Fix Price announces key financial results for Q4 and FY 2021
Fix Price Group Ltd. (FIXP)
Fix Price announces key financial results for Q4 and FY 2021
28-Feb-2022 / 09:59 MSK
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
Fix Price announces key financial results for Q4 and FY 2021
28 February 2022 - Fix Price (LSE and MOEX: FIXP, the "Company" or the "Group"), one of the leading variety value retailers globally and the largest in Russia, today announces its audited IFRS financial results for the twelve months ended 31 December 2021 (FY 2021).
In view of the current elevated levels of uncertainty and market volatility, the conference call scheduled for today with management to discuss the results will not take place. Investors, analysts and media can send questions to Fix Price using the contact details at the end of this press release.
Key highlights
FY 2021 revenue up 21.3% y-o-y to RUB 230.5 billion, driven by store network expansion and LFL sales growth FY 2021 LFL sales[1] for Russian stores unaffected by COVID restrictions rose by 9.0%. FY 2021 LFL sales for the Group were up 7.2% y-o-y, reflecting the impact of new COVID restrictions as well as headwinds in Fix Price's international geographies (Belarus and Kazakhstan) FY 2021 gross margin of 31.8% vs 32.4% in 2020; Q4 2021 gross margin up 80 bps y-o-y to 32.9% due to successful absorption of cost of sales growth FY 2021 EBITDA margin of 19.2%, unchanged from the average for FY 2019-2020, despite significant macroeconomic and COVID-related headwinds FY 2021 net profit up 21.7% y-o-y to RUB 21.4 billion, with net profit margin of 9.3%, unchanged from FY 2019-2020 levels IAS 17-based adjusted net debt to EBITDA ratio remained at a conservative 0.4x, well below the threshold of 1.0x set out in the Group's guidance Final dividend of RUB 5.8 billion, or RUB 6.8 per share/GDR was announced. FY 2021 dividend will reach RUB 15.6 billion or RUB 18.3 per share/GDR, equivalent to 73% of FY 2021 net profit
Dmitry Kirsanov, CEO of Fix Price, said:
2021 was a year marked by challenges including the continued impact of the COVID pandemic, supply chain issues and macroeconomic factors including rising inflation. Despite this we delivered net profit for the year of RUB 21.4 billion, an increase of 21.7% year-on-year and up by 62.4% against the 2019 result. Revenue rose by 21.3% year-on-year to RUB 230.5 billion. Our EBITDA margin of 19.2% remained in line with 2020 and 2019 results.
These results are testament to both the strengths of the Fix Price business model and to the ability of the management team to anticipate and respond to the challenges that arose during the year. I would like to thank all of our staff for their hard work, and our customers for their continued loyalty to Fix Price.
Current extreme levels of market volatility and uncertainty make it difficult to comment on the outlook for the rest of 2022. We are focused on maintaining business continuity and will provide further updates to the market as necessary.
Financial summary for Q4 2021[2]
