2Q17 review – another strong set of results
X5 has again delivered results ahead of both our and the consensus expectations, due mainly to the operating leverage neutralising cost inflation. Enjoying positive traffic at its key formats, X5 managed not only to grow its sales by 27.5% yoy, but also improve its EBITDA margin by 70bps yoy, to drive a 39% yoy EBITDA expansion to RUB 27.8bn. Adjusting for the LTI charges, the EBITDA growth could even reach 45% yoy to RUB 29.2bn. On a negative note, we highlight the major deterioration in working capital turnover, which caused a RUB 11.9bn cash outflow, mostly temporarily, as the company claims.X5 Retail Group is a holding company. The main activity of Co. is the development and operation of grocery retail stores. Co. operates a retail chain of soft-discount, supermarket and hypermarket stores under the brand names "Pyaterochka", "Perekrestok" and "Karusel" in major population centres in Russia, including but not limited to Moscow, St. Petersburg, Nizhniy Novgorod, Rostov-on-Don, Kazan, Samara, Lipetsk, Chelyabinsk, Perm, Ekaterinburg and Kiev, Ukraine.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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