5M71 Magnit PJSC Sponsored GDR RegS

Magnit reports 38.2% total sales growth (19.1% adjusted for the Dixy acquisition) and 7.0% EBITDA margin in 1H 2022

MAGNIT PJSC (MGNT)
Magnit reports 38.2% total sales growth (19.1% adjusted for the Dixy acquisition) and 7.0% EBITDA margin in 1H 2022

19-Aug-2022 / 09:00 MSK
Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse Regulation (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.


 

Magnit Reports 38.2% total sales growth (19.1% ADJUSTED FOR THE DIXY ACqUISItiON) and 7.0% EBITDA margin in 1H 2022

Krasnodar, Russia (August 19, 2022): Magnit PJSC (MOEX and LSE: MGNT; the Company), one of Russia’s leading retailers, announces its reviewed 1H 2022 financial results prepared in accordance with IFRS.

 

 

 

 

38.2%

TOTAL REVENUE growth

1H 2022 Key Operational and Financial Highlights

  • Total revenue increased by 38.2% y-o-y to RUB 1,136.3 billion. Total revenue adjusted for the Dixy acquisition increased by 19.1%;
  • Net retail sales reached RUB 1,113.8 billion increasing 39.0% y-o-y. Net retail sales growth adjusted for the Dixy acquisition was 19.8%;
  • LFL sales growth of 12.6% driven by 13.1% average ticket growth and 0.5% LFL traffic decline;

 

 

 

 

 

23.2%

Gross margin

  • The Company opened 851 stores on gross basis or 654 on a net basis. As of June 30, 2022 the total store base was 26,731;
  • Selling space increase of 261 thousand sq. m. bringing total selling space to 9,258 thousand sq. m. (19.5% y-o-y growth);
  • The Company redesigned 184 stores (175 Magnit and 5 Dixy convenience stores, three supermarkets and one drogerie). As at June 30, 2022 79% of convenience stores, 46% of supermarkets and 63% of drogeries are either new or refurbished;
  • Gross profit increased by 38.4% y-o-y to RUB 263.6 billion with a flat margin y-o-y of 23.2% as a result of higher shrinkage offset by lower transportation costs;
  • Cash SG&A expenses as a percentage of sales decreased by 35 bps to 17.0% on lower personnel expenses and positive operating leverage effect. This was partially offset by higher other costs;

 

 

 

 

1.2x

net debt / ebitda ratio

 

  • EBITDA was RUB 80.1 billion with a 7.0% margin – flat y-o-y driven by gross margin dynamics and strict cost control offset by other income and expenses dynamics;
  • Net income increased by 39.6% y-o-y to RUB 32.0 billion with a flat margin y-o-y of 2.8%. In the second quarter it was predominantly driven by one-off effects of FX gain on direct import operations and interest income on bank deposits;
  • As of June 30, 2022 Net Debt was RUB 184.0 billion. Net Debt / EBITDA ratio was 1.2x.

 

 

 

 

Key events after the reported period

  • Magnit published its third annual sustainability report. The Company delivered notable results in reducing specific greenhouse gas emissions, water and electricity consumption, and food waste and increasing the share of recyclable packaging and launched several major ESG projects.
  • On August 18, 2022 Magnit has notified CB JP Morgan International LLC (“Custodian”) of the need to take actions to ensure that holders of global depositary receipts (“GDRs”) representing the Company’s shares deposited with Russian depositaries receive the corresponding number of the Company’s shares (“Automatic Conversion”).

 

 

Financial Results for 1H 2022

 

 

