2018 MAJOR TRENDS IN THE RUSSIAN RETAIL MARKET - JUNE 2019 - PWC
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2018 Major Trends in the Russian Retail Market June 2019
Executive summary
GDP grew in line with consumer price inflation, which
were both driven by higher consumer spending
In 2018, Russian GDP grew at its highest rate in six years. The key driver of
GDP growth was higher consumer spending rather than industrial
advancements or investment.
Consumer price inflation rose noticeably at the end of the year due to the
cumulative effect of expectations for higher VAT rates, utility fees and gas
prices, which led the Central Bank of Russia to increase its key rate.
While Russian consumers’ financial situation has yet to
stabilize, they have been shopping more
The overall financial situation of Russian consumers worsened in 2018, as real
disposable income growth remains negative. Despite a gradual increase in
nominal and real wages, real disposable household income continues to shrink.
The accumulation of loans has been the main cause of the decline in real
disposable incomes.
Consumers began to notice price increases in late 2018. Pushed by the
proximity of the VAT increase, Russians began to make large purchases, which
is reflected in the average check as well as in retail turnover growth.
Retail turnover growth remains positive, most food
retailers are growing their revenue by opening new
stores
Most food retailers reported an increase of revenue, mostly driven by new store
openings and territorial expansion. The market became more consolidated
among large retailers who chose the right strategic path and can resist external
and internal negative factors effectively.
Convenience stores are attracting customers more
than hypermarkets, which requires long trips to visit
Lfl sales at most hypermarkets are under pressure as they continue to lose
traffic, whereas supermarkets have reduced the size of their LfL baskets. There
is a clear shift to supermarket and convenience store formats, as retailers
search for more flexible business models to respond changing consumer
behavior.
2
Content
Macroeconomic overview Consumer behaviour and Challenges and
and forecast expectations opportunities for
retailers
3
Strong GDP growth in 2018 was fueled by higher rates of consumer spending, but GDP is
forecasted to drop as government spending levels may not provide a sufficient stimulus to
the economy
In 2018, GDP growth was at its highest rate for the last six years, but is forecasted to fall in future years
Russian real GDP, Y-o-Y, % change
-0.8 p.p.
2.3
1.6 1.6 1.7
1.5
1.3 1.2
0.6
2016 2017 2018 2019 2020 2021 2022 2023
Rosstat Average forecast (IMF, Oxford Economics, EIU)
According to Rosstat, Russian GDP grew
Government expenditures continue to drop 2.3% in 2018, while international agencies
estimated GDP growth at 1.7-1.9%. This
represents the highest rate of economic
Federal expenditures, % of GDP growth in Russia since 2012. The main
CAGR: GDP growth driver in 2017 and 2018 was
MinEc -2% consumer spending rather than industrial
IHS -4% advances or investment. The Ministry of
19.1 Economic Development has announced
18.5 18.0 17.9 that the acceleration of GDP growth was
16.8 16.9 17.0 16.9 16.8 16.6 largely caused by one-off factors and not
16.2 16.1 16.0 15.6 sustainable.
14.6 14.5
In 2019, both Russian and international
rating agencies expect Russian GDP
growth to fall to 1.5%. These forecasts
reflect the combined negative impact of
increases in consumer taxes and utility
fees, low levels of confidence and
investment, lingering Western sanctions,
lack of economic growth-stimulating
measures (including meaningful reforms)
and worsening external demand.
According to Russian Ministry of Economic
Development’s data, GPD growth will
accelerate eventually after 2019. Ministry’s
2016 2017 2018 2019 2020 2021 2022 2023 GDP growth estimates are based on
expected socio-economic and structural
changes, including the implementation of
Government expenditures are essential to GDP growth, especially to
key national projects, infrastructure
the government’s plans to support the Russian economy in 2019-2024. development plans, improvement of the
However, Russian and international forecasters alike expect investment climate, enhanced
expenditures to fall (by 2% and 4% CAGR, respectively). competitiveness of public-private enterprise
and pension reform.
Russian Ministry of Economic Development IHS Markit
Sources: PwC analysis, CBR, IHS Markit, DT Global Business Consulting
4
Consumer price inflation was driven by new taxes and utility charges, and real disposable
incomes are not keeping pace
Inflation is expected to increase again after a 20-year low in 2017-2018
Consumer prices inflation rate, Y-o-Y, % change
+0.7 p.p.
