CONSENSUS: M.Video boosted net profit 21% in 2012
MOSCOW. March 26 (Interfax) - The pace of profit growth at Russian electronics and home appliance retailer M.Video slowed in 2012 but remained above 20%, analysts at eight investment companies and banks told Interfax in a consensus forecast.
They forecast that M.Video's net profit rose 21% to 4.096 billion rubles in 2012.
M.Video has already reported revenue figures for 2012: sales increased 20% to 133.83 billion rubles (excluding VAT) or 157.92 billion rubles (including VAT). Revenue in the fourth quarter rose 12% to 42.65 billion rubles (excluding VAT).
Like-for-like sales increased 9.3% for the full year and 1% in the fourth quarter year-on-year. The company blamed a high comparison basis in the fourth quarter of 2011 for the low growth in Q4 2012.
M.Video will publish IFRS financial results for 2012 on Wednesday, March 27.
M.Video forecast results in 2012 (mln rubles):
| Revenue | EBITDA | EBITDA margin, % | Net profit | |
| Bank of America Merrill Lynch | 135 833 | 7 578 | 5.6 | 4 073 |
| Deutsche Bank | 132 086 | 7 610 | 5.8 | 4 372 |
| Goldman Sachs | 133 843 | 7 301 | 5.5 | 3 863 |
| Rye, Man & Gor securities | 133 849 | 7 395 | 5.5 | 3 884 |
| Sberbank CIB | 133 830 | 7 343 | 5.5 | 4 110 |
| Alfa Bank | 133 830 | 7 524 | 5.6 | 3 939 |
| Prospect | 133 842 | 7 508 | 5.6 | 3 958 |
| Uralsib | 139 673 | 8 163 | 5.8 | 4 566 |
| Consensus | 134 598 | 7 553 | 5.6 | 4 096 |
| 2011 | 111 937 | 6 239 | 5.6 | 3 374 |
| Change, % | 20.2 | 21 | - | 21.4 |
The forecast growth in 2012 is lower than actual growth in 2011. That year revenue increased 29% compared with 2010, EBITDA was up 38%, the EBITDA margin increase 0.4 percentage points and net profit rose 52%.
M.Video opened 42 new hypermarkets in 2012, including 14 in the fourth quarter. It had 296 hypermarkets in 127 Russian cities as of year-end. Total retail floor space increased 11% to 537,000 square meters.
The company also launched internet sales in 16 Russian cities last year.
This year the company plans to open 35 hypermarkets, reformat 16 stores and launch a minimum of 20 internet sales stores in the regions.