Revenue increased by 14.5% y-o-y to RUB 66.5 billion driven by new store openings and LFL sales growth: Retail revenue was up by 15.1% y-o-y to RUB 59.1 billion Wholesale revenue increased by 9.6% y-o-y to RUB 7.4 billion Gross profit increased by 17.3% y-o-y to RUB 21.9 billion. The gross margin of 32.9% exceeded the level of Q4 2020 by 80 bps driven by diligent and proactive work with the assortment to adjust to higher cost of sales amid continued pressure from raw materials inflation and dislocations in the global shipping market. Gross margin was down 109 bps from the level of Q4 2019 amid a higher share of food and inflationary impact on production costs SG&A costs (excl. D&A) as a percentage of revenue increased by 54 bps to 13.2% reflecting increased staff costs amid tighter competition on the Russian labour market EBITDA[3] increased by 16.8% to RUB 13.4 billion, with the EBITDA margin up by 40 bps y-o-y to 20.1% thanks to the expansion of the gross margin. EBITDA margin in pre‑COVID Q4 2019 stood at 21.5% Operating profit rose by 16.6% to RUB 10.3 billion. The operating margin was 15.5% versus 15.2% for Q4 2020 and 15.9% for Q4 2019 Profit for the period increased by 12.1% to RUB 6.5 billion. The net profit margin was 9.7%, compared to 10.0% and 12.6% for the same periods of 2020 and 2019, respectively
Financial results for Q4 and FY 2021
Statement of comprehensive income highlights
RUB million
Q4 2021
Q4 2020
Q4 2019
Change Q4'21 vs Q4'20, %
Change Q4'21 vs Q4'19, %
Revenue
66,507
58,095
43,345
14.5%
53.4%
Retail revenue
59,086
51,327
37,114
15.1%
59.2%
Wholesale revenue
7,421
6,768
6,231
9.6%
19.1%
Cost of sales
(44,641)
(39,460)
(28,623)
13.1%
56.0%
Gross profit
21,866
18,635
14,722
17.3%
48.5%
Gross margin, %
32.9%
32.1%
34.0%
80 bps
(109 bps)
SG&A (excl. D&A)
(8,750)
(7,331)
(5,514)
19.4%
58.7%
Other op. income and share of profit of associates
247
138
107
79.0%
130.8%
EBITDA
13,363
11,442
9,317
16.8%
43.4%
EBITDA margin, %
20.1%
19.7%
21.5%
40 bps
(140 bps)
D&A
(3,069)
(2,616)
(2,430)
17.3%
26.2%
EBIT
10,294
8,826
6,885
16.6%
49.5%
EBIT margin, %
15.5%
15.2%
15.9%
29 bps
(41 bps)
Net finance costs
(630)
(129)
(197)
388.4%
219.8%
FX gain / (loss), net
(165)
134
156
(223.1%)
(205.8%)
Profit before tax
9,499
8,831
6,844
7.6%
38.8%
Income tax expense
(3,017)
(3,049)
(1,383)
(1.0%)
118.1%
Profit for the period
6,482
5,782
5,461
12.1%
18.7%
Net profit margin, %
9.7%
10.0%
12.6%
(21 bps)
(285 bps)
RUB million
FY 2021
FY 2020
FY 2019
Change FY'21 vs FY'20, %
Change FY'21 vs FY'19, %
Revenue
230,473
190,059
142,880
21.3%
61.3%
Retail revenue
203,328
166,025
123,194
22.5%
65.0%
Wholesale revenue
27,145
24,034
19,686
12.9%
37.9%
Cost of sales
(157,073)
(128,544)
(96,919)
22.2%
62.1%
Gross profit
73,400
61,515
45,961
19.3%
59.7%
Gross margin, %
31.8%
32.4%
32.2%
(52 bps)
(32 bps)
SG&A (excl. D&A)
(30,162)
(25,067)
(19,186)
20.3%
57.2%
Other op. income and share of profit of associates
917
340
373
169.7%
145.8%
EBITDA
44,155
36,788
27,150
20.0%
62.6%
EBITDA margin, %
19.2%
19.4%
19.0%
(20 bps)
16 bps
D&A
(11,829)
(9,865)
(8,693)
19.9%
36.1%
EBIT
32,326
26,923
18,455
20.1%
75.2%
EBIT margin, %
14.0%
14.2%
12.9%
(14 bps)
111 bps
Net finance costs
(1,647)
(749)
(846)
119.9%
94.7%
FX gain / (loss), net
(83)
136
(74)
(161.0%)
12.2%
Profit before tax
30,596
26,310
17,535
16.3%
74.5%
Income tax expense
(9,207)
(8,735)
(4,362)
5.4%
111.1%
Profit for the period
21,389
17,575
13,173
21.7%
62.4%
Net profit margin, %
9.3%
9.2%
9.2%
3 bps
6 bps
