Last checked at 19 Jan 2010 07:02
2009 Net Retail Sales grow 25%(1) on pro-forma(2) and 33% on CONSOLIDATION(3) basis in RUR Terms;
X5 continues to deliver industry-beating LFL PERFORMANCE:
2009 LFL SALES surge 10% on 5% customer traffic growth;
271 stores or 189 thousand square metres of selling space added in 2009 on net basis(4)
Amsterdam, 19 January 2010 - X5 Retail Group N.V., Russia's largest retailer in terms of revenue (LSE ticker: "FIVE"), announced today its retail sales and operational performance for the quarter and year ended 31 December 2009.
| Q4 2009 Highlights | FY 2009 Highlights | |
| Net retail sales increased 23% year-on-year in RUR terms to RUR 78,567 mln or 11% in USD terms to USD 2,621 mln (incl. RUR devaluation effect of approximately 12%); X5's LFL sales grew 7% in RUR terms year-on-year, supported by 5% traffic growth; Discounters' customer traffic surged 12%, resulting in a 16% year-on-year increase in Pyaterochka's LFL sales; 155 stores (100 thousand sq.m. of selling space) were added on a net basis, including the acquisition of 82 Paterson stores (63 thousand sq.m.); | Consolidated(3) net retail sales increased 33% year-on-year in RUR terms to RUR 275,183 mln or 4% in USD terms to USD 8,675 mln; On a pro-forma(2) basis, net retail sales grew 25% year-on-year in RUR terms and declined 2% in USD terms (incl. RUR devaluation effect of approximately 27%); X5's LFL sales grew 10% in RUR terms year-on-year on the back of 5% traffic growth; 271 stores (189 thousand sq.m. of selling space) were added on a net basis, including the acquisition of Paterson; Total warehouse space increased by 118 thousand sq. m. on a net basis; |
At 31 December 2009 X5 operated 1,372 stores (1,063 thousand sq.m. in selling space), including 1,039 discounters, 275 supermarkets and 58 hypermarkets;
The Company had 23 DCs at year-end (309 thousand sq.m in warehouse space), delivering a supply centralisation rate of 61%.
| 2010 Outlook |
Assuming stabilisation of the macro-economic environment, in 2010 X5 expects to deliver net sales growth comparable to 2009 pro-forma level(5). Actual top line performance will depend on inflationary trends and the timing of a recovery in the consumer spending;
X5 confirms its expansion and CapEx outlook for 2010 as announced on 30 November 2009:
- Net new store additions:
Hypermarkets - 7-10 stores,
Supermarkets - approximately 15 stores,
Discounters - 200-250 stores;
- Capital expenditures of up to RUR 18 bln.
_________________________________________
(1) Numbers provided in this press-release are preliminary and unaudited.
(2) Including Karusel's business on pro-forma basis, i.e. from 1 January 2008. Acquired Paterson stores' results are included only for December 2009.
(3) Including acquired Karusel's business and acquired Paterson's business on consolidation basis, i.e. from 30 June 2008 and from 1 December 2009, respectively, when the acquisitions were completed.
(4) Including 82 acquired Paterson stores (63 thousand sq.m. of selling space).
(5) Including Paterson for December in 2009 and for full year in 2010.
Lev Khasis, X5 Retail Group CEO, commented: "X5 met its 25% revenue growth target for 2009 and delivered the highest like-for-like sales increases of any Russian retailer. With many retailers weakened by the economic downturn, X5 responded aggressively to win customers with superior offerings and strengthen its leadership in all regions of operations.
"Fourth quarter trading results were strong despite trading down by consumers, thanks particularly to targeted New Year's and Christmas promotions in December and continued focus on price and assortment. We clearly benefited from our multi-format strategy and the phenomenal customer appeal of discounters.
"We also took advantage of weaker market conditions in 2009 to accelerate new store openings well in excess of plan and acquire assets at attractive prices - while staying within our disciplined investment limit. X5 also made great progress in developing logistics infrastructure to enhance operational efficiency and competitiveness. We secured at least one distribution centre in each region of our operations and achieved a supply centralisation rate of 61%, substantially exceeding our target of 57% for 2009, and we now expect further improvement to 67% in 2010.
