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Financial Corporation "Sistema"

March 1, 2016

Detsky Mir Group announces audited financial results for the full year 2015

1 March 2015. Russia, Moscow. Detsky Mir Group ("Detsky Mir" or "the Group"), Russia's largest children's goods retailer, announces its audited financial results under IFRS for the full year ended 31 December 2015.

KEY FINANCIAL RESULTS FOR FY 2015 

  • The Group's revenue increased by 33.2% to RUB 60.5bn, vs RUB 45.5bn for FY 2014;
  • Detsky Mir's like-for-like sales improved 12.4% year-on-year (with the number of checks growing by 3.7%, and the average check growing by 8.4%);
  • Gross profit increased by 26.9% year-on-year to RUB 21.9bn, with a gross margin of 36.2%;
  • Selling, general and administrative expenses  as a share of revenue decreased by 2 pp to 27.7%, compared with 29.8% a year earlier;
  • Adjusted OIBDA  increased by 38.6% year-on-year to RUB 6.2bn, compared to RUB 4.5bn in 2014 (OIBDA margin reached 10.2%). Unadjusted OIBDA amounted to RUB 5.1bn.;
  • Adjusted net income  increased by 29.9% year-on-year to RUB 2.2bn compared to 2014. Unadjusted Net income amounted to RUB 1.0bn;
  • The Group paid RUB 3.0bn in dividends to its shareholders in 2015 (compared to RUB 2.5bn  in 2014).

OTHER 2015 HIGHLIGHTS

The Groupís total number of stores increased to 425, with total retail space of 491 th. sq. m. In 2015 the Group opened 104 new stores opened, including 103 new Detsky Mir stores and one ELC store;

  • The Group reported a net income in the first quarter of the year, as opposed to the seasonal loss traditionally seen in that period;
  • In June 2015, an in-store pick-up service was implemented in all Detsky Mir retail locations;
  • In August 2015, Detsky Mir launched its 72,000 sq. m. distribution centre in the Moscow region (Bekasovo).  This is the largest specialised logistics terminal for children's goods in Russia;
  • In December 2015, the sale of 23.1% of Detsky Mir to the Russia-China Investment Fund was completed for a total consideration of RUB 9.75bn.

Vladimir Chirakhov, CEO of Detsky Mir Group said:

ďIn terms of business growth and efficiency improvements, 2015 was a key year for the Group. Detskiy Mir adapted to the new economic realities while maintaining its rapid growth rates, enabling it to strengthen its leading position in the childrenís goods market.

The Group continued to implement its expansion programme, opening 104 new stores, a Company record. The total number of stores increased to 425 in 2015. We continued to expand in Kazakhstan, with the opening of a new store in Astana.

The Group's revenue increased by 33.2% year-on-year. The main driver of revenue came from existing stores, which is reflected in a 12.4% year-on-year rise in like-for-like sales, while the like-for-like increase in the number of purchases made (number of checks) was 3.7% year-on-year.

Selling, general and administrative expenses as a share of revenue dropped by 2 pp, which we achieved primarily as a result of a number of operational efficiency initiatives. Launching our own DC in Bekasovo (Moscow region) was one of the key efficiency projects. Our own warehouse will enable us to reduce logistics costs, increase centralisation and improve inventory management, which will lead to higher turnover.

Detsky Mir Group paid record dividends in 2015 of RUB 3.0 billion, demonstrating once again our commitment to shareholder value.

Detsky Mir Group is the largest employer in the children's goods segment. In 2015, we created around 1,500 new jobs in dozens of regions around country and our average headcount increased by more than 20% year-on-year to 8,517 employees.

We are absolutely confident that 2016 will bring new opportunities for growth and efficiency improvements. We intend to continue implementing our retail chain development programme, and we intend to open at least 50 new stores in 2016.Ē

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Nadezhda Kiseleva

Head of PR

+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

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

Cell: + 7 903 971 43 65

slevitskiy@detmir.ru 

 

 

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