Magnit Valuation

Units Other Actual Actual Actual
Magnit Year 2013 2014 2015

Model date Start 01/01/13 01/01/14 01/01/15
ths. RUB End 31/12/13 31/12/14 31/12/15
Error check № 1 2 3
1 General inputs
Start date Date 01/01/13
Model periodicity Months 12
Model date Date 07/09/19
Balanced check 1
2 Macro inputs
Exchange rate (average for period) RUB/$ Exchange rate 31.91 38.60 61.32
Consumer price index (average for period) % 6.45% 11.36% 12.90%
Exchange rate (as EOY) RUB/$ 32.73 56.26 72.88
Consumer confident index (average for period) % -8.00 -11.00 -26.00
Real Disposal Income Growth 4.00% -0.70% 3.20%
Real GDP per Capita Growth 1.57% -1.04% -3.04%
Real Wage Growth -9.00%
3 Sales growth
Sales growth % 3.87% 14.48% 6.20%
Traffic % -1.28% 4.47% -0.96%
Ticket % 5.22% 9.58% 7.23%
LFL Sales, Convenience % 3.70% 13.85% 7.29%
Traffic % -1.57% 3.68% -0.79%
Ticket % 5.35% 9.81% 8.14%
LFL Sales, Hypermarkets % 4.61% 14.06% 1.52%
Traffic % 2.52% 5.63% -3.80%
Ticket % 2.04% 7.98% 5.53%
LFL Sales, Supermarkets % 12.79% 18.97% 0.63%
Traffic % 7.41% 8.87% -3.55%
Ticket % 5.01% 9.28% 4.33%
LFL Sales, Drogerie % 14.65% 40.79% 19.60%
Traffic % 10.54% 35.69% 5.62%
Ticket % 3.72% 3.76% 13.24%
4 Number of stores
4.1. North Caucasus units 379 397 451
Convenience units 320 330 353
Hypermarkets units 6 7 7
Supermarkets units 2 3 6
Drogerie units 51 57 85
4.2. South units 1,669 1,876 2,196
Convenience units 1,411 1,523 1,648
4.3. Centre (inc. Moscow) units 2,100 2,466 3,163
4.4. Volga units 2,483 3,018 3,580
4.5. North West (inc. SPB) units 671 870 1,166
4.6. Ural units 671 836 1,105
4.7. Siberia units 120 248 428
4.8. Total units 8,093 9,711 12,089
Drogerie units 686 1,080 2,121
5 Selling space
Selling space 3,011.38 3,590.64 4,413.72

Convenience th sq. m. 2,312 2,673 3,120
Hypermarkets th sq. m. 483 559 639
Supermarkets th sq. m. 53 109 170
Drogerie th sq. m. 163 249 485
6 Distribution centers & trucks
Total distribution centers units 22 27 33

North Caucasus units 1 1 1
South units 5 6 8
Centre (inc. Moscow) units 6 8 9
Volga units 6 6 8
North West (inc. SPB) units 1 2 2
Ural units 2 2 3
Siberia units 1 2 2
Total distribution centers space th sq. m. 638 909 1,293
New space per year (stores & distribution th sq. m. 850.19 1,206.79
Total trucks units 5,577 5,938 5,882

361.00 (56.00)
7 Calc Average selling space
Average selling space(th sq. m. per store) 1.18 1.15 1.14
Convenience th sq. m. 0.32 0.32 0.33
Hypermarkets th sq. m. 3.00 2.94 2.92
Supermarkets th sq. m. 1.16 1.12 1.10
Drogerie th sq. m. 0.24 0.23 0.23
8 Revenue
Revenue bn. RUB ### 579.69 763.53 950.61

Convenience bn. RUB 450.80 577.78 701.27
Hypermarkets bn. RUB 106.18 139.66 161.58
Supermarkets bn. RUB 10.68 25.53 44.83
Drogerie bn. RUB 11.87 19.76 40.12
Wholesale bn. RUB 0.17 0.81 2.81
9 Average sales density

Average sales density 172 195 206
Convenience mln. RUB /sq. m. 195 216 225
Hypermarkets mln. RUB /sq. m. 220 250 253
Supermarkets mln. RUB /sq. m. 200 234 263
Drogerie mln. RUB /sq. m. 73 79 83
10 LFL
LFL Sales, ttl Stores 3.9% 14.5% 6.2%
Traffic % -1.28% 4.47% -0.96%
Ticket % 5.22% 9.58% 7.23%
11 Historical IS
1000
Sales mln. RUB Sales 579,695 763,527 950,613
Cost of sales mln. RUB (545,561) (683,824)
Gross profit mln. RUB 579,695 217,966 266,789
SG&A mln. RUB (152,433) (189,566)
Impairment of non-financial assets mln. RUB Other operating income / (expenses)
Other operating income mln. RUB Other operating income / (expe 2,905 3,984
Other operating expenses mln. RUB Other operating income / (expe (581) (849)
Operating profit / (loss) mln. RUB 579,695 67,857 80,358
Interest income (investment income) mln. RUB Interest income 374 227
Interest expense (financial expences) mln. RUB Interest expense (6,677) (11,956)
Other income mln. RUB Other income / expenses
Other expences mln. RUB Other income / expenses
Net foreign exchange gain and loss, net mln. RUB Other income / expenses (2,827) (2,649)
Profit / (loss) before income tax mln. RUB 579,695 58,726 65,980
Income tax expense mln. RUB Income tax expense (14,408) (12,207)
Profit / (loss) for the period mln. RUB 579,695 44,318 53,773
Dividents mln. RUB 26,647 36,858
Dividents (начисленные) mln. RUB 26,374 26,375
Cost of sales mln. RUB

Cost of goods sold mln. RUB COGS (512,610) (645,494)
Transportation costs mln. RUB Other direct costs (20,828) (21,895)
Losses from shortage of goods mln. RUB Other direct costs (12,124) (16,435)
Total cost of sales mln. RUB - (545,561) (683,824)
Selling, general and admin expenses mln. RUB

Labor costs mln. RUB SG&A (65,258) (77,183)
Rent and utility payments mln. RUB SG&A (31,431) (44,264)
Depreciation PPE mln. RUB D&A (42,095) (17,285) (20,639)
Labor taxes mln. RUB SG&A (18,602) (22,152)
Repair and maintenance mln. RUB SG&A (3,393) (3,364)
Bank services mln. RUB SG&A (1,900) (2,750)
Other taxes (excl. income tax) mln. RUB SG&A (2,949) (3,067)
Security Costs mln. RUB SG&A (636) (781)
Amortisation mln. RUB D&A
Reserve for doubtful debts mln. RUB SG&A (114) (108)
Reserve vacation reserve mln. RUB SG&A (583) (685)
Advertising costs mln. RUB SG&A (3,491) (5,810)
Pacaging costs mln. RUB SG&A (2,800) (3,736)
Other expences mln. RUB SG&A (3,990) (5,027)
Total SG&A mln. RUB (152,433) (189,566)
12 Historical BS
Property, plant and equipment mln. RUB Property, plant and 195,158 159,855 223,794
Investment property mln. RUB Other long-term assets 411 505
Land lease rights mln. RUB Intangible assets, net 2,109 2,425
Intangible assets mln. RUB Intangible assets, net 621 1,175
Goodwill mln. RUB Other long-term assets 938 1,151
Long-term financial assets mln. RUB Other long-term assets 67 114
Total non-current assets mln. RUB 195,158 164,001 229,163
Inventories mln. RUB Inventories, net 55,906 97,993
Trade and other receivables mln. RUB Receivables 558 836
Advances paid mln. RUB Other current assets 3,327 4,456
Taxes receivable mln. RUB Other current assets 48 81
Prepaid expenses mln. RUB Other current assets 166 270
Short-term assets mln. RUB Other current assets 326 208
Income tax receivable mln. RUB Other current assets 90 -
Cash and cash equivalents mln. RUB Cash and cash equivalents 12,139 7,060
Total current assets mln. RUB - 72,561 110,903
TOTAL ASSETS mln. RUB 195,158 236,562 340,065
Share capital mln. RUB Equity 1 2

Additional paid-in capital mln. RUB Equity 58,199 92,613
Treasury stock mln. RUB Equity (341) (325)
Reserves mln. RUB Equity (87,690) (179,863)
Accumulated retained earnings/(losses) mln. RUB Equity 128,399 226,514
TOTAL EQUITY mln. RUB - 98,568 138,940
Long-term borrowings mln. RUB Long-term debt 30,473 49,985

Long-term avances received mln. RUB Other liabilities 139 96
Government subsidies mln. RUB Other liabilities - -
Deferred tax liability mln. RUB Other liabilities 7,147 10,840
Total non-current liabilities mln. RUB - 37,758 60,922
Trade and other payables mln. RUB Accounts payable 45,832 74,351
Accrued expenses mln. RUB Other current liabilities 5,616 8,139
Taxes payable mln. RUB Other current liabilities 3,696 5,551
Dividents payable mln. RUB Other current liabilities 9,862 14,298
Short-term avances received mln. RUB Other current liabilities 60 158
Deferred revenue mln. RUB Other current liabilities - -
Government subsidies mln. RUB Other current liabilities - -
Short-term borrowings mln. RUB Short-term debt / revolver 35,170 37,707
Total current liabilities mln. RUB - 100,236 140,204
TOTAL LIABILITIES mln. RUB - 137,994 201,125
TOTAL LIABILITIES AND EQUITY mln. RUB - 236,563 340,065
check (195,158) - -
13 Other
Income tax rate 20.0%
Min cash to sales ratio 0.5% 1.59% 0.74%
Total Capex historical 55,993 54,332
Old stores & distribution centers not used 9,112 11,234
New stores & distribution centers not used 34,823 49,429
Old trucks not used 7,654 7,582
New trucks not used 4,404 (13,913)
% of sales 0% 7.3% 5.7%

14 End Sheet
Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
01/01/16 01/01/17 01/01/18 01/01/19 01/01/20 01/01/21 01/01/22 01/01/23 01/01/24 01/01/25
31/12/16 31/12/17 31/12/18 31/12/19 31/12/20 31/12/21 31/12/22 31/12/23 31/12/24 31/12/25
4 5 6 7 8 9 10 11 12 13
66.83 58.30 66.64

5.38% 2.51% 4.26% ###
60.66 57.60
-23.00 -13.00 ###
-5.80% -1.70%
-0.41% 1.43%
0.60%
(0.26%) (3.37%) (2.50%)

0.65% -3.17% -2.60% ###
-0.90% -0.21% 0.10% ###
2.38% (1.43%) (2.80%) ###
2.05% -2.63% -2.80% ###
0.32% 1.23% 0.00% ###
(10.09%) (10.24%) (3.27%) ###
-9.32% -7.91% -1.30%
-0.85% -2.53% -2.00%
(7.05%) (7.83%) (3.27%) ###
-6.04% -6.70% -1.30%
-1.08% -1.21% -2.00%
4.86% 0.02% 2.95% ###
-2.50% -1.14% -1.10%
7.55% 1.17% 4.10%
497 530 583

363 373 393
10 9 9
9 10 10
115 138 171
2,414 2,670 2,985
1,723 1,816 1,969
66 69 69
49 54 55
576 731 892
3,744 4,510 5,168
2,875 3,484 3,940
39 39 40
37 42 45
793 945 1,143
4,118 4,656 5,073
3,109 3,470 3,728
67 67 69
54 54 58
888 1,065 1,218
1,389 1,585 1,734
1,074 1,236 1,346
15 16 16
15 16 17
285 317 355
1,311 1,636 1,906
961 1,178 1,331
31 32 34
15 19 21
304 407 520
586 781 950
416 586 720
9 11 11
15 13 13
146 171 206
14,059 16,368 18,399
10,521 12,143 13,427
237 243 248
194 208 219
3,107 3,774 4,505
4,835.37 5,754.94 6,426.10

3,220 3,958 4,416.87
684 702 716.06
213 229 241.12
719 866 1,052.06
35 37 37
1 1 1
8 8 8
9 9 9
9 10 10
2 3 3
3 3 3
3 3 3
1,505 1,640 1,645
634.36 1,054.23 676.16
5,713 6,089 5,897

(169.00) 376.00 (192.00)
1.13 1.14 1.14

0.31 0.33 0.33
2.88 2.89 2.89
1.10 1.10 1.10
0.23 0.23 0.23
1,074.81 1,143.31 1,237.02

790.16 846.11 992.20
157.69 146.44 85.51
56.91 59.78 34.91
64.45 78.79 104.23
5.61 12.20 20.16
208 194 147

245 214 224.64
231 209 119
267 261 145
90 91 99.07
(0.3%) (3.4%) (2.5%) ###

0.65% -3.17% -2.60% ###
-0.90% -0.21% 0.10% ###
1,074,812 1,143,314 1,237,015

(779,053) (838,672) (940,568)
295,759 304,643 296,447
(218,078) (253,738) (250,837)
- - -
4,036 7,759 8,710
(889) (735) (908)
80,828 57,928 53,413
106 341 210
(13,294) (12,979) (9,136)
1,139 134 (1,415)

