Press-release
Krasnodar
March 25, 2015
PJSC "Magnit" Announces Audited FY 2014 Results
Krasnodar, March 25, 2015: PJSC "Magnit", Russia's largest retailer
(the "Company"; MOEX and LSE: MGNT) announces its audited FY 2014 results
prepared in accordance with IFRS.
During 2014 the Company added (net) 1,618 stores (1,144 convenience
stores, 29 hypermarkets, 51 "Magnit Family" stores and 394 drogerie stores)
and increased its selling space by 19.24% in comparison to 2013 from 3,011.38
thousand sq. m. to 3,590.64 thousand sq. m. The total store base as of
December 31, 2014 reached 9,711 stores (8,344 convenience stores, 190
hypermarkets, 97 "Magnit Family" stores and 1,080 drogerie stores).
Revenue increased by 31.71% YoY from 579,694.88 million RUR in 2013
to 763,527.25 million RUR in 2014. The top line growth was due to an increase
in selling space as well as to a 14.47% increase of like-for-like sales.
Gross margin grew from 28.51% in 2013 to 28.88% in 2014. Gross
profit increased by 33.44% from 165,262.99 million RUR to 220,520.56 million
RUR.
EBITDA increased by 32.74% from 64,721.23 million RUR in 2013 to
85,909.67 million RUR in 2014. EBITDA margin in 2014 amounted to 11.25%.
EBITDA margin in the 4Q of 2014 was 11.46%. Net Debt / EBITDA ratio (in ruble
terms) for 2014 amounted to 0.91.
2014 net income increased by 33.87% and amounted to 47,685.84
million RUR vs. 35,620.38 million RUR in 2013. Net income margin for 2014 was
6.25%.
Key figures presented in this press-release are immaterially higher
compared to numbers under management accounts announced by the Company on
January 27, 2015. Thus, according to the audited FY 2014 results EBITDAR,
EBITDA, EBIT and Net Income margins are higher by 5 b. p.
4Q and FY 2014 Key Operating Highlights:
4Q 2014 4Q 2013 Growth Rate 12М 2014 12М 2013 Growth Rate
Number of opened stores, NET 691 447 n/a 1,618 1,209 n/a
convenience stores 453 417 n/a 1,144 1,154 n/a
hypermarkets 15 13 n/a 29 35 n/a
magnit family 29 16 n/a 51 26 n/a
drogerie stores 194 1 n/a 394 (6) n/a
Total number of stores 9,711 8,093 n/a 9,711 8,093 n/a
convenience stores 8,344 7,200 n/a 8,344 7,200 n/a
hypermarkets 190 161 n/a 190 161 n/a
magnit family 97 46 n/a 97 46 n/a
drogerie stores 1,080 686 n/a 1,080 686 n/a
Selling space, eop, th. sq. m. 3,590.64 3,011.38 19.24% 3,590.64 3,011.38 19.24%
convenience stores 2,673.31 2,312.20 15.62% 2,673.31 2,312.20 15.62%
hypermarkets 559.09 482.88 15.78% 559.09 482.88 15.78%
magnit family 109.07 53.26 104.78% 109.07 53.26 104.78%
drogerie stores 249.17 163.04 52.83% 249.17 163.04 52.83%
Selling space growth, th. sq.m. 263.64 169.99 n/a 579.26 462.12 n/a
convenience stores 153.60 116.46 n/a 361.11 334.74 n/a
hypermarkets 37.11 34.43 n/a 76.21 95.26 n/a
magnit family 30.24 17.83 n/a 55.81 28.91 n/a
drogerie stores 42.69 1.27 n/a 86.13 3.21 n/a
Number of customers, million 785.28 656.92 19.54% 2,944.12 2,465.05 19.43%
convenience stores 676.19 579.17 16.75% 2,567.15 2,193.87 17.01%
hypermarkets 64.50 53.45 20.67% 237.59 193.06 23.06%
magnit family 19.67 9.57 105.68% 60.93 29.60 105.86%
drogerie stores 24.91 14.73 69.18% 78.45 48.52 61.68%
LFL Results
Formats 4Q 2014 - 4Q 2013[1]
# of Stores Average Ticket Traffic Sales
Convenience Stores 6,634 12.82% 3.77% 17.07%
Hypermarkets 152 10.83% 5.06% 16.43%
Magnit Family 34 11.96% 6.76% 19.53%
Drogerie Stores 591 5.49% 23.08% 29.84%
Total 7,411 12.41% 4.33% 17.28%
Formats 12M 2014 - 12M 20134
# of Stores Average Ticket Traffic Sales
Convenience Stores 6,014 9.81% 3.68% 13.85%
