2021 for MAXIMA GRUPĖ – solid performance and steady expansion course
In 2021, MAXIMA GRUPĖ was consistently growing and expanding, increasing the Group’s 2021 revenue by 6.1% to EUR 4,485 million. EBITDA, excluding non-recurring items, reached EUR 364.5 million, EUR 10.1 million lower than in 2020. EBITDA was impacted by increasing salaries and employee benefits, Polish e-commerce market entry costs, as well as taxation changes in Poland. MAXIMA GRUPĖ‘s people made remarkable efforts to navigate daily business activities throughout changing COVID-19 situation and, concurrently, to implement major changes in business processes securing sustainable, long-term growth of the Group.
While total revenue of MAXIMA GRUPĖ grew by 6.1% year-on-year, like-for-like revenue increased by 3.2% at constant exchange rates and was positive in all retailers with the highest growth in Poland of +6.2%, Baltic countries +2.4%, and Bulgaria +0.4%.
In 2021, MAXIMA GRUPĖ continued the expansion in Poland. Stokrotka chain added on 81 new store, grew revenue by significant 14.6% (at constant exchange rates) and surpassed the 1 billion revenue mark with annual sales of EUR 1,087 million.
In the Baltics revenue grew by 4% and reached EUR 3,194 million. In Bulgaria, T-Market revenue was EUR 197 million or 8.0% increase versus the prior year.
At intense pace, MAXIMA GRUPĖ’s e-commerce operator BARBORA launched operations in Poland in 2021 and successfully met further increase in demand for online grocery shopping in the Baltics. E-commerce sales of the Group climbed up by 48.8% compared to the prior year.
MAXIMA GRUPĖ’s consolidated EBITDA, excluding non-recurring items, was EUR 364.5 million, which was EUR 10.1 million lower than in the prior year. EBITDA margin was 8.1% in 2021, or by 0.7 p.p. lower as compared to prior year. Lower EBITDA margin in 2021 was largely a result of increased employee salaries and benefits as well as cost of entry into e-commerce market in Poland, combined with the newly introduced retail tax in Poland.
In 2021, MAXIMA GRUPĖ’s companies invested EUR 108 million into fixed assets or 2.4% from total Group’s revenue, up by 22% from EUR 89 million in 2020. Main investments were made into opening of new stores and the current stores reconstruction. MAXIMA GRUPĖ stores’ count reached 1,412 stores, up from 1,323 on 31 December 2020.
MAXIMA GRUPĖ’s Net Debt was EUR 968 million (incl. lease liabilities of EUR 683 million) as of the end of 2021 or EUR 32.6 million lower compared to year end 2020. The Group’s financial leverage remained stable with Net Debt/EBITDA ratio at 2.6x, as was in 2020. In 2021, diversifying its funding sources, MAXIMA GRUPĖ successfully completed EUR 40 million short-term commercial paper issuance that was the first ever transaction of this format in the Baltic region.
UAB “Vilniaus Prekyba”, the sole shareholder of MAXIMA GRUPĖ, approved stand-alone and Group’s consolidated financial statements of 2021, including profit distribution project, according to which as per dividend policy the amount of EUR 95 million was allocated for the payment of dividends to Vilniaus Prekyba.
Group’s sustainability activities are an integral part of the business. In 2021, MAXIMA GRUPĖ directed its sustainability efforts on integrating the necessary processes and measures throughout the Group and the value chain. Furthermore, the Group is moving forward with the process of setting ambitious sustainability goals.
“In the last few years, our entire organisation, and the way we operate, have changed profoundly. Awareness, responsibility, and self-belief now form the basis of the culture that currently unifies every single one of more than 38 thousand colleagues into a team we enjoy being part of. We have not only dealt with continuously changing Covid-19 situation but also managed to redevelop MAXIMA formats in each country, started rethinking our business processes, remodeled our approach to real estate management, strengthened our IT and managed to expand both our brick and mortar and e-commerce businesses” said Mantas Kuncaitis, the CEO and the Chairman of the Board of MAXIMA GRUPĖ.
The invasion of Ukraine by the military forces of the Russian Federation brought a new focus on MAXIMA GRUPĖ’s efforts and challenges for the year 2022. Group’s companies keep showing commitment to ensuring resilient international supply chains, retaining price affordability, and aiding Ukraine and refugees from Ukraine.
Additional information
Maxima Grupė owns the retail chains Maxima (in the Baltic countries), Stokrotka (in Poland) and T-Market (in Bulgaria), as well as e-grocer Barbora operating in the Baltics and Poland.
The company is part of the Vilniaus Prekyba group, which controls and manages the group of subsidiary companies operating chains of retail stores and pharmacies as well as real estate development and property management companies in the Baltic States, Sweden, Poland and Bulgaria.
Contact person:
Povilas Šulys
Maxima Grupė, Chief Financial Officer
povilas.sulys@maximagrupe.eu
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