Magnit

Earnings Release • Dec 10, 2014

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PJSC MAGNIT - Magnit November/11M 2014 Results

PR Newswire

London, December 10

Press-releaseKrasnodarDecember 10, 2014PJSC "Magnit" Announces 33.17% Retail Sales Growth in Rubles forNovember 2014[1]Krasnodar, December 10, 2014: PJSC "Magnit", Russia's largest foodretailer (the "Company"; MICEX and LSE: MGNT) announces 33.17% retail salesgrowth in rubles for November 2014.During November 2014 the Company opened (net) 304 stores. The totalstore base reached 9,507 stores (8,233 convenience stores, 181 hypermarkets,78 "Magnit Family" stores and 1,015 drogerie stores).Preliminary consolidated unaudited net retail revenue (excl. VAT)in 11M 2014 increased by 30.91% in ruble terms (compared to 11M 2013) andstood at 675,365.44 million rubles.Please note that starting in 2013 Magnit made an effort to smoothout the schedule of new store openings and decided to close the developmentyear at the end of November. Thus, the large number of store openings inNovember 2013 created a high base-effect, which resulted in lower sales growthnumbers for November 2014.According to Rosstat food inflation in November 2014 amounted to2.0% compared to 0.9% in November 2013, in 11M 2014 11.8% compared to 6.5% in11M 2013.November and 11M 2014 Key Operating and Financial Highlights: November 2014 November 2013 Growth Rate 11М 2014 11М 2013 Growth RateNumber of opened stores, NET 304 181 n/a 1,414 1,036 n/a convenience stores 215 180 n/a 1,033 1,014 n/a hypermarkets 2 2 n/a 20 26 n/a magnit family 6 2 n/a 32 14 n/a drogerie stores 81 (3) n/a 329 (18) n/aTotal number of stores 9,507 7,920 n/a 9,507 7,920 n/a convenience stores 8,233 7,060 n/a 8,233 7,060 n/a hypermarkets 181 152 n/a 181 152 n/a magnit family 78 34 n/a 78 34 n/a drogerie stores 1,015 674 n/a 1,015 674 n/aSelling space, eop, th. sq. m. 3,494.59 2,933.87 19.11% 3,494.59 2,933.87 19.11% convenience stores 2,631.68 2,273.29 15.77% 2,631.68 2,273.29 15.77% hypermarkets 537.73 460.06 16.88% 537.73 460.06 16.88% magnit family 89.98 40.03 124.80% 89.98 40.03 124.80% drogerie stores 235.20 160.49 46.55% 235.20 160.49 46.55%Selling space growth, th. sq.m. 99.61 59.03 n/a 483.21 384.62 n/a convenience stores 70.75 50.39 n/a 319.48 295.84 n/a hypermarkets 3.72 6.87 n/a 54.85 72.44 n/a magnit family 6.82 2.12 n/a 36.72 15.67 n/a drogerie stores 18.31 (0.36) n/a 72.16 0.67 n/aNet retail sales, million RUR 66,854.40 50,201.24 33.17% 675,365.44 515,904.45 30.91% convenience stores 50,281.17 38,839.35 29.46% 515,091.26 403,669.14 27.60% hypermarkets 12,094.30 9,221.44 31.15% 122,033.98 92,954.33 31.28% magnit family 2,588.38 1,054.98 145.35% 21,514.45 9,037.65 138.05% drogerie stores 1,890.56 1,085.48 74.17% 16,725.75 10,243.32 63.28%Net retail sales, million US$[2] 1,456.07 1,537.74 (5.31)% 18,335.93 16,248.50 12.85% convenience stores 1,095.11 1,189.71 (7.95)% 13,984.54 12,713.63 10.00% hypermarkets 263.41 282.47 (6.75)% 3,313.18 2,927.61 13.17% magnit family 56.37 32.32 74.45% 584.11 284.64 105.21% drogerie stores 41.18 33.25 23.84% 454.10 322.62 40.76%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: +7-861-277-4562Dina Svishcheva Deputy Director, Investor Relations Email: Chistyak@magnit.ru Office: +7-861-277-45-54 x 15101 Mobile: +7-961-511-0202 Direct Line: +7-861-277-4562Company description:Magnit is Russia's largest food retailer. Founded in 1994, thecompany is headquartered in the southern Russian city of Krasnodar. As ofSeptember 30, 2014, Magnit operated 25 distribution centers and over 9,020stores (7,891 convenience, 243 hypermarkets, and 886 drogerie stores) inapproximately 2,000 cities and towns throughout 7 federal regions of theRussian Federation.In accordance with the reviewed IFRS consolidated financialstatements for 1H 2014, Magnit had revenues of $9,979 million USD and anEBITDA of $1,045 million USD. Magnit's local shares are traded on the MoscowStock 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 bymarket capitalization, Magnit is one of the largest retailers in Europe.---------------------------------[1] According to management accounts[2] Based on the average exchange rate for November 2014 - 45.9143RUB per 1 USD, November 2013 - 32.6462 RUB per 1 USD, 11M 2014 - 36.8329 RUBper 1 USD, 11M 2013 - 31.7509 RUB per 1 USD