13th Oct 2008 08:45
Press-release
Krasnodar
October 13, 2008
Statement re Press Comment
Krasnodar, October 13, 2008: OJSC «Magnit» (the "Company"; RTS, MICEX and LSE: MGNT) denies an incorrect information re net debt to EBITDA ratio published by MSM.
Kommersantъ article of 13.10.2008 http://www.kommersant.ru/doc.aspx?DocsID=1040188 contains an incorrect statement regarding Magnit debt/EBITDA ratio. Please be informed that current net debt/EBITDA ratio of the Company does not exceed the level of 1,1.
For further information, please contact:
|
Oleg Goncharov |
Director, Investor Relationse-mail: [email protected] tel. in Krasnodar +7 (861) 277-45-54, 210-98-10 ext. 5100Mob.: +7 (903) 411-40 -35Direct line for investors only: +7 (861) 277-45-62 |
|
Dina Chistyak |
Manager, Investor Relationse-mail: [email protected] tel. in Krasnodar +7 (861) 277-45-54, 210-98-10 ext. 5101Mob.: +7-961-511-02-02Direct 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 a holding company for a group of entities that operate in the retail trade under the "Magnit" name. The chain of "Magnit" stores is one of the leading operators in the Russian food retail market. As of June 30, 2008 the chain consisted of 2,312 convenience stores and 9 hypermarkets in more than 760 locations in the Russian Federation.
Approximately two-thirds of the Company's stores are located in cities with a population of less than 500 thousand. Most of its stores are located within the Southern, Central and Volga regions. The Company also operates stores in the North-Western and Urals regions.
As of June 30, 2008 the Company operated an in-house logistics system consisting of 8 distribution centers, employing automated stock replenishment systems and a fleet of 1,030 vehicles.
In accordance with the audited IFRS consolidated financial statements for 1H2008, the Company posted consolidated revenues of approximately US$ 2,470 million and a consolidated EBITDA of around US$ 158 million.
Related Shares:
MGNT.L