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PJSC Magnit Announces Audited FY 2018 Results

Dow Jones received a payment from EQS/DGAP to publish this press release.

MAGNIT PJSC (MGNT) 
PJSC 'Magnit' Announces Audited FY 2018 Results 
 
15-March-2019 / 10:00 MSK 
Dissemination of a Regulatory Announcement that contains inside information 
according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
 
PJSC "Magnit" Announces Audited FY 2018 Results 
*********************************************** 
 
Krasnodar, Russia (15 March, 2019): Magnit PJSC (MOEX and LSE: MGNT), one of 
Russia's leading retailers announces its audited FY 2018 results prepared in 
            accordance with IFRS. 
 
    Key figures presented in this press release immaterially differ from the 
  numbers under management accounts announced by Magnit on February 7, 2019. 
 
            Key operating and financial highlights for 2018: 
 
  - Revenue increased by 8.2% from 1,143 billion RUR in 2017 to 1,237 
  billion RUR in 2018. 
 
  - The company opened 2,049 stores on net basis (1,302 convenience stores, 
  731 drogerie stores and 16 supermarkets). Total store base reached 18,399 
  stores as 2018 year-end. 
 
  - Addition of selling space in 2018 amounted to 669 thousand sq. m. (or 
  11.6% growth YoY) compared to 687 thousand sq. m. in 2017. 
 
  - LFL1 sales declined (2.5%) composed of 0.1% growth of average ticket and 
  (2.6%) traffic decline, but demonstrated positive dynamics towards the end 
  of the year. 
 
  - Gross Profit2 margin in 2018 was 24.0%. Margin contraction of 136bps vs 
  previous year was a result of a combination of investments into prices, 
  higher share of wholesale segment as well as share of fresh & food segment 
  in total sales, sell off of slow-moving assortment accumulated in 2017 and 
  first half of 2018 and higher transportation costs, offset partially by 
  improved commercial terms from suppliers. 
 
  - SG&A expenses as percentage of sales improved by 59bps to 20.3%. The 
  main driver of improvement were payroll expenses due to increased 
  productivity being partly offset by higher rent and bank services. 
 
  - EBITDA3 in 2018 was 89.9 billion RUR. Full year EBITDA margin was 7.3% 
  or 75bps lower than a year ago driven by gross margin dynamics partly 
  mitigated by increased operating efficiency. 
 
  - Net finance costs decreased by 17.3% to RUR 10.3 billion compared to 
  2017 (RUR 12.5 billion) due to a reduction of interest rates despite 
  higher net debt. 
 
  - Other income was 11.1% higher in 2018 vs 2017 and reached RUR 7.8 
  billion. As a percentage of revenue it showed marginal improvement by 
  2bps. 
 
  - Income tax for 2018 was RUR 9.2 billion. Effective tax rate was 21.4% vs 
  21.8% in 2017. 
 
  - As a result, we achieved net income of RUR 33.9 billion and margin of 
  2.7% in 2018 went down YoY by 4.7% and 37bps respectively. 
 
  - Capital expenditures of RUR 53.8 billion for 2018 were 28.5% less than 
  in 2017. This was a result of lower number of openings and redesigned 
  stores and more efficient capital deployment for new store openings. 
 
  - Net cash generated from operating activities before net interest and 
  income taxes paid decreased modestly by 0.1% to RUR 78.8 billion as a 
  result of positive working capital movements offset by lower profit before 
  income tax. 
 
  - As of 31 December 2018 Net Debt was RUR 137.8 billion. Compared to the 
  end of 2017 it was RUR 29.7 billion higher due to buy-back program and 
  debt inherited with SIA acquisition. Net Debt / EBITDA was 1.5x. 
 
            Olga Naumova, Magnit's Chief Executive Officer, said: 
 
     "Magnit as a company went through many changes in 2018. After ownership 
       changes early on in 2018, a new Supervisory Board and management team 
     started work in the first half of 2018. From mid-year 2018 we started a 
         turnaround program, with many internal processes and policies being 
      introduced and implemented. At our Capital Markets Day in September we 
announced our new strategy concentrating on improving the performance of our 
      existing business. We thus embarked on several new projects laying the 
   foundation for our transformation including development our new CVP's for 
    all formats, revamping our category management, planning the launch of a 
comprehensive cross format loyalty program and developing new procedures for 
      effective inventory management. These projects are now in either pilot 
 phases or being launched and we should see positive results later this year 
            and in 2020. 
 
