14th Nov 2008 07:00
VTB TO PROVIDE FINANCING TO X5 RETAIL GROUP IN THE AMOUNT OF UP TO RUR 7 BILLION
Amsterdam, 14 November 2008 - X5 Retail Group N.V., Russia's largest retailer in terms of sales (LSE ticker: "FIVE"), announced today that an agreement has been reached with VTB to provide RUR 7 billion in financing to X5 Retail Group within the framework of the Russian government initiatives aimed at supporting the country's retail industry. The financing will be provided in the form of a revolving credit line for a total amount of RUR 7 billion open for 1.5 years.
X5 Retail Group CEO Lev Khasis commented:
«We welcome the initiatives of the government to support Russian retail, which along with financing imply long-term measures aimed at promoting the development of the industry. Financing provided to leading retailers, which are source of liquidity to thousands of producers and service needs of millions of Russian consumers, should help to minimize the consequences of the financial crisis».
He also added:
«An agreement reached with VTB is an important step on the way to expanding our relationship with the bank and we plan to continue our fruitful cooperation».
|
For further details please contact |
|
|
Anna Kareva IR & PR Director Tel.: +7 (495) 792-3511 e-mail: [email protected] |
Svetlana Vitkovskaya Head of PR Department Tel.: +7 (495) 950-55-77, ext. 31140 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 September 2008, X5 had 1,027 Company-managed stores located in Moscow, St. Petersburg and other regions of European Russia, Urals and Ukraine, including 794 soft discount stores, 191 supermarkets and 42 hypermarkets.
As of 30 September 2008, X5's franchisees operated 684 stores across Russia.
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.
For the first nine months of 2008, X5 Retail Group N.V.'s net retail sales including acquired Karusel stores on pro-forma basis totaled USD 6,479 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