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PJSC Magnit (MGNT)

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Friday 21 April, 2017

PJSC Magnit

Unaudited 1Q 2017 Financial Results1st Quarter ...

Press Release

Krasnodar

April 21, 2017

PJSC “Magnit” Announces Unaudited 1Q 2017 Results

Krasnodar, Russia (April 21, 2017): Magnit PJSC, one of Russia’s leading retailers (MOEX and LSE: MGNT) announces its unaudited 1Q 2017 results prepared in accordance with IFRS[1].

During 1Q 2017 the Company added (net) 250 stores (188 convenience stores and 67 drogerie stores) and increased its selling space by 13.80% in comparison with 1Q 2016 from 4.52 million sq. m. to 5.15 million sq. m. The total store base as of March 31, 2017 reached 14,309 stores (10,709 convenience stores, 237 hypermarkets, 189 “Magnit Family” stores and 3,174 drogerie stores).

Revenue increased from 255.30 billion RUR in 1Q 2016 to 266.98 billion RUR in 1Q 2017.

Gross Profit increased from 65.04 billion RUR in 1Q 2016 to 71.89 billion RUR in 1Q 2017. Gross Margin in 1Q 2017 was 26.93%.

EBITDA increased from 19.79 billion RUR in 1Q 2016 to 21.00 billion RUR in 1Q 2017. EBITDA margin in the 1Q of 2017 was 7.86%.

Net Income was 7.54 billion RUR in 1Q 2017. Net Income Margin for 1Q 2017 was 2.83%.

According to Rosstat, general CPI in 2017 was the following: in January 0.6%, February 0.2%, March 0.1% (2016: January 1.0%, February 0.6%, March 0.5%).

General CPI in 1Q 2017 was 1.0% compared to 2.1% in 1Q 2016.

Food inflation in 2017 was the following: in January 0.9%, February 0.2%, March 0.1% (2016: January 1.2%, February 0.7%, March 0.4%).

Food inflation in 1Q 2017 was 1.2% compared to 2.3% in 1Q 2016.


 

January 2017 Key Operating and Financial Highlights:

January 2017 January 2016 Growth Rate
Number of opened stores, NET 30 64 n/a
convenience stores 19 12 n/a
hypermarkets (1) 0 n/a
magnit family (3) (1) n/a
drogerie stores 15 53 n/a
Total number of stores 14,089 12,153 n/a
convenience stores 10,540 9,606 n/a
hypermarkets 236 219 n/a
magnit family 191 154 n/a
drogerie stores 3,122 2,174 n/a
Selling space, eop, th. sq. m. 5,074.57 4,430.42 14.54%
convenience stores 3,459.67 3,124.66 10.72%
hypermarkets 682.09 639.14 6.72%
magnit family 210.45 169.26 24.34%
drogerie stores 722.35 497.36 45.24%
Selling space growth, th. sq.m. 6.90 16.70 n/a
convenience stores 7.27 5.10 n/a
hypermarkets (1.58) 0 n/a
magnit family (2.31) (0.92) n/a
drogerie stores 3.51 12.52 n/a
Number of customers, million 299.35 280.13 6.86%
convenience stores 251.48 236.46 6.35%
hypermarkets 19.10 20.83 (8.30)%
magnit family 10.19 9.40 8.38%
drogerie stores 18.58 13.44 38.23%
Net retail sales, million RUR 85,188.43 80,468.24 5.87%
convenience stores 63,963.51 59,501.40 7.50%
hypermarkets 11,084.10 12,549.55 (11.68)%
magnit family 4,461.90 4,270.65 4.48%
drogerie stores 5,678.92 4,146.64 36.95%
Net retail sales, million US$[2] 1,420.79 1,054.45 34.74%
convenience stores 1,066.80 779.71 36.82%
hypermarkets 184.86 164.45 12.41%
magnit family 74.42 55.96 32.98%
drogerie stores 94.71 54.34 74.31%

February and 2M 2017 Key Operating and Financial Highlights:

