9th Dec 2009 07:00
Press-release
Krasnodar
December 9, 2009
OJSC "Magnit" announces unaudited 9M 2009 operating and financial results
Krasnodar, December 9, 2009: OJSC "Magnit" (the "Company"; RTS, MICEX and LSE: MGNT) is pleased to release its 9M 2009 unaudited operating and financial results prepared in accordance with IFRS.
During 9M 2009 the Company added 399 stores (net) and increased its selling space by 28.4% in comparison to 9M 2008 from 753.6 thousand sq. m. to 967.2 thousand sq. m.
Revenue in rubles increased by 30.6% YoY from 93,332.1 million RUR in 9M 2008 to 121,867.0 million RUR in 9M 2009. The top line growth was due to an increase in selling space as well as to a 7.3% increase of like-for-like sales (excl. VAT). Revenue in dollar terms decreased by 3.3% from US$ 3,881.5 million to US$ 3,751.9 million due to significant change of US$ exchange rate (1).
Gross margin improved from 21.2% in 9M 2008 to 23.3% in 9M 2009 primarily due to the better purchasing terms as well as to an in-house logistics improvement. Gross profit in rubles increased by 43.4% from 19,769.0 million RUR (US$ 822.2 million) to 28,358.5 million RUR (US$ 873.1 million).
EBITDA increased by 78.1% from 6,380.2 million RUR (US$ 265.3 million) in 9M 2008 to 11,362.5 million RUR (US$ 349.8 million) in 9M 2009.
9M 2009 net income increased by 105.1% and amounted to 5,862.0 million RUR (US$ 180.5 million) vs. 2,857.9 million RUR (US$ 118.9 million) in 9M 2008.
Sergey Galitsky, the Company's CEO, provided the following comments on the published 9M 2009 results:
"The Company carried out the offering and will invest the proceeds into the business expansion. 2010 CAPEX will be the largest in the Company's history and will be targeting our traditional directions. Logistics function developments will still remain the priorities through the construction of new distribution centers, increase of the fleet of vehicles and work on efficiency improvement which will provide the Company with the substantial part of the resource for price intervention directed at the increase of the chain attractiveness".
(1) Based on the average exchange rate for 9M 2009 of 32.4814 RUR per 1 US$, 9M 2008 - 24.0454 RUR per 1 US$.
9M 2009 Key Operating and Financial Highlights:
|
9M 2009 |
9M 2008 |
Growth rate |
||
|
Stores opened, NET |
399 |
208 |
n/a |
|
|
Total number of stores |
2,981 |
2,405 |
n/a |
|
|
Selling space, sq. m. |
967,228 |
753,584 |
28.4% |
|
|
Number of customers, mn |
737.5 |
630.3 |
17.0% |
|
|
Net sales, mn RUR |
121,867.0 |
93,332.1 |
30,6% |
|
|
Net sales, mn US$ |
3,751.9 |
3,881.5 |
(3.3)% |
|
|
Gross profit, mn RUR |
28,358.5 |
19,769.0 |
43.4% |
|
|
Gross profit, mn US$ |
873.1 |
822.2 |
6.2% |
|
|
Gross margin, % |
23.3% |
21.2% |
n/a |
|
|
EBITDAR, mn RUR |
14,200.2 |
8864.9 |
60.2% |
|
|
EBITDAR, mn US$ |
437.2 |
368.7 |
18.6% |
|
|
EBITDAR margin, % |
11.7% |
9.5% |
n/a |
|
|
EBITDA, mn RUR |
11,362.5 |
6380.2 |
78.1% |
|
|
EBITDA, mn US$ |
349.8 |
265.3 |
31.8% |
|
|
EBITDA margin, % |
9.3% |
6.8% |
n/a |
|
|
EBIT, mn RUR |
9004.2 |
4853.7 |
85.5% |
|
|
EBIT, mn US$ |
277.2 |
201.9 |
37.3% |
|
|
EBIT margin, % |
7.4% |
5.2% |
n/a |
|
|
Net profit, mn RUR |
5,862.0 |
2,857.9 |
105.1% |
|
|
Net profit, mn US$ |
180.5 |
118.9 |
51.8% |
|
|
Net profit margin, % |
4.8% |
3.1% |
n/a |
|
|
LFL growth 9M 2009 to 9M 2008 (2) |
||||
|
Average ticket (excl. VAT), RUR |
8.44% |
|||
|
Number of tickets |
(1.07)% |
|||
|
Revenue, RUR |
7.28% |
|||
Note: net revenue in US$ terms is calculated using the daily exchange rate.
(2) Based on 1,783 stores which were opened by July 01, 2007, i.e. based on the result of the stores that had been operating for not less than six months and have achieved a mature level of sales
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, 2009 the chain consisted of 2,960 convenience stores and 21 hypermarkets in 974 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, Central and Volga regions. The Company also operates stores in the North-Western and Urals regions.
As of September 30, 2009 the Company operated an in-house logistics system consisting of 9 distribution centers, employing automated stock replenishment systems and a fleet of 1,362 vehicles.
In accordance with the unaudited IFRS consolidated financial statements for the six months ended June 30, 2009, the Company recorded consolidated revenue of approximately US$2,378 million and consolidated EBITDA of around US$224 million.
Related Shares:
MGNT.L