O`KEY GROUP announces the appointment of new CEO

The Board of Directors has named Armin Burger new CEO of O`KEY Group, in addition to his current role as CEO of DA!, the Group’s discounter business. Mr. Burger has been with the Group for 5 years, developing the Group’s discounter business. He was actively involved in the development of the Group’s strategy, including the development of the new compact hypermarket concept. He has very deep knowledge of the Russian retail industry. In his new role, Mr. Burger will focus on increasing the pace of the hypermarket business transformation and on the continuing development of both retail formats. Miodrag Borojevic will take the role of adviser to CEO and Board of Directors of the Group. Mr. Borojevic will continue contributing to the development of the hypermarket format of the Group.

Armin Burger's Biography 

Mr. Burger, 55, has significant in-depth expertise in the food retail market, having spent almost 30 years in the industry. Since 2013, he has been a member of the O`KEY Group Management Board and the CEO of the DA! discounter business. During his tenure with the Group, Mr. Burger has successfully opened 72 DA! discounters, demonstrating strength of the format. Prior to joining O`KEY, Mr. Burger spent 20 years working for ALDI Sud. From 2008-2010 he was a member of the Supervisory Board of ALDI Sud, overseeing 10 countries and 4,500 stores. From 1999-2008 he acted as CEO of Hofer KG, Sattledt, Austria. Before joining Hofer KG Mr. Burger held various executive positions in ALDI GmbH. Mr. Burger speaks English and German.


The Group would like to reiterate its previously stated guidance. We expect net retail revenue generated by our hypermarkets business to decrease by low single digit in 2018, driven by increased competitive pressures, negative macroeconomic dynamics, the FIFA World Cup and less favourable weather conditions in the Company’s key operating regions than we had in the previous year. At the same time, we expect 2018 profitability to increase in line with the growth achieved in the first half of 2018. We expect net retail revenue generated by our discounter business to grow by up to 50% YoY in 2018, driven by the opening of up to 25 new stores. The new openings will accelerate in the second half of the year.


O`KEY Group S.A. (LSE: OKEY, Fitch – ‘B+’, RAEX – ‘ruA-’) is one of the largest retail chains in Russia. The Group operates under two main formats: hypermarkets, under the ‘O`KEY’ brand and discounters, under the ‘DA!’ brand. 

As of September 13, 2018, the Group operated 151 stores across Russia. The Group opened its first hypermarket in St. Petersburg in 2002 and has since demonstrated continuous growth. O`KEY is the first among Russian food retailers to launch and actively develop e-commerce operations in St. Petersburg and Moscow, offering a full range of hypermarket products for home delivery. The Group operates four distribution centres across the Russian Federation. 

For the full year 2017, revenue totalled RUB 177,454,848 thousand, EBITDA reached RUB 9,334,993 thousand, and net income for the period amounted to RUB 3,166,913 thousand.

The O`KEY shareholder structure is as follows: NISEMAX Co Ltd – 50.95%, GSU Ltd – 29.52%, free float – 19.53%.


These materials contain statements about future events and expectations that are forward-looking statements. These statements typically contain words such as ‘expects’ and ‘anticipates’ and words of similar import. Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. 

None of the future projections, expectations, estimates or prospects in this announcement should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in this announcement. We assume no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.