Amid the challenges of 2009, X5 proved to be a source of strength for consumers and the retail sector of the Russian economy. We gave our customers even better value, continued to open new stores, create new jobs, invest in infrastructure and support thousands of producers weakened by the crisis. I would like to thank X5's employees and management team for their stellar response to the turbulent macro environment and contribution to our Company's strong financial and operational performance.
Russia was hit hard by the global economic crisis. The credit crunch and subsequent sharp drop in demand caused severe dislocation for entire industries and geographic regions. Ordinary Russians – who have seen a steady rise in incomes and living standards for nearly a decade – responded by consuming less and shopping for bargains.
I am especially proud of how our Company reacted to the sudden changes in the marketplace. X5 drew a record of nearly one billion store visits as customers responded enthusiastically to our pricing policy, discounts and promotions. The Company's results underscore the success of our strategy to reinvest in our format's value propositions.
Following the collapse in Russian equity prices at the end of 2008, the Company has worked hard to restore value for X5's shareholders. We communicated clearly about the Company's strategic priorities and financial discipline, increased transparency about X5's liquidity position, and maintaining a continuous two-way dialogue with investors and analysts on current developments and future plans. As appreciation of X5's business strengths increased, our global depository receipts rose nearly four-fold in value, closing at USD 31.90 per GDR on 31 December 2009 compared to USD 8.60 at the end of 2008.
Looking to the future, we believe the Russian consumer growth story remains intact. Russia is a rapidly developing economy that is still establishing the foundations of a modern, efficient food retail market. We see substantial opportunities for growing X5's position and increasing the penetration of the modern retail channel.
Our objective is to grow significantly faster than the market, by becoming an even stronger, more efficient competitor. In this report, we have outlined how we are executing on the three main pillars of our strategy: Customer focus, operational excellence and disciplined growth. I am confident in X5's prospects to benefit from economic recovery and deliver on our objectives for 2010, while increasing productivity and building competitive advantages to support our long-term success.
Hervé Defforey