X5 Retail Group N.V FIVE X5 Reports Q3 & 9M 2012 Financial Results

  X5 Retail Group N.V (FIVE) - X5 Reports Q3 & 9M 2012 Financial Results

RNS Number : 5287R
X5 Retail Group N.V.
20 November 2012




                                      

       X5 REPORTS third Quarter AND NINE MONTHS 2012 FINANCIAL RESULTS:

                                      

                                      

Amsterdam, 20 November  2012 - X5RetailGroupN.V.,  ("X5" or the  "Company") 
Russia's largest  retailer  in terms  of  sales (LSE  ticker:  "FIVE"),  today 
released the Company's condensed consolidated interim financial statements for
the three (Q3)  and nine months  (9M) ended 30  September 2012, in  accordance 
with International Financial Reporting Standards.

Income Statement Highlights^(^1^)(^2^)

USD mln               Q3 2012   Q3 2011 % change,  9M 2012   9M 2011 % change,
                                          y-o-y                        y-o-y
Net sales             3,616.7  3,623.0  (0.2%)   11,475.4 11,489.8  (0.1%)
    incl. Retail      3,610.4  3,610.7  (0.01%)  11,454.2  11,442.8   0.1%
Soft  Discounters     2,374.8   2,261.2   5.0%     7,469.8   7,142.1   4.6%
Supermarkets            750.9     783.3  (4.1%)    2,445.8   2,524.3  (3.1%)
Hypermarkets            441.0     541.1  (18.5%)   1,425.8   1,694.4  (15.9%)
Convenience stores       39.8     25.1   58.9%      105.6     74.1   42.4%
Online^(3)                3.9        -    n/a         7.1      7.8  (8.9%)
Gross  profit           825.0    838.3  (1.6%)    2,682.5  2,698.1  (0.6%)
    Gross profit        22.8%     23.1%              23.4%     23.5%
    margin, %
EBITDA                 219.9    219.8   0.04%      774.2    785.8  (1.5%)
    EBITDA  margin, %    6.1%      6.1%               6.7%      6.8%
Operating  profit        98.2    116.1  (15.4%)     436.7    463.7  (5.8%)
    Operating  profit    2.7%      3.2%               3.8%      4.0%
    margin, %
Net profit/(loss)        12.1    (2.1)    n/a       147.3    168.2  (12.4%)
    Net profit           0.3%       n/a               1.3%      1.5%
    margin, %

Net sales reported in US Dollars  decreased year-on-year (y-o-y) in Q3 and  9M 
2012 by 0.2%  and 0.1%, respectively,  due to Russian  Rouble (RUR)/US  Dollar 
(USD) exchange rate differences^(2).

In Q3 and 9M 2012,  X5's net sales in RUR  terms increased y-o-y by 10.2%  and 
8.0%, respectively,  to  RUR  116,085  million  (mln)  and  RUR  356,866  mln, 
respectively,  primarily  due  to  an   increase  in  soft  discounters'   and 
supermarkets' retail  sales,  which was  partially  offset by  a  decrease  in 
hypermarkets' retail sales.

The increase in RUR retail sales in both 2012 periods was due to organic store
additions, positive performance  of maturing  stores added over  the past  two 
years and on-going promotional activities.  The decrease in RUR retail  sales 
from hypermarkets in both  2012 periods was the  result of operational  issues 
related to the on-going transformation of the format's business model.

Gross profit margin in Q3 and 9M 2012 was 22.8% and 23.4%, respectively, a  30 
basis point (bp) and 10 bp decrease y-o-y, respectively. The decrease in both
periods was primarily due to inventory clean up at our distribution centers.

 ______________________

^(1) Please  note  that in  this  and other  tables  of the  press  release, 
immaterial deviations in the  calculation of %  changes, subtotals and  totals 
are explained by rounding.

^(2)X5's operational currency is the  RUR, while the Company's  presentation 
currency is the USD. As the  RUR/USD exchange rate has substantially  changed 
in the  past twelve  months, comparisons  of the  Company's financial  results 
either with the corresponding period a year ago (for income statement) or with
the beginning of  the year  (for statement  of financial  position) have  been 
substantially affected by  these movements.  For more  information please  see 
page four of this press release.

^(3)We disposed of the online retail brands, "bolero.ru" and "003.ru" on  29 
April 2011. In  mid-February 2012,  X5 launched "E5.ru"  brand, the  Company's 
revised online retail business model.

