X5 Retail Group N.V. Releases Audited H1 2007 Results
24 Sep 2007
Amsterdam, 24 September 2007 – Further to the preliminary results announcement on 17 September, X5 Retail Group N.V. (the “Group”), Russia's largest food retailer in terms of sales, today publishes its audited financial results for the first half of 2007.
- Net sales increased by 49% to US$ 2,348 million, which represents an acceleration of growth in comparison to 43% in H1 2006 (pro forma, not including Merkado store operations).
- Gross profit increased to US$ 617 million, up 53% vs. H1 2006.
- Gross profit margin increased from 25.6% to 26.3%.
- EBITDA, including new ESOP launch costs of US$ 22 million, increased to US$ 212 million, or 74% increase vs. H1 2006 (EBITDA before new ESOP launch costs increased to US$ 234 million).
-
Profit before tax grew to US$ 93 million to 3.9% of Net sales vs. US$ 33 million or 3.7% in the same period in 2006.
-
Net income, including new ESOP costs, more than doubled to US$ 41 million, up from US$ 19 million in H1 2006.
Commenting on today’s announcement, Vitaliy Podolskiy, Group CFO stated:
“Our audited results confirm the strong performance of the Group in the First Half, with revenue and Gross profit growth maintaining high levels and positive profitability trends. Strong results were also recorded in Gross Profit and EBITDA, despite the effect of number of one-off factors, related to restructuring of borrowings, ESOP launch, tax structure and depreciation costs. However, underlying business performance for the Second Half remains very strong and we look forward to reporting our Full Year results in due course.”
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.
|