LFL dynamics, %
Q4 2021
Q4 2020
Q4 2019
LFL sales
3.2%
15.7%
12.7%
LFL traffic
(3.5%)
(1.9%)
5.7%
LFL average ticket
6.9%
17.9%
6.6%
FY 2021
FY 2020
FY 2019
LFL sales
7.2%
15.8%
15.4%
LFL traffic
3.1%
(1.7%)
7.6%
LFL average ticket
4.0%
17.8%
7.3%
Store selling space
31.12.2021
31.12.2020
Change 31.12.2021 vs 31.12.2020
Selling space (sqm)
1,056,840
889,526
18.8%
Company-operated stores
938,392
797,352
17.7%
Franchised stores
118,448
92,174
28.5%
Selling, general and administrative expenses
RUB mln
Q4 2021
Q4 2020
Q4 2019
Change Q4'21 vs Q4'20, %
Change Q4'21 vs Q4'19, %
Staff costs
6,013
4,901
3,850
22.7%
56.2%
% of revenue
9.0%
8.4%
8.9%
60 bps
16 bps
Depreciation of right-of-use assets
2,395
2,033
1,965
17.8%
21.9%
% of revenue
3.6%
3.5%
4.5%
10 bps
(93 bps)
Bank charges
738
626
400
17.9%
84.5%
% of revenue
1.1%
1.1%
0.9%
3 bps
19 bps
Other depreciation and amortisation
674
583
465
15.6%
44.9%
% of revenue
1.0%
1.0%
1.1%
1 bps
(6 bps)
Rental expense
555
511
289
8.6%
91.9%
% of revenue
0.8%
0.9%
0.7%
(5 bps)
17 bps
Security services
436
367
305
18.8%
43.0%
% of revenue
0.7%
0.6%
0.7%
2 bps
(5 bps)
Repair and maintenance costs
306
233
205
31.3%
49.3%
% of revenue
0.5%
0.4%
0.5%
6 bps
(1 bps)
Advertising costs
212
199
193
6.5%
9.8%
% of revenue
0.3%
0.3%
0.4%
(2 bps)
(13 bps)
Utilities
197
170
147
15.9%
34.2%
% of revenue
0.3%
0.3%
0.3%
0.4 bps
(4 bps)
Other expenses
293
324
125
(9.6%)
134.4%
% of revenue
0.4%
0.6%
0.3%
(12 bps)
15 bps
SG&A (excl. D&A)
8,750
7,331
5,514
19.4%
58.7%
% of revenue
13.2%
12.6%
12.7%
54 bps
44 bps
Total SG&A
11,819
9,947
7,944
18.8%
48.8%
% of revenue
17.8%
17.1%
18.3%
65 bps
(56 bps)
RUB mln
FY 2021
FY 2020
FY 2019
Change FY'21 vs FY'20, %
Change FY'21 vs FY'19, %
Staff costs
20,884
17,329
13,361
20.5%
56.3%
% of revenue
9.1%
9.1%
9.4%
(6 bps)
(29 bps)
Depreciation of right-of-use assets
9,198
7,618
6,921
20.7%
32.9%
% of revenue
4.0%
4.0%
4.8%
(2 bps)
(85 bps)
Other depreciation and amortisation
2,631
2,247
1,772
17.1%
48.5%
% of revenue
1.1%
1.2%
1.2%
(4 bps)
(10 bps)
Bank charges
2,535
2,009
1,258
26.2%
101.5%
% of revenue
1.1%
1.1%
0.9%
4 bps
22 bps
Rental expense
1,667
1,642
1,160
1.5%
43.7%
% of revenue
0.7%
0.9%
0.8%
(14 bps)
(9 bps)
Security services
1,613
1,343
1,107
20.1%
45.7%
% of revenue
0.7%
0.7%
0.8%
(1 bps)
(7 bps)
Repair and maintenance costs
925
757
625
22.2%
48.0%
% of revenue
0.4%
0.4%
0.4%
0.3 bps
(4 bps)
Advertising costs
767
659
645
16.4%
18.9%
% of revenue
0.3%
0.3%
0.5%
(1 bps)
(12 bps)
Utilities
712
570
501
24.9%
42.1%
% of revenue
0.3%
0.3%
0.4%
1 bps
(4 bps)
Other expenses
1,059
758
529
39.7%
100.2%
% of revenue
0.5%
0.4%
0.4%
6 bps
9 bps
SG&A (excl. D&A)
30,162
25,067
19,186
20.3%
57.2%
% of revenue
13.1%
13.2%
13.4%
(10 bps)
(34 bps)
Total SG&A
41,991
34,932
27,879
20.2%
50.6%
% of revenue
18.2%
18.4%
19.5%
(16 bps)
(129 bps)
The Group's revenue increased by 14.5% to RUB 66.5 billion for Q4 2021, driven by 15.1% growth in retail revenue and a 9.6% increase in wholesale revenue.
Retail revenue grew to RUB 59.1 billion on the back of expansion of the network of company-operated stores and a 3.2% increase in like-for-like sales, partially offset by a decrease in sales densities in Belarus and Kazakhstan amid pressure on real disposable income and government restrictions.