5.4
5.0
4.3 4.4 4.2 4.3 4.2
2.5
2016 2017 2018 2019 2020 2021 2022 2023
Rosstat Average forecast (IMF, Oxford Economics, EIU)
From September 2017 to November 2018, Real disposable income growth was still negative in 2018 despite
inflation in Russia was at a 20-year low. real wage growth
The rise of the inflation rate to 4.3% in late
2018 was caused by utility fee increases Growth of real disposable income, Y-o-Y, %
and the early impact of the VAT hike (from
18% to 20%) starting in January 2019.
Furthermore, a weaker rouble (hit by US 2.2 2.3 2.4 2.1
sanctions) and yield increases in the 1.7 1.9
1.0 0.8 1.3
advanced economies forced the Russian
Central Bank to increase its key rate by 25 0.1
basis points to 7.5% in September, leading
to another spike in the inflation rate in -0.2
December 2018. -1.2
However, weak consumer spending is
expected to keep inflation in 2020 close to
the Russian Central Bank’s 4% target.
The Russian Ministry of Economic
Development expects real disposable -5.8
income growth to be positive due to the
sustainable growth of key income
2016 2017 2018 2019 2020 2021 2022 2023
components, including wages, pensions
and social payments. Nevertheless, the Russian Ministry of Economic Development Rosstat
recent year-on-year gains in nominal and
Economic Intelligence Unit
real wages have not closed the gap in real
disposable household income for 2016-
In Moscow, nominal and real wages grew faster than in other regions
2018. The accumulation of loans has been
the main cause of the decline in real in 2018
disposable incomes. According to CBR data
from December 2018, the volume of loans Nominal and real wage growth divided by Russian regions, 2018, %
and other funds provided to individuals
increased by 13% year-on-year. 14.3%
Nominal wages +4 p.p.
Moreover, the growth of wages varies 9.9%
across Russia’s vast geography. In 2018,
nominal and real wages grew significantly Moscow
7.8%
faster in Moscow (up to 4 p.p. and 1 p.p., Real wages +1 p.p. Other regions
6.8%
respectively) than in other regions.
Source: Russian Federal Statistics Service
Sources: PwC analysis, CBR, IHS Markit
5
Negative macroeconomic trends such as rising inflation and slow economic growth have
negatively affected Russian consumer spending and expectations
Consumer confidence has been undermined by expected VAT increases and consumer price inflation
Consumer Confidence Index, divided by quarters, Russia
2016 2017 2018
-8 -8
-11 -11
-15 -14 -14
-18 -17
-19
CAGR: 29%
-26
-30
Source: Russian Federal Statistics Service
More families believe that their financial situation got Due to expectations about rising inflation,
consumer confidence started to fall in the
worse in 2018 second half of 2018. In Q4 2018, consumer
confidence fell to its lowest level since Q4
Changes in Russian consumers’ financial situation, divided
2016. These sentiments could slow the
by quarters, % of all respondents
growth of retail turnover.
The Consumer Confidence Index dropped
due to the negative changes in Russian
consumers’ financial situation. For the first
time since 2016, Russian consumers
improved indicated that their financial situation had
no change become worse. The number of respondents
who believe that their material status has
worsened
become worse grew 4.1 p.p., while the
number of consumers whose financial
status improved decreased 1.2 p.p.
Around 72% of Russian consumers claimed
+4.1 p.p. to feel the impact of rapidly raising prices in
2018. Moreover, up to 8.9% of respondents
felt that prices increased moderately, while
up to 7.3% of consumers indicated that
2016 2017 2018 prices increased rapidly. Most respondents
believe that the main cause of rising prices
is the upcoming increase in the VAT rate.
Russian consumers have felt the impact of price Russian consumers also believe that higher
increases gasoline prices led to the growth of prices
Changes in prices of food/non-food products and services, for other goods.
divided by quarters, % of all respondents However, price increases are not in full
swing, as large retail chains have sought to
stretch price growth over time and make it
+7.3 p.p. less visible to consumers when demand is
low.
+1.6 p.p.
