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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Magnit PJSC (CE) | USOTC:MGJCL | OTCMarkets | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
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Press-release
Krasnodar
March 24, 2014
OJSC "Magnit" Announces Audited FY 2013 Results
Krasnodar, March 24, 2014: OJSC "Magnit", Russia's largest retailer
(the "Company"; MICEX and LSE: MGNT) announces its FY 2013 financial results
prepared in accordance with IFRS and audited by Ernst & Young.
During 2013 the Company added (net) 1,209 stores (1,154 convenience
stores, 35 hypermarkets and 26 "Magnit Family" stores) and increased its
selling space by 18.13% in comparison to 2012 from 2,549.26 thousand sq. m. to
3,011.38 thousand sq. m. The total store base as of December 31, 2013 reached
8,093 stores (7,200 convenience stores, 161 hypermarkets, 46 "Magnit Family"
stores and 686 cosmetics stores).
Revenue in rubles increased by 29.21% YoY from 448,661.13 million
RUR in 2012 to 579,694.88 million RUR in 2013. The top line growth was due to
an increase in selling space as well as to a 3.88% increase in like-for-like
sales (excl. VAT). Revenue growth in dollar terms amounted to 26.14%: from US$
14,429.65 million to US$ 18,201.92 million[1].
Gross margin grew from 26.53% 2012 to 28.51% in 2013. Gross profit
in rubles increased by 38.82% from 119,051.79 million RUR (US$ 3,828.89
million) to 165,262.99 million RUR (US$ 5,189.12 million).
EBITDA increased by 36.60% from 47,380.48 million RUR (US$ 1,523.83
million) in 2012 to 64,721.23 million RUR (US$ 2,032.19 million) in 2013.
EBITDA margin in 2013 amounted to 11.16%. EBITDA margin in the 4Q of 2013 was
12.50%. Net debt / EBITDA ratio (in ruble terms) for 2013 amounted to 1.05.
2013 net income increased by 41.82% and amounted to 35,620.38
million RUR (US$ 1,118.45 million) vs. 25,117.17 million RUR (US$ 807.81
million) in 2012. Net income margin for FY 2013 was 6.14%.
Contents:
4Q and FY 2013 Key Operational Results 2
LFL Results 3
4Q and FY 2013 Key Financial Results 5
Contact Information and Company Description 6
Appendix: LFL Side-by-Side Comparison 7
4Q and FY 2013 Key Operational Results:
4Q 2013 4Q 2012 Growth Rate 12М 2013 12М 2012 Growth Rate
Number of opened stores, NET 447 765 n/a 1,209 1,575 n/a
convenience stores 417 523 n/a 1,154 1,040 n/a
hypermarkets 13 21 n/a 35 36 n/a
magnit family 16 9 n/a 26 17 n/a
cosmetics stores 1 212 n/a (6) 482 n/a
Total number of stores 8,093 6,884 n/a 8,093 6,884 n/a
convenience stores 7,200 6,046 n/a 7,200 6,046 n/a
hypermarkets 161 126 n/a 161 126 n/a
magnit family 46 20 n/a 46 20 n/a
cosmetics stores 686 692 n/a 686 692 n/a
Selling space growth, th. sq.m. 169.99 288.38 n/a 462.12 579.09 n/a
convenience stores 116.46 164.03 n/a 334.74 339.63 n/a
hypermarkets 34.43 62.93 n/a 95.26 109.17 n/a
magnit family 17.83 10.73 n/a 28.91 20.56 n/a
cosmetics stores 1.27 50.68 n/a 3.21 109.74 n/a
Selling space, eop, th. sq. m. 3,011.38 2,549.26 18.13% 3,011.38 2,549.26 18.13%
convenience stores 2,312.20 1,977.46 16.93% 2,312.20 1,977.46 16.93%
hypermarkets 482.88 387.62 24.58% 482.88 387.62 24.58%
magnit family 53.26 24.36 118.67% 53.26 24.36 118.67%
cosmetics stores 163.04 159.83 2.01% 163.04 159.83 2.01%
Number of customers, million 656.92 549.44 19.56% 2,465.05 2,033.43 21.23%
convenience stores 579.17 497.07 16.52% 2,193.87 1,863.62 17.72%
hypermarkets 53.45 39.47 35.42% 193.06 137.69 40.21%
magnit family 9.57 4.34 120.63% 29.60 8.87 233.84%
cosmetics stores 14.73 8.56 72.08% 48.52 23.25 108.70%
LFL Results
Formats 4Q 2013 - 4Q 2012[2] FY 2013 - FY 2012[3]
Average Ticket Traffic Sales Average ticket Traffic Sales
Convenience 4.21% (2.03)% 2.09% 5.35% (1.57)% 3.70%
Stores
Hypermarkets 2.13% 1.75% 3.92% 2.04% 2.52% 4.61%
Magnit Family 1.77% (2.78)% (1.06)% 5.01% 7.41% 12.80%
Cosmetics Stores 4.92% 26.69% 32.92% 3.72% 10.54% 14.65%
Total 4.29% (1.52)% 2.71% 5.22% (1.28)% 3.88%
Please note that, in an effort to conform to industry norms,
starting in 2014 Magnit will now publish its Like-for-Like (LFL) results using
a similar calculation methodology as other Russian food retailers. Previously,
Magnit had used a different methodology with longer lead-times to calculate
its LFL store base.
