Page 170 - RusRPTMar23

been selling its Russian assets to its top managers, who recently registered a company with a similar name in Dubai. As such, it is likely that the sale of Cian shares is part of a wider portfolio reorganisation by Goldman Sachs. The news is viewed as neutral for the stock with no material implications for Cian.
Nestle's CFO, Francois-Xavier Roger, confirmed on February 16 that the Swiss company has no intention of completely ending its business operations in Russia. Despite stopping exports to and imports from Russia in March 2022, Nestle has continued to provide products qualified as socially important, and exports to the CIS. Nestle CEO Mark Schneider emphasised that the decision to stop exports to and imports from Russia does not contradict the company's values, and that the products Nestle continues to provide are not subject to sanctions.
Net profit of retailer Fix Price under IFRS for 2022 increased by 0.1% year-on-year to 21.4bn rubles ($283.9mn), the company said on Monday.
Net profit margin decreased by 157 b.p. to 7.7%, EBITDA increased by 22.7% to 54.2bn rubles ($718.62mn), which is higher than the forecast given in the framework of the IPO. EBITDA margin increased by 36 b.p. up to 19.5%, the company said.
The ratio of selling, general, and administrative expenses to revenue rose to 14.1% from 13.1% in 12 months of 2021. Capital expenditures increased to 4.3% of the revenue for 12 months of 2022 from 2.7% in the previous year as the company decided to accelerate the expansion of its warehouse infrastructure. The retailer's revenue for 2022 increased by 20.5% to 277.6bn rubles ($3.68bln).
Fix Price's net debt almost halved to 10.956bn rubles ($145.26mn), and the net debt to EBITDA ratio under IFRS 16 amounted to 0.2.
Fix Price's net profit in Q4 2022 grew by 43.8% year-on-year to 9.3bn rubles ($123.3mn), while the net profit margin increased by 255 b.p. to 12.3%.
170 RUSSIA Country Report March 2023 www.intellinews.com