68,780 45,424 43,072
(14,371) (9,885) (9,207)
54,409 35,539 33,865
23,919 17,297 27,438
26,298 24,732 13,629
(753,429) (808,652) (906,357)

(25,623) (30,020) (34,211)
(779,053) (838,672) (940,568)
(84,088) (93,190) (83,622) ОХР

(56,442) (66,205) (72,483) ОХР
(25,082) (32,725) (35,521) КиУ+ОХР
(24,130) (26,866) (24,211) КиУ
(4,349) (5,041) (4,421) ОХР
(3,524) (4,466) (6,059) ОХР
(3,195) (3,399) (3,804) ОХР
(967) (1,279) (1,551) ОХР
(606) (768) (996) ОХР
10 (129) 97 ОХР
2 (35) (601) ОХР
(5,305) (8,432) (8,601) КиУ
(4,564) (4,437) (3,531) КиУ
(5,838) (6,767) (5,532) ОХР
(218,078) (253,738) (250,837)
289,945 329,827 350,331

600 600 -
2,639 2,373 2,195
1,424 2,268 3,442
1,367 1,367 24,092
50 351 2,838
296,026 336,786 382,899
134,916 162,205 187,779
844 1,399 6,961
5,208 4,990 5,655
448 598 67
459 640 522
216 215 489
240 1,154 468
16,559 18,337 26,748
158,890 189,539 228,688
454,915 526,325 611,587
1 1 1
42,647 87,636 87,257
(12,051)
153,429 171,670 178,096

196,077 259,307 253,303
77,500 86,338 93,736

26 - 409
- 1,101 2,975
15,599 21,522 25,551
93,126 108,960 122,671
83,923 99,142 131,173
10,648 11,575 13,006
8,811 6,284 4,792
11,937 1 13,630
288 690 665
- 188 1,447
- 55 62
50,106 40,122 70,837
165,713 158,057 235,613
258,839 267,018 358,284
454,915 526,325 611,587
- - -
1.54% 1.60% 2.16%

49,812 73,531 53,759 0
14,247 15,831 18,463 40.0%
25,983 43,180 27,695 60.0%
7,364 7,848 7,601
2,218 6,671
4.6% 6.4% 4.3%

Units Other Actual Actual Actual Actual
Magnit Year 2013 2014 2015 2016
Model date 30/12/99 Start 01/01/13 01/01/14 01/01/15 01/01/16
ths. RUB End 31/12/13 31/12/14 31/12/15 31/12/16
Error check OK № 1 2 3 4
1 Macro assumption
Exchange rate RUB/$ 31.91 38.60 61.32 66.83
Consumer price index % 6% 11% 13% 5%
Exchange rate (as EOY, 29.12.2014) RUB/$ 72.88
Consumer confident index (average for p% -8.00 -11.00 -26.00 -23.00
Real Disposal Income Growth % 4% (1%) 3% (6%)
Real GDP per Capita Growth % 2% (1%) (3%) (0%)
Real Wage Growth % - - (9%) 1%
2 Revenue assumtion
1.1. Number of stores growth
Number of stores growth (for super short calculation only)
North Caucasus 4.7% 13.6% 10.2%
South 12.4% 17.1% 9.9%
Centre (inc. Moscow) 17.4% 28.3% 18.4%
Volga 21.5% 18.6% 15.0%
North West (inc. SPB) 29.7% 34.0% 19.1%
Ural 24.6% 32.2% 18.6%
Siberia 106.7% 72.6% 36.9%
Number of stores (Convenience) Source: Strategy

Number of stores growth (Convenience)
North Caucasus Convenience 3.1% 7.0% 2.8%
South Convenience 7.9% 8.2% 4.6%
Centre (inc. Moscow) Convenience 13.6% 18.8% 11.5%
Volga Convenience 16.7% 10.1% 8.1%
North West (inc. SPB) Convenience 25.7% 23.6% 14.7%
Ural Convenience 19.8% 18.5% 11.0%
Siberia Convenience 102.8% 53.4% 23.8%
Number of stores (Hypermarkets) Source: Strategy

Number of stores growth (Hypermarkets)
North Caucasus Hypermarkets 16.7% - 42.9%
South Hypermarkets 10.0% 12.7% 6.5%
Centre (inc. Moscow) Hypermarkets 18.5% 15.6% 5.4%
Volga Hypermarkets 13.7% 5.2% 9.8%
North West (inc. SPB) Hypermarkets 20.0% 16.7% 7.1%
Ural Hypermarkets 46.7% 36.4% 3.3%
Siberia Hypermarkets 100.0% 100.0% 12.5%
Number of stores (Supermarkets) Source: Strategy

Number of stores growth (Supermarkets)
North Caucasus Supermarkets 50.0% 100.0% 50.0%
South Supermarkets 133.3% 50.0% 16.7%
Centre (inc. Moscow) Supermarkets 58.3% 57.9% 23.3%
Volga Supermarkets 126.7% 44.1% 10.2%
North West (inc. SPB) Supermarkets 200.0% 266.7% 36.4%
Ural Supermarkets 133.3% 28.6% 66.7%
Siberia Supermarkets 200.0% 166.7% 87.5%
Number of stores (Drogerie) Source: Strategy

Number of stores growth (Drogerie)
North Caucasus Drogerie 11.8% 49.1% 35.3%
South Drogerie 37.8% 64.4% 29.7%
Centre (inc. Moscow) Drogerie 62.3% 111.4% 53.1%
Volga Drogerie 75.3% 90.1% 49.7%
North West (inc. SPB) Drogerie 69.0% 109.2% 39.0%
Ural Drogerie 76.7% 163.2% 52.0%
Siberia Drogerie 144.4% 245.5% 92.1%
1.2. Sales growth

Sales growth
LFL Sales, Convenience 3.7% 13.9% 7.3% 2.4%
Traffic (1.6%) 3.7% (0.8%) 2.1%
Ticket 5.4% 9.8% 8.1% 0.3%
LFL Sales, Hypermarkets 4.6% 14.1% 1.5% (10.1%)
Traffic 2.5% 5.6% (3.8%) (9.3%)
Ticket 2.0% 8.0% 5.5% (0.9%)
LFL Sales, Supermarkets 12.8% 19.0% 0.6% (7.1%)

Traffic 7.4% 8.9% (3.6%) (6.0%)
Ticket 5.0% 9.3% 4.3% (1.1%)
LFL Sales, Drogerie 14.7% 40.8% 19.6% 4.9%

Traffic 10.5% 35.7% 5.6% (2.5%)
Ticket 3.7% 3.8% 13.2% 7.6%
Convenience % form CPI 0.83 0.86 0.63 0.06

Hypermarkets % form CPI 0.32 0.70 0.43 (0.16)
Supermarkets % form CPI 0.78 0.82 0.34 (0.20)
Drogerie % form CPI 0.58 0.33 1.03 1.40
Wholesale growth 384.3% 249.0% 99.3%
1.3. Average Selling space growth

Average Selling space growth
Convenience
Hypermarkets
Supermarkets
Drogerie
2. Income statement assumption

COGS as % of sales - 67.1% 67.9% 70.1%
Other direct costs % of sales - 4.3% 4.0% 2.4%
SG&A as % of sales - 17.7% 17.8% 17.9%
Other operating income /expenses % of sales - (0.3%) (0.3%) (0.3%)
DA as % of starting PPE 8.9% 12.9% 11.5%
Other income / expenses 0.0% -0.4% -0.3% 0.1%
Income tax rate 20.0% 20.0% 20.0% 20.0%
Effective Income tax rate - 24.5% 18.5% 20.9%
3. Balance sheet assumption

Receivables days (0.4) (0.5) (0.4)
Inventories days 40 55 65
Other current assets % of sales (0.8%) (0.8%) (0.9%)
Intangible assets % of sales (0.5%) (0.6%) (0.5%)
Other long-term assets % of sales (0.3%) (0.3%) (0.3%)
Accounts payable days 33 42 41
Other current liabilities % of sales (3.8%) (4.4%) (4.2%)
Other liabilities % of sales (1.4%) (1.7%) (2.1%)
Capex % of sales #DIV/0! (10.9%) (8.4%) (6.6%)
4. Debt assumption
Mininmum cash
Interest rate for revolver
Interest rate for LT debt
Total Cash & ST Investments: ### - 12,139.28 7,059.65 16,559.27
Dividends & Interest received: - 374.25 227.00 106.25
Effective Interest Rate: 3.1% 3.2% 0.6%
Interest rate for revolver (weigh. aver.)

ST debt 1
Interest rate for LT debt (weigh. aver.)
LT debt 1
LT debt 2
Share issuance / (repurchases)

Divivend payout ratio 83.2% 44.5%
6. End Sheet
Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast
2017 2018 2019 2020 2021 2022 2023 2024 2025
01/01/17 01/01/18 01/01/19 01/01/20 01/01/21 01/01/22 01/01/23 01/01/24 01/01/25
31/12/17 31/12/18 31/12/19 31/12/20 31/12/21 31/12/22 31/12/23 31/12/24 31/12/25
5 6 7 8 9 10 11 12 13
58.30 66.64 53.56 52.45 51.57 50.69 50.03 49.67 49.47

3% 4% 4.40% 4.39% 4.32% 4.26% 4.19% 4.13% 4.06% 3.5
57.60
-13.00
(2%) 1.60% 2.11% 2.21% 2.26% 2.12% 2.04% 1.83% 1.65% 3.5
1.4% 1.21% 1.75% 1.75% 1.75% 1.60% 1.60% 1.60% 1.60%
- 1.56% 2.93% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 3.5
Growth
6.6% 10.0% Middle

10.6% 11.8% Low
20.5% 14.6% Middle
13.1% 9.0% Low
14.1% 9.4% Middle
24.8% 16.5% Middle
33.3% 21.6% High
12,143 13,427 14,927 16,594 18,448 20,509 22,800

10.6% 11.2% 11.2% 11.2% 11.2% 11.2%
2.8% 5.4% 10.00% 8.75% 7.50% 6.25% 5.00% 2.00% 0.00% Middle
5.4% 8.4% 6.00% 5.25% 4.50% 3.75% 3.00% 0.00% 0.00% Low
21.2% 13.1% 10.00% 8.75% 7.50% 6.25% 5.00% 2.00% 0.00% Middle
11.6% 7.4% 6.00% 5.25% 4.50% 3.75% 3.00% 0.00% 0.00% Low
15.1% 8.9% 10.00% 8.75% 7.50% 6.25% 5.00% 2.00% 0.00% Middle
22.6% 13.0% 10.00% 8.75% 7.50% 6.25% 5.00% 2.00% 0.00% Middle
40.9% 22.9% 15.00% 13.75% 12.50% 11.25% 10.00% 3.00% 0.00% High
243 248 284 324 371 424 485

2.1% 14.4% 14.4% 14.4% 14.4% 14.4%
(10.0%) - 10.00% 8.75% 7.50% 6.25% 5.00% 2.00% 0.00% Middle
4.5% - 6.00% 5.25% 4.50% 3.75% 3.00% 0.00% 0.00% Low
- 2.6% 10.00% 8.75% 7.50% 6.25% 5.00% 2.00% 0.00% Middle
- 3.0% 6.00% 5.25% 4.50% 3.75% 3.00% 0.00% 0.00% Low
6.7% - 10.00% 8.75% 7.50% 6.25% 5.00% 2.00% 0.00% Middle
3.2% 6.3% 10.00% 8.75% 7.50% 6.25% 5.00% 2.00% 0.00% Middle
22.2% - 15.00% 13.75% 12.50% 11.25% 10.00% 3.00% 0.00% High
208 219 249 283 321 365 415

5.3% 13.6% 13.6% 13.6% 13.6% 13.6%
11.1% - 10.00% 8.75% 7.50% 6.25% 5.00% 2.00% 0.00% Middle
10.2% 1.9% 6.00% 5.25% 4.50% 3.75% 3.00% 0.00% 0.00% Low
13.5% 7.1% 10.00% 8.75% 7.50% 6.25% 5.00% 2.00% 0.00% Middle
- 7.4% 6.00% 5.25% 4.50% 3.75% 3.00% 0.00% 0.00% Low
6.7% 6.3% 10.00% 8.75% 7.50% 6.25% 5.00% 2.00% 0.00% Middle
26.7% 10.5% 10.00% 8.75% 7.50% 6.25% 5.00% 2.00% 0.00% Middle
(13.3%) - 15.00% 13.75% 12.50% 11.25% 10.00% 3.00% 0.00% High
3,774 4,505 5,963 7,892 10,446 13,826 18,300

19.4% 32.4% 32.4% 32.4% 32.4% 32.4%
20.0% 23.9% 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% Middle
26.9% 22.0% 15.00% 12.50% 10.00% 7.50% 5.00% 2.00% 0.00% Low
19.2% 21.0% 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% Middle
19.9% 14.4% 15.00% 12.50% 10.00% 7.50% 5.00% 2.00% 0.00% Low
11.2% 12.0% 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% Middle
33.9% 27.8% 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% Middle
17.1% 20.5% 35.00% 31.25% 27.50% 23.75% 20.00% 10.00% 5.00% High
(1.4%) (2.8%) (0.9%) 1.1% 3.0% 2.9% 2.9% 2.8% 2.8%

