X5 reports 27.3% revenue growth in Q1 2024

X5 Retail Group N.V.
22 April 2024
 



X5 reports
27.3% revenue growth in Q1 2024, 6.3% adj. EBITDA margin pre-IFRS 16

 

+ 27.3 % y-o-y  
Revenue growth in Q1 2024
driven by solid like-for-like (LFL)1 sales and selling space expansion

+81.7% y-o-y
Digital business (express delivery, Vprok.ru, 5Post and Mnogo Lososya) net sales growth in Q1 2024
Digital business net sales amounted to RUB 46.5 billion, which comprised 5.3% of consolidated Q1 2024 revenue

23.7 %           -4 b.p.
Gross margin pre-IFRS 162 in Q1 2024
predominantly driven by higher logistics costs

6.3%               +48 b.p.
Adjusted EBITDA3 margin pre-IFRS 16 in Q1 2024

2.7%                +96 b.p.
Net profit margin pre-IFRS 16 in
Q1 2024

0.85x
Net debt/EBITDA4 ratio pre-IFRS 16 as of 31 March 2024

Amsterdam, 22 April 2024 - X5 Retail Group N.V. ("X5" or the "Company", LSE and MOEX ticker: FIVE), a leading Russian food retailer that operates the Pyaterochka, Perekrestok and Chizhik retail chains, today released its unaudited condensed consolidated interim financial information for the three months ended 31 March 2024, in accordance with International Financial Reporting Standards, as adopted in the European Union.

Key financial results highlights5 (pre-IFRS 16)

RUB mln

Q1 2024

Q1 2023

change, y-o-y, %

Revenue

886,220

696,364

27.3

incl. net retail sales6

880,300

693,481

26.9

Pyaterochka (incl. express delivery)7

686,513

548,912

25.1

Perekrestok (incl. express delivery)

120,638

101,442

18.9

Chizhik

45,640

18,744

143.5

Gross profit

209,603

164,949

27.1

Gross profit margin, %

23.7

23.7

(4) b.p.

Adj. EBITDA

55,471

40,236

37.9

Adj. EBITDA margin, %

6.3

5.8

48 b.p.

EBITDA 

55,266

39,504

39.9

EBITDA margin, %

6.2

5.7

56 b.p.

Operating profit

33,249

19,332

72.0

Operating profit margin, %

3.8

2.8

98 b.p.

Net profit

24,015

12,172

97.3

Net profit margin, %

2.7

1.7

96 b.p.

 

Revenue

Revenue growth reached 27.3% year-on-year in Q1 2024. Net retail sales increased by 26.9%, driven by a combination of 12.3% selling space growth and 14.8% LFL sales growth, while X5's digital business sales grew by 81.7% y-o-y.

Selling space by format, square metres (sqm)

SELLING SPACE,
SQUARE METRES (SQ. M)

AS AT 31-MAR-24

AS AT 31-DEC-23

CHANGE
VS 31-DEC-23, %

AS AT 31-MAR-23

CHANGE
VS 31-MAR-23, %

Pyaterochka8

8,438,777

8,339,205

1.2

7,634,733

10.5

Perekrestok

1,087,760

1,084,913

0.3

1,068,031

1.8

Chizhik

476,222

442,110

7.7

174,368

173.1

Joint dark stores

10,258

10,258

-

10,258

-

X5 Group9

10,335,915

10,206,011

1.3

9,203,045

12.3

 

Q1 2024 LFL store performance by format, % change y-o-y

In Q1 2024, LFL sales increased by 14.8% year-on-year, supported by solid LFL results for Pyaterochka and Perekrestok at 14.6% and 16.8%, respectively.

The LFL basket was the main driver of LFL sales in Q1 2024, with LFL traffic in positive territory at 2.9% year-on-year.


SALES

TRAFFIC

BASKET

Pyaterochka

14.6

3.0

11.2

Perekrestok

16.8

3.4

13.0

X5 Group10

14.8

2.9

11.6

 

For more details on net retail sales performance, please refer to X5's Q1 2024 Trading Update.  

Gross profit margin

Gross profit margin pre-IFRS 16 decreased by 4 b.p. year-on-year to 23.7% in Q1 2024, mainly due to higher logistics and transportation costs, partially offset by increased commercial margins on the back of assortment and promotions optimisation.

