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PJSC MAGNIT - Unaudited 1H 2015 Financial Results

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PR Newswire

Press-release

Krasnodar

July 22, 2015

PJSC “Magnit” Announces Unaudited 1H 2015 Results

Krasnodar, July 22, 2015: PJSC “Magnit”, Russia’s largest food retailer (the “Company”; MOEX and LSE: MGNT) announces its unaudited 1H 2015 results prepared in accordance with IFRS[1].

During 1H 2015 the Company added (net) 1,017 stores (546 convenience stores, 11 hypermarkets, 13 “Magnit Family” stores and 447 drogerie stores) and increased its selling space by 23.17% in comparison to 1H 2014 from 3,189.21 thousand sq. m. to 3,928.00 thousand sq. m. The total store base as of June 30, 2015 reached 10,728 stores (8,890 convenience stores, 201 hypermarkets, 110 “Magnit Family” stores and 1,527 drogerie stores).

Revenue increased by 30.30% YoY from 349,047.11 million RUR in 1H 2014 to 454,808.63 million RUR in 1H 2015. The top line growth was due to an increase in selling space as well as to an 11.47% increase of like-for-like sales.


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Gross profit increased by 30.80% from 97,134.52 million RUR to 127,050.28 million RUR. Gross margin in 1H 2015 amounted to 27.93%.

EBITDA increased by 32.97% from 36,549.60 million RUR in 1H 2014 to 48,599.58 million RUR in 1H 2015. EBITDA margin in the 1H of 2015 was 10.69%, which is 22 b. p. higher than 1H 2014 (10.47%). EBITDA margin in the 2Q of 2015 was 11.95%.

1H 2015 net income increased by 28.78% and amounted to 25,225.49 million RUR vs.19,588.07 million RUR in 1H 2014. Net income margin for 1H 2015 was 5.55%.

2Q and 1H 2015 Key Operating Highlights:

2Q 2015 2Q 2014 Growth Rate 1H 2015 1H 2014 Growth Rate
Number of opened stores, NET 608 362 n/a 1,017 525 n/a
convenience stores 309 273 n/a 546 414 n/a
hypermarkets 5 4 n/a 11 8 n/a
magnit family 6 7 n/a 13 11 n/a
drogerie stores 288 78 n/a 447 92 n/a
Total number of stores 10,728 8,618 n/a 10,728 8,618 n/a
convenience stores 8,890 7,614 n/a 8,890 7,614 n/a
hypermarkets 201 169 n/a 201 169 n/a
magnit family 110 57 n/a 110 57 n/a
drogerie stores 1,527 778 n/a 1,527 778 n/a
Selling space, eop, th. sq. m. 3,928.00 3,189.21 23.17% 3,928.00 3,189.21 23.17%
convenience stores 2,866.25 2,433.66 17.78% 2,866.25 2,433.66 17.78%
hypermarkets 589.81 504.54 16.90% 589.81 504.54 16.90%
magnit family 122.73 67.03 83.10% 122.73 67.03 83.10%
drogerie stores 349.21 183.99 89.80% 349.21 183.99 89.80%
Selling space growth, th. sq.m. 195.27 120.60 n/a 337.36 177.83 n/a
convenience stores 111.56 83.95 n/a 192.94 121.46 n/a
hypermarkets 12.78 11.01 n/a 30.72 21.66 n/a
magnit family 6.61 8.95 n/a 13.66 13.77 n/a
drogerie stores 64.31 16.70 n/a 100.04 20.95 n/a
Number of customers, million 851.22 737.81 15.37% 1,617.61 1,400.48 15.50%
convenience stores 729.07 647.16 12.66% 1,387.21 1,229.92 12.79%
hypermarkets 66.90 59.88 11.72% 127.91 112.96 13.24%
magnit family 24.43 13.87 76.10% 45.32 25.41 78.38%
drogerie stores 30.82 16.90 82.33% 57.17 32.19 77.58%

LFL Results

Formats 2Q 2015 - 2Q 2014[2]
# of Stores Average Ticket Traffic Sales
Convenience Stores 7,201 10.38% (0.59)% 9.74%
Hypermarkets 169 6.49% (3.02)% 3.27%
Magnit Family 49 5.43% (3.10)% 2.16%
Drogeries 715 14.35% 10.18% 25.99%
Total 8,134 9.26% (0.60)% 8.61%

   

Formats 1H 2015 – 1H 20144
# of Stores Average Ticket Traffic Sales
Convenience Stores 7,103 12.06% (0.15)% 11.89%
Hypermarkets 168 10.16% (1.36)% 8.66%
Magnit Family 49 9.82% (0.91)% 8.82%
Cosmetics Stores 682 12.21% 11.32% 24.92%
Total 8,002 11.49% (0.02)% 11.47%

