gross profit

18,386

15,782

11,351

16.5%

62.0%

Gross margin, %

31.8%

32.1%

32.0%

(36 bps)

(24 bps)

SG&A (excl. D&A)

(7,671)

(6,498)

(4,704)

18.1%

63.1%

Other op. income and share of profit of associates

249

81

98

207.4%

154.1%

EBITDA

10,964

9,365

6,742

17.1%

62.6%

EBITDA margin, %

19.0%

19.1%

19.0%

(12 bps)

(7 bps)

D&A

(3,084)

(2,467)

(2,255)

25.0%

36.8%

EBIT

7,880

6,898

4,490

14.2%

75.5%

EBIT margin, %

13.6%

14.0%

12.7%

(43 bps)

95 bps

Net finance costs

(370)

(303)

(180)

22.1%

105.6%

FX gain / (loss), net

(14)

(1,098)

121

(98.7%)

n/a

Profit before tax

7,496

5,497

4,431

36.4%

69.2%

Income tax expense

(2,377)

(2,718)

(828)

(12.5%)

187.1%

Profit for the period

5,119

2,779

3,603

84.2%

42.1%

Net profit margin, %

8.8%

5.7%

10.2%

319 bps 

(132 bps) 

 

RUB million

9M 2021

9M 2020

9M 2019

Change 9M'21 vs 9M'20, %

Change 9M'21 vs 9M'19, %

Revenue

163,966

131,964

99,535

24.3%

64.7%

   Retail revenue

144,242

114,698

86,080

25.8%

67.6%

   Wholesale revenue

19,724

17,266

13,455

14.2%

46.6%

Cost of sales

(112,432)

(89,084)

(68,296)

26.2%

64.6%

Gross profit

51,534

42,880

31,239

20.2%

65.0%

Gross margin, %

31.4%

32.5%

31.4%

(106 bps) 

4 bps

SG&A (excl. D&A)

(21,412)

(17,736)

(13,672)

20.7%

56.6%

Other op. income and share of profit of associates

670

202

266

231.7%

151.9%

EBITDA

30,792

25,346

17,833

21.5%

72.7%

EBITDA margin, %

18.8%

19.2%

17.9%

(43 bps)

86 bps

D&A

(8,760)

(7,249)

(6,263)

20.8%

39.9%

EBIT

22,032

18,097

11,570

21.7%

90.4%

EBIT margin, %

13.4%

13.7%

11.6%

(28 bps)

181 bps

Net finance costs

(1,017)

(620)

(649)

64.0%

56.7%

FX gain / (loss), net

82

2

(230)

4,000.0%

n/a

Profit before tax

21,097

17,479

10,691

20.7%

97.3%

Income tax expense

(6,190)

(5,686)

(2,979)

8.9%

107.8%

Profit for the period

14,907

11,793

7,712

26.4%

93.3%

Net profit margin, %

9.1%

8.9%

7.7%

15 bps 

134 bps 

 

Selling, general and administrative expenses

 

 RUB mln

Q3 2021

Q3 2020

Q3 2019

Change Q3'21 vs Q3'20, %

Change Q3'21 vs Q3'19, %

Staff costs

5,310

4,568

3,274

16.2%

62.2%

% of revenue

9.2%

9.3%

9.2%

(13 bps)

(6 bps)

Depreciation of right-of-use assets

2,378

1,868

1,798

27.3%

32.3%

% of revenue

4.1%

3.8%

5.1%

31 bps

(96 bps)

Other depreciation and amortisation

706

599

457

17.9%

54.5%

% of revenue

1.2%

1.2%

1.3%

0 bps

(7 bps)

Bank charges

646

520

314

24.2%

105.7%

% of revenue

1.1%

1.1%

0.9%

6 bps

23 bps

Rental expense

404

398

211

1.5%

91.7%

% of revenue

0.7%

0.8%

0.6%

(11 bps)

10 bps

Security services

433

328

276

32.0%

56.9%

% of revenue

0.7%

0.7%

0.8%

8 bps

(3 bps)

Advertising costs

199

186

146

7.0%

36.3%

% of revenue

0.3%

0.4%

0.4%

(3 bps)

(7 bps)

Repair and maintenance costs

217

176

63

23.3%

244.4%

% of revenue

0.4%

0.4%

0.2%

2 bps

20 bps

Utilities

175

164

212

6.7%

(17.5%)

% of revenue

0.3%

0.3%

0.6%

(3 bps)

(30 bps)

Other expenses

287

158

208

81.6%

38.0%

% of revenue

0.5%

0.3%

0.6%

17 bps

(9 bps)

