Press-release
Krasnodar
October 24, 2014
PJSC "Magnit" Announces Unaudited 9M 2014 Results
Krasnodar, October 24, 2014: PJSC "Magnit", Russia's largest
retailer (the "Company"; MICEX and LSE: MGNT) announces its unaudited 9M 2014
results prepared in accordance with IFRS[1].
During 9M 2014 the Company added (net) 927 stores (691 convenience
stores, 14 hypermarkets, 22 "Magnit Family" stores and 200 cosmetics stores)
and increased its selling space by 17.09% in comparison to 9M 2013 from
2,841.39 thousand sq. m. to 3,327.00 thousand sq. m. The total store base as
of September 30, 2014 reached 9,020 stores (7,891 convenience stores, 175
hypermarkets, 68 "Magnit Family" stores and 886 cosmetics stores).
Revenue increased by 30.08% YoY from 417,179.66 million RUR in 9M
2013 to 542,675.00 million RUR in 9M 2014. The top line growth was due to an
increase in selling space as well as to a 13.12% increase of like-for-like
sales.
Gross margin grew from 27.96% in 9M 2013 to 28.65% in 9M 2014.
Gross profit increased by 33.27% from 116,660.06 million RUR to 155,476.42
million RUR.
EBITDA increased by 36.49% from 44,405.68 million RUR in 9M 2013 to
60,607.56 million RUR in 9M 2014. EBITDA margin in 9M 2014 amounted to 11.17%,
which is 53 b.p. higher than 9M 2013 (10.64%). EBITDA margin in the 3Q of 2014
was 12.42%.
9M 2014 net income increased by 42.23% and amounted to 33,892.65
million RUR vs. 23,829.90 million RUR in 9M 2013. Net income margin for 9M
2014 was 6.25%.
Sergey Galitskiy, the Company's CEO, provided the following
comments on the published results:
"The 3rd quarter was a challenging time for the business units of
the company responsible for Logistics and Purchasing. A lot of effort was
focused on achieving a high "service level" for food deliveries to our stores.
We have a strong team and as a result, we managed to adapt to the changing
conditions, in as short a time as possible, which resulted in a strong
performance in the 3rd quarter. I would like to thank my management team for
doing a great job in the rapidly changing market conditions".
3Q and 9M 2014 Key Operating Highlights:
3Q 2014 3Q 2013 Growth Rate 9М 2014 9М 2013 Growth Rate
Number of opened stores, NET 402 230 n/a 927 762 n/a
convenience stores 277 231 n/a 691 737 n/a
hypermarkets 6 10 n/a 14 22 n/a
magnit family 11 4 n/a 22 10 n/a
drogeries 108 (15) n/a 200 (7) n/a
Total number of stores 9,020 7,646 n/a 9,020 7,646 n/a
convenience stores 7,891 6,783 n/a 7,891 6,783 n/a
hypermarkets 175 148 n/a 175 148 n/a
magnit family 68 30 n/a 68 30 n/a
drogeries 886 685 n/a 886 685 n/a
Selling space growth, th. sq.m. 137.79 93.30 n/a 315.62 292.14 n/a
convenience stores 86.05 66.36 n/a 207.51 218.28 n/a
hypermarkets 17.44 25.36 n/a 39.10 60.83 n/a
magnit family 11.80 4.25 n/a 25.57 11.08 n/a
drogeries 22.49 (2.67) n/a 43.44 1.95 n/a
Selling space, eop, th. sq. m. 3,327.00 2,841.39 17.09% 3,327.00 2,841.39 17.09%
convenience stores 2,519.71 2,195.74 14.75% 2,519.71 2,195.74 14.75%
hypermarkets 521.98 448.45 16.40% 521.98 448.45 16.40%
magnit family 78.83 35.44 122.47% 78.83 35.44 122.47%
drogeries 206.48 161.77 27.63% 206.48 161.77 27.63%
Number of customers, million 758.35 625.49 21.24% 2,158.82 1,808.12 19.40%
convenience stores 661.02 554.95 19.11% 1,890.94 1,614.69 17.11%
hypermarkets 60.13 49.68 21.05% 173.08 139.61 23.98%
