Press-release
Krasnodar
August 26, 2014
OJSC "Magnit" Announces Reviewed 1H 2014 Results
Krasnodar, August 26, 2014: OJSC "Magnit", Russia's largest
retailer (the "Company"; MICEX and LSE: MGNT) announces its reviewed 1H 2014
results prepared in accordance with IFRS.
During 1H 2014 the Company added (net) 525 stores (414 convenience
stores, 8 hypermarkets, 11 "Magnit Family" stores and 92 drogeries) and
increased its selling space by 16.05% in comparison to 1H 2013 from 2,748.09
thousand sq. m. to 3,189.21 thousand sq. m. The total store base as of June
30, 2014 reached 8,618 stores (7,614 convenience stores, 169 hypermarkets, 57
"Magnit Family" stores and 778 drogeries).
Revenue increased by 27.93% YoY from 272,838.04 million RUR in 1H
2013 to 349,047.11 million RUR in 1H 2014. The top line growth was due to an
increase in selling space as well as to a 10.63% increase of like-for-like
sales.
Gross margin grew from 27.26% in 1H 2013 to 27.83% in 1H 2014.
Gross profit increased by 30.60% from 74,377.21 million RUR to 97,134.52
million RUR.
EBITDA increased by 32.41% from 27,603.07 million RUR in 1H 2013 to
36,549.60 million RUR in 1H 2014. EBITDA margin in 1H 2014 amounted to 10.47%,
which is 35 b.p. higher than 1H 2013 (10.12%). EBITDA margin in the 2Q of 2014
was 11.71%.
1H 2014 net income increased by 34.68% and amounted to 19,588.07
million RUR vs. 14,544.22 million RUR in 1H 2013. Net income margin for 1H
2014 was 5.61%.
Key figures presented in this press-release are immaterially higher
compared to numbers under management accounts announced by the Company on July
23, 2014. Thus, according to the reviewed results for the 1H 2014 Net Income
margin is higher by 4 bp.
2Q and 1H 2014 Key Operating Highlights:
2Q 2014 2Q 2013 Growth Rate 1H 2014 1H 2013 Growth Rate
Number of opened stores, NET 362 341 n/a 525 532 n/a
convenience stores 273 343 n/a 414 506 n/a
hypermarkets 4 6 n/a 8 12 n/a
magnit family 7 5 n/a 11 6 n/a
drogeries 78 (13) n/a 92 8 n/a
Total number of stores 8,618 7,416 n/a 8,618 7,416 n/a
convenience stores 7,614 6,552 n/a 7,614 6,552 n/a
hypermarkets 169 138 n/a 169 138 n/a
magnit family 57 26 n/a 57 26 n/a
drogeries 778 700 n/a 778 700 n/a
Selling space growth, th. sq.m. 120.60 118.21 n/a 177.83 198.84 n/a
convenience stores 83.95 99.18 n/a 121.46 151.92 n/a
hypermarkets 11.01 15.62 n/a 21.66 35.47 n/a
magnit family 8.95 5.38 n/a 13.77 6.83 n/a
drogeries 16.70 (1.97) n/a 20.95 4.61 n/a
Selling space, eop, th. sq. m. 3,189.21 2,748.09 16.05% 3,189.21 2,748.09 16.05%
convenience stores 2,433.66 2,129.38 14.29% 2,433.66 2,129.38 14.29%
hypermarkets 504.54 423.09 19.25% 504.54 423.09 19.25%
magnit family 67.03 31.19 114.94% 67.03 31.19 114.94%
drogeries 183.99 164.44 11.89% 183.99 164.44 11.89%
Number of customers, million 737.81 619.62 19.08% 1,400.48 1,182.63 18.42%
convenience stores 647.16 554.28 16.76% 1,229.92 1,059.74 16.06%
hypermarkets 59.88 47.80 25.27% 112.96 89.93 25.60%
magnit family 13.87 6.50 113.29% 25.41 12.09 110.22%
drogeries 16.90 11.03 53.26% 32.19 20.88 54.19%
LFL Results
Formats 2Q 2014 - 2Q 2013[1]
# of Stores Average Ticket Traffic Sales
Convenience Stores 5,990 9.00% 2.93% 12.20%
Hypermarkets 135 8.13% 6.37% 15.02%
Magnit Family 23 9.47% 9.99% 20.40%
Drogeries 590 3.61% 40.58% 45.65%
Total 6,738 9.16% 3.91% 13.43%
Formats 1H 2014 - 1H 20131
# of Stores Average Ticket Traffic Sales
Convenience Stores 5,881 7.23% 1.90% 9.26%
Hypermarkets 135 6.37% 5.55% 12.28%
Magnit Family 23 7.51% 9.96% 18.22%
Drogeries 556 3.05% 45.11% 49.54%
Total 6,595 7.46% 2.95% 10.63%
2Q[2] and 1H 2014 Key Financial Results[3]