(2.6%) (2.8%) (1.3%) 0.2% 1.8% 1.6% 1.6% 1.6% 1.6%
1.2% - 0.4% 0.8% 1.3% 1.3% 1.2% 1.2% 1.2%
(10.2%) (3.3%) (1.6%) (0.2%) 1.3% 1.6% 2.2% 2.8% 2.8%
(7.9%) (1.3%) (0.3%) 0.7% 1.8% 1.6% 1.6% 1.6% 1.6%
(2.5%) (2.0%) (1.3%) (0.9%) (0.4%) - 0.6% 1.2% 1.2%
(7.8%) (3.3%) (1.2%) 0.1% 1.5% 1.6% 2.2% 2.8% 2.8%

(6.7%) (1.3%) (0.3%) 0.7% 1.8% 1.6% 1.6% 1.6% 1.6%
(1.2%) (2.0%) (0.9%) (0.6%) (0.3%) - 0.6% 1.2% 1.2%
0.0% 3.0% 4.1% 5.1% 6.0% 5.8% 5.7% 5.6% 5.6%

(1.1%) (1.1%) (0.2%) 0.8% 1.8% 1.6% 1.6% 1.6% 1.6%
1.2% 4.1% 4.2% 4.2% 4.2% 4.1% 4.0% 4.0% 3.9%
0.49 - 0.30 0.30 0.30 0.30 0.30 0.30 0.30

(1.01) (0.47) (0.30) (0.20) (0.10) - 0.15 0.30 0.30
(0.48) (0.47) (0.20) (0.14) (0.07) - 0.15 0.30 0.30
0.47 0.96 0.96 0.96 0.96 0.96 0.96 0.96 0.96
117.7% 65.3% 51.4% 29.9% 8.3% 9.9% 8.6% 5.1% 3.3%
70.7% 73.3% 73.5% 73.8% 74.0% 74.0% 74.0% 74.0% 74.0%

2.6% 2.8% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.8%
19.3% 17.3% 17.3% 17.3% 17.3% 17.3% 17.3% 17.3% 17.3%
(0.6%) (0.6%) (0.5%) (0.5%) (0.5%) (0.5%) (0.5%) (0.5%) (0.6%)
11.6% 11.1% 11.4% 11.4% 11.4% 11.4% 11.4% 11.4% 11.1%
0.0% -0.1% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% (0.1%)
20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0% 20.0%
21.8% 21.4% 21.3% 21.3% 21.3% 21.3% 21.3% 21.3% 21.4%
(0.6) (2.8) (2.8) (2.8) (2.8) (2.8) (2.8) (2.8) (2.8)

73 76 80 85 90 90 90 90 90
(0.9%) (0.8%) -0.8% -0.8% -0.8% -0.8% -0.8% -0.8% -0.8%
(0.6%) (0.6%) -0.6% -0.6% -0.6% -0.6% -0.6% -0.6% -0.6%
(0.3%) (3.0%) -3.0% -3.0% -3.0% -3.0% -3.0% -3.0% -3.0%
45 53 55 58 60 60 60 60 60
(2.3%) (3.7%) -3.7% -3.71% -3.71% -3.71% -3.71% -3.71% -3.71%
(2.8%) (3.2%) -3.2% -3.19% -3.19% -3.19% -3.19% -3.19% -3.19%
(9.1%) (5.9%) -5.9% 5.2% -4.6% 4.0% -3.5% 3.1% 2.4%
0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5% 0.5%

7.70% 7.30% 6.91% 6.55% 6.20% 5.88% 5.57% 5.28% 5.0%
8.41% 7.97% 7.55% 7.15% 6.78% 6.42% 6.08% 5.76% 8.0%
18,337.42 26,747.75
340.71 210.32
1.9% 0.8% 1.1% 1.1% 1.2% 1.0% 1.1% 1.1% 1.1%
Debt
amount
31.12.18
VV 7.70%
70,536 7.70% -70,536
8.41%
65,838 8.57% -10,973 -10,973 -10,973 -10,973 -10,973 -10,973
28,200 8.25% -14,100 -14,100
- - - - - - - -
31.8% 31.79% 31.79% 31.79% 31.79% 31.79% 31.79% 31.79% 31.79%
Magnit Year 2013 2014 2015 2016
Model date 30/12/99 Start 01/01/13 01/01/14 01/01/15 01/01/16
ths. RUB End 31/12/13 31/12/14 31/12/15 31/12/16
1. Calc number of stores

1.1. Number of stores growth
1.1.1. North Caucasus %
Convenience % North Caucasus
Hypermarkets % North Caucasus
Supermarkets % North Caucasus
Drogerie % North Caucasus
1.1.2. South %
Convenience % South
Hypermarkets % South
Supermarkets % South
Drogerie % South
1.1.3. Centre (inc. Moscow) %
Convenience % Centre (inc. Moscow)
Hypermarkets % Centre (inc. Moscow)
Supermarkets % Centre (inc. Moscow)
Drogerie % Centre (inc. Moscow)
1.1.4. Volga %
Convenience % Volga
Hypermarkets % Volga
Supermarkets % Volga
Drogerie % Volga
1.1.5. North West (inc. SPB) %
Convenience % North West (inc. SPB)
Hypermarkets % North West (inc. SPB)
Supermarkets % North West (inc. SPB)
Drogerie % North West (inc. SPB)
1.1.6. Ural %
Convenience % Ural
Hypermarkets % Ural
Supermarkets % Ural
Drogerie % Ural
1.1.7. Siberia %
Convenience % Siberia
Hypermarkets % Siberia
Supermarkets % Siberia
Drogerie % Siberia
1.2. Number of stores

1.2.1. North Caucasus units 379 397 451 497
Convenience units 320 330 353 363
Hypermarkets units 6 7 7 10
Supermarkets units 2 3 6 9
Drogerie units 51 57 85 115
1.2.2. South units 1669 1876 2196 2,414
Convenience units 1,411 1,523 1,648 1,723
1.2.3. Centre (inc. Moscow) units 2100 2466 3163 3,744
1.2.4. Volga units 2483 3018 3580 4,118
1.2.5. North West (inc. SPB) units 671 870 1166 1,389
Convenience units 602 757 936 1,074
1.2.6. Ural units 671 836 1105 1,311
1.2.7. Siberia units 120 248 428 586
Total Stores units 8,093 9,711 12,089 14,059

Drogerie units 686 1,080 2,121 3,107
Check: growth of total stores units 20.0% 24.5% 16.3%
Total Stores (Magnit strategy) units Check 8,093 9,711 12,089 14,059
Drogerie units 686 1,080 2,121 3,107
Check: growth of total stores units 20.0% 24.5% 16.3%
1.3. Check growth rate

1.3.1. North Caucasus % 4.7% 13.6% 10.2%
Convenience % 3.1% 7.0% 2.8%
Hypermarkets % 16.7% - 42.9%
Supermarkets % 50.0% 100.0% 50.0%
Drogerie % 11.8% 49.1% 35.3%
1.3.2. South % 12.4% 17.1% 9.9%
Convenience % 7.9% 8.2% 4.6%
Hypermarkets % 10.0% 12.7% 6.5%
Supermarkets % 133.3% 50.0% 16.7%
Drogerie % 37.8% 64.4% 29.7%
1.3.3. Centre (inc. Moscow) % 17.4% 28.3% 18.4%
Convenience % 13.6% 18.8% 11.5%
Hypermarkets % 18.5% 15.6% 5.4%
Supermarkets % 58.3% 57.9% 23.3%
Drogerie % 62.3% 111.4% 53.1%
1.3.4. Volga % 21.5% 18.6% 15.0%
Convenience % 16.7% 10.1% 8.1%
Hypermarkets % 13.7% 5.2% 9.8%
Supermarkets % 126.7% 44.1% 10.2%
Drogerie % 75.3% 90.1% 49.7%
1.3.5. North West (inc. SPB) % 29.7% 34.0% 19.1%
Convenience % 25.7% 23.6% 14.7%
Hypermarkets % 20.0% 16.7% 7.1%
Supermarkets % 200.0% 266.7% 36.4%
Drogerie % 69.0% 109.2% 39.0%
1.3.6. Ural % 24.6% 32.2% 18.6%
Convenience % 19.8% 18.5% 11.0%
Hypermarkets % 46.7% 36.4% 3.3%
Supermarkets % 133.3% 28.6% 66.7%
Drogerie % 76.7% 163.2% 52.0%
1.3.7. Siberia % 106.7% 72.6% 36.9%
Convenience % 102.8% 53.4% 23.8%
Hypermarkets % 100.0% 100.0% 12.5%
Supermarkets % 200.0% 166.7% 87.5%
Drogerie % 144.4% 245.5% 92.1%
Total Stores % 20.0% 24.5% 16.3%

Convenience % 15.9% 15.0% 9.7%
Hypermarkets % 18.0% 15.3% 8.2%
Supermarkets 110.9% 59.8% 25.2%
Drogerie % 57.4% 96.4% 46.5%
2. Calc Average selling space

2.1. Average selling space growth
2.1.1. Average selling space(thd.sq. m.) %
Convenience %
Hypermarkets %
Supermarkets %
Drogerie %
2.2. Average selling space

2.2.1. Average selling space(thd/sq. m.) thd.sq. m. 1.18 1.15 1.14 1.13
Convenience thd.sq. m. 0.32 0.32 0.33 0.31
Hypermarkets thd.sq. m. 3.00 2.94 2.92 2.88
Supermarkets thd.sq. m. 1.16 1.12 1.10 1.10
Drogerie thd.sq. m. 0.24 0.23 0.23 0.23
3. Calc SELLING SPACE

3.1. SELLING SPACE
3.1.1. North Caucasus thd.sq. m. 135.20 142.85 161.23 176.42
Drogerie thd.sq. m. 12.12 13.15 19.43 26.61
3.1.2. South thd.sq. m. 663.57 743.57 864.41 904.74
Drogerie thd.sq. m. 46.58 62.29 101.49 133.26
3.1.3. Centre (inc. Moscow) thd.sq. m. 744.14 867.29 1,097.59 1,216.48
Drogerie thd.sq. m. 35.89 56.52 118.41 183.47
3.1.4. Volga thd.sq. m. 931.66 1,118.37 1,302.86 1,409.50
Drogerie thd.sq. m. 42.30 71.98 135.55 205.45
3.1.5. North West (inc. SPB) thd.sq. m. 238.26 303.83 404.14 454.37
Drogerie thd.sq. m. 13.78 22.61 46.86 65.94
3.1.6. Ural thd.sq. m. 254.58 324.34 424.74 470.34
Drogerie thd.sq. m. 10.22 17.53 45.72 70.33
3.1.7. Siberia thd.sq. m. 43.98 90.38 158.76 203.51
Drogerie thd.sq. m. 2.14 5.08 17.37 33.78
thd.sq. m.
Total (thd.sq. m.) thd.sq. m. 3,011.38 3,590.64 4,413.72 4,835.37
Convenience thd.sq. m. 2,312.20 2,673.31 3,119.56 3,220.10
Drogerie thd.sq. m. 163.04 249.17 484.84 718.84
Increase check 3,011.38 579.26 823.08 421.65

Convenience 2,312.20 361.11 446.25 100.54
Hypermarkets 482.88 76.21 80.05 44.53
Supermarkets 53.26 55.81 61.11 42.58
Drogerie 163.04 86.13 235.67 234.00

3.2.1. North Caucasus % 5.7% 12.9% 9.4%
Convenience % 2.9% 8.6% (3.2%)
Hypermarkets % 14.5% (0.8%) 41.2%
Supermarkets % 45.7% 95.3% 49.8%
Drogerie % 8.5% 47.8% 36.9%
3.2.2. South % 12.1% 16.3% 4.7%
Convenience % 7.7% 9.8% (1.6%)
Supermarkets % 126.6% 46.5% 16.5%
Drogerie % 33.7% 62.9% 31.3%
3.2.3. Centre (inc. Moscow) % 16.5% 26.6% 10.8%
Convenience % 13.3% 20.6% 5.0%
Hypermarkets % 16.3% 14.7% 4.2%
Supermarkets % 53.8% 54.2% 23.2%
Drogerie % 57.5% 109.5% 54.9%
3.2.4. Volga % 20.0% 16.5% 8.2%
Convenience % 16.5% 11.7% 1.7%
Supermarkets % 120.1% 40.7% 10.1%
Drogerie % 70.2% 88.3% 51.6%
3.2.5. North West (inc. SPB) % 27.5% 33.0% 12.4%
Convenience % 25.5% 25.5% 8.0%
Hypermarkets % 17.7% 15.7% 5.9%
Supermarkets % 191.3% 258.0% 36.2%
Drogerie % 64.0% 107.3% 40.7%
3.2.6. Ural % 27.4% 31.0% 10.7%
Convenience % 19.6% 20.2% 4.5%
Hypermarkets % 43.9% 35.2% 2.1%
Supermarkets % 126.6% 25.5% 66.5%
Drogerie % 71.6% 160.7% 53.8%
3.2.7. Siberia % 105.5% 75.6% 28.2%
Convenience % 102.3% 55.7% 16.5%
Hypermarkets % 96.2% 98.4% 11.2%
Supermarkets % 191.3% 160.4% 87.3%
Drogerie % 137.3% 242.3% 94.4%
Total Selling Space (thd.sq. m.) % 19.2% 22.9% 9.6%