Magnit's previous methodology would have only included Convenience
& Cosmetics stores in the LFL store base calculation, which had been open 6
months prior to the 1st day of any base calculation period. Likewise, the
methodology to calculate the Hypermarkets & Magnit Family store base required
those stores to have been open 8 months prior to the 1st day of any base
calculation period. Going forward, Magnit will use a LFL calculation
methodology that will include stores (all formats), which have been opened 12
months prior to the last month of any reporting period.
Previous Methodology:
Using the previous methodology to calculate the LFL results for FY
2013 vs. FY 2012, Magnit included:
a. Convenience & Cosmetics stores that were open by July 1st, 2011
(6 months prior to January 1st, 2012)
b. Hypermarket & Magnit Family stores that were open by May 1st,
2011 (8 months prior to January 1st, 2012)
** (Note: January 1st, 2012 was the 1st day of base calculation
period)
Using the previous methodology to calculate the LFL results for 4Q
2013 vs. 4Q 2012, Magnit included:
a. Convenience & Cosmetic stores that were open by April 1st, 2012
(6 months prior to October 1st, 2012)
b. Hypermarkets & Magnit Family stores that were open by February
1st, 2012 (8 months prior to October 1st, 2012)
** (Note: October 1st, 2012 was the 1st day of the base calculation
period)
New Methodology:
Using the new methodology to calculate the LFL results for FY 2013
vs. FY 2012 and 4Q 2013 vs. 4Q 2012, Magnit would have included:
Stores (all formats) that were open by December 1st, 2012 (12
months prior to December 2013)
** (Note: December 2013 was the last month of the reporting period)
While it is generally agreed that LFL calculation methodologies
with longer lead-times are better suited (i.e. reduces the skewing of immature
stores on the total store base) for markets with high growth rates for new
selling space, Magnit feels that conforming to the industry norm methodology
used by Russian food retailers will enable investors and analysts to better
compare its LFL results on an "apples-to-apples" basis. Please note that under
this methodology, LFL numbers include VAT.
Going forward, Magnit will calculate and publish its LFL store base
numbers using the industry norm methodology. In an effort to offer some
perspective, Magnit has recalculated its 2013 LFL results using both
methodologies. Please see the Appendix for a side-by-side comparison.
