Financial Results of Novabev Group for 9 months of 2023
Key financial numbers for 9 months of 2023
Key operational and financial highlights:
9 months 2023 |
|
Sales in volume terms, mln 9L cases |
12.5 (-1%) |
Number of stores |
1,581 (+26%) |
Revenue (mln RUB) |
77,671 (+17%) |
Gross profit (mln RUB) |
29,436 (+10%) |
Operating profit (mln RUB) |
8,809 (+0%) |
EBITDA (mln RUB) |
12,740 (+6%) |
Net profit (mln RUB) |
5,262 (+1%) |
Earnings per share (RUB) |
455.4 (+17%) |
In the first nine months of 2023, revenue increased by 17% to 77.7 billion rubles, while EBITDA grew by 6% to 12.7 billion rubles. On the LTM basis these indicators reached record highs of 108.7 billion rubles and 18.1 billion rubles, respectively.
The results surpassed last year’s levels, which were mainly driven by extraordinary sales in the first half of 2022. One of the period’s achievements is the company’s ability to fully offset the loss of the super-premium Beluga brand’s export sales. Additionally, growth rates strengthened in the third quarter and continue to increase due to the high season.
Profitability on key indicators expectedly slightly decline due to the intensification of new WineLab store openings and will return to sustainable levels as the chain’s growth stabilizes in accordance with the company’s long-term development strategy. These levels will also be supported by a diversified brand portfolio, large-scale distribution and deep vertical integration of the company.
Segment report:
The table below illustrates the changes in financial performance of each business segment for the first nine months of 2023 compared to the same period in 2022.
mln RUB |
Alcohol |
Retail |
Food |
Revenue 9M 2023, incl. intersegment revenue |
47,507 |
46,544 |
3,759 |
Revenue 9M 2022, incl. intersegment revenue |
41,848 |
34,892 |
3,492 |
Change |
+14% |
+33% |
+8% |
Operating profit 9М 2023 |
5,951 |
2,743 |
263 |
Operating profit 9М 2022 |
6,404 |
2,406 |
94 |
Change |
-7% |
+14% |
+180% |
EBITDA 9М 2023 |
7,126 |
5,408 |
354 |
EBITDA 9М 2022 |
7,338 |
4,550 |
178 |
Change |
-3% |
+19% |
+99% |
Strong growth of key financial indicators and leadership in the main alcoholic segments confirm the correctness of the chosen development strategy of Novabev Group: premiumization of the brand portfolio, diversification, as well as introduction of innovations allow the company to build a business that shows exceptional stability in periods of unprecedented market turbulence.