2016 2017 2018
increased rapidly increased insignificanly not sure
increased moderately did not increase
6 Sources: FOM, PwC analysis
Increased shopping activity in late 2018 was mostly driven by the upcoming VAT increase
and should not be interpreted as a market trend
Consumers reconsidered important purchases in Q4 2018
Key trends in consumers behavior, % of all respondents
34 37 35 33 33 32 30 29
27 29 32 30
35
Buy cheaper products 31
29
2016 2017 2018
29 30 27 26 26 26
28 2016 21 23 21 22 25 20
Buy less 24 2017
22 2018
2016 2017 2018
Source: FOM
In 2016-2017, a declining number of Saving money has become less of a priority for Russian
Russian consumers bought cheaper
products or fewer products. However, in consumers
response to their worsening financial Saving behaviour of consumers, % of all respondents
situation and rising prices, customers
tended to buy cheaper products or shop
less through Q3 2018. The hype around the 63
58 56
upcoming VAT increase led to changes in
their behaviour in Q4 2018.
On average, around 29% of consumers 37 38
32
have sought to buy cheaper products, while
more than 22% have cut back on shopping.
It is necessary There is no need to save
We are witnessing a decline in to save
consumer demand. Unfortunately,
this is the trend of the year. 2016 2017 2018
Igor Shekhterman, CEO Source: FOM
of X5 Retail Group
Triggered by growing inflation in consumer
The share of large purchases is growing, driven by increased
product and fuel prices, more Russians
have come to believe that saving is not their shopping for non-food products before the VAT increase
top priority. The share of respondents who Readiness to make large purchases, % of all respondents
believe that it is necessary to save money
decreased by 2 p.p. to 56% in 2018, while
38% of consumers find there is no need to
save money. 38 40 42
Around 20% of Russian consumers were 17
prepared to make large purchases in 2018, 22 23
while 35% thought it was a bad year for
such purchases. The share of sceptics in 45 38 35
2018 was a bit lower than in previous year.
More consumers are making large
purchases to take advantage of lower prices
2016 2017 2018
before the VAT increase, although demand
for non-food products fell in November and Bad time Good time Not sure
limited the traditional pre-New Year increase
in sales in December. Source: FOM
Sources: Rosstat, FOM, PwC analysis 7
Despite falling average receipts and negative macroeconomic factors, retail turnover growth
remained positive in 2018, mostly driven by the opening of new stores
In the second half of 2018, the average check decreased
in comparison with previous years Higher inflation leads to additional
pressures on real disposable income. The
Average receipt by quarter, RUB growth in the size of average receipts was
disrupted in Q3-Q4 2018 by the worsening
560 financial situation of Russian consumers.
554 552 Around 68% of Russian consumers believe
their financial situation worsened in Q3-Q4
2018, and 72% felt the impact of the rapid
531 533 increase in prices.
522 518 521
512 515 In 2018, average receipts grew in
503 November and not in December, reflecting
498 on the New Year average basket.
Meanwhile, in the fourth quarter, when
2016 receipts typically grow the most, the
2017 average receipt was smaller than in the
same period of the previous two years.
2018
Q'1 Q'2 Q'3 Q'4
Source: ROMIR
Retail turnover continued to grow despite rising inflation and
shrinking incomes
Overall retail turnover growth, Y-o-Y, %
Rosstat data show that retail turnover
10 8.3 continued to grow despite rising inflation
7.4 6.8
5.8 and unemployment and shrinking
4.6 4.2 3.9 incomes. The key factor of this
5 3.4 3.0 phenomenon is increased consumer
2.6 2.3 2.4
spending.
0.9 3.3 2.9
2.0 2.4 2.6 2.7
0 In Q4 2018, the retail sector experienced
-3.9
2.7% growth as consumers sought to take
-5.0 -4.9 -4.6 -1.6 advantage of lower prices before the VAT
-5 increase took effect on 1 January 2019.
2016 2017 2018
inflation rate, Y-o-Y, %
Source: Russian Federal Service of Statistics
Revenue among top food retailers grew, mostly due to Most chain food retailers reported revenue
the opening of new stores growth in 2018, mostly driven by new store
openings. The X5 Retail Group’s retail
Estimate of revenue growth by factors,* chains, Pyaterochka and Perekrestok,
change in FY18 compared with FY17, % showed the highest growth rates (18.8%
and 17.6%, respectively). In 2018, the X5
O’KEY -3.8 -2.7 -6.5 Retail Group operated 14,431 stores,
including 13,522 Pyaterochka stores, 760
Karusel 0 1.7 1.7 Perekrestok stores and 94 Karusel stores.
