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DGAP-UK-Regulatory News vom 26.01.2018

PJSC 'Magnit' Announces Unaudited FY 2017 Results

MAGNIT PJSC (MGNT)

26-Jan-2018 / 08:00 CET/CEST
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

 

Press Release

Krasnodar

January 26, 2018

 

PJSC "Magnit" Announces Unaudited FY 2017 Results

 

Krasnodar, Russia (January 26, 2018): Magnit PJSC, one of Russia's leading retailers (MOEX and LSE: MGNT) announces its unaudited FY 2017 results prepared in accordance with IFRS[1].

 

During 2017 Magnit added (net) 2,291 stores. The total store base as of December 31, 2017 reached 16,350 stores (12,125 convenience stores, 243 hypermarkets, 208 "Magnit Family" stores and 3,774 drogerie stores). Selling space increased by 13.56% in comparison to 2016 from 5.07 million sq. m. to 5.75 million sq. m.

 

Revenue increased by 6.37% from 1,074.81 billion RUR in 2016 to 1,143.29 billion RUR in 2017.

 

Gross Profit increased from 295.76 billion RUR in 2016 to 304.71 billion RUR in 2017. Gross Margin in 2017 was 26.65%.

 

EBITDA in 2017 was 91.78 billion RUR. EBITDA margin in 2017 was 8.03%.

 

Net Income in 2017 was 35.53 billion RUR. Net Income Margin in 2017 was 3.11%.

 

According to Rosstat, CPI for the last 12M (January - December 2017) was 2.5% compared to 5.4% for the same period in the previous year.

 

According to Rosstat, food inflation for the last 12M (January - December 2017) was 1.1% Y-o-Y vs 4.6% for the same period in the previous year.

 

Please Note: On December 20th, there was a serious glitch in a firmware update for the Shtrikh-M (Штрих-М) cash registers that Magnit uses at almost 11,000 stores across all four formats. In order to fix the affected cash registers, the firmware needed to be manually updated. This process took approximately 15 minutes per cash register.

 

Between December 20th (Wednesday) and December 23rd (Saturday) almost 800 Magnit technical employees manually updated the firmware. Affected Shtrikh-M cash registers could not reopen until the firmware was fixed. As a result of the Shtrikh-M cash registers being closed for a part or all this period, Magnit lost sales of approximately 1 billion Rubles according to Company estimates.


4Q 2017 Monthly Operating Highlights:

 

 

October

Y-o-Y, %

November

Y-o-Y, %

December

Y-o-Y, %

New Store Openings (NET)

267

n/a

165

n/a

221

n/a

Convenience stores

180

n/a

80

n/a

122

n/a

Hypermarkets

1

n/a

1

n/a

5

n/a

Magnit Family

4

n/a

1

n/a

7

n/a

Drogerie Stores

82

n/a

83

n/a

87

n/a

 

 

 

 

 

 

 

 

  

Number of Stores (EOP)

15,964

n/a

16,129

n/a

16,350

n/a

Convenience stores

11,923

n/a

12,003

n/a

12,125

n/a

Hypermarkets

237

n/a

238

n/a

243

n/a

Magnit Family

200

n/a

201

n/a

208

n/a

Drogerie Stores

3,604

n/a

3,687

n/a

3,774

n/a

 

 

 

 

 

 

 

 

  

New Selling Space, th. sq. m.

80.78

n/a

44.27

n/a

67.42

n/a

Convenience stores

54.56

n/a

25.24

n/a

36.94

n/a

Hypermarkets

4.13

n/a

2.02

n/a

9.11

n/a

Magnit Family

4.57

n/a

1.22

n/a

7.44

n/a

Drogerie Stores

17.53

n/a

15.79

n/a

13.93

n/a

 

 

 

 

 

 

 

 

  

Total Selling Space (EOP), th. sq. m.

5,643.26

15.97%

5,687.52

14.45%

5,754.94

13.56%

Convenience stores

3,895.88

16.43%

3,921.12

15.03%

3,958.06

14.65%

Hypermarkets

690.48

4.72%

692.50

4.47%

701.62

2.62%

Magnit Family

220.36

11.71%

221.58

9.52%

229.01

7.64%

Drogerie Stores

836.53

26.06%

852.32

22.61%

866.25

20.51%

 

 

 

 

 

 

 

 

  

Number of Customers, million

338.94

5.85%

337.96

10.54%

375.08

10.07%

Convenience stores

286.80

6.30%

286.74

11.30%

312.21

10.76%

Hypermarkets

20.16

(2.81%)

19.68

(0.61%)

24.17

2.85%

Magnit Family

11.10

4.71%

10.88

7.25%

12.85

8.38%

Drogerie Stores

20.88

9.57%

20.66

13.85%

25.85

9.86%

 

 

