X5 Group (Пятерочка). Годовой отчет за 2021 год - часть 32

FINANCIAL STATEMENTS

Company Statement of finanCial poSition

250

X5 Retail GRoUp n.V.

Company 

Statement 

of financial 

position

at 31 December 2021

(expressed in millions of Russian Roubles,  
 
unless otherwise stated)

note

31 DeCemBeR 

2021

31 DeCemBeR 

2020

Assets

Non-current assets

Financial fixed assets

38

 75,516 

125,231

Other non-current assets

 9 

−

Deferred tax assets

43

 379 

 569

 75,904 

 125,800 

Current assets

Amounts due from group 
companies

 3,549 

 2,945 

Prepaid expenses

 8 

 6 

Other receivables

 50,627 

 470 

Short-term financial 
investments

9

50,092 

−

Other

535 

470

Cash and cash equivalents

 5 

 1 

 54,189 

 3,422 

TOTAL ASSETS

 130,093 

 129,222 

Equity and liabilities

Paid up and called up share 
capital

39

 5,707 

 6,156 

Share premium account

39

 46,127 

 46,086 

Share-based payment 
reserve

39,41

 118 

 104 

Translation reserve

39

 (3,249)

 (3,698)

Retained earnings

39

−

 17,850 

Undistributed profit for the 
year

39

 38,926 

28,344

TOTAL EQUITY

 87,629 

94,842 

note

31 DeCemBeR 

2021

31 DeCemBeR 

2020

Provisions

Deferred tax liabilities

43

−

395

−

395

Non-current liabilities

Loans from group 
companies

40

 1,829 

 1,175

 1,829 

 1,175

Current liabilities

Loans from group 
companies

40

 446 

−

Amounts due to group 
companies

 40,025 

 32,294 

Accrued expenses and other 
liabilities

 164 

 516 

 40,635 

 32,810 

TOTAL LIABILITIES

 42,464 

 34,380 

TOTAL EQUITY 
AND LIABILITIES

 130,093 

 129,222 

igor Shekhterman 

CHIEF EXECUTIVE OFFICER

19 May 2022

Vsevolod Starukhin 

CHIEF FINANCIAL OFFICER

19 May 2022

The financial statements are unaudited

FINANCIAL STATEMENTS

Company Statement of pRofit oR loSS

251

X5 Retail GRoUp n.V.

Company 

Statement 

of profit 

or loss

at 31 December 2021

(expressed in millions of Russian Roubles,  
 
unless otherwise stated)

note

31 DeCemBeR 2021

31 DeCemBeR 2020

Other income

 877 

 903 

General and administrative expenses

42

 (817)

 (745)

Operating profit

 60 

 158 

Finance costs

 (347)

 (3,959)

Finance income

 885 

 1,156 

Net foreign exchange loss

 (5)

 (616)

Gain / (loss) before tax

 593 

 (3,261)

Withholding tax

43

 (4,097)

 (1,272)

Income tax benefit

 43

 1,967 

 4,205 

Income on participating interest after tax

38

 44,275 

28,672

Profit for the year

 42,738 

 28,344 

igor Shekhterman 

CHIEF EXECUTIVE OFFICER

19 May 2022

Vsevolod Starukhin 

CHIEF FINANCIAL OFFICER

19 May 2022

The financial statements are unaudited

FINANCIAL STATEMENTS

noteS to the Company finanCial StatementS 

252

noteS to the Company 

finanCial StatementS 

for the year ended 31 December 2021 

(expressed in millions of Russian Roubles,  
unless otherwise stated)

37

accounting  

principles

As the Company mainly exploits Russian grocery stores, 
the functional currency of the Company is the Russian 
Rouble as this is the currency of its primary business 
environment and reflects the economic reality. Unless 
stated otherwise all amounts are in millions of Russian 
Rouble (“RUB”).

inVeStmentS in GRoUp CompanieS 

Investments in group companies are entities (including 
intermediate subsidiaries and special purpose entities) 
over which the Company has control, because the 
Company (i) has power to direct relevant activities of 
the investees that significantly affect their returns, 
(ii) has exposure, or rights, to variable returns from its 
involvement with the investees, and (iii) has the ability to 
use its power over the investees to affect the amount 
of investor’s returns. Group companies are recognised 
from the date on which control is transferred to the 
Company or its intermediate holding entities. They are 
derecognised from the date that control ceases.

The Company applies the acquisition method to 
account for acquired group companies, consistent 
with the approach identified in the consolidated 
financial statements. Investments in group companies 
are presented in accordance with the net asset value 
method. When an acquisition of an investment in a group 
company is achieved in stages, any previously held 
equity interest is remeasured to fair value on the date of 
acquisition. The measurement against the book value is 
accounted for in the statement of profit or loss. 

The Company was incorporated as a limited liability 
Company under the laws of The Netherlands on 13 
August 1975 and has its statutory seat in Amsterdam. 
The Company is publicly owned. The principal activity 
of the Company is to act as holding company for retail 
chains operating mainly in Russia. The Company is 
registered with the Amsterdam Chamber of Commerce 
under number 33143036.