LFL sales increased by 3.2% in Q4 2021 driven by 6.9% LFL average ticket growth, which offset a LFL traffic contraction of 3.5% due to new COVID-related restrictions. Excluding the impact of international geographies, LFL sales at company-operated stores in Russia grew by 5.3% in Q4 2021. For stores unaffected by restrictions in November-December and adjusting for the leap-year effect, LFL sales were up by 6.5% in Q4 2021 and 9.0% for FY2021 despite abnormal market turbulence.
Wholesale revenue increase to RUB 7.4 billion was driven by growth of the franchised network, while the share of wholesale revenue in the Company's total revenue decreased by 49 bps to 11.2% on the back of faster growth of sales densities at company-operated stores.
Please refer to our Q4 2021 operating results press release for more details on revenue drivers.
Gross profit grew by 17.3% y-o-y to RUB 21.9 billion for Q4 2021. The gross margin improved by 80 bps y-o-y to 32.9% as a result of successful adaptation of the assortment strategy to macro headwinds, including steep raw materials price inflation and elevated freight costs. Despite a higher share of food in the sales mix, product rotation and redesign as well as price point architecture reengineering and solid sell-through of the seasonal New Year assortment supported gross margin both year-over-year and quarter-over-quarter, while price levels remained competitive.
In pre-pandemic Q4 2019, gross margin stood at 34.0% amid a lower share of food in sales and more favourable macroeconomic backdrop.
Transportation costs as a percentage of revenue decreased by 12 bps y-o-y to 1.5% despite higher tariffs for truckload services and an increased number of international stores requiring longer trips. In comparison with Q4 2019, transportation costs as a percentage of revenue grew by 18 bps.
Inventory write-down due to shrinkage and write-offs to net realisable value in Q4 2021 slightly improved by 7 bps to 1.0%. Shrinkage and write-downs as a percentage of revenue was up by 49 bps versus Q4 2019.
The Group's selling, general and administrative expenses grew as a percentage of revenue by 65 bps to 17.8% mainly due to an increased share of depreciation of right-of-use assets. SG&A excluding D&A as percentage of revenue was up by 54 bps to 13.2%, driven by growth in the share of staff costs, bank charges, security and maintenance services. These were partially offset by improved efficiency in rental and advertising costs as well as other expenses.
Staff costs as a percentage of revenue increased by 60 bps to 9.0% due to growth of average wages in line with the market on the back of higher inflation, as well as competition for talent with online players because of a shortage of personnel as a result of COVID-related travel restrictions, and an increase in staff numbers amid a slowdown in revenue growth.
Rental expense (in accordance with IAS 17) were slightly down by 6 bps y-o-y to 4.7% of revenue, reflecting strong negotiating power, which helped to improve lease terms in the post-COVID environment despite pressure from external factors on LFL sales growth.
Rental expense (under IFRS 16) improved by 5 bps y-o-y to 0.8% of revenue despite a growing share of variable lease contracts to 57% from 49% as of December 31, 2020.
Depreciation and amortisation (D&A) expenses as a percentage of revenue increased by 11 bps to 4.6% driven by a 10 bps increase in depreciation of right-of-use assets and a 1 bps increase in other D&A.
Bank charges slightly increased by 3 bps to 1.1% as a share of revenue on the back of the continued growth in the share of non-cash payments with higher commissions on bank card transactions compared to cash transactions.
Despite tariff growth mitigated by efficient store management and partial passing of utilities costs to landlords under newly signed contracts, utilities as a share of revenue remained flat y-o-y at 0.3%.
Costs for security services increased by 2 bps to 0.7% of revenue due to the low base of 2020, which was a result of a lack of workforce during the pandemic and travel restrictions, whilst advertising costs as percentage of revenue further decreased by 2 bps to 0.3%.
Other expenses decreased by 12 bps and amounted to 0.4% of revenue.
Other operating income and share of profit of associates substantially increased by 13 bps on the back of higher income from third-party companies advertising via the Company's advertising tools, higher proceeds from the sale of waste such as cardboard and stretch film for the purpose of recycling, as well as income received from a depositary bank in connection with the IPO, with the latter being accrued on a linear basis during the life of the depositary facility and lower costs related to the IPO.
