MAGNIT
Press-release
Krasnodar
January 27, 2016
PJSC "Magnit" Announces Unaudited FY 2015 Results
Krasnodar, January 27, 2016: PJSC "Magnit", Russia's largest food retailer (the
"Company"; MOEX and LSE: MGNT) announces its unaudited FY 2015 results prepared
in accordance with IFRS[1].
During 2015 the Company added (net) 2,378 stores (1,250 convenience stores, 29
hypermarkets, 58 "Magnit Family" stores and 1,041 drogerie stores) and
increased its selling space by 22.92% in comparison to 2014 from 3,590.64
thousand sq. m. to 4,413.72 thousand sq. m. The total store base as of December
31, 2015 reached 12,089 stores (9,594 convenience stores, 219 hypermarkets, 155
"Magnit Family" stores and 2,121 drogerie stores).
Revenue increased by 24.50% YoY from 763,527.25 million RUR in 2014 to
950,613.34 million RUR in 2015. The top line growth was due to an increase in
selling space as well as to a 6.21% increase in like-for-like sales.
Gross profit increased by 22.81% from 220,520.56 million RUR to 270,821.52
million RUR. Gross margin in 2015 amounted to 28.49%.
EBITDA increased by 20.95% from 85,909.67 million RUR in 2014 to 103,911.29
million RUR in 2015. EBITDA margin in 2015 was 10.93%, which is 32 b. p. lower
than 11.25% in 2014. EBITDA margin in the 4Q of 2015 was 11.07%.
2015 net income increased by 23.40% and amounted to 58,846.66 million RUR vs.
47,685.84 million RUR in 2014. Net income margin for 2015 was 6.19%.
4Q and FY 2015 Key Operating Highlights:
4Q 2015 4Q 2014 Growth Rate FY 2015 FY 2014 Growth Rate
Number of opened 701 691 n/a 2,378 1,618 n/a
stores, NET
convenience stores 348 453 n/a 1,250 1,144 n/a
hypermarkets 11 15 n/a 29 29 n/a
magnit family 28 29 n/a 58 51 n/a
drogerie stores 314 194 n/a 1,041 394 n/a
Total number of stores 12,089 9,711 n/a 12,089 9,711 n/a
convenience stores 9,594 8,344 n/a 9,594 8,344 n/a
hypermarkets 219 190 n/a 219 190 n/a
magnit family 155 97 n/a 155 97 n/a
drogerie stores 2,121 1,080 n/a 2,121 1,080 n/a
Selling space, eop. th. 4,413.72 3,590.64 22.92% 4,413.72 3,590.64 22.92%
sq. m.
convenience stores 3,119.56 2,673.31 16.69% 3,119.56 2,673.31 16.69%
hypermarkets 639.14 559.09 14.32% 639.14 559.09 14.32%
magnit family 170.18 109.07 56.03% 170.18 109.07 56.03%
drogerie stores 484.84 249.17 94.58% 484.84 249.17 94.58%
Selling space growth, 258.73 263.64 n/a 823.08 579.26 n/a
th. sq.m.
convenience stores 122.26 153.60 n/a 446.25 361.11 n/a
hypermarkets 34.18 37.11 n/a 80.05 76.21 n/a
magnit family 30.36 30.24 n/a 61.11 55.81 n/a
drogerie stores 71.92 42.69 n/a 235.67 86.13 n/a
Number of customers, 895.82 785.28 14.08% 3,376.86 2,944.12 14.70%
million
convenience stores 754.72 676.19 11.61% 2,874.00 2,567.15 11.95%
hypermarkets 68.76 64.50 6.60% 263.05 237.59 10.72%
magnit family 29.08 19.67 47.81% 100.30 60.93 64.60%
drogerie stores 43.26 24.91 73.65% 139.51 78.45 77.82%
LFL Results
Formats 4Q 2015 - 4Q 2014[2]
# of Stores Average Ticket Traffic Sales
Convenience Stores 7,798 3.33% (1.45)% 1.83%
Hypermarkets 181 (0.28)% (7.36)% (7.63)%
Magnit Family 77 (0.97)% (6.53)% (7.44)%
Drogeries 973 13.72% (1.63)% 11.86%
Total 9,029 2.07% (2.09)% (0.07)%
Formats 12M 2015 - 12M 2014[2]
# of Stores Average Ticket Traffic Sales
Convenience Stores 7,287 8.14% (0.79)% 7.29%
Hypermarkets 179 5.53% (3.80)% 1.51%
Magnit Family 76 4.33% (3.55)% 0.62%
Cosmetics Stores 910 13.24% 5.62% 19.61%
Total 8,452 7.23% (0.96)% 6.21%
4Q and FY 2015 Key Financial Results, million RUR
4Q 2015 4Q 2014 Growth Rate FY 2015 FY 2014 Growth Rate
Net sales 260,170.78 220,852.25 17.80% 950,613.34 763,527.25 24.50%
convenience stores 188,929.35 163,402.85 15.62% 701,274.95 577,775.77 21.37%
