Fix Price will buyback global depositary receipts up to 4 billion rubles

Fix Price will buyback global depositary receipts up to 4 billion rubles

The Russian chain of fixed price stores Fix Price announced, что проведет обратный выкуп глобальных депозитарных расписок на сумму до 4 billion rubles.

The company stated, that the market capitalization of Fix Price does not reflect the true value of the business. The cost of the retailer's receipts on the Moscow Exchange is below the IPO level - in the region 400 R, в то время как после размещения в марте 2021 года поднималась выше 740 R.

The program will start 24 January and will last six months, to 23 July 2022 of the year. Receipts on the Moscow Exchange will be redeemed by VTB Capital, and Fix Price will buy them from the bank. Acquired GDRs will become treasury, the company will be able to use them to motivate employees or pay off.

After the announcement of the GDR Fix Price on the Moscow Exchange rose and 24 January at the maximum were traded at 425 R for receipt - against 393 P at the opening. However, to 17:05 the company lost growth: receipts were traded at 392,5 R for pike. On the London Stock Exchange, the value of one GDR was 4,96 $, this is -2.57% by the close of the session 21 January.

How the Fix Price business feels

24 января компания также опубликовала операционные результаты за четвертый квартал и весь 2021 year.

For 2021 год выручка выросла на 21,3% благодаря открытию новых магазинов и составила 230,5 billion rubles. The company's profit margin was not disclosed., but they said, which expect an annual EBITDA margin of about 19%.

On 31 декабря сеть насчитывала 4904 магазина, за год компания открыла 737 новых магазинов.

However, comparable sales (like-for-like) in stores, who have been working for over a year, rose to 7,2% for the year. Previously double digit growth: 15,8% in 2020 And 15,4% in 2019 year.

В четвертом квартале 2021 года продажи Fix Price выросли на 14,5%, to 66,5 billion rubles. LFL sales increased by 3,2% - against 15,7% in the end 2020 of the year. Замедление связано с падением посещаемости магазинов из-за роста заболеваемости коронавирусом в ноябре — декабре 2021 of the year, explained in the company.

Besides, Coronavirus restrictions have affected individual stores, including a self-isolation regime for senior citizens and the requirement to show a vaccination confirmation QR code to visit shopping centers in some regions.

Against the backdrop of a new wave of pandemic, buyers began to behave “more restrainedly”, concluded in Fix Price. Кроме пандемии COVID-19 и связанных с ней ограничений на бизнес ретейлера в 2021 году повлияли высокая инфляция, exchange rate volatility and rising transport costs.