RUB mln
FY 2021
FY 2020
FY 2019
EBITDA IFRS16
44,155
36,788
27,150
Rental expense
(9,840)
(7,999)
(7,221)
Utilities
(153)
(157)
(153)
EBITDA IAS17
34,162
28,632
19,776
EBITDA IAS 17 and IFRS 16 reconciliation
RUB mln
Q4 2021
Q4 2020
Q4 2019
EBITDA IFRS16
13,363
11,442
9,317
Rental expense
(2,565)
(2,251)
(1,966)
Utilities
(39)
(38)
(37)
EBITDA IAS17
10,759
9,153
7,314
EBITDA under IFRS 16 increased by 16.8% to RUB 13.4 billion for Q4 2021. The EBITDA margin improved by 40 bps y-o-y and stood at 20.1%, on the back of gross margin improvement which was partially offset by the increase of SG&A costs as a result of higher wages and inflation.
EBITDA under IAS 17 increased by 17.5% to RUB 10.8 billion for Q4 2021, with the IAS 17-based EBITDA margin standing at strong 16.2% versus 15.8% for Q4 2020 and 16.9% for Q4 2019.
Net finance costs in Q4 2021 increased by 388.4% to RUB 630 million, driven by an increase in loans and borrowings year-on-year, higher loan rates and decrease in income on bank deposits and financial instruments.
In Q4 2021 the Group recorded an FX loss of RUB 165 million, compared to a RUB 134 million gain in Q4 2020, as revaluation of trade accounts denominated in foreign currency was partially offset by forward contracts.
The Group's total income tax expense was down by 1.0% to RUB 3.0 billion in Q4 2021. The effective tax rate was 31.8% in the reporting period versus 34.5% in Q4 2020. The abnormally high effective tax rate in Q4 2020 was attributable to withholding tax accrued on intra-group dividends.
Profit for the period increased by 12.1% y-o-y to RUB 6.5 billion. The net profit margin was 9.7% versus 10.0% for Q4 2020.
Statement of financial position highlights
RUB mln
31.12.2021
31.12.2020
31.12.2019
Current loans and borrowings
21,523
15,680
5,006
Current lease liabilities
6,971
6,339
5,306
Non-current lease liabilities
3,765
3,713
2,496
Cash and cash equivalents
(8,779)
(26,375)
(11,881)
Net Debt/(Cash)
23,480
(643)
927
Dividends payable
-
23,658
5,030
Adjusted Net Debt
23,480
23,015
5,957
Adjusted Net Debt/ EBITDA (IFRS16)
0.5x
0.6x
0.2x
Current lease liabilities
(6,971)
(6,339)
(5,306)
Non-current lease liabilities
(3,765)
(3,713)
(2,496)
IAS 17-Based Net Debt/(Cash)
12,744
12,963
(1,845)
IAS17-based Adjusted Net Debt/ EBITDA (IAS17)
0.4x
0.5x
(0.1x)
As of 31 December 2021, the Group's total loans, borrowings and lease liabilities amounted to RUB 32.3 billion, up RUB 6.5 billion from the start of the year on the back of raising additional financial debt for dividend financing amid slowdown in cash generation.
As of 31 December 2021, adjusted net debt was RUB 23.5 billion, while IAS 17-based adjusted net debt stood at RUB 12.7 billion. The Group's IAS 17-based adjusted net debt to EBITDA ratio remained low at a conservative 0.4x, well below the threshold of 1.0x set out in the Group's guidance.