Convenience % 15.6% 16.7% 3.2%
Hypermarkets % 15.8% 14.3% 7.0%
Supermarkets % 104.8% 56.0% 25.0%
Drogerie % 52.8% 94.6% 48.3%
4. Calc Average sales density

4.1. SALES GROWTH
4.1.1. LFL Sales, Convenience % 3.7% 13.9% 7.3% 2.4%
Traffic % (1.6%) 3.7% (0.8%) 2.1%
Ticket % 5.4% 9.8% 8.1% 0.3%
4.1.2. LFL Sales, Hypermarkets % 4.6% 14.1% 1.5% (10.1%)

Traffic % 2.5% 5.6% (3.8%) (9.3%)
Ticket % 2.0% 8.0% 5.5% (0.9%)
4.1.3. LFL Sales, Supermarkets % 12.8% 19.0% 0.6% (7.1%)

Traffic % 7.4% 8.9% (3.6%) (6.0%)
Ticket % 5.0% 9.3% 4.3% (1.1%)
4.1.4. LFL Sales, Drogerie % 14.7% 40.8% 19.6% 4.9%

Traffic % 10.5% 35.7% 5.6% (2.5%)
Ticket % 3.7% 3.8% 13.2% 7.6%
4.1.5. LFL Sales, ttl Stores %

Traffic %
Ticket %
4.2. Average sales density growth

4.2.1. Average sales density(RUB thd/sq. m.) %
Convenience %
Hypermarkets %
Supermarkets %
Drogerie %
4.3. Average sales density

4.3.1. Average sales density(thd/sq. m.) ths. RUB/sq. m.
Convenience ths. RUB/sq. m. 195 216 225 245
Hypermarkets ths. RUB/sq. m. 220 250 253 231
Supermarkets ths. RUB/sq. m. 200 234 263 267
Drogerie ths. RUB/sq. m. 73 79 83 90
5. Calc SALES
5.1. SALES
5.1.1. North Caucasus bn. RUB
Convenience bn. RUB
Hypermarkets mln. RUB
Supermarkets mln. RUB
Drogerie mln. RUB
5.1.2. South mln. RUB
Convenience mln. RUB
Drogerie mln. RUB
5.1.3. Centre (inc. Moscow) mln. RUB
Drogerie mln. RUB
5.1.4. Volga mln. RUB
Drogerie mln. RUB
5.1.5. North West (inc. SPB) mln. RUB
Drogerie mln. RUB
5.1.6. Ural mln. RUB
Drogerie mln. RUB
5.1.7. Siberia mln. RUB
Drogerie mln. RUB
Total Sales mln. RUB 580 764 951 1,075

Convenience mln. RUB 451 578 701 790
Hypermarkets mln. RUB 106 140 162 158
Supermarkets mln. RUB 11 26 45 57
Drogerie mln. RUB 12 20 40 64
Wholesale mln. RUB 0 1 3 6

3.2.1. North Caucasus %
Convenience %
Hypermarkets %
Supermarkets %
Drogerie %
3.2.2. South %
Convenience %
Hypermarkets %
Supermarkets %
Drogerie %
3.2.3. Centre (inc. Moscow) %
Convenience %
Hypermarkets %
Supermarkets %
Drogerie %
3.2.4. Volga %
Convenience %
Hypermarkets %
Supermarkets %
Drogerie %
3.2.5. North West (inc. SPB) %
Convenience %
Hypermarkets %
Supermarkets %
Drogerie %
3.2.6. Ural %
Convenience %
Hypermarkets %
Supermarkets %
Drogerie %
3.2.7. Siberia %
Convenience %
Hypermarkets %
Supermarkets %
Drogerie %
Total Stores % 31.7% 24.5% 13.1%

Convenience % 28.2% 21.4% 12.7%
Hypermarkets % 31.5% 15.7% (2.4%)
Supermarkets % 139.1% 75.6% 27.0%
Drogerie % 66.4% 103.1% 60.6%
6. End Sheet
2017 2018 2019 2020 2021 2022 2023 2024 2025
01/01/17 01/01/18 01/01/19 01/01/20 01/01/21 01/01/22 01/01/23 01/01/24 01/01/25
31/12/17 31/12/18 31/12/19 31/12/20 31/12/21 31/12/22 31/12/23 31/12/24 31/12/25
5 6 7 8 9 10 11 12 13
10.0% 8.8% 7.5% 6.3% 5.0% 2.0% -

10.0% 8.8% 7.5% 6.3% 5.0% 2.0% -
10.0% 8.8% 7.5% 6.3% 5.0% 2.0% -
30.0% 25.0% 20.0% 15.0% 10.0% 5.0% -
6.0% 5.3% 4.5% 3.8% 3.0% - -

6.0% 5.3% 4.5% 3.8% 3.0% - -
6.0% 5.3% 4.5% 3.8% 3.0% - -
15.0% 12.5% 10.0% 7.5% 5.0% 2.0% -
10.0% 8.8% 7.5% 6.3% 5.0% 2.0% -

10.0% 8.8% 7.5% 6.3% 5.0% 2.0% -
10.0% 8.8% 7.5% 6.3% 5.0% 2.0% -
30.0% 25.0% 20.0% 15.0% 10.0% 5.0% -
6.0% 5.3% 4.5% 3.8% 3.0% - -

6.0% 5.3% 4.5% 3.8% 3.0% - -
6.0% 5.3% 4.5% 3.8% 3.0% - -
15.0% 12.5% 10.0% 7.5% 5.0% 2.0% -
10.0% 8.8% 7.5% 6.3% 5.0% 2.0% -

10.0% 8.8% 7.5% 6.3% 5.0% 2.0% -
10.0% 8.8% 7.5% 6.3% 5.0% 2.0% -
30.0% 25.0% 20.0% 15.0% 10.0% 5.0% -
10.0% 8.8% 7.5% 6.3% 5.0% 2.0% -

10.0% 8.8% 7.5% 6.3% 5.0% 2.0% -
10.0% 8.8% 7.5% 6.3% 5.0% 2.0% -
30.0% 25.0% 20.0% 15.0% 10.0% 5.0% -
15.0% 13.8% 12.5% 11.3% 10.0% 3.0% -

15.0% 13.8% 12.5% 11.3% 10.0% 3.0% -
15.0% 13.8% 12.5% 11.3% 10.0% 3.0% -
35.0% 31.3% 27.5% 23.8% 20.0% 10.0% 5.0%
530 583 677 773 867 952 1,020 1,056 1,056

373 393 433 471 507 539 566 578 578
9 9 10 11 12 13 14 15 15
10 10 11 12 13 14 15 16 16
138 171 223 279 335 386 425 447 447
2,670 2,985 3,247 3,494 3,716 3,906 4,053 4,082 4,082
1,816 1,969 2,088 2,198 2,297 2,384 2,456 2,456 2,456
69 69 74 78 82 86 89 89 89
54 55 59 63 66 69 72 72 72
731 892 1,026 1,155 1,271 1,367 1,436 1,465 1,465
4,510 5,168 5,914 6,675 7,410 8,070 8,604 8,864 8,864
3,484 3,940 4,334 4,714 5,068 5,385 5,655 5,769 5,769
39 40 44 48 52 56 59 61 61
42 45 50 55 60 64 68 70 70
945 1,143 1,486 1,858 2,230 2,565 2,822 2,964 2,964
4,656 5,073 5,489 5,881 6,234 6,536 6,772 6,812 6,812
3,470 3,728 3,952 4,160 4,348 4,512 4,648 4,648 4,648
67 69 74 78 82 86 89 89 89
54 58 62 66 69 72 75 75 75
1,065 1,218 1,401 1,577 1,735 1,866 1,960 2,000 2,000
1,585 1,734 1,980 2,230 2,471 2,689 2,866 2,951 2,951
1,236 1,346 1,481 1,611 1,732 1,841 1,934 1,973 1,973
16 16 18 20 22 24 26 27 27
16 17 19 21 23 25 27 28 28
317 355 462 578 694 799 879 923 923
1,636 1,906 2,203 2,508 2,804 3,070 3,284 3,391 3,391
1,178 1,331 1,465 1,594 1,714 1,822 1,914 1,953 1,953
32 34 38 42 46 49 52 54 54
19 21 24 27 30 32 34 35 35
407 520 676 845 1,014 1,167 1,284 1,349 1,349
781 950 1,135 1,342 1,566 1,803 2,042 2,153 2,192
586 720 828 942 1,060 1,180 1,298 1,337 1,337
11 11 13 15 17 19 21 22 22
13 13 15 18 21 24 27 28 28
171 206 279 367 468 580 696 766 805
16,368 18,399 20,645 22,903 25,068 27,026 28,641 29,309 29,348

12,143 13,427 14,581 15,690 16,726 17,663 18,471 18,714 18,714
243 248 271 292 313 333 350 357 357
208 219 240 262 282 300 318 324 324
3,774 4,505 5,553 6,659 7,747 8,730 9,502 9,914 9,953
16.4% 12.4% 12.2% 10.9% 9.5% 7.8% 6.0% 2.3% 0.1%
16,368 18,399 21,300 24,783 28,987 34,094 42,000 - -

12,143 13,427 14,914 16,566 18,401 20,439 22,800
243 248 279 314 353 397 485
208 219 246 277 311 349 415
3,774 4,505 5,861 7,626 9,922 12,909 18,300
16.4% 12.4% 15.8% 16.4% 17.0% 17.6% 23.2% -100.0% #DIV/0!
6.6% 10.0% 16.1% 14.2% 12.2% 9.8% 7.1% 3.5% -

2.8% 5.4% 10.2% 8.8% 7.6% 6.3% 5.0% 2.1% -
(10.0%) - 11.1% 10.0% 9.1% 8.3% 7.7% 7.1% -
11.1% - 10.0% 9.1% 8.3% 7.7% 7.1% 6.7% -
20.0% 23.9% 30.4% 25.1% 20.1% 15.2% 10.1% 5.2% -
10.6% 11.8% 8.8% 7.6% 6.4% 5.1% 3.8% 0.7% -
5.4% 8.4% 6.0% 5.3% 4.5% 3.8% 3.0% - -
4.5% - 7.2% 5.4% 5.1% 4.9% 3.5% - -
10.2% 1.9% 7.3% 6.8% 4.8% 4.5% 4.3% - -
26.9% 22.0% 15.0% 12.6% 10.0% 7.6% 5.0% 2.0% -
20.5% 14.6% 14.4% 12.9% 11.0% 8.9% 6.6% 3.0% -
21.2% 13.1% 10.0% 8.8% 7.5% 6.3% 5.0% 2.0% -
- 2.6% 10.0% 9.1% 8.3% 7.7% 5.4% 3.4% -
13.5% 7.1% 11.1% 10.0% 9.1% 6.7% 6.3% 2.9% -
19.2% 21.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% -
13.1% 9.0% 8.2% 7.1% 6.0% 4.8% 3.6% 0.6% -
11.6% 7.4% 6.0% 5.3% 4.5% 3.8% 3.0% - -
- 3.0% 7.2% 5.4% 5.1% 4.9% 3.5% - -
- 7.4% 6.9% 6.5% 4.5% 4.3% 4.2% - -
19.9% 14.4% 15.0% 12.6% 10.0% 7.6% 5.0% 2.0% -
14.1% 9.4% 14.2% 12.6% 10.8% 8.8% 6.6% 3.0% -
15.1% 8.9% 10.0% 8.8% 7.5% 6.3% 5.1% 2.0% -
6.7% - 12.5% 11.1% 10.0% 9.1% 8.3% 3.8% -
6.7% 6.3% 11.8% 10.5% 9.5% 8.7% 8.0% 3.7% -
11.2% 12.0% 30.1% 25.1% 20.1% 15.1% 10.0% 5.0% -
24.8% 16.5% 15.6% 13.8% 11.8% 9.5% 7.0% 3.3% -
22.6% 13.0% 10.1% 8.8% 7.5% 6.3% 5.0% 2.0% -
3.2% 6.3% 11.8% 10.5% 9.5% 6.5% 6.1% 3.8% -
26.7% 10.5% 14.3% 12.5% 11.1% 6.7% 6.3% 2.9% -
33.9% 27.8% 30.0% 25.0% 20.0% 15.1% 10.0% 5.1% -
33.3% 21.6% 19.5% 18.2% 16.7% 15.1% 13.3% 5.4% 1.8%
40.9% 22.9% 15.0% 13.8% 12.5% 11.3% 10.0% 3.0% -
22.2% - 18.2% 15.4% 13.3% 11.8% 10.5% 4.8% -
(13.3%) - 15.4% 20.0% 16.7% 14.3% 12.5% 3.7% -
17.1% 20.5% 35.4% 31.5% 27.5% 23.9% 20.0% 10.1% 5.1%
16.4% 12.4% 12.2% 10.9% 9.5% 7.8% 6.0% 2.3% 0.1%

