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MAXIMA GRUPĖ, UAB, which operates retail chains "Maxima" in the Baltic States, "Stokrotka" in Poland, "T-Market" in Bulgaria, as well as the e-commerce store "Barbora" operating in the Baltic States and Poland, announces the consolidated financial results for 2022.  

According to Agnė Voverė, CEO of MAXIMA GRUPĖ, even in the volatile economic environment of 2022, the Group maintained focus on expansion and demonstrated financial stability. Compared to 2021, the Group's revenue increased by 14.9% to EUR 5,153.7 million. Consolidated EBITDA (earnings before financial result, profit tax, depreciation and amortisation) reached EUR 368.9 million and was EUR 2.6 million higher compared to the previous year. The highest revenue growth of 28.3% was recorded in Poland, where the Group has been consistently expanding for 4 years in a row. Revenue growth in the Baltic states was 9,8% higher compared to last year. However, the Group's revenue grew at slower pace than inflation in all markets except Poland and Bulgaria and the Group's profitability declined in 2022, with EBITDA margin dropping by 1 percentage point to 7.2% of revenue. Lower profitability was due to the energy price hike and increased cost of goods sold.

MAXIMA GRUPĖ remained attractive to investors despite geopolitical tensions and uncertainty in the region. In mid-2022 MAXIMA GRUPĖ was one of the first companies in Central and Eastern Europe to successfully complete EUR 240 million Eurobond issue. The Group's financial leverage remained stable, with a consolidated net debt to EBITDA ratio of 2.6 at the end of 2022.

The Group's total investment in the expansion and renovation of stores in 2022 amounted to EUR 116 million – 7.2% more compared to 2021. Poland and Bulgaria remain the main countries of expansion, with 110 stores added to the network in Poland and 14 additional stores in Bulgaria. MAXIMA GRUPĖ also invests in the development of e-commerce in Poland, where BARBORA’s gross revenue, as well as the number of orders, has tripled in 2022.

Stores in the Baltic States are undergoing the standardization process, which began in 2021 and continued throughout 2022. The Group aims to have a more efficient supply process, save the working hours of employees, and ensure better shopping experience for consumers. In the Baltic States, 278 Maxima stores have already been standardized, including 166 redesigned in 2022. In all operating markets the Group aims to offer affordable prices, therefore the Group has been consistently increasing the share of private labels in the assortment. Compared to 2021, in 2022 total private label sales increased by almost 24%, while in Poland they increased by as much as 1.6 times.

Group’s companies focused on managing the impact of additional operating costs due to increased inflation and higher electricity prices by reviewing their internal processes and reducing operating costs. Despite additional 124 stores added to the network, the total electricity consumption within the Group decreased by 4.2% compared to 2021. The continued installation of LED lighting and more sustainable use of air conditioning and refrigeration equipment helped to save electricity. At the end of 2022, LED technologies were installed in 1,224 of the 1,534 stores managed by the Group.

"Last year, the companies managed by MAXIMA GRUPĖ focused on increasing efficiency and managing costs. Smart solutions and increased efficiency in business processes facilitated our adaptation to the challenges and continued growth. The consolidated results reflect the Group's resilience and ability to operate in difficult conditions – this is the merit of the organizational culture and efforts of the international team. In 2022, the foundation was laid for long-term sustainability commitments inside and outside the Group," says Agnė Voverė, CEO of MAXIMA GRUPĖ.

MAXIMA GRUPĖ has set long-term science-based climate mitigation targets and aims to have them validated by Science Based Targets initiative. By 2030, the Group plans to reduce its direct greenhouse gas (GHG) emissions by 42%. The targets are also focused on our suppliers and aim to have at least 67% of our suppliers (measured in terms of GHG emissions) also set emission reduction targets.

The companies managed by MAXIMA GRUPĖ cooperate with social partners and non-governmental organizations, supporting community projects and social actions. In 2022, the Group's companies allocated EUR 7 million to various social projects and donations to Food Banks. Last year, Group’s support was directed to the people affected by Russian aggression in Ukraine, some of whom became employees of the Group companies. At the end of 2022, the Group's companies in five markets of operations employed 933 individuals who had temporarily left Ukraine due to the war.

The Group consistently invests in the creation of a high-quality and safe working environment and the well-being of employees. The Group has a system in place to prevent and report corruption and misconduct in the workplace. The companies within MAXIMA GRUPĖ also aim to ensure mutual respect, diversity, and equality – each country employs people of different nationalities and backgrounds. As of 31 December 2022, 47% of senior management positions in the Group were held by women. In 2022, 38,256 Group employees in five countries received an additional benefits package that amounted to EUR 80.6 million while the total salary fund increased by 8%.

UAB “Vilniaus prekyba”, the sole shareholder of MAXIMA GRUPĖ, UAB, has approved the consolidated financial statements of the company and the Group for 2022 and signed the profit distribution project, according to which, as per the dividend payment policy, EUR 70 million were allocated for the payment of dividends to Vilniaus prekyba.

A detailed report on MAXIMA GRUPĖ activities can be found here:  CONSOLIDATED ANNUAL REPORT 2022