10th Aug 2011 07:00
Press-release
Krasnodar
August 10, 2011
OJSC "Magnit" announces unaudited July 2011 results
Krasnodar, August 10, 2011: OJSC "Magnit" (the "Company"; RTS, MICEX and LSE: MGNT) is pleased to announce its unaudited July 2011 results[1].
During 7M 2011 the Company opened (net) 492 stores. The total store base reached 4,547 stores (4,435 convenience stores, 69 hypermarkets and 43 cosmetics stores). Preliminary consolidated unaudited net retail revenue (excl. VAT) in 7M 2011 increased by 49.75% in ruble terms (compared to 7M 2010) and stood at 185,324.43 million rubles. Net retail sales in July 2011 increased by 43.13% vs. July 2010 and amounted to 28,791.37 million rubles.
Presenting 7M2011 operating results management announces that the Company continues to focus on the strategy of more aggressive expansion and customer acquisition. At that the forecast of FY 2011 sales growth is 46-48% in ruble terms and EBITDA margin will not exceed 7.5% in FY 2011.
July 2011 Key Operating and Financial Highlights:
July 2011 | July 2010 | Growth Rate | 7M 2011 | 7M 2010 | Growth Rate | |
Number of opened stores, NET | 87 | 59 | n/a | 492 | 323 | n/a |
convenience stores | 69 | 56 | n/a | 433 | 316 | n/a |
hypermarkets | 3 | 3 | n/a | 18 | 7 | n/a |
cosmetics stores | 15 | - | n/a | 41 | - | n/a |
Total number of stores | 4,547 | 3,551 | n/a | 4,547 | 3,551 | n/a |
convenience stores | 4,435 | 3,520 | n/a | 4,435 | 3,520 | n/a |
hypermarkets | 69 | 31 | n/a | 69 | 31 | n/a |
cosmetics stores | 43 | - | n/a | 43 | - | n/a |
Selling space, thousand sq. m. | 1,646.19 | 1,186.43 | 38.75% | 1,646.19 | 1,186.43 | 38.75% |
convenience stores | 1,425.60 | 1,082.78 | 31.66% | 1,425.60 | 1,082.78 | 31.66% |
hypermarkets | 211.72 | 103.65 | 104.26% | 211.72 | 103.65 | 104.26% |
cosmetics stores | 8.87 | - | n/a | 8.87 | - | n/a |
Net retail sales, million RUR | 28,791.37 | 20,115.71 | 43.13% | 185,324.43 | 123,753.36 | 49.75% |
convenience stores | 24,599.92 | 17,963.52 | 36.94% | 161,577.54 | 112,463.30 | 43.67% |
hypermarkets | 4,149.05 | 2,152.19 | 92.78% | 23,647.66 | 11,290.07 | 109.46% |
cosmetics stores | 42.39 | - | n/a | 99.22 | - | n/a |
Net retail sales, million US$[2] | 1,031.92 | 655.52 | 57.42% | 6,498.42 | 4,103.47 | 58.36% |
convenience stores | 881.70 | 585.38 | 50.62% | 5,665.73 | 3,729.11 | 51.93% |
hypermarkets | 148.71 | 70.13 | 112.03% | 829.21 | 374.36 | 121.50% |
cosmetics stores | 1.52 | - | n/a | 3.48 | - | n/a |
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] According to management accounts
[2] Based on the average exchange rate for July 2011 of 27.9007 RUB per 1 USD, July 2010 - 30.6868 RUB per 1 USD, 7М 2011 - 28.5184 RUB per 1 USD, 7M 2010 - 30.1582 RUB per 1 USD
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