15.4% 10.6% 8.6% 7.6% 6.6% 5.6% 4.6% 1.3% -
2.5% 2.1% 9.3% 7.7% 7.2% 6.4% 5.1% 2.0% -
7.2% 5.3% 9.6% 9.2% 7.6% 6.4% 6.0% 1.9% -
21.5% 19.4% 23.3% 19.9% 16.3% 12.7% 8.8% 4.3% 0.4%
1.14 1.14 1.14 1.14 1.14 1.14 1.14 1.14 1.14
0.33 0.33 0.33 0.33 0.33 0.33 0.33 0.33 0.33
2.89 2.89 2.89 2.89 2.89 2.89 2.89 2.89 2.89
1.10 1.10 1.10 1.10 1.10 1.10 1.10 1.10 1.10
0.23 0.23 0.23 0.23 0.23 0.23 0.23 0.23 0.23
190.25 206.21 235.50 265.07 293.97 320.40 342.38 355.45 355.45

121.58 129.28 142.44 154.94 166.78 177.31 186.19 190.14 190.14
25.99 25.99 28.87 31.76 34.65 37.54 40.42 43.31 43.31
11.01 11.01 12.11 13.21 14.31 15.41 16.52 17.62 17.62
31.68 39.93 52.08 65.16 78.23 90.14 99.25 104.39 104.39
1,018.40 1,115.80 1,205.08 1,287.34 1,361.85 1,427.74 1,479.51 1,486.28 1,486.28
591.93 647.71 686.86 723.04 755.61 784.23 807.91 807.91 807.91
199.23 199.23 213.66 225.21 236.76 248.31 256.97 256.97 256.97
59.45 60.56 64.96 69.36 72.67 75.97 79.27 79.27 79.27
167.79 208.31 239.60 269.73 296.82 319.24 335.35 342.12 342.12
1,511.38 1,728.04 1,954.81 2,183.74 2,404.11 2,602.58 2,764.48 2,843.12 2,843.12
1,135.62 1,296.08 1,425.69 1,550.69 1,667.14 1,771.42 1,860.24 1,897.74 1,897.74
112.61 115.49 127.04 138.59 150.14 161.69 170.35 176.13 176.13
46.24 49.55 55.05 60.56 66.06 70.46 74.87 77.07 77.07
216.91 266.93 347.03 433.90 520.77 599.01 659.02 692.19 692.19
1,628.42 1,773.87 1,909.13 2,034.61 2,148.20 2,247.59 2,326.25 2,335.59 2,335.59
1,131.06 1,226.34 1,300.03 1,368.45 1,430.29 1,484.24 1,528.98 1,528.98 1,528.98
193.45 199.23 213.66 225.21 236.76 248.31 256.97 256.97 256.97
59.45 63.86 68.26 72.67 75.97 79.27 82.58 82.58 82.58
244.45 284.44 327.18 368.28 405.18 435.77 457.72 467.06 467.06
539.45 590.59 667.96 745.79 820.66 889.02 946.27 973.36 973.36
402.88 442.77 487.18 529.94 569.75 605.60 636.20 649.03 649.03
46.20 46.20 51.97 57.75 63.52 69.30 75.07 77.96 77.96
17.62 18.72 20.92 23.12 25.32 27.53 29.73 30.83 30.83
72.76 82.90 107.89 134.98 162.07 186.59 205.27 215.55 215.55
590.71 680.56 775.93 872.68 966.47 1,048.60 1,117.05 1,151.93 1,151.93
383.97 437.84 481.92 524.35 563.83 599.35 629.62 642.45 642.45
92.39 98.17 109.72 121.27 132.82 141.48 150.14 155.92 155.92
20.92 23.12 26.42 29.73 33.03 35.23 37.43 38.54 38.54
93.42 121.44 157.87 197.33 236.80 272.53 299.85 315.03 315.03
276.33 331.03 391.58 458.71 530.19 604.90 679.88 713.05 722.15
191.01 236.85 272.37 309.87 348.69 388.17 426.98 439.81 439.81
31.76 31.76 37.54 43.31 49.08 54.86 60.63 63.52 63.52
14.31 14.31 16.52 19.82 23.12 26.42 29.73 30.83 30.83
39.25 48.11 65.16 85.71 109.29 135.45 162.54 178.88 187.99
5,754.94 6,426.10 7,139.98 7,847.94 8,525.47 9,140.82 9,655.81 9,858.77 9,867.88

3,958.06 4,416.87 4,796.48 5,161.29 5,502.09 5,810.32 6,076.11 6,156.05 6,156.05
701.62 716.06 782.47 843.10 903.73 961.48 1,010.56 1,030.78 1,030.78
229.01 241.12 264.24 288.46 310.48 330.30 350.12 356.73 356.73
866.25 1,052.06 1,296.80 1,555.08 1,809.16 2,038.73 2,219.01 2,315.23 2,324.33
919.57 671.16 713.88 707.95 677.53 615.36 514.98 202.97 9.11

737.96 458.81 379.61 364.81 340.80 308.23 265.79 79.94 -
17.95 14.44 66.41 60.63 60.63 57.75 49.08 20.21 -
16.25 12.11 23.12 24.22 22.02 19.82 19.82 6.61 -
147.41 185.81 244.74 258.29 254.08 229.56 180.29 96.21 9.11
7.8% 8.4% 14.2% 12.6% 10.9% 9.0% 6.9% 3.8% -

9.4% 6.3% 10.2% 8.8% 7.6% 6.3% 5.0% 2.1% -
(9.9%) - 11.1% 10.0% 9.1% 8.3% 7.7% 7.1% -
11.5% - 10.0% 9.1% 8.3% 7.7% 7.1% 6.7% -
19.1% 26.1% 30.4% 25.1% 20.1% 15.2% 10.1% 5.2% -
12.6% 9.6% 8.0% 6.8% 5.8% 4.8% 3.6% 0.5% -
12.2% 9.4% 6.0% 5.3% 4.5% 3.8% 3.0% - -
4.6% - 7.2% 5.4% 5.1% 4.9% 3.5% - -
10.6% 1.9% 7.3% 6.8% 4.8% 4.5% 4.3% - -
25.9% 24.2% 15.0% 12.6% 10.0% 7.6% 5.0% 2.0% -
24.2% 14.3% 13.1% 11.7% 10.1% 8.3% 6.2% 2.8% -
29.1% 14.1% 10.0% 8.8% 7.5% 6.3% 5.0% 2.0% -
0.1% 2.6% 10.0% 9.1% 8.3% 7.7% 5.4% 3.4% -
14.0% 7.1% 11.1% 10.0% 9.1% 6.7% 6.3% 2.9% -
18.2% 23.1% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% -
15.5% 8.9% 7.6% 6.6% 5.6% 4.6% 3.5% 0.4% -
18.9% 8.4% 6.0% 5.3% 4.5% 3.8% 3.0% - -
0.1% 3.0% 7.2% 5.4% 5.1% 4.9% 3.5% - -
0.4% 7.4% 6.9% 6.5% 4.5% 4.3% 4.2% - -
19.0% 16.4% 15.0% 12.6% 10.0% 7.6% 5.0% 2.0% -
18.7% 9.5% 13.1% 11.7% 10.0% 8.3% 6.4% 2.9% -
22.6% 9.9% 10.0% 8.8% 7.5% 6.3% 5.1% 2.0% -
6.8% - 12.5% 11.1% 10.0% 9.1% 8.3% 3.8% -
7.1% 6.3% 11.8% 10.5% 9.5% 8.7% 8.0% 3.7% -
10.3% 13.9% 30.1% 25.1% 20.1% 15.1% 10.0% 5.0% -
25.6% 15.2% 14.0% 12.5% 10.7% 8.5% 6.5% 3.1% -
30.5% 14.0% 10.1% 8.8% 7.5% 6.3% 5.0% 2.0% -
3.3% 6.3% 11.8% 10.5% 9.5% 6.5% 6.1% 3.8% -
27.2% 10.5% 14.3% 12.5% 11.1% 6.7% 6.3% 2.9% -
32.8% 30.0% 30.0% 25.0% 20.0% 15.1% 10.0% 5.1% -
35.8% 19.8% 18.3% 17.1% 15.6% 14.1% 12.4% 4.9% 1.3%
50.0% 24.0% 15.0% 13.8% 12.5% 11.3% 10.0% 3.0% -
22.3% - 18.2% 15.4% 13.3% 11.8% 10.5% 4.8% -
(13.0%) - 15.4% 20.0% 16.7% 14.3% 12.5% 3.7% -
16.2% 22.6% 35.4% 31.5% 27.5% 23.9% 20.0% 10.1% 5.1%
19.0% 11.7% 11.1% 9.9% 8.6% 7.2% 5.6% 2.1% 0.1%

22.9% 11.6% 8.6% 7.6% 6.6% 5.6% 4.6% 1.3% -
2.6% 2.1% 9.3% 7.7% 7.2% 6.4% 5.1% 2.0% -
7.6% 5.3% 9.6% 9.2% 7.6% 6.4% 6.0% 1.9% -
20.5% 21.4% 23.3% 19.9% 16.3% 12.7% 8.8% 4.3% 0.4%
(1.4%) (2.8%) (0.9%) 1.1% 3.0% 2.9% 2.9% 2.8% 2.8%

(2.6%) (2.8%) (1.3%) 0.2% 1.8% 1.6% 1.6% 1.6% 1.6%
1.2% - 0.4% 0.8% 1.3% 1.3% 1.2% 1.2% 1.2%
(10.2%) (3.3%) (1.6%) (0.2%) 1.3% 1.6% 2.2% 2.8% 2.8%

(7.9%) (1.3%) (0.3%) 0.7% 1.8% 1.6% 1.6% 1.6% 1.6%
(2.5%) (2.0%) (1.3%) (0.9%) (0.4%) - 0.6% 1.2% 1.2%
(7.8%) (3.3%) (1.2%) 0.1% 1.5% 1.6% 2.2% 2.8% 2.8%

(6.7%) (1.3%) (0.3%) 0.7% 1.8% 1.6% 1.6% 1.6% 1.6%
(1.2%) (2.0%) (0.9%) (0.6%) (0.3%) - 0.6% 1.2% 1.2%
0.0% 3.0% 4.1% 5.1% 6.0% 5.8% 5.7% 5.6% 5.6%

(1.1%) (1.1%) (0.2%) 0.8% 1.8% 1.6% 1.6% 1.6% 1.6%
1.2% 4.1% 4.2% 4.2% 4.2% 4.1% 4.0% 4.0% 3.9%
(0.9%) 1.1% 3.0% 2.9% 2.9% 2.8% 2.8%

(1.6%) (0.2%) 1.3% 1.6% 2.2% 2.8% 2.8%
(1.2%) 0.1% 1.5% 1.6% 2.2% 2.8% 2.8%
4.1% 5.1% 6.0% 5.8% 5.7% 5.6% 5.6%
214 225 223 225 232 239 245 252 260

209 119 118 117 119 121 123 127 131
261 145 143 143 145 148 151 155 160
91 99 103 108 115 121 128 136 143
42 48 54 60 66 70 73
32 35 39 42 46 48 49
3 4 4 5 5 5 6
2 2 2 2 2 3 3
5 7 9 11 13 14 15
212 228 248 267 285 295 305
153 163 175 187 198 204 210
25 26 28 30 32 33 34
9 10 11 11 12 12 13
25 29 34 39 43 46 49
376 421 474 525 574 607 627
317 349 387 423 457 479 493
15 16 18 20 21 22 23
8 9 10 10 11 12 12
36 47 60 73 85 94 99
358 385 418 449 478 495 510
290 308 332 354 375 386 397
25 26 28 30 32 33 34
10 10 11 12 12 13 13
34 40 47 53 59 63 67
129 144 162 180 196 208 214
108 119 132 145 156 164 168
6 7 8 8 9 10 10
3 3 4 4 4 5 5
11 15 19 23 26 29 31
140 158 179 198 217 231 238
107 118 131 143 155 162 167
13 14 16 17 19 20 20
4 4 5 5 6 6 6
16 21 27 33 39 43 45
74 87 103 120 138 148 154
61 70 81 93 105 111 114
4 5 6 7 7 8 8
2 3 3 4 4 5 5
7 9 13 16 21 24 27
1,143 1,237 1,362 1,510 1,680 1,846 2,005 2,108 2,178

846 992 1,068 1,162 1,276 1,387 1,491 1,554 1,598
146 86 92 99 107 116 125 131 135
60 35 38 41 45 49 53 55 57
79 104 134 168 208 248 285 314 333
12 20 31 40 43 47 51 54 56
12.7% 13.3% 11.5% 9.8% 6.8% 3.4%

