11th Jan 2011 07:00
Press-release
Krasnodar
January 11, 2011
OJSC "Magnit" announces unaudited December 2010 results
Krasnodar, January 11, 2011: OJSC «Magnit» (the "Company"; RTS, MICEX and LSE: MGNT) is pleased to announce its unaudited December 2010 results[1].
During 12M 2010 the Company opened (net) 827 stores (including 2 drogerie stores). The total store base reached 4,055 stores. Preliminary consolidated unaudited net retail revenue (excl. VAT) in 12M 2010 increased by 39.23% in ruble terms (compared to 12M 2009) and stood at 236,137.90 million rubles. Net retail sales in December 2010 increased by 49.65% vs. December 2009 and amounted to 28,685.25 million rubles.
December 2010 Key Operating and Financial Highlights:
December 2010 | December 2009 | Growth Rate | 12M2010 | 12M2009 | Growth Rate | |
Number of opened stores, NET | 189 | 130 | n/a | 827 | 646 | n/a |
convenience stores* | 177 | 128 | n/a | 800 | 636 | n/a |
hypermarkets | 12 | 2 | n/a | 27 | 10 | n/a |
Total number of stores | 4,055 | 3,228 | n/a | 4,055 | 3,228 | n/a |
convenience stores* | 4,004 | 3,204 | n/a | 4,004 | 3,204 | n/a |
hypermarkets | 51 | 24 | n/a | 51 | 24 | n/a |
Selling space, sq. m. | 1,422,376 | 1,059,867 | 34.20% | 1,422,376 | 1,059,867 | 34.20% |
convenience stores* | 1,257,295 | 981,760 | 28.07% | 1,257,295 | 981,760 | 28.07% |
hypermarkets | 165,081 | 78,107 | 111.35% | 165,081 | 78,107 | 111.35% |
Number of customers, mn | n/a | n/a | n/a | 1,301.90 | 1,013.44 | 28.46% |
convenience stores* | n/a | n/a | n/a | 1,256.67 | 988.30 | 27.15% |
hypermarkets | n/a | n/a | n/a | 45.24 | 25.14 | 79.94% |
Net retail sales, million RUR | 28,685.25 | 19,167.67 | 49.65% | 236,137.90 | 169,604.53 | 39.23% |
convenience stores* | 24,974.50 | 17,285.57 | 44.48% | 212,313.02 | 156,526.03 | 35.64% |
hypermarkets | 3,710.75 | 1,882.10 | 97.16% | 23,824.88 | 13,078.49 | 82.17% |
Net retail sales, million US$[2] | 929.72 | 640.19 | 45.23% | 7,775.57 | 5,346.40 | 45.44% |
convenience stores* | 809.45 | 577.32 | 40.21% | 6,991.06 | 4,934.13 | 41.69% |
hypermarkets | 120.27 | 62.86 | 91.33% | 784.51 | 412.27 | 90.29% |
* including cosmetics stores (drogerie)
LFL Results
LFL growth 12М 2010 to 12М 2009[3] | Convenience stores | Hypermarkets | Total |
Average ticket (excluding VAT), RUB | 5.77% | 5.26% | 5.97% |
Traffic | 2.95% | 9.76% | 3.03% |
Revenue, RUB | 8.89% | 15.53% | 9.19% |
LFL growth 4Q 2010 to 4Q 2009 [4] | Convenience stores | Hypermarkets | Total |
Average ticket (excluding VAT), RUB | 11.96% | 9.63% | 11.94% |
Traffic | 5.52% | 8.30% | 5.58% |
Revenue, RUB | 18.14% | 18.73% | 18.19% |
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, 2010 the chain consisted of 4,002 convenience stores, 51 hypermarkets and 2 cosmetics stores (drogerie) in 1,216 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, 2010 the Company operated an in-house logistics system consisting of 11 distribution centers, employing automated stock replenishment systems and a fleet of 2,642 vehicles.
In accordance with the unaudited IFRS consolidated financial statements for 1H 2010, the Company recorded consolidated revenue of approximately US$3,448 million and consolidated EBITDA of around US$252 million
[1] According to management accounts
[2] Based on the average exchange rate for December 2010 of 30.8538 RUB per 1 USD, December 2009 - 29.9408 RUB per 1 USD, 12М 2010 - 30.3692 RUB per 1 USD, 12М 2009 - 31.7231 RUB per 1 USD
[3] Based on 2,025 convenience stores which were opened by July 01, 2008, and 7 hypermarkets which were opened by May 01, 2008, 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] Based on 2,517 convenience stores which were opened by April 01, 2009, and 14 hypermarkets which were opened by February 01, 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
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