Despite the challenging macro environment of 2018 with slow macro growth and 
   stagnating consumer purchasing power we were able to post a top line 8.2% 
       growth for the full year, an EBITDA margin of 7.3% for 2018 and first 
  indications of LFL growth in the fourth quarter of the year. These results 
       give us a solid base for our transformation program for this year and 
   allowed us to pay dividends as well as launch a significant share buyback 
            program, which was successfully concluded in March this year. 
 
Late last year we also closed our deal of acquiring SIA, a whole sale pharma 
  business. This transaction was very important as we were able to acquire a 
    solid platform enabling our rapid growth of the highly profitable Magnit 
         Cosmetics format and the launch of our Magnit Pharmacy format. I am 
 delighted to say the initial integration of SIA into Magnit and pilots have 
gone in line with plans been and now over 2000 cosmetic stores or around 50% 
 of the total shops are already serviced through the platform and the launch 
            of our planned 2000 pharmacies has commenced successfully. 
 
  We also embarked on a major effort in launching a culture change basing it 
  on customer centricity and decentralized front office, allowing for faster 
            decision making and more localized customer value propositions. 
 
  A lot is happening at Magnit but I am confident that together with Jan and 
      our strong management team we will be successful in our transformation 
          during 2019 and will deliver on our promises in the coming years." 
 
            Financial results for FY 2018 
 
                           12M 2018  12M 2017 Change 
Net sales                 1,237,015 1,143,314   8.2% 
Convenience stores          917,853   846,113   8.5% 
Supermarkets                207,434   206,214   0.6% 
Drogerie Stores              91,563    78,786  16.2% 
Wholesale                    20,164    12,201  65.3% 
Gross Profit                296,447   289,498   2.4% 
Gross Margin, %               24.0%     25.3%    n/a 
EBITDAR                     141,140   136,967   3.0% 
EBITDAR Margin, %             11.4%     12.0%    n/a 
EBITDA                       89,931    91,644 (1.9%) 
Adjusted EBITDA4             91,429    91,644 (0.2%) 
EBITDA Margin, %               7.3%      8.0%    n/a 
Adjusted EBITDA Margin, %      7.4%      8.0%    n/a 
EBIT                         53,413    57,928 (7.8%) 
EBIT Margin, %                 4.3%      5.1%    n/a 
Profit before tax            43,072    45,424 (5.2%) 
Taxes                       (9,207)   (9,885) (6.9%) 
Net Income                   33,865    35,539 (4.7%) 
Net Income Margin, %           2.7%      3.1%    n/a 
 
   Net sales for 2018 amounted to RUR 1,216.9 billion or 7.6% higher than in 
2017 driven by new store openings of 2,049 stores (or 11.6% of selling space 
growth) and LFL sales growth of (2.5%). The main contribution to sales comes 
  from the convenience segment while strongest sales growth was demonstrated 
            by the drogerie format. 
 
  Wholesale reached RUR 20.2 billion, an increase of 65.3% compared to 2017. 
 
   Gross profit for the whole year increased by 2.4% and gross profit margin 
 for 2018 was 24.0% vs 25.3% a year ago. Gross profit margin deteriorated by 
            136bps as a result of the following factors: 
 
    - Cost of goods sold increased ahead of sales contributing 122bps of the 
            contraction: 
 
? Due to investments into prices, higher shrinkage due to created 
provisions for write-offs and increased share of fresh assortment, 
pressure from selling off the old slow moving stock and increased share of 
wholesale segment from 1.1% to 1.6% in 2018; 
 
? Partially offset by improvements in commercial terms from suppliers. 
 
      - Transportation expenses as percentage of sales increased by 14bps as 
 higher centralization ratio (89% vs 88%), reduced average distance per trip 
  (560km vs 490 km) and other operational efficiency wasn't enough to offset 
    the impact of higher fuel prices and increased external transport rates. 
 