Selling, General and Administrative (SG&A) Expenses

USD mln          Q3 2012 Q3 2011  % change,     9M 2012   9M 2011  % change,
                                    y-o-y                            y-o-y
Staff costs      (290.0) (318.8)    (9.0%)      (956.9)   (971.8)    (1.5%)
     % of Net       8.0%    8.8%                   8.3%      8.5%
     sales
Lease expenses   (145.9) (145.9)     0.0%       (441.8)   (428.6)     3.1%
     % of Net       4.0%    4.0%                   3.9%      3.7%
     sales
Other store       (68.2)  (54.2)    26.0%       (191.4)   (158.4)    20.8%
costs
     % of Net       1.9%    1.5%                   1.7%      1.4%
     sales
D&A              (121.7) (103.7)    17.3%       (337.5)   (322.1)     4.8%
     % of Net       3.4%    2.9%                   2.9%      2.8%
     sales
Utilities         (71.2)  (70.4)     1.2%       (243.0)   (244.7)    (0.7%)
     % of Net       2.0%    1.9%                   2.1%      2.1%
     sales
Third party       (27.7)  (26.9)     3.0%        (85.7)    (82.7)     3.6%
services
     % of Net       0.8%    0.7%                   0.7%      0.7%
     sales
Other expenses    (45.8)  (45.3)     1.0%       (117.9)   (163.3)   (27.8%)
     % of Net       1.3%    1.3%                   1.0%      1.4%
     sales
Total SG&A       (770.5) (765.1)     0.7%     (2,374.2) (2,371.6)     0.1%
     % of Net      21.3%   21.1%                  20.7%     20.6%
     sales



In Q3 2012, SG&A expenses, as a percentage of net sales, increased y-o-y by 20
bp to 21.3%.

Staff costs, as a percentage of net  sales, decreased 80 bp y-o-y in Q3  2012, 
to 8.0%  primarily  driven by  a  reduction in  bonus  accruals (86  bp),  the 
reclassification of security and maintenance  staff expenses from staff  costs 
to other store costs (40 bp), and a  decrease in the social tax rate from  34% 
to 30%, effective from 1 January 2012 (19 bp). These decreases were partially
offset by a y-o-y increase of 45  bp in Q3 2012 employee salaries and  wages 
as a percentage of net sales as well as a 20 bp decrease in income  recognized 
on the  re-measurement  of  the  Company's long  term  incentive  plans  at30 
September 2012, compared to the corresponding period of 2011. 

The Company's Q3 2012 lease expenses,  as a percentage of net sales,  remained 
unchanged y-o-y at  4.0% primarily due  to an increase  in store openings  and 
lower sales  densities  in Q3  2012,  while lease  expenses  in Q3  2011  were 
impacted by store closures related to the Kopeyka integration. As a percentage
of X5's total real  estate portfolio, leased space  accounted for 54.0% at  30 
September 2012 compared to 52.9% in the corresponding period of 2011.

In Q3 2012, other store costs increased,  as a percentage of net sales, by  40 
bp  y-o-y  to  1.9%  mainly  due  to  the  reclassification  of  security  and 
maintenance staff expenses from staff costs to other store costs.

Utilities expense, as a percentage of net  sales, increased by 10 bp y-o-y  in 
Q3 2012 to 2.0% due to an  increase in tariffs, which was partially offset  by 
cost-saving initiatives,  such as  water and  electricity consumption  meters, 
which provide greater cost control.

Third party services  expense in  Q3 2012 increased,  as a  percentage of  net 
sales, by 10 bp y-o-y due to an increase in advertising activity.

As a result of the factors discussed above, EBITDA in Q3 2012 totaled USD  220 
mln, or 6.1% of net sales.



Non-Operating Gains and Losses

                              Q3      Q3 % change,        9M      9M % change,
USD mln                                    y-o-y                       y-o-y
                           2012    2011                2012    2011
Operating profit           98.2  116.1  (15.4%)     436.7  463.7  (5.8%)
 Finance costs (net)     (82.7) (66.4)   24.5%    (237.7)          8.1%
                                                             (219.8)
 Net FX result             (1.2) (52.5)  (97.7%)      (1.7) (15.9)  (89.4%)
 Share of gain/(loss) of   0.04       -    n/a        (0.1)       -    n/a
 associates
Profit/(Loss) before tax   14.4  (2.8)    n/a       197.2  228.0  (13.5%)
 Income tax               (2.2)    0.7    n/a      (49.9) (59.8)  (16.5%)
 (expense)/benefit
Net profit/(loss)          12.1  (2.1)    n/a       147.3  168.2  (12.4%)
 Net profit margin, %       0.3%     n/a                1.3%    1.5%

