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O`KEY GROUP REPORTS AUDITED FINANCIAL RESULTS FOR FY 2023

O'KEY Group S.A. (OKEY)
O`KEY GROUP REPORTS AUDITED FINANCIAL RESULTS FOR FY 2023

19-Apr-2024 / 18:30 CET/CEST


Press release

19 April 2024

O`KEY GROUP REPORTS AUDITED FINANCIAL RESULTS FOR FY 2023

 

O`KEY Group S.A. (AIX, LSE, MOEX: OKEY, the “Group”), one of Russia’s leading food retailers, has announced its financial results for the full year of 2023 based on audited consolidated financial statements.

 

All materials published by the Group are available on its website okeygroup.lu.

 

All results are according to IFRS 16, unless stated otherwise.

 

FY 2023 financial highlights

  • Total Group revenue increased by 2.8% YoY to RUB 207.9 bn driven mainly by DA! discounters’ retail revenue growth.
  • Group gross profit rose by 1.8% YoY to RUB 47.7 bn, while gross margin declined slightly YoY to 22.9%, mainly due to increased transportation costs offset partially by reduced shrinkage costs.
  • Group EBITDA remained flat YoY at RUB 17.0 bn, while EBITDA margin decreased by 0.2pps YoY to 8.2%, mainly on the back of the abovementioned gross margin decline.
  • Despite temporary pressure on profitability from the SG&A expenses of immature discounter stores, DA! discounters demonstrated a 20.3% YoY EBITDA growth and a 0.1 pps YoY increase in EBITDA margin in FY 2023.
  • The Group reported net loss of RUB 2.9 bn in FY 2023 compared to a RUB 0.2 bn net profit in FY 2022 mainly due to a non-cash foreign exchange loss and an increase in finance costs.

 

Group profit and losses highlights in FY 2023

RUB mln

2023

2022

∆ YoY, %

Total Group revenue

207,865

202,171

2.8%

O`KEY

143,980

148,824

(3.3%)

DA!

63,885

53,347

19.8%

Gross profit

47,660

46,808

1.8%

Gross profit margin, %

22.9%

23.2%

(0.3pps)

Selling, general and administrative expenses

(42,516)

(40,390)

5.3%

SG&A, % of revenue

20.5%

20.0%

0.5pps

Other operating expenses, net

(292)

(667)

(56.3%)

Finance costs, net

(7,267)

(5,642)

28.8%

Foreign exchange (loss)/gain

(1,074)

313

n/a

Net (loss)/profit

(2,878)

242

n/a

Group EBITDA

17,026

17,020

-

Group EBITDA margin, %

8.2%

8.4%

(0.2pps)

O`KEY EBITDA

12,643

13,377

(5.5%)

O`KEY EBITDA margin, %

8.8%

9.0%

(0.2pps)

DA! EBITDA

4,383

3,643

20.3%

DA! EBITDA margin, %

6.9%

6.8%

0.1pps

 

 

Group revenue

RUB mln

2023

2022

∆ YoY, %

Total Group revenue

207,865

202,171

2.8%

Retail revenue

205,772

200,201

2.8%

O`KEY

141,947

146,904

(3.4%)

DA!

63,825

53,297

19.8%

Rental income

2,093

1,970

6.2%

 

Total Group revenue increased by 2.8% YoY to RUB 207,865 mln driven mainly by DA! discounters’ retail revenue growth in FY 2023. The Group’s rental income increased by 6.2% YoY to RUB 2,093 mln in FY 2023.

For more details regarding the net retail revenue dynamics in FY 2023, please refer to the Group’s Q4 2023 Trading Update.

 

Group gross profit

In FY 2023, Group gross profit increased by 1.8% YoY to RUB 47,660 mln, while gross margin decreased slightly YoY to 22.9%, mainly on the back of increased logistics costs offset partially by reduced shrinkage costs, as a percentage of revenue.

Group selling, general and administrative expenses

RUB mln

2023

% of revenue

2022

% of revenue

∆ YoY, pps

Personnel costs

17,649

8.5%

16,850

8.3%

0.2

Depreciation and amortisation

11,069

5.3%

10,662

5.3%

-

Communication and utilities

5,355

2.6%

4,587

2.3%

0.3

Advertising and marketing

2,200

1.1%

2,296

1.1%

-

Repairs and maintenance

1,780

0.9%

1,582

0.8%

0.1

Insurance and bank commissions

1,348

0.6%

1,260

0.6%

-

Security expenses

771

0.4%

785

0.4%

-

Operating taxes

718

0.3%

766

0.4%

(0.1)

Legal and professional expenses

674

0.3%

651

0.3%

-

Materials and supplies

441

0.2%

460

0.2%

-

Operating leases

440

0.2%

448

0.2%

-

Other costs

74

0.0%

43

0.0%

-

Total SG&A expenses

42,516

20.5%

40,390

20.0%

0.5

 

The Group’s total SG&A expenses increased by 5.3% YoY to RUB 42,516 mln in FY 2023. SG&A expenses as a percentage of revenue rose by 0.5 pps YoY to 20.5% in FY 2023. The increase was mainly due to the temporary rise in personnel costs, communication and utilities expenses, and repairs and maintenance expenses as a percentage of revenue related to the discounter segment growth.

In FY 2023, personnel costs increased by 4.7% YoY to RUB 17,649 mln and, as a percentage of revenue, by 0.2 pps YoY to 8.5%. The growth was mainly associated with new discounter openings and salary indexation.

Communication and utilities expenses grew by 16.7% YoY to RUB 5,355 mln, and by 0.3 pps YoY as a percentage of revenue in FY 2023, mainly due to tariff inflation and discounter chain growth.

Repairs and maintenance expenses increased by 12.5% YoY to RUB 1,780 mln, and by 0.1 pps YoY as a percentage of revenue in FY 2023, largely as a result of the discounter chain growth.

Group EBITDA was almost flat YoY at RUB 17,026

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