Press Release | Krasnodar | July 31, 2020
Magnit announces the results of the Board meeting
Krasnodar, Russia (July 31, 2020): Magnit PJSC (MOEX and LSE: MGNT; the Company), one of Russia's leading retailers, announces the results of the Board of Directors meeting.
Please be informed that the meeting of the Board of Directors was held on July 29, 2020 (minutes are w/o No. of July 30, 2020).
The Board of Directors approved the change of the total number of participants of the Long-Term Incentive Program for the key employees of JSC Tander and PJSC Magnit (hereinafter - the LTI Program), as well as the List of Positions of Employees of JSC Tander and PJSC Magnit, covered by the Program, as amended, and included into the list the new participants of the LTI Program.
The Board approved the draft Addendums to the Share Purchase Agreements under the LTI Program with certain participants of the LTI Program and authorized Anna Bobrova to sign the Addendums on behalf of JSC Tander.
The Company's management presented the main information on the results of activities of PJSC Magnit and its subsidiaries for 6 months of 2020 and for the 2nd quarter of 2020 in accordance with IFRS.
The Company's management provided the Board of Directors with the key information on the development of priority business areas.
Please follow the link below to view full results of the Board meeting:
For further information, please contact:
Dmitry Kovalenko
Director for Investor Relations
Email: dmitry_kovalenko@magnit.ru
Office: +7 (861) 210-48-80
Dina Chistyak
Director for Investor Relations
Email: dina_chistyak@magnit.ru
Office: +7 (861) 210-9810 x 15101
Media Inquiries
Email: press@magnit.ru
Note to editors:
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 June 30, 2020, Magnit operated 38 distribution centres and 20,894 stores (14,581 convenience, 472 supermarkets and 5,841 drogerie stores) in 3,710 cities and towns throughout 7 federal regions of the Russian Federation.
In accordance with the unaudited IFRS 16 management accounts results for 1H 2020, Magnit had revenues of RUB 763.4 billion and an EBITDA of RUB 86.9 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.