magnit family 15.85 7.95 99.45% 41.26 20.03 105.95%
drogeries 21.35 12.92 65.24% 53.54 33.80 58.42%
LFL Results
Formats 3Q 2014 - 3Q 2013[2]
# of Stores Average Ticket Traffic Sales
Convenience Stores 6,179 10.86% 5.74% 17.21%
Hypermarkets 147 7.63% 6.38% 14.49%
Magnit Family 29 9.12% 9.90% 19.93%
Drogeries 591 3.44% 35.59% 40.25%
Total 6,946 10.13% 6.43% 17.21%
Formats 9M 2014 - 9M 20134
# of Stores Average Ticket Traffic Sales
Convenience Stores 5,814 8.56% 3.42% 12.27%
Hypermarkets 146 6.78% 5.80% 12.97%
Magnit Family 29 8.14% 9.94% 18.88%
Drogeries 529 3.40% 41.22% 46.03%
Total 6,518 8.42% 4.33% 13.12%
3Q and 9M 2014 Key Financial Results, million RUR
3Q 2014 3Q 2013 Growth Rate 9M 2014 9M 2013 Growth Rate
Net sales 193,627.89 144,341.62 34.15% 542,675.00 417,179.66 30.08%
convenience stores 147,390.87 111,743.27 31.90% 414,372.92 327,004.60 26.72%
hypermarkets 34,341.49 26,636.85 28.92% 98,349.79 74,994.86 31.14%
magnit family 6,428.94 2,779.21 131.32% 16,510.65 6,982.67 136.45%
cosmetics stores 5,223.24 3,101.58 68.41% 13,054.92 8,079.35 61.58%
wholesale 243.35 80.71 201.51% 386.73 118.18 227.24%
Gross profit 58,341.90 42,282.85 37.98% 155,476.42 116,660.06 33.27%
Gross margin, % 30.13% 29.29% n/a 28.65% 27.96% n/a
EBITDAR 29,412.22 20,668.81 42.30% 75,231.69 55,194.87 36.30%
EBITDAR margin, % 15.19% 14.32% n/a 13.86% 13.23% n/a
EBITDA 24,057.96 16,802.61 43.18% 60,607.56 44,405.68 36.49%
EBITDA margin, % 12.42% 11.64% n/a 11.17% 10.64% n/a
EBIT 19,624.76 13,198.79 48.69% 47,685.00 34,048.81 40.05%
EBIT margin, % 10.14% 9.14% n/a 8.79% 8.16% n/a
Net income 14,304.58 9,285.68 54.05% 33,892.65 23,829.90 42.23%
Net income margin, % 7.39% 6.43% n/a 6.25% 5.71% n/a
3Q and 9M 2014 Key Financial Results, US$ million[3]
3Q 2014 3Q 2013 Growth Rate 9M 2014 9M 2013 Growth Rate
Net sales 5,350.18 4,400.97 21.57% 15,335.09 13,194.79 16.22%
convenience stores 4,072.59 3,407.05 19.53% 11,709.49 10,342.68 13.22%
hypermarkets 948.90 812.16 16.84% 2,779.20 2,371.98 17.17%
magnit family 177.64 84.74 109.63% 466.56 220.85 111.26%
cosmetics stores 144.32 94.57 52.61% 368.91 255.54 44.36%
wholesale 6.72 2.46 173.17% 10.93 3.74 192.25%
Gross profit 1,612.06 1,289.20 25.04% 4,393.50 3,689.79 19.07%
Gross margin, % 30.13% 29.29% n/a 28.65% 27.96% n/a
EBITDAR 812.70 630.19 28.96% 2,125.92 1,745.73 21.78%
EBITDAR margin, % 15.19% 14.32% n/a 13.86% 13.23% n/a
EBITDA 664.75 512.31 29.76% 1,712.67 1,404.49 21.94%
EBITDA margin, % 12.42% 11.64% n/a 11.17% 10.64% n/a
EBIT 542.26 402.43 34.75% 1,347.50 1,076.91 25.13%
EBIT margin, % 10.14% 9.14% n/a 8.79% 8.16% n/a
Net income 395.25 283.12 39.61% 957.75 753.71 27.07%
Net income margin, % 7.39% 6.43% n/a 6.25% 5.71% 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
September 30, 2014, Magnit operated 25 distribution centers and over 9,020
stores (7,891 convenience, 243 hypermarkets, and 886 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] Based on management accounts
[2] 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
September 1, 2013.
[3] Based on the average exchange rate for 3Q 2014 - 36.1909 RUB per 1 USD, 3Q
2013 - 32.7977 RUB per 1 USD, 9M 2014 - 35.3878 RUB per 1 USD, 9M 2013 -
31.6170 RUB per 1 USDPJSC MAGNIT - Magnit Unaudited 9M 2014 Financial Results
© 2014 PR Newswire
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