21st Aug 2008 16:30
Moody's AFFIRMS ITS B1 Rating ON X5 RETAIL GROUP
Amsterdam, 21 August 2008 - X5 Retail Group N.V. ("X5" or the "Company"), Russia's largest retailer in terms of sales (LSE ticker: "FIVE"), announces today that Moody's has affirmed its corporate family rating for the Company at B1. Outlook was changed to stable. Moody's Interfax Rating Agency has also affirmed the Company's A1.ru national scale rating.
As stated in the rating agency's press-release, "Moody's recognizes the Company's strong operating performance, its high organic and acquisition-related growth, ability of managing acquisitions, and a continuous strengthening of its leading positions in the Russian retail market…" Moody's also noted that it has "a positive view with regard to X5's growth strategy".
The agency explained that the change in outlook to stable from positive was mainly prompted by its view that "the Company's rapid growth strategy and respective large investments will postpone its de-leveraging…"
|
For further details please contact |
|
|
Anna Kareva IR Director Tel.: +7 (495) 502-9751 e-mail: [email protected] |
Elena Cherkalova PR Manager Теl.: +7 (495) 950-5577 e-mail: [email protected] |
Note to Editors:
X5 Retail Group N.V. is Russia's largest retailer in terms of sales. The Company was created as a result of a merger between Pyaterochka (soft discounter chain) and Perekrestok (supermarket chain) on 18 May 2006.
As at 30 June 2008, X5 operated 991 store located in Moscow, St. Petersburg, other regions of European Russia and the Urals, as well as in Ukraine. X5's multiformat store network comprises 762 soft discount stores under "Pyaterochka" brand, 190 supermarkets under "Perekrestok" brand and 39 hypermarkets under "Karusel" and "Perekrestok" brands.
As of 30 June 2008, X5's franchisees operated 710 stores across Russia and in Kazakhstan.
X5's net sales for the full year 2007 reached USD 5,320 mln, an increase of 53% year-on-year. Gross profit for the period totaled USD 1,404 mln, EBITDA amounted to USD 479 mln. Full year 2007 net income reached USD 144 mln.
X5 Retail Group N.V.'s net retail sales for the first half 2008 surged 61% in USD terms and reached USD 3,744 mln (excluding Karusel). Including Karusel on pro-forma basis the Company's net retail sales for the first half 2008 totaled USD 4,303 mln.
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 at 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.
Related Shares:
X5 Retail