4Q[4] and FY 2013 Key Financial Results[5]
4Q 20134 4Q 20124 Growth Rate FY 2013 FY 2012 Growth Rate
Net sales, mn RUR 162,515.22 129,176.09 25.81% 579,694.88 448,661.13 29.21%
convenience stores 123,796.88 102,481.13 20.80% 450,801.48 364,236.40 23.77%
hypermarkets 31,180.71 22,881.23 36.27% 106,175.58 75,418.70 40.78%
magnit family 3,695.40 1,583.85 133.32% 10,678.07 3,098.58 244.61%
cosmetics stores 3,794.01 2,207.63 71.86% 11,873.35 5,732.51 107.12%
wholesale 48.21 22.24 116.75% 166.40 174.93 (4.88%)
Net sales, mn US$ 4,995.33 4,156.69 20.18% 18,201.92 14,429.65 26.14%
convenience stores 3,805.22 3,297.68 15.39% 14,154.78 11,714.42 20.83%
hypermarkets 958.42 736.28 30.17% 3,333.82 2,425.58 37.44%
magnit family 113.59 50.97 122.87% 335.28 99.66 236.44%
cosmetics stores 116.62 71.04 64.16% 372.81 184.37 102.21%
wholesale 1.48 0.72 107.04% 5.22 5.63 (7.13%)
Gross profit, mn RUR 48,602.93 35,752.28 35.94% 165,262.99 119,051.79 38.82%
Gross profit, mn US$ 1,493.94 1,150.45 29.86% 5,189.12 3,828.89 35.53%
Gross margin, % 29.91% 27.68% n/a 28.51% 26.53% n/a
EBITDAR, mn RUR 24,483.46 17,694.44 38.37% 79,678.33 57,770.83 37.92%
EBITDAR, mn US$ 752.56 569.38 32.17% 2,501.83 1,858.00 34.65%
EBITDAR margin, % 15.07% 13.70% n/a 13.74% 12.88% n/a
EBITDA, mn RUR 20,315.55 14,636.97 38.80% 64,721.23 47,380.48 36.60%
EBITDA, mn US$ 624.45 470.99 32.58% 2,032.19 1,523.83 33.36%
EBITDA margin, % 12.50% 11.33% n/a 11.16% 10.56% n/a
EBIT, mn RUR 16,488.07 11,508.45 43.27% 50,536.88 36,110.82 39.95%
EBIT, mn US$ 506.80 370.32 36.85% 1,586.81 1,161.38 36.63%
EBIT margin, % 10.15% 8.91% n/a 8.72% 8.05% n/a
Net income, mn RUR 11,790.47 8,326.02 41.61% 35,620.38 25,117.17 41.82%
Net income, mn US$ 362.41 267.92 35.27% 1,118.45 807.81 38.45%
Net income margin, % 7.25% 6.45% n/a 6.14% 5.60% n/a
Note: net revenue in US$ terms is calculated using the daily
exchange rate.
For further information, please contact:
Timothy Post Director, Investor Relations
Email: post@gw.tander.ru
Office: +7-861-277-4554 x7600
Mobile: +7-961-511-7678
Direct Line: +7-861-277-4562
Dina Svishcheva Deputy Director, Investor Relations
Email: Chistyak@gw.tander.ru
Office: +7-861-277-45-54 x5101
Mobile: +7-961-511-0202
Direct Line: +7-861-277-4562
Company description:
Magnit is Russia's largest retailer. Founded in 1994, the company
is headquartered in the southern Russian city of Krasnodar. As of December 31,
2013, Magnit operated 22 distribution centers and over 8,000 stores (7,200
convenience, 207 hypermarkets, and 686 cosmetics) in more than 1,868 cities
and towns throughout 7 federal regions of the Russian Federation.
In accordance with the audited IFRS consolidated financial
statements for 2013, Magnit had revenues of $18,202 million USD and an EBITDA
of $2,032 million USD. Magnit's local shares are traded on the Moscow Stock
Exchange (MICEX: 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.
Appendix: LFL Side-by-Side Comparison:
1Q 2013 - 1Q 2012
Formats New Methodology Previous Methodology
# of Stores Average Ticket Traffic Sales # of Stores Average ticket Traffic Sales
Convenience Stores 4,772 5.85% 1.41% 7.34% 4,087 5.31% (0.80)% 4.46%
Hypermarkets 90 4.93% 7.80% 13.11% 60 3.19% 3.77% 7.08%
Magnit Family 3 6.78% 5.75% 12.92% n/a n/a n/a n/a
Cosmetics Stores 186 6.43% (1.84)% 4.47% n/a n/a n/a n/a
Total 5,051 6.34% 1.82% 8.28% 4,147 5.42% (0.55)% 4.83%
2Q 2013 - 2Q 2012
Formats New Methodology Previous Methodology
# of Stores Average Ticket Traffic Sales # of Stores Average ticket Traffic Sales
Convenience Stores 4,833 6.55% 1.66% 8.33% 4,236 6.16% (0.07)% 6.09%
Hypermarkets 96 3.69% 8.01% 11.99% 65 2.80% 4.55% 7.48%