Selling, general and administrative (SG&A) expenses (excl. D&A&I) (pre-IFRS 16)

RUB mln

Q1 2024

Q1 2023

change, y-o-y, %

Staff costs

(74,996)

(61,198)

22.5

% of revenue

8.5

8.8

(33) b.p.

incl. LTI, share-based payments and other employee incentives

(205)

(732)

(72.0)

staff costs excl. LTI and other employee incentives as % of revenue

8.4

8.7

(24) b.p.

Lease expenses

(37,052)

(31,357)

18.2

% of revenue

4.2

4.5

(32) b.p.

Utilities

(18,784)

(16,868)

11.4

% of revenue

2.1

2.4

(30) b.p.

Other store costs

(7,807)

(6,366)

22.6

% of revenue

0.9

0.9

(3) b.p.

Third-party services

(6,308)

(4,086)

54.4

% of revenue

0.7

0.6

13 b.p.

Other expenses

(15,882)

(10,270)

54.6

% of revenue

1.8

1.5

32 b.p.

SG&A (excl. D&A&I)

(160,829)

(130,145)

23.6

% of revenue

18.1

18.7

(54) b.p.

SG&A (excl. D&A&I, LTI, share-based payments and other employee incentives)

(160,624)

(129,413)

24.1

% of revenue

18.1

18.6

(46) b.p.

 

In Q1 2024, SG&A expenses excluding D&A&I, LTI, share-based payments and other employee incentives pre-IFRS 16 as a percentage of revenue decreased by 46 b.p. to 18.1%, mainly driven by decreased staff costs, lease expenses, utilities and other store costs as a percentage of revenue.

Staff costs (excluding LTI, share-based payments and other employee incentives) as a percentage of revenue decreased by 24 b.p. year-on-year in Q1 2024 to 8.4%, mainly due to a shift in the calendarisation of salary indexation.

LTI, share-based payment and other employee incentives expenses amounted to RUB 205 million in Q1 2024, down by 72.0% from RUB 732 million in Q1 2024 as a result of the completion of the 2021-2023 LTI program.

Lease expenses pre-IFRS 16 as a percentage of revenue in Q1 2024 decreased by 32 b.p. year-on-year to 4.2%, mainly due to a positive operating leverage effect for fixed lease rates, partially compensated by a higher number of revenue-linked leases.

Utilities costs as a percentage of revenue in Q1 2024 decreased by 30 b.p. year-on-year to 2.1%, driven by the optimisation of electricity consumption and cleaning costs.

Other store costs pre-IFRS 16 as a percentage of revenue in Q1 2024 decreased by 3 b.p. year-on-year, mainly due to a positive operating leverage effect.

Third-party service expenses pre-IFRS 16 as a percentage of revenue in Q1 2024 increased by 13 b.p. year-on-year to 0.7%, mainly due to higher marketing expenses.

Other expenses pre-IFRS 16 as a percentage of revenue in Q1 2024 increased by 32 b.p. year-on-year to 1.8%, due to a growing share of courier service costs and aggregator commissions for express delivery.

Lease/sublease and other income11

As a percentage of revenue, the Company's income from leases, subleases and other operations pre-IFRS 16 totalled 0.7%, representing an increase of 6 b.p. year-on-year in Q1 2024. This was driven by higher income from sales of recyclables and transportation services, partially compensated by lower sublease income.

EBITDA and EBITDA margin (pre-IFRS 16)

RUB mln

Q1 2024

Q1 2023

change, y-o-y, %

Gross profit

209,603

164,949

27.1

Gross profit margin, %

23.7

23.7

(4) b.p.

SG&A (excl. D&A&I, LTI, share-based payments and other employee incentives)

(160,624)

(129,413)

24.1

% of revenue

18.1

18.6

(46) b.p.

Impairment loss on financial assets

(69)

(66)

4.5

% of revenue

(0.01)

(0.01)

0 b.p.

Lease/sublease and other income

6,561

4,766

37.7

% of revenue

0.7

0.7

6 b.p.

