INVESTOR PRESENTATION
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1 INVESTOR PRESENTATION 1H 2018 RESULTS published on July 26, 2018
2 Magnit at a Glance Magnit at a Glance As of June 30, Cities & Towns Total Number of Stores Selling Space (thous.sq.m.) Trucks 37 DCs As of June 30, 2018 in Russia Measured by Number of Stores & Geographical 1Retailer Coverage $9 Market bn Capitalization 9 Share in Russian % Grocery Sector (As of eop 2017) As of June 30, 2018 Total Revenue 1H 2018 P= 595 bn Revenue Growth 7,2 % Y-o-Y EBITDA Margin 7,4 % Net Debt/ LTM EBITDA 1,2* *as of FY2017 Sources: Company, Thomson Reuters, Company s calculations based on Management accounts for 1H2018 2
3 Magnit at a Glance Russian Food Retail Market RUB 14 Market trillion Size FY 2017 Market Composition by Format 70 % Modern Retail Penetration FY 2017 Non-Modern 30% 70% Modern Open Markets 7% Top-7 Retail Chains 28% Traditional Trade 23% Other chains 29% Source: INFOLine, as of December 31, 2017 Modern Non-Chain Stores 13% 3
4 Magnit at a Glance Magnit vs Peers Number of Stores, eop 2017 Selling Space thous. sq.m., eop 2017 Revenue RUB bn, eop 2017 Market Cap US$ bn, eop 2017 Market Share %, eop 2017 Magnit ,9 9 X ,3 10 Dixy ,7 2 Lenta ,8 3 Auchan Not public 3 Metro Not public 2 Okey ,7 1 Sources: Companies, INFOLine, Thomson Reuters, Magnit s Estimates 4
5 Operational Overview Geographical Coverage Cities & Towns 7 Federal Regions Convenience Stores North Caucasus 370 Southern Central Volga North Urals West Siberia Hypermarkets Supermarkets Drogerie Stores Distribution Centers Source: Company, as of June 30,
6 Operational Overview Logistics System 37 DCs thous.sq.m. Warehousing Space Total Number of Stores Trucks Central Centralization Ratio % Volga H2018 Future Targets Southern Delivered from DC Urals Delivered from supplier North Caucasus North West Siberia Source: Company, as of June 30,
7 Operational Overview Suppliers 5 900Domestic Suppliers Federal Suppliers Local Suppliers 55% 45% Assortment Source: Company, as of June 30,
8 Operational Overview Direct Import 7 % International Direct Import (Annual Average) 744 Open Contracts Private Label M 716PL SKUs 9 % Share of Revenue 78 % Food Items Source: Company, Direct Import as of December 31, 2017; Private Label as of June 30,
9 Operational Overview Employees Employees In-store Distribution Regional Branches Head Office Other 1000 employees P= 33 Monthly Salary * 695Average Source: Company, as of June 30, 2018 * as of December 31,
10 Operational Overview Competitive Attributes Location Price Quality Assortment Reliability Atmosphere Sales Catchment Area Competitor #1 Competitor #2 500m People ( Families) Minimum Population Magnit #1 P= Monthly Family Food Budget Competitor #3 Magnit #2 500m Overlap Good Cannibalization % of Family Budget Spent on Food Source: Company s Estimates 10
11 Operational Overview Convenience Store Format Description Key Operational Statistics Opening Size of the Store Average Ticket Payback Sales Mix Source: Company, as of June 30, sq.m. Total 327 sq.m. Selling Space 89 % Food 11 % Non-food Store Ownership Structure 21 % Owned 79 % Leased P= $4 Traffic tickets/sq.m./day 2,5 247 Sales Density sales/sq.m./year P= $4 028 LFL 1H2018 1H2017,% -1,8 Average Ticket, RUB -3,0 Traffic -4,7 Sales If Leased 3 years If Owned 4-6 years Cost of New Store per sq.m. of Total Space, thousand RUB Owned Leased Time to Maturity 6 months 11
