23rd Mar 2012 07:00
Press-release
Krasnodar
March 23, 2012
OJSC "Magnit" announces audited FY 2011 results
Krasnodar, March 23, 2012: OJSC "Magnit" (the "Company"; RTS, MICEX and LSE: MGNT) is pleased to release its audited FY 2011 financial results prepared in accordance with IFRS and audited by Ernst & Young.
During 2011 the Company added (net) 1,254 stores (1,004 convenience stores, 42 hypermarkets and 208 cosmetics stores) and increased its selling space by 38.51% in comparison to 2010 from 1,422.38 thousand sq. m. to 1,970.16 thousand sq. m. The total store base as of December 31, 2011 reached 5,309 stores (5,006 convenience stores, 93 hypermarkets and 210 cosmetics stores).
Revenue in rubles increased by 42% YoY from 236,193.55 million RUR in 2010 to 335,699.95 million RUR in 2011. The top line growth was due to an increase in selling space as well as to a 11.09% increase of like-for-like sales (excl. VAT). Revenue growth in dollar terms amounted to 47%: from US$ 7,777.40 million to US$ 11,423.26 million.[1]
Gross margin grew from 22.38% in 2010 to 24.33% in 2011. Gross profit in rubles increased by 54.49% from 52,858.39 million RUR (US$ 1,740.53 million) to 81,663.45 million RUR (US$ 2,778.86 million).
EBITDA increased by 43.92% from 19,179.96 million RUR (US$ 631.56 million) in 2010 to 27,604.14 million RUR (US$ 939.32 million) in 2011. EBITDA margin in 2011 amounted to 8.22% which is 0.1% above the figure of 2010 of 8.12%. Net debt/EBITDA ration (in ruble terms) for 2011 amounted to 1.26.
2011 net income increased by 21.41% and amounted to 12,303.84 million RUR (US$ 418.68 million) vs. 10,134.11 million RUR (US$ 333.70 million) in 2010.
Key figures presented in this press-release are immaterially higher compared to numbers under management accounts announced by the Company on January 30, 2012. Thus, according to the audited results gross margin is higher by 3 bps, EBITDAR margin - by 5 bps, EBITDA margin - by 4 bps, EBIT margin - by 5 bps and net margin - by 4 bps.
2011 Key Operating Results
2011 | 2010 | Growth Rate | |
Number of opened stores, NET | 1,254 | 827 | n/a |
convenience stores | 1,004 | 798 | n/a |
hypermarkets | 42 | 27 | n/a |
cosmetics stores | 208 | 2 | n/a |
Total number of stores | 5,309 | 4,055 | n/a |
convenience stores | 5,006 | 4,002 | n/a |
hypermarkets | 93 | 51 | n/a |
cosmetics stores | 210 | 2 | n/a |
Selling space, thousand sq. m. | 1,970.16 | 1,422.38 | 38.51% |
convenience stores | 1,637.83 | 1,256.85 | 30.31% |
hypermarkets | 282.24 | 165.08 | 70.97% |
cosmetics stores | 50.09 | 0.45 | n/a |
Number of customers, mn | 1,644.43 | 1,301.90 | 26.31% |
convenience stores | 1,550.27 | 1,256.66 | 23.36% |
hypermarkets | 90.17 | 45.24 | 99.33% |
cosmetics stores | 3.98 | 0.01 | n/a |
LFL results
LFL growth 12М 2011 - 12М 2010[2] | Convenience stores | Hypermarkets | Total |
Average ticket (excluding VAT), RUR | 10.17% | 5.26% | 9.67% |
Traffic | 1.29% | 1.32% | 1.29% |
Revenue, RUR | 11.59% | 6.65% | 11.09% |
LFL growth 4Q 2011 - 4Q 2010[3] | Convenience stores | Hypermarkets | Total |
Average ticket (excluding VAT), RUR | 5.00% | 4.14% | 5.14% |
Traffic | (2.03)% | 1.25% | (1.93)% |
Revenue, RUR | 2.87% | 5.45% | 3.12% |
2011 Key Financial Results[4]
2011 | 2010 | Growth Rate | |
Net sales, mn RUR | 335,699.95 | 236,193.55 | 42.13% |
convenience stores | 287,731.79 | 212,311.59 | 35.52% |
hypermarkets | 46,982.79 | 23,824.88 | 97.20% |
cosmetics stores | 892.82 | 1.43 | n/a |
wholesale | 92.55 | 55.65 | 66.31% |
Net sales, mn US$ | 11,423.26 | 7,777.40 | 46.88% |
convenience stores | 9,790.99 | 6,991.02 | 40.05% |
hypermarkets | 1,598.74 | 784.51 | 103.79% |
cosmetics stores | 30.38 | 0.05 | n/a |
wholesale | 3.15 | 1.83 | 71.86% |
Gross profit, mn RUR | 81,663.45 | 52,858.39 | 54.49% |
Gross profit, mn US$ | 2,778.86 | 1,740.53 | 59.66% |
Gross margin, % | 24.33% | 22.38% | n/a |
EBITDAR, mn RUR | 34,636.97 | 23,891.34 | 44.98% |
EBITDAR, mn US$ | 1,178.63 | 786.70 | 49.82% |
EBITDAR margin, % | 10.32% | 10.12% | n/a |
EBITDA, mn RUR | 27,604.14 | 19,179.96 | 43.92% |
EBITDA, mn US$ | 939.32 | 631.56 | 48.73% |
EBITDA margin, % | 8.22% | 8.12% | n/a |
EBIT, mn RUR | 19,624.21 | 14,613.67 | 34.29% |
EBIT, mn US$ | 667.78 | 481.20 | 38.77% |
EBIT margin, % | 5.85% | 6.19% | n/a |
Net profit, mn RUR | 12,303.84 | 10,134.11 | 21.41% |
Net profit, mn US$ | 418.68 | 333.70 | 25.47% |
Net profit margin, % | 3.67% | 4.29% | n/a |
Note: net revenue in US$ terms is calculated using the daily exchange rate.
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, 2011 the chain consisted of 5,006 convenience stores, 93 hypermarkets and 210 cosmetics stores (drogerie) in 1,389 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, North-Caucasian, Central and Volga regions. The Company also operates stores in the North-Western, Urals and Siberian regions.
As of December 31, 2011 the Company operated an in-house logistics system consisting of 14 distribution centers, employing automated stock replenishment systems and a fleet of 3,906 vehicles.
In accordance with the audited IFRS consolidated financial statements for 2011, the Company recorded consolidated revenue of approximately US$ 11,423 million and consolidated EBITDA of around US$ 939 million.
[1] Based on the average exchange rate for 2011 - 29.3874 RUR per 1 USD, 2010 - 30.3692 RUR per 1 USD
[2] Based on 1,956 convenience stores which were opened by July 1, 2009, and 14 hypermarkets which were opened by May 1, 2009, i.e. based on the result of the convenience stores that had been operating for not less than six months and hypermarkets that had been operating for not less than eight months and have achieved a mature level of sales
[3] Based on 3,080 convenience stores which were opened by April 1, 2010, and 24 hypermarkets which were opened by February 1, 2010, i.e. based on the result of the convenience stores that had been operating for not less than six months and hypermarkets that had been operating for not less than eight months and have achieved a mature level of sales
[4] Please follow the link below to view FY 2011 financial report http://www.magnit-info.ru/en/investors/finance/
Related Shares:
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