10th Jun 2011 07:00
Press-release
Krasnodar
June 10, 2011
OJSC "Magnit" announces unaudited May 2011 results
Krasnodar, June 10, 2011: OJSC "Magnit" (the "Company"; RTS, MICEX and LSE: MGNT) is pleased to announce its unaudited May 2011 results[1].
During 5M 2011 the Company opened (net) 308 stores. The total store base reached 4,363 stores (4,282 convenience stores, 64 hypermarkets and 17 cosmetics stores). Preliminary consolidated unaudited net retail revenue (excl. VAT) in 5M 2011 increased by 52.06% in ruble terms (compared to 5M 2010) and stood at 129,292.70 million rubles. Net retail sales in May 2011 increased by 47.30% vs. May 2010 and amounted to 27,267.44 million rubles. Sales growth rate has been significantly influenced by the fact that there were four times more convenience stores closed for renovation in May 2011 as compared to May 2010 and twice more for the first five months this year vs. 5M 2010.
May 2011 Key Operating and Financial Highlights:
May 2011 | May 2010 | Growth Rate | 5M2011 | 5M2010 | Growth Rate | |
Number of opened stores, NET | 86 | 61 | n/a | 308 | 196 | n/a |
convenience stores* | 84 | 60 | n/a | 295 | 194 | n/a |
hypermarkets | 2 | 1 | n/a | 13 | 2 | n/a |
Total number of stores | 4,363 | 3,424 | n/a | 4,363 | 3,424 | n/a |
convenience stores* | 4,299 | 3,398 | n/a | 4,299 | 3,398 | n/a |
hypermarkets | 64 | 26 | n/a | 64 | 26 | n/a |
Selling space, thousand sq. m. | 1,571.42 | 1,127.56 | 39.36% | 1,571.42 | 1,127.56 | 39.36% |
convenience stores* | 1,373,16 | 1,041.30 | 31.87% | 1,373,16 | 1,041.30 | 31.87% |
hypermarkets | 198.26 | 86.26 | 129.83% | 198.26 | 86.26 | 129.83% |
Net retail sales, million RUR | 27,267.44 | 18,510.89 | 47.30% | 129,292.70 | 85,025.89 | 52.06%[2] |
convenience stores* | 23,673.36 | 16,846.09 | 40.53% | 113,501.50 | 77,649.40 | 46.17% |
hypermarkets | 3,594.08 | 1,664.80 | 115.89% | 15,791.21 | 7,376.49 | 114.07% |
Net retail sales, million US$[3] | 978.33 | 609.75 | 60.45% | 4,496.93 | 2,848.54 | 57.87%2 |
convenience stores* | 849.38 | 554.91 | 53.07% | 3,947.70 | 2,601.42 | 51.75% |
hypermarkets | 128.95 | 54.84 | 135.15% | 549.23 | 247.13 | 122.25% |
* including cosmetics stores (drogerie)
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] Sales growth rate has been significantly influenced by the fact that there were four times more convenience stores closed for renovation in May 2011 as compared to May 2010 and twice more for the first five months this year vs. 5M 2010.
[3] Based on the average exchange rate for May 2011 of 27.8713 RUB per 1 USD, May 2010 - 30.3582 RUB per 1 USD, 5М 2011 - 28.7513 RUB per 1 USD, 5M 2010 - 29.8489 RUB per 1 USD
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