REG - X5 Retail Group N.V - X5 GROUP 2021 NET SALES INCREASE 11.4%

X5 Retail NVAnnouncement

21/01/2022 07:05

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RNS Number : 1627Z  X5 Retail Group N.V.  21 January 2022

X5 GROUP 2021 NET SALES INCREASE 11.4%

DIGITAL BUSINESS NET SALES UP 140.0%

 

FY 2021 HIGHLIGHTS

·    +11.4 % y-o-y total net sales increased by RUB 225.1 billion

o 5.1% increase in like-for-like (LFL(1)) sales

o 6.3% contribution to sales growth from a 7.3% rise in selling space

·    RUB 47.9 BLN digital business net sales(2)

o 140.0% y-o-y growth

o 4.0% of revenue in Moscow and the Moscow region vs. 2.2% X5 average

o +1.4 p. p. to the annual consolidated revenue growth rate

·    +11.7 % y-o-y net offline retail sales for Pyaterochka

·    +10.2 % y-o-y net offline retail sales for Perekrestok

·    +1,366 net new stores in 2021

o 990 proximity stores and 47 supermarkets (incl. 12 Karusel stores
transferred to Perekrestok) were refurbished in line with the new concepts

·    72 Chizhik stores as of December 2021. The new hard discounter
format, Chizhik, delivered positive results, with sales density(3) at RUB 427
thousand per square metre, which is 62% higher than the proximity format

 

Q4 2021 HIGHLIGHTS

·    +14.9 % y-o-y total net sales increased by RUB 78.4 billion

o 9.0% increase in LFL1 sales

o 5.9% contribution to sales growth from a 7.3% rise in selling space

·    RUB 16.2 BLN digital businesses revenue

o Express delivery service's and Vprok.ru Perekrestok's revenue rose by 3
times and +23.1%, respectively

o +1.5 p.p. to the consolidated revenue growth rate

·    +16.0 % y-o-y net offline retail sales for Pyaterochka

·    +8.6 % y-o-y net offline retail sales for Perekrestok

·    +425 net new stores in Q4 2021

o 64 proximity stores and 20 supermarkets (incl. 4 Karusel stores transferred
to Perekrestok) were refurbished in line with the new concepts, which continue
to show

a positive customer response.

·    95.8 ths average number of total daily orders in December for
Vprok.ru Perekrestok and express delivery services from Pyaterochka and
Perekrestok stores

 

Amsterdam, 21 January 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 announces its
preliminary consolidated net retail sales and operational results for the
fourth quarter (Q4) and full year (FY) ended 31 December 2021(4).

 

X5 Chief Executive Officer Igor Shekhterman said:

 

"X5 Group continued to deliver strong results for FY 2021: total net sales in
FY 2021 rose by 11.4% to RUB 2.2 trillion, while net offline sales at
Pyaterochka and Perekrestok, increased by 11.7% and 10.2% year-on-year,
respectively. At the same time, our new hard discounter format Chizhik is
performing above our expectations, delivering significantly higher sales
densities than our other formats. This year we will continue active
development of Chizhik and plan to open around 300 stores in 9 Russian
regions.

 

"Digital businesses saw net sales rise by 140% year-on-year to RUB 47.9
billion, reflecting the rapid roll-out of express delivery services, growth of
Vprok.ru Perekrestok's online hypermarket business, the integration of Mnogo
Lososya dark kitchens and 5Post's continued expansion. 5Post reached positive
EBITDA in 2021.

 

"The macro situation in Russia's food market remains challenging, with a
combination of inflation putting pressure on consumers, strong competition
from pure online players and consolidation of offline players. At the same
time, X5's strategy of strengthening the existing business while preparing for
the future of retail mean we are well positioned to address these challenges
while maintaining margins and delivering value to our customers, employees,
partners and shareholders.

 

"We believe that our continued focus on efficiency will enable us to drive
profitability, including thanks to digitalisation projects that will have an
estimated RUB 20 billion positive impact on 2021 EBITDA. At the same time,
investments in our media platform Food.ru and the launch of X5 Bank financial
services have enabled us to be present across all stages of the customer
journey in food, helping us to compete more effectively with a full range of
new and existing food market peers.

 

"Trading in January has remained strong: in 2022 year-to-date, X5's net retail
sales increased by 14.9% year-on-year (16.2% y-o-y for Pyaterochka and 12.2%
y-o-y for Perekrestok) with LFL sales growth of 8.6% (9.3% for Pyaterochka and
5.8% for Perekrestok). Our digital businesses also continued to demonstrate
strong growth dynamics: Vprok.ru Perekrestok sales increased by 45%
year-on-year, 5Post revenue increased by 2.5 times y-o-y and Mnogo Lososya
GMV((5)) almost tripled year-on-year.

