Last checked at 10 Jul 2008 07:30
X5 RETAIL GrouP N.V. REPORTS 61%* net RETAIL sales** GROWTH IN usd terms FOR THE FIRST HALF 2008
In THE FIRST HALF 2008 Karusel hypermarkets' sales surgeD 63% year-on-year IN usd terms
Amsterdam, 10 July 2008 - X5 Retail Group N.V., Russia's largest retailer in terms of revenue (LSE ticker: "FIVE"), published today its retail sales and expansion results for the second quarter and the first half of 2008.
| Q2 2008 Highlights | H1 2008 Highlights | |
| X5's net retail sales excluding Karusel totaled USD 1,968 mln - an increase of 60% year-on-year; Karusel's net retail sales surged 60% year-on-year to USD 307 mln; X5's LFL sales excluding Karusel increased 24%; Karusel's LFL sales growth totaled 33%; In Q2 2008 X5 added net 38 stores organically and further 23*** hypermarkets through the acquisition of Karusel; In Q2 2008 net addition of selling space through organic openings equaled 20.5 thousand sq.m., Karusel stores added further 132.0 thousand sq.m. in selling space. | X5's net retail sales excluding Karusel totaled USD 3,744 mln - an increase of 61% year-on-year; Karusel's net retail sales surged 63% year-on-year to USD 559 mln; X5's LFL sales excluding Karusel increased 27%; Karusel's LFL sales growth totaled 35%; As at 30 June 2008 X5 operated 991 stores, including 23 Karusel hypermarkets; As at 30 June 2008 X5's stores net selling area totaled 791.9 thousand sq.m., including 132.0 thousand sq.m. in selling space of Karusel hypermarkets. |
* Excluding Karusel
** Net retail sales represent revenue from operations of X5 managed stores excluding VAT. This number differs from total net sales that also include revenue from franchisees and other revenue. The total net sales number will be reported along with the H1 2008 financial results.
Numbers provided in this press-release are preliminary and unaudited.
For your convenience, we provide net retail sales for Q2 2007 and 2008 both excluding and including Karusel (on pro-forma basis). Q2 2007 numbers exclude results of operations of Korzinka, Strana Gerkulesia and Kama Retail.
*** One additional Karusel store was not included as it is currently operating in a test mode
Lev Khasis, X5 Retail Group CEO, commented:
"The second quarter was very busy and important period for X5 - we completed the acquisition of Formata and are pleased to report operating results both for X5 Retail Group and Karusel for the first time. The rest of the year will also be challenging time for the Company - in addition to aggressive expansion plans and continuous focus on performance of existing stores, we will need to invest a lot of efforts in integration of acquired Karusel hypermarkets.
Additional area of focus for us going forward will be close cooperation with the government on development of the new retail law. As the Chairman of Russian Association of Retail Companies I see it as my mission to ensure that the new law is designed to meet the interests of Russian consumers and to stimulate the development of the country's still very young retail sector."
Antonio Melo, X5 Retail Group Chief Operating Officer, added:
"We are pleased to report healthy sales results in the second quarter of the year, but we believe we could do better. We have identified certain areas for improvement, especially in regional supermarkets and hypermarkets where we plan to focus on enhancement of each store's value proposition and will work with the assortment to ensure that our product mix makes us different from competition and is tailored to meet every customer demand.
As planned, we have begun the integration of Karusel and already started stock taking in Karusel stores. In parallel, we are fine-tuning the initial integration plan based on the data we obtained after acquiring control. Also, given that we have purchased Karusel brand we will review our approach towards rebranding of the acquired stores - as soon as we finalize the necessary analysis, we will inform you of our decision."
X5 Retail Group plans to provide an update on the integration progress, inform of any changes in the integration plan, and its decision on rebranding along with the release of the Company's financial results for the first half 2008, which is scheduled for 28 August 2008. Simultaneously X5 will provide revised guidance for the year with our expectations on Karusel stores' performance and new hypermarket openings.