"The new retail law that comes into effect in February 2010 creates certain restrictions for modern retailers in terms of expansion. The impact on X5, however, will be limited to St. Petersburg, where we are by far the market leader. We will continue to deliver strong growth through like-for-like sales increases and new store openings, with plans for stepped-up organic expansion in 2010. We believe the new supplier relationship rules restrict suppliers rather than retailers in their ability to promote goods, and X5 will continue to focus on giving customers superior value and assortment to outperform the competition.
"We are encouraged by the latest upturn in Rostat's consumer confidence index. The Company begins 2010 in an excellent position to drive growth and efficiency while benefiting from future economic recovery."
Net Retail Sales(1) Performance
Net Retail Sales Dynamics by Format (pro-forma(2))
|
|
|
| % change |
|
| % change |
| USD mln | Q4 2009 | Q4 2008 | y-o-y | FY 2009 | FY 2008 | y-o-y |
| Hypermarkets | 521.6 | 449.0 | 16% | 1,687.9 | 1,678.0 | 1% |
| Supermarkets | 662.7(3) | 709.0 | (7%) | 2,307.1(3) | 2,701.8 | (15%) |
| Soft Discounters | 1,433.9(4) | 1,207.1 | 19% | 4,676.4(4) | 4,464.0 | 5% |
| Online | 3.1 | - | n/a | 3.1 | - | n/a |
| Total Net Retail Sales | 2,621.4 | 2,365.1 | 11% | 8,674.5 | 8,843.8 | (2%) |
| RUR mln | ||||||
| Hypermarkets | 15,662.8 | 12,155.7 | 29% | 53,545.7 | 41,707.4 | 28% |
| Supermarkets | 19,776.9(3) | 19,237.0 | 3% | 73,188.2(3) | 67,154.4 | 9% |
| Soft Discounters | 43,028.7(4) | 32,640.1 | 32% | 148,349.8(4) | 110,953.1 | 34% |
| Online | 98.8 | - | n/a | 98.8 | - | n/a |
| Total Net Retail Sales | 78,567.3 | 64,032.8 | 23% | 275,182.5 | 219,815.0 | 25% |
_________________________________________
(1) Net retail sales represent revenue from operations of X5 managed stores and online sales excluding VAT. Online sales are consolidated from October 2009 and are included in both Q4 and full year results. Net retail sales figure differs from total net sales, which also includes royalty payments from franchisees and other revenue.
(2) Including Karusel's business on pro-forma basis, i.e. from 1 January 2008. Acquired Paterson stores' results are included only for December 2009.
(3) Figures for Q4 and full year 2009 include December net sales of 57 acquired Paterson stores (classified by X5 as supermarkets) in the amount of RUR 794 mln or USD 25 mln.
(4) Figures for Q4 and full year 2009 include December net sales of 25 acquired Paterson stores (classified by X5 as discounters) in the amount of RUR 208 mln or USD 7 mln.
X5 net retail sales for the fourth quarter of 2009 reached RUR 78,567 mln, a year-on-year increase of 23% in RUR terms, or USD 2,621 mln, a year-on-year increase of 11% in USD terms. This translates into full year net retail sales of RUR 275,183 mln or USD 8,675 mln - an increase of 25% in RUR and a decline of 2% in USD terms. Please note that 2009 figures include Paterson on consolidation basis, i.e. they include sales of 82 acquired Paterson stores for December 2009 only. Additional information on Paterson is provided in Acquisition of Paterson section of this press release and Appendix V to this press release.
Gross Retail Sales(1) Analysis
Like-For-Like(2) Store Performance (see Appendix I for detailed LFL performance)
| Q4 2009 | FY 2009 | |||||
| Based on RUR-denominated gross retail sales | Total LFL, % | Traffic, % | Basket, % | Total LFL, % | Traffic, % | Basket, % |
| Hypermarkets | 5 | (1) | 6 | 7 | - | 7 |
| Supermarkets | (7) | (9) | 2 | - | (4) | 4 |
| Soft Discounters | 16 | 12 | 4 | 17 | 10 | 7 |
| X5 Retail Group Total | 7 | 5 | 2 | 10 | 5 | 5 |
Gross Retail Sales Dynamics
|
| Q4 2009 | FY 2009 | |||||||
| Based on RUR-denominated gross retail sales | LFL % | Organic Expansion % | Paterson Acquisition(3)% | Total change % | LFL % | Organic Expansion % | Paterson Acquisition(3) % | Total change % | |
| Hypermarkets | 5 | 24 | - | 29 | 7 | 21 | - | 28 | |
| Supermarkets | (7) | 6 | 4 | 3 | - | 8 | 1 | 9 | |
| Soft Discounters | 16 | 15 | 1 | 32 | 17 | 17 | - | 34 | |
| Total Gross Retail Sales | 7 | 14 | 2 | 23 | 10 | 15 | - | 25 | |
| FX Effect | (12) | (27) | |||||||
| Total change %, incl. FX | 11 | (2) | |||||||
X5's LFL sales in the fourth quarter 2009 increased 7% in RUR terms, driven by a 5% increase in customer traffic and a 2% increase in average basket. This translated into 10% LFL sales growth for the full year with traffic and basket both up 5%. Organic expansion of selling space in 2009 plus contributions from 2008 stores not included in the LFL calculation accounted for the balance of the full year retail sales increase of 25%. As the acquisition of Paterson was completed in December 2009, it had only a slight effect on full year sales.