10.0% 10.9% 9.4% 8.0% 5.0% 2.8%
9.8% 10.5% 10.1% 10.1% 10.2% 2.8%
9.2% 9.9% 9.4% 9.5% 9.7% 2.8%
31.5% 27.3% 21.9% 16.4% 11.1% 5.6%
7.7% 8.6% 7.7% 6.7% 3.6% 3.3%
6.4% 7.7% 6.8% 6.0% 2.8% 2.8%
5.2% 6.5% 6.6% 5.8% 2.8% 2.8%
6.9% 6.3% 6.2% 6.7% 2.8% 2.8%
18.3% 16.6% 13.8% 11.0% 7.8% 5.6%
12.0% 12.6% 10.9% 9.2% 5.9% 3.2%
9.9% 10.8% 9.3% 8.0% 4.9% 2.8%
8.9% 9.8% 9.4% 7.7% 6.3% 2.8%
10.1% 10.7% 8.4% 8.6% 5.9% 2.8%
31.4% 27.2% 21.7% 16.3% 11.0% 5.6%
7.4% 8.5% 7.5% 6.6% 3.4% 3.2%
6.4% 7.7% 6.8% 6.0% 2.8% 2.8%
5.2% 6.5% 6.6% 5.8% 2.8% 2.8%
6.6% 6.1% 6.0% 6.5% 2.8% 2.8%
18.3% 16.6% 13.8% 11.0% 7.8% 5.6%
11.9% 12.5% 10.9% 9.3% 5.8% 3.2%
10.0% 10.8% 9.4% 8.1% 4.9% 2.8%
10.9% 11.4% 10.8% 10.7% 6.8% 2.8%
10.7% 11.1% 10.4% 10.4% 6.6% 2.8%
31.4% 27.3% 21.8% 16.3% 10.9% 5.6%
12.6% 13.1% 11.1% 9.5% 6.2% 3.3%
10.0% 10.8% 9.4% 8.1% 4.9% 2.8%
10.4% 11.0% 8.2% 8.5% 6.8% 2.8%
12.6% 12.7% 8.4% 8.6% 5.9% 2.8%
31.3% 27.2% 21.7% 16.3% 11.0% 5.6%
17.3% 18.0% 16.5% 15.1% 7.6% 4.2%
15.0% 16.0% 14.5% 13.1% 5.9% 2.8%
15.2% 14.8% 13.6% 13.0% 7.7% 2.8%
20.2% 18.4% 16.1% 15.0% 6.6% 2.8%
38.2% 35.2% 31.1% 26.8% 16.3% 11.0%
6.4% 8.2% 10.1% 10.9% 11.2% 9.9% 8.6% 5.1% 3.3%

7.1% 17.3% 7.7% 8.8% 9.9% 8.6% 7.6% 4.2% 2.8%
(7.1%) (41.6%) 7.5% 7.6% 8.6% 8.1% 7.4% 4.9% 2.8%
5.0% (41.6%) 8.3% 9.3% 9.2% 8.1% 8.4% 4.8% 2.8%
22.2% 32.3% 28.3% 26.0% 23.3% 19.2% 15.1% 10.2% 6.0%
Magnit Year 2013 2014 2015 2016
Model date 30/12/99 Start 01/01/13 01/01/14 01/01/15 01/01/16
ths. RUB End 31/12/13 31/12/14 31/12/15 31/12/16
1. Equity Schedule
Beginning Equity mln. RUB

Share issuance (repurchase) mln. RUB
Net Income mln. RUB
Divivends mln. RUB
Ending Equity mln. RUB 138,940 196,077
1. NWC
Receivables mln. RUB 558 836 844

Inventories, net mln. RUB 55,906 97,993 134,916
Accounts payable mln. RUB 45,832 74,351 83,923
OWC mln. RUB 10,632 24,477 51,837
check -2.07% -3.79% -6.88%
2. PPE Schedule
Beginning PPE mln. RUB 195,158 159,855 223,794

Capex mln. RUB 55,993 54,332 49,812
Depreciation mln. RUB (42,095) (17,285) (20,639) (25,688)
Ending PPE mln. RUB 195,158 159,855 223,794 289,945
3. Capex per store/distribution center/truck
Old Convenience units 7,200 7,200 7,200 8,344 9,594

New Convenience units - 1,144 1,250 927
Total Convenience units 7,200 7,200 8,344 9,594 10,521
Convenience space th sq. m. 2,312 2,673 3,120 3,220
Averae space for Convenience store sq. m. 321 320 325 306
Old Hypermarkets units 56 161 161 190 219

New Hypermarkets units - 29 29 18
Total Hypermarkets units 56 161 190 219 237
Hypermarkets space th sq. m. 483 559 639 684
Averae space for Hypermarket store sq. m. 2,999 2,943 2,918 2,885
Old Drogerie units 46 46 46 97 155

New Drogerie units - 51 58 39
Total Supermarkets units 46 46 97 155 194
Supermarkets space th sq. m. 53 109 170 213
Averae space for Supermarket store sq. m. 1,158 1,124 1,098 1,097
Old Supermarkets units 686 686 686 1,080 2,121

New Supermarkets units - 394 1,041 986
Total Drogerie units 686 686 1,080 2,121 3,107
Drogeries space th sq. m. 163 249 485 719
Averae space for Drogerie store sq. m. 238 231 229 231
Total Stores units 7,988 8,093 9,711 12,089 14,059
Total Capex historical mln. RUB - - 55,993 54,332 49,812

Historical Capex per m2 RUB /sq. m. - 12,444 9,521 7,856
Capex per old stores mln. RUB 5.2 2.1 2.1 2.1
Capex Per New Convenience mln. RUB - 4.0 3.1 2.4
Capex Per New Hypermarkets mln. RUB - 36.6 27.8 22.7
Capex Per New Drogerie mln. RUB - 14.0 10.5 8.6
Capex Per New Supermarket mln. RUB - 2.9 2.2 1.8
Historical average capex, adj to CPI mln. RUB

Capex Per New Convenience mln. RUB
Capex Per New Hypermarkets mln. RUB
Capex Per New Drogerie mln. RUB
Capex Per New Supermarket mln. RUB
Check 0.0 0.1 0.1 0.0

Check 0.0 0.9 0.5 0.3
Check 0.0 0.4 0.2 0.1
Check 0.0 0.1 0.0 0.0
Old distribution centers units 22 22 22 27 33

New distribution centers units - 5 6 2
Total distribution centers units 22 22 27 33 35
Distribution centers space th sq. m. 638 909 1,293 1,505
Averae space for distribution center sq. m. 29,000 33,664 39,171 43,010
Old trucks units 5,577 5,577 5,577 5,938 5,882

New trucks units - 361 (56) (169)
Total trucks units 5,577 5,577 5,938 5,882 5,713
Averae trucks for distribution center units 254 220 178 163
Total Capex for old stores mln. RUB 42,095 17,285 20,639 25,688
Capex For New Convenience mln. RUB - 4,561 3,870 2,229
Capex For New Hypermarkets mln. RUB - 1,062 806 408
Capex For New Drogerie mln. RUB - 714 606 336
Capex For New Supermarket mln. RUB - 1,131 2,266 1,792
Capex For New distribution centers mln. RUB
Capex for new trucks mln. RUB
Total Capex mln. RUB 42,095 24,753 28,187 30,453
check
4. End Sheet
2017 2018 2019 2020 2021 2022 2023 2024 2025
01/01/17 01/01/18 01/01/19 01/01/20 01/01/21 01/01/22 01/01/23 01/01/24 01/01/25
31/12/17 31/12/18 31/12/19 31/12/20 31/12/21 31/12/22 31/12/23 31/12/24 31/12/25
5 6 7 8 9 10 11 12 13
253,303 278,882 308,119 340,635 379,596 424,180 424,180

- - - - - - -
36,345 40,791 45,484 53,421 61,567 - -
(10,766) (11,554) (12,968) (14,460) (16,983) - -
259,307 253,303 278,882 308,119 340,635 379,596 424,180 424,180 424,180
1,399 6,961 7,665 8,499 9,452 10,390 11,284 11,864 12,255

162,205 187,779 219,860 259,182 306,471 336,902 365,899 384,679 397,385
99,142 131,173 151,211 175,500 204,314 224,601 243,933 256,452 264,923
64,462 63,566 76,315 92,181 111,609 122,691 133,251 140,090 144,717
-7.97% -7.01% -7.62% -8.28% -8.98% -8.98% -8.98% -8.98% -8.98%
289,945 329,827 350,331 369,707 387,978 405,480 421,602 435,751 446,170

73,531 53,759 59,198 60,297 61,604 62,213 62,073 59,952 -
(33,493) (36,517) (39,823) (42,025) (44,102) (46,092) (47,924) (49,533) (49,399)
329,827 350,331 369,707 387,978 405,480 421,602 435,751 446,170 396,772
10,521 12,143 13,427 14,581 15,690 16,726 17,663 18,471 18,714

1,622 1,284 1,154 1,109 1,036 937 808 243 -
12,143 13,427 14,581 15,690 16,726 17,663 18,471 18,714 18,714
3,958 4,417
326 329
237 243 248 271 292 313 333 350 357

6 5 23 21 21 20 17 7 -
243 248 271 292 313 333 350 357 357
702 716
2,887 2,887
194 208 219 240 262 282 300 318 324

14 11 21 22 20 18 18 6 -
208 219 240 262 282 300 318 324 324
229 241
1,101 1,101
3,107 3,774 4,505 5,553 6,659 7,747 8,730 9,502 9,914

667 731 1,048 1,106 1,088 983 772 412 39
3,774 4,505 5,553 6,659 7,747 8,730 9,502 9,914 9,953
866 1,052
230 234
16,368 18,399 20,645 22,903 25,068 27,026 28,641 29,309 29,348
73,531 53,759 0
9,943 6,661
2.4 2.2 2.3 2.4 2.5 2.6 2.8 2.9 3.0

3.2 2.2 2.3 2.4 2.5 2.6 2.7 2.8 2.9
28.7 19.2 20.1 20.9 21.9 22.8 23.8 24.8 25.8
10.9 7.3 7.6 8.0 8.3 8.7 9.1 9.4 9.8
2.3 1.6 1.6 1.7 1.8 1.8 1.9 2.0 2.1
0.1
0.5
0.2
0.0
35 37 - - - - - - -
2 (37) - - - - - - -
37 - - - - - - - -
1,640
44,324
5,713 6,089 - 0 0 0 0 0 0
376 (6,089) 0 (0) (0) (0) (0) (0) (0)
6,089 - 0 0 0 0 0 0 -
165
33,493 36,517 39,823 42,025 44,102 46,092 47,924 49,533 49,399 -

5,257
172
153
1,522
40,598 36,517 39,823 42,025 44,102 46,092 47,924 49,533 49,399

Units Other Actual Actual Forecast Forecast
Magnit Year 2017 2018 2019 2020
1. Debt
Cash mln. RUB 26,748 6,811
Cash flow for debt repayment mln. RUB (3,865) (1,521)
Mininmum Cash mln. RUB (6,811) (7,551)
Cash available for debt repayment mln. RUB 16,072 (2,261)
Revolver mln. RUB

Begininning balance mln. RUB - 70,837 54,766
Issuance/repayment mln. RUB - (16,072) 2,261
Ending Balance mln. RUB 70,837 54,766 57,026
Interest rate mln. RUB 6.9% 6.5%
Interest expence mln. RUB 4,341 3,661
Cash balance mln. RUB - -
LT debt mln. RUB

Begininning balance mln. RUB 93,736 93,736
Issuance/repayment mln. RUB - -
Ending Balance mln. RUB 93,736 93,736 93,736
Interest rate mln. RUB 7.5% 7.2%
Interest expence mln. RUB 7,077 6,705
Cash balance mln. RUB
Interst rate for cash mln. RUB 1.1% 1.1%

Interest income mln. RUB 184 79
Total interest expence mln. RUB (11,417) (10,365)

Total interest income mln. RUB 184 79
2. End Sheet
Forecast Forecast Forecast Forecast Forecast
2021 2022 2023 2024 2025
7,551 8,398 9,232 10,027 -

(549) 15,564 23,501 - -
(8,398) - - - -
(1,396) 23,962 32,733 10,027 -
57,026 58,423 34,461 1,728 (8,299)

1,396 (23,962) (32,733) (10,027) (8,299)
58,423 34,461 1,728 (8,299) (16,597)
6.2% 5.9% 5.6% 5.3% 5.0%
3,582 2,730 1,008 (173) (622)
- - - - (8,299)
93,736 93,736 93,736 93,736 93,736

- - - - 8,299
93,736 93,736 93,736 93,736 102,035
6.8% 6.4% 6.1% 5.8% 8.0%
6,352 6,019 5,702 5,403 7,831
1.2% 1.0% 1.1% 1.1% 1.1%

96 92 107 115 120
(9,934) (8,749) (6,710) (5,229) (7,208)