12 Operational Overview Hypermarket Format Description Size of the Store Sales Mix Source: Company, as of June 30, sq.m. Total sq.m. Selling Space S: up to M: L: over % Food 20 % Non-food Store Ownership Structure 72 % Owned 28 % Leased Key Operational Statistics Average Ticket P= $9 558 Traffic tickets/sq.m./day 1,0 Sales Density sales/sq.m./year P= $3 659 LFL 1H2018 1H2017,% -4,7 Average Ticket, RUB -1,2 Traffic -5,8 Sales Opening Payback 6-9 years Cost of New Store per sq.m. of Total Space, thousand RUB Owned Leased Time to Maturity 8-15 months 12
13 Operational Overview Supermarket Format Description Key Operational Statistics Opening Size of the Store Average Ticket Payback Sales Mix sq.m. Total sq.m. Selling Space 84 % Food 16 % Non-food Store Ownership Structure 38 % Owned 62 % Leased P= $7 Traffic tickets/sq.m./day 1,6 Sales Density sales/sq.m./year P= $4 813 LFL 1H2018 1H2017,% -1,8 Average Ticket, RUB -2,8 Traffic 6-9 years Cost of New Store per sq.m. of Total Space, thousand RUB Owned Leased Time to Maturity 8-15 months Source: Company, as of June 30, ,5 Sales 13
14 Operational Overview Drogerie Store Format Description Key Operational Statistics Opening Size of the Store Average Ticket Payback Sales Mix Source: Company, as of June 30, sq.m. Total 230 sq.m. Selling Space 100 % Non-food Store Ownership Structure 13 % Owned 87 % Leased P= $5 Traffic tickets/sq.m./day 0,8 314 Sales Density sales/sq.m./year P= $1 748 LFL 1H2018 1H2017,% 3,7 Average Ticket, RUB -3,1 Traffic 0,4 Sales If Leased 3 years If Owned 4-6 years Cost of New Store per sq.m. of Total Space, thousand RUB Owned Leased 9-16 Time to Maturity 6 months 14
15 Operational Overview Format Summary Size of the Store sq.m. Average Ticket Traffic Tickets/ sq.m./day Density Sales/ sq.m./year Sales Mix LFL 1H2018-1H2017 % Store Ownership Structure Payback Years Cost of New Store per sq.m. of Total Space Time to Maturity Months Total Selling Space Food Non-food Av.ticket Traffic/ Sales Owned Leased Convenience store P.247 $4 2,5 P $ % 11% -1,8-3,0-4,7 21% 79% 3 (if leased) 4-6 (if owned) Owned RUB k Leased RUB 10-19k 6 Hypermarket * P.558 $9 1,0 P $ % 20% -4,7-1,2-5,8 72% 28% 6-9 Owned RUB k Leased RUB 31-41k 8-15 Drogerie Store P.314 $5 0,8 P $ % 3,7-3,1 0,4 13% 87% 3 (if leased) 4-6 (if owned) Owned RUB 20-70k Leased RUB 9-16k 6 Supermarket P.439 $7 1,6 P $ % 16% -1,8-2,8-4,5 38% 62% 6-9 Owned RUB k Leased RUB 31-54k 8-15 Source: Company, as of June 30, 2018; * Excludes selling space designated for leases 15
16 Financial Overview Summary P&L RUB MN Y-o-Y Growth Net sales 1,074,812 1,143, % Cost of sales (779,053) (838,672) 7.7% Gross profit 295, , % Gross margin, % 27.5% 26.6% SG&A (192,390) (220,245) 14.5% Other income, net 4,286 7, % EBITDA 107,793 91,778 (14.9%) EBITDA margin,% 10.0% 8.0% Depreciation & Amortization (25,826) (33,716) 30.6% EBIT 81,967 58,062 (29.2%) Net finance costs (13,187) (12,638) (4.2%) Profit before tax 68,780 45,424 (34.0%) Taxes (14,371) (9,885) (31.2%) Effective tax rate 20.9% 21.8% Net income 54,409 35,539 (34.7%) Net margin, % 5.1% 3.1% SG&A is presented net of Depreciation & Amortization (except for Depreciation of production fixed assets which was included in the Cost of sales) Source: Company s calculations based on IFRS accounts for Please note: there may be small variations in calculation of totals, subtotals, and/or percentage change due to rounding of decimals 16
17 Financial Overview Revenue & Costs Revenue Dynamics RUB bn 951 Sales Growth, RUB +13,1% LFL Sales Growth, RUB LFL -0,3% -3,4% Net Income Dynamics RUB bn +6,4% -7,9% -34,7% SG&A Expense Structure 2017 Revenue RUB bn 22% RUB mn in SG&A,% in Revenue, % 1,8 (0,4) Packaging & Raw Materials 2,0 (0,4) Repair & Maintenance 1,8 (0,4) Bank Services 47,3 (10,5) Payroll & Related Taxes 1,3 (0,3) Taxes, Other than Income Tax 13,2 (2,9) Deprecation & Amortization 26,1 (5,8) Rent & Utilities Margin Dynamics 30 % 28,5 27, , ,2 5,1 5 26,6 8,0 3,1 Gross Margin EBITDA Margin Net Margin 3,3 (0,7) Advertising 3,2 (0,7) Other Source: Company s calculations based on IFRS accounts for