Net Retail Sales Performance
Net Retail Sales Dynamics by Format
|
| % change | % change | ||||
| USD mln | Q2 2008 | Q2 2007 | y-o-y | H1 2008 | H1 2007 | y-o-y |
| Hypermarkets | 134.9 | 90.4 | 49% | 263.7 | 167.2 | 58% |
| Supermarkets | 696.7 | 457.2 | 52% | 1,335.3 | 864.7 | 54% |
| Soft Discounters | 1,136.8 | 682.4 | 67% | 2,144.6 | 1,299.5 | 65% |
| Total excluding Karusel | 1,968.4 | 1,230.1 | 60% | 3,743.6 | 2,331.4 | 61% |
| Karusel Hypermarkets | 306.7 | 191.3 | 60% | 558.9 | 342.8 | 63% |
| Total including Karusel* | 2,275.1 | 1,421.4 | 60% | 4,302.6 | 2,674.2 | 61% |
|
| %change | % change | ||||
| RUR mln | y-o-y | y-o-y | ||||
| Hypermarkets | 3,190.5 | 2,341.8 | 36% | 6,313.5 | 4,360.0 | 45% |
| Supermarkets | 16,478.8 | 11,835.1 | 39% | 31,971.9 | 22,553.8 | 42% |
| Soft Discounters | 26,901.4 | 17,661.0 | 52% | 51,351.5 | 33,894.5 | 52% |
| Total excluding Karusel | 46,570.6 | 31,837.9 | 46% | 89,636.8 | 60,808.3 | 47% |
| Karusel Hypermarkets | 7,262.7 | 4,955.0 | 47% | 13,383.5 | 8,941.1 | 50% |
| Total including Karusel* | 53,833.4 | 36,792.9 | 46% | 103,020.3 | 69,749.4 | 48% |
* On pro-forma basis
Excluding Karusel, net retail sales for the second quarter 2008 increased by 60% in USD terms (46% in RUR terms) to USD 1,968 mln, translating into a 61% (47% in RUR terms) increase year-on-year to USD 3,744 mln for the first half 2008. Solid sales growth was mainly driven by strong performance of soft discounters in Moscow and the regions and healthy results reported by supermarkets in Moscow and St. Petersburg.
Karusel hypermarkets have demonstrated strong performance in the second quarter 2008, with net retail sales surging 60% year-on-year to USD 307 mln, resulting in a 63% year-on-year growth in the first half of the year (to USD 559 mln) on the back of impressing LFL results and contribution of new stores.
Including Karusel, net retail sales for the first half 2008 totaled USD 4,303 mln, a year-on-year increase of 61% in USD terms (on a pro-forma basis).
Gross Retail Sales Analysis*
Like-For-Like Stores Performance (please see Appendix I for detailed LFL performance)
| Q2 2008 |
| H1 2008 | |||||
| Based on RUR-denominated gross retail sales | Total LFL, % | Traffic, % | Basket, % | Total LFL, % | Traffic, % | Basket, % | |
| Hypermarkets | 18 | 1 | 17 | 23 | 8 | 15 | |
| Supermarkets | 25 | 6 | 19 | 30 | 11 | 19 | |
| Soft Discounters | 25 | 4 | 21 | 25 | 5 | 20 | |
| Total excluding Karusel | 24 | 4 | 20 | 27 | 7 | 20 | |
| Karusel Hypermarkets | 33 | 10 | 23 | 35 | 14 | 21 | |
| Total including Karusel*** | 26 | 5 | 21 | 28 | 7 | 21 | |
Gross Retail Sales Dynamics
|
| Q2 2008 | H1 2008 | ||||
| Based on RUR-denominated gross retail sales | LFL, % | Expansion, % | Total change %, excl. FX | LFL, % | Expansion, % | Total change %, excl. FX |
| Hypermarkets | 18 | 18 | 36 | 23 | 21 | 44 |
| Supermarkets | 25 | 14 | 39 | 30 | 12 | 42 |
| Soft Discounters | 25 | 27 | 52 | 25 | 26 | 51 |
| Total excluding Karusel | 24 | 22 | 46 | 27 | 21 | 48 |
| Karusel Hypermarkets | 33 | 13 | 46 | 35 | 15 | 50 |
| Total including Karusel*** | 26 | 20 | 46 | 28 | 20 | 48 |
| FX Effect | 14 | 13 | ||||
| Total change y-o-y, % |
|
| 60 |
|
| 61 |
* In this section all sales dynamics analysis is based on RUR-denominated gross sales (including VAT, excluding FX). Net sales RUR growth rates may immaterially differ due to effective VAT rate.
