X5 Retail Regulatory News (FIVE)

18 Jan 2010 08:00



X5 RETAIL GROUP REPORTS RESULTS OF

THE EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS

Amsterdam, 18 January 2010 - X5 Retail Group N.V. (the "Company"), Russia's largest retailer in terms of sales, today announced that all the proposed resolutions were passed by the shareholders and holders of global depository receipts ("GDRs") at the Extraordinary General Meeting of Shareholders ("EGM") held on 15 January 2010.

The key items that were approved at the EGM include: 

Re-appointment of the CEO, Mr. Lev Khasis, for a new term of four years (until 2014);

Appointment of Mr. Christian Couvreux as a new independent member of the Supervisory Board of X5 Retail Group N.V. With the appointment of Mr. Couvreux the Supervisory Board of X5 Retail Group is composed of seven members, four of which, including the Chairman, are independent;

Changes in remuneration of the members of the Supervisory Board aimed at creating more consistency in the remuneration principles and ensuring adequate reflection of the responsibilities of each Supervisory Board member; and

Amendments to the Articles of Association of X5 Retail Group N.V. in order to decrease the threshold of issues subject to approval of the Supervisory Board.

Minutes of the meeting can be found in the Corporate Governance section of the Company's website at http://www.x5.ru/en/corporate/general/.

***

Christian Couvreux was born on 24 November 1950 in Paris, France. He has had a long and successful international career in the food retail industry. Since 2005, Mr. Couvreux has been a retail consultant in Asia, in particular in Thailand, Vietnam, Indonesia and the Philippines. From 1990 to 2005 he held a number of senior executive positions with the major French retailer Groupe Casino, where he first served as Senior Executive Vice President, then as CEO from 1997 to 2003 and as Deputy Chairman of the Board until 2005. Prior to 1990, Mr. Couvreux held various leadership positions at CFAO (now part of PPR), in particular of CFAO-Congo and La Ruche Meridionale. Mr. Couvreux holds a master degree in Economic Sciences at the University of Paris, an MBA at the French business school H.E.C.; in addition he completed an Advanced Management Program at INSEAD. 

  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. In June 2008, X5 acquired Karusel hypermarket chain and substantially strengthened its position in hypermarket format.

As at 30 September 2009, X5 had 1,217 Company-managed stores located in Moscow, St. Petersburg and other regions of European Russia, Urals and Ukraine, including 952 soft discount stores, 210 supermarkets and 55 hypermarkets.

As at 30 September 2009, X5's franchisees operated 586 stores across Russia. 

For the full year 2008, X5's net sales including acquired Karusel business on a pro-forma basis totalled USD 8,892 mln, EBITDA reached USD 803 mln, and net profit adjusted for non-cash goodwill impairment charge amounted to USD 112 mln.

For the nine months 2009 X5's net sales totalled USD 6,081 mln, EBITDA reached USD 509 mln, and net profit amounted to USD 121 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.