                              12M 2018  12M 2017  Change 
Payroll and related taxes      107,833   107,806    0.0% 
as a % of Sales                   8.7%      9.4%  (0.7%) 
Rent                            51,209    45,323   13.0% 
as a % of Sales                   4.1%      4.0%    0.2% 
Depreciation & amortization     36,517    33,716    8.3% 
as a % of Sales                   3.0%      2.9%    0.0% 
Utilities                       21,274    19,591    8.6% 
as a % of Sales                   1.7%      1.7%    0.0% 
Advertising                      8,601     8,432    2.0% 
as a % of Sales                   0.7%      0.7%  (0.0%) 
Other expenses                   7,587     7,376    2.9% 
as a % of Sales                   0.6%      0.6%  (0.0%) 
Bank services                    6,059     4,466   35.7% 
as a % of Sales                   0.5%      0.4%    0.1% 
Repair and maintenance           4,421     5,041 (12.3%) 
as a % of Sales                   0.4%      0.4%  (0.1%) 
Taxes, other than income tax     3,804     3,399   11.9% 
as a % of Sales                   0.3%      0.3%    0.0% 
Packaging and raw materials      3,531     3,443    2.5% 
as a % of Sales                   0.3%      0.3%  (0.0%) 
Total SG&A                     250,837   238,593    5.1% 
as a % of Sales                  20.3%     20.9%  (0.6%) 
SG&A excl D&A                  214,319   204,877    4.6% 
as a % of Sales                  17.3%     17.9%  (0.6%) 
 
          SG&A expense as percentage of sales improved YoY by 59bps in 2018: 
 
  - Payroll related expenses decreased 71bps mainly due to increased overall 
            productivity in the Company by 10.1% 
 
     - Utilities went up only 1bp as indexation of tariffs in July 2018 were 
            almost completely offset by energy consumption reduction 
 
? Rent as percentage of sales went up by 18bps due to higher share of rented 
            space of 69.5% vs 66.4% a year ago 
 
   - Advertising costs as percentage of sales decreased 4bps due to positive 
   impact of more cost effective media channels used for promotion campaigns 
 
? Bank services as percentage of sales were higher by 10bps due to increased 
       rates for money collection which was partly offset by introduction of 
            automated deposit machines inside stores 
 
 - Maintenance expenses reduced by 8bps as a percentage of sales vs 2017 due 
            to review of suppliers and improved commercial terms 
 
As a result, operating profit for the Company was RUR 53.4 billion for 2018, 
            7.8% lower than previous year. 
 
                              12M 2018  12M 2017  Change 
Operating profit                53,413    57,928  (7.8%) 
Finance cost                   (8,926)  (12,638) (29.4%) 
FX gain / (loss)               (1,415)       134     n/a 
Profit before tax               43,072    45,424  (5.2%) 
Taxes                          (9,207)   (9,885)  (6.9%) 
Net Income                      33,865    35,539  (4.7%) 
Net Income Margin, %              2.7%      3.1%  (0.4%) 
 
   Finance costs decreased by 29.4% to RUR 8.9 billion compared to 2017 (RUR 
   12.6 billion). It is a result of lower interest rates in combination with 
   refinancing activities and lower average amount of borrowings compared to 
          previous year. The weighted average cost of debt for 2018 was 7.2% 
            (including the effect of subsidized debt). 
 
    Income tax for 2018 was RUR 9.2 billion. Effective tax rate was 21.4% vs 
            21.8% in 2017. 
 
 As a result, net income for 2018 was RUR 33.9 billion and net income margin 
            2.7%, down YoY by 4.7% and 37bps respectively. 
 
            Cash Flow Statement for FY 2018 
 
                                      12M 2018  12M 2017  Change 
Operating cash flows before working     90,434    92,262  (2.0%) 
capital changes 
Changes in working capital            (11,604)  (13,386) (13.3%) 
Net Interest and income tax paid      (14,093)  (17,868) (21.1%) 
Net cash from operating activities      64,737    61,008    6.1% 
Net cash used in investing            (53,208)  (74,195) (28.3%) 
activities 
Net cash generated / (used)            (3,119)    14,965     n/a 
from/(in) financing activities 
Net cash increase / (decrease)           8,410     1,778  373.0% 
 
The Company's cash flows from operating activities before changes in working 
    capital for 2018 equalled RUR 90.4 billion, which was RUR 1.8 billion or 
   2.0% less than a year ago. The change in working capital decreased to RUR 
        11.6 billion from RUR 13.4 billion in 2017 mainly due to inventories 
       increase as a result of assortment review, increase of trade payables 
 turnover days mainly driven by addition of SIA payables of RUR 18.1 billion 
            and overall turnover increase. 
 