** Like-for-like comparisons of retail sales between two periods are comparisons of retail sales in local currency (including VAT) generated by the relevant stores. The stores that are included in like-for-like comparisons are those that have operated for at least twelve full months preceding the beginning of the last month of the reporting period. Their sales are included in like-for-like calculation starting from the first day of the month following the month of the store opening. The like-for-like comparison for each store takes into account retail sales generated by that store during the same months it was in operation in both the reporting period and the period of comparison. The retail sales of all the relevant stores in the relevant months are then aggregated and compared. Like-for-like sales are calculated on the basis of traffic and basket amounts of relevant stores in the period under review.
*** On pro-forma basis
For the second quarter 2008, LFL sales, excluding Karusel, surged 24% in RUR terms, composed of 4% increase in traffic and 20% increase in average basket. Expansion brought additional 22% in terms of growth. As a result, first half 2008 LFL sales increased by 27% with traffic growing by 7% and basket - by 20%, while 21% came from expansion.
During the first half of the year X5 continued to restrain prices growth and invest in its customer loyalty - in June 2008 product prices on X5's shelves increased on average by 13% year-on-year compared to officially reported CPI in Russia of 15.1% (June 2008 to June 2007).
Including Karusel, on a pro-forma basis second quarter 2008 LFL sales increased 26% in RUR terms on the back of 5% growth in traffic and 21% increase in average basket. Expansion added 20% in terms of growth. As a result, first half 2008 LFL sales (including Karusel) increased 28% (7% growth in traffic and 21% - in average basket) with additional 20% delivered by non-LFL stores.
X5 Hypermarkets
For the second quarter 2008, hypermarket sales increased 36%, excluding FX effect. This growth came as a result of an 18% increase in LFL sales with another 18% added by non-LFL stores. X5 hypermarkets performance in the second quarter was affected by remodeling process of two stores (in Moscow and in Lipetsk) in line with newly developed hypermarket concept, several regional stores underperformed as competitors opened their hypermarkets in the neighborhood. X5 believes that its new hypermarket concept is well designed to address this situation and continues to invest efforts in increasing its hypermarkets' appeal to customers by gradually introducing it in existing stores.
For the first half 2008, gross sales in the hypermarket format increased by 44% in RUR terms (LFL sales up 23%, non-LFL stores sales up 21%).
Supermarkets
For the second quarter 2008, supermarket sales grew by 39%, excluding FX effect, as a result of 25% surge in LFL sales and 14% coming from expansion. Impressively strong LFL results are due to outperformance of supermarkets located in Moscow and St. Petersburg, which reported healthy growth both in traffic and average basket.
For the first half 2008, gross sales in the supermarket format increased by 42% in RUR terms (LFL sales up 30%, non-LFL stores sales up 12%).
Soft Discounters
For the second quarter 2008 soft discounter sales grew by 52%, excluding FX effect, as a result of a 25% surge in LFL sales and 27% coming from expansion. The strongest LFL growth in the soft discounter format was demonstrated by regional stores (up 42%) underpinning success of the format in the regions, while flat traffic in St. Petersburg reflects highly competitive environment in the city (total LFL growth in soft discounters in St. Petersburg totaled 17%).
For the first half 2008, gross sales in the soft discounter format increased by 51% in RUR terms (LFL sales up 27%, new stores sales up 21%).
Karusel Hypermarkets
For the second quarter 2008 Karusel sales grew by 46%, excluding FX effect, as a result of a 33% surge in LFL sales and 13% coming from expansion. The strongest LFL sales growth was reported by Karusel stores located in St. Petersburg (35%), while the highest traffic growth was delivered by Karusel stores in the regions - plus 23%.
For the first half 2008, gross sales in Karusel hypermarkets increased by 50% in RUR terms (LFL sales up 35%, non-LFL stores sales up 15%).
