OREANDA-NEWS. PJSC "Magnit", Russia's largest retailer (the "Company"; MICEX and LSE: MGNT) announces its unaudited FY 2014 results prepared in accordance with IFRS1.

During 2014 the Company added (net) 1,618 stores (1,144 convenience stores, 29 hypermarkets, 51 "Magnit Family" stores and 394 drogerie stores) and increased its selling space by 19.24% in comparison to 2013 from 3,011.38 thousand sq. m. to 3,590.64 thousand sq. m. The total store base as of December 31, 2014 reached 9,711 stores (8,344 convenience stores, 190 hypermarkets, 97 "Magnit Family" stores and 1,080 drogerie stores).

Revenue increased by 31.71% YoY from 579,694.88 million RUR in 2013 to 763,527.25 million RUR in 2014. The top line growth was due to an increase in selling space as well as to a 14.47% increase of like-for-like sales.

Gross margin grew from 28.51% in 2013 to 28.88% in 2014. Gross profit increased by 33.43% from 165,262.99 million RUR to 220,511.52 million RUR.

EBITDA increased by 32.14% from 64,721.23 million RUR in 2013 to 85,522.20 million RUR in 2014. EBITDA margin in 2014 amounted to 11.20%. EBITDA margin in the 4Q of 2014 was 11.28%.

2014 net income increased by 33.00% and amounted to 47,375.39 million RUR vs. 35,620.38 million RUR in 2013. Net income margin for 2014 was 6.20%.

Sergey Galitskiy, the Company's CEO, provided the following comments on the published results:

"Material FX losses impacted our financial results. However, we did achieve a record high EBITDA margin. We have the lowest debt burden and a strong management team, which will allow us to continue aggressive expansion despite the instability in the marketplace. We have set ambitious store opening plans and we are confident in their fulfillment".