SG&A (excl. D&A)

7,671

6,498

4,704

18.1%

63.1%

% of revenue

13.3%

13.2%

13.3%

2 bps

(1 bps)

Total SG&A

10,755

8,965

6,959

20.0%

54.5%

% of revenue

18.6%

18.3%

19.6%

33 bps

(104 bps)

 

 RUB mln

9M 2021

9M 2020

9M 2019

Change 9M'21 vs 9M'20, %

Change 9M'21 vs 9M'19, %

Staff costs

14,871

12,428

9,511

19.7%

56.4%

% of revenue

9.1%

9.4%

9.6%

(35 bps)

(49 bps)

Depreciation of right-of-use assets

6,803

5,585

4,956

21.8%

37.3%

% of revenue

4.1%

4.2%

5.0%

(8 bps)

(83 bps)

Other depreciation and amortisation

1,957

1,664

1,307

17.6%

49.7%

% of revenue

1.2%

1.3%

1.3%

(7 bps)

(12 bps)

Bank charges

1,797

1,383

858

29.9%

109.4%

% of revenue

1.1%

1.0%

0.9%

5 bps

23 bps

Rental expense

1,112

1,131

871

(1.7%)

27.7%

% of revenue

0.7%

0.9%

0.9%

(18 bps)

(20 bps)

Security services

1,177

976

802

20.6%

46.8%

% of revenue

0.7%

0.7%

0.8%

(2 bps)

(9 bps)

Advertising costs

555

460

452

20.7%

22.8%

% of revenue

0.3%

0.3%

0.5%

(1 bps)

(12 bps)

Repair and maintenance costs

619

524

420

18.1%

47.4%

% of revenue

0.4%

0.4%

0.4%

(2 bps)

(4 bps)

Utilities

515

400

354

28.8%

45.4%

% of revenue

0.3%

0.3%

0.4%

1 bps

(4 bps)

Other expenses

766

434

404

76.5%

89.6%

% of revenue

0.5%

0.3%

0.4%

14 bps

6 bps

SG&A (excl. D&A)

21,412

17,736

13,672

20.7%

56.6%

% of revenue

13.1%

13.4%

13.7%

(38 bps)

(68 bps)

Total SG&A

30,172

24,985

19,935

20.8%

51.4%

% of revenue

18.4%

18.9%

20.0%

(53 bps)

(163 bps)

 

The Group's revenue was up by 17.8% to RUB 57.9 billion for Q3 2021, with an 18.6% increase in retail revenue and 12.4% growth in wholesale revenue.

Growth in the Group's retail revenue to RUB 51.2 billion was driven primarily by an increase in the average number of stores operated by the Group, supported by a 4.4% increase in like-for-like sales, which were partially offset by a decrease of sales densities in Belarus and Kazakhstan amid unfavourable macro environment and government restrictions. Growth in the Group's wholesale revenue to RUB 6.6 billion was due to the expansion of its franchised stores footprint. The share of wholesale revenue in the Company's total revenue decreased by 56 bps to 11.5%, driven primarily by the buyout of 42 franchised stores in international geographies in Q3 2020.

Gross profit increased by 16.5% y-o-y to RUB 18.4 billion for Q3 2021. The gross margin was 31.8%, down just 36 bps from 2020, reflecting significantly higher freight costs amid continued dislocations in the international transportation market and commodities price inflation, leading to growth in cost of goods sold, which were largely mitigated by the Group's ability to adjust to the external macro challenges. Introduction of new assortment at higher price points, product reengineering and fast assortment rotation helped gradually absorb the higher cost of goods, whilst higher non-food sales of seasonal assortment further supported our gross margin in Q3 2021.

In comparison with the pre-pandemic environment of Q3 2019, the gross margin for Q3 2021 was down by just 24 bps despite significant macroeconomic headwinds due to freight, commodities and FX pressures.

Transportation costs as a share of revenue remained largely flat year-on-year at 1.7% in Q3 2021 despite an increase in the number of longer trips to international geographies on the back of network expansion, increased tariffs, as well as higher share of retail revenue in the overall revenue mix. In comparison with Q3 2019, transportation costs as percentage of revenue increased by 13 bps.

Inventory write-down due to shrinkage and write-offs to net realisable value in Q3 2021 remained stable year-on-year at 0.8% as a share of revenue, despite a slightly higher share of retail revenue in the overall revenue mix. Shrinkage and write-downs as a percentage of revenue improved by 13 bps compared to Q3 2019.