_________________________________________
(1) 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.
(2) Like-for-like (LFL) 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 LFL 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 LFL calculation starting from the first day of the month following the month of the store opening.
Please note that acquired Paterson stores are not included in X5's LFL calculations for Q4 and full year 2009 as X5 did not operate Paterson stores until the acquisition in December 2009. Information on the acquisition of Paterson and Paterson's stand-alone performance is provided in Acquisition of Paterson section of this press release and Appendix V to this press release.
(3) Including Paterson's sales only for December 2009.
LFL Sales Performance
2009 was a tough year for Russian consumers and X5 did its utmost to ensure product affordability. We adjusted assortment to fit the times and invested in our customer value propositions in line with X5's "close-to-the-customer" pricing policy. As a result, we succeeded in restraining price increases below the rate of inflation: Prices on X5's shelves in December 2009 were on average 5.7% higher compared to December 2008, while Russia's official food inflation rate was 6.1% over the same period. Staying close to our customers in good times and bad drove market share gains and industry-beating like-for-like sales performance throughout the year.
Exceptionally strong LFL performance was led by the phenomenal success of soft discounters. Pyaterochka outperformed the competition in the weak macro environment, attracting new customers and strengthening positions across regions thanks to Pyaterochka's "lowest price in the market on 100% of assortment" brand promise.
Supermarkets' performance was affected by consumer trading down, especially in the regions that have been significantly influenced by the economic downturn. At the same time, X5's supermarkets benefited from weakened competition and further gained market share among format players. X5 will continue reinforcing its leadership position in supermarkets to benefit from future economic recovery.
Hypermarkets performed in line with expectations, with gradual LFL performance improvement during 2009, not only in Moscow but also in the regions. Consumer recognition of Karusel's "wide choice and a low price" promise is growing thanks to a relaunch of the brand, repositioning of the value proposition and campaigns to educate customers about the appeals of X5 hypermarkets.
Expansion
| As of | Rebranding | Closings | Paterson | Net Added | % change | |||
|
| 31-Dec-08 | 31-Dec-09 | FY 2009 | FY 2009 | Acquisition | Q4 2009 | FY 2009 | vs 31-Dec-08 |
| Selling Space, sq. m. |
|
|
|
|
|
|
| |
| Hypermarkets | 232,462 | 285,581 | - | - | - | 10,734 | 53,119 | 23% |
| Supermarkets | 222,362 | 284,359 | (4,092) | (2,435) | 50,027 | 57,593 | 61,996 | 28% |
| Soft Discounters | 419,207 | 493,016 | 4,092 | (6,065) | 13,051 | 31,895 | 73,809 | 18% |
| X5 Retail Group Total | 874,032 | 1,062,956 | - | (8,500) | 63,077 | 100,222 | 188,925 | 22% |
| # of Stores | ||||||||
| Hypermarkets | 46 | 58 | - | - | - | 3 | 12 | 26% |
| Supermarkets | 207 | 275 | (5) | (3) | 57 | 65 | 68 | 33% |
| Soft Discounters | 848 | 1,039 | 5 | (16) | 25 | 87 | 191 | 23% |
| X5 Retail Group Total | 1,101 | 1,372 | - | (19) | 82 | 155 | 271 | 25% |
In the fourth quarter 2009, X5 added a net 73 stores organically with total net selling space of 37 thousand sq.m. In addition, we purchased 82 stores with total net selling space of 63 thousand sq.m. through the Paterson acquisition, which X5 completed in December 2009. Overall, in 2009 X5 added 271 stores or 189 thousand sq.m. of selling space on a net basis, including acquired Paterson stores. Since the beginning of the year X5 has rebranded five supermarkets as discounters and closed a total of 19 stores (three supermarkets and 16 discounters), in order to maximise the efficiency of its store portfolio.