96 92 107 115 120
Units Other Actual Actual Actual
Magnit Year 2013 2014 2015
Model date 30/12/99 Start 01/01/13 01/01/14 01/01/15
ths. RUB End 31/12/13 31/12/14 31/12/15
1. Income statement pro forma
Sales mln. RUB 579,695 763,527 950,613
Sales growth %
COGS mln. RUB - (512,610) (645,494)
Other direct costs mln. RUB - (32,951) (38,331)
Gross profit mln. RUB 579,695 217,966 266,789
Gross margin % 100.0% 28.5% 28.1%
SG&A mln. RUB - (135,148) (168,927)
Other operating income / (expens mln. RUB - 2,324 3,135
EBITDA mln. RUB 579,695 85,142 100,997
EBITDA margin % 100.0% 11.2% 10.6%
D&A mln. RUB (42,095) (17,285) (20,639)
EBIT mln. RUB 537,600 67,857 80,358
EBIT margin % 92.7% 8.9% 8.5%
Interest expense mln. RUB - (6,677) (11,956)
Interest income mln. RUB - 374 227
Other income / expenses mln. RUB - (2,827) (2,649)
PBT mln. RUB 537,600 58,726 65,980
PBT margin % ### 92.7% 7.7% 6.9%
Income tax expense mln. RUB - (14,408) (12,207)
Net income mln. RUB - 537,600 44,318 53,773
NI margin % 92.7% 5.8% 5.7%
Dividends mln. RUB - - (36,858)
Retain Earning mln. RUB 537,600 44,318 16,915
2. End Sheet
Actual Actual Actual Forecast Forecast Forecast Forecast Forecast Forecast Forecast
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
01/01/16 01/01/17 01/01/18 01/01/19 01/01/20 01/01/21 01/01/22 01/01/23 01/01/24 01/01/25
31/12/16 31/12/17 31/12/18 31/12/19 31/12/20 31/12/21 31/12/22 31/12/23 31/12/24 31/12/25
1,074,812 1,143,314 1,237,015 1,362,178 1,510,271 1,679,610 1,846,383 2,005,304 2,108,223 2,177,859
8.2% 10.1% 10.9% 11.2% 9.9% 8.6% 5.1% 3.3%
(753,429) (808,652) (906,357) (1,001,379) (1,113,924) (1,242,912) (1,366,323) (1,483,925) (1,560,085) (1,611,616)
(25,623) (30,020) (34,211) (35,304) (39,142) (43,531) (47,854) (51,972) (54,640) (60,231)
295,759 304,643 296,447 325,494 357,205 393,167 432,206 469,407 493,498 506,012
27.5% 26.6% 24.0% 23.9% 23.7% 23.4% 23.4% 23.4% 23.4% 23.2%
(192,390) (220,245) (214,319) (236,004) (261,662) (291,001) (319,895) (347,429) (365,261) (377,325)
3,147 7,024 7,803 6,983 7,742 8,610 9,465 10,280 10,808 13,737
106,516 91,422 89,931 96,473 103,285 110,777 121,776 132,257 139,045 142,425
9.9% 8.0% 7.3% 7.1% 6.8% 6.6% 6.6% 6.6% 6.6% 6.5%
(25,688) (33,493) (36,517) (39,823) (42,025) (44,102) (46,092) (47,924) (49,533) (49,399)
80,828 57,928 53,413 56,650 61,259 66,674 75,684 84,333 89,513 93,026
7.5% 5.1% 4.3% 4.2% 4.1% 4.0% 4.1% 4.2% 4.2% 4.3%
(13,294) (12,979) (9,136) (11,417) (10,365) (9,934) (9,020) (7,504) (5,661) (5,935)
106 341 210 184 79 96 92 107 115 120
1,139 134 (1,415) 15 16 18 20 22 23 (2,492)
68,780 45,424 43,072 45,431 50,989 56,855 66,776 76,958 83,989 84,720
6.4% 4.0% 3.5% 3.3% 3.4% 3.4% 3.6% 3.8% 4.0% 3.9%
(14,371) (9,885) (9,207) (9,086) (10,198) (11,371) (13,355) (15,392) (16,798) (16,944)
54,409 35,539 33,865 36,345 40,791 45,484 53,421 61,567 67,192 67,776
5.1% 3.1% 2.7% 2.7% 2.7% 2.7% 2.9% 3.1% 3.2% 3.1%
(23,919) (17,297) (11,298) (10,766) (11,554) (12,968) (14,460) (16,983) (19,573) (21,361)
30,490 18,242 22,566 25,579 29,237 32,516 38,961 44,583 47,619 46,415
Units Other Actual Actual Forecast Forecast
Magnit Year 2017 2018 2019 2020
Model date 30/12/99 Start 01/01/17 01/01/18 01/01/19 01/01/20
ths. RUB End 31/12/17 31/12/18 31/12/19 31/12/20
1. Cash flow pro forma
Net income mln. RUB 36,345 40,791
Forecast Forecast Forecast Forecast Forecast
2021 2022 2023 2024 2025
01/01/21 01/01/22 01/01/23 01/01/24 01/01/25
31/12/21 31/12/22 31/12/23 31/12/24 31/12/25
9 10 11 12 13
45,484 53,421 61,567 67,192 67,776

Magnit Year 2013 2014 2015 2016
Model date 30/12/99 Start 01/01/13 01/01/14 01/01/15 01/01/16
ths. RUB End 31/12/13 31/12/14 31/12/15 31/12/16
1. Balance Sheet pro forma

Cash and cash equivalents mln. RUB - 12,139 7,060 16,559
Receivables mln. RUB - 558 836 844
Inventories, net mln. RUB - 55,906 97,993 134,916
Other current assets mln. RUB - 3,958 5,014 6,570
Total current assets mln. RUB - 72,561 110,903 158,890
Property, plant and equipment, netmln. RUB 195,158 159,855 223,794 289,945
Intangible assets, net mln. RUB - 2,730 3,600 4,063
Other long-term assets mln. RUB - 1,417 1,769 2,017
Total other non-current assets mln. RUB 195,158 164,001 229,163 296,026
TOTAL ASSETS mln. RUB 195,158 236,562 340,065 454,915
Short-term debt / revolver mln. RUB - 35,170 37,707 50,106
Accounts payable mln. RUB - 45,832 74,351 83,923
Other current liabilities mln. RUB - 19,234 28,146 31,684
Total current liabilities mln. RUB - 100,236 140,204 165,713
Long-term debt mln. RUB - 30,473 49,985 77,500
Other liabilities mln. RUB - 7,286 10,936 15,626
Total non-current liabilities mln. RUB - 37,758 60,922 93,126
Equity mln. RUB - 98,568 138,940 196,077
TOTAL LIABILITIES & EQUITY mln. RUB - 236,563 340,065 454,915
Balance check 0 195,158 (0) - (0)
2. End Sheet
2017 2018 2019 2020 2021 2022 2023 2024 2025
01/01/17 01/01/18 01/01/19 01/01/20 01/01/21 01/01/22 01/01/23 01/01/24 01/01/25
31/12/17 31/12/18 31/12/19 31/12/20 31/12/21 31/12/22 31/12/23 31/12/24 31/12/25
5 6 7 8 9 10 11 12 13
18,337 26,748 6,811 7,551 8,398 9,232 10,027 10,541 10,889

1,399 6,961 7,665 8,499 9,452 10,390 11,284 11,864 12,255
162,205 187,779 219,860 259,182 306,471 336,902 365,899 384,679 397,385
7,598 7,201 8,124 9,007 10,017 11,011 11,959 12,573 12,988
189,539 228,688 242,460 284,239 334,338 367,535 399,169 419,656 433,517
329,827 350,331 369,707 387,978 405,480 421,602 435,751 446,170 449,040
4,641 5,638 5,638 5,638 5,638 5,638 5,638 5,638 5,638
###
2,318 26,929 29,654 32,878 36,565 40,195 43,655 45,895 47,411
336,786 382,899 404,999 426,494 447,682 467,435 485,043 497,703 502,089
526,325 611,587 647,459 710,733 782,020 834,970 884,212 917,359 935,607
40,122 70,837 54,766 57,026 58,423 43,693 20,986 (11,208) (51,367)
99,142 131,173 151,211 175,500 204,314 224,601 243,933 256,452 264,923
18,793 33,602 37,002 41,025 45,625 50,155 54,472 57,268 59,160
158,057 235,613 242,978 273,551 308,362 318,449 319,391 302,512 272,716
86,338 93,736 93,736 93,736 93,736 93,736 93,736 93,736 93,736
22,622 28,935 31,862 35,326 39,287 43,188 46,905 49,313 50,942
108,960 122,671 125,598 129,062 133,023 136,924 140,642 143,049 144,678
259,307 253,303 278,882 308,119 340,635 379,596 424,180 471,798 518,213
526,325 611,587 647,459 710,733 782,020 834,970 884,212 917,359 935,607
0 - - - - - - - -
Units Other Actual Actual Forecast
Magnit Year 2017 2018 2019
Model date 01/01/19 Start 01/01/17 01/01/18 01/01/19
ths. RUB 01/01/19 End 31/12/17 31/12/18 31/12/19
Error check OK № 5 6 7
Revenue (808,652) (906,357) (1,001,379)

% growth 12.1% 10.5%
EBITDA 89,931 96,473
% margin (9.9%) (9.6%)
Less: D&A (36,517) (39,823)
EBIT 53,413 56,650
% margin (5.9%) (5.7%)
Cash taxes (10,683) (11,330)
% tax rate 20.0% 20.0%
Tax Adjusted EBIT 42,731 45,320

Depreciation and amortization 36,517 39,823
Capital expenditures (53,759) (59,198)
Decrease (increase) in working capital 895 (12,748)
Free Cash Flow 26,384 13,196

% growth (50.0%)
Share price (20.08.2019) RUB 3,584.0
Shares outstanding mln. 101
Current multiple 5.1
Capital Structure (Current)
Share of Debt 39.4%
Share of Equity 60.6%
Cost of Equity Calculation
Risk Free Rate (Avg. YTM ОФЗ) 9.4%
ERP (from damodaran) 6.5%
Beta (IB consensus) 1.23
Cost of Equity 17.4%
Cost of Debt Calculation
Rate on Debt 8.1%
Tax Rate 20%
Cost of Debt (after tax) 6.5%
WACC Calculation
WACC 13.1%
Terminal value
Terminal value EV/EBITDA multiple 5.1x
Terminal growth rate 3.3%
Terminal value using multiple 726,365
Terminal value using Gordon growth model 703,671
Discounting model
Period (mid-year conversion) - 0.5
Discount factor 94%
PV of free cash flows 12,407
Share price, RUB
EV calculation RUB
Total PV of free cash flows 31% 140,615
Terminal growth
PV of terminal value using multiple 69% 315,623

Enterprise value 456,238
rate
Implied EV/EBITDA 2018 multiple 5.1 x

Equity value calculation RUB
Cash 26,748
Total debt 164,573 EV, RUB mln
Equity value 318,412
Share price calculation RUB
Terminal growth
Shares outstanding 101

Implied share price 3,148
rate
Upside/Downside -10%
Market valuation
Market capitalisation (20.08.2019) 362,507
Debt 164,573
Cash 26,748
EV 500,333
Forecast Forecast Forecast Forecast Forecast Forecast
2020 2021 2022 2023 2024 2025
01/01/20 01/01/21 01/01/22 01/01/23 01/01/24 01/01/25
31/12/20 31/12/21 31/12/22 31/12/23 31/12/24 31/12/25
8 9 10 11 12 13
(1,113,924) ### ### ### ### ###

11.2% 11.6% 9.9% 8.6% 5.1% 3.3%
103,285 110,777 121,776 132,257 139,045 142,425
(9.3%) (8.9%) (8.9%) (8.9%) (8.9%) (8.8%)
(42,025) (44,102) (46,092) (47,924) (49,533) (49,399)
61,259 66,674 75,684 84,333 89,513 93,026
(5.5%) (5.4%) (5.5%) (5.7%) (5.7%) (5.8%)
(12,252) (13,335) (15,137) (16,867) (17,903) (18,605)
20.0% 20.0% 20.0% 20.0% 20.0% 20.0%
49,008 53,340 60,547 67,467 71,610 74,421

42,025 44,102 46,092 47,924 49,533 49,399
(60,297) (61,604) (62,213) (62,073) (59,952) -
(15,866) (19,428) (11,082) (10,560) (6,839) (4,627)
14,870 16,410 33,344 42,757 54,352 119,192

12.7% 10.4% 103.2% 28.2% 27.1% 119.3%
1.5 2.5 3.5 4.5 5.5 6.5 7.0

83% 73% 65% 57% 51% 45% 42%
12,359 12,055 21,653 24,544 27,579 53,462
Share price, RUB
WACC
3,148.05 11.1% 12.1% 13.1% 14.1% 15.1%
4.3% Finacls
02 (8.0 %)
10 (10. %)
(12.- 0%)
3.8%
1
E
B
I
T
D
3.3%
A
m
a
r
g
i
2.8%
n
2.3%
EV, RUB mln
WACC
456,237.79 11.1% 12.1% 13.1% 14.1% 15.1%
4.3%
3.8%
3.3%
2.8%
2.3%
Magnit Comparable Companies - Russian Based Retailers Companies
Market Enterprise Revenue Revenue

