29th Dec 2010 07:00
Press-release
Krasnodar
December 27, 2010
Krasnodar, December 27, 2010: OJSC «Magnit» (the "Company"; RTS, MICEX and LSE: MGNT) announces the results of the transaction executed by the Company on December 24, 2010.
The essentials of the transaction are as follows:
Type of transaction: | contract of guarantee |
Subject of transaction: | provision of security in the form of guarantee |
Parties and beneficiaries under transaction: | the Lender -Sberbank of Russia the Guarantor - Open joint-stock company "Magnit" the Beneficiary - Close joint-stock company "Tander" (the Borrower) |
Maturity: | credit maturity - 23.12.2015 term of contract - 23.12.2018 |
Volume of transaction: | the limit of the total liability amounts to 4,500,000,000 rubles which is 13.5758% of the issuer's assets value
the revolving credit facility with the maximum possible limit of 10,000,000,000 rubles was opened to the Borrower to finance the new stores openings, trucks purchasing, distribution centers construction, and additional working capital. |
Interest rate | shall not exceed 11.3% annually. |
The assets value of the issuer as of the closing date of the recent reporting period prepared in accordance with RAS: | 33,147,148,000 rubles |
The related-party transaction was approved by the annual general shareholders' meeting held on June 24, 2010 (the minutes are executed as of June 28, 2010).
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, 2010 the chain consisted of 3,658 convenience stores and 35 hypermarkets in 1,156 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, 2010 the Company operated an in-house logistics system consisting of 10 distribution centers, employing automated stock replenishment systems and a fleet of 2,262 vehicles.
In accordance with the unaudited IFRS consolidated financial statements for 1H 2010, the Company recorded consolidated revenue of approximately US$3,448 million and consolidated EBITDA of around US$252 million.
Related Shares:
MGNT.L