 

"We expect the Q4 and FY 2021 EBITDA margins to be at least at the level of
2020, which together with increased efficiency of working capital will support
the generation of strong free cash flow."

 

Net Sales Performance

Sales of offline and digital businesses(6)

 RUB mln                        Q4 2021  Q4 2020  change     FY 2021    FY 2020    change

                                                  y-o-y, %                         y-o-y, %
 Pyaterochka                    486,449  419,338  16.0       1,779,567  1,592,576  11.7
 Perekrestok                    93,861   86,398   8.6        337,391    306,218    10.2
 Karusel                        6,987    12,818   (45.5)     31,723     55,662     (43.0)
 Chizhik                        1,854    50       37x        2,940      50         59x
 Offline net sales              589,151  518,605  13.6       2,151,621  1,954,506  10.1
 Vprok.ru Perekrestok(7)        5,765    4,683    23.1       18,651     13,183     41.5
 Express delivery               8,971    3,368    3x         25,678     6,112      4x
 5Post (e-comm last mile)       1,111    371      3x         2,615      683        4x
 Mnogo Lososya                  397      -        n/a        999        0          n/a
 Digital businesses' net sales  16,244   8,421    92.9       47,943     19,978     140.0
 Total net sales                605,395  527,026  14.9       2,199,564  1,974,484  11.4

 

Net retail sales(8) by format (including express delivery, but excluding
Vprok.ru Perekrestok and 5Post sales)

 RUB mln                                   Q4 2021  Q4 2020  change     FY 2021    FY 2020    change

                                                             y-o-y, %                         y-o-y, %
 Pyaterochka                               491,290  421,558  16.5       1,793,676  1,597,174  12.3
 Perekrestok (excl. Vprok.ru Perekrestok)  97,986   87,544   11.9       348,941    307,730    13.4
 Karusel                                   6,993    12,818   (45.5)     31,742     55,662     (43.0)
 Chizhik                                   1,854    50       37x        2,940      50         59x
 Mnogo Lososya                             397      -        n/a        999        -          n/a
 Net retail sales                          598,519  521,971  14.7       2,178,298  1,960,618  11.1

 

Q4 & FY 2021 LFL store performance by format, % change y-o-y(9)

              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

 

Q4 2021 monthly net RUB sales by format, % change y-o-y

                           October 2021  November 2021  December 2021
 Pyaterochka               17.2          17.8           13.5
 Perekrestok               9.3           7.0            9.4
 Karusel                   (43.1)        (45.7)         (46.9)
 Chizhik                   218x          35x            27x
 Offline business total    14.8          15.0           11.5
 Vprok.ru Perekrestok      27.3          18.7           23.7
 Express delivery          3x            3x             2x
 5Post (e-comm last mile)  3x            3x             3x
 Digital businesses total  114.5         90.6           81.2
 Total                     16.1          16.2           12.7

 

Average Ticket and Number of Customer Visits(10)

Q4 & FY 2021 average ticket and customer visits by offline format

                      Q4 2021  Q4 2020  change     FY 2021  FY 2020  change

                                        y-o-y, %                     y-o-y, %
 Average Ticket, RUB
 Pyaterochka          438.5    406.7    7.8        409.2    393.4    4.0
 Perekrestok          683.6    650.4    5.1        626.0    624.6    0.2
 Karusel              1,198.9  1,025.4  16.9       1,016.6  948.1    7.2
 Chizhik              358.2    455.5    (21.4)     567.8    455.5    24.7
 X5 Group             469.2    440.8    6.4        437.5    425.0    2.9
 # of Customers, mln
 Pyaterochka          1,284.6  1,190.3  7.9        5,028.8  4,661.8  7.9
 Perekrestok          163.8    153.6    6.6        636.5    562.4    13.2
 Karusel              6.8      14.4     (53.0)     36.0     67.5     (46.6)
 Chizhik              5.9      0.1      48x        5.9      0.1      48x
 X5 Group             1,461.9  1,358.4  7.6        5,708.0  5,291.9  7.9

 

Q4 2021 average monthly ticket and customer visits by offline format, % change
y-o-y

                 October 2021          November 2021     December 2021
 Average Ticket
 Pyaterochka     8.7                   1.3               7.1
 Perekrestok     5.2                   (8.1)             4.6
 Karusel         18.9                  (5.4)             14.6
 Chizhik         18.6                  (4.1)             43.2
 X5 Group        7.6                   (0.2)             6.0
 # of Customer Visits
 Pyaterochka     7.9                   15.9              7.0
 Perekrestok     7.7                   19.9              7.7
 Karusel         (51.8)                (42.3)            (53.2)
 Chizhik         188x                  36x               19x
 X5 Group        7.5                   16.1              6.8