Although Pyaterochka indicated strong
Magnit -2.5 10.7 8.2 revenue growth new store openings,
Perekrestok was leading retailer in terms of
Lenta revenue growth due to LfL sales growth in
1.3 11.9 13.2 existing stores.
Pyaterochka 0.9 18.8 19.7 O’KEY showed negative growth due to
store closings. The retailer has changed its
Perekrestok 5.9 strategy and has decided to focus on the
17.6 23.5 DA! discount chain.
LfL Sales growth
Growth by openning / closing stores
Total % revenue growth
*LfL effect was estimated based on reported revenue numbers and LfL revenue growth rates. LfL revenue growth
rates have been applied to total revenue of the previous period, as share of LfL revenue is not available.
8 Sources: Retailers reports,PwC analysis
The two leading food retailers, the X5 Retail Group and
Magnit, increased their share of retail trade volumes
Share of retail chains in the retail trade of food products in
Russia,%
72.8%
74.9% 73.8% 1.1%
1.2% 1.3%
1.3% 1.6%
2.0%
1.6%
2.0%
2.0%
2.3%
2.3%
2.6%
2.6%
2.4%
2.2%
8.1%
7.9%
7.8%
Other
O’KEY
10.1% Metro
8.8% DIXY
7.3%
Auchan
Lenta
Magnit
X5 Retail Group
2016 2017 2018
By 2020, the market share of national food retail chains will expand to
40% and by 2030 to 60%. These numbers represent Western countries’
market by present days. Our market is not sufficiently consolidated yet,
so there is space for national players to grow.
Martijn Peeters
Partner, Retail & Consumer Leader, PwC Russia
Sources: Retailer reports, mass media, PwC analysis
9
Increasing frequency of microtrips to the nearby stores is driving the trend for smaller
formats, while hypermarkets are steadily losing traffic
Hypermarkets have become less popular; key retailers have noticed that drops in LfL traffic have put pressure
on LfL sales
Comparable sales LfL,% Comparable average LfL check in 2018,%
3.2
6
5.4 0.9
4.6 0.4
3.9
Karusel Lenta O'Key
1.1 hypermarkets
2
1.3
0.7
0.8 0.0 Comparable LfL traffic in 2018,%
0.4
-3.2
-4.3
2016 2017 2018
-3.1
Karusel
O'Key -4.8
Lenta hypermarkets Karusel Lenta O'Key
Food inflation hypermarkets
Lfl sales growth is slowing in supermarkets and convenience stores. While most of them demonstrate
positive LfL traffic growth, revenue is mostly being generated by new store openings
Comparable sales LfL,% Comparable average LfL check in 2018,%
1.2
0.5
65.5
0.4 0.4
52.0
-1
12.7
Da!
Magnit
Pyaterochka
Perekrestok
supermarkets
9.1 10.1
6.4 5.9
Lenta
4.6
6 4.6
5.5 1.9 0.9
1.2
2.4 1.1
-3.1 Comparable LfL traffic in 2018,%
-5.5
9.5
2016 2017 2018 6.2
0.4 1.6
Da! Pyaterochka
-2.1
Da!
Magnit
Pyaterochka
Perekrestok
supermarkets
Perekrestok Lenta
supermarket
Lenta
Magnit Food inflation
10 Sources: Retailers reports, PwC analysisMost hypermarkets are now
experiencing negative LfL traffic.
Retailers that traditionally relied on
hypermarket format are now tending
to shift their focus to smaller formats
in response to changing consumer
behaviour.
O’KEY is developing a new compact
urban hypermarket format (3,000-
7,000 m2 stores). They are find that
such stores are up to 10% more
effective than their traditional
hypermarkets. With the loss of
revenue due to the closing of
hypermarkets in 2018, they are
actively developing the DA! Discount
chain and planning about 170 new
openings of this format.
The second important strategic
priority is finding effective and
innovative ways to create a better
customer experience through loyalty
programmes and omni-ecosystems.
For example, Auchan is planning to
launch a loyalty programme in 2019
and focus on developing an e-
commerce channel. The X5 Retail
Group is testing online channels
through Perekrestok and plans to
offer multi-channel sales through
other chains. Magnit believes that its
future is not as an e-commerce store,
but as an online space that provides
a portfolio of services.
Both small format retailers and
hypermarkets are prioritising cost
optimisation and a better customer
experience. Both of these issues are
key success factors in the current
market environment.