The Group's selling, general and administrative expenses increased as percentage of revenue by 33 bps to 18.6% mainly due to higher share of depreciation of right-of-use assets. SG&A excluding D&A as percentage of revenue was flat at 13.3% driven by improved operating efficiency in staff costs, rental expenses and advertising costs, which offset higher shares of bank charges, security services, repair and maintenance and other expenses.

Staff costs as a percentage of revenue decreased by 13 bps to 9.2% as growth of average wages in line with the market was fully compensated by operating leverage thanks to continued improved efficiency of HQ personnel.

Rental expenses (in accordance with IAS 17) slightly improved by 5 bps y-o-y to 5.0% of revenue, reflecting continued efforts to extend favourable lease terms in the post-COVID environment.

Rental expenses (under IFRS 16) improved by 11 bps y-o-y to 0.7% of revenue. In absolute terms, rental expenses increased by just 1.5% to RUB 404 million due to a reduction in the average lease rate on variable leases, as the new lease contracts bear a lower rate compared to the existing portfolio.  A сhange in structuring of variable lease contracts also contributed to the performance - all the contracts with floating rate include a fixed minimum payment component, that is being capitalised under IFRS 16 accounting standards. This fixed component increased compared to the previous year, when it was at minimal levels amid COVID-19 environment, resulting into a respective growth of D&A and decrease of rental expenses (under IFRS 16).

Depreciation and amortisation (D&A) expenses grew by 25.0%, driven by a 27.3% increase in depreciation of right-of-use assets due to changes in the structuring of lease contracts and a 17.9% increase in other D&A.

Bank charges increased by 6 bps to 1.1% of revenue, driven by a continued increase in the share of non-cash payments with higher commissions on bank card transactions compared to cash transactions.

Utilities as a share of revenue remained stable y-o-y at 0.3% despite growth of tariffs and the abnormally hot summer of 2021, mitigated by partial passing of utilities costs to landlords under newly signed contracts.

Costs for security services were up by 8 bps to 0.7% of revenue, whilst advertising costs as percentage of revenue decreased by 3 bps to 0.3% due to automation of call centre services and other efficiencies.

Other expenses increased by 17 bps to 0.5% of revenue due to expenses related to the Company's public status, as well as renewed business trips, which were partially offset by 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.

 

EBITDA IAS 17 and IFRS 16 reconciliation

  RUB mln

Q3 2021

Q3 2020

Q3 2019

EBITDA IFRS 16

      10,964  

        9,365  

        6,742 

Rental expense

(2,511)

(2,098)

(1,882)

Utilities

(38)

(39)

(42)

EBITDA IAS 17

        8,415  

        7,228  

        4,818  

 

  RUB mln

9M 2021

9M 2020

9M 2019

EBITDA IFRS 16

      30,792  

      25,346  

      17,833 

Rental expense

(7,275)

(5,748)

(5,255)

Utilities

(114)

(119)

(116)

EBITDA IAS 17

      23,403  

      19,479  

      12,462  

 

EBITDA under IFRS 16 was up by 17.1% to RUB 11.0 billion for Q3 2021. The EBITDA margin was slightly down by 12 bps y-o-y and stood at 19.0%, with strict SG&A control successfully mitigating pressure on the gross margin and the LFL sales. Compared to pre-COVID Q3 2019, the EBITDA margin also remained flat.

EBITDA under IAS 17 increased by 16.4% to RUB 8.4 billion for Q3 2021, with the IAS 17-based EBITDA margin standing at strong 14.5% versus 14.7% for Q3 2020 and 13.6% for Q3 2019.

Net finance costs in Q3 2021 increased by 22.1% to RUB 370 million, driven by an increase in loans and borrowings year-on-year.

In Q3 2021 the Group recorded an FX loss of RUB 14 million, compared to a RUB 1,098 million loss in Q3 2020; the loss in Q3 2020 was attributable primarily to revaluation of trade accounts denominated in foreign currency.

The Group's total income tax expense was down by 12.5% to RUB 2.4 billion in Q3 2021. The effective tax rate was 31.7% in the reporting period versus 49.4% in Q3 2020. The abnormally high effective tax rate in Q3 2020 was attributable to withholding tax accrued on intra-group dividends.

Profit for the period increased by 84.2% y-o-y to RUB 5.1 billion. The net profit margin was 8.8% versus 5.7% for Q3 2020.