    Net interest and income tax paid in 2018 decreased by RUR 3.8 billion or 
21.1% to RUR 14.1 billion. Net interest expenses reduced by 25.6% YoY to RUR 
  9.7 billion in 2018 due to lower interest rates and refinancing activities 
 held during the year supported with lower YoY average amount of borrowings. 
 Income tax paid for 2018 slightly reduced to RUR 4.4 billion with effective 
            tax rate improved to 21.4% vs 21.8% in the previous year. 
 
With this net cash flows from operating activities in 2018 increased by 6.1% 
            to RUR 64.7 billion. 
 
     Net cash used in investing activities predominantly composed of capital 
   expenditures decreased by 28.3% from RUR 74.2 billion in 2017 to RUR 53.2 
        billion in 2018. The result is attributable to lower number of store 
  openings (2,385 stores in 2018 vs 2,665 in 2017), net selling space growth 
 in 2018 was only through rent option, less refurbishments were conducted in 
 2018, decrease of advance payments and lower investments in own production. 
 
   In 2018 net cash generated from financing activities was negative RUR 3.1 
billion vs RUR 15 billion in 2017. The Company paid dividends in 2017 in the 
 amount of RUR 29.2 billion, while in 2018 dividend payments were reduced to 
  RUR 13.8 billion due to buyback program which amounted to RUR 17.7 billion 
 for the reported period. As a result, the difference is explained mainly by 
     dynamics of proceeds from borrowings, repayments of loans and a one off 
     effect related to additional issue of shares of RUR 45 billion in 2017. 
 
            Debt composition and leverage as of 31.12.2018 
 
                  12M 2018 12M 2017 Change 
Gross debt         164,573  126,460  30.1% 
Long term debt      93,736   86,338   8.6% 
Short term debt     70,837   40,122  76.6% 
Net debt           137,826  108,123  27.5% 
Net debt / EBITDA      1.5      1.2 
 
  As of 31 December 2018 Net Debt was RUR 137.8 billion. Compared to the end 
   of 2017 it was RUR 29.7 billion higher due to buyback program of RUR 17.7 
        billion and debt inherited with SIA acquisition of RUR 10.4 billion. 
   Company's debt is fully RUR denominated matching revenue structure. As of 
  year-end it was 57% long term. Net/Debt to EBITDA ratio as of year-end was 
            1.5x, below industry averages. 
 
            IFRS 16 implications 
 
   IFRS 16 came into force from the beginning of this year. The Company will 
      use the full retrospective approach. According to the new standard the 
          Company has to reconsider rent with fixed rates as financial lease 
liabilities. As a result, it reduces rent expenses at a cost of depreciation 
   and interest payments. On the balance sheet side Assets increase with new 
        rights-of-use and Liabilities with debt and lower Equity, due to the 
difference between historic rental costs and new depreciation amounts due to 
            discounting approach. 
 
 As a result of these changes the preliminary estimate for FY 2018 EBITDA is 
  about 60% increase, while Net Income is expected to drop less than 25% and 
            leverage ratio to increase to about 3.2 times. 
 
 Note the calculation of the IFRS 16 impact is preliminary. First results to 
be published under IFRS 16 will be Magnit's 1Q 2019 update on 30th of April. 
 
            SIA acquisition impact 
 
 On 27 November 2018 the Company acquired one of the largest distributors of 
     pharmaceutical products and medical goods SIA Group with the purpose of 
      developing proprietary logistic capacities and increase in performance 
            efficiency of "Magnit Cosmetic" and "Magnit Pharmacy" stores. 
 
From the date of acquisition SIA Group contributed RUR 2 billion of revenue 
and RUR 0.2 billion to profit before tax from continuing operations of the 
Group. 
 