Smaller formats have become more
popular among Russian consumers
and most retailers report positive
traffic growth in these formats,
although their LfL sales are still under
pressure.
The main challenge for retailers is
improving operational efficiency,
including reducing losses and staff
turnover, adopting innovative
solutions and automating key
business processes. This is not just
about in-store technology. For
example, Magnit and Headhunter
launched automated system for staff
recruitment, which helped to select
25% of potentially suitable
candidates.
11Key news for 2018
Management
Deputy Prime Minister Dmitry Kozak was assigned Kaufland); Pavel Remezov, real estate (Lenta, OBI,
to oversee the retail sector among other areas Metro Cash & Carry); Niksha Nekich, domestic
production (Kaufland); Tino Andjich, strategic
Magnit
marketing (Leo Burnett, WPP and J. Walter
• Olga Naumova (former CEO of Pyaterochka) Thompson); and Dinko Gadzhev, fruit & vegetables
became CEO at Magnit commercial directory (Kaufland)
• Vladimir Sorokin (former CEO of Perekrestok) Azbuka Vkusa
became deputy CEO at Magnit
• Khachatur Pombuhchan (former CEO of Magnit)
• Valeryia Solok became the leader of the joined the board of directors of Azbuka Vkusa
Zdorovy’e project at Magnit (previously director of
• Vadim Dolgov became president of Azbuka
real estate management at Magnit and CEO of
Vkusa (previously vice-president of AV Market
the 36.6 pharmacy chain)
format
Lenta
X5 Retail Group
• Jan Dunning (former CEO of Lenta) was
• Sergey Goncharov (former head of Magnit
appointed president at Magnit and replaced by
Cosmetic) became CEO of Pyaterochka
German Tinga, former CFO of Lenta
• Rinat Muhametvaleev (former CEO of Galamart)
• Rud Pedersen (former CFO of Carlsberg Eastern
was appointed CFO of Perekrestok
Europe) became CFO of Lenta
• Vladislav Kurbatov was appointed CEO of
• Dmitry Bogod (former associate partner of
Perekrestok (previously operational director)
McKinsey & Co) was appointed Lenta strategy
director Other retailers
O’KEY • Oleg Paroev became the new CEO of
McDonald’s, previously CFO of McDonald’s
• O‘KEY Group Board of Directors appointed Armin
Burger as the new CEO of the retail network • Oleg Minaev (former CEO of Karcher Russia)
became new CEO of KupiVIP
• O’KEY welcomed five new senior managers:
Martin Piterak, operational director (Ahold and
Strategy
Metro returned to the cash & carry format and Auchan plans to build two hypermarkets in 2019
made the wholesale price available on the shelf for and intensify focus on ultra-proxy store formats.
all. The Real supermarket chain is for sale.
Pyaterochka is shifting to a new management
The X5 Retail Group plans to slow the growth of model with five macro regions whose directors will
new stores and concentrate on three key formats, report directly to the CEO. Each macro region
while continuing to develop the online segment includes two-four territorial divisions.
starting with Click&Collect in Pyaterochka.
O’KEY plans to reduce the size of its hypermarkets
Magnit sought to consolidate more than half of its and focus on optimisation rather than on the
stores in renewed formats, expand the range of opening of new large format stores. The DA!
products and services and move away from discount chain is expected to drive development.
traditional food retail in collaboration with partners,
while planning to double sales from private labels.
Deals & partnerships
Magnit and Russian Post have signed an M.Video made a deal to acquire Eldorado.
agreement to cooperate on logistics and retail.
Chains Bristol, Krasnoe & Beloe and Dixy agreed to
Azbuka Vkusa began to cooperate with Apple by consolidate.
selling Apple products in-store.
VTB sold its 11.8% share in Magnit to Marafon
Magnit’s board of directors agreed to buy the SIA Group (established by A1 former associates).
Group, a pharmaceuticals distributor, for RUB
DIXY is no longer a public joint stock company and
5.7bn.
has changed its name from PAO Dixy Group.
Sources: Retailers reports, mass media, PwC analysis
12Key news for 2018 year
New formats
Perekrestok announced the launch of a kitchen Auchan presented a new store concept with
factory project worth RUB 3.5bn that has no updated designs, brand new colour schemes,
analogues in Russia yet and opened its first dark equipment and product assortments and switched
store supermarket. from vertical to semi-vertical and spot goods outlay.