IAS 17

IFRS 16

RUB mln

1H 2022

1H 2021

Change

1H 2022

1H 2021

Change

Total Revenue

1,136,266

822,230

38.2%

1,136,266

822,230

38.2%

Retail

1,113,847

801,592

39.0%

1,113,847

801,592

39.0%

Wholesale

22,419

20,638

8.6%

22,419

20,638

8.6%

Gross Profit

263,624

190,476

38.4%

264,347

190,491

38.8%

Gross Margin, %

23.2%

23.2%

4 bps

23.3%

23.2%

10 bps

SG&A, % of Sales

−19.7%

−20.2%

49 bps

−18.4%

−18.7%

26 bps

Other income & expenses, % of Sales

0.6%

1.0%

-39 bps

0.8%

1.3%

-51 bps

EBITDA pre LTI

80,526

58,603

37.4%

128,860

95,038

35.6%

EBITDA Margin pre LTI, %

7.1%

7.1%

-4 bps

11.3%

11.6%

-22 bps

EBITDA

80,105

57,928

38.3%

128,439

94,363

36.1%

EBITDA Margin, %

7.0%

7.0%

0 bps

11.3%

11.5%

-17 bps

EBIT

49,577

34,695

42.9%

66,114

49,107

34.6%

EBIT Margin, %

4.4%

4.2%

14 bps

5.8%

6.0%

-15 bps

Net Finance Costs

−6,592

−5,371

22.7%

-26,699

−20,601

29.6%

FX Gain/ (Loss)

-2,111

444

-575.4%

-1,906

454

-519.7%

Profit before Tax

40,874

29,768

37.3%

37,508

28,959

29.5%

Taxes

−8,838

−6,820

29.6%

−8,166

−6,660

22.6%

Net Income

32,035

22,948

39.6%

29,343

22,300

31.6%

Net Income Margin, %

2.8%

2.8%

3 bps

2.6%

2.7%

-13 bps

 

 

 

 

23.2%

Gross margin

in 1H 2022

 

 

 

 

 

 

Total revenue in 1H 2022 increased by 38.2% partly driven by the consolidation of the Dixy business. Adjusted for the Dixy acquisition sales growth was 19.1%. This growth was underpinned by net retail sales growth of 39.0% and wholesale revenue growth of 8.6%. Wholesale operations accounted for 2.0% of total sales (down from 2.5% a year ago).

 

Gross Profit in 1H 2022 increased by 38.4% y-o-y to RUB 263.6 billion. Gross margin remained broadly flat y-o-y at 23.2% as a result of higher shrinkage offset by lower transportation costs. Promotional intensity on average for the first six months was slightly lower y-o-y.

 

Transportation costs decreased by 23 bps y-o-y to 1.9% as a percent of sales driven by operating leverage and higher utilization of the Company’s own truck fleet.

 

Shrinkage as a proportion of sales increased by 22 bps y-o-y driven by consolidation of Dixy business as well as losses of fruits & vegetables in international transit due to supply-chain disruptions.

 

 

 

IAS 17

IFRS 16

RUB mln

1H 2022

1H 2021

Change

1H 2022

1H 2021

Change

Staff costs

98,115

73,801

32.9%

98,115

73,801

32.9%

as a % of sales

8.6%

9.0%

-34 bps

8.6%

9.0%

-34 bps

Rent

48,712

35,348

37.8%

2,418

863

180.1%

as a % of sales

4.3%

4.3%

-1 bps

0.2%

0.1%

11 bps

Depreciation, amortization & impairment

30,528

23,234

31.4%

62,325

45,256

37.7%

as a % of sales

2.7%

2.8%

-14 bps

5.5%

5.5%

-2 bps

Utilities & communication services

20,626

15,298

34.8%

20,626

15,298

34.8%

as a % of sales

1.8%

1.9%

-5 bps

1.8%

1.9%

-5 bps

Advertising

4,407

3,934

12.0%

4,407

3,934

12.0%

as a % of sales

0.4%

0.5%

-9 bps

0.4%

0.5%

-9 bps

Other expenses

6,549

3,463

89.1%

6,494

3,463

87.5%

as a % of sales

0.6%

0.4%

16 bps

0.6%

0.4%

15 bps

Bank Services

6,039

3,891

55.2%

6,039

3,891

55.2%

as a % of sales

0.5%

0.5%

6 bps

0.5%

0.5%

6 bps

Repair & maintenance

4,383

3,296

33.0%

4,356

3,296

32.2%

as a % of sales

0.4%

0.4%

-2 bps

0.4%

0.4%

-2 bps

Taxes, other than income tax

1,584

1,447

9.5%

1,584

1,447

9.5%

as a % of sales

0.1%

0.2%

-4 bps

0.1%

0.2%

-4 bps

Packaging & materials

2,792

2,238

24.8%

2,792

2,238

24.8%

as a % of sales

0.2%

0.3%

-3 bps

0.2%

0.3%

-3 bps

Total SG&A

223,737

165,950

34.8%

209,158

153,488

36.3%

as a % of sales

19.7%

20.2%

-49 bps

18.4%

18.7%

-26 bps

Cash SG&A (excl. D&A)

