1st Aug 2011 12:17
Press-release
Krasnodar
August 1, 2011
OJSC "Magnit" announces change of assets value and net profit amount (RAS, standalone basis)[1]
Assets of OJSC "Magnit" increased by 4,650,376 thousand rubles in 2Q 2011 compared to 1Q 2011. Significant change of assets was due to proceeds received from the placement of OJSC "Magnit" bonds.
Date of fact occurrence: | August 1, 2011 |
Value of OJSC "Magnit" assets as of 31.03.2011 | 38,810,444 thousand rubles |
Value of OJSC "Magnit" assets as of 30.06.2011 | 43,460,820 thousand rubles |
Absolute change in value of assets | 4,650,376 thousand rubles |
Relative change in value of assets | 11.98% |
Net profit of OJSC "Magnit" in 1Q 2011 amounted to 427,754 thousand rubles vs. 613,104 thousand rubles loss in 2Q 2011. Decrease of the financial result was due to the loss occurred from the transaction of sale of property rights. This transaction should bring positive effect to the financial result of the OJSC "Magnit" group of companies for 6 months 2011 within consolidated statements prepared in accordance with IFRS.
Date of fact occurrence: | August 1, 2011 |
Net income of OJSC "Magnit" in 1Q 2011 | 427,754 thousand rubles |
Loss of OJSC "Magnit" in 2Q 2011 | -613,104 thousand rubles |
Absolute change in net income | -1,040,858 thousand rubles |
Relative change in net income | -243.33% |
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 June 30, 2011 the chain consisted of 4,366 convenience stores, 66 hypermarkets and 28 cosmetics stores (drogerie) in 1,286 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 June 30, 2011 the Company operated an in-house logistics system consisting of 12 distribution centers, employing automated stock replenishment systems and a fleet of 3,454 vehicles.
In accordance with the audited IFRS consolidated financial statements for the twelve months ended December 31, 2010, the Company recorded consolidated revenue of approximately US$7,777 million and consolidated EBITDA of around US$632 million.
[1] Based on statements of OJSC "Magnit" which have been prepared under RAS. Figures in this press-release are disclosed according to the Russian legislation and do not characterize the operation of "Magnit" group of companies.
Related Shares:
MGNT.L