REG - X5 Retail Group N.V - X5 announces Q4 and FY 2021 financial results
16/03/2022 16:00
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RNS Number : 0316F X5 Retail Group N.V. 16 March 2022
X5 announces Q4 and FY 2021 financial results
Amsterdam, 16 March 2022 - X5 Retail Group N.V. ("X5" or the "Company", LSE
and MOEX ticker: FIVE), a leading Russian food retailer that operates the
Pyaterochka, Perekrestok and Chizhik retail chains, today released its
unaudited(1) condensed consolidated financial information for the year ended
31 December 2021.
Profit and loss statement highlights(2)
IFRS 16 Pre-IFRS 16(3)
RUB mln Q4 2021 Q4 2020 change, Q4 2021 Q4 2020 change,
y-o-y, % y-o-y, %
Revenue 607,530 528,760 14.9 607,530 528,760 14.9
incl. net retail sales(4) 603,567 526,358 14.7 603,567 526,358 14.7
Pyaterochka (incl. express delivery) 491,290 421,558 16.5 491,290 421,558 16.5
Perekrestok (incl. Vprok.ru Perekrestok and express delivery) 103,034 91,930 12.1 103,034 91,930 12.1
Karusel 6,993 12,818 (45.5) 6,993 12,818 (45.5)
Chizhik 1,854 50 37x 1,854 50 37x
Mnogo Lososya 397 - n/a 397 - n/a
Gross profit 149,510 128,094 16.7 147,485 126,070 17.0
Gross profit margin, % 24.6 24.2 38 b.p. 24.3 23.8 43 b.p.
Adj. EBITDA(5) 67,462 58,003 16.3 40,494 31,972 26.7
Adj. EBITDA margin, % 11.1 11.0 13 b.p. 6.7 6.0 62 b.p.
EBITDA 67,095 58,654 14.4 40,127 32,623 23.0
EBITDA margin, % 11.0 11.1 (5) b.p. 6.6 6.2 44 b.p.
Operating profit 28,085 20,818 34.9 19,010 13,004 46.2
Operating profit margin, % 4.6 3.9 69 b.p. 3.1 2.5 67 b.p.
Net profit 7,955 1,730 359.8 9,570 2,781 244.1
Net profit margin, % 1.3 0.3 98 b.p. 1.6 0.5 105 b.p.
IFRS 16 Pre-IFRS 16(3)
RUB mln FY 2021 FY 2020 change, FY 2021 FY 2020 change,
y-o-y, % y-o-y, %
Revenue 2,204,819 1,978,026 11.5 2,204,819 1,978,026 11.5
incl. net retail sales(4) 2,194,477 1,973,346 11.2 2,194,477 1,973,346 11.2
Pyaterochka (incl. express delivery) 1,793,676 1,597,174 12.3 1,793,676 1,597,174 12.3
Perekrestok (incl. Vprok.ru Perekrestok and express delivery) 365,119 320,459 13.9 365,119 320,459 13.9
Karusel 31,742 55,662 (43.0) 31,742 55,662 (43.0)
Chizhik 2,940 50 59x 2,940 50 59x
Mnogo Lososya 999 - n/a 999 - n/a
Gross profit 561,317 494,620 13.5 553,363 487,223 13.6
Gross profit margin, % 25.5 25.0 45 b.p. 25.1 24.6 47 b.p.
Adj. EBITDA(5) 271,023 244,501 10.8 164,197 146,016 12.5
Adj. EBITDA margin, % 12.3 12.4 (7) b.p. 7.4 7.4 7 b.p.
EBITDA 267,850 243,622 9.9 161,024 145,137 10.9
EBITDA margin, % 12.1 12.3 (17) b.p. 7.3 7.3 (3) b.p.
Operating profit 117,572 105,717 11.2 84,359 76,785 9.9
Operating profit margin, % 5.3 5.3 (1) b.p. 3.8 3.9 (6) b.p.
Net profit 42,738 28,344 50.8 48,513 39,180 23.8
Net profit margin, % 1.9 1.4 51 b.p. 2.2 2.0 22 b.p.
Revenue
Revenue growth reached 14.9% year-on-year in Q4 2021, driven by positive LFL
sales, selling space expansion and 92.9% revenue growth in X5's digital
businesses. The latter reflected higher demand from customers for online
services, an incremental increase in the number of new online customers,
expansion of express delivery and Vprok.ru Perekrestok operations to new
geographies, expansion of the 5Post delivery network, additional new
e-commerce partners for 5Post and the acquisition of Mnogo Lososya dark
kitchens.