At year-end X5 was present in 45 cities of European Russia and the Urals, and also in Ukraine, and operated 1,372 stores in total (1,063 thousand sq.m. in selling space). This includes 1,039 discounters, 275 supermarkets and 58 hypermarkets.
Acquisition of Paterson
In December 2009 X5 completed the acquisition of Paterson supermarket chain, purchasing 100% of the business and assets of Paterson for a price of USD 189.5 million (equity value) and assuming Paterson's net debt in the amount of approximately USD 85 million.
As a result of the transaction, X5 acquired 82 operating stores located in Moscow, the Moscow region, St. Petersburg, Kazan and other cities of European Russia and Urals. Net selling space of the acquired stores totals 63 thousand sq.m., while total space amounts to 145 thousand sq.m., approximately 20% of which is owned. Paterson's net retail sales for full year 2009 totaled RUR 10,415 mln or USD 328 mln.
Paterson is an excellent strategic and operational fit for X5 and offers attractive value for the Company's shareholders. This acquisition reinforces X5's number one position in supermarkets, providing high quality locations in key geographic markets with strong demographics for this format. X5 expects to realize significant synergies from the rebranding and operational integration of Paterson stores, with strong upside potential in sales density, profitability and cash flow generation.
X5 has started the integration process recently. Based on current estimates, X5 plans to integrate 57 Paterson stores as supermarkets under the Pererkrestok brand, and 25 smaller stores as soft discounters under the Pyaterochka brand. A few stores are under review with regard to X5's financial criteria. While X5 will need to close Paterson stores temporarily for rebranding and IT systems upgrades, it expects to finalize the integration by mid-2010.
For additional information on the transaction and Paterson's stand-alone operational performance please see our press releases dated 25 November and 4 December 2009 and Appendix V to this press release.
Franchisee Relationship Update
As at 31 December 2009 the Company's franchisee store network totaled 620 stores across Russia, including 549 discounters (Pyaterochka), 52 convenience stores (Perekrestok-Express) and 19 supermarkets (Paterson).
Logistics Infrastructure Development
During 2009 X5 Retail Group expanded its warehouse capacity by a net 118.1 thousand sq.m. We opened six new food DCs in the Moscow and Perm regions, St. Petersburg, Voronezh, Rostov-on-Don and Kazan. We also launched our first national non-food Distribution Centre (DC) in the Moscow region (25.6 thousand sq.m.), and expanded storage capacity of existing DCs in the Moscow region, St. Petersburg, Nizhny Novgorod, Chelyabinsk and Samara. The Company closed two small DCs in Perm and one small DC in Lipetsk.
As a result, at 31 December 2009 the Group operated 23 DCs in 11 cities with overall warehouse capacity of 309.1 thousand sq.m. The Company's supply centralisation rate totaled 61% for 2009 (versus initial target of 57%). This increases X5's opportunities to drive future gains in efficiency and competitiveness and support execution of our long-term strategy for market leadership.
| Warehouse space, '000 sq. m. | # of DCs | |||||
| Region | 31-Dec-08 | 31-Dec-09 | Net Added in 2009 | 31-Dec-08 | 31-Dec-09 | Net Added in 2009 |
| Central | 109.1 | 153.9 | 44.8 | 6 | 8 | 2 |
| North-West | 44.5 | 65.1 | 20.6 | 4 | 5 | 1 |
| Volgo-Vyatsky | 13.5 | 17.5 | 4.0 | 1 | 1 | - |
| Urals | 18.2 | 21.8 | 3.6 | 5 | 4 | (1) |
| Centralno-Chernozemny | 2.4 | 11.8 | 9.4 | 2 | 2 | - |
| Sredne-Volzhsky | 3.3 | 13.4 | 10.1 | 1 | 1 | - |
| South | - | 12.6 | 12.6 | - | 1 | 1 |
| Privolzhsky | - | 13.1 | 13.1 | - | 1 | 1 |
| X5 Retail Group Total | 191.0 | 309.1 | 118.1 | 19 | 23 | 4 |
Appendices
LFL Store Performance by Format and Region
Net Retail Sales Performance by Region
Average Ticket and Number of Customers
Net Store Addition by Format and Region
Paterson Operational Performance
Financial Calendar for 2010
| For further details please contact | ||
| Anna Kareva IR Director Tel.: +7 (495) 980-2729, ext. 22 216 e-mail: anna.kareva@x5.ru | Maxim Trapeznikov Head of PR Department Tel.: +7 (495) 662-8888, ext. 31 262 e-mail: maxim.trapeznikov@x5.ru | |
Note to Editors:
X5 Retail Group
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. In June 2008, X5 acquired Karusel hypermarket chain and substantially strengthened its position in hypermarket format.