193,209

142,716

35.4%

146,833

108,232

35.7%

as a % of sales

17.0%

17.4%

-35 bps

12.9%

13.2%

-24 bps

 

 

 

 

17.0%

Cash SG&A expenses

in 1H 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7.0%

ebitda margin in 1H 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2.8%

Net income margin

in 1H 2022

SG&A costs decreased by 49 bps y-o-y to 19.7% as a percent of sales.

 

Cash SG&A expenses as a percentage of sales decreased by 35 bps to 17.0% on lower personnel expenses and positive operating leverage effect. This was partially offset by higher other costs.

 

Personnel costs as a percentage of sales decreased by 34 bps y-o-y to 8.6% on the back of continued in-store productivity improvements and ongoing automation of business processes.

 

Other costs as a percentage of sales increased by 16 bps y-o-y to 0.6% predominantly driven by faster y-o-y growth of online services.

 

Advertising expenses decreased by 9 bps y-o-y to 0.4% as a percentage of sales on lower marketing activities.

 

Rental costs as a percentage of sales remained flat y-o-y driven by higher sales density, improved lease terms with landlords and closing of inefficient stores. This was achieved despite the increased share of leased selling space to 80.8% as of June 30, 2022 vs 78.7% a year ago and consolidation of Dixy stores predominantly located in Moscow and St Petersburg regions with higher rent rates.

 

Utilities, packaging, raw materials, repair, maintenance, bank and tax expenses as a percentage of sales remained broadly flat y-o-y.

 

Other income and expenses decreased by 39 bps to 0.6% as a percentage of sales due to a lower percentage of sales of secondary materials and on provisions for write-off of intangible assets related to software not in use.

 

As a result, EBITDA increased by 38.3% to RUB 80.1 billion with a 7.0% margin which remained flat on a y-o-y basis. This was driven by gross margin dynamics and strict cost control offset by other income and expenses dynamics.

 

Depreciation as a percentage of sales reduced by 14 bps y-o-y to 2.7% due to consolidation of Dixy business with lower share of depreciation as a percentage of sales, a slowdown in the store opening and refurbishment programmes, as well as positive operating leverage effect.

 

As a result, operating profit in 1H 2022 stood at RUB 49.6 billion with 4.4% EBIT margin.

 

Net finance costs in 1H 2022 increased by 22.7% and stood at RUB 6.6 billion due to the higher cost of debt and total amount of borrowings. The Company increased its total debt by RUB 27.4 billion during the last twelve months by obtaining bank loans. These supported the Company’s accelerated expansion and the acquisition of Dixy last year. Interest expenses were partially offset by income from bank deposits.

 

As a result, average cost of debt as of the end of 2Q 2022 increased by 146 bps y-o-y to 7.9% but visibly reduced vs previous quarter (down 89 bps from 8.8%). 77% of the Company’s debt profile is represented by long-term borrowings and bonds with an average maturity of 14 months.

 

In 1H 2022 the Company reported FX loss in the amount of RUB 2.1 billion related to direct import operations.

 

Income tax in 1H 2022 was RUB 8.8 billion with effective tax rate of 21.6%.

 

As a result, net income in 1H 2022 increased by 39.6% y-o-y and stood at RUB 32.0 billion. Net income margin remained flat y-o-y at 2.8%.