Selling space by format, square metres (sqm)
31 DECEMBER 2021 31 DECEMBER 2020 CHANGE VS
31 DECEMBER 2020, %
Selling space, sqm
Pyaterochka 7,048,488 6,541,622 7.7
Perekrestok 1,098,905 1,013,860 8.4
Karusel 128,063 222,119 (42.3)
Chizhik 20,327 980 21x
Mnogo Lososya 4,992 - n/a
X5 Group(6) 8,409,757 7,840,055 7.3
Q4 and FY 2021 LFL(7) store performance by format, % change y-o-y
In Q4 2021, LFL sales performance accelerated year-on-year to 9.0%, supported
by solid LFL results at Pyaterochka and Perekrestok at 9.8% and 6.0%,
respectively.
The LFL basket was the main driver of LFL sales in Q4 2021, with LFL traffic
in positive territory at 1.5% year-on-year.
Q4 2021 FY 2021
SALES TRAFFIC BASKET SALES TRAFFIC BASKET
Pyaterochka 9.8 1.7 8.0 5.6 1.4 4.1
Perekrestok 6.0 0.8 5.2 3.8 3.2 0.5
Karusel (8.0) (14.8) 8.0 (8.4) (9.3) 1.0
X5 Group 9.0 1.5 7.3 5.1 1.5 3.5
For more details on net retail sales performance, please refer to X5's Q4 2021
Trading Update
(https://www.x5.ru/en/PublishingImages/Pages/Media/News/Q4_2021_Trading_Update_ENG.pdf)
.
(https://www.x5.ru/ru/PublishingImages/Pages/Media/News/Trading_Update_Q3%202021__RUS.pdf)
Selling, general and administrative (SG&A) expenses (excl. D&A&I
and the impact of the Karusel transformation)
IFRS 16 Pre-IFRS 16
RUB mln Q4 2021 Q4 2020 change, Q4 2021 Q4 2020 change,
y-o-y, % y-o-y, %
Staff costs (50,332) (42,358) 18.8 (50,332) (42,358) 18.8
% of revenue 8.3 8.0 27 b.p. 8.3 8.0 27 b.p.
incl. LTI and share-based payments (516) 1,185 n/m (516) 1,185 n/m
staff costs excl. LTI and share- 8.2 8.2 (4) b.p. 8.2 8.2 (4) b.p.
based payments as % of revenue
Lease expenses (4,296) (2,941) 46.1 (27,498) (25,009) 10.0
% of revenue 0.7 0.6 15 b.p. 4.5 4.7 (20) b.p.
Utilities (12,487) (11,019) 13.3 (12,487) (11,019) 13.3
% of revenue 2.1 2.1 (3) b.p. 2.1 2.1 (3) b.p.
Other store costs (6,150) (5,988) 2.7 (6,360) (6,246) 1.8
% of revenue 1.0 1.1 (12) b.p. 1.0 1.2 (13) b.p.
Third-party services (8,017) (6,162) 30.1 (7,923) (6,063) 30.7
% of revenue 1.3 1.2 15 b.p. 1.3 1.1 16 b.p.
Other expenses (7,824) (5,784) 35.3 (9,127) (6,634) 37.6
% of revenue 1.3 1.1 19 b.p. 1.5 1.3 25 b.p.
SG&A (excl. D&A&I and the impact of the Karusel transformation) (89,106) (74,252) 20.0 (113,727) (97,329) 16.8
% of revenue 14.7 14.0 62 b.p. 18.7 18.4 31 b.p.
SG&A (excl. D&A&I, LTI, share-based payments and the impact of the (88,590) (75,437) 17.4 (113,211) (98,514) 14.9
Karusel transformation)
% of revenue 14.6 14.3 32 b.p. 18.6 18.6 0 b.p.
IFRS 16 Pre-IFRS 16
RUB mln FY 2021 FY 2020 change, FY 2021 FY 2020 change,
y-o-y, % y-o-y, %
Staff costs (185,572) (159,261) 16.5 (185,572) (159,261) 16.5
% of revenue 8.4 8.1 37 b.p. 8.4 8.1 37 b.p.
incl. LTI and share-based payments (3,011) (345) 772.8 (3,011) (345) 772.8
staff costs excl. LTI and share-based payments as % of revenue 8.3 8.0 25 b.p. 8.3 8.0 25 b.p.
Lease expenses (14,452) (11,291) 28.0 (105,451) (96,573) 9.2
% of revenue 0.7 0.6 8 b.p. 4.8 4.9 (10) b.p.