Adj. EBITDA

55,471

40,236

37.9

Adj. EBITDA margin, %

6.3

5.8

48 b.p.

LTI, share-based payments and other employee incentives

(205)

(732)

(72.0)

% of revenue

0.0

0.1

(8) b.p.

EBITDA 

55,266

39,504

39.9

EBITDA margin, %

6.2

5.7

56 b.p.


D&A&I

Depreciation, amortisation and impairment costs pre-IFRS 16 decreased as a percentage of revenue by 41 b.p. year-on-year to 2.5% in Q1 2024, totalling RUB 22,017 million. This was mainly due to the fact that revenue growth outpaced growth in the gross book value of assets.

Non-operating gains and losses (pre-IFRS 16)

RUB mln

Q1 2024

Q1 2023

change, y-o-y, %

Operating profit

33,249

19,332

72.0

Net finance costs

(2,118)

(3,160)

(33.0)

Net FX result

(361)

(736)

(51.0)

Profit before tax

30,770

15,436

99.3

Income tax expense

(6,755)

(3,264)

107.0

Net profit

24,015

12,172

97.3

Net profit margin, %

2.7

1.7

96 b.p.

 

Net finance costs pre-IFRS 16 in Q1 2024 decreased by 33.0% year-on-year to RUB 2,118 million, driven by higher interest income on short-term financial investments, partially compensated by higher interest costs due to increased interest rates on the Russian capital market.

The negative net FX result totalled RUB 361 million pre-IFRS 16 in Q1 2024, compared with negative RUB 736 million in Q1 2024, due to the depreciation of the rouble.

In Q1 2024, income tax expense pre-IFRS 16 increased twofold year-on-year due to increased profit before tax.

Key cash flow highlights (pre-IFRS 16)

RUB mln

Q1 2024

Q1 2023

change,
y-o-y, % or multiple

Net cash from operating activities before changes in working capital

55,246

39,447

40.1

Change in working capital

(12,043)

(30,699)

(60.8)

Net interest and income tax paid

(14,457)

(8,651)

67.1

Net cash flows generated from operating activities

28,746

97

296x

Net cash used in investing activities

(36,059)

(17,200)

109.6

Net cash generated from financing activities

3,598

12,845

(72.0)

Effect of exchange rate changes on

cash and cash equivalents

5

122

(95.9)

Net increase in cash and cash equivalents

(3,710)

(4,136)

(10.3)

 

In Q1 2024, the Company's net cash from operating activities before changes in working capital pre-IFRS 16 increased by RUB 15,799 million and totalled RUB 55,246 million. The lower negative change in working capital pre-IFRS 16 of RUB 12,043 million in Q1 2024 vs. RUB 30,699 million in Q1 2023 was mainly driven by an increase in trade account payables due to the effect of non-working days at the end of March 2024, and was  partially offset by an increase in accounts receivable due to a more even distribution of bonuses from suppliers compared to Q1 2023; an increase in inventories at the end of March 2024, driven by a low base effect at the beginning of the period; as well as payments under the 2021-2023 LTI programme.

Working capital highlights (IFRS 16)

RUB mln

31-Mar-24

31-Dec-23

31-Mar-23

Inventories

245,067

236,439

213,201

Trade, other accounts receivable and prepayments

24,741

27,924

17,831

Trade accounts payable

291,605

290,232

206,943

Provisions and other liabilities

142,864

157,071

128,160

Short-term contract liabilities

1,607

1,458

3,071

 

Net interest and income tax paid pre-IFRS 16 in Q1 2024 increased by 67.1% year-on-year and totalled RUB 14,457 million. This was due to an increase in interest rates on the Russian capital market on the back of the key rate increase, as well as an increase in income tax due to business growth.

As a result, net cash flow generated from operating activities pre-IFRS 16 totalled RUB 28,746 million in Q1 2024, up from RUB 97 million in Q1 2024.

In Q1 2024, net cash used in investing activities pre-IFRS 16, which predominantly consists of payments for property, plant and equipment, increased to RUB 36,059 million due to payments for the IT equipment, bakeries and coffee points for the Pyaterochka chain, as well as an increase in the number of refurbishments.

Net cash generated from financing activities pre-IFRS 16 totalled RUB 3,598 million in Q1 2024, compared with net cash generated from financing activities of RUB 12,845 million in Q1 2024.