Net finance costs in Q3 2012 increased by 24.5% y-o-y in USD terms, and  36.8% 
in RUR terms,  primarily due to  an increase in  short-term debt and  interest 
rates. The weighted average effective interest rate on X5's total debt for  9M 
2012 increased  to 8.5%  per  annum from  7.7% per  annum  for 9M  2011.  The 
increase was primarily due to the conversion of the Company's  USD-denominated 
debt into  RUR by  year-end  2011, and  the  generally higher  interest  rates 
charged on RUR borrowings.

In 9M  2012, X5's  effective  tax rate  was 25.3%  compared  to 26.2%  in  the 
corresponding period of 2011. The Russian  statutory income tax rate for  both 
periods was  20%. The  difference between  X5's effective  and statutory  tax 
rates is primarily due to certain non-deductible expenses.

Consolidated Cash Flow

                                           % change,                      %
USD mln                   Q3 2012  Q3 2011   y-o-y    9M 2012  9M 2011 change,
                                                                        y-o-y
Net cash flows generated
from operating              131.4    308.6  (57.4%)     123.0    317.9 (61.3%)
activities
Net cash from operating
activities before           221.9    224.4  (1.1%)      786.7    815.2 (3.5%)
changes in working
capital
Change in working           24.3    181.0  (86.6%)  (301.5) (180.6)  66.9%
capital
Net interest and income  (114.9)   (96.9)   18.6%   (362.2) (316.7)  14.4%
tax paid
Net cash used in         (195.4) (226.6)  (13.8%)  (570.3) (496.3)  14.9%
investing activities
Net cash generated
from/(used in) financing    113.4  (89.1)    n/a       270.5    31.7 753.6%
activities
Net increase/(decrease)
in cash & cash              49.4    (7.1)    n/a    (176.7) (146.8)  20.4%
equivalents

In Q3 2012, net cash flows generated from operating activities totaled USD 131
mln compared to USD 309 mln in the corresponding period of 2011. The decrease
was primarily due  to changes in  working capital  and to a  lesser degree  an 
increase in interest  paid in  Q3 2012  due to  the reasons  mentioned in  the 
"Non-Operating Gains and Losses" section. 

The working  capital  deficits in  Q3  2012 and  2011  were primarily  due  to 
increases in trade and  other accounts payable. We  generally operate with  a 
working capital deficit in  the second half  of the year  due to the  seasonal 
impact of the Q4 holidays on inventory and accounts payable.

Net cash flows generated from operating activities in 9M 2012 amounted to  USD 
123 mln compared to USD 318 mln in 9M 2011. The decrease was due primarily to
changes in working capital  and the increase in  interest expense in 9M  2012, 
due to the reasons mentioned above.

Net cash used in investing activities totaled  USD 195 mln and USD 570 mln  in 
Q3 and  9M 2012,  respectively,  compared to  USD 227  mln  and USD  496  mln, 
respectively, for the corresponding periods in 2011 and generally consisted of
payments for property, plant and  equipment. These capital expenditures  were 
primarily related to new  store growth as well  as the remodeling of  existing 
stores, which aggregated to approximately 91% and 76% of investments in Q3 and
9M 2012, respectively.

Net cash generated from financing activities in Q3 and 9M of 2012 totaled  USD 
113 mlnandUSD 271 mln,  respectively, and was  related to short-term  credit 
facilities drawn to finance working capital requirements.

Liquidity Update

USD mln             30-Sep-12   % in    30-Jun-12   % in    31-Dec-11   % in
                                total               total              total
Total debt            4,036.8             3,691.4             3,610.0
Short-term debt       1,404.8   34.8%     1,170.1   31.7%       913.2  25.3%
Long-term debt        2,632.0   65.2%     2,521.3   68.3%     2,696.9  74.7%
Net debt/(net cash)   3,814.3             3,525.3             3,225.0
Denominated in USD       0.0    n/a          0.0    n/a        (9.5)   n/a
Denominated in RUR    3,814.3  100.0%     3,525.3  100.0%     3,234.5  100.0%
FX, End of Period       30.92               32.82               32.20
Net debt/EBITDA^(1)     3.40x               3.40x               3.13x

At 30 September 2012, the Company's total  debt amounted to USD 4,037 mln  (at 
RUR exchange rate  of 30.92), of  which 34.8% was  short-term debt (USD  1,405 
mln) and 65.2% long-term debt(USD 2,632 mln).