Utilities (45,539) (39,819) 14.4 (45,539) (39,819) 14.4
% of revenue 2.1 2.0 5 b.p. 2.1 2.0 5 b.p.
Other store costs (22,568) (21,625) 4.4 (23,418) (22,621) 3.5
% of revenue 1.0 1.1 (7) b.p. 1.1 1.1 (8) b.p.
Third-party services (22,016) (16,257) 35.4 (21,718) (15,894) 36.6
% of revenue 1.0 0.8 18 b.p. 1.0 0.8 18 b.p.
Other expenses (26,881) (19,697) 36.5 (31,518) (23,015) 36.9
% of revenue 1.2 1.0 22 b.p. 1.4 1.2 27 b.p.
SG&A (excl. D&A&I and impact from the Karusel transformation) (317,028) (267,950) 18.3 (413,216) (357,183) 15.7
% of revenue 14.4 13.5 83 b.p. 18.7 18.1 68 b.p.
SG&A (excl. D&A&I, LTI, share-based payments and impact from the (314,017) (267,605) 17.3 (410,205) (356,838) 15.0
Karusel transformation)
% of revenue 14.2 13.5 71 b.p. 18.6 18.0 56 b.p.
In Q4 2021, SG&A expenses excluding D&A&I, LTI, share-based
payments and the impact of the Karusel transformation under IFRS 16 as a
percentage of revenue increased by 32 b.p. to 14.6% (flat at 18.6% pre-IFRS
16), driven by higher other expenses, third-party services and lease expenses.
In 2021, SG&A expenses excluding D&A&I, LTI, share-based payments
and the impact of the Karusel transformation under IFRS 16 as a percentage of
revenue increased by 71 b.p. to 14.2% (increased by 56 b.p. to 18.6% pre-IFRS
16), driven by higher staff costs, lease expenses, utilities, third-party
services and other expenses.
As a percentage of revenue, the Company's income from leases, subleases and
other operations(8) under IFRS 16 totalled 1.1%, an increase of 6 b.p.
year-on-year in Q4 2021 (an increase of 18 b.p. to 1.0% pre-IFRS 16), due to
the increase in revenue from sales of recyclable materials on the back of
improved efficiency of internal processes.
EBITDA and EBITDA margin
IFRS 16 Pre-IFRS 16
RUB mln Q4 2021 Q4 2020 change, Q4 2021 Q4 2020 change,
y-o-y % y-o-y %
Gross profit 149,510 128,094 16.7 147,485 126,070 17.0
Gross profit margin, % 24.6 24.2 38 b.p. 24.3 23.8 43 b.p.
SG&A (excl. D&A&I, LTI, share-based payments and the effect of the (88,590) (75,437) 17.4 (113,211) (98,514) 14.9
Karusel transformation)
% of revenue 14.6 14.3 32 b.p. 18.6 18.6 0 b.p.
Net impairment losses on financial assets 73 39 87.2 73 39 87.2
% of revenue 0.012 0.007 0 b.p. 0.012 0.007 0 b.p.
Lease/sublease and other income (excl. the effect of the Karusel 6,469 5,307 21.9 6,147 4,377 40.4
transformation)
% of revenue 1.1 1.0 6 b.p. 1.0 0.8 18 b.p.
Adj. EBITDA 67,462 58,003 16.3 40,494 31,972 26.7
Adj. EBITDA margin, % 11.1 11.0 13 b.p. 6.7 6.0 62 b.p.
LTI, share-based payments and other one-off remuneration payment expenses and (516) 1,185 n/m (516) 1,185 n/m
SSC
% of revenue 0.1 (0.2) 31 b.p. 0.1 (0.2) 31 b.p.
Effect of the Karusel transformation 150 (534) - 150 (534) -
% of revenue (0.0) 0.1 (13) b.p. (0.0) 0.1 (13) b.p.
EBITDA 67,095 58,654 14.4 40,127 32,623 23.0
EBITDA margin, % 11.0 11.1 (5) b.p. 6.6 6.2 44 b.p.
IFRS 16 Pre-IFRS 16
RUB mln FY 2021 FY 2020 change, FY 2021 FY 2020 change,
y-o-y % y-o-y %
Gross profit 561,317 494,620 13.5 553,363 487,223 13.6
Gross profit margin, % 25.5 25.0 45 b.p. 25.1 24.6 47 b.p.