 

 

 

Balance Sheet and Cash Flows

 

Financial Position Highlights (IFRS 16)

 

RUB mln

June 30, 2022

December 31, 2021

June 30, 2021

Non-current assets

862,785

889,662

684,767

Inventories

212,835

224,873

199,744

Trade and other receivables

10,495

11,727

12,329

Cash and cash equivalents

93,822

73,399

129,370

Other current assets

27,596

10,100

6,735

Assets

1,207,532

1,209,760

1,032,945

Equity

208,356

178,997

181,798

Long-term loans and borrowings

116,591

205,287

222,930

Other long-term liabilities

395,528

410,073

335,431

Trade and other payables

212,251

241,135

163,443

Short-term loans and borrowings

176,271

65,139

42,560

Other short-term liabilities

98,535

109,129

86,783

Equity and liabilities

1,207,532

1,209,760

1,032,945

 

 

 

 

 

 

12.7

days

Y-O-Y OPTIMISATION OF INVENTORIES

Inventories increased by RUB 13.1 billion (+6.6% y-o-y) compared with June 30, 2021 and stood at RUB 212.8 billion on the back of total sales growth of 38.2%. Adjusted for the Dixy acquisition, inventories of the Magnit’s standalone business reduced substantially. This was driven by a number of ongoing projects, including the reduction of slow-moving items, assortment harmonization and IT solutions that are aimed at better on-shelf availability and promotion forecasting. Turnover of inventories improved by 12.7 days y-o-y.

 

Trade and other payables grew by RUB 48.8 billion compared with June 30, 2021 and stood at RUB 212.3 billion, driven by higher sales and improved payment days. Accounts receivables decreased by RUB 1.8 billion vs June 30, 2021 and stood at RUB 10.5 billion as a result of ongoing optimization initiatives and implementation of electronic document flow with suppliers.

 

As a result, working capital as of June 30, 2022 was negative with the cash release of RUB 11.1 billion (IAS 17). Negative working capital was achieved for both the standalone Magnit and Dixy businesses.

 

Debt Composition and Leverage

 

June 30, 2022

March 31, 2022

December 31, 2021

June 30, 2021

IAS 17

 

 

 

 

Total Debt, RUB billion

292.9

320.7

270.4

265.5

Long-Term Debt

116.6

146.9

205.3

222.9

Short-Term Debt

176.3

173.8

65.1

42.6

Net Debt, RUB billion

184.0

228.3

197.0

136.1

Net Debt/EBITDA

1.2x

1.6x

1.5x

1.2x

IFRS 16

 

 

 

 

Net Debt, RUB billion

628.4

682.1

653.3

498.9

Net Debt/EBITDA

2.5x

3.0x

3.0x

2.7x

 

 

 

1.2x

net debt/ebitda
as of June 30, 2022

(IAS 17)

As at June 30, 2022 Gross Debt increased by RUB 27.4 billion or 10.3% compared to June 30, 2021 and stood at RUB 292.9 billion. Total debt decreased by 8.7% or RUB 27.8 billion versus end of the previous quarter due to redemption of bond issues and repayment of some bank loans. The Company’s cash position including deposits, reported in the financial assets4, increased further to RUB 108.8 billion as at June 30, 2022 from RUB 92.4 billion as at March 31, 2022. As a result, Net Debt increased by 35.2% y-o-y to RUB 184.0 billion as at June 30, 2022 (but was down 19.4% q-o-q).

 

The Company’s debt is fully RUB denominated, matching its revenue structure. The Net Debt to EBITDA ratio returned to the pre-Dixy acquisition level of 1.2x as at June 30, 2022 vs 1.6x as at March 31, 2022.

 

Cash Flow Statement for 1H 2022

 

 

IAS 17

IFRS 16

million RUB

1H 2022

1H 2021

Change

1H 2022

1H 2021

Change

Operating cash flows before working capital changes

86,992

59,079

47.2%

134,871

93,578

44.1%

Changes in working capital

11,075

-14,864

-174.5%

10,959

-14,516

-175.5%

Net Interest and income tax paid

-17,835

-12,462

43.1%

-37,943

-27,693

37.0%

Net cash from operating activities

80,231

31,753

152.7%

107,887

51,370

110.0%

Net cash used in investing activities

-48,096

-22,259

116.1%

-46,192

-21,945

110.5%

Net cash generated / (used) from/(in) financing activities

-6,170

75,170

-108.2%

-35,730

55,238

-164.7%

Effect from exchange rate changes on cash and cash equivalents

-5,542

7

n/a

-5,542

7

n/a

Net cash increase / (decrease)

20,423

84,670

-75.9%

20,423

84,670

-75.9%

 

 

 

80.2

RUB billion

net Cash generated by operations

 

The Company’s cash flows from operating activities before changes in working capital in 1H 2022 equaled to RUB 87.0 billion, which was RUB 27.9 billion or 47.2% higher y-o-y. The change in working capital continued to improve and stood at RUB 11.1 billion compared to RUB -14.9 billion in 1H 2021.

