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MAGNIT PJSC (MGNT)
MSCI increases Magnit's ESG rating score up to the BBB level
10-Aug-2021 / 10:00 MSK
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
MSCI increases Magnit's ESG rating score up to the BBB level
Krasnodar, Russia (August 10, 2021): The MSCI International Agency has increased Magnit's PJSC (MOEX and LSE: MGNT; the Company) sustainable development ranking from BB to BBB[1]. The Agency acknowledges the Company's progress in corporate governance, products quality and safety assurance, carbon footprint reduction, and development of staff relations. MSCI increases the Retailer's score for the second year running - in 2020, it grew from B to BB.
The MSCI ESG Rating is one of the leading global ESG ratings. It reflects the company's long-term sustainability in terms of environmental and social risks, as well risks in corporate governance (ESG). Every year, the Agency evaluates over 2,800 public companies all over the world scoring them from ССС to ААА. Today, 53 international and national retail companies are assessed in the Rating.
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Jan Dunning
Magnit's President
and CEO
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"Higher score in the MSCI rating is a result of our consistent work in sustainable development. In summer 2020, we were the first Russian retailer that presented its ESG Strategy by setting qualitative and quantitative KPIs to implement it. Last year, we achieved a considerable progress in all Strategy pillars: we launched business processes transformation with due regard for the ESG principles, audited corporate governance systems, industrial and occupational safety, conducted the first employee satisfaction survey, and implemented a number of important social projects. But we are yet to do a lot of work. This year, we are focused on implementation of healthy lifestyle promotion programmes, waste and carbon dioxide emission reduction, creation of sustainable supply chain, ecologization of private label goods packaging, as well as initiatives aimed at involvement of customers into caring about themselves, their beloved, and the environment. Our goal is to hold the lead in sustainable development among Russian retailers".
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Before, Magnit was ranked first among Russian retailers in the ESG Rating of the National Ratings Agency (NRA) and third among Russian non-financial public companies. The NRA assigned Magnit to the Advanced Level group consisting of the companies that have a long-term sustainable development strategy, a plan for its implementation, corresponding KPIs and public reporting on achieving them. In addition to that, integration of the ESG agenda in these companies is reflected in corporate governance, organizational structure, and business processes; and at the same time, such companies involve their staff in development and implementation of the strategy.
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Note to editors
Public Joint Stock Company "Magnit" is one of Russia's leading retailers. Founded in 1994, the company is headquartered in the southern Russian city of Krasnodar. As of June 30, 2021, Magnit operated 39 distribution centers and 22,344 stores (15,348 convenience, 469 supermarkets and 6,527 drogerie stores) in 3,802 cities and towns throughout 7 federal regions of the Russian Federation.
In accordance with the unaudited IFRS 16 management accounts results for 1H 2021, Magnit had revenues of RUB 822.2 billion and an EBITDA of RUB 94.4 billion. Magnit's local shares are traded on the Moscow Exchange (MOEX: MGNT) and its GDRs on the London Stock Exchange (LSE: MGNT) and it has a credit rating from Standard & Poor's of BB.
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Forward-looking statements
This document contains or may contain forward-looking statements that may or may not prove accurate. For example, statements regarding expected sales growth rate and/or store openings are forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from what is expressed or implied by the statements. Any forward-looking statement is based on information available to Magnit as of the date of the statement. All written or oral forward-looking statements attributable to Magnit are qualified by this caution. Magnit does not undertake any obligation to update or revise any forward-looking statement to reflect any change in circumstances.
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