SG&A (excl. D&A&I, LTI, share-based payments and the effect of the (314,017) (267,605) 17.3 (410,205) (356,838) 15.0
Karusel transformation)
% of revenue 14.2 13.5 71 b.p. 18.6 18.0 56 b.p.
Net impairment losses on financial assets (154) (251) (38.6) (154) (251) (38.6)
% of revenue 0.007 0.013 (1) b.p. 0.007 0.013 (1) b.p.
Lease/sublease and other income (excl. the effect of the Karusel 23,877 17,737 34.6 21,193 15,882 33.4
transformation)
% of revenue 1.1 0.9 19 b.p. 1.0 0.8 16 b.p.
Adj. EBITDA 271,023 244,501 10.8 164,197 146,016 12.5
Adj. EBITDA margin, % 12.3 12.4 (7) b.p. 7.4 7.4 7 b.p.
LTI, share-based payments and other one-off remuneration payment expenses and (3,011) (345) 772.8 (3,011) (345) 772.8
SSC
% of revenue 0.1 0.0 12 b.p. 0.1 0.0 12 b.p.
Effect of the Karusel transformation (162) (534) (69.6) (162) (534) (69.9)
% of revenue 0.0 0.0 (2) b.p. 0.0 0.0 (2) b.p.
EBITDA 267,850 243,622 9.9 161,024 145,137 10.9
EBITDA margin, % 12.1 12.3 (17) b.p. 7.3 7.3 (3) b.p.
D&A&I
Depreciation, amortisation and impairment costs under IFRS 16 decreased as a
percentage of revenue by 73 b.p. year-on-year to 6.4% (down 23 b.p.
year-on-year to 3.5% pre-IFRS 16) in Q4 2021, totalling RUB 39,010 million
(RUB 21,117 million pre-IFRS 16). This was mainly driven by the optimisation
of the Company's refurbishment plan, which was partially offset by additional
impairment. In 2021, depreciation, amortisation and impairment costs under
IFRS 16 decreased by 16 b.p. year-on-year to 6.8% (increased by 2 b.p.
year-on-year to 3.5% pre-IFRS 16), totalling RUB 150,278 million (RUB 76,665
million pre-IFRS 16).
Non-operating gains and losses
IFRS 16 Pre-IFRS 16
RUB mln Q4 2021 Q4 2020 change, Q4 2021 Q4 2020 change,
y-o-y % y-o-y %
Operating profit 28,085 20,818 34.9 19,010 13,004 46.2
Net finance costs (14,956) (14,147) 5.7 (4,118) (4,187) (1.6)
Share of loss of associates - (5) n/m - (5) n/m
Net FX result (299) 1,112 n/m (41) 291 n/m
Profit before tax 12,830 7,778 65.0 14,851 9,103 63.1
Income tax expense (4,875) (6,048) (19.4) (5,281) (6,322) (16.5)
Net profit 7,955 1,730 359.8 9,570 2,781 244.1
Net profit margin, % 1.3 0.3 98 b.p. 1.6 0.5 105 b.p.
IFRS 16 Pre-IFRS 16
RUB mln FY 2021 FY 2020 change, FY 2021 FY 2020 change,
y-o-y % y-o-y %
Operating profit 117,572 105,717 11.2 84,359 76,785 9.9
Net finance costs (57,229) (56,636) 1.0 (16,569) (16,627) (0.3)
Share of loss of associates - (20) n/m - (20) n/m
Net FX result 399 (3,391) n/m 175 (913) n/m
Profit before tax 60,742 45,670 33.0 67,965 59,225 14.8
Income tax expense (18,004) (17,326) 3.9 (19,452) (20,045) (3.0)
Net profit 42,738 28,344 50.8 48,513 39,180 23.8
Net profit margin, % 1.9 1.4 51 b.p. 2.2 2.0 22 b.p.