At 30 September  2012, the Company  had access  to RUR 77.4  billion (USD  2.5 
billion) in undrawn credit lines with major Russian and international banks.

Effect of RUR/USD Exchange Rate Movements on the Presentation of X5's Results

X5's operational currency  is the  Russian Rouble (RUR),  while the  Company's 
presentation currency is the U.S. Dollar  (USD). As the RUR/USD exchange  rate 
has substantially  changed  in the  past  twelve months,  comparisons  of  the 
Company's financial results, either with  the corresponding period a year  ago 
(for income statement)  or with the  beginning of the  year (for statement  of 
financial position), have been substantially affected by these movements:

· Comparisons  of  income statement  figures  with respective  period  last 
yearreflect a  negative translational  effect  from RUR/USD  rate  movements, 
resulting in a difference betweeny-o-y change in RUR and the respective change
in USD  ofapproximately 8%  for 9M  2012. For  reference, to  translate  the 
Company's income  statement from  RUR to  USD for  presentation purposes,  the 
Company applied a RUR/USD rate of 31.10  for 9M 2012 (average for the  period) 
and a RUR/USD rate of 28.77 for 9M 2011 (average for the period).

· Comparison of the statement of financial position at 30 September 2012 to
the statement of financial  position at 31 December  2011 reflects a  positive 
translational effect from the RUR/USD  exchange rate movement, resulting in  a 
difference between  the change  in RUR  and the  respective change  in USD  of 
approximately 4%.  For reference,  to translate  the statement  of  financial 
position from RUR  to USD  for presentation  purposes, the  Company applied  a 
RUR/USD exchange rate of 30.92 at 30 September 2012 and RUR/USD exchange  rate 
of 32.20 at 31 December 2011.

_____________________

^(1) In RUR terms, as  the Company's debt covenants are  set in RUR terms  in 
accordance with X5's loan facilities.







Appendices



I. Condensed  Consolidated Interim  Income Statement  for the  Three and  Nine 
Months Ended 30 September 2012

II. Condensed Consolidated Interim Statement of Comprehensive Income for the
Three and Nine Months Ended 30 September 2012

III. Condensed  Consolidated Interim  Statement of  Financial Position  at  30 
September 2012

IV. Condensed Consolidated InterimStatement of Cash Flows for the Nine Months
Ended 30 September 2012



Note to Editors:

Headquartered in Moscow,  X5 Retail Group  (LSE: FIVE, Moody's  - "B2", S&P  - 
"B+") is Russia's largest retailer in terms of revenue. The Company  operates 
several retail formats: the soft discounter chain under the Pyaterochka brand,
the supermarket chain under the Perekrestok brand, the hypermarket chain under
the Karusel brand, the online retail channel under E5.ru brand and convenience
stores under various brands.

At 30 September 2012, X5 had 3,472 Company-operated stores. It has the leading
market position in both Moscow and  St. Petersburg and a significant  presence 
in the European part of Russia. Its store base includes 2,936 soft  discounter 
stores, 350  supermarkets, 76  hypermarkets and  110 convenience  stores.  The 
Company operates  28 DCs  and 1,854  Company-owned trucks  across the  Russian 
Federation.

X5 is run on an SAP platform.

At 30  September 2012,  X5's  direct franchisees  operated 404  stores  across 
Russia.

At 30 September 2012, the number of X5 employees totaled 102 thousand.

For the full year 2011, net sales  totaled USD 15,455 mln, EBITDA reached  USD 
1,130 mln, and net  profit amounted to  USD 302 mln. For  the nine months  of 
2012, net sales totaled  USD 11,475 mln,  EBITDA reached USD  774 mln and  net 
profit amounted to USD 147 mln.

X5 Shareholder  structure is  as follows:  Alfa Group  - 47.86%,  founders  of 
Pyaterochka -  19.85%, X5  Directors- 0.13%,  treasury shares  - 0.11%,  free 
float - 32.05%.





Forward looking statements:

This announcement  includes statements  that  are, or  may  be deemed  to  be, 
"forward-looking  statements".  These   forward-looking  statements  can   be 
identified by the fact that they do  not only relate to historical or  current 
events. Forward-looking  statements often  use  words such  as  "anticipate", 
"target",  "expect",   "estimate",  "intend",   "expected",  "plan",   "goal", 
"believe", or other words of similar meaning.



