Page 159 - RusRPTSept21

handling 5%+ turnover with integration into an omni-channel consumer experience.
Supermarket chain O’Key published 1H21 IFRS and held a conference call.
· Revenue was up 4.2% y/y, driven by 0.5% growth in LfL sales and 1.1% growth in selling space
· Gross profit increased by 2.6%; gross margin fell from 22.3% in 1H20 to 22%
· EBITDA fell 1.8% y/y due to increased SG&A from 19.2% of sales in 1H20 to 19.5% mainly on higher logistic costs and staff costs. EBITDA margin decreased from 7.9% to 7.4% in 1H21
· DA! EBITDA rose 46% y/y and EBITDA margin improved from 3.6% to 4.3%
· O'KEY EBITDA fell 5% y/y and EBITDA margin decreased from 8.6% to 8.1%
· Net income totaled Rb152mn vs a net loss of Rb900mn in 1H20
· Net debt was up 4%. ND / EBITDA ratio stood 3.97x.
Shoe seller Obuv Rossii reported 1H21 IFRS. The results saw an improvement in financials after a weak 2020 due to COVID.
· Retail sales were up 7.2% y/y, including revenue of westfalika.ru selling platform (-14.7% y/y), wholesale revenue (+90.3% y/y) and cash loan revenue (-6.4% y/y)
· Gross profit was up 12% with gross margin improving from 58.5% in 1H20 to 61.1% in 1H21
· EBITDA rose 149% y/y and EBITDA margin was up 12.4ppt y/y to 21.7% from 9.4% in 1H20 affected by COVID
· Net profit was Rb0.2bn vs Rb0.3bn loss in 1H20
· Net debt rose 6% y/y to Rb12.882bn. Net debt / EBITDA rose from
4.24x as of 1H20 to 4.56x as of 1H21.
9.2.6 Agriculture corporate news
Rusagro reported 2Q21 IFRS results on August 16. The agriculture, oil and fats, and meat segments posted a strong performance on higher soft commodity prices and sales volumes. However, on the back of higher costs for feed and animal health measures, the EBITDA margin of the meat segment fell 4 pp y/y to 14% in 2Q21.
Total EBITDA was up 59% y/y at R11.0bn, with a 20% margin, versus
159 RUSSIA Country Report September 2021 www.intellinews.com