Expansion
|
| As of | Net Added | Net Added | % change | ||
|
| 31-Dec-07 | 31-Mar-08 | 30-Jun-08 | in Q2 '08 | in H1 '08 | vs 31-Dec-07 |
| Selling Space, sq. m. |
|
|
|
|
|
|
| Hypermarkets | 59,963 | 64,111 | 65,187 | 1,076 | 5,224 | 9% |
| Supermarkets | 191,729 | 196,102 | 205,333 | 9,231 | 13,603 | 7% |
| Soft Discounters | 357,517 | 379,084 | 389,321 | 10,237 | 31,804 | 9% |
| Total excluding Karusel | 609,209 | 639,297 | 659,840 | 20,544 | 50,631 | 8% |
| Karusel Hypermarkets | - | - | 132,014 | 132,014 | 132,014 | |
| Total including Karusel | 609,209 | 639,297 | 791,854 | 152,558 | 182,645 | 30% |
| # of Stores |
| |||||
| Hypermarkets | 15 | 16 | 16 | - | 1 | 7% |
| Supermarkets | 179 | 183 | 190 | 7 | 11 | 6% |
| Soft Discounters | 674 | 731 | 762 | 31 | 88 | 13% |
| Total excluding Karusel | 868 | 930 | 968 | 38 | 100 | 12% |
| Karusel Hypermarkets | - | - | 23 | 23 | 23 | |
| Total including Karusel | 868 | 930 | 991 | 61 | 123 | 14% |
In the second quarter 2008, X5 Retail Group N.V. added organically net 38 stores, including 31 soft discounter and seven supermarkets with a total net selling space of 20.5 thousand sq.m. Karusel acquisition added 23 hypermarkets to X5's store network (132.0 thousand sq.m. in selling space). Altogether, during the first half 2008 X5 entered five new cities: Perm, Tver, Kaluga, Velikiy Novgorod and Izhevsk.
As a result, at 30 June 2008, X5 Retail Group N.V., operated 991 stores in total, consisting of 762 soft discounters, 190 supermarkets, and 39 hypermarket stores (including 23 Karusel hypermarkets), with the total net selling space of 791.9 thousand sq. m..
Franchisees Expansion and Buy-Out Update
In the second quarter 2008, in accordance with the agreement between X5 and the former owners of Pyaterochka franchisee in Chelyabinsk, X5 purchased further 24% in the company that operates Pyaterochka stores in Yekaterinburg and Chelyabinsk for approximately USD 11 million (the chain's sales for 2007 exceeded USD 160 million). As a result, X5's stake in the business increased to 75%. As per the agreement, X5 has an option to purchase the remaining 25% in 2009. Purchase price will be determined on the basis of the chain's sales for 2008.
Additionally, X5 signed a new franchising agreement with the Prodmag company (Ivanovo) to develop a chain of Pyaterocka stores in the Ivanovo and Kostroma regions. In accordance with the agreement, Prodmag is obliged to open no fewer than 30 Pyaterochka stores in the Ivanovo and Kostroma regions within two years. The parties have also signed a call option agreement enabling X5 to buy-out Prodmag's chain. The option is exercisable in 2011, which is in line with the Company's planned timing for entering these regions. Purchase price will depend on the chain's performance in 2010.
Overall, at the end of the first half 2008 the Company's franchisee store network totaled 710 stores across Russia and in Kazakhstan, including 8 Perekrestok and 702 Pyaterochka stores - these numbers take into account the buy out of 27 Kama-Retail's Pyaterochka stores that are now reported as Company-managed stores. X5 Retail Group does not consolidate franchisee stores' sales. The Group receives royalty payments from franchisees and reports them as other revenue.
Logistics Infrastructure Development
During the first half 2008 X5 Retail Group substantially increased its storage capacity - it added net four distribution centers (DCs) (one DC in Chelyabinsk was closed) with the total storage area of 45.1 thousand sq.m. As a result, as at 30 June 2008 the Group had 14 DCs totaling 188.8 thousand sq.m., including six DCs in Moscow (total storage space of 123.7 thousand sq.m.), three DCs in St. Petersburg (total storage space of 37.2 thousand sq.m.), one DC in Nizhniy Novgorod (storage space of 13.5 thousand sq.m.), one DC in Chelyabinsk (6.6 thousand sq.m.), one DC in Yekaterinburg (2.5 thousand sq.m.) one DC in Perm (3.6 thousand sq.m.) and one in Lipetsk (1.7 thousand sq.m.). Six Moscow-based DCs mentioned above include a distribution center in Lobnya (the Moscow region) with the storage area of 32.0 thousand sq.m., which X5 acquired in the second quarter 2008. This distribution center is currently under reconstruction and is planned for opening in October this year.