 

Expansion Dynamics

Selling space and # of stores by format

                As at       As at       change vs

                30-Dec-21   31-Dec-20   31-Dec-20, %
 Selling Space, square metres
 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((9))  8,409,757   7,840,055   7.3
 # of Stores
 Pyaterochka    17,972      16,709      7.6
 Perekrestok    990         933         6.1
 Karusel        33          56          (41.1)
 Chizhik        72          4           18x
 Mnogo Lososya  48          -           n/a
 X5 Group(11)   19,121      17,707      8.0

 

Selling space and # of stores added by format

                  Net Added   Net Added   change,    Net Added  Net Added  change,

                  Q4 2021     Q4 2020     y-o-y, %   FY 2021    FY 2020    y-o-y, %
 Selling Space, square metres
 Pyaterochka      138,886     126,683     9.6        506,866    566,475    (10.5)
 Perekrestok      18,194      35,852      (49.3)     85,046     135,103    (37.1)
 Karusel          (5,008)     (3,216)     55.7       (94,056)   (141,958)  (33.7)
 Chizhik          12,464      980         13x        19,347     980        20x
 Mnogo Lososya    1,066       -           n/a        4,992      -          n/a
 X5 Group((9))    193,774     160,300     20.9       569,702    600,938    (5.2)
 Net # of Stores
 Pyaterochka      372         324         14.8       1,263      1,355      (6.8)
 Perekrestok      10          28          (64.3)     57         85         (32.9)
 Karusel          (1)         (1)         0.0        (23)       (35)       (34.3)
 Chizhik          43          4           11x        68         4          17x
 Mnogo Lososya    8           -           n/a        48         -          n/a
 X5 Group(12)     433         355         22.0       1,414      1,410      0.3

 

Digital Businesses' Performance

                         Q4 2021  Q4 2020  change     FY 2021  FY 2020  change

                                           y-o-y, %                     y-o-y, %
 Vprok.ru Perekrestok
 GMV(13), RUB mln        6,824    5,525    23.5       22,074   15,471   42.7
 Number of orders, ths   1,477    1,295    14.1       4,706    3,618    30.1
 Average ticket, RUB     4,454    4,121    8.1        4,533    4,142    9.4
 Express Delivery
 GMV, RUB mln            10,799   4,013    3x         30,790   7,152    4x
 Number of orders, ths   6,418    2,500    3x         19,183   4,324    4x
 Average ticket, RUB     1,607    1,552    3.6        1,533    1,614    (5.0)
 5Post
 Net sales, RUB mln      1,111    371      3x         2,615    683      4x
 Number of parcels, ths  12,203   3,722    3x         26,994   6,829    4x
 Mnogo Lososya
 GMV, RUB mln            491      -        n/a        1,220    -        n/a
 Number of orders, ths   284      -        n/a        744      -        n/a
 Average ticket, RUB     1,728    -        n/a        1,640    -        n/a

 

Key Drivers of Q4 2021 Results

External environment

§ Food inflation stood at 10.8% in Q4 2021 (8.1% in Q3 2021), peaking at
10.9% in October. Weakened supply and strong demand supported the increase in
prices. Food producers (meat, milk, bakery products, fruit and vegetables)
continued to face higher raw material and labour costs.

§ Income growth among the population was predominantly driven by an increase
in salaries. Strong labour demand supported wage growth (up 8.8% in October)
and employment at the level of year-end 2019. In November, unemployment
reached a historical low of 4.3% for the second time, and the number of
unemployed hit a record low of just 3.2 million.

§ Food turnover in real terms slowed to 2.7% and 2.2% year-on-year in October
and November, respectively, compared with 2.8% and 3.1% year-on-year in August
and September, respectively. The slowdown was due to strong growth in food
prices, uneven income growth and the end of the one-off effect of budget
payments to households.

§ In Q4 2021, the Bank of Russia increased the key rate by 1.75 p.p. to 8.5%.
Central Bank key rate increases is expected to continue in 2022.

 

Loyalty programmes

§ X5 continued to develop its loyalty card programmes. In total, X5's three
retail formats had 62.6 million active14 loyalty card users in Q4 2021, up
3.2% year-on-year despite the negative impact of the Karusel downsizing.
Loyalty card penetration in sales in December reached 85% at Pyaterochka, 88%
at Perekrestok and 93% at Karusel. The average ticket of customers with a
loyalty card was more than double the average ticket of customers without a
loyalty card at Pyaterochka in Q4 2021.

