Krasnodar, Russia, 2014-1-29 — /EPR Retail News/ — OJSC “Magnit”, Russia’s largest retailer (the “Company”; MICEX and LSE: MGNT) announces the expansion of its greenhouse complex.
Please be informed that “Magnit” has begun construction on the expansion of its “TK Zelyonaya Liniya” (Green Line) greenhouse complex, which is located in the village of Plastunovskaya in the region of Krasnodar Kray. In 2014, Magnit plans to add an additional 40 hectares (99 acres) of greenhouses, which will be comprised of 2 structures of 20 hectares each. The 1st block will be operational in the Autumn of 2014 with the 2nd block coming on-line in the beginning of 2015. It is expected that the CapEx for the additional 40 hectares will be approximately 3.6 billion Rubles ($104 million USD).
As of the end of 2013, “TK Zelyonaya Liniya” (Green Line) operated 43 hectares, comprised of 40 hectares of greenhouses (8 structures of 5 hectares each) and 3 hectares of seedling hotbeds. The vegetables currently grown in the greenhouses are cucumbers, tomatoes, greens (lettuce, dill, parsley), and cherry tomatoes.
Please see the photo below for a birds-eye view of the “TK Zelyonaya Liniya” greenhouse complex. The photo was taken on January 18th, 2014.
For further information, please contact:
Timothy Post
Director, Investor Relations
Email: post@gw.tander.ru
Office: +7-861-277-4554 x7600
Mobile: +7-961-511-7678
Direct Line: +7-861-277-4562
Dina Svishcheva
Deputy Director, Investor Relations
Email: Chistyak@gw.tander.ru
Office: +7-861-277-45-54 x5101
Mobile: +7-961-511-0202
Direct Line: +7-861-277-4562
Company description:
Magnit is Russia’s largest retailer. Founded in 1994, the company is headquartered in the southern Russian city of Krasnodar. As of December 31, 2013, Magnit operated 22 distribution centers and over 8,000 stores (7,200 convenience, 207 hypermarkets, and 686 cosmetics) in more than 1,868 cities and towns throughout 7 federal regions of the Russian Federation.
In accordance with the unaudited IFRS management accounts for 2013, Magnit had revenues of $18,202 million USD and an EBITDA of $2,032 million USD. Magnit’s local shares are traded on the Moscow Stock Exchange (MICEX: MGNT) and its GDRs on the London Stock Exchange (LSE: MGNT) and it has a credit rating from Standard & Poor’s of BB. Measured by market capitalization, Magnit is now Europe’s 2nd largest retailer.
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