We propose a concept of magnetic logic circuits engineering, which takes an advantage of magnetization as a computational state variable and exploits spin waves for information transmission. The circuits consist of magneto-electric cells connected via spin wave buses. We present the result of numerical modeling showing the magneto-electric cell switching as a function of the amplitude as well as the phase of the spin wave. The phase-dependent switching makes it possible to engineer logic gates by exploiting spin wave buses as passive logic elements providing a certain phase-shift to the propagating spin waves. We present a library of logic gates consisting of magneto-electric cells and spin wave buses providing 0 or π phase shifts. The utilization of phases in addition to amplitudes is a powerful tool which let us construct logic circuits with a fewer number of elements than required for CMOS technology. As an example, we present the design of the magnonic Full Adder circuit comprising only 5 magneto-electric cells. The proposed concept may provide a route to more functional wave-based logic circuitry with capabilities far beyond the limits of the traditional transistor-based approach.