 

Liquidity update

RUB mln

31-Mar-24

% of total

31-Dec-23

% of total

31-Mar-23

% of total

Pre-IFRS 16

Total debt12

233,846

 

228,229

 

247,390

 

Short-term debt

98,952

              42.3

100,833

               44.2

99,989

40.4

Long-term debt

134,894

               57.7

127,396

55.8

147,401

59.6

Net debt12

196,781

 

187,454

 

208,271

 

Net debt/ EBITDA

0.85x

 

0.87x

 

1.13x

 

IFRS 16

Lease liabilities

670,271

 

670,961

 

597,204

 

Net debt/ EBITDA

2.38x

 

2.49x

 

2.65x

 

 

The Company's net debt / EBITDA ratio pre-IFRS 16 was 0.85x as of 31 March 2024.

The Company's debt pre-IFRS 16 is 100% denominated in Russian roubles.

As of 31 March 2024, the Company had access to RUB 571,105 million in available lines of credit with major banks.

 

Effect of IFRS 16 on X5 Group's financial statements

Effect on gross profit

Gross profit and gross margin under IFRS 16 are higher by RUB 2,957 million and 33 b.p. compared to pre-IFRS 16 in Q1 2024, respectively, due to the lease for distribution centres, which is a part of cost of sales pre-IFRS 16 but is excluded from the gross profit calculation under IFRS 16 in order to align the presentation of depreciation of right-of-use assets and other assets.

Effect on EBITDA, operating profit and finance costs

Lease expenses, other store costs, third party services and other expenses in the total amount of RUB 32,171 million are excluded from SG&A expenses under IFRS 16 in Q1 2024. Additional depreciation of RUB 21,453 million related to leased assets has been added to SG&A costs under IFRS 16 in Q1 2024.

Net financial costs under IFRS 16 in Q1 2024 exceed the pre-IFRS 16 amount by RUB 17,803 million due to the interest expense on lease liabilities.

IFRS 16 increases the Company's EBITDA significantly, as lease expenditure previously recognised in the income statement is excluded. Adjusted EBITDA margin under IFRS 16 is 400 b.p. higher compared to the pre-IFRS 16 amount in Q1 2024. Interest expense on liabilities is recognised in finance costs, below the EBITDA level under IFRS 16.

Effect on net profit

The negative net FX result under IFRS 16 is RUB 138 million higher compared to the pre-IFRS 16 amount in Q1 2024 due to the revaluation of foreign currency liabilities resulting from lease contracts denominated in foreign currencies.

IFRS 16 results in lower income tax expense due to lower profit before tax. The effective tax rate under IFRS 16 is 22.2% in Q1 2024.

Net profit and net profit margin under IFRS 16 are lower by RUB 3,144 million and 35 b.p. compared to pre-IFRS 16 amount in Q1 2024 as a result of additional depreciation and interest expense.

Effect on cash flow statement

IFRS 16 affects the presentation of the cash flow statement but not the net change in cash result, as principal payments on leases are classified as financing activities, prepayments are classified as investing activities, and interest payments are considered interest paid in operating activities.

APPENDIX

Key financial results highlights (IFRS 16)

RUB mln

Q1 2024

Q1 2023

change, y-o-y, %

Revenue

886,220

696,364

27.3

incl. net retail sales13

880,300

693,481

26.9

Pyaterochka (incl. express delivery)14

686,513

548,912

25.1

Perekrestok (incl. express delivery)

120,638

101,442

18.9

Chizhik

45,640

18,744

143.5

Gross profit

212,560

167,231

27.1

Gross profit margin, %

24.0

24.0

(3) b.p.

Adj. EBITDA15

90,935

70,923

28.2

Adj. EBITDA margin, %

10.3

10.2

8 b.p.

EBITDA16

90,730

70,191

29.3

EBITDA margin, %

10.2

10.1

16 b.p.

Operating profit

47,260

30,516

54.9

Operating profit margin, %

5.3

4.4

95 b.p.

Net profit

20,871

9,696

115.3

Net profit margin, %

2.4

1.4

96 b.p.