Consolidated cash flow statement highlights
IFRS 16 Pre-IFRS 16
RUB mln Q4 2021 Q4 2020 change, Q4 2021 Q4 2020 change,
y-o-y, % y-o-y, %
Net cash from operating activities before changes in working capital 66,274 57,957 14.4 39,628 32,859 20.6
Change in working capital 31,415 5,163 508.5 31,582 4,621 583.4
Net interest and income tax paid (24,444) (27,063) (9.7) (13,632) (17,126) (20.4)
Net cash flows generated from operating activities 73,245 36,057 103.1 57,578 20,354 182.9
Adj. net cash used in investing activities(9) (25,615) (25,612) 0.0 (25,797) (25,612) 0.7
Short-term financial investments (50,000) - n/m (50,000) - n/m
Net cash generated from/(used in) financing activities 15,540 (2,114) n/m 31,389 13,589 131.0
Effect of exchange rate changes on cash and cash equivalents (5) 5 n/m (5) 5 n/m
IFRS 16 Pre-IFRS 16
RUB mln FY 2021 FY 2020 change, FY 2021 FY 2020 change,
y-o-y, % y-o-y, %
Net cash from operating activities before changes in working capital 265,528 240,801 10.3 161,387 144,312 11.8
Change in working capital 32,415 2,247 1,342.6 32,244 1,261 2,457.0
Net interest and income tax paid (70,481) (83,488) (15.6) (29,919) (43,570) (31.3)
Net cash flows generated from operating activities 227,462 159,560 42.6 163,712 102,003 60.5
Adj. net cash used in investing activities(9) (89,435) (84,314) 6.1 (90,295) (84,314) 7.1
Short-term financial investments (50,000) - n/m (50,000) - n/m
Net cash generated from/(used in) financing activities (81,890) (73,805) 11.0 (17,280) (16,248) 6.4
Effect of exchange rate changes on cash & cash equivalents (83) (35) 137.1 (83) (35) 137.1
Net increase in cash and cash equivalents 6,054 1,406 330.6 6,054 1,406 330.6
In Q4 2021, the Company's net cash from operating activities before changes in
working capital under IFRS 16 increased by RUB 8,317 million (up RUB 6,769
million under pre-IFRS 16) and totalled RUB 66,274 million (RUB 39,628 million
under pre-IFRS 16), reflecting business growth.
Net cash flow generated from operating activities under IFRS 16 totalled RUB
73,245 million in Q4 2021, up from RUB 36,057 million in Q4 2020 (RUB 57,578
million, up from RUB 20,354 million in Q4 2020 pre-IFRS 16), reflecting
business growth and optimisation of cash flow management.
In Q4 2021, adj. net cash used in investing activities, which generally
consists of payments for property, plant and equipment, under IFRS 16
increased immaterially and totalled RUB 25,615 million (totalled RUB 25,797
million under pre-IFRS 16). For 2021, adjusted net cash used in investing
activities under IFRS 16 increased to RUB 89,435 million (RUB 90,295 million
under pre-IFRS 16) from RUB 84,314 million (RUB 84,314 million under pre-IFRS
16) in 2020.
Net cash generated from financing activities under IFRS 16 totalled RUB 15,540
million (RUB 31,389 million pre-IFRS 16) in Q4 2021, compared with negative
RUB 2,114 million (positive RUB 13,589 million pre-IFRS 16) in Q4 2020. In
2021, net cash used in financing activities under IFRS 16 increased to RUB
81,890 million from RUB 73,805 million (and increased to RUB 17,280 million
from RUB 16,248 million pre-IFRS 16) in 2020.
Liquidity update
RUB mln 31-Dec-21 % of total 31-Dec-20 % of total 31-Dec-19 % of total
Total debt 294,338 261,947 227,933
Short-term debt 87,767 29.8% 77,026 29.4% 74,755 32.8%
Long-term debt 206,571 70.2% 184,921 70.6% 153,178 67.2%
Net debt (pre-IFRS 16) 268,276 241,939 209,331
Net debt/EBITDA (pre-IFRS 16) 1.67 1.67 1.71
Lease liabilities (IFRS 16) 577,363 548,501 484,795
Net debt/EBITDA (IFRS 16) 3.16 3.24 3.28
The Company's net debt/EBITDA ratio under IFRS 16 was 3.16x (1.67x pre-IFRS
16) as of 31 December 2021.
The Company's debt pre-IFRS 16 is 100% denominated in Russian roubles.
As of 31 December 2021, the Company had access to RUB 482,263 million in
available credit limits with major Russian and international banks.
Dividends
In view of the current difficult market conditions and the need to allocate
all resources towards supporting X5's ongoing operations, the Supervisory
Board recommends that X5 does not pay a final dividend for 2021. This decision
is guided by considerations that include X5's crucial role in providing food
retail services with over 19,000 stores across Russia; the growing focus on
supporting customers as inflation impacts their household budgets; and the
need to support suppliers through difficult times in order to maintain a
reliable supply chain and keep store shelves sufficiently stocked. The
Supervisory Board believes that successful execution of these priorities will
require financial resources, and that all stakeholders of the Company will
benefit in the long term from X5 strengthening its reputation as a reliable
partner for both customers and suppliers.