Karusel Integration and Outlook for 2008
X5 Retail Group N.V. has acquired operational control over Karusel hypermarkets on 27 June 2008 and has begun the integration process. X5 is revising its previously developed integration plan in line with more detailed and accurate information it obtained after the completion of the acquisition. Also, based on the fact that X5 has purchased Karusel brand, the Company now is evaluating all the pro's and con's of potential rebranding of acquired hypermarkets and might reconsider its initial approach.
As soon as the Company finalizes its analysis, it plans to provide the market with detailed information on the integration progress and inform of any changes to the initially announced integration plan, including its decision on rebranding. X5 also plans to provide updated guidance for the full year 2008 including expectations on performance of Karusel stores and new hypermarket openings. We expect to make such announcements along with the release of our first half 2008 financial results, which is currently scheduled for 28 August 2008.
As far as outstanding issues with former Formata (the owner of Karusel hypermarket chain) shareholders are concerned, as announced earlier, the Company is considering how best to resolve these issues and will keep the market updated of any developments in this respect.
Expected Changes in Financial Reporting
Starting from the second quarter 2008 X5 plans to introduce new reporting schedule based on limited audit reviews on a quarterly basis and one full-scope yearly audit.
Appendices
LFL Store Performance by Format and Region
Net Retail Sales Performance by Region
Average Ticket and Number of Customers
Net Selling Space Addition by Format and Region
Net Store Addition by Format and Region
Financial Calendar for 2008
| For further details please contact | |
| Anna Kareva IR Director Tel.: +7 (495) 502-9751 e-mail: anna.kareva@x5.ru | Elena Cherkalova PR Manager Тел.: +7 (495) 950-5577 e-mail: elena.cherkalova@x5.ru |
Note to Editors:
X5 Retail Group
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.
Appendix I: LFL Store Performance by Format and Region*
|
| Q2 2008 |
| H1 2008 | |||||
|
| Total LFL, % | Traffic, % | Basket, % |
| Total LFL, % | Traffic, % | Basket, % | |
| Moscow & the Moscow Region | ||||||||
| Hypermarkets | 23 | 4 | 19 | 25 | 6 | 19 | ||
| Supermarkets | 30 | 8 | 22 | 34 | 13 | 21 | ||
| Soft Discounters | 31 | 6 | 25 | 32 | 7 | 25 | ||
| Total excluding Karusel | 30 | 6 | 24 | 33 | 9 | 24 | ||
| Karusel Hypermarkets | 27 | 3 | 24 | 29 | 6 | 23 | ||
| Total including Karusel** | 30 | 6 | 24 | 33 | 9 | 24 | ||
|
| ||||||||
| St. Petersburg & North-West | ||||||||
| Hypermarkets | - | - | - | - | - | - | ||
| Supermarkets | 30 | 12 | 18 | 31 | 15 | 16 | ||
| Soft Discounters | 17 | - | 17 | 16 | - | 16 | ||
| Total excluding Karusel | 18 | 1 | 17 | 17 | 2 | 15 | ||
| Karusel Hypermarkets | 35 | 10 | 25 | 36 | 13 | 23 | ||
| Total including Karusel** | 23 | 2 | 21 | 23 | 3 | 20 | ||
|
| ||||||||
| Regions | ||||||||
| Hypermarkets | 14 | - | 14 | 21 | 8 | 13 | ||
| Supermarkets | 11 | -1 | 12 | 15 | 4 | 11 | ||
| Soft Discounters | 42 | 16 | 26 | 45 | 19 | 26 | ||
| Total excluding Karusel | 17 | 5 | 12 | 22 | 10 | 12 | ||
| Karusel Hypermarkets | 31 | 23 | 8 | 34 | 30 | 4 | ||
| Total including Karusel** | 18 | 5 | 13 | 23 | 10 | 13 | ||
|
| ||||||||
| X5 Retail Group | ||||||||
| Hypermarkets | 18 | 1 | 17 | 23 | 8 | 15 | ||
| Supermarkets | 25 | 6 | 19 | 30 | 11 | 19 | ||
| Soft Discounters | 25 | 4 | 21 | 25 | 5 | 20 | ||
| Total excluding Karusel | 24 | 4 | 20 | 27 | 7 | 20 | ||
| Karusel Hypermarkets | 33 | 10 | 23 | 35 | 14 | 21 | ||
| Total including Karusel** | 26 | 5 | 21 | 28 | 7 | 21 | ||
* Based on RUR-denominated gross sales (including VAT, excluding FX). Net sales RUR growth rates may immaterially differ due to effective VAT rate.