 

 

 

 

 

 

  

Retail Sales[2], million RUR

91,253.95

4.53%

91,830.58

6.53%

116,109.35

6.56%

Convenience stores

68,681.34

5.86%

69,649.58

7.92%

83,988.60

7.65%

Hypermarkets

11,332.79

(5.63%)

11,061.92

(5.30%)

16,458.45

(1.47%)

Magnit Family

4,808.21

5.16%

4,746.07

6.35%

6,636.72

8.32%

Drogerie Stores

6,431.61

10.18%

6,373.01

15.52%

9,025.58

11.23%

 

 

 

 

 

 

 

 

  

Retail Sales2, million USD[3]

1,580.69

13.49%

1,558.53

16.38%

1,981.77

13.12%

Convenience stores

1,189.69

14.93%

1,182.08

17.89%

1,433.53

14.29%

Hypermarkets

196.31

2.47%

187.74

3.45%

280.91

4.60%

Magnit Family

83.29

14.18%

80.55

16.18%

113.28

15.00%

Drogerie Stores

111.41

19.63%

108.16

26.19%

154.05

18.09%
                     

 


4Q and 12M 2017 Operating Highlights:

 

 

4Q 2017

4Q 2016

Y-o-Y, %

12M 2017

12M 2016

Y-o-Y, %

New Store Openings (NET)

653

695

n/a

2,291

1,970

n/a

Convenience stores

382

383

n/a

1,604

927

n/a

Hypermarkets

7

9

n/a

6

18

n/a

Magnit Family

12

15

n/a

14

39

n/a

Drogerie Stores

252

288

n/a

667

986

n/a

 

 

 

 

 

 

 

 

  

Number of Stores (EOP)

16,350

14,059

n/a

16,350

14,059

n/a

Convenience stores

12,125

10,521

n/a

12,125

10,521

n/a

Hypermarkets

243

237

n/a

243

237

n/a

Magnit Family

208

194

n/a

208

194

n/a

Drogerie Stores

3,774

3 107

n/a

3,774

3,107

n/a

 

 

 

 

 

 

 

 

  

New Selling Space, th. sq. m.

192.46

242.28

n/a

687.27

653.95

n/a

Convenience stores

116.74

132.60

n/a

505.66

332.84

n/a

Hypermarkets

15.27

24.30

n/a

17.94

44.53

n/a

Magnit Family

13.22

16.45

n/a

16.26

42.58

n/a

Drogerie Stores

47.24

68.93

n/a

147.41

234.00

n/a

 

 

 

 

 

 

 

 

  

Total Selling Space (EOP), th. sq. m.

5,754.94

5,067.67

13.56%

5,754.94

5,067.67

13.56%

Convenience stores

3,958.06

3,452.40

14.65%

3,958.06

3,452.40

14.65%

Hypermarkets

701.62

683.67

2.62%

701.62

683.67

2.62%

Magnit Family

229.01

212.76

7.64%

229.01

212.76

7.64%

Drogerie Stores

866.25

718.84

20.51%

866.25

718.84

20.51%

 

 

 

 

 

 

 

 

  

Number of Customers, million

1,051.98

966.69

8.82%

4,040.50

3,817.13

5.85%

Convenience stores

885.75

809.30

9.45%

3,403.63

3,220.10

5.70%

Hypermarkets

64.01

64.05

(0.07%)

249.29

262.10

(4.89%)

Magnit Family

34.83

32.60

6.83%

133.99

127.00

5.50%

Drogerie Stores

67.39

60.74

10.95%

253.59

207.93

21.96%
                     

 


LFL Results

 

Formats

4Q 2017 - 4Q 2016[4]

# of Stores

Average Ticket

Traffic

Sales

Convenience Stores

9,436

(1.78%)

(1.99%)

(3.73%)

Hypermarkets

222

(4.20%)

(2.80%)

(6.88%)

Magnit Family

169

(1.44%)

(2.84%)

(4.24%)

Drogerie

2,830

2.24%

(4.98%)

(2.85%)

Total

12,657

(1.95%)

(2.27%)

(4.17%)

 

Formats

12M 2017 - 12M 20164

# of Stores

Average Ticket

Traffic

Sales

Convenience Stores

7,848

1.23%

(2.63%)

(1.42%)

Hypermarkets

221

(2.53%)

(7.91%)

(10.24%)

Magnit Family

165

(1.21%)

(6.70%)

(7.82%)

Drogerie

2,711

1.17%

(1.14%)

0.02%

Total

10,945

(0.21%)

(3.17%)

(3.37%)

 

 


4Q and FY 2017 Key Financial Results, million RUR

 

 