Statement of cash flows highlights
RUB mln
Q4 2021
Q4 2020
Q4 2019
Profit before tax
9,499
8,831
6,844
Cash from operating activities before changes in working capital
13,990
12,005
9,509
Changes in working capital
(2,903)
1,809
1,289
Net cash generated from operations
11,087
13,814
10,798
Net interest paid
(624)
(154)
(220)
Income tax paid
(2,961)
(1,634)
(1,085)
Net cash from operating activities
7,502
12,026
9,493
Net cash used in investing activities
(1,026)
(2,534)
(1,141)
Net cash used in financing activities
(1,494)
(1,554)
(10,381)
Effect of exchange rate fluctuations on cash and equivalents
-
(84)
(444)
Net (decrease) / increase in cash and equivalents
4,982
7,854
(2,473)
RUB mln
FY 2021
FY 2020
FY 2019
Profit before tax
30,596
26,310
17,535
Cash from operating activities before changes in working capital
46,155
38,338
28,216
Changes in working capital
(9,646)
(1,548)
(2,428)
Net cash generated from operations
36,509
36,790
25,788
Net interest paid
(1,776)
(833)
(905)
Income tax paid
(9,396)
(5,687)
(3,459)
Net cash from operating activities
25,337
30,270
21,424
Net cash used in investing activities
(6,159)
(6,025)
(4,366)
Net cash used in financing activities
(36,829)
(11,079)
(10,228)
Effect of exchange rate fluctuations on cash and equivalents
55
1,328
(831)
Net (decrease) / increase in cash and equivalents
(17,596)
14,494
5,999
As of 31 December 2021, the Group's net trade working capital[4] stood at RUB 7.9 billion, compared to RUB 1.1 billion as of 31 December 2020 due to a build-up of inventories amid purchasing additional safety stock to mitigate supply chain disruptions, higher cost of inventory due to inflation, increase of the active assortment matrix and the shift in the product mix towards seasonal ranges at higher price points heading into peak trading during the New Year season. All these factors coupled with a slowdown in LFL sales growth on the back of COVID-related restrictions led to tying up more working capital compared to the previous year.
CAPEX for the reporting period stood at RUB 1.1 billion compared to RUB 2.6 billion for the same period of 2020. The year-on-year decrease was attributable to lower investments in the distribution centre network in Q4 2021 and a lower number of openings of company-operated stores.
Announcement of final dividends for 2021
The Board of Directors of Fix Price Group Ltd. today announces that the Company intends to pay a final dividend of RUB 5.8 billion or RUB 6.8 per GDR/share (gross amount subject to taxes and fees).
Together with the interim dividend paid on September 28, 2021, total dividends for the year will amount to RUB 15.6 billion, or RUB 18.3 per share/GDR, or 73% of FY 2021 net profit under IFRS.
The final dividend will be paid on 31 May 2022 to shareholders on the register of members at the close of business on 27 May 2022. The ex-dividend date will be 26 May 2022.
About the Company
Fix Price (LSE and MOEX: FIXP), one of the leading variety value retailers globally and the largest in Russia, has helped its customers save money every day since 2007. Fix Price offers its customers a unique and constantly refreshed product assortment of non-food goods, personal care and household products and food items at low fixed price points.
As of 31 December 2021, Fix Price operates 4,904 Fix Price stores in Russia and neighbouring countries, all of them stocking approximately 2,000 SKUs across around 20 product categories. As well as its own private brands, Fix Price sells products from leading global names and smaller local suppliers. The Company operates 8 DCs covering 79 regions of Russia and 6 countries.
In 2021, the Company recorded revenue of RUB 230.5 billion, EBITDA of RUB 44.2 billion and net profit of RUB 21.4 billion, in accordance with IFRS.
Contacts
Fix Price investor relations Fix Price media relations
Elena Mironova Ekaterina Lukina
ir@fix-price.com elukina@fix-price.ru
EM
Dmitry Zhadan Peter Morley Ekaterina Shatalova
zhadan@em-comms.com morley@em-comms.com shatalova@em-comms.com
+7 916 770 8909 +43 676 684 5252 +7 915 321 8579
[1] Here and hereinafter, like-for-like (LFL) sales, average ticket and number of tickets are calculated based on the results of stores operated by Fix Price and that have been operational for at least the 12 full calendar months preceding the reporting date. LFL sales and average ticket calculated based on retail revenue including VAT. LFL numbers exclude stores that were temporarily closed for seven or more consecutive days during the reporting period and the comparable period
[2] Here and hereinafter Q4 results are unaudited and based on management accounts
[3] EBITDA calculated as profit for the respective period adjusted for income tax expense, interest expense, interest income, depreciation and amortisation expense, and foreign exchange gain / (loss), net
[4] Net trade working capital is calculated as Inventories plus Receivables and other current assets minus Payables and other financial liabilities
ISIN: US33835G2057 Category Code: MSCU TIDM: FIXP LEI Code: 549300EXJV1RPGZNH608 OAM Categories: 2.2. Inside information Sequence No.: 145549 EQS News ID: 1289347
End of Announcement EQS News Service