February 2017 February 2016 Growth Rate 2? 2017 2? 2016 Growth Rate
Number of opened stores, NET 70 149 n/a 100 213 n/a
convenience stores 66 57 n/a 85 69 n/a
hypermarkets 1 4 n/a 0 4 n/a
magnit family (2) 2 n/a (5) 1 n/a
drogerie stores 5 86 n/a 20 139 n/a
Total number of stores 14,159 12,302 n/a 14,159 12,302 n/a
convenience stores 10,606 9,663 n/a 10,606 9,663 n/a
hypermarkets 237 223 n/a 237 223 n/a
magnit family 189 156 n/a 189 156 n/a
drogerie stores 3,127 2,260 n/a 3,127 2,260 n/a
Selling space, eop, th. sq. m. 5,100.27 4,484.81 13.72% 5,100.27 4,484.81 13.72%
convenience stores 3,482.84 3,143.96 10.78% 3,482.84 3,143.96 10.78%
hypermarkets 684.54 652.47 4.92% 684.54 652.47 4.92%
magnit family 208.75 171.16 21.96% 208.75 171.16 21.96%
drogerie stores 724.13 517.23 40.00% 724.13 517.23 40.00%
Selling space growth, th. sq. m. 25.70 54.39 n/a 32.60 71.09 n/a
convenience stores 23.17 19.30 n/a 30.44 24.40 n/a
hypermarkets 2.45 13.33 n/a 0.87 13.33 n/a
magnit family (1.70) 1.90 n/a (4.01) 0.98 n/a
drogerie stores 1.78 19.87 n/a 5.29 32.39 n/a
Number of customers, million 292.20 292.27 (0.02)% 591.55 572.45 3.34%
convenience stores 244.40 246.28 (0.77)% 495.88 482.80 2.71%
hypermarkets 18.65 21.32 (12.50)% 37.75 42.19 (10.53)%
magnit family 9.77 9.79 (0.21)% 19.96 19.14 4.26%
drogerie stores 19.38 14.87 30.34% 37.97 28.32 34.07%
Net retail sales, million RUR 85,274.17 84,002.48 1.51% 170,462.61 164,470.72 3.64%
convenience stores 63,259.39 61,641.01 2.63% 127,222.91 121,142.41 5.02%
hypermarkets 11,262.05 13,044.46 (13.66)% 22,346.15 25,594.01 (12.69)%
magnit family 4,460.38 4,508.85 (1.07)% 8,922.28 8,779.50 1.63%
drogerie stores 6,292.34 4,808.16 30.87% 11,971.27 8,954.80 33.69%
Net retail sales, million US$[3] 1,460.17 1,087.70 34.24% 2,878.52 2,142.77 34.34%
convenience stores 1,083.21 798.15 35.71% 2,148.35 1,578.28 36.12%
hypermarkets 192.84 168.90 14.17% 377.35 333.45 13.17%
magnit family 76.38 58.38 30.82% 150.67 114.38 31.72%
drogerie stores 107.75 62.26 73.06% 202.15 116.67 73.28%

March and 3M 2017 Key Operating and Financial Highlights:

March 2017 March 2016 Growth Rate 3? 2017 3? 2016 Growth Rate
Number of opened stores, NET 150 132 n/a 250 345 n/a
convenience stores 103 52 n/a 188 121 n/a
hypermarkets 0 2 n/a 0 6 n/a
magnit family 0 1 n/a (5) 2 n/a
drogerie stores 47 77 n/a 67 216 n/a
Total number of stores 14,309 12,434 n/a 14,309 12,434 n/a
convenience stores 10,709 9,715 n/a 10,709 9,715 n/a
hypermarkets 237 225 n/a 237 225 n/a
magnit family 189 157 n/a 189 157 n/a
drogerie stores 3,174 2,337 n/a 3,174 2,337 n/a
Selling space, eop, th. sq. m. 5,147.99 4,523.63 13.80% 5,147.99 4,523.63 13.80%
convenience stores 3,518.62 3,162.88 11.25% 3,518.62 3,162.88 11.25%
hypermarkets 684.54 653,65 4.73% 684.54 653.65 4.73%
magnit family 208.59 172.03 21.25% 208.59 172.03 21.25%
drogerie stores 736.24 535.07 37.60% 736.24 535.07 37.60%
Selling space growth, th. sq.m. 47.72 38.81 n/a 80.32 109.91 n/a
convenience stores 35.78 18.92 n/a 66.22 43.32 n/a
hypermarkets 0.00 1.18 n/a 0.87 14.51 n/a
magnit family (0.16) 0.87 n/a (4.17) 1.85 n/a
drogerie stores 12.11 17.84 n/a 17.40 50.23 n/a
Number of customers, million 334.53 321.07 4.19% 926.08 893.52 3.64%
convenience stores 280.07 271.22 3.27% 775.95 754.01 2.91%
hypermarkets 21.49 23.22 (7.46)% 59.24 65.42 (9.44)%
magnit family 11.24 10.51 6.96% 31.20 29.66 5.22%
drogerie stores 21.72 16.12 34.78% 59.69 44.44 34.32%
Net retail sales, million RUR 94,108.71 89,964.28 4.61% 264,571.32 254,435.00 3.98%
convenience stores 70,059.16 66,367.33 5.56% 197,282.06 187,509.74 5.21%
hypermarkets 12,451.58 13,878.89 (10.28)% 34,797.73 39,472.89 (11.84)%
magnit family 4,934.81 4,735.59 4.21% 13,857.09 13,515.09 2.53%
drogerie stores 6,663.17 4,982.48 33.73% 18,634.44 13,937.28 33.70%
Net retail sales, million US$[4] 1,619.52 1,275.91 26.93% 4,496.71 3,409.36 31.89%
convenience stores 1,205.65 941.25 28.09% 3,353.05 2,512.58 33.45%
hypermarkets 214.28 196.84 8.86% 591.43 528.93 11.82%
magnit family 84.92 67.16 26.45% 235.52 181.10 30.05%
drogerie stores 114.67 70.66 62.27% 316.72 186.76 69.59%