EBITDA 2018,
Company Name Capitalization, Value, mln. 2018, mln. 2019F, mln.
mln. RUB
mln. RUB RUB RUB RUB
Russia
Lenta 20,816 114,092 413,562 445,406 36,194
X5 Retail Group 327,750 511,146 1,532,537 1,696,518 109,871
O'Key 28,396 56,011 162,631 168,113 8,817
75th Percentile
Median
25th Percentile
Magnit EV 362,507 1,362,178
Magnit 362,507 500,333 1,237,015 1,362,178 89,931

Median (incl. Magnit)
Market Enterprise
31.12.18 Share price 31.12.18
Company Name Capitalization, Value, mln.
close price, $ currency close price
mln. RUB RUB
Russia
Lenta 20,816 114,092 3.4 RUB 214.0
X5 Retail Group 327,750 511,146 27.5 RUB 1,725.0
O'Key 28,396 56,011 1.7 Euro 1.43
75th Percentile
Median
25th Percentile
USD to RUB 20.08.2019 62.62

Euro to RUB 20.08.2019 73.80
Target Bidder Deal Value, Enterprise Revenue,

Announcement Date
Company Company $mm Value, $mm $mm
Real SB-
Groupe Auchan
11/30/2012 Warenhaus 1,429 1,424 3,370
SA
GmbH
The European
Bank for
OOO Lenta Reconstruction
8/9/2011 1,200 2,600 3,006
(43.2% Stake) and
Development;
Luna Inc
2/3/2011 Victoria Group DIXY Group 877 877 1,116
Kopeyka
X5 Retail Group
12/6/2010 Trading House 1,648 1,648 1,473
N.V.
Ltd
75th Percentile
Median
25th Percentile
Magnit 1,362,178
Market
Enterprise 06.30.18 EBITDA
Company Name Country Capitalization,
Value, $mm close price, $ margin 2019E
$mm
Emergin martkets
2 CP ALL Thailand 21,402 8.3%
3 Shoprite Holdings South Africa 6,349 6.7%
4 Chadraui Mexico 1,862 5,5,%
7 Almacenes Exito Columbia 2,069 6.0%
9 President Chain Taiwan 10,037 7.9%
11 Clicks Group South Africa 3,143 8.3%
14 CIA Brasileira Brazil 6,508 5.7%
15 Puregold Price Club Philippines 2,671 8.1%
1 Massmart Holdings South Africa 1,317 3.7%
5 Lojas Americans Brazil 7,636 16.9%
6 Yonghui Superstores China 11,847 4.1%
8 Cencousud Chile 5,201 7.8%
10 Siam Marko Thailand 5,604 5.0%
12 Pick n Pay South Africa 2,238 3.9%
13 AVI South Africa 2,043 21.9%
16 SPAR Group South Africa 2,559 3.6%
75th Percentile
Median
25th Percentile
Magnit 7.1%
Date Date P/E

MSCI fundamentals Russia Aug 2019 5.91
MSCI fundamentals Emerging markets Aug 2019 13.11
0.45
EBITDA EBITDAR Selling space Net income,
Rent 2018, EV/Revenue EV/Revenue EV/EBITDA
2019F, mln. 2018, mln. 2018, th. sq. mln 2018.
mln. RUB 2018 2019F 2018
RUB RUB m. RUB
5,693.3 41,887.5 1,410.0 11,794 0.3x 0.26x 3.2x

80,745.0 190,616.0 6,464 28,642 0.3x 0.30x 4.7x
9,791 14,087 578.0 1,344 0.3x 0.33x 6.4x
0.3x 0.3x 5.5x
0.3x 0.3x 4.7x
0.3x 0.3x 3.2x
432,129
96,473 168,955 6,426 33,865 410,412
348,925
96,473 72,483 168,955 6,426 33,864.5 0.4x 0.37x 5.6x
0.32x
Cash, mln. Debt, mln. EV/Revenue EV/Revenue EV/EBITDA EV/EBITDA EV/EBITDAR

Shares, mln.
RUB RUB 2018LTM 2018F 2018LTM 2018F 2017
97.3 33,805 127,080 0.3x 0.3x 3.2x 5.1x 2.7x

190.0 24,368 207,764 0.3x 0.3x 4.7x 4.9x 2.7x
269.1 1,294 28,909 0.3x 0.3x 6.4x 5.7x 4.0x
0.3x 0.3x 5.5x 5.4x 3.3x
0.3x 0.3x 4.7x 5.1x 2.7x
0.3x 0.3x 3.2x 4.9x 2.7x
Revenue
Multiple
0.4x
0.9x
0.8x
1.1x
0.9x
0.83x
0.4x
1,264,680
1,124,818
574,703
Revenue EV/Revenue EV/Revenue EV/EBITDA EV/EBITDA EV/EBITDA EV/EBITDAR

CAGR 18-20 2018 2019 2018 2019 2019 Adj 2018
8.6% 19.0x 17.7x 8.0x Yes

5.2% 9.4x 9.2x 4.1x Yes
10.4% 6.8x 6.0x 2.7x Yes
9.6% 6.5x 5.9x 2.7x Yes
4.7% 13.8x 13.2x 6.0x Yes
9.7% 17.7x 15.8x 7.1x Yes
11.6% 10.3x 9.2x 4.1x Yes
11.8% 12.7x 11.1x 5.0x Yes
6.1% 6.6x 5.9x No
13.9% 13.4x 10.9x No
20.7% 30.4x 20.3x No
2.8% 9.7x 8.4x No
7.7% 17.8x 18.3x No
6.4% 10.0x 9.0x No
4.5% 10.8x 10.3x No
6.5% 11.3x 10.3x No
14.8x 13.9x 6.2x
11.5x 10.2x 4.6x
6.5x 5.9x 2.7x
1,336,150 602,338
10.5% 979,200 441,424
569,190 256,592
EV/EBITDA EV/EBITDAR EV/selling
P/E 2018
2019F 2018 space 2018
5.10x 2.72x 0.08x 1.76x Lenta

4.90x 2.68x 0.08x 11.44x X5 Retail Group
5.72x 3.98x 0.10x 21.12x O'Key
5.4x 3.3x 0.09x 16.3x 75th Percentile
5.1x 2.7x 0.08x 11.4x Median
4.9x 2.7x 0.08x 1.8x 25th Percentile
532,687 579,052 571,349 6,040,495
492,012 460,196 519,976 4,285,991 Magnit EV
472,717 453,062 508,149 777,635
5.11x 2.92x 0.08x 10.70x Magnit
5.11x 2.82x 11.07x
Billion factor 1000
EV 25th Percent25th Percentil Median 75th Percentile
DCF
456.2 456.2 - - -
492.0 Russia EV/EBITDA 2019F 472.7 19.3 - 40.7
410.4 Russia EV/Revenue 2019F 348.9 61.5 - 21.7
460.2 Russia EV/EBITDAR 2018 453.1 7.1 - 118.9
Russia EV/Selling space 2018

520.0 508.1 11.8 - 51.4
441.4 Emengin markets EV/EBITDA Adj 2019F 256.6 184.8 - 160.9
1,124.8 Transaction EV/Revenue 2019F 574.7 550.1 - 136.1
EV/Selling
EV/Reven EV/EBITDA EV/EBITD
EV space
ue 2019F 2019F Adj AR 2018
2018
75th Percentile 432.1 532.7 579.1 571.3
Russia Median 410.4 492.0 460.2 520.0
25th Percentile 348.9 472.7 453.1 508.1
75th Percentile 577.2 602.3 1,053.1
Emergin markets Median 435.0 441.4 917.0
25th Percentile 206.7 256.6 385.5
75th Percentile 1,264.7
Transactions Median 1,124.8
25th Percentile 574.7
DCF Median 456.2
EV/Selling
EV/Reven EV/EBITDA EV/EBITD
Share price space
ue 2019F 2019F Adj AR 2018
2018
75th Percentile 2,909.7 3,903.9 4,362.3 4,286.1
Russia Median 2,695.0 3,501.7 3,187.2 3,778.2
25th Percentile 2,087.1 3,311.0 3,116.6 3,661.3
Emergin markets Median 3,001.6
Transactions Median 9,758.1
DCF Median 3,148.0
Share price 25th Percent25th Percentil Median 75th Percentile

DCF 3,148.0 - - -
Russia EV/EBITDA 2019F 3,311.0 190.8 - 402.1
Russia EV/Revenue 2019F 2,087.1 607.9 - 214.7
Russia EV/EBITDAR 2018 3,116.6 70.5 - 1,175.1
Russia EV/Selling space 2018 3,661.3 116.9 - 507.9
Emengin markets EV/EBITDA Adj 2019F 1,174.2 1,827.4 - 1,590.9
Transaction EV/Revenue 2019F 4,319.3 5,438.8 - 1,382.8
Mag nit' s E V, RUB bn
Transaction EV/Revenue 2019F
Emengin markets EV/EBITDA Adj 2019F
Russia EV/Selling space 2018

75th Percentile
Median
Russia EV/EBITDAR 2018 25th Percentile
25th Percentile
Russia EV/Revenue 2019F
Russia EV/EBITDA 2019F
DCF
- 200.0 400.0 600.0 800.0 1 000.0 1 200.0 1 400.0
Mag nit' s s hare pr ice , RUB
Transaction EV/Revenue 2019F
Emengin markets EV/EBITDA Adj 2019F
Russia EV/Selling space 2018 75th Percenti

Median
Russia EV/EBITDAR 2018 25th Percenti
25th Percenti
Russia EV/Revenue 2019F
Russia EV/EBITDA 2019F
DCF
- 2 000.0 4 000.0 6 000.0 8 000.0 10 000.0 12 000.0

EV (range) Bn. RUB 441 508
Cash & equivalents bn. RUB 27

Debt bn. RUB 165
Equity value (range) bn. RUB 303 370
mln.
Shares outstanding 101
Shares
75th Percentile Share price (range) RUB 2,997 3,660
Median Current share price RUB 3,584
25th Percentile
25th Percentile
0 1 400.0
75th Percentile
Median
25th Percentile
25th Percentile
10 000.0 12 000.0
Доля рынка в Доля рынка в Темп роста:
Регион Рост, п.п.
2018 г. 2023 г. предпосылка
North Caucasus 4% 10% 6% Middle
South 19% 20% 1% Low
Centre (inc. Moscow) Middle
Center 13% 16% 3%
Moscow 4% 10% 6%
Volga 12% 15% 3% Low
North West (inc. SPB) Middle
North West 13% 17% 4%
SPB 8% 13% 5%
Ural 10% 16% 6% Middle
Siberia 2% 14% 12% High
География

Magnit Valuation

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Units Other Actual Actual Actual

Magnit Year 2013 2014 2015

Selling space 3,011.38 3,590.64 4,413.72

6 Distribution centers & trucks

Total distribution centers units 22 27 33

Total distribution centers space th sq. m. 638 909 1,293

Total trucks units 5,577 5,938 5,882

Revenue bn. RUB ### 579.69 763.53 950.61

9 Average sales density

Cost of sales mln. RUB

Selling, general and admin expenses mln. RUB

Share capital mln. RUB Equity 1 2

Long-term borrowings mln. RUB Long-term debt 30,473 49,985

% of sales 0% 7.3% 5.7%

66.83 58.30 66.64

(0.26%) (3.37%) (2.50%)

497 530 583

4,835.37 5,754.94 6,426.10

1,505 1,640 1,645

634.36 1,054.23 676.16

5,713 6,089 5,897

1.13 1.14 1.14

1,074.81 1,143.31 1,237.02

208 194 147

(0.3%) (3.4%) (2.5%) ###

1,074,812 1,143,314 1,237,015

1,139 134 (1,415)

(753,429) (808,652) (906,357)

(779,053) (838,672) (940,568)

(84,088) (93,190) (83,622) ОХР

289,945 329,827 350,331

153,429 171,670 178,096

77,500 86,338 93,736

1.54% 1.60% 2.16%

4.6% 6.4% 4.3%

Number of stores (Convenience) Source: Strategy

Number of stores (Hypermarkets) Source: Strategy

Number of stores (Supermarkets) Source: Strategy

Number of stores (Drogerie) Source: Strategy

1.2. Sales growth

LFL Sales, Supermarkets 12.8% 19.0% 0.6% (7.1%)

LFL Sales, Drogerie 14.7% 40.8% 19.6% 4.9%

Convenience % form CPI 0.83 0.86 0.63 0.06

Wholesale growth 384.3% 249.0% 99.3%

1.3. Average Selling space growth

2. Income statement assumption

3. Balance sheet assumption

Interest rate for revolver (weigh. aver.)

Share issuance / (repurchases)

58.30 66.64 53.56 52.45 51.57 50.69 50.03 49.67 49.47

6.6% 10.0% Middle

12,143 13,427 14,927 16,594 18,448 20,509 22,800

243 248 284 324 371 424 485

208 219 249 283 321 365 415

3,774 4,505 5,963 7,892 10,446 13,826 18,300

(1.4%) (2.8%) (0.9%) 1.1% 3.0% 2.9% 2.9% 2.8% 2.8%

(7.8%) (3.3%) (1.2%) 0.1% 1.5% 1.6% 2.2% 2.8% 2.8%

0.0% 3.0% 4.1% 5.1% 6.0% 5.8% 5.7% 5.6% 5.6%