 

Statement of financial position highlights

 

 RUB mln

30.09.2021

31.12.2020

30.09.2020

Current loans and borrowings

20,617

15,680

14,696

Current lease liabilities

6,945

6,339

5,910

Non-current lease liabilities

3,923

3,713

3,735

Cash and cash equivalents

(3,797)

(26,375)

(18,521)

Net Debt/(Cash)

27,688

(643)

5,820

Dividends payable

- 

23,658

98

Adjusted Net Debt

27,688

23,015

5,918

Adjusted Net Debt/ EBITDA (IFRS 16)

0.7x

0.6x

0.2x

Current lease liabilities

(6,945)

(6,339)

(5,910)

Non-current lease liabilities

(3,923)

(3,713)

(3,735)

IAS 17-Based Net Debt/(Cash)

16,820

12,963

(3,727)

IAS17-based Adjusted Net Debt/ EBITDA (IAS 17)

0.5x

0.5x

(0.1x)

 

As of 30 September 2021, the Group's total loans, borrowings and lease liabilities amounted to RUB 31.5 billion, up RUB 5.8 billion from the start of the year on the back of raising additional financial debt for dividend financing amid seasonality in cash generation.

As of 30 September 2021, adjusted net debt was RUB 27.7 billion, while IAS 17-based adjusted net debt stood at RUB 16.8 billion. The Group's IAS 17-based adjusted net debt to EBITDA ratio remained low at a conservative 0.5x, well below the threshold of 1.0x set in the Group's guidance.

 

Statement of cash flows highlights

 

 RUB mln

Q3 2021

Q3 2020

Q3 2019

Profit before tax

7,496

5,497

4,431

Cash from operating activities before changes in working capital

11,406

9,751

7,049

Changes in working capital

(306)

(2,269)

(1,203)

Net cash generated from operations

11,100

7,482

5,846

Net interest paid

(411)

(307)

(202)

Income tax paid

(3,320)

(1,754)

(1,176)

Net cash flows from operating activities

7,369

5,421

4,468

Net cash flows used in investing activities

(1,420)

(990)

(879)

Net cash flows used in financing activities

(7,096)

6,178

(1,146)

Effect of exchange rate fluctuations on cash and cash equivalents

(15)

123

72

Net (decrease) / increase in cash and cash equivalents

(1,162)

10,732

2,515

 

 RUB mln

9M 2021

9M 2020

9M 2019

Profit before tax

21,097

17,479

10,691

Cash from operating activities before changes in working capital

32,165

26,333

18,707

Changes in working capital

(6,743)

(3,357)

(3,717)

Net cash generated from operations

25,422

22,976

14,990

Net interest paid

(1,152)

(679)

(685)

Income tax paid

(6,435)

(4,053)

(2,374)

Net cash flows from operating activities

17,835

18,244

11,931

Net cash flows used in investing activities

(5,133)

(3,491)

(3,225)

Net cash flows used in financing activities

(35,335)

(9,525)

153

Effect of exchange rate fluctuations on cash and cash equivalents

55

1,412

(387)

Net (decrease) / increase in cash and cash equivalents

(22,578)

6,640

8,472

 

As of 30 September 2021, the Group's net trade working capital[6] stood at RUB 4.6 billion, compared with RUB 2.7 billion as of 30 September 2020, as amid global supply chain disruptions the Company brought forward import purchases to ensure stores remained stocked with the full assortment.

CAPEX for the reporting period amounted to RUB 1.4 billion compared with RUB 1.1 billion for the same period of 2020. The year-on-year increase was driven by higher investments in the distribution centre network and IT in Q3 2021 that was to some extent offset by a smaller increase in company-operated stores, as openings of company-operated stores in Q3 2020 were elevated by franchisees' buy-outs.

 

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.

Today there are more than 4,700 Fix Price stores in Russia and neighbouring countries, all of them stocking approximately 1,800 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.

In 2020, the Company recorded revenue of RUB 190.1 billion, EBITDA of RUB 36.8 billion and net profit of RUB 17.6 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

[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] LFL sales, traffic and average ticket compared to Q3 2019 is calculated according to the following formula: (1+LFL Q)*( 1+LFL Q-1) - 1, where LFL Q is current quarter LFL growth and LFL Q-1 is the similar quarter of the previous year LFL growth.

[3] The data on loyalty program is calculated for Fix Price stores operating in Russia

[4] 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.

[5] Members of the loyalty program that make at least one purchase per month

[6] Net trade working capital is calculated as Inventories plus Receivables and other financial assets minus Payables and other financial liabilities


Category Code:

MSCU

TIDM:

FIXP

LEI Code:

549300EXJV1RPGZNH608

OAM Categories:

2.2. Inside information

Sequence No.:

125264

EQS News ID:

1243852


 

End of Announcement

EQS News Service

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