LFL Results

Formats 1Q 2017 - 1Q 2016[5]
# of Stores Average Ticket Traffic Sales
Convenience Stores 8,932 1.80% (3.81)% (2.08)%
Hypermarkets 220 (2.18)% (13.61)% (15.49)%
Magnit Family 144 (2.40)% (11.09)% (13.22)%
Drogeries 2,127 0.14% (0.21)% (0.07)%
Total 11,423 (0.14)% (4.64)% (4.77)%


 

1Q 2017 Key Financial Results, million RUR

1Q 2017 1Q 2016 Growth Rate
Net sales 266,983.08 255,302.74 4.58%
convenience stores 197,282.06 187,509.74 5.21%
hypermarkets 34,797.73 39,472.89 (11.84)%
magnit family 13,857.09 13,515.09 2.53%
drogerie stores 18,634.44 13,937.28 33.70%
wholesale 2,411.76 867.74 177.94%
Gross profit 71,887.31 65,035.93 10.53%
Gross margin,% 26.93% 25.47% n/a
EBITDAR 31.621.20 28,808.89 9.76%
EBITDAR margin, % 11.84% 11.28% n/a
EBITDA 20,995.41 19,789.41 6.09%
EBITDA margin, % 7.86% 7.75% n/a
EBIT 12,910.15 13,819.87 (6.58)%
EBIT margin, % 4.84% 5.41% n/a
Net income 7,543.09 8,243.28 (8.49)%
Net income margin, % 2.83% 3.23% n/a

1Q 2017 Key Financial Results, US$ million[6]

1Q 2017 1Q 2016 Growth Rate
Net sales 4,537.70 3,420.99 32.64%
convenience stores 3,353.05 2,512.58 33.45%
hypermarkets 591.43 528.93 11.82%
magnit family 235.52 181.10 30.05%
drogerie stores 316.72 186.76 69.59%
wholesale 40.99 11.63 252.45%
Gross profit 1,221.81 871.46 40.20%
Gross margin, % 26.93% 25.47% n/a
EBITDAR 537.44 386.03 39.22%
EBITDAR margin, % 11.84% 11.28% n/a
EBITDA 356.84 265.17 34.57%
EBITDA margin, % 7.86% 7.75% n/a
EBIT 219.42 185.18 18.49%
EBIT margin, % 4.84% 5.41% n/a
Net income 128.20 110.46 16.06%
Net income margin, % 2.83% 3.23% 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.
  3. Please note that there may be small variations in calculation of totals, subtotals and/ or percentage change due to rounding of decimals.


 

For further information, please contact:

Timothy Post Head of Investor Relations
Email: [email protected]
Office: +7-861-277-4554 x 17600
Mobile: +7-961-511-7678
Direct Line: +7-861-277-4562
Investor Relations Office [email protected]
Direct Line: +7-861-277-4562
Website: ir.magnit.com/
Media Inquiries Media Relations Department
[email protected]

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 March 31, 2017, Magnit operated 35 distribution centers and 14,089 stores (10,540 convenience, 427 hypermarkets and 3,122 drogerie stores) in 2,494 cities and towns throughout 7 federal regions of the Russian Federation.

In accordance with the audited IFRS results 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 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] Based on the average exchange rate for January 2017 - 59.9583 RUB per 1 USD, January 2016 – 76.3127 RUB per 1 USD

[3] Based on the average exchange rate for February 2017 – 58.4000 RUB per 1 USD, February 2016 – 77.2298 RUB per 1 USD, 2M 2017 – 59.2188 RUB per 1 USD, 2M 2016 – 76.7560 RUB per 1 USD

[4] Based on the average exchange rate for March 2017 - 58.1091 RUB per 1 USD, March 2016 – 70.5101 RUB per 1 USD, 3M 2017 – 58.8366 RUB per 1 USD, 3M 2016 – 74.6283 RUB per 1 USD

[5] 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 March 1, 2016.

[6] Based on the average exchange rate for 1Q 2017 - 58.8366 RUB per 1 USD, 1Q 2016 – 74.6283 RUB per 1 USD


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