As at 31 December 2009, X5 had 1,372 Company-managed stores located in Moscow, St. Petersburg and other regions of European Russia, Urals and Ukraine, including 1,039 soft discount stores, 275 supermarkets and 58 hypermarkets.
As at 31 December 2009, X5's franchisees operated 620 stores across Russia.
For the nine months 2009 X5's net sales totaled USD 6,081 mln, EBITDA reached USD 509 mln, and net profit amounted to USD 121 mln. For the full year 2009, net retail sales totaled USD 8,675 mln.
X5 Shareholder structure is as follows: Alfa Group - 47.9%, founders of Pyaterochka - 23.1%, X5 Management - 1.9%, treasury shares - 0.1%, free float - 27.0%.
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(1)
|
| Q4 2009 |
| FY 2009 | ||||
|
| Total LFL, % | Traffic, % | Basket, % | Total LFL, % | Traffic, % | Basket, % | |
| Moscow & the Moscow region | |||||||
| Hypermarkets | 10 | 4 | 6 | 10 | 3 | 7 | |
| Supermarkets | (5) | (9) | 4 | 3 | (3) | 6 | |
| Soft Discounters | 21 | 14 | 7 | 22 | 13 | 9 | |
| X5 Retail Group Total | 9 | 6 | 3 | 13 | 7 | 6 | |
|
| |||||||
| St. Petersburg & North-West | |||||||
| Hypermarkets | 2 | (2) | 4 | 7 | 2 | 5 | |
| Supermarkets | - | (2) | 2 | 5 | 1 | 4 | |
| Soft Discounters | 9 | 7 | 2 | 8 | 5 | 3 | |
| X5 Retail Group Total | 6 | 5 | 1 | 8 | 4 | 4 | |
|
| |||||||
| Regions | |||||||
| Hypermarkets | 4 | (2) | 6 | 2 | (4) | 6 | |
| Supermarkets | (16) | (12) | (4) | (13) | (9) | (4) | |
| Soft Discounters | 22 | 15 | 7 | 23 | 15 | 8 | |
| X5 Retail Group Total | 3 | 4 | (1) | 3 | 4 | (1) | |
|
| |||||||
| X5 Retail Group | |||||||
| Hypermarkets | 5 | (1) | 6 | 7 | - | 7 | |
| Supermarkets | (7) | (9) | 2 | - | (4) | 4 | |
| Soft Discounters | 16 | 12 | 4 | 17 | 10 | 7 | |
| X5 Retail Group Total | 7 | 5 | 2 | 10 | 5 | 5 | |
_____________________________
(1) 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.
Please note that acquired Paterson stores are not included in X5's LFL calculations for Q4 and full year 2009 as until the acquisition in December 2009 X5 did not operate them. Information on the acquisition of Paterson and Paterson's stand-alone operational performance is provided in Acquisition of Paterson section of this press release and Appendix V to this press release.
