21st Jul 2008 08:26
S&P AFFIRMS ITS BB- RATING WITH STABLE OUTLOOK ON X5 RETAIL GROUP
Amsterdam, 21 July 2008 - X5 Retail Group N.V. ("X5" or the "Company"), Russia's largest food retailer in terms of sales (LSE ticker: "FIVE"), announces today that Standard & Poor's has affirmed its long-term corporate credit rating on the Company at BB- with Stable outlook.
In its report S&P has stated that the rating is supported, among other factors, by the Company's leading position in the growing Russian food retail market, economies of scale and prudent cost management. The rating agency noted that the Company's aggressive growth results in an increasing need for capital.
Standard & Poor's has commented positively on the Company's liquidity position stating that "X5's liquidity is supported by growing cash flow generation, a comfortable debt maturity profile, and the flexibility provided by the largely discretionary nature of the Group's capital investment requirements".
|
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 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 at 30 June 2008, X5 had 991 Company-managed stores located in Moscow, St. Petersburg and other regions of European Russia, Urals and Ukraine, including 762 soft discount stores, 190 supermarkets and 39 hypermarkets.
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