 

Net interest and income tax paid in 1H 2022 increased by RUB 5.4 billion or 43.1% to RUB 17.8 billion. Net interest expenses increased by 78.1% y-o-y to RUB 9.4 billion in 1H 2022 due to higher average amount of borrowings and higher cost of debt compared to the previous year. Income tax paid for 1H 2022 increased by 17.5% to RUB 8.4 billion.

 

With this net cash flow from operating activities in 1H 2022 increased by 152.7% to RUB 80.2 billion as a result of higher EBITDA and positive movement of working capital.

 

Net cash used in investing activities increased by 116.1% to RUB 48.1 billion in 1H 2022 due to deposits with the term over three months in the amount of RUB 15 billion.

 

Total capital expenditures for the first six months of 2022 stood at RUB 23.4 billion vs RUB 25.6 billion in 1H 2021 (down 8.3% y-o-y). This was driven by some slowdown in the store opening and refurbishment programmes (851 store openings on gross basis and 184 redesigns in 1H 2022 vs 926 and 243 respectively in 1H 2021).

 

In 1H 2022 net cash used in financing activities was RUB 6.2 billion vs RUB 75.2 billion of cash generated from financing activities in 1H 2021. In 1H 2022 the Company paid dividends in the total amount of RUB 28.8 billion.

 

As a result of factors mentioned above net cash position in 1H 2022 increased by RUB 20.4 billion to RUB 93.8 billion as of June 30, 2022.

 

Recent Trading

 

LFL sales growth in July-August (quarter-to-date) 2022 continues accelerating versus previous months and exceeds the 2Q average results. Within the structure of LFL sales, traffic continued stabilizing returning to a positive territory; average ticket growth remains strong despite deflationary environment on month-to-month basis.

 

 

 

 

Note:

 

  1. This announcement contains inside information disclosed in accordance with the Market Abuse Regulation effective from July 3, 2016.
  2. Please note that there may be small variations in calculation of totals, subtotals, and/or percentage change due to rounding of decimals.
  3. Please follow the link to view 1H 2022 financial report - .

 

 

 

 

For further information, please contact:

 

Dina Chistyak

Director for Investor Relations 

Office: +7 (861) 210 9810 x 15101

 

Media Inquiries                    Twitter

                   

 

 

 

 

Note to editors

 

“Magnit” is one of Russia’s leading retailers. Founded in 1994, the company is headquartered in the southern Russian city of Krasnodar. As of June 30, 2022, Magnit operated 45 distribution centers and 26,731 stores in 3,963 cities and towns throughout 7 federal regions of the Russian Federation and in the Republic of Uzbekistan.

In accordance with the reviewed IFRS 16 results for 1H 2022, Magnit had revenues of RUB 1,136.3 billion and an EBITDA of RUB 128.4 billion. Magnit's local shares are traded on the Moscow Exchange (MOEX: MGNT) and its GDRs on the London Stock Exchange (LSE: MGNT).

 

 

Forward-looking statements

 

This document contains or may contain forward-looking statements that may or may not prove accurate. For example, statements regarding expected sales growth rate and/or store openings are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from what is expressed or implied by the statements. Any forward-looking statement is based on information available to Magnit as of the date of the statement. All written or oral forward-looking statements attributable to Magnit are qualified by this caution. Magnit does not undertake any obligation to update or revise any forward-looking statement to reflect any change in circumstances.

 


LFL calculation base includes stores, which have been operating for 12 months since its first day of sales. LFL sales growth and average ticket growth are calculated based on sales turnover including VAT. Dixy stores will be added to the LFL panel after full 12 months of operations since consolidation.

