22nd May 2008 07:20
X5 RETAIL GROUP TO HOLD THE AGM ON 16 JUNE 2008
Amsterdam, 22 May 2008 - X5 Retail Group N.V. (the "Company"), Russia's largest food retailer in terms of sales, invites its shareholders/holders of global depository receipts ("GDRs") to its annual general meeting of shareholders to be held at Prins Bernhardplein 200, 1097 JB Amsterdam, The Netherlands at 11.00 am CET on 16 June 2008 (hereinafter: the "AGM"). The record date for the AGM is 22 May 2008.
The key items that will be discussed at the AGM include the adoption of the financial statements for the financial year 2007, proposal to adjust the Employee Stock Option Plan in order to neutralise the economic effect of the Rights Offering completed in May 2008, and changes in the composition of the Supervisory Board, including the appointment of a new Supervisory Board member.
The Supervisory Board of X5 Retail Group proposes to the AGM to appoint Mr. Alexander Tynkovan as a third independent member of the Supervisory Board.
Mr. Tynkovan, a Russian citizen born in 1967 is the founder and CEO of M.Video, a leading Russian retail network for selling consumer electronics and home appliances with 13% of the federal market share. М.Video is the first and the only public company in its segment. Mr. Tynkovan graduated summa cum laude from the Moscow Power Engineering Institute, majoring in Aircraft Electric Equipment. Mr. Tynkovan has no shareholding in the Company.
Commenting on Mr. Tynkovan's nomination, Lev Khasis, Chief Executive Officer of X5 Retail Group N.V., said:
"I have known Alexander Tynkovan for many years and am sure that with his deep knowledge of Russian retail and proven track record in the industry Alexander will make an invaluable contribution to the overall development of X5 Retail Group. Moreover, the proposed appointment of a third independent Supervisory Board member will enable us to further enhance our corporate governance practices."
A copy of the agenda of the AGM (including the explanatory notes to the agenda) can be found at www.x5.ru.
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For further details please contact |
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Anna Kareva IR Director Tel.: +7 (495) 980-2729, ext. 22 162 e-mail: [email protected] |
Elena Cherkalova PR Manager Тел.: +7 (495) 950-5577 e-mail: [email protected] |
Note to Editors:
X5 Retail Group N.V. is Russia's largest food 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 of 31 March 2008, X5 had 731 Company managed soft discount stores located in Moscow (321), St. Petersburg (249) and other Russian areas (161), 183 Company managed supermarkets across Central Russia and Ukraine, including 108 stores in Moscow (Moscow region and Yaroslavl region), and 16 Company managed hypermarkets.
As of 31 March 2008, X5's franchisees operated 711 stores across Russia and 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 quarter 2008 surged 61% in USD terms and reached USD 1,775 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.
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