 

Selling, general and administrative (SG&A) expenses (excl. D&A&I) (IFRS 16)

RUB mln

Q1 2024

Q1 2023

change,  y-o-y, %

Staff costs

(74,996)

(61,198)

22.5

% of revenue

8.5

8.8

(33) b.p.

incl. LTI, share-based payments and other employee incentives

(205)

(732)

(72.0)

staff costs excl. LTI and other employee incentives as % of revenue

8.4

8.7

(24) b.p.

Lease expenses

(7,831)

(5,271)

48.6

% of revenue

0.9

0.8

13 b.p.

Utilities

(18,784)

(16,868)

11.4

% of revenue

2.1

2.4

(30) b.p.

Other store costs

(7,584)

(6,153)

23.3

% of revenue

0.9

0.9

(3) b.p.

Third-party services

(6,396)

(4,144)

54.3

% of revenue

0.7

0.6

13 b.p.

Other expenses

(13,067)

(8,390)

55.7

% of revenue

1.5

1.2

27 b.p.

SG&A (excl. D&A&I)

(128,658)

(102,024)

26.1

% of revenue

14.5

14.7

(13) b.p.

SG&A (excl. D&A&I, LTI, share-based payments and other employee incentives)

(128,453)

(101,292)

26.8

% of revenue

14.5

14.5

(5) b.p.

 

EBITDA and EBITDA margin (IFRS 16)

RUB mln

Q1 2024

Q1 2023

change,  y-o-y, %

Gross profit

212,560

167,231

27.1

Gross profit margin, %

24.0

24.0

(3) b.p.

SG&A (excl. D&A&I, LTI, share-based payments and other employee incentives)

(128,453)

(101,292)

26.8

% of revenue

14.5

14.5

(5) b.p.

Impairment loss on financial assets

(69)

(66)

4.5

% of revenue

(0.01)

(0.01)

0 b.p.

Lease/sublease and other income

6,897

5,050

36.6

% of revenue

0.8

0.7

5 b.p.

Adj. EBITDA

90,935

70,923

28.2

Adj. EBITDA margin, %

10.3

10.2

8 b.p.

LTI, share-based payments and other employee incentives

(205)

(732)

(72.0)

% of revenue

0.0

0.1

(8) b.p.

EBITDA 

90,730

70,191

29.3

EBITDA margin, %

10.2

10.1

16 b.p.

 

Non-operating gains and losses (IFRS 16)

RUB mln

Q1 2024

Q1 2023

change,  y-o-y, %

Operating profit

47,260

30,516

54.9

Net finance costs

(19,921)

(16,763)

18.8

Net FX result

(499)

(1,411)

(64.6)

Profit before tax

26,840

12,342

117.5

Income tax expense

(5,969)

(2,646)

125.6

Net profit

20,871

9,696

115.3

Net profit margin, %

2.4

1.4

96 b.p.

 

Key cash flow highlights (IFRS 16)

RUB mln

Q1 2024

Q1 2023

change,
y-o-y, % or multiple

Net cash from operating activities before changes in working capital

90,375

69,843

29.4

Change in working capital

(11,900)

(30,879)

(61.5)

Net interest and income tax paid

(32,231)

(22,227)

45.0

Net cash flows generated from operating activities

46,244

16,737

3x

Net cash used in investing activities

(35,839)

(17,076)

109.9

Net cash generated from/(used in) financing activities

(14,120)

(3,919)

4x

Effect of exchange rate changes on

cash and cash equivalents

5

122

(95.9)

Net increase in cash and cash equivalents

(3,710)

(4,136)

(10.3)

 

Notes

1.    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 12 full months. Their sales are included in LFL calculations starting from the day of the store's opening. We include all stores that fit our LFL criteria in each reporting period. Express delivery sales from stores and dark stores that have operated for less than 12 full months are also included in LFL calculations.

2.    The pre-IFRS 16 financial measures are calculated by adjusting the applicable IFRS measures to include fixed lease expenses and fixed non-lease components of lease contracts, and to exclude any gain on derecognition of right-of-use assets and lease liabilities, depreciation of right-of-use assets and interest on lease liabilities, and gain/loss from asset sale and leaseback operations for the proportion of rights retained as recognised under IFRS 16.