Magnit Family 5 2.67% 13.95% 17.00% n/a n/a n/a n/a
Cosmetics Stores 253 (0.17)% 15.48% 15.28% n/a n/a n/a n/a
Total 5,187 6.66% 2.25% 9.07% 4,301 6.07% 0.22% 6.30%
1H 2013 - 1H 2012
Formats New Methodology Previous Methodology
# of Stores Average Ticket Traffic Sales # of Stores Average ticket Traffic Sales
Convenience Stores 4,722 6.21% 1.67% 7.99% 3,903 5.67% (0.67)% 4.96%
Hypermarkets 96 4.27% 7.91% 12.52% 60 3.00% 3.97% 7.09%
Magnit Family 5 3.98% 11.06% 15.48% n/a n/a n/a n/a
Cosmetics Stores 230 2.28% 7.63% 10.09% n/a n/a n/a n/a
Total 5,053 6.50% 2.18% 8.82% 3,963 5.70% (0.39)% 5.29%
3Q 2013 - 3Q 2012
Formats New Methodology Previous Methodology
# of Stores Average Ticket Traffic Sales # of Stores Average ticket Traffic Sales
Convenience Stores 4,988 6.49% (0.84)% 5.60% 4,573 6.31% (1.83)% 4.36%
Hypermarkets 104 2.18% 5.41% 7.71% 72 1.12% 2.33% 3.48%
Magnit Family 8 3.21% 14.86% 18.55% 3 3.97% 2.79% 6.87%
Cosmetics Stores 350 (1.88)% 27.20% 24.81% 170 (1.53)% 15.98% 14.20%
Total 5,450 6.32% (0.03)% 6.29% 4,818 5.84% (1.44)% 4.32%
9M 2013 - 9M 2012
Formats New Methodology Previous Methodology
# of Stores Average Ticket Traffic Sales # of Stores Average ticket Traffic Sales
Convenience Stores 4,676 6.37% 1.02% 7.45% 3,646 5.82% (1.33)% 4.41%
Hypermarkets 104 3.47% 7.02% 10.73% 60 2.40% 3.25% 5.72%
Magnit Family 8 3.63% 12.76% 16.86% 1 5.27% 9.02% 14.76%
Cosmetics Stores 319 (0.02)% 17.19% 17.16% 19 2.06% 6.35% 8.54%
Total 5,107 6.45% 1.64% 8.20% 3,726 5.73% (1.03)% 4.64%
4Q 2013 - 4Q 2012
Formats New Methodology Previous Methodology
# of Stores Average Ticket Traffic Sales # of Stores Average ticket Traffic Sales
Convenience Stores 5,383 4.33% (0.68)% 3.63% 4,734 4.21% (2.03)% 2.09%
Hypermarkets 113 2.24% 3.89% 6.22% 90 2.13% 1.75% 3.92%
Magnit Family 17 4.80% 12.21% 17.59% 3 1.77% (2.78)% (1.06)%
Cosmetics Stores 482 0.41% 41.84% 42.43% 217 4.92% 26.69% 32.92%
Total 5,995 4.51% 0.33% 4.85% 5,044 4.29% (1.52)% 2.71%
FY 2013 - FY 2012
Formats New Methodology Previous Methodology
# of Stores Average Ticket Traffic Sales # of Stores Average ticket Traffic Sales
Convenience Stores 4,846 5.82% 0.76% 6.62% 3,487 5.35% (1.57)% 3.70%
Hypermarkets 112 3.07% 6.13% 9.39% 60 2.04% 2.52% 4.61%
Magnit Family 17 4.20% 12.50% 17.23% 1 5.01% 7.41% 12.80%
Cosmetics Stores 431 0.32% 28.12% 28.53% 18 3.72% 10.54% 14.65%
Total 5,406 5.89% 1.50% 7.47% 3,566 5.22% (1.28)% 3.88%
---------------------------------
[1] Based on the average exchange rate for 2013 - 31.8480 RUR per 1 US$, 2012
- 31.0930 RUR per 1 US$; for 4Q 2013 - 32.5334 RUR per 1 US$, for 4Q 2012 -
31.0767 RUR per 1 US$.
[2] Based on 4,734 convenience stores and 217 cosmetics stores
which were opened by April 1, 2012, and 90 hypermarkets and 3 Magnit Family
which were opened by February 1, 2012, i.e. based on the result of the
convenience stores that had been operating for not less than six months and
hypermarkets that had been operating for not less than eight months and have
achieved a mature level of sales.
[3] Based on 3,487 convenience stores and 18 cosmetics stores which
were opened by July 1, 2011, and 60 hypermarkets and 1 Magnit Family which
were opened by May 1, 2011, i.e. based on the result of the convenience stores
that had been operating for not less than six months and hypermarkets that had
been operating for not less than eight months and have achieved a mature level
of sales.
[4] Unaudited results
[5] Please follow the link to view FY 2013 financial report
http://magnit-info.ru/en/investors/finance/
Copyright h 24 PR Newswire
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