Appendix II: Net Retail Sales Performance by Region(1)
|
|
|
| % change |
|
| % change |
| USD mln | Q4 2009 | Q4 2008 | y-o-y | FY 2009 | FY 2008 | y-o-y |
| Moscow & the region | 1,339.4 | 1,210.3 | 11% | 4,459.5 | 4,476.3 | 0% |
| St. Petersburg & North-West | 712.4 | 688.9 | 3% | 2,433.0 | 2,712.6 | (10%) |
| Other regions | 566.5 | 466.0 | 22% | 1,778.8 | 1,654.9 | 7% |
| Online(2) | 3.1 | - | n/a | 3.1 | - | n/a |
| Total Net Retail Sales | 2,621.4 | 2,365.1 | 11% | 8,674.5 | 8,843.8 | (2%) |
|
|
|
| % change |
|
| % change |
| RUR mln |
|
| y-o-y |
|
| y-o-y |
| Moscow & the region | 40,124.0 | 32,727.3 | 23% | 141,470.2 | 111,258.8 | 27% |
| St. Petersburg & North-West | 21,294.0 | 18,760.8 | 14% | 77,183.4 | 67,422.2 | 14% |
| Other regions | 17,050.4 | 12,544.7 | 36% | 56,430.0 | 41,134.1 | 37% |
| Online(2) | 98.8 | - | n/a | 98.8 | - | n/a |
| Total Net Retail Sales | 78,567.3 | 64,032.8 | 23% | 275,182.5 | 219,815.0 | 25% |
______________________________
(1) Including Karusel's business on pro-forma basis, i.e. from 1 January 2008. Acquired Paterson stores' results are included only for December 2009.
(2) Included from October 2009.
Appendix III: Average Ticket and Number of Customers(1)
|
| Q4 2009 |
Q4 2008 | % change, y-o-y |
FY 2009 |
FY 2008 | % change, y-o-y |
| Average Ticket, RUR | ||||||
| Hypermarkets | 660.9 | 642.4 | 3% | 616.2 | 594.5 | 4% |
| Supermarkets | 377.3 | 374.7 | 1% | 361.1 | 349.5 | 3% |
| Soft Discounters | 264.9 | 258.9 | 2% | 253.9 | 244.4 | 4% |
| Online(2) | 3,427.4 | 3,427.4 | ||||
| X5 Retail Group Total | 329.6 | 326.5 | 1% | 315.2 | 307.2 | 3% |
| Average Ticket, USD | ||||||
| Hypermarkets | 22.0 | 23.7 | (7%) | 19.4 | 23.9 | (19%) |
| Supermarkets | 12.6 | 13.8 | (8%) | 11.4 | 14.1 | (19%) |
| Soft Discounters | 8.8 | 9.6 | (8%) | 8.0 | 9.8 | (19%) |
| Online(2) | 108.0 | 108.0 | ||||
| X5 Retail Group Total | 11.0 | 12.1 | (9%) | 9.9 | 12.4 | (20%) |
| # of Customers, mln. | ||||||
| Hypermarkets | 27.2 | 21.7 | 25% | 99.4 | 80.4 | 24% |
| Supermarkets | 60.0 | 58.7 | 2% | 231.6 | 219.8 | 5% |
| Soft Discounters | 185.0 | 143.4 | 29% | 664.4 | 516.1 | 29% |
| Online(2) | 0.03 | 0.03 | ||||
| X5 Retail Group Total | 272.2 | 223.8 | 22% | 995.5 | 816.3 | 22% |
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(1) Based on all stores' gross sales, which include Karusel's business on pro-forma basis, i.e. from 1 January 2008. Acquired Paterson stores' results are included only for December 2009.
(2) Included from October 2009.
Appendix IV: Net Store Addition by Format and Region
| As of | Rebranding | Closings | Paterson | Net Added | % change | ||||||||||
|
| 31-Dec-08 | 31-Dec-09 | FY 2009 | FY 2009 | Acquisition | Q4 2009 | FY 2009 | vs 31-Dec-08 | |||||||
| Moscow & the Moscow region | |||||||||||||||
| Hypermarkets | 10 | 13 | - | - | - | - | 3 | 30% | |||||||
| Supermarkets | 114 | 152 | - | - | 27 | 32 | 38 | 33% | |||||||
| Soft Discounters | 368 | 433 | - | (3) | 13 | 35 | 65 | 18% | |||||||
| Total | 492 | 598 | - | (3) | 40 | 67 | 106 | 22% | |||||||
| St. Petersburg & North-West | |||||||||||||||
| Hypermarkets | 15 | 17 | - | - | - | 1 | 2 | 13% | |||||||
