publié le 19/04/2024 à 18:30 par O'KEY Group S.A. (isin : US6708662019)

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 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

Financial Results EBITDA FY 2023 O'KEY Group S.A. OKEY

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