11th Apr 2011 07:00
Press-release
Krasnodar
April 11, 2011
OJSC "Magnit" announces unaudited March 2011 results
Krasnodar, April 11, 2011: OJSC «Magnit» (the "Company"; RTS, MICEX and LSE: MGNT) is pleased to announce its unaudited March 2011 results[1].
During 3M 2011 the Company opened (net) 134 stores. The total store base reached 4,189 stores (4,128 convenience stores, 57 hypermarkets and 4 drogerie stores). Preliminary consolidated unaudited net retail revenue (excl. VAT) in 3M 2011 increased by 53% in ruble terms (compared to 3M 2010) and stood at 75,031.30 million rubles. Net retail sales in March 2011 increased by 54% vs. March 2010 and amounted to 27,304.76 million rubles.
March 2011 Key Operating and Financial Highlights:
March 2011 | March 2010 | Growth Rate | 3M2011 | 3M2010 | Growth Rate | |
Number of opened stores, NET | 53 | 47 | n/a | 134 | 90 | n/a |
convenience stores* | 49 | 46 | n/a | 128 | 89 | n/a |
hypermarkets | 4 | 1 | n/a | 6 | 1 | n/a |
Total number of stores | 4,189 | 3,318 | n/a | 4,189 | 3,318 | n/a |
convenience stores* | 4,132 | 3,293 | n/a | 4,132 | 3,293 | n/a |
hypermarkets | 57 | 25 | n/a | 57 | 25 | n/a |
Selling space, sq. m. | 1,485,716 | 1,092,610 | 35.98% | 1,485,716 | 1,092,610 | 35.98% |
convenience stores* | 1,304,717 | 1,009,047 | 29.30% | 1,304,717 | 1,009,047 | 29.30% |
hypermarkets | 180,999 | 83,563 | 116.60% | 180,999 | 83,563 | 116.60% |
Number of customers, mn | n/a | n/a | n/a | 370.14 | 279.64 | 32.36% |
convenience stores* | n/a | n/a | n/a | 353.41 | 271.46 | 30.19% |
hypermarkets | n/a | n/a | n/a | 16.73 | 8.18 | 104.46% |
Net retail sales, million RUR | 27,304.76 | 17,759.12 | 53.75% | 75,031.30 | 48,992.13 | 53.15% |
convenience stores* | 23,997.06 | 16,202.11 | 48.11% | 66,349.33 | 44,839.95 | 47.97% |
hypermarkets | 3,307.70 | 1,557.01 | 112.44% | 8,681.98 | 4,152.17 | 109.09% |
Net retail sales, million US$[2] | 960.37 | 600.67 | 59.88% | 2,563.44 | 1,639.06 | 56.40% |
convenience stores* | 844,03 | 548.01 | 54.01% | 2,266.82 | 1,500.15 | 51.11% |
hypermarkets | 116.34 | 52.66 | 120.91% | 296.62 | 138.91 | 113.53% |
* including cosmetics stores (drogerie)
LFL Results
LFL growth 3М 2011 to 3М 2010[3] | Convenience stores | Hypermarkets | Total |
Average ticket (excluding VAT), RUB | 13.92% | 8.50% | 13.44% |
Traffic | 5.95% | 4.59% | 5.91% |
Revenue, RUB | 20.70% | 13.48% | 20.15% |
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 March 31, 2011 the chain consisted of 4,128 convenience stores, 57 hypermarkets and 4 cosmetics stores (drogerie) in 1,239 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 March 31, 2011 the Company operated an in-house logistics system consisting of 11 distribution centers, employing automated stock replenishment systems and a fleet of 2,997 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 March 2011 of 28.4316 RUB per 1 USD, March 2010 - 29.5654 RUB per 1 USD, 3М 2011 - 29.2698 RUB per 1 USD, 3М 2010 - 29.8903 RUB per 1 USD
[3] Based on 2,542 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
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