O'KEY GROUP S.A. In H1 2021, the Group recognised net foreign exchange gain of RUB 539 mln, compared to a RUB 1,082 mln loss in H1 2020. The Group's foreign exchange gain / loss was mainly attributable to intragroup US-dollar-denominated loans, as well as lease contracts denominated in foreign currencies, while losses from import operations had a relatively small impact on the Group's results.
The Group recorded a net profit of RUB 152 mln in H1 2021, compared to a loss of RUB 900 mln in H1 2020.
Group cash flow
RUB mln H1 2021 H1 2020 Net cash from / (used in) operating activities 804 (468) Net cash used in investing activities (1,786) (1,614) Net cash used in financing activities (4,344) (1,234) Net decrease in cash and cash equivalents (5,326) (3,316) Effect of exchange rate on cash and cash equivalents (7) (10)
Net cash from operating activities amounted to RUB 804 mln in H1 2021, compared to a RUB 468 mln outflow in H1 2020. In H1 2020, substantial investments in working capital were made to ensure shelf availability and meet customer demand during the months of the pandemic.
Net cash used in investing activities amounted to RUB 1,786 mln in H1 2021, in comparison with RUB 1,614 mln worth of investments in H1 2020. In H1 2021, the Group invested over RUB 870 mln (excluding VAT) in the development of the hypermarket business, and over RUB 1,095 mln (excluding VAT) in the discounter business operations. In H1 2021, the Group sold a land plot and received RUB 180 mln of cash proceeds.
Net cash used in financing activities amounted to RUB 4,344 mln in H1 2021, compared to RUB 1,234 mln in H1 2020. The increase was mainly due to a RUB 1,175 mln bonds redemption, as well as a partial repayment of long-term loans amounting to RUB 973 mln in H1 2021.
As of 30 June 2021, the Group had RUB 17,400 mln of undrawn, committed borrowing facilities available in Russian roubles on a fixed and floating basis in respect of which all conditions had been met. Proceeds from these facilities may be used to finance operating and investing activities if necessary.
Group net debt position
As of 30 As of 30
RUB mln
June 2021 June 2020
EBITDA LTM 14,709 14,419
Total debt 36,556 35,077
Short-term debt1 9,661 7,469
Long-term debt 26,895 27,608
Cash & cash equivalents 2,380 2,181
Net debt 34,176 32,895
Total lease liabilities 24,241 23,640
Short-term lease liabilities 4,729 4,421
Long-term lease liabilities 19,512 19,219
Total interest-bearing liabilities (net of ?ash & ?ash equivalents) 58,417 56,535
Total interest-bearing liabilities (net of ?ash & ?ash equivalents) / EBITDA LTM 3.97? 3.92x [1] Short-term debt does not include interest accrued on loans and borrowings. The Group's financial position remained stable during the reporting period. As of 30 June 2021, the total interest-bearing liabilities (net of cash) to EBITDA ratio stood at 3.97x. As of 30 June 2021 and during the six-month period then ended, the Group complied with all of its loan covenants.
Group interim IFRS report
The Group's interim report, including the full set of reviewed IFRS interim financial statements, can be found at https://okeygroup.lu/investors/result-center/ifrs-statements/.
O'KEY Group S.A. (LSE, MOEX: OKEY) is pleased to invite the investment community to join the Group's management conference call to discuss H1 2021 IFRS interim financial results.
Date: 31 August 2021
Time:
-- 5.00 p.m. (Moscow)
-- 3.00 p.m. (London)
-- 10.00 a.m. (New York)
Participants:
-- Armin Burger, CEO
-- Konstantin Arabidis, CFO
-- Natalya Belyavskaya, IRO
The conference call details are provided below. Please dial in 5-10 minutes prior to the start time using the number / Confirmation Code below:
Local access +7 495 646 9190
Russia:
Toll free 8 10 8002 8675011
Local access +44 (0) 330 336 9434
UK:
Toll free 0800 279 7209
Local access +49 (0) 69 2222 2018
Europe:
Toll free 0800 589 4631
Local access +1 646-828-8193
USA:
Toll free 888-394-8218
Conference ID: 5961732 For further information please contact:
For investors For media Natalya Belyavskaya Alla Golovatenko Head of Investor Relations Head of Public Relations +7 495 663 6677 ext. 266 +7 495 663 6677 ext. 496 Natalya.Belyavskaya@okmarket.ru alla.golovatenko@okmarket.ru www.okeygroup.lu www.okeygroup.lu
ABOUT O'KEY GROUP
As of 30 June 2021, the Group operated 199 stores across Russia (77 hypermarkets and 122 discounters) with total selling space of 602,164 square meters. The company opened its first hypermarket in St. Petersburg in 2002 and has since demonstrated continuous growth. O'KEY was the first Russian food retailer to launch e-commerce operations in St. Petersburg and Moscow, offering a full range of hypermarket products for home delivery. The Group has six e-commerce pick-up points in Moscow and six e-commerce pick-up points in St. Petersburg. In 2015, the Group launched the first discount chain in Russia under the DA! brand. The Group operates five distribution centres in Russia - three in Moscow and two in St. Petersburg. The Group employs more than 20,000 people. In 2020, Group's revenue amounted to RUB 174.3 billion, while EBITDA reached RUB 14.8 billion. The O'KEY shareholder structure is as follows: NISEMAX Co Ltd - 44.84%, GSU Ltd - 29.53%, free float - 25.63%.
DISCLAIMER
These materials contain statements about future events and expectations that are forward-looking statements. These statements typically contain words such as 'expects' and 'anticipates' and words of similar import. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
None of the future projections, expectations, estimates or prospects in this announcement should be taken as forecasts or promises, nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in this announcement. We assume no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.
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[1] In the reporting period, the Group reclassified certain expenses relating to in-store deli from selling, general and administrative expenses to cost of goods sold. For comparison purposes, the respective changes in the presentation have been applied to the H1 2020 profit and loss statement. The changes do not have any effect on EBITDA or net income.
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ISIN: US6708662019 Category Code: IR TIDM: OKEY LEI Code: 213800133YYU23T4L791 Sequence No.: 121070 EQS News ID: 1229866 End of Announcement EQS News Service =------------------------------------------------------------------------------------
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(END) Dow Jones Newswires
August 31, 2021 02:45 ET (06:45 GMT)