Magnit started to test cafeterias inside its stores. Lamoda announced its first offline store, Lamoda
Market, located in Moscow (Atrium Mall).
Perekrestok has launched a marketplace for
perishable goods in Moscow and Saint Petersburg. Detskiy Mir launched a new format store that sells
Suppliers have to deliver products within 5-10 large goods (such as prams) in Moscow.
hours to the store of the customer’s choice
Leroy Merlin announced the opening of a dark-
Vkusvill launched a pilot project, Tilsy, to deliver store format hypermarket in Saint Petersburg in
highly perishable goods to retail chains. 2019 and opened the Leroy Merlin Market initially
Perekrestok is the first client. for four categories of home appliances.
Vkusvill is testing the micro format, installing IKEA is experimenting with new small formats
vending machines in office centres and presented as design studios with popular
underground stations. The chain is planning to categories of goods such as kitchens and closets.
cover every station in the Moscow Central Circle The new store is available in Saint Petersburg and
with vending machines placed right next to Coffee expected to expand to other areas.
House small-format coffee machines.
M.Video opened its first compact stores (M_Mobile)
Magnit has decided against developing the that sell smartphones, SIM-cards, gadgets and
hypermarket format and controversially plans to related products.
open ultra-small format shops.
Magnit started a pilot project to open stores in
Russia Post offices in Moscow, Krasnodar Region
and Ryazan Region.
New on the market
Odnoklassniki launched an online store for Chinese Alibaba Group, the Russian Direct Investment Fund,
goods with more than 3m products in 20 categories. Mail.ru Group and Megafon have collaborated
Aliexpress Russia, an e-commerce project with
Vkontakte launched an Internet store with private
plans to lead the Russian online market.
labeled clothing and souvenirs with different delivery
types. Xiaomi has launched Mi.com, a trading platform, as
it seeks to strengthen its position on the Russian
The Chinese marketplace Tmall started selling DIY,
market.
home improvement and repair goods in Russia,
starting with 250 labels and planning to expand to Alexander Kolobov, owner of Shokoladnitsa, has
4,000 labels in the second half of the year. partnered with Igor Sosin (Starik Khottabych, OBI)
to launch a chain of grocery stores with cafe zones.
Instamart is expanding delivery services for
purchases from stores in Ekaterinburg, Kazan, Perekrestok has launched Uhtushky, its first private
Nizhniy Novgorod and Novosibirsk. label brand of products for children aged 4 to 7.
Sberbank is planning to open pickup points for
online purchases at its bank branches.
Yandex and Sberbank launched a beta-version of
Bringly, a new cross-border marketplace with Zilyan
Group (Turkey). The project has more than 200
shoe brands in its portfolio.
Sberbank and Yandex launched Beru marketplace;
Yandex Market opened its first regional logistics
complex in Rostov Region to process Beru orders.
Technology
Perekrestok has released a mobile application for X5 Retail Group launched a laboratory at a
purchases with self-scan technology which could Pyaterochka store to test digital technology,
help increase the average receipt up to 77%. including e-price tags, video analytics, smart LED
shelves and self-scan technology. The most
Magnit completed testing machine learning
effective technologies are implemented in chain
technology that helps to forecast demand for
stores.
consumer goods up to 3-5% more accurately and
expects to increase revenue up to RUB 4bn. MVideo-Eldorado Group opened a competency
center specialised in data science and expects to
increase revenue up to RUB 5bn.
Sources: Retailers reports, mass media, PwC analysis
13Key contact
Martijn Peeters
Partner
Retail & Consumer Leader
martijn.peeters@pwc.com
+7 (495) 967 61 44
14www.pwc.ru PwC Russia (www.pwc.ru) provides industry-focused assurance, tax, legal and business consulting services. Over 2,500 professionals working in PwC offices in Moscow, St Petersburg, Ekaterinburg, Kazan, Novosibirsk, Rostov-on-Don, Krasnodar, Voronezh, Vladikavkaz and Ufa share their thinking, experience and solutions to develop fresh perspectives and practical advice for our clients. The global network of PwC firms brings together more than 236,000 people in 158 countries. * PwC refers to OOO PricewaterhouseCoopers Advisory, or, as the context requires, other member firms of PricewaterhouseCoopers International Limited, each of which is a separate legal entity. © 2019 OOO PricewaterhouseCoopers Advisory. All rights reserved.
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