MAGNIT
Press Release
Krasnodar
January 27, 2017
PJSC "Magnit" Announces Unaudited FY 2016 Results
Krasnodar, Russia (January 27, 2017): Magnit PJSC, one of Russia's leading
retailers (MOEX and LSE: MGNT) announces its unaudited FY 2016 results prepared
in accordance with IFRS[1].
During 2016 Magnit added 1,970 stores on a net basis (927 convenience stores,
18 hypermarkets, 39 Magnit Family stores, and 986 drogerie stores) and
increased its selling space by 14.82% in comparison to 2015 from 4.41 million
sq. m. to 5.07 million sq. m. The total store base as of December 31, 2016
reached 14,059 stores (10,521 convenience stores, 237 hypermarkets, 194 Magnit
Family stores, and 3,107 drogerie stores).
Revenue increased by 13.07% YoY from 950.61 billion RUR in 2015 to 1.07
trillion RUR in 2016.
Gross Profit increased from 270.82 billion RUR in 2015 to 295.77 billion RUR in
2016. Gross Margin in 2016 was 27.52%.
EBITDA increased from 103.97 billion RUR in 2015 to 107.75 billion RUR in 2016.
EBITDA Margin in 2016 was 10.02%. EBITDA Margin in the 4Q of 2016 was 9.66%.
Net Income was 54.36 billion RUR in 2016. Net Income Margin for 2016 was 5.06%.
According to Rosstat, general CPI in 12M 2016 was 5.4% compared to 12.9% in 12M
2015. In the month of December 2016 general CPI was 0.4% compared to 0.8% in
December 2015.
Food inflation in 12M 2016 was 4.6% compared to 14.0% in 12M 2015. In the month
of December 2016 food inflation was 0.6% compared to 1.2% in December 2015.
4Q and FY 2016 Key Operating Highlights:
4Q 2016 4Q 2015 Growth Rate FY 2016 FY 2015 Growth Rate
Number of opened 695 701 n/a 1,970 2,378 n/a
stores, NET
convenience stores 383 348 n/a 927 1,250 n/a
hypermarkets 9 11 n/a 18 29 n/a
magnit family 15 28 n/a 39 58 n/a
drogerie stores 288 314 n/a 986 1,041 n/a
Total number of stores 14,059 12,089 n/a 14,059 12,089 n/a
convenience stores 10,521 9,594 n/a 10,521 9,594 n/a
hypermarkets 237 219 n/a 237 219 n/a
magnit family 194 155 n/a 194 155 n/a
drogerie stores 3,107 2,121 n/a 3,107 2,121 n/a
Selling space, eop. th. 5,067.67 4,413.72 14.82% 5,067.67 4,413.72 14.82%
sq. m.
convenience stores 3,452.40 3,119.56 10.67% 3,452.40 3,119.56 10.67%
hypermarkets 683.67 639.14 6.97% 683.67 639.14 6.97%
magnit family 212.76 170.18 25.02% 212.76 170.18 25.02%
drogerie stores 718.84 484.84 48.26% 718.84 484.84 48.26%
Selling space growth, 242.28 258.73 n/a 653.95 823.08 n/a
th. sq.m.
convenience stores 132.60 122.26 n/a 332.84 446.25 n/a
hypermarkets 24.30 34.18 n/a 44.53 80.05 n/a
magnit family 16.45 30.36 n/a 42.58 61.11 n/a
drogerie stores 68.93 71.92 n/a 234.00 235.67 n/a
Number of customers, 966.69 895.82 7.91% 3,817.13 3,376.86 13.04%
million
convenience stores 809.30 754.72 7.23% 3,220.10 2,874.00 12.04%
hypermarkets 64.05 68.76 (6.86)% 262.10 263.05 (0.36)%
magnit family 32.60 29.08 12.10% 127.00 100.30 26.62%
drogerie stores 60.74 43.26 40.39% 207.93 139.51 49.04%
LFL Results
Formats 4Q 2016 - 4Q 2015[2]
# of Stores Average Ticket Traffic Sales
Convenience Stores 9,020 1.99% (0.68)% 1.30%
Hypermarkets 214 1.00% (12.23)% (11.35)%
Magnit Family 133 0.06% (9.79)% (9.74)%
Drogeries 1,967 3.91% 0.37% 4.29%
Total 11,334 0.56% (1.84)% (1.30)%
Formats 12M 2016 - 12M 20152
# of Stores Average Ticket Traffic Sales
Convenience Stores 8,663 0.32% 2.05% 2.38%
Hypermarkets 211 (0.85)% (9.32)% (10.09)%
Magnit Family 133 (1.08)% (6.04)% (7.05)%
Cosmetics Stores 1,911 7.55% (2.50)% 4.87%
Total 10,918 (0.90)% 0.65% (0.26)%
