11th Jul 2011 07:00
Press-release
Krasnodar
July 11, 2011
OJSC "Magnit" announces unaudited June 2011 results
Krasnodar, July 11, 2011: OJSC "Magnit" (the "Company"; RTS, MICEX and LSE: MGNT) is pleased to announce its unaudited June 2011 results[1].
During 6M 2011 the Company opened (net) 405 stores. The total store base reached 4,460 stores (4,366 convenience stores, 66 hypermarkets and 28 cosmetics stores). Preliminary consolidated unaudited net retail revenue (excl. VAT) in 6M 2011 increased by 51.04% in ruble terms (compared to 6M 2010) and stood at 156,533.06 million rubles. Net retail sales in June 2011 increased by 46.36% vs. June 2010 and amounted to 27,240.36 million rubles.
June 2011 Key Operating and Financial Highlights:
June 2011 | June 2010 | Growth Rate | 6M2011 | 6M2010 | Growth Rate | |
Number of opened stores, NET | 97 | 68 | n/a | 405 | 264 | n/a |
convenience stores | 84 | 66 | n/a | 364 | 260 | n/a |
hypermarkets | 2 | 2 | n/a | 15 | 4 | n/a |
cosmetics stores | 11 | - | n/a | 26 | - | n/a |
Total number of stores | 4,460 | 3,492 | n/a | 4,460 | 3,492 | n/a |
convenience stores | 4,366 | 3,464 | n/a | 4,366 | 3,464 | n/a |
hypermarkets | 66 | 28 | n/a | 66 | 28 | n/a |
cosmetics stores | 28 | - | n/a | 28 | - | n/a |
Selling space, thousand sq. m. | 1,612.85 | 1,156.12 | 39.51% | 1,612.85 | 1,156.12 | 39.51% |
convenience stores | 1,406.70 | 1,065.03 | 32.08% | 1,406.70 | 1,065.03 | 32.08% |
hypermarkets | 200.59 | 91.09 | 120.20% | 200.59 | 91.09 | 120.20% |
cosmetics stores | 5.56 | - | n/a | 5.56 | - | n/a |
Number of customers, mn | 136.48 | 108.07 | 26.29% | 778.54 | 597.24 | 30.35% |
convenience stores | 128.92 | 104.52 | 23.34% | 740.12 | 579.07 | 27.81% |
hypermarkets | 7.44 | 3.55 | 109.72% | 38.12 | 18.17 | 109.77% |
cosmetics stores | 0.12 | - | n/a | 0.30 | - | n/a |
Net retail sales, million RUR | 27,240.36 | 18,611.76 | 46.36% | 156,533.06 | 103,637.65 | 51.04% |
convenience stores | 23,509.18 | 16,850.37 | 39.52% | 136,977.62 | 94,499.78 | 44.95% |
hypermarkets | 3,707.40 | 1,761.39 | 110.48% | 19,498.61 | 9,137.88 | 113.38% |
cosmetics stores | 23.77 | - | n/a | 56.83 | - | n/a |
Net retail sales, million US$[2] | 973.41 | 597.13 | 63.01% | 5,468.56 | 3,446.82 | 58.66% |
convenience stores | 840.08 | 540.62 | 55.39% | 4,785.38 | 3,142.91 | 52.26% |
hypermarkets | 132.48 | 56.51 | 134.43% | 681.19 | 303.91 | 124.14% |
cosmetics stores | 0.85 | - | n/a | 1.99 | - | n/a |
LFL Results
LFL growth 6М 2011 to 6М 2010[3] | Convenience stores | Hypermarkets | Total |
Average ticket (excluding VAT), RUB | 13.68% | 8.71% | 13.13% |
Traffic | 4.84% | 2.94% | 4.79% |
Revenue, RUB | 19.18% | 11.91% | 18.55% |
LFL growth 2Q 2011 to 2Q 2010[4] | Convenience stores | Hypermarkets | Total |
Average ticket (excluding VAT), RUB | 13.34% | 9.23% | 12.83% |
Traffic | 3.73% | 2.03% | 3.68% |
Revenue, RUB | 17.57% | 11.45% | 16.98% |
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 June 2011 of 27.9846 RUB per 1 USD, June 2010 - 31.1687 RUB per 1 USD, 6М 2011 - 28.6242 RUB per 1 USD, 6M 2010 - 30.0676 RUB per 1 USD
[3] Based on 2,263 convenience stores which were opened by July 01, 2009, and 14 hypermarkets which were opened by May 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
[4] Based on 2,546 convenience stores which were opened by October 01, 2009, and 19 hypermarkets which were opened by August 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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