Hypermarkets 152 7.98% 5.63% 14.05%
Magnit Family 33 9.28% 8.87% 18.97%
Drogerie Stores 500 3.76% 35.69% 40.79%
Total 6,699 9.58% 4.47% 14.47%
4Q[2] and FY 2014 Key Financial Results, million RUR[3]
4Q 2014 4Q 2013 Growth Rate FY 2014 FY 2013 Growth Rate
Net sales 220,852.25 162,515.22 35.90% 763,527.25 579,694.88 31.71%
convenience stores 163,402.85 123,796.88 31.99% 577,75.77 450,801.48 28.17%
hypermarkets 41,305.33 31,180.71 32.47% 139,655.12 106,175.58 31.53%
magnit family 9,023.09 3,695.40 144.17% 25,533.74 10,678.07 139.12%
cosmetics stores 6,701.76 3,794.01 76.64% 19,756.68 11,873.35 66.40%
wholesale 419.21 48.21 n/a 805.94 166.40 n/a
Gross profit 65,044.14 48,602.93 33.83% 220,520.56 165,262.99 33.44%
Gross margin, % 29.45% 29.91% n/a 28.88% 28.51% n/a
EBITDAR 31,251.81 24,483.46 27.64% 106,483.50 79,678.33 33.64%
EBITDAR margin, % 14.15% 15.07% n/a 13.95% 13.74% n/a
EBITDA 25,302.11 20,315.55 24.55% 85,909.67 64,721.23 32.74%
EBITDA margin, % 11.46% 12.50% n/a 11.25% 11.16% n/a
EBIT 20,615.00 16,488.07 25.03% 68,300.00 50,536.88 35.15%
EBIT margin, % 9.33% 10.15% n/a 8.95% 8.72% n/a
Net income 13,793.19 11,790.47 16.99% 47,685.84 35,620.38 33.87%
Net income margin, % 6.25% 7.25% n/a 6.25% 6.14% n/a
4Q[4] and FY 2014 Key Financial Results, US$[5] million[6]
4Q 2014 4Q 2013 Growth Rate FY 2014 FY 2013 Growth Rate
Net sales 4,656.94 4,995.33 (6.77)% 19,872.29 18,201.92 9.18%
convenience stores 3,445.55 3,805.22 (9.45)% 15,037.75 14,154.78 6.24%
hypermarkets 870.97 958.42 (9.12)% 3,634.80 3,333.82 9.03%
magnit family 190.26 113.59 67.50% 664.57 335.28 98.21%
cosmetics stores 141.31 116.62 21.18% 514.21 372.81 37.93%
wholesale 8.84 1.48 n/a 20.98 5.22 n/a
Gross profit 1,371.54 1,493.94 (8.19)% 5,739.49 5,189.12 10.61%
Gross margin, % 29.45% 29.91% n/a 28.88% 28.51% n/a
EBITDAR 658.98 752.56 (12.43)% 2,771.45 2,501.83 10.78%
EBITDAR margin, % 14.15% 15.07% n/a 13.95% 13.74% n/a
EBITDA 533.53 624.45 (14.56)% 2,235.97 2,032.19 10.03%
EBITDA margin, % 11.46% 12.50% n/a 11.25% 11.16% n/a
EBIT 434.69 506.80 (14.23)% 1,777.64 1,586.81 12.03%
EBIT margin, % 9.33% 10.15% n/a 8.95% 8.72% n/a
Net income 290.85 362.41 (19.75)% 1,241.12 1,118.45 10.97%
Net income margin, % 6.25% 7.25% n/a 6.25% 6.14% n/a
Note: net revenue in US$ terms is calculated using the average
exchange rate for the period.
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
December 31, 2014, Magnit operated 27 distribution centers and over 9,700
stores (8,344 convenience, 287 hypermarkets, and 1,080 drogerie stores) in
approximately 2,100 cities and towns throughout 7 federal regions of the
Russian Federation.
In accordance with the audited IFRS consolidated financial
statements for 2014, Magnit had revenues of RUB 764 billion and an EBITDA of
RUB 86 billion. Magnit's local shares are traded on the Moscow Stock Exchange
(MOEX: 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
December 1, 2013.
[2] Unaudited results
[3] Please follow the link to view FY 2014 financial report
http://ir.magnit.com/en/financial-reports/
[4] Unaudited results
[5] Based on the average exchange rate for 4Q 2014 - 47.4243 RUB per 1 USD, 4Q
2013 - 32.5334 RUB per 1 USD, 12M 2014 - 38.4217 RUB per 1 USD, 12M 2013 -
31.8480 RUB per 1 USD
[6] Please follow the link to view FY 2014 financial report
http://ir.magnit.com/en/financial-reports/PJSC MAGNIT - Audited FY 2014 Financial Results
© 2015 PR Newswire
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