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M&A: JPMorgan reduces equity stake in Dixy to 4.93% from 7.98%

JPMorgan Chase & Co. (USA) reduced its equity position in OJSC Dixy Group to 4.93% from 7.98%, Dixy informed.

JPMorgan's stake changed on February 28, 2014.
Dixy Group is engaged in the retail trade in foodstuffs and FMCG. The group is developing a chain of general retail outlets in the corner store format in Moscow, St. Petersburg, in three federal districts of Russia (Central, Northwestern, and Ural), as well as in Kaliningrad region. The first store of the Dixy chain was opened in 1999. In May 2007, the company floated an IPO for a total amount of ca. $360 million on the RTS and MICEX.

Dixy Group's revenue in ruble terms for 2013 grew by 22.7% (19.8% in US dollars) to RUB 180.476 billion ($5.667 billion) from RUB 147.049 billion ($4.729 billion) in 2012. In December 2013 alone, the group improved its ruble-denominated revenue by 16.6% (+9% in US dollar terms) to RUB 18.347 billion ($557.9927 million) against RUB 15.733 billion ($511.793 million) in December 2012. In 2013, the company opened 300 stores net and operated 1,799 thousand stores as of December 31, 2013 including 1,681 Dixy corner stores, 86 Victoria stores, 1 Cash shop and 31 compact Megamart and Minimart hypermarkets.

IFRS net profit of Dixy Group for 9 months 2013 grew 1.7-fold to RUB 1.331 billion from RUB 781 million. Consolidated revenue increased by 23.3% to RUB 131.567 billion from RUB 106.714 billion, consolidated GP by 30.4% to RUB 39.643 billion from RUB 30.39 billion, consolidated EBITDA by 30.2% to RUB 8.089 billion from RUB 6.212 billion, consolidated EBITDA margin by 30 bps to 6.1% against 5.8%, consolidated operating profit by 38.2% to RUB 4.443 billion from RUB 3.207 billion, consolidated net cash flow from operations increased by 72.2% in ruble terms to RUB 3.6 billion from RUB 2.1 billion (by 69.4% to $114.8 million from $67.8 million).

OJSC Dixy Group (tax number: 7704249540) operating as Dixy Group's holding company since 2007 owns controlling stakes in the group's companies.

Multi-business holding Mercury Group owns a controlling stake (54.4%) in OJSC Dixy Group.

According to the DataCapital information retrieval system, RAS net profit of OJSC Dixy Group for 9 months 2013 increased 4.75-fold to RUB 1.057 billion from RUB 222.428 million for the same period in 2012. Revenue grew 1.9 times to RUB 4.018 billion from RUB 2.099 billion, sales profit was RUB 212.208 million against a loss of RUB 774.041 million, pre-tax profit soared 20 times to RUB 1.081 billion from RUB 53.517 million.

"AK&M", 25.03.2014


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