 

Offline business development

§ Pyaterochka's offline net sales increased by 16.0% year-on-year, with LFL
sales growth at 9.8% in Q4 2021, supported by the lockdown measures at the end
of October and beginning of November as well as LFL performance in the
format's 4,501 new-concept stores, which is 4 p.p. higher compared with
old-concept stores. LFL traffic increased by 1.7% year-on-year, while the LFL
basket increased by 8.0% year-on-year in Q4 2021, reflecting normalised
customer behaviour. The network continued to expand, with 397 new stores in Q4
2021 and 1,437 new stores in 2021 (on a gross basis), in line with plans to
open c. 1,400 stores on a gross basis in 2021. The number of closures remained
at a low level of 25 in Q4 2021 and 174 in 2021, which reflects the increased
quality of new openings.

§ Perekrestok's offline net sales increased by 8.6% year-on-year in Q4 2021,
with LFL sales growth at 6.0% in Q4 2021, affected by COVID-related
restrictions, as approximately half of Perekrestok supermarkets are located in
shopping malls, which were closed while lockdown restrictions were in place in
Q4 2021. The format's 223 refurbished Perekrestok stores demonstrated LFL
performance that was 11 p.p. higher than the old-concept stores. Perekrestok
continued its selling space expansion with 18 new stores in Q4 2021 and 80 new
stores in 2021 (on a gross basis).

§ In Q4 2021, Karusel's offline net sales decreased by 45.5%, driven by
downsizing as part of the format's transformation programme, with LFL sales
down by 8.0% mainly due to activities in some of the remaining Karusel stores
preparing for their closures.

§ Chizhik's net sales increased by 37 times year-on-year in Q4 2021. The
network accelerated its expansion in Q4 2021, opening 43 new stores during the
period and reaching 72 stores as of 31 December 2021.

 

Expansion and retail portfolio improvement

§ Sixty-four Pyaterochka stores were refurbished in line with the new concept
in Q4 2021, in addition to 390 gross new-concept stores opened (990 and 1,408,
respectively, in FY 2021). The total number of stores operating under the new
concept reached 4,501, or 25% of the Pyaterochka store base, as of 31 December
2021. The new-concept stores continue to demonstrate higher LFL sales growth
as well as 1.3 times higher NPS compared with Pyaterochka's average.

§ Sixteen Perekrestok supermarkets were opened following refurbishment, and
four Karusel hypermarkets were transformed into Perekrestok supermarkets in Q4
2021 (35 and 12, respectively, in FY 2021). As of 31 December 2021, 223
supermarkets, or 23% of the Perekrestok store base, were operating under the
new concept.

§ In 2021, as part of the Company's ongoing rationalisation programme, X5
closed 174 proximity stores, 23 supermarkets and 23 hypermarkets (12 of which
were transferred to Perekrestok). In Q4 2021, X5 closed 25 proximity stores,
eight supermarkets and one hypermarket.

§ Six distribution centres with total space of 98 thousand square metres were
launched in 2021. In Q4 2021, X5 opened two 3PL distribution centres in Moscow
(8 thousand square metres) and Izhevsk (10 thousand square metres) and one 2PL
distribution centre in Orenburg to serve Pyaterochka's offline format.

 

Digital business development

§ In Q4 2021, X5 digital services had a total of 26.8 million MAUs, an
increase of 78% year-on-year.

§ The external environment in the e-grocery segment continued to be very
competitive, with many technology players promoting their services with
significant marketing budgets.

§ The combined GMV of Vprok.ru Perekrestok and express delivery services in
Q4 2021 reached RUB 17.6 billion, up 85% year-on-year, including VAT and
gross of promo codes and bonuses. Expansion of express delivery services
contributed 84% of this growth, with 16% coming from the online hypermarket
Vprok.ru Perekrestok.

§ Total digital business revenue (including Vprok.ru Perekrestok, express
delivery, 5Post and Mnogo Lososya) grew 92.9% year-on-year in Q4 2021 and
contributed 1.5 p.p. to the consolidated quarterly revenue growth rate of
14.9%. Vprok.ru Perekrestok and express delivery successfully fulfilled more
than 136 thousand orders on peak days in December.

§ Digital business net sales as a share of X5's consolidated net sales saw
the fastest growth in Moscow and the Moscow region, where the share of digital
sales for Q4 2021 reached 4.7%, compared with an average 2.4% contribution to
the total sales for X5 Group.

