29th Mar 2010 07:00
Press-release
Krasnodar
March 29, 2010
OJSC "Magnit" announces audited FY2009 operating and financial results for the year ended December 31, 2009
Krasnodar, March 29, 2010: OJSC "Magnit" (the "Company"; RTS, MICEX and LSE: MGNT) is pleased to release its FY2009 financial results prepared in accordance with IFRS and audited by Deloitte and Touche.
During 2009 the Company added 646 stores (636 convenience stores and 10 hypermarkets) and increased its selling space by 28.70% in comparison to 2008 from 823.51 thousand sq. m. to 1,059.87 thousand sq. m. The total store base reached 3,228 stores (3,204 convenience stores and 24 hypermarkets).
Revenue in rubles increased by 27.79% YoY from 132,921.22 million RUR in 2008 to 169,860.97 million RUR in 2009. The top line growth was due to an increase in selling space as well as to a 4.14% increase of like-for-like sales (excl. VAT). Revenue growth in dollar terms amounted to 0.12%: from US$ 5,347.81 million to US$ 5,354.49 million due to significant change of US$ exchange rate.
Gross margin improved from 21.7% in 2008 to 23.5% in 2009. Gross profit in rubles increased by 38.39% from 28,820.57 million RUR (US$ 1,159.54 million) to 39,884.61 million RUR (US$ 1,257.27 million).
EBITDA increased by 61.89% from 9,983.50 million RUR (US$ 401.67 million) in 2008 to 16,162.55 million RUR (US$ 509.49 million) in 2009. Net debt/EBITDA ratio for 2009 amounted to 0.09.
2009 net income increased by 86.88% and amounted to 8,728.77 million RUR (US$ 275.15 million) vs. 4,670.69 million RUR (US$ 187.92 million) in 2008.
Sergey Galitsky, the Company's CEO, provided the following comments on the published 2009 results:
"We are satisfied by 2009 results. Despite active expansion of the Company, including record number of convenience store openings, we achieved good EBITDA margin and net profit results. Autumn offering enabled to end the year with extremely low net debt to EBITDA ratio.
In 2010 the Company will continue its active work with the operating efficiency of the business, and moreover, investments in traffic on competitive markets will become one of the Company's main focuses.
Expansion plans of the current year will demand investments within 1 billion US dollars from the Company. This amount anticipates serious efforts for our part. We will work hard to achieve the target goals".
2009 Key Operating and Financial Highlights:
|
|
2009 |
2008 |
Growth rate |
|
|
Stores opened, NET |
646 |
385 |
n/a |
|
|
Total number of stores |
3,228 |
2,582 |
n/a |
|
|
Selling space, sq. m. |
1,059,867 |
823,507 |
28.70% |
|
|
Number of customers, mn |
988.31 |
860.34 |
14.87% |
|
|
Net sales, mn RUR |
169,860.97 |
132,921.22 |
27.79% |
|
|
Net sales, mn US$ |
5,354.49 |
5,347.81 |
0.12% |
|
|
Gross profit, mn RUR |
39,884.61 |
28,820.57 |
38.39% |
|
|
Gross profit, mn US$ |
1,257.27 |
1,159.54 |
8.43% |
|
|
Gross margin, % |
23.5% |
21.7% |
n/a |
|
|
EBITDAR, mn RUR |
20,017.98 |
13,393.34 |
49.46% |
|
|
EBITDAR, mn US$ |
631.02 |
538.85 |
17.10% |
|
|
EBITDAR margin, % |
11.8% |
10.1% |
n/a |
|
|
EBITDA, mn RUR |
16,162.55 |
9,983.50 |
61.89% |
|
|
EBITDA, mn US$ |
509.49 |
401.67 |
26.84% |
|
|
EBITDA margin, % |
9.5% |
7.5% |
n/a |
|
|
EBIT, mn RUR |
12,892.41 |
7,776.45 |
65.79% |
|
|
EBIT, mn US$ |
406.40 |
312.87 |
29.90% |
|
|
EBIT margin, % |
7.6% |
5.9% |
n/a |
|
|
Net profit, mn RUR |
8,728.77 |
4,670.69 |
86.88% |
|
|
Net profit, mn US$ |
275.15 |
187.92 |
46.42% |
|
|
Net profit margin, % |
5.1% |
3.5% |
n/a |
|
|
LFL growth 2009 to 2008 |
|
|
|
|
|
|
5.75% |
|
|
|
|
|
(1.52)% |
|
|
|
|
|
4.14% |
|
|
|
Note: net revenue in US$ terms is calculated using the daily exchange rate.
Please follow the link below to view FY2009 financial report in full:
http://www.magnit-info.ru/lib_files/1096_ad8f2.pdf
For further information, please contact:
|
Oleg Goncharov |
Director, Investor Relations e-mail: [email protected] Tel. in Krasnodar +7 (861) 277-45-54, 210-98-10 ext. 5100 Mob.: +7 (903) 411-40-35 Direct line for investors only: +7 (861) 277-45-62 |
|
Dina Svishcheva |
Manager, Investor Relations e-mail: [email protected] Tel. in Krasnodar +7 (861) 277-45-54, 210-98-10 ext. 5101 Mob.: +7-961-511-02-02 Direct line for investors only: +7 (861) 277-45-62 |
Company description:
Based in Krasnodar, in the Southern region of Russia, Open Joint Stock Company "Magnit" is the holding company for a group of entities that operate in the retail trade under the "Magnit" brand. The chain of "Magnit" stores is one of the leading food retail networks in Russia. As of December 31, 2009 the chain consisted of 3,204 convenience stores and 24 hypermarkets in 1,048 locations in the Russian Federation.
Approximately two-thirds of the Company's stores are located in cities with a population of less than 500,000 inhabitants. Most of its stores are located in the Southern, Central and Volga regions. The Company also operates stores in the North-Western and Urals regions.
As of December 31, 2009 the Company operated an in-house logistics system consisting of 9 distribution centers, employing automated stock replenishment systems and a fleet of 1,453 vehicles.
In accordance with the audited IFRS consolidated financial statements for the twelve months ended December 31, 2009, the Company recorded consolidated revenue of approximately US$5,354 million and consolidated EBITDA of around US$509 million.
Related Shares:
MGNT.L