2Q and 1H 2015 Key Financial Results, million RUR

2Q 2015 2Q 2014 Growth Rate 1H 2015 1H 2014 Growth Rate
Net sales 236,052.37 185,056.98 27.56% 454,808.63 349,047.11 30.30%
convenience stores 175,837.64 140,961.74 24.74% 338,433.76 266,982.05 26.76%
hypermarkets 40,640.38 34,418.47 18.08% 79,371.13 64,008.30 24.00%
magnit family 10,734.92 5,628.16 90.74% 20,336.82 10,081.71 101.72%
drogerie stores 8,253.35 3,943.55 109.29% 15,556.35 7,831.68 98.63%
wholesale 586.08 105.08 n/a 1,110.57 143.38 n/a
Gross profit 67,934.01 52,468.57 29.48% 127,050.28 97,134.52 30.80%
Gross margin,% 28.78% 28.35% n/a 27.93% 27.83% n/a
EBITDAR 35,355.77 26,488.74 33.47% 62,260.87 45,819.47 35.88%
EBITDAR margin, % 14.98% 14.31% n/a 13.69% 13.13% n/a
EBITDA 28,204.35 21,670.10 30.15% 48,599.58 36,549.60 32.97%
EBITDA margin, % 11.95% 11.71% n/a 10.69% 10.47% n/a
EBIT 23,154.41 17,334.02 33.58% 38,548.91 28,060.24 37.38%
EBIT margin, % 9.81% 9.37% n/a 8.48% 8.04% n/a
Net income 15,747.65 12,599.84 24.98% 25,225.49 19,588.07 28.78%
Net income margin, % 6.67% 6.81% n/a 5.55% 5.61% n/a

2Q and 1H 2015 Key Financial Results, US$ million[3]

2Q 2015 2Q 2014 Growth Rate 1H 2015 1H 2014 Growth Rate
Net sales 4,483.06 5,287.36 (15.21)% 7,923.94 9,978.59 (20.59)%
convenience stores 3,339.47 4,027.49 (17.08)% 5,896.39 7,632.51 (22.75)%
hypermarkets 771.83 983.39 (21.51)% 1,382.85 1,829.88 (24.43)%
magnit family 203.88 160.80 26.79% 354.32 288.22 22.93%
drogerie stores 156.75 112.67 39.12% 271.03 223.89 21.05%
wholesale 11.13 3.00 n/a 19.35 4.10 n/a
Gross profit 1,290.19 1,499.11 (13.94)% 2,213.54 2,776.89 (20.29)%
Gross margin,% 28.78% 28.35% n/a 27.93% 27.83% n/a
EBITDAR 671.47 756.82 (11.28)% 1,084.74 1,309.89 (17.19)%
EBITDAR margin, % 14.98% 14.31% n/a 13.69% 13.13% n/a
EBITDA 535.65 619.15 (13.49)% 846.73 1,044.88 (18.96)%
EBITDA margin, % 11.95% 11.71% n/a 10.69% 10.47% n/a
EBIT 439.74 495.26 (11.21)% 671.62 802.19 (16.28)%
EBIT margin, % 9.81% 9.37% n/a 8.48% 8.04% n/a
Net income 299.08 360.00 (16.92)% 439.49 559.99 (21.52)%
Net income margin, % 6.67% 6.81% n/a 5.55% 5.61% 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 Director, Investor Relations
Email: post@magnit.ru
Office: +7-861-277-4554 x 17600
Mobile: +7-961-511-7678
Direct Line: +7-861-277-4562
Dina Svishcheva Deputy Director, Investor Relations
Email: Chistyak@magnit.ru
Office: +7-861-277-45-54 x 15101
Mobile: +7-961-511-0202
Direct Line: +7-861-277-4562

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 June 30, 2015, Magnit operated 29 distribution centers and over 10,700 stores (8,890 convenience, 311 hypermarkets, and 1,527 drogerie stores) in approximately 2,233 cities and towns throughout 7 federal regions of the Russian Federation.

In accordance with the unaudited IFRS management accounts for 1H 2015, Magnit had revenues of RUB 455 billion and an EBITDA of RUB 49 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 June 1, 2014.

[3] Based on the average exchange rate for 2Q 2015 - 52.6543 RUB per 1 USD, 2Q 2014 – 34.9999 RUB per 1 USD, 1H 2015 - 57.3968 RUB per 1 USD, 1H 2014 – 34.9796 RUB per 1 USD

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