Issuance of audited 2021 Annual Report and financial statements
The Group expects a delay in the completion of the Dutch statutory audit of
the annual report due to additional procedures required for companies
operating in a primarily Russian environment. The date of release of the
audited financial statements and annual report will be communicated in due
course.
1. For details please see "Issuance of audited 2021 Annual Report and
financial statements".
2. Please note that, in this and other tables and in the text of this
press release, immaterial deviations in the calculation of % changes,
subtotals and totals are due to rounding.
3. The pre-IFRS 16 financial measures are calculated by adjusting the
applicable IFRS measures to include fixed lease expenses and fixed non-lease
components of lease contracts and to exclude any gain on derecognition of
right-of-use assets and lease liabilities, depreciation of right-of-use assets
and interest on lease liabilities and gain/loss from sale of asset under sale
and leaseback operations for the proportion of the rights retained recognised
under IFRS 16.
4. Net retail sales represent revenue from the operations of X5-managed
stores net of VAT. This number differs from revenue, which includes proceeds
from wholesale operations, direct franchisees (royalty payments) and other
revenue.
5. Adjusted EBITDA is EBITDA before costs related to the LTI programme,
share-based payments, other one-off remuneration payment expenses and the
impact of the Karusel transformation.
6. Including Vprok.ru Perekrestok dark stores and Chizhik stores
7. LFL comparisons of retail sales between two periods are comparisons
of retail sales in local currency (including VAT) generated by the relevant
stores. The stores that are included in LFL comparisons are those that have
operated for at least 12 full months. Their sales are included in the LFL
calculation starting from the day of the store's opening. We include all
stores that fit our LFL criteria in each reporting period
8. Mainly consists of lease/sublease income, income from the sale of
recyclable materials and other one-off gains
9. Adjusted for cash used for short-term financial investments
Note to Editors
X5 Retail Group N.V. (LSE and MOEX: FIVE; Fitch, BB+; Moody's, Ba1; S&P,
BB+; RAEX, ruAA+ as of 31 December 2021) is a leading Russian food retailer.
The Company operates proximity stores under the Pyaterochka brand, Perekrestok
supermarkets and Chizhik hard discounters. X5 provides an omnichannel
experience to its customers, integrating retail stores and e-commerce through
its businesses Vprok.ru Perekrestok, 5Post and Mnogo Lososya.
As of 31 December 2021, X5 had 19,121 Company-operated stores. It has the
leading market position in both Moscow and St Petersburg and a significant
presence in the European part of Russia. Its store base includes 17,972
Pyaterochka proximity stores, 990 Perekrestok supermarkets and 72 Chizhik hard
discounters. The Company operates 47 DCs and 4,654 Company-owned trucks across
the Russian Federation.
X5 is one of the largest employers in Russia. The Company employs over 340
thousand people.
For the full year 2021, revenue totalled RUB 2,204,819 million (USD 29,935
million*), EBITDA pre-IFRS 16 reached RUB 161,024 million (USD 2,186 million),
and net profit pre-IFRS 16 for the period amounted to RUB 48,513 million (USD
659 million).
X5's shareholder structure is as follows: CTF Holdings S.A., 47.86%;
Intertrust Trustees Ltd (Axon Trust), 11.43%; X5 directors, 0.10%; treasury
shares, 0.01%; shareholders with less than 3%, 40.60%.
Forward-looking statements:
This announcement includes statements that are, or may be deemed to be,
"forward-looking statements". These forward-looking statements can be
identified by the fact that they do not only relate to historical or current
events. Forward-looking statements often use words such as "anticipate",
"target", "expect", "estimate", "intend", "expected", "plan", "goal",
"believe", or other words of similar meaning.
By their nature, forward-looking statements involve risk and uncertainty
because they relate to future events and circumstances, a number of which are
beyond X5 Retail Group N.V.'s control. As a result, actual future results may
differ materially from the plans, goals and expectations set out in these
forward-looking statements.
Any forward-looking statements made by or on behalf of X5 Retail Group N.V.
speak only as of the date of this announcement. Save as required by any
applicable laws or regulations, X5 Retail Group N.V. undertakes no obligation
publicly to release the results of any revisions to any forward-looking
statements in this document that may occur due to any change in its
expectations or to reflect events or circumstances after the date of this
document.
For further details, please contact:
Maria Yazeva
Investor Relations Officer
Tel.: +7 (495) 662-88-88 ext. 13-147
e-mail: Maria.Yazeva@x5.ru
* FX rate: 73.6541 USD/RUB
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