The crisis conditions of 2009 were a successful test of X5’s financial strength.
We met our 25% pro-forma revenue growth target driven by an industry-beating
10% increase in like-for-like sales and strong organic new store openings.
X5 generated USD 734 million in operating cash flow thanks to strong top-line
growth, cost control and working capital management. We also strengthened the
balance sheet, reducing net debt by USD 250 million by the end of 2009, improving
our debt maturity profile, minimising currency exposure and securing resources to
refinance the Company’s obligations coming due in 2010.