18 Financial Overview Gross Margin Bridge % of Sales 28,5-0,9-0,1 27,5-0,6 GM b.p. Trading Margin Transport GM b.p. -0,2 26,6 Trading Margin Transport GM 2017 EBITDA Margin Bridge % of Sales -91 b.p b.p ,9-1,0 0,3 10,0-0,6 0,1-0,1 0,0 0,3-0,9-0,4-0,5-0,2 0,0 0,0 0,1 8, EBITDA 2015 Gross Margin Payroll & Taxes Rent & Utilites Advertising Repair & Maintenance Packaging & Raw Materials Other EBITDA 2016 Gross Margin Payroll & Taxes Rent & Utilites Advertising Repair & Maintenance Packaging & Raw Materials Other EBITDA 2017 Source: Company s calculations 18
19 Financial Overview Free Cash Flow RUB mn Working Capital Analysis Average Days Payable to Suppliers is 38 Days Inventory Management Days is 64 Days Adjusted EBITDA Change in Working capital Net Interest Expense Taxes Paid OCF Capex Other Cash Flow from Investing Activities FCF Payment of Dividents Other Cash Flow from Financing Activities CF Working Capital: RUB mn as of Adjusted EBITDA Change in Working capital Net Interest Expense Taxes Paid OCF Capex Other Cash Flow from Investing Activities FCF Payment of Dividents Other Cash Flow from Financing Activities CF Adjusted for loss from disposal of PPE, provision for doubtful receivables, foreign exchange loss, gain on disposal of subsidiary Calculated as additions + transfers of PP&E during the respective period Does not include cash flow from financing activities Source: Company s calculations based on IFRS accounts for
20 Financial Overview Balance Sheet RUB MN ASSETS Property plant and equipment 289, ,827 Other non-current assets 6,081 6,959 Cash and cash equivalents 16,559 18,337 Inventories 134, ,205 Trade and other receivables 844 1,399 Advances paid 5,208 4,990 Taxes receivable Short-term financial assets Prepaid expenses Income tax receivable 240 1,154 TOTAL ASSETS 454, ,325 EQUITY AND LIABILITIES Equity 196, ,307 Long-term debt 77,500 86,338 Other long-term liabilities 15,626 22,622 Trade and other payables 83,923 99,142 Short-term debt 50,106 40,122 Dividends payable 11,937 1 Other current liabilities 19,747 18,792 TOTAL EQUITY AND LIABILITIES 454, ,325 Source: Company s calculations based on IFRS accounts for Please note: there may be small variations in calculation of totals, subtotals, and/or percentage change due to rounding of decimals 20
21 Financial Overview Capex Figures Buildings: Complete & under Construction Machinery & Equipment Other Assets Land FY 2017 RUB 74 bn RUB 500 mn Source: Company s calculations based on IFRS accounts for
22 Financial Overview Debt Burden Debt Level Dynamics RUB mn Net Debt Short-term Debt Long-term Debt % Credit Metrics EBITDA / Finance Expenses 14,0 12,0 10,0 8,7 8,1 8,0 6,0 7,1 Credit Profile The Company has an Impeccable Credit History Collaboration with the Largest Banks Low Debt Burden: Net Debt / LTM EBITDA Ratio of 1,2 39,3% 43,0% ,7% ,0 2,0 0, Net Debt / LTM EBITDA 2 No Currency Risk: 100% of Debt is Rub Denominated Matching Revenue Structure Insignificant Interest Rate Risk: Interest Payments are Made at Fixed Rates Primarily 68% of Debt is Long-term 1,5 1 0,9 1,0 1,2 0, Source: Company s calculations based on IFRS accounts for
23 Contact Information Contact Information Dina Svishcheva Deputy IR Director 15/2 Solnechnaya Street Krasnodar, Russian Federation 23
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