hypermarkets 43,310.51 41,305.33 4.85% 161,578.67 139,655.12 15.70%
magnit family 13,509.11 9,023.09 49.72% 44,825.31 25,533.74 75.55%
drogerie stores 13,403.80 6,701.76 100.00% 40,122.06 19,756.68 103.08%
wholesale 1,018.01 419.21 n/a 2,812.35 805.94 n/a
Gross profit 75,445.59 65,044.14 15.99% 270,821.52 220,520.56 22.81%
Gross margin,% 29.00% 29.45% n/a 28.49% 28.88% n/a
EBITDAR 37,373.79 31,251.81 19.59% 134,107.36 106,483.50 25.94%
EBITDAR margin, % 14.37% 14.15% n/a 14.11% 13.95% n/a
EBITDA 28,798.49 25,302.11 13.82% 103,911.29 85,909.67 20.95%
EBITDA margin, % 11.07% 11.46% n/a 10.93% 11.25% n/a
EBIT 23,228.24 20,615.00 12.68% 82,830.86 68,300.00 21.28%
EBIT margin, % 8.93% 9.33% n/a 8.71% 8.95% n/a
Net income 15,592.61 13,793.19 13.05% 58,846.66 47,685.84 23.40%
Net income margin, 5.99% 6.25% n/a 6.19% 6.25% n/a
%
4Q and FY 2015 Key Financial Results, US$ million[3]
4Q 2015 4Q 2014 Growth Rate FY 2015 FY 2014 Growth Rate
Net sales 3,945.36 4,656.94 (15.28)% 15,594.59 19,872.31 (21.53)%
convenience stores 2,865.02 3,445.55 (16.85)% 11,504.25 15,037.75 (23.50)%
hypermarkets 656.78 870.97 (24.59)% 2,650.66 3,634.80 (27.08)%
magnit family 204.86 190.26 7.67% 735.35 664.57 10.65%
drogerie stores 203.26 141.31 43.84% 658.19 514.21 28.00%
wholesale 15.44 8.84 n/a 46.14 20.98 n/a
Gross profit 1,144.10 1,371.54 (16.58)% 4,442.76 5,739.49 (22.59)%
Gross margin,% 29.00% 29.45% n/a 28.49% 28.88% n/a
EBITDAR 566.76 658.98 (13.99)% 2,200.00 2,771.45 (20.62)%
EBITDAR margin, % 14.37% 14.15% n/a 14.11% 13.95% n/a
EBITDA 436.72 533.53 (18.15)% 1,704.64 2,235.97 (23.76)%
EBITDA margin, % 11.07% 11.46% n/a 10.93% 11.25% n/a
EBIT 352.25 434.69 (18.97)% 1,358.82 1,777.64 (23.56)%
EBIT margin, % 8.93% 9.33% n/a 8.71% 8.95% n/a
Net income 236.45 290.85 (18.70)% 965.37 1,241.12 (22.22)%
Net income margin, 5.99% 6.25% n/a 6.19% 6.25% n/a
%
Note: net revenue in US$ terms is calculated using the average exchange rate
for the period.
For further information. please contact:
Timothy Post Head of Investor Relations
Email: post@magnit.ru
Office: +7-861-277-4554 x 17600
Mobile: +7-961-511-7678
Direct Line: +7-861-277-4562
Investor Relations Office MagnitIR@magnit.ru
Direct Line: +7-861-277-4562
Website: ir.magnit.com/
Media Inquiries Media Relations Department
press@magnit.ru
Company description:
Magnit is Russia's largest food retailer. Founded in 1994, the company is
headquartered in the southern Russian city of Krasnodar. As of December 31,
2015, Magnit operated 33 distribution centers and about 12,089 stores (9,594
convenience, 374 hypermarkets, and 2,121 drogerie stores) in 2,361 cities and
towns throughout 7 federal regions of the Russian Federation.
In accordance with the unaudited IFRS management accounts for 2015, Magnit had
revenues of RUB 951 billion and an EBITDA of RUB 104 billion. Magnit's local
shares are traded on the Moscow Stock Exchange (MOEX: MGNT) and its GDRs on the
London Stock Exchange (LSE: MGNT) and it has a credit rating from Standard &
Poor's of BB+. Measured by market capitalization, Magnit is one of the largest
retailers in Europe.
[1] Based on management accounts
[2] LFL calculation base includes stores (all formats), which have been opened
12 months prior to the last month of the reporting period. i.e. by December 1,
2014.
[3] Based on the average exchange rate for 4Q 2015 - 65.9434 RUB per 1 USD, 4Q
2014 - 47.4243 RUB per 1 USD, 12M 2015 - 60.9579 RUB per 1 USD, 12M 2014 -
38.4217 RUB per 1 USD
Magnit PAO : PJSC MAGNIT : - Magnit Unaudited FY 2015 Financial Results
January 27, 2016 at 12:31 pm IST
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