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Financial Corporation "Sistema"

August 24, 2016

Detsky Mir Group increases net income to RUB 627 mln in H1 2016

24 August 2016. Moscow, Russia. Detsky Mir Group ("Detsky Mir" or "the Group"), Russia's largest children's goods retailer, announces its unaudited financial results under International Financial Reporting Standards (IFRS) for the six months ended 30 June 2016.

KEY FINANCIAL RESULTS FOR H1 2016

  • OIBDA[1]increased nearly twofold to RUB 2.4bn in H1 2016 vs RUB 1.3bn in H1 2015, while OIBDA margin reached 7.1%;
  • Group revenue increased by 36.3% to RUB 33.7bn vs. RUB 24.7bn in H1 2015;
  • Like-for-like sales at Detsky Mir stores in Russia grew by 13.0%[2], with the number of checks growing by 1.6% and the average check increasing by 11.2%;
  • Gross profit increased by 32.8% year-on-year to RUB 11.2bn vs. RUB 8.4bn in H1 2015; gross margin reached 33.2%;
  • Selling, administrative and other operating expenses[3]as a share of revenue decreased by almost 3p.p. to 26.1% compared to 28.8% in H1 2015, driven by increased operational efficiency;
  • Net income increased by 70.2% year-on-year to RUB 627mln;
  • Net debt/adjusted OIBDA LTM ratio[4]as of 30 June 2016 improved to 1.8x vs 2.6x at the end of H1 2015.

Vladimir Chirakhov, CEO of Detsky Mir Group, said:

Despite the weak macroeconomic environment Detsky Mir Group continued to demonstrate solid growth of operating and financial indicators in H1 2016.

Consolidated revenue increased by 36.3% year-on-year to RUB 33.7bn. Like-for-like sales at Detsky Mir stores grew by 13.0%, contributing significantly to the increase in sales.

Our previously approved strategy to improve operational efficiency had a positive affect on the Company's financial results. Commercial, administrative and other operating expenses as a share of revenue decreased by almost 3p.p. As a result, Detsky Mir Group's OIBDA nearly doubled year-on-year to RUB 2.4 bn. Net income also demonstrated a positive trend, increasing by 70.2% year-on-year.

The expansion plan is being implemented in full, and since the beginning of the year 20 new stores have been opened. In 2016, the Company is increasing its pace of expansion in Kazakhstan, with a new store having been opened in Almaty in June. At least four supermarkets in various cities across the country will be opened before the end of the year.

Business expansion typically picks up during the second half of the year.. In total the Group will open at least 80 Detsky Mir stores in 2016. 

DOWNLOAD THE FULL VERSION OF THE PRESS RELEASE

***

For additional information contact:

Nadezhda Kiseleva

Head of PR

Office: +7 (495) 781-08-08, ext. 2041

Cell: +7 (903) 969-00-86

nkiseleva@detmir.ru

Sergey Levitskiy

Head of M&A and Business Valuation

Office: +7 (495) 781-08-08, ext. 2315

Cell: + 7 903 971 43 65

slevitskiy@detmir.ru

 

 

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