OREANDA-NEWS. January 27, 2010. Dixy Group – one of the leading food retailers in the Russian Federation - has announced revenue growth of 12% in Russian ruble (-12% in US dollar terms) for the twelve months ended 31 December 2009 over the same period in 2008.1,2

Dixy Group’s total revenue for the twelve months of 2009 was RUR 54 208 million, representing a 12% increase over RUR 48 325 million for the twelve months of 2008.3 In USD terms total revenue declined by 12% to 1 708.8 million, compared to USD 1 944.3 million for the twelve months of 2008.

Retail revenue from Dixy for the twelve months of 2009 was RUR 45 121 million (USD 1 422.3 million), which represents an 11.0% growth in RUR and a 13.0% decline in USD over the 2008 results.

Retail revenue from Megamart for the twelve months of 2009 was RUR 6 324 million (USD 199.4 million), which represents a 23.1% growth in RUR and a 3.5% decline in USD over the 2008 results.

Retail revenue from Minimart for the twelve months of 2009 was RUR 2 001 million (USD 63.1 million), which represents a 12.9% growth in RUR and an 11.6% decline in USD over the 2008 results.

Retail revenue from VMart for the twelve months of 2009 was RUR 68 million (USD 2.1 million).

Revenue from other activities, such as marketing revenue, sublease income and wholesale revenue amounted to RUR 694 million (USD 21.9 million).

The following exchange rates were used for converting Russian Rubles to US dollars:

Exchange Rate according to CBR4

2008

2009

Average (12 months), RUR/USD

24.8553

31.7231

1 Revenue figures are based on internal management reports and have not been audited.

2 All revenue figures provided in this press release do not include VAT.

3 Total revenue includes retail revenue and other revenue, which consists of income from subleases and marketing revenue.

4 Exchange rate is an average rate for the period calculated using official daily rate of Central Bank of Russia.

At the end of

31 December 2008

31 December 2009

Growth

Number of stores

4935

5376

9%

Net Selling space (sq.m.)

190,996

206 003

8%

For the twelve months

 

 

 

period ending

31 December 2008

31 December 2009

Growth

Revenue (RUR)

48 325 million

54 208 million

12%

Revenue (USD)

1 944 million

1 709 million

-12%

Store openings

111

69

-38%

Dixy

98

67

-32%

Megamart

5

2

-60%

Minimart

1

0

—

VMart

7

0

—

Information about DIXY’s formats as of 31.12.2009

Format Brand

DIXY

MINIMART

MEGAMART

Format Description

Discounter

Discounter Supermarket

Compact Hypermarket

Average Selling Space (sq.m.)

332

686

2 008

Number of stores

514

8

15

Selling Space per Format (sq.m.)

170 396

5 486

30 121

Total Space per Format (sq.m.)

399 914

12 371

75 823

Total Selling Space (sq.m.)

 

206 003

 

Total Space (sq.m.)

 

488 108

 

5 6 DIXY stores were closed during the period from 1 January 2008 to 31 December 2008.

6 13 DIXY stores and 12 VMart stores were closed during the period from 1 January 2009 to 31 December 2009, see the detailed statement about the VMart format closure: 04032009_DIXY_RELEASE_ENG_vmart

LFL Sales in RUR for 2009

For the purposes of internal reporting and planning we include in like-for-like base only stores which were opened twelve months before the beginning of the start of the comparison period thus giving the stores time to reach maturity. We view this calculation as the most conservative as it reflects the performance of the mature stores. We include in this base stores opened up until 01.01.07 for the 12 months of 2009 LFL and stores opened up until 01.10.2007 for the Q4 2009 LFL.

For the purposes of comparison of our results with those published by our peers in Russia, we also present like-for-like calculation that includes stores that were open up until 01.12.08. This calculation takes into the account the sales of stores that are still maturing.

LFL 12 Months 2009

For stores, opened before

01.12.2008*

01.01.2007**

DIXY

TOTAL

Number of tickets

Average ticket

TOTAL

Number of tickets

Average ticket

Central Federal District North – West Federal District Urals Federal District

-4,97%

2,92%

-9,29%

-4,06%

0,97%

-5,35%

 

-0,95%

1,93%

-4,17%

 

-7,23%

-0,32%

-11,01%

-6,45%

12,14%

-3,45%

-0,83%

1,86%

-7,83%

Total DIXY:

-2,99%

-2,68%

-0,32%

-5,64%

-5,37%

-0,29%

MEGAMART (Urals) MINIMART (Urals)

4,58%

0,05%

5,41%

0,21%

-0,79%

-0,16%

-14,47%

-5,61%

-9,55%

-5,85%

-5,43%

0,25%

Group Total (RUB):

-1,98%

-2,23%

0,25%

-6,24%

-5,48%

-0,80%

LFL Q4 2009

For stores, opened before

01.12.2008*

01.10.2007***

DIXY

TOTAL

Number of tickets

Average ticket

TOTAL

Number of tickets

Average ticket

Central Federal District

North – West Federal District

Urals Federal District

-8,52%

-0,35%

-15,24%

0,17%

2,90%

-2,91%

-8,68%

-3,16%

-12,70%

-11,66%

 -5,20%

-19,04%

-2,87%

-1,40%

-8,35%

-9,05%

-3,85%

-11,67%

Total DIXY:

-6,55%

0,76%

-7,25%

-10,28%

-2,85%

-7,65%

MEGAMART (Urals) MINIMART (Urals)

-0,60%

-2,34%

1,88%

0,32%

-2,43%

-2,64%

-10,73%

-2,34%

-8,23%

0,32%

-2,73%

-2,64%

Group Total (RUB):

-5,54%

0,81%

-6,30%

-9,91%

-2,94%

-7,18%

* LFL block includes 340 "DIXY", 9 "MEGAMART" and 8 "MINIMART" stores.

** LFL block includes 241 "DIXY", 5 "MEGAMART" and 6 "MINIMART" stores.

*** LFL block includes 265 "DIXY", 7 "MEGAMART" and 7 "MINIMART" stores.