By their  nature,  forward-looking  statements involve  risk  and  uncertainty 
because they relate to future events and circumstances, a number of which  are 
beyond X5 Retail Group N.V.'s control. As a result, actual future results may
differ materially from  the plans,  goals and  expectations set  out in  these 
forward-looking statements.



Any forward-looking statements made  by or on behalf  of X5 Retail Group  N.V. 
speak only as  of the  date of  this announcement.  Save as  required by  any 
applicable laws or regulations, X5 Retail Group N.V. undertakes no  obligation 
publicly to  release  the results  of  any revisions  to  any  forward-looking 
statements in  this  document  that  may  occur  due  to  any  change  in  its 
expectations or to  reflect events  or circumstances  after the  date of  this 
document.







For further details please contact


Gregory Madick               Vladimir Rusanov

Executive IR Director        Acting Head of PR Department

Tel.: +7 (495) 502-9783     Тel.: +7 (495) 662-8888, ext. 31 328

e-mail: gregory.madick@X5.ru e-mail: vladimir.rusanov@X5.ru



Appendix I:



CONDENSED CONSOLIDATED INTERIM INCOME STATEMENT

FOR THE THREE AND NINE MONTHS ENDED 30 SEPTEMBER 2012

(expressed in thousands of US Dollars)



                                 Three months ended       Nine months ended
                                 30-Sep-12   30-Sep-11   30-Sep-12   30-Sep-11
Revenue                          3,616,732  3,623,015  11,475,390 11,489,808
Cost of sales                  (2,791,730) (2,784,760) (8,792,857) (8,791,708)
Gross profit                       825,002    838,255  2,682,533  2,698,100
Selling, general and            (770,489)  (765,148) (2,374,207) (2,371,611)
administrative expenses
Lease/sublease and other           43,697      42,992     128,375     137,179
income
Operating profit                    98,210    116,099    436,701    463,668
Net finance costs                 (82,682)   (66,406)  (237,678)  (219,780)
Share of gain/(loss) of                38          -       (90)          -
associates
Net foreign exchange loss         (1,202)   (52,500)    (1,689)    (15,863)
Profit/(Loss) before tax            14,364    (2,807)    197,244    228,025
Income tax (expense)/benefit       (2,223)        692    (49,938)    (59,801)
Profit/(Loss) for the period        12,141    (2,115)    147,306    168,224







Appendix II:



CONDENSED CONSOLIDATEDINTERIMSTATEMENT OF COMPREHENSIVE INCOME FOR THE THREE
AND NINE MONTHS ENDED 30 SEPTEMBER 2012

(expressed in thousands of US Dollars)



                                    Three months ended     Nine months ended
                                   30-Sep-12   30-Sep-11 30-Sep-12   30-Sep-11
Profit/(Loss) for the period          12,141     (2,115)   147,306     168,224
Other comprehensive income/(loss)
Exchange differences on
translation from functional to      142,277  (284,457)   91,262  (106,436)
presentation currency
Change in fair value of                    -       2,127         -       2,127
available-for-sale investments
Other comprehensive income/(loss)    142,277  (282,330)    91,262  (104,309)
for the period
Total comprehensive income/(loss)    154,418  (284,445)   238,568      63,915
for the period
Total comprehensive income/(loss)
for the period attributable to:
Equity holders of the parent        154,418  (285,108)  238,568     63,154
Non-controlling interest                   -         663        -         761







Appendix III: CONDENSED CONSOLIDATED INTERIM STATEMENT OF FINANCIAL POSITION
AT 30 SEPTEMBER 2012

(expressed in thousands of US Dollars)