The cost of Group purchase was RUR 5.3 billion which with negative net asset 
        at fair value of RUR 17.5 billion resulted to a goodwill of RUR 22.7 
billion. The goodwill is attributable to expected synergies arising from the 
  acquisition. The total amount of goodwill is allocated to Group activities 
under the "Magnit Cosmetic" and "Magnit Pharmacy" formats, including related 
            stores and warehouses. 
 
   At the date of acquisition, the Company had information about provisional 
        fair values for SIA Group assets and liabilities mainly composed of: 
property, plant and equipment of RUR 5.9 billion, deferred tax assets of RUR 
  2.6 billion, receivables of RUR 5 billion, inventories of RUR 2.2 billion, 
            debt of RUR 11.7 billion and payables RUR 20.7 billion. 
 
            Buyback program 
 
   In 2018 JSC "Tander" (Magnit's subsidiary company) purchased 4,760,089 of 
Magnit's shares from the open market, the cost of which amounted to RUR 17.7 
  billion. Part of this in the amount of 1,513,601 shares or RUR 5.3 billion 
            were transferred as a payment for acquiring a SIA business. 
 
   The buyback program was completed in accordance with previously announced 
    information on 1 March 2019. Total number of shares repurchased from the 
 open market was 5,897,776 or RUR 22.2 billion. As of the end of the buyback 
   program Tander's share in total Magnit's shares outstanding reached 4.3%. 
           These shares will be used for long term staff incentive purposes. 
 
            Note: 
 
1) This announcement contains inside information which is disclosed in 
accordance with the Market Abuse Regulation which came into effect on 3 
July 2016. 
 
2) Please note that there may be small variations in calculation of 
totals, subtotals and/ or percentage change due to rounding of decimals. 
 
3) Please follow the link to view FY 2018 financial report - 
http://ir.magnit.com/en/financial-reports/ [1] or 
http://www.morningstar.co.uk/uk/NSM [2]. 
 
For further information, please contact 
 
Dmitry Kovalenko Media Inquiries 
 
Director for Investor Relations Media Relations Department 
 
Email: kovalenko_dv3@magnit.ru Email: press@magnit.ru 
 
Office: +7-861-277-4554 x 46082 
 
Note to editors: 
 
Public Joint Stock Company "Magnit" is one of Russia's leading retailers. 
Founded in 1994, the company is headquartered in the southern Russian city 
of Krasnodar. As of December 31, 2018, Magnit operated 37 distribution 
centers and 18,399 stores (13,427 convenience, 467 supermarkets and 4,505 
drogerie stores) in 2,976 cities and towns throughout 7 federal regions of 
the Russian Federation. 
 
In accordance with the audited IFRS results for 2018, Magnit had revenues of 
RUB 1,237 billion and an EBITDA of RUR 90 billion. Magnit's local shares are 
traded on the Moscow 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. 
 
Forward-looking statements: 
 
This document contains forward-looking statements that may or may not prove 
accurate. For example, statements regarding expected sales growth rate and 
store openings are forward-looking statements. Forward-looking statements 
involve known and unknown risks, uncertainties and other important factors 
that could cause actual results to differ materially from what is expressed 
or implied by the statements. Any forward-looking statement is based on 
information available to Magnit as of the date of the statement. All written 
or oral forward-looking statements attributable to Magnit are qualified by 
this caution. Magnit does not undertake any obligation to update or revise 
any forward-looking statement to reflect any change in circumstances. 
 
ISIN:           US55953Q2021 
Category Code:  MSCU 
TIDM:           MGNT 
LEI Code:       2534009KKPTVL99W2Y12 
OAM Categories: 2.2. Inside information 
Sequence No.:   7827 
EQS News ID:    787949 
 
End of Announcement EQS News Service 
 
 
1: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=46f3d66bdb745807872d14285c959aa9&application_id=787949&site_id=vwd&application_name=news 
2: https://link.cockpit.eqs.com/cgi-bin/fncls.ssp?fn=redirect&url=d16e1e2c58f305fa956b4e96999f613e&application_id=787949&site_id=vwd&application_name=news 
 

(END) Dow Jones Newswires

March 15, 2019 03:00 ET (07:00 GMT)

© 2019 Dow Jones News
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