Like-for-like comparisons of retail sales between two periods are comparisons of retail sales in local currency (including VAT) generated by the relevant stores. The stores that are included in like-for-like comparisons are those that have operated for at least twelve full months preceding the beginning of the last month of the reporting period. Their sales are included in like-for-like calculation starting from the first day of the month following the month of the store opening. The like-for-like comparison for each store takes into account retail sales generated by that store during the same months it was in operation in both the reporting period and the period of comparison. The retail sales of all the relevant stores in the relevant months are then aggregated and compared. Like-for-like sales are calculated on the basis of traffic and basket amounts of relevant stores in the period under review.
** On pro-forma basis
Appendix II: Net Retail Sales Performance by Region
|
|
|
| % change |
|
| % change |
| USD mln | Q2 2008 | Q2 2007 | y-o-y | H1 2008 | H1 2007 | y-o-y |
| Moscow & the Region | 1,073.0 | 683.2 | 57% | 2,053.2 | 1,302.5 | 58% |
| St. Petersburg & North-West | 509.7 | 357.3 | 43% | 976.1 | 684.9 | 43% |
| Other Regions | 385.7 | 189.6 | 103% | 714.3 | 344.0 | 108% |
| Total excluding Karusel | 1,968.4 | 1,230.1 | 60% | 3,743.6 | 2,331.4 | 61% |
| Karusel Moscow Region | 66.0 | 41.2 | 60% | 114.2 | 67.0 | 71% |
| Karusel St. Petersburg & NW | 206.9 | 135.0 | 53% | 387.4 | 249.7 | 55% |
| Karusel Regions | 33.7 | 15.1 | 123% | 57.3 | 26.1 | 119% |
| Total Karusel | 306.7 | 191.3 | 60% | 558.9 | 342.8 | 63% |
| Total including Karusel* | 2,275.1 | 1,421.4 | 60% | 4,302.6 | 2,674.2 | 61% |
|
| % change | % change | ||||
| RUR mln | y-o-y | y-o-y | ||||
| Moscow & the Region | 25,382.3 | 17,681.5 | 44% | 49,162.6 | 33,971.9 | 45% |
| St. Petersburg & North-West | 12,056.0 | 9,245.0 | 30% | 23,371.0 | 17,864.0 | 31% |
| Other Regions | 9,132.4 | 4,911.3 | 86% | 17,103.2 | 8,972.4 | 91% |
| Total excluding Karusel | 46,570.6 | 31,837.9 | 46% | 89,636.8 | 60,808.3 | 47% |
| Karusel Moscow Region | 1,566.3 | 1,069.2 | 46% | 2,735.5 | 1,747.4 | 57% |
| Karusel St. Petersburg & NW | 4,897.0 | 3,494.7 | 40% | 9,276.8 | 6,512.6 | 42% |
| Karusel Regions | 799.4 | 391.1 | 104% | 1,371.2 | 681.1 | 101% |
| Total Karusel | 7,262.7 | 4,955.0 | 47% | 13,383.5 | 8,941.1 | 50% |
| Total including Karusel* | 53,833.4 | 36,792.9 | 46% | 103,020.3 | 69,749.4 | 48% |
* On pro-forma basis
Appendix III: Average Ticket and Number of Customers
|
| Q2 2008 | Q2 2007 | % change, y-o-y | H1 2008 | H1 2007 | % change, y-o-y |
| Average Ticket, RUR | ||||||