                                            30 September 2012 31 December 2011
ASSETS
Non-current assets
Property, plant and equipment                       4,245,614        3,824,893
Investment property                                   140,882          141,034
Goodwill                                            2,072,535        1,957,876
Intangible assets                                     588,681          601,026
Prepaid leases                                         74,724           81,068
Investment in associates                                1,296            1,331
Available-for-sale investments                          6,806            6,535
Other non-current assets                               40,686           18,530
Deferred tax assets                                   132,699          136,801
                                                   7,303,923        6,769,094
Current assets
Inventories of goods for resale                       868,884          895,007
Indemnification asset                                  52,796           52,149
Loans originated                                       13,753           19,811
Trade and other accounts receivable                   418,673          361,783
Current income tax receivable                          90,836           31,438
VAT and other taxes recoverable                       366,708          295,913
Cash and cash equivalents                            222,467         385,001
                                                   2,034,117       2,041,102
TOTAL ASSETS                                        9,338,040        8,810,196
EQUITY AND LIABILITIES
Equity attributable to equity holders of
the parent
Share capital                                          93,717           93,717
Share premium                                       2,049,592        2,049,592
Cumulative translation reserve                      (618,431)        (709,693)
Accumulated profit                                    901,886          754,580
Share-based payment reserve                             9,888            7,776
Total equity                                       2,436,652       2,195,972
Non-current liabilities
Long-term borrowings                                2,632,025        2,696,877
Long-term finance lease payable                           435            1,347
Deferred tax liabilities                              229,783          207,356
Long-term deferred revenue                                575            1,261
Other non-current liabilities                           2,618            3,175
                                                    2,865,436        2,910,016
Current liabilities
Trade accounts payable                              1,861,931        1,906,365
Short-term borrowings                               1,404,766          913,160
Share-based payments liability                            962            2,396
Short-term finance lease payables                       2,042            2,218
Interest accrued                                       22,985           12,422
Short-term deferred revenue                             9,086           13,734
Current income tax liability and accrued               47,197           52,187
reserves
Provisions and other liabilities                      686,983         801,726
                                                    4,035,952        3,704,208
Total liabilities                                   6,901,388        6,614,224
TOTAL EQUITY AND LIABILITIES                        9,338,040        8,810,196





Appendix IV:



CONDENSEDCONSOLIDATED INTERIM STATEMENT OF CASH FLOWS FOR THE NINE MONTHS
ENDED 30 SEPTEMBER 2012

(expressed in thousands of US Dollars)



                                                           Nine months ended
                                                          30-Sep-12  30-Sep-11
Profit before tax                                          197,244   228,025
Adjustments for:
Depreciation and amortisation                              328,270   322,116
(Gain)/Loss on disposal of non-current assets              (4,123)     6,169
Finance costs, net                                         237,678   219,780
Impairment of trade and other accounts receivable            16,569     39,980
Share-based payments expense/(income)                        2,881  (32,111)
Amortisation of prepaid lease                                9,255     11,908
Net foreign exchange loss                                    1,689     15,863
Loss from associate                                             90         -
Other non-cash items                                       (2,817)     3,429
Net cash from operating activities before changes in       786,736   815,159
working capital
Increase in trade and other accounts receivable           (154,240)  (82,046)
Decrease in inventories                                      62,785   192,909
Decrease in trade accounts payable                        (121,551)  (309,066)
(Decrease)/Increase in other accounts payable             (88,467)     17,617
Net cash generated from operations                         485,263   634,573
Interest paid                                             (238,592)  (209,646)
Interest received                                            4,795     1,246
Income tax paid                                           (128,430)  (108,291)
Net cash flows from operating activities                   123,036   317,882
Cash flows from investing activities:
Purchase of property, plant and equipment                 (504,189)  (433,941)
Proceeds from sale of property, plant and equipment          18,132      1,428
Investments in subsidiaries                               (66,040)   (2,625)
Non-current prepaid lease paid                             (6,113)   (7,677)
Compensation on prepaid lease disposal                       1,511         -
Loans issued and repayments                                  7,916  (34,763)
Purchase of intangible assets                              (21,501)   (18,770)
Net cash used in investing activities                     (570,284)  (496,348)
Cash flows from financing activities:
Proceeds from loans                                      1,221,160   941,683
Repayment of loans                                        (949,163)  (908,713)
Proceeds from sale of treasury shares                           -       377
Principal payments on finance lease obligations             (1,465)    (1,653)
Net cash generated from financing activities               270,532     31,694
Net decrease in cash and cash equivalents                 (176,716)  (146,772)
Movements in cash and cash equivalents
Cash and cash equivalents at the beginning of the period   385,001   270,762
Net decrease in cash and cash equivalents                 (176,716)  (146,772)
Effect of exchange rate changes on cash and cash             14,182      2,387
equivalents
Cash and cash equivalents at the end of the period         222,467   126,377



                     This information is provided by RNS
           The company news service from the London Stock Exchange

END


QRTBMBFTMBTTMBT -0- Nov/20/2012 07:16 GMT