In 2022 the Group adjusted its accounting policy and included associated expenses on goods processing for the production of culinary offerings and other ready meals at its stores into the cost of goods sold. The management of the Group believes that these changes are aimed at appropriate reporting consistent with other market players. The above expenses were previously included in the selling, general and administrative expenses. The Group applied changes retrospectively

Selling, general and administrative expenses excluding depreciation and amortization

Including deposits, reported in the financial assets. Cash allocated on these deposits is immediately available and can be withdrawn at any time without loss of value (without penalty for withdrawing)

LTI – Long-Term Incentive Program

Inventory turnover days = ((inventories as of 31.12.2021 + inventories as of 30.06.2022)/2/cost of goods sold for 1H 2022) x 181

Excluding intercompany transactions between PJSC Magnit and JSC Tander

The Company included Dixy branded stores into LFL panel starting from July 22, 2022, after full 12 months of operations



ISIN: US55953Q2021
Category Code: MSCU
TIDM: MGNT
LEI Code: 2534009KKPTVL99W2Y12
OAM Categories: 2.2. Inside information
Sequence No.: 182310
EQS News ID: 1423689

 
End of Announcement EQS News Service

fncls.ssp?fn=show_t_gif&application_id=1423689&application_name=news&site_id=research_pool
EN
19/08/2022

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on Magnit PJSC Sponsored GDR RegS

 PRESS RELEASE

Cancellation of the listing and admission to trading of the GDRs repre...

MAGNIT PJSC (MGNT) Cancellation of the listing and admission to trading of the GDRs representing PJSC Magnit shares from the London Stock Exchange 30-Aug-2022 / 12:30 MSK Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.     Cancellation of the listing and admission to trading of the GDRs representing PJSC MAGNIT shares from the London Stock Exchange   Krasnodar, Russia (August 30, 2022): Magnit PJSC (MOEX: MGNT; Magnit, the Company), one of Russia’s leading retailers, in addition to th...

 PRESS RELEASE

Magnit reports 38.2% total sales growth (19.1% adjusted for the Dixy a...

MAGNIT PJSC (MGNT) Magnit reports 38.2% total sales growth (19.1% adjusted for the Dixy acquisition) and 7.0% EBITDA margin in 1H 2022 19-Aug-2022 / 09:00 MSK Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse Regulation (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.   Magnit Reports 38.2% total sales growth (19.1% ADJUSTED FOR THE DIXY ACqUISItiON) and 7.0% EBITDA margin in 1H 2022 Krasnodar, Russia (August 19, 2022): Magnit PJSC (MOEX and LSE: MGNT; the Compan...

 PRESS RELEASE

Magnit has notified the Custodian of the need to conduct automatic con...

MAGNIT PJSC (MGNT) Magnit has notified the Custodian of the need to conduct automatic conversion of its GDRs 18-Aug-2022 / 18:00 MSK Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.     MAGNIT HAS NOTIFIED THE CUSTODIAN of the need to conduct automatic conversion of its gdrs   Krasnodar, Russia (August 18 2022): Magnit PJSC (MOEX and LSE: MGNT; Magnit, the Company), one of Russia’s leading retailers, announces that on August 18, 2022 it has notified CB JP Morgan International LLC (“Cus...

 PRESS RELEASE

Magnit reports 38.7% total sales growth (19.7% adjusted for Dixy acqui...

MAGNIT PJSC (MGNT) Magnit reports 38.7% total sales growth (19.7% adjusted for Dixy acquisition) and 13.1% LFL sales growth in 2Q 2022 28-Jul-2022 / 09:00 MSK Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse Regulation (MAR), transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.       Magnit Reports 38.7% total sales growth (19.7% adjusted for dixy acquisition) and 13.1% LFL Sales Growth in 2Q 2022     Krasnodar, Russia (July 28, 2022): Magnit PJSC (MOEX and LSE: MGNT; ...

 PRESS RELEASE

Update on amendments of the procedure for conversion of global deposit...

MAGNIT PJSC (MGNT) Update on amendments of the procedure for conversion of global depositary receipts of PJSC Magnit 18-Jul-2022 / 18:00 MSK Dissemination of a Regulatory Announcement, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement.     Update on amendments of the procedure for conversion of global depositary receipts of PJSC MAGNIT   Krasnodar, Russia (July 18, 2022): Magnit PJSC (MOEX and LSE: MGNT; Magnit, the Company), one of Russia’s leading retailers, notifies on amendments of the laws of the Russian Federation related to...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch