MOSCOW, March 11 (RIA Novosti) - Russia's largest grocery store chain, X5 Retail Group, posted a $126.5 million IFRS net loss in 2012 on asset impairment after a net profit of $302.2 million a year earlier, the company said on Monday.
The grocer’s financial result was below a consensus forecast of analysts polled by Prime news agency who expected a net profit of $244.4 million for 2012.
In the fourth quarter of 2012, X5 posted a net loss of $273.8 million compared with a net profit of $134 million a year earlier.
X5 attributed its 2012 net losses to the impairment of certain non-performing assets, equipment and the Kopeyka brand, totaling 14.53 billion rubles ($467 million).
“The impairment charge is a non-cash item, which did not affect the company’s key credit metrics or covenants, bank credit arrangements and bonds,” X5 said in a statement.
The group’s fourth quarter adjusted net profit, excluding asset impairment, fell by 23.7 percent year-on-year to $102.2 million and by 17.4 percent in the year 2012 to $249.5 million, almost in line with a forecast by analysts of $244.4 million.
X5’s fourth quarter 2012 revenues grew by 8.9 percent year-on-year to $4.32 billion and by 2.2 percent for the year 2012 to $15.795 billion.
The company’s fourth quarter EBITDA grew by 1.5 percent year-on-year to $349.6 million and fell by 0.6 percent for the year 2012 to $1.12 billion. EBITDA margin fell to 8.1 percent in the fourth quarter from 8.7 percent a year earlier and to 7.1 percent for the year, from 7.3 percent.
The company’s total debt stood at $4.027 billion as of December 31, 2012 compared with $3.691 billion as of June 30, 2012.
X5 Retail Group N.V.’s global depository receipts have been traded on the London Stock Exchange since Pyaterochka retail chain’s IPO in May 2005 under the ticker “FIVE LI.”