| Hypermarkets | 453.6 | 391.2 | 16% | 448.5 | 395.1 | 14% |
| Supermarkets | 341.8 | 296.5 | 15% | 340.5 | 299.5 | 14% |
| Soft Discounters | 239.1 | 208.6 | 15% | 239.1 | 209.1 | 14% |
| Total excluding Karusel | 277.8 | 244.0 | 14% | 277.9 | 244.9 | 13% |
| Karusel Hypermarkets | 681.8 | 565.1 | 21% | 666.4 | 558.6 | 19% |
| Total including Karusel* | 302.0 | 264.3 | 14% | 300.7 | 264.0 | 14% |
| Average Ticket, USD | ||||||
| Hypermarkets | 19.2 | 15.1 | 27% | 18.7 | 15.1 | 24% |
| Supermarkets | 14.5 | 11.5 | 26% | 14.2 | 11.5 | 24% |
| Soft Discounters | 10.1 | 8.1 | 25% | 10.0 | 8.0 | 25% |
| Total excluding Karusel | 11.7 | 9.4 | 25% | 11.6 | 9.4 | 24% |
| Karusel Hypermarkets | 28.8 | 21.8 | 32% | 27.8 | 21.4 | 30% |
| Total including Karusel* | 12.8 | 10.2 | 25% | 12.6 | 10.1 | 24% |
| # of Customers | ||||||
| Hypermarkets | 8.0 | 6.9 | 17% | 16.1 | 12.7 | 27% |
| Supermarkets | 55.1 | 45.6 | 21% | 107.3 | 85.8 | 25% |
| Soft Discounters | 127.8 | 96.3 | 33% | 244.1 | 184.4 | 32% |
| Total excluding Karusel | 191.0 | 148.8 | 28% | 367.6 | 282.8 | 30% |
| Karusel Hypermarkets | 12.2 | 10.0 | 21% | 23.0 | 18.3 | 25% |
| Total including Karusel* | 203.2 | 158.8 | 28% | 390.5 | 301.1 | 30% |
* On pro-forma basis
Appendix IV: Net Selling Space Addition by Format and Region
|
| As of | Net Added | Net Added | % change | ||||
| Selling Space, sq. m. | 31-Dec-07 | 31-Mar-08 | 30-Jun-08 | in Q2 '08 | in H1 '08 | vs 31-Dec-07 | ||
| Moscow & the Moscow Region | ||||||||
| Hypermarkets | 17,189 | 17,189 | 18,259 | 1,070 | 1,070 | 6% | ||
| Supermarkets | 107,554 | 110,370 | 111,234 | 864 | 3,680 | 3% | ||
| Soft Discounters | 175,101 | 180,330 | 181,335 | 1,005 | 6,234 | 4% | ||
| Total excluding Karusel | 299,845 | 307,890 | 310,829 | 2,939 | 10,984 | 4% | ||
| Karusel Hypermarkets | - | - | 16,977 | 16,977 | 16,977 | |||
| Total including Karusel | 299,845 | 307,890 | 327,805 | 19,916 | 27,961 | 9% | ||
| St. Petersburg & North-West | ||||||||
| Hypermarkets | - | - | - | - | - | |||
| Supermarkets | 24,061 | 23,633 | 23,628 | -5* | -433 | -2% | ||
| Soft Discounters | 135,006 | 137,273 | 143,477 | 6,204 | 8,471 | 6% | ||
| Total excluding Karusel | 159,067 | 160,906 | 167,105 | 6,199 | 8,038 | 5% | ||
| Karusel Hypermarkets | - | - | 93,467 | 93,467 | 93,467 | |||
| Total including Karusel | 159,067 | 160,906 | 260,572 | 99,666 | 101,505 | 64% | ||
| Regions | ||||||||
| Hypermarkets | 42,774 | 46,922 | 46,928 | 6* | 4,154 | 10% | ||
| Supermarkets | 60,114 | 62,098 | 70,470 | 8,372 | 10,356 | 17% | ||
| Soft Discounters | 47,410 | 61,481 | 64,508 | 3,028 | 17,098 | 36% | ||