| Supermarkets | 20 | 33 | - | - | 11 | 12 | 13 | 65% | |||||||
| Soft Discounters | 276 | 306 | - | (3) | 2 | 18 | 30 | 11% | |||||||
| Total | 311 | 356 | - | (3) | 13 | 31 | 45 | 14% | |||||||
| Regions | |||||||||||||||
| Hypermarkets | 21 | 28 | - | - | - | 2 | 7 | 33% | |||||||
| Supermarkets | 73 | 90 | (5) | (3) | 19 | 21 | 17 | 23% | |||||||
| Soft Discounters | 204 | 300 | 5 | (10) | 10 | 34 | 96 | 47% | |||||||
| Total | 298 | 418 | - | (13) | 29 | 57 | 120 | 40% | |||||||
| X5 Retail Group | |||||||||||||||
| Hypermarkets | 46 | 58 | - | - | - | 3 | 12 | 26% | |||||||
| Supermarkets | 207 | 275 | (5) | (3) | 57 | 65 | 68 | 33% | |||||||
| Soft Discounters | 848 | 1,039 | 5 | (16) | 25 | 87 | 191 | 23% | |||||||
| X5 Retail Group Total | 1,101 | 1,372 | - | (19) | 82 | 155 | 271 | 25% | |||||||
Appendix V: Paterson Operational Performance
Quarterly Net Retail Sales Performance
| USD mln | Q1 2009 | Q2 2009 | Q3 2009 | Q4 2009 | FY 2009 |
| Supermarkets(1) | 67.3 | 59.3 | 63.2 | 72.0 | 261.7 |
| Soft Discounters(1) | 15.6 | 15.0 | 17.0 | 19.0 | 66.6 |
| Total Paterson Net Retail Sales | 82.9 | 74.3 | 80.2 | 91.0 | 328.3 |
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| RUR mln | Q1 2009 | Q2 2009 | Q3 2009 | Q4 2009 | FY 2009 |
| Supermarkets(1) | 2,108.8 | 2,076.2 | 1,978.0 | 2,139.1 | 8,302.2 |
| Soft Discounters(1) | 488.9 | 523.3 | 533.5 | 567.2 | 2,112.9 |
| Total Paterson Net Retail Sales | 2,597.8 | 2,599.5 | 2,511.5 | 2,706.3 | 10,415.1 |
LFL Sales Performance
|
| Q4 2009 |
| FY 2009 | ||||
|
| Total LFL, % | Traffic, % | Basket, % | Total LFL, % | Traffic, % | Basket, % | |
| Supermarkets(1) | (19) | (11) | (8) | (20) | (13) | (7) | |
| Discounters(1) | (14) | (10) | (4) | (16) | (13) | (3) | |
| Total Paterson | (18) | (11) | (7) | (19) | (13) | (6) | |
Average Ticket and Number of Customers(2)
|
| Q4 2009 |
Q4 2008 | % change, y-o-y |
FY 2009 |
FY 2008 | % change, y-o-y |
| Average Ticket, RUR | ||||||
| Supermarkets(1) | 231.7 | 253.9 | (9%) | 226.7 | 246.7 | (8%) |
| Discounters(1) | 205.5 | 210.9 | (3%) | 198.0 | 203.4 | (3%) |
| Total Paterson | 225.7 | 245.0 | (8%) | 220.3 | 238.2 | (8%) |
| # of Customers, mln. | ||||||
| Supermarkets(1) | 10.5 | 12.0 | (12%) | 41.8 | 51.1 | (18%) |
| Discounters(1) | 3.2 | 3.2 | (1%) | 12.2 | 12.5 | (3%) |
| Total Paterson | 13.7 | 15.2 | (10%) | 54.0 | 63.6 | (15%) |
_______________________________
(1) Based on current X5's assumption to integrate 57 Paterson stores as supermarkets under the Pererkrestok brand, and 25 smaller stores as soft discounters under the Pyaterochka brand. Paterson stores closed before the acquisition were classified as supermarkets.
(2) Based on all Paterson stores' gross sales.
Appendix VI: Financial Calendar for 2010
| Date | Event |
| 9 April 2010, TBC | Q1 2010 Trading Update |
| 15 April 2010, TBC | Audited FY 2009 IFRS Results |
| 27 May 2010, TBC | Q1 2010 Financial Results Reviewed by Auditors |
| 9 July 2010, TBC | Q2 & H1 2010 Trading Update |
| 26 August 2010, TBC | Q2 & H1 2010 Financial Results Reviewed by Auditors |
| 11 October 2010, TBC | Q3 & 9M 2010 Trading Update |
| 29 November 2010, TBC | Q3 & 9M 2010 Financial Results Reviewed by Auditors |