MAXIMA GRUPE, UAB
Maxima Grupė’s results for 2018: a year of growth and integration
In 2018, Maxima Grupė’s consolidated revenue grew by 22.1 percent compared with 2017 to EUR 3.451 billion; consolidated EBITDA reached EUR 223.6 million. The Group invested more than EUR 88 million into fixed assets and opened more than 100 new stores in all markets, most of them – in Poland.
“2018 was a special year for Maxima Grupė – it was a year of growth and integration. Acquisition of Polish retail chain Stokrotka last spring, was an important milestone. Having completed this deal, we have become the largest Lithuanian capital investor in Poland. Another important achievement in our plans for further international growth was receiving a BB+ credit rating and successfully placing EUR 300 million issue of 5-year bonds. Our daily operations in 2018 were also solid. Revenue grew by more than 22 percent fuelled by the acquisition of Stokrotka together with a help of a healthy revenue increases in the Baltics and Bulgaria. We continued opening new stores and modernizing the old ones, improving customer service, and introducing innovative solutions in our stores,” says Justas Riauba, the chairman of the board and CEO of Maxima Grupė.
Maxima Grupė’s revenue in 2018 grew by 22.1 percent. This growth was mainly attributable to the acquisition of Polish retail chain Stokrotka. In Lithuania and Latvia revenue grew by 5.9 percent and 6.4 percent respectively, while Estonia showed a more modest growth of 3.8 percent mostly impacted by a slower overall retail market growth. In Bulgaria revenue grew by 19.4 percent driven by new store openings and double-digit market growth. Like-for-like sales grew by 1.6 percent on a consolidated level, while the Baltics markets like-for-like grew by 1.7 percent and Poland combined with Bulgaria – by 1.2 percent.
In 2018 Maxima Grupė invested EUR 88.1 million into fixed assets – up from EUR 70.4 million in 2017. The investments were directed into opening new stores, reconstructing existing stores as well as strategic investment projects, such as increasing the number of self-service checkouts.
During 2018 a total of 107 new stores were opened, 84 of them – by Stokrotka in Poland after Maxima Grupė acquired Emperia Holding. Another 39 stores were reconstructed in all markets. Additionally, 30 stores in Poland were converted from Aldik to Stokrotka. Retail floor space correspondingly increased by 43 percent. More than 40 thousand employees worked for the group’s companies during the period.
The group’s EBITDA grew to EUR 223.6 million in 2018 from EUR 149.5 million in 2017 (49.6 percent increase year over year). Major part of EBITDA increase came from FRANMAX (company that provides franchise and support services for Maxima Grupė companies) which became a part of Maxima Grupė at the end of 2017. FRANMAX added EUR 48.4 million EBITDA to Maxima Grupė’s result in 2018. The remaining growth in EBITDA is attributable to growth of sales and increased efficiency in existing businesses as well as acquisition of Stokrotka.
Sales of goods through e-commerce channel grew by almost 50 percent in the Baltics due to expansion of e-grocery brand Barbora to Kaunas and Klaipeda in Lithuania. Barbora was also introduced in Latvia and Estonia which helped to grow e-trade channel sales of Maxima Grupė.
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