4Q and FY 2016 Key Financial Results, million RUR
4Q 2016 4Q 2015 Growth Rate FY 2016 FY 2015 Growth Rate
Net sales 284,674.68 260,170.78 9.42% 1,074,811.55 950,613.34 13.07%
convenience stores 207,440.08 188,929.35 9.80% 790,157.07 701,274.95 12.67%
hypermarkets 40,394.25 43,310.51 (6.73)% 157,688.53 161,578.67 (2.41)%
magnit family 15,161.85 13,509.11 12.23% 56,910.82 44,825.31 26.96%
drogerie stores 19,468.53 13,403.80 45.25% 64,449.43 40,122.06 60.63%
wholesale 2,209.97 1,018.01 117.09% 5,605.71 2,812.35 99.32%
Gross profit 78,338.85 75,444.88 3.84% 295,770.00 270,820.81 9.21%
Gross margin,% 27.52% 29.00% n/a 27.52% 28.49% n/a
EBITDAR 37,784.53 37,416.36 0.98% 146,225.97 134,149.92 9.00%
EBITDAR margin, % 13.27% 14.38% n/a 13.60% 14.11% n/a
EBITDA 27,495.26 28,860.14 (4.73)% 107,749.11 103,972.93 3.63%
EBITDA margin, % 9.66% 11.09% n/a 10.02% 10.94% n/a
EBIT 20,561.44 23,253.59 (11.58)% 81,889.96 82,856.21 (1.17)%
EBIT margin, % 7.22% 8.94% n/a 7.62% 8.72% n/a
Net income 13,439.11 15,807.15 (14.98)% 54,362.72 59,061.20 (7.96)%
Net income margin, 4.72% 6.08% n/a 5.06% 6.21% n/a
%
4Q and FY 2016 Key Financial Results, US$ million[3]
4Q 2016 4Q 2015 Growth Rate FY 2016 FY 2015 Growth Rate
Net sales 4,513.73 3,945.36 14.41% 16,033.61 15,594.59 2.82%
convenience stores 3,289.12 2,865.02 14.80% 11,787.25 11,504.25 2.46%
hypermarkets 640.48 656.78 (2.48)% 2,352.34 2,650.66 (11.25)%
magnit family 240.40 204.86 17.35% 848.97 735.35 15.45%
drogerie stores 308.69 203.26 51.87% 961.43 658.19 46.07%
wholesale 35.04 15.44 126.94% 83.62 46.14 81.23%
Gross profit 1,242.12 1,144.09 8.57% 4,412.18 4,442.75 (0.69)%
Gross margin,% 27.52% 29.00% n/a 27.52% 28.49% n/a
EBITDAR 599.10 567.40 5.59% 2,181.34 2,200.70 (0.88)%
EBITDAR margin, % 13.27% 14.38% n/a 13.60% 14.11% n/a
EBITDA 435.96 437.65 (0.39)% 1,607.36 1,705.65 (5.76)%
EBITDA margin, % 9.66% 11.09% n/a 10.02% 10.94% n/a
EBIT 326.02 352.63 (7.55)% 1,221.60 1,359.24 (10.13)%
EBIT margin, % 7.22% 8.94% n/a 7.62% 8.72% n/a
Net income 213.09 239.71 (11.11)% 810.96 968.89 (16.30)%
Net income margin, 4.72% 6.08% n/a 5.06% 6.21% n/a
%
Notes:
1. Net revenue in US$ terms is calculated using the average exchange rate for
the period.
2. This announcement contains inside information which is disclosed in
accordance with the Market Abuse Regulation which came into effect on 3
July 2016.
For further information. please contact:
Timothy Post Head of Investor Relations
Email: post@magnit.ru
Office: +7-861-277-4554 x 17600
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:
Public Joint Stock Company "Magnit" is one of Russia's leading retailers.
Founded in 1994, the company is headquartered in the southern Russian city of
Krasnodar. As of December 31, 2016, Magnit operated 35 distribution centers and
14,059 stores (10,521 convenience, 431 hypermarkets and 3,107 drogerie stores)
in 2,494 cities and towns throughout 7 federal regions of the Russian
Federation.
In accordance with the unaudited IFRS management accounts for 2016, Magnit had
revenues of RUB 1,075 billion and an EBITDA of RUB 108 billion. Magnit's local
shares are traded on the Moscow 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,
2015.
[3] Based on the average exchange rate for 4Q 2016 - 63.0685 RUB per 1 USD, 4Q
2015 - 65.9434 RUB per 1 USD, 12M 2016 - 67.0349 RUB per 1 USD, 12M 2015 -
60.9579 RUB per 1 USD
PJSC MAGNIT : - Magnit Unaudited FY 2016 Financial Results
January 27, 2017 at 12:34 pm IST
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