4Q 2017

4Q 2016

Growth Rate

FY 2017

FY 2016

Growth Rate

Net Sales

302,304.97

284,674.68

6.19%

1,143,290.40

1,074,811.55

6.37%

Convenience stores

222,319.51

207,440.08

7.17%

846,112.98

790,157.07

7.08%

Hypermarkets

38,853.16

40,394.25

(3.82%)

146,435.21

157,688.53

(7.14%)

Magnit Family

16,191.01

15,161.85

6.79%

59,779.10

56,910.82

5.04%

Drogerie Stores

21,830.20

19,468.53

12.13%

78,785.81

64,449.43

22.24%

Wholesale

3,111.09

2,209.97

40.78%

12,177.30

5,605.71

117.23%

Gross Profit

76,839.74

78,327.86

(1.90%)

304,712.21

295,759.01

3.03%

Gross Margin, %

25.42%

27.51%

n/a

26.65%

27.52%

n/a

EBITDAR

33,976.01

37,822.97

(10.17%)

137,079.94

146,264.42

(6.28%)

EBITDAR Margin, %

11.24%

13.29%

n/a

11.99%

13.61%

n/a

EBITDA

22,324.89

27,539.16

(18.93%)

91,775.69

107,793.02

(14.86%)

EBITDA Margin, %

7.38%

9.67%

n/a

8.03%

10.03%

n/a

EBIT

13,518.38

20,638.86

(34.50%)

58,073.50

81,967.38

(29.15%)

EBIT Margin, %

4.47%

7.25%

n/a

5.08%

7.63%

n/a

Net Income

7,859.05

13,485.38

(41.72%)

35,530.64

54,408.99

(34.70%)

Net Income Margin, %

2.60%

4.74%

n/a

3.11%

5.06%

n/a

 


4Q and FY 2017 Key Financial Results, USD million[5]

 

 

4Q 2017

4Q 2016

Growth Rate

FY 2017

FY 2016

Growth Rate

Net sales

5,175.75

4,513.73

14.67%

19,592.69

16,033.61

22.20%

Convenience stores

3,806.32

3,289.12

15.72%

14,499.93

11,787.25

23.01%

Hypermarkets

665.20

640.48

3.86%

2,509.48

2,352.34

6.68%

Magnit Family

277.21

240.40

15.31%

1,024.44

848.97

20.67%

Drogerie Stores

373.75

308.69

21.08%

1,350.16

961.43

40.43%

Wholesale

53.26

35.04

52.01%

208.68

83.62

149.56%

Gross Profit

1,315.57

1,241.95

5.93%

5,221.89

4,412.02

18.36%

Gross Margin, %

25.42%

27.51%

n/a

26.65%

27.52%

n/a

EBITDAR

581.70

599.71

(3.00%)

2,349.15

2,181.91

7.66%

EBITDAR Margin, %

11.24%

13.29%

n/a

11.99%

13.61%

n/a

EBITDA

382.22

436.65

(12.47%)

1,572.77

1,608.01

(2.19%)

EBITDA Margin, %

7.38%

9.67%

n/a

8.03%

10.03%

n/a

EBIT

231.45

327.25

(29.27)%

995.21

1,222.76

(18.61)%

EBIT Margin, %

4.47%

7.25%

n/a

5.08%

7.63%

n/a

Net Income

134.55

213.82

(37.07%)

608.89

811.65

(24.98%)

Net Income Margin, %

2.60%

4.74%

n/a

3.11%

5.06%

n/a

 

Notes:

 

1)       Net revenue in USD 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: post@magnit.ru

Office: +7-861-277-4554 x 17600

 

Dina Svishcheva

Deputy Director, Investor Relations

Email: Chistyak@magnit.ru

Office: +7-861-277-4554 x 15101

 

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, 2017, Magnit operated 37 distribution centers and 16,350 stores (12,125 convenience, 243 hypermarkets, 208 Magnit Family stores and 3,774 drogerie stores) in 2,709 cities and towns throughout 7 federal regions of the Russian Federation.

 

In accordance with the unaudited IFRS management accounts for 2017, Magnit had revenues of RUB 1,143 billion and an EBITDA of RUB 92 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] Excluding wholesale

[3] Based on the average exchange rate for October 2017 - 57.7305 RUB per 1 USD, November 2017 - 58.9212 RUB per 1 USD, December 2017 - 58.5888 RUB per 1 USD

[4] 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, 2016.

[5] Based on the average exchange rate for 4Q 2017 - 58.4080 RUB per 1 USD, 4Q 2016 - 63.0685 RUB per 1 USD, FY 2017 - 58.3529 RUB per 1 USD, FY 2016 - 67.0349 RUB per 1 USD
ISIN: US55953Q2021
Category Code: MSCU
TIDM: MGNT
LEI Code: 2534009KKPTVL99W2Y12
OAM Categories: 2.2. Inside information
Sequence No.: 5138

 
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