| Total excluding Karusel | 150,298 | 170,501 | 181,907 | 11,406 | 31,609 | 21% | ||
| Karusel Hypermarkets | - | - | 21,570 | 21,570 | 21,570 | |||
| Total including Karusel | 150,298 | 170,501 | 203,477 | 32,976 | 53,179 | 35% | ||
|
| ||||||||
| X5 Retail Group | ||||||||
| Hypermarkets | 59,963 | 64,111 | 65,187 | 1,076 | 5,224 | 9% | ||
| Supermarkets | 191,729 | 196,102 | 205,333 | 9,231 | 13,603 | 7% | ||
| Soft Discounters | 357,517 | 379,084 | 389,321 | 10,237 | 31,804 | 9% | ||
| Total excluding Karusel | 609,209 | 639,297 | 659,840 | 20,544 | 50,631 | 8% | ||
| Karusel Hypermarkets | - | - | 132,014 | 132,014 | 132,014 | |||
| Total including Karusel | 609,209 | 639,297 | 791,854 | 152,558 | 182,645 | 30% | ||
* Adjustment
Appendix V: Net Store Addition by Format and Region
|
| As of | Net Added | Net Added | % change | ||||
| # of Stores | 31-Dec-07 | 31-Mar-08 | 30-Jun-08 | in Q2 '08 | in H1 '08 | vs 31-Dec-07 | ||
| Moscow & the Moscow Region | ||||||||
| Hypermarkets | 4 | 4 | 4 | - | - | 0% | ||
| Supermarkets | 105 | 108 | 109 | 1 | 4 | 4% | ||
| Soft Discounters | 309 | 321 | 334 | 13 | 25 | 8% | ||
| Total excluding Karusel | 418 | 433 | 447 | 14 | 29 | 7% | ||
| Karusel Hypermarkets | - | - | 4 | 4 | 4 | |||
| Total including Karusel | 418 | 433 | 451 | 18 | 33 | 8% | ||
| St. Petersburg & North-West | ||||||||
| Hypermarkets | - | - | - | - | - | |||
| Supermarkets | 19 | 18 | 18 | - | -1 | -5% | ||
| Soft Discounters | 244 | 249 | 259 | 10 | 15 | 6% | ||
| Total excluding Karusel | 263 | 267 | 277 | 10 | 14 | 5% | ||
| Karusel Hypermarkets | - | - | 15 | 15 | 15 | |||
| Total including Karusel | 263 | 267 | 292 | 25 | 29 | 11% | ||
|
| ||||||||
| Regions | ||||||||
| Hypermarkets | 11 | 12 | 12 | - | 1 | 9% | ||
| Supermarkets | 55 | 57 | 63 | 6 | 8 | 15% | ||
| Soft Discounters | 121 | 161 | 169 | 8 | 48 | 40% | ||
| Total excluding Karusel | 187 | 230 | 244 | 14 | 57 | 30% | ||
| Karusel Hypermarkets | - | - | 4 | 4 | 4 | |||
| Total including Karusel | 187 | 230 | 248 | 18 | 61 | 33% | ||
| X5 Retail Group | ||||||||
| Hypermarkets | 15 | 16 | 16 | - | 1 | 7% | ||
| Supermarkets | 179 | 183 | 190 | 7 | 11 | 6% | ||
| Soft Discounters | 674 | 731 | 762 | 31 | 88 | 13% | ||
| Total excluding Karusel | 868 | 930 | 968 | 38 | 100 | 12% | ||
| Karusel Hypermarkets | - | - | 23 | 23 | 23 | |||
| Total including Karusel | 868 | 930 | 991 | 61 | 123 | 14% | ||
Appendix VI: Financial Calendar for 2008
| Date | Event |
| 10 July 2008 | Q2 & H1 2008 Trading Update Release |
| 28 August 2008, TBC | Q2 & H1 Financial Results Release |
| 9 October 2008, TBC | Q3 2008 Trading Update Release |
| 25 November 2008, TBC | Q3 2008 Financial Results Release |