Dixy Group Announces Consolidated Unaudited IFRS Results for 1H
OREANDA-NEWS. September 13, 2010. DIXY Group – one of the leading food and FMCG retailers in
Key figures for the first 6 months of
• Revenue rose 15.2% to RUR 30,829 mln. or 26.7% in USD to USD 1,025 mln.
• Gross Profit rose 10.1% to RUR 7,988 mln., in USD Gross Profit in increased by 21.1% to 265.7 mln. Gross Margin decreased by 1.2 pp year-on-year to 25.9%.
• EBITDA grew 15.7% to RUR 1,694 mln. In USD EBITDA grew 27.3% to USD 56.4 mln. EBITDA margin remained at the level of 5.5% as for the same period of 2009.
• Net Profit amounted to RUR 74.8 mln. (USD 2.5 mln.) versus the Net Loss of RUR 99.1 mln. (USD 3 mln.) in the first half of 2009.
• Net cash from operating activities increased 86.5% compared to the same period to RUR 799.6 mln. (USD 26.6 mln).
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Key financial performance indicators as per unaudited 1H 2010 financial results | |||||||
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In thousands of RUR Net Sales Gross Profit EBITDAR EBITDA Net Profit Net Cash from Operating Activities |
1H 2010 30,829,400 7,988,134 2,912,627 1,694,460 74,839 799,590 |
1H 2009 26,753,709 7,254,206 2,592,151 1,464,104 -99,146 428,680 |
Д% 15.2% | ||||
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Net Debt1 |
June 30, 2010 7,225,764 |
June 30, 2009 7,275,780 |
-0.7% | ||||
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In thousands of USD Net Sales Gross Profit EBITDAR EBITDA Net Profit Net Cash from Operating Activities |
1H 2010 1,025,336 265,672 96,869 56,355 2,489 26.6 |
1H 2009 809,054 219,373 78, 389 44,276 -2,998 13.0 |
Д% 26.7% | ||||
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Net Debt |
June 30, 2010 231,629 |
June 30, 2009 240,568 |
-3.7% | ||||
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% of Sales |
1H 2010 25.9% |
1H 2009 27.1% -0.4% |
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Revenue by Format |
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In thousands RUR DIXY V-MART MEGAMART MINIMART Other Revenue |
1H 2010 25,985,082 0 3,447,637 1,060,892 335,789 |
1H 2009 22,355,488 68,034 2,991,727 991,144 347,316 |
∆% 16.2% -100.0% 15.2% 7.0% -3.3% |
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30,829,400 |
26,753,709 |
15.2% |
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In thousands USD DIXY V-MART MEGAMART MINIMART Other Revenue |
1H 2010 864,222 114,663 |
1H 2009 676,048 2,057 90,472 29,973 10,503 |
∆% 27.8% -100.0% 26.7% 17.7% 6.3% |
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1,025 336 |
809,054 |
26.7% |
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Average Basket Size by Format |
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In RUR MEGAMART |
1H 2010 216 |
1H 2009 214 |
∆% 1.1% |
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During the first half of 2010, 41 new Dixy stores were opened compared to 16 new stores opened during the same period last year. All new stores were opened in the Central and North-Western Federal Districts through long-term lease agreements. Company expects that the total number of openings for the year will exceed 100 new stores.
Successful implementation of the initiatives to tighten control over multiple cost-centers and business processes and to increase the efficiency of the overall operation, provided for decrease in SG&A costs as a percentage of Revenue by 1.4% to 23.2%. The Company will continue to focus on increasing operational efficiency improvement.
During the first half of 2010, LFL sales grew 5% mainly on the back of the 4.4% increase in customer traffic. During the period, on the Group level, sales per square meter of selling space grew by 1.8%, and Dixy stores sales in the
promotional ability was made possible also through increase in the Dixy format levels of logistical service (success of delivery rate) to 89.6% and centralization of deliveries to 79.5%.
In the first half of 2010, Gross Profit grew 10.1% to RUR 7,988 mln. or by 21.1% in USD to 265.7 mln. Gross Margin decreased by 1.2 pp from 27.1% in the first half of 2009 to 25.9% in 1H 2010. This decrease was mainly driven by a more aggressive pricing policy and increase in promotional activities and programs, that the Company started in the second half of 2009.
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