1st Dec 2011 07:00
Press-release
Krasnodar
December 1, 2011
OJSC "Magnit" announces unaudited November 2011 results
Krasnodar, December 1, 2011: OJSC "Magnit" (the "Company"; RTS, MICEX and LSE: MGNT) is pleased to announce its unaudited November 2011 results[1]
During 11M 2011 the Company opened (net) 968 stores. The total store base reached 5,023 stores (4,783 convenience stores, 80 hypermarkets and 160 cosmetics stores). Preliminary consolidated unaudited net retail revenue (excl. VAT) in 11M 2011 increased by 43.23% in ruble terms (compared to 11M 2010) and stood at 297,134.44 million rubles.
Sergey Galitskiy, the Company's CEO, provided the following comments on the published results:
"Despite lower food inflation in 2011 vs. 2010 (October 2010 - 9.1%, November 2010 - 10.6%, October 2011 - 2.7% (year to date)[2]) we see positive dynamics of sales growth rate in November this year vs. October."
November 2011 Key Operating and Financial Highlights:
November 2011 | November 2010 | Growth Rate | 11M 2011 | 11M 2010 | Growth Rate | |
Number of opened stores, NET | 153 | 86 | n/a | 968 | 638 | n/a |
convenience stores | 108 | 82 | n/a | 781 | 623 | n/a |
hypermarkets | 3 | 4 | n/a | 29 | 15 | n/a |
cosmetics stores | 42 | - | n/a | 158 | - | n/a |
Total number of stores | 5,023 | 3,866 | n/a | 5,023 | 3,866 | n/a |
convenience stores | 4,783 | 3,827 | n/a | 4,783 | 3,827 | n/a |
hypermarkets | 80 | 39 | n/a | 80 | 39 | n/a |
cosmetics stores | 160 | - | n/a | 160 | - | n/a |
Selling space, thousand sq. m. | 1,839.29 | 1,320.29 | 39.31% | 1,839.29 | 1,320.29 | 39.31% |
convenience stores | 1,558.54 | 1,193.38 | 30.60% | 1,558.54 | 1,193.38 | 30.60% |
hypermarkets | 243.71 | 126.91 | 92.03% | 243.71 | 126.91 | 92.03% |
cosmetics stores | 37.04 | - | n/a | 37.04 | - | n/a |
Net retail sales, million RUR | 28,855.88 | 21,675.66 | 33.13% | 297,134.44 | 207,452.65 | 43.23% |
convenience stores | 24,474.98 | 19,475.94 | 25.67% | 256,477.47 | 187,338.52 | 36.91% |
hypermarkets | 4,225.43 | 2,199.72 | 92.09% | 40,110.71 | 20,114.13 | 99.42% |
cosmetics stores | 155.47 | - | n/a | 546.27 | - | n/a |
Net retail sales, million US$[3] | 934.99 | 699.93 | 33.58% | 10,177.41 | 6,841.16 | 48.77% |
convenience stores | 793.04 | 628.90 | 26.10% | 8,784.83 | 6,177.86 | 42.20% |
hypermarkets | 136.91 | 71.03 | 92.75% | 1,373.87 | 663.30 | 107.12% |
cosmetics stores | 5.04 | - | n/a | 18.71 | - | 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 September 30, 2011 the chain consisted of 4,593 convenience stores, 76 hypermarkets and 98 cosmetics stores (drogerie) in 1,325 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 September 30, 2011 the Company operated an in-house logistics system consisting of 14 distribution centers, employing automated stock replenishment systems and a fleet of 3,705 vehicles.
In accordance with the unaudited IFRS consolidated financial statements for 1H 2011, the Company recorded consolidated revenue of approximately US$5,471 million and consolidated EBITDA of around US$359 million.
[1] According to management accounts
[2] Rosstat www.gks.ru
[3] Based on the average exchange rate for November 2011 of 30.8622 RUB per 1 USD, November 2010 - 30.9682 RUB per 1 USD, 11М 2011 - 29.1955 RUB per 1 USD, 11M 2010 - 30.3242 RUB per 1 USD
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