3.    Adjusted EBITDA pre-IFRS 16 is EBITDA pre-IFRS 16 before costs related to the LTI programme, share-based payments and other employee incentives.

4.    Earnings before finance income and expenses, income tax expense, depreciation and amortization and the effect of impairment of property, plant and equipment, investment property, other intangible assets and goodwill.

5.    Please note that in this and other tables and in the text of this press release, immaterial deviations in the calculation of % changes, subtotals and totals are due to rounding.

6.    Net retail sales represent revenue from the operations of X5-managed stores net of VAT. This number differs from revenue, which includes proceeds from wholesale operations, direct franchisees (royalty payments) and other revenue. Including Mnogo Lososya, Vprok.ru, Krasny Yar and Slata.

7.    Including Pokupochka, PokupALKO, Victoria, Kvartal, Deshevo and CASH.

8.    Including Pokupochka, PokupALKO, Victoria, Kvartal, Deshevo and CASH.

9.    Including Vprok.ru dark stores, Mnogo Lososya dark kitchens, and Krasny Yar and Slata stores.

10.  Excluding Vprok.ru and Mnogo Lososya; including Chizhik, Krasny Yar and Slata.

11.  Mainly consists of lease/sublease income, income from the sale of recyclable materials, income from transportation services and other one-off gains.

12.  Including leasing obligations.

13.  Net retail sales represent revenue from the operations of X5-managed stores net of VAT. This number differs from revenue, which includes proceeds from wholesale operations, direct franchisees (royalty payments) and other revenue. Including Mnogo Lososya, Vprok.ru, Krasny Yar and Slata.

14.  Including Pokupochka, PokupALKO, Victoria, Kvartal, Deshevo and CASH.

15.  Adjusted EBITDA is EBITDA before costs related to the LTI programme, share-based payments and other employee incentives.

16.  Earnings before finance income and expenses, income tax expense, depreciation and amortisation and the effect of impairment of property, plant and equipment, right-of-use assets, investment property, other intangible assets and goodwill.

 

Note to Editors

X5 Retail Group N.V. (LSE and MOEX: FIVE; Expert RA - ruAAA; ACRA - AAA(RU)) is a leading Russian food retailer. The Company operates proximity stores under the Pyaterochka brand, Perekrestok supermarkets and Chizhik hard discounters. X5 provides an omnichannel experience to its customers, integrating retail stores and e-commerce through its businesses Vprok.ru, 5Post, express delivery and Mnogo Lososya.

As of 31 March 2024, X5 had 24,884 Company-operated stores. It has the leading market position in both Moscow and St Petersburg and a significant presence in the European part of Russia, as well as a growing presence in the Russian Far East. Its store base includes 21,593 Pyaterochka proximity stores, 978 Perekrestok supermarkets, 1,616 Chizhik hard discounters and 612 Krasny Yar and Slata stores. The Company operates 61 DCs and 5,504 Company-owned trucks across the Russian Federation.

X5 is one of the largest employers in Russia. The Company employs over 378 thousand people.

For the full year 2023, revenue totalled RUB 3,145,859 million (USD 36,903 million*), EBITDA pre-IFRS 16 reached RUB 214,764 million (USD 2,519 million*), and net profit pre-IFRS 16 for the period amounted to RUB 90,284 million (USD 1,059 million*). In Q1 2024, revenue totalled RUB 886,220 million (USD 9,766 million**), EBITDA pre-IFRS 16 reached RUB 55,266 million (USD 609 million**), and net profit pre-IFRS 16 amounted to RUB 24,015 million (USD 265 million**).

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 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 Group N.V. speak only as of the date of this announcement. Save as required by any applicable laws or regulations, X5 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.

 

•     FX rate: 85.2466 USD/RUB

•     FX rate: 90.7471 USD/RUB



For further details, please contact:

Polina Ugryumova
Head of Corporate Finance and IR
Tel.: +7 (495) 662-88-88 ext. 13-312
e-mail:
Polina.Ugryumova@x5.ru

Maria Yazeva
Investor Relations Officer
Tel.: +7 (495) 662-88-88 ext. 13-147
e-mail:
Maria.Yazeva@x5.ru

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