§ X5 continues the rapid expansion of express delivery services from
Pyaterochka proximity stores and Perekrestok supermarkets. In Q4 2021, total
revenue of express delivery services increased by three times year-on-year. As
of 31 December 2021, express delivery service was available from 1,611 stores
(923 Pyaterochka stores, 30 Pyaterochka dark stores, 655 Perekrestok
supermarkets and 3 Karusel hypermarkets) in 50 regions, compared with 991
stores and 13 regions a year earlier. In Q4 2021, the number of orders for
express delivery was 69.8 thousand per day (including Okolo), with a delivery
time of c. 60 minutes and an average ticket of RUB 1,527 at Pyaterochka and
RUB 1,775 at Perekrestok, up 4% and 1% year-on-year, respectively. The daily
number of fulfilled orders during Q4 2021 peaked in December at 114 thousand
on the busiest days.

§ In addition to five large dark stores (three in Moscow, one in St
Petersburg, one in Nizhny Novgorod), Vprok.ru Perekrestok opened the first
small dark store in Moscow to provide fast delivery service to its customers.
In Q4 2021, Vprok.ru Perekrestok's revenue increased by 23.1% year-on-year.
The total number of Vprok.ru Perekrestok orders increased by 14% year-on-year
and reached 1.5 million in Q4 2021. The average number of daily orders in Q4
2021 reached 16.1 thousand. The average Vprok.ru Perekrestok basket in Q4 2021
increased by 8.1% year-on-year, reflecting further expansion in the assortment
to 72 thousand SKUs.

§ In Q4 2021, 5Post's e-commerce delivery service revenue increased by three
times year-on-year. Orders fulfilled by 5Post reached 12.2 million in Q4 2021,
with over 22 thousand pickup points in operation, including over 5 thousand
multi-parcel lockers. Parcel lockers and pickup points in stores generate
additional LFL traffic of up to 2%-3%.

§ The Mnogo Lososya ready-to-eat digital service, which became part of X5
Group in late March 2021, continued expanding. As of the end of December, it
was operating 50 dark kitchens (including two franchisees), compared with 42
dark kitchens at the end of September. In Q4 2021, Mnogo Lososya's net sales
reached RUB 397 million, up 31.9% quarter-on-quarter with an average ticket of
RUB 1,728 in Q4 2021

 

 

(1)   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 LFL
calculations starting from the day of the store's opening. We include all
stores that fit our LFL criteria in each reporting period.

(2)   Vprok.ru Perekrestok, express delivery, 5Post and Mnogo Lososya

(3)   Calculated as net retail sales over the last 12 months divided by the
average selling space at the end of each quarter starting at the beginning of
the period.

(4)   Numbers in this press release are preliminary and have not been
reviewed or audited by the Company's auditor.

(5)   Including all sales channels

(6)   In the tables and text of this press release, immaterial deviations in
the calculation of percentage change, subtotals and totals are due to
rounding.

(7)   Excluding other revenue (marketing).

(8)   Net retail sales represent revenue from operations of X5-managed
stores net of VAT. This number differs from revenue, which also includes
proceeds from direct franchisees (royalty payments) and other revenue, which
will be reported as part of X5's Q4 and FY 2021 financial results.

(9)   Excluding Vprok.ru Perekrestok.

(10) Excluding Vprok.ru Perekrestok.

(11) Including Vprok.ru Perekrestok dark stores.

(12) Including Vprok.ru Perekrestok dark stores.

(13) GMV is the value of delivered orders at their final prices (incl. VAT),
gross of promo-codes and bonuses applied.

(14) Customers who made at least one purchase during the last quarter.

(15) FX rate: 72.1464 USD / RUB

(16) FX rate: 74.0073 USD / RUB

 

Note to Editors:

X5 Retail Group N.V. (LSE and MOEX: FIVE; Fitch, BB+; Moody's, Ba1; S&P,
BB+; RAEX, ruAA+) 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 4,480 Company-owned trucks across
the Russian Federation.

 

X5 is one of the largest employers in Russia. The Company employs over 335
thousand people.

 

For the full year 2020, revenue totalled RUB 1,978,026 million (USD 27,417
million(15)), EBITDA pre-IFRS 16 reached RUB 145,137 million (USD 2,012
million), and net profit pre-IFRS 16 for the period amounted to RUB 39,180
million (USD 543 million). In 9M 2021, revenue totalled RUB 1,597,289 million
(USD 21,583 million(16)), adjusted EBITDA pre-IFRS 16 reached RUB 123,703
million (USD 1,671 million), and net profit pre-IFRS 16 amounted to RUB 38,943
million (USD 526 million).

 

X5's shareholder structure is as follows: CTF Holdings S.A., 47.86%; The 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 (mailto:Maria.Yazeva@x5.ru)

 

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