2Q 2014 2Q 2013 Growth Rate 1H 2014 1H 2013 Growth Rate
Net sales, mn RUR 185,056.98 141,598.12 30.69% 349,047.11 272,838.04 27.93%
convenience stores 140,961.74 111,116.10 26.86% 266,982.05 215,261.33 24.03%
hypermarkets 34,418.47 25,687.12 33.99% 64,008.30 48,358.02 32.36%
magnit family 5,628.16 2,267.66 148.19% 10,081.71 4,203.45 139.84%
drogeries 3,943.55 2,511.80 57.00% 7,831.68 4,977.77 57.33%
wholesale 105.08 15.43 n/a 143.38 37.47 n/a
Net sales, mn US$[4] 5,287.36 4,479.11 18.04% 9,978.59 8,796.43 13.44%
convenience stores 4,027.49 3,514.89 14.58% 7,632.51 6,940.13 9,98%
hypermarkets 983.39 812.55 21.03% 1,829.88 1,559.09 17.37%
magnit family 160.80 71.73 124.17% 288.22 135.52 112.68%
drogeries 112.67 79.45 41.81% 223.89 160.49 39.50%
wholesale 3.00 0.49 n/a 4.10 1.21 n/a
Gross profit, mn RUR 52,468.57 39,306.86 33.48% 97,134.52 74,377.21 30.60%
Gross profit, mn US$ 1,499.11 1,243.38 20.57% 2,776.89 2,397.96 15.80%
Gross margin, % 28.35% 27.76% n/a 27.83% 27.26% n/a
EBITDAR, mn RUR 26,488.74 18,984.44 39.53% 45,819.47 34,526.07 32.71%
EBITDAR, mn US$ 756.82 600.53 26.03% 1,309.89 1,113.14 17.68%
EBITDAR margin, % 14.31% 13.41% n/a 13.13% 12.65% n/a
EBITDA, mn RUR 21,670.10 15,388.98 40.82% 36,549.60 27,603.07 32.41%
EBITDA, mn US$ 619.15 486.79 27.19% 1,044.88 889.94 17.41%
EBITDA margin, % 11.71% 10.87% n/a 10.47% 10.12% n/a
EBIT, mn RUR 17,334.02 11,880.18 45.91% 28,060.24 20,850.02 34.58%
EBIT, mn US$ 495.26 375.80 31.79% 802.19 672.21 19.34%
EBIT margin, % 9.37% 8.39% n/a 8.04% 7.64% n/a
Net income, mn RUR 12,599.84 8,388.07 50.21% 19,588.07 14,544.22 34.68%
Net income, mn US$ 360.00 265.34 35.67% 559.99 468.91 19.42%
Net income margin, % 6.81% 5.92% n/a 5.61% 5.33% n/a
Note: net revenue in US$ terms is calculated using the daily
exchange rate.
For further information, please contact:
Timothy Post Director, Investor Relations
Email: post@magnit.ru
Office: +7-861-277-4554 x 17600
Mobile: +7-961-511-7678
Direct Line: +7-861-277-4562
Dina Svishcheva Deputy Director, Investor Relations
Email: Chistyak@magnit.ru
Office: +7-861-277-45-54 x 15101
Mobile: +7-961-511-0202
Direct Line: +7-861-277-4562
Company description:
Magnit is Russia's largest food retailer. Founded in 1994, the
company is headquartered in the southern Russian city of Krasnodar. As of June
30, 2014, Magnit operated 24 distribution centers and over 8,600 stores (7,614
convenience, 226 hypermarkets, and 778 drogeries) in approximately 2,000
cities and towns throughout 7 federal regions of the Russian Federation.
In accordance with the reviewed IFRS consolidated financial
statements for 1H 2014, Magnit had revenues of $9,979 million USD and an
EBITDA of $1,045 million USD. Magnit's local shares are traded on the Moscow
Stock Exchange (MICEX: MGNT) and its GDRs on the London Stock Exchange (LSE:
MGNT) and it has a credit rating from Standard & Poor's of BB. Measured by
market capitalization, Magnit is one of the largest retailers in Europe.
---------------------------------
[1] LFL calculation base includes stores (all formats), which have
been opened 12 months prior to the last month of the reporting period. i.e. by
June 1, 2013.
[2] Management accounts
[3] Please follow the link to view 1H 2014 financial report
http://magnit-info.ru/en/investors/finance/
[4] Based on the average exchange rate for 2Q 2014 - 34.9999 RUB per 1 USD, 2Q
2013 - 31.6130 RUB per 1 USD, 1H 2014 - 34.9796 RUB per 1 USD, 1H 2013 -
31.0169 RUB per 1 USDOJSC MAGNIT - 1H 2014 IFRS Financial Results (Reviewed by Auditors)
© 2014 PR Newswire
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