BaSiS of pReSentation

The Company’s financial statements have been 
prepared in accordance with accounting principles 
generally accepted in the Netherlands, in accordance 
with Part 9 of Book 2 of the Dutch Civil Code (section 
362.8). 

aCCoUntinG pRinCipleS

Unless stated otherwise below, the accounting principles 
applied for the Company accounts are similar to those 
used in the IFRS Consolidated Financial Statements 
(refer to Note 2.1 to the Consolidated Financial 
Statements). The consolidated accounts of companies 
publicly listed in the European Union must be prepared 
in accordance with International Financial Reporting 
Standards (IFRS) as issued by the IASB and adopted by 
the European Commission. 

When the Company ceases to have control over a 
group company, any retained interest is remeasured to 
its fair value, with the change in carrying amount to be 
accounted for in the statement of profit or loss. When 
parts of investments in group companies are bought or 
sold, and such transaction does not result in the loss of 
control, the difference between the consideration paid 
or received and the carrying amount of the net assets 
acquired or sold, is directly recognised in equity. 

When the Company’s share of losses in an investment 
in a group company equals or exceeds its interest in the 
investment (including separately presented goodwill 
or any other unsecured non-current receivables being 
part of the net investment), the Company does not 
recognise any further losses, unless it has incurred legal 
or constructive obligations or made payments on behalf 
of the investment. In such case the Company recognises 
a provision.

amoUntS DUe fRom GRoUp CompanieS 

Amounts due from group companies are stated initially 
at fair value and subsequently at amortised cost. 
Amortised cost is determined using the effective interest 
rate.

To avoid the difference between equity in the 
Consolidated and the Company’s Financial Statements 
any expected credit losses on intercompany receivables 
recognised in the Company’s statement of Profit or 
Loss are eliminated (reversed) through the respective 
intercompany receivable account.

finanCial GUaRantee

At initial recognition the financial guarantees contracts 
are measured at the fair value.

On subsequent measurement financial guarantees 
contracts are measured at the ‘higher of’: The expected 
credit losses allowance as defined above, and the 
amount initially recognised (i.e. fair value) less any 
cumulative amount of income amortisation recognised.

For intercompany financial guarantees issued by the 
Company, the expected default is not significant and 
therefore the financial guarantees are not recognised.

ShaReholDeRS’ eQUity

Issued and paid-up share capital, which is denominated 
in Euro, is restated into Russian Rouble (“RUB”) at the 
official exchange rate of the Central Bank of the Russian 
Federation as at reporting date in accordance with 
section 2:373.5 of the Dutch Civil Code. The difference is 
settled in the translation reserve.

FINANCIAL STATEMENTS

noteS to the Company finanCial StatementS 

253

noteS to the Company 

finanCial StatementS 

for the year ended 31 December 2021 

(expressed in millions of Russian Roubles,  
unless otherwise stated)

38

financial fixed assets

The list of significant group companies was disclosed in the consolidated financial statements  
(please refer to Note 6 of the consolidated financial statements). 

31 DeCemBeR 2021

31 DeCemBeR 2020

a. movements in the interests in group companies have been as follows

Opening balance

 114,141 

 183,481 

Acquisitions / capital  contribution

 9,002 

 100 

Deinvestment of Group company

 (404)

 (199)

Change in equity of a subsidiary as part of common control transaction

 (6,583)

−

Change in equity of a subsidiary in the course of merge with parent

 18,824 

−

Change in equity of a subsidiary due to dividend distributions

 (104,301)

 (97,913)

Profit from group companies for the year

 44,275 

28,672

Closing balance

 74,954 

114,141

b. movements in the loans to group companies were as follows

Opening balance

 11,090 

 21,586 

Additions

 287 

 9,619 

Settlement / repayment

 (395)

 (20,154)

Offset as a part of merge with subsidiary

 *

 (10,404)

−

Foreign exchange differences

 (16)

39

Closing balance

 562 

 11,090 

Non-current financial assets

 75,516 

125,231

TOTAL FINANCIAL FIXED ASSETS

 75,516 

125,231 

* 

In October 2021 the Company merge with its subsidiary Perekrestok Holdings B.V.

FINANCIAL STATEMENTS

noteS to the Company finanCial StatementS 

254

noteS to the Company 

finanCial StatementS 

for the year ended 31 December 2021 

(expressed in millions of Russian Roubles,  
unless otherwise stated)

38

financial fixed assets

31 DeCemBeR 2021

CaRRyinG 

ValUe 

inteReSt  

Rate, % p.a.

matURity 

Date

Borrowing group company

RUB loans to group companies

105 

7%

December 2024

RUB loans to group companies

283 

8.5%

December 2024

RUB loans to group companies

1 

10.50%

December 2023

RUB loans to group companies

173 

10.50%

December 2024

TOTAL LOANS TO GROUP COMPANIES

562

31 DeCemBeR 2020

CaRRyinG 

ValUe 

inteReSt Rate, 

% p.a.

matURity 

Date

Borrowing group company

RUB loans to group companies

 10,654 

10.50%

December 2022

RUB loans to group companies

 105 

6.50%

December 2024

USD loans to group companies

 203 

11%

December 2022

EUR loans to group companies

 18 

11%

December 2022

EUR loans to group companies

 110 

10%

December 2022

TOTAL LOANS TO GROUP COMPANIES

11,090 

The total amount of loans provided to group companies was RUB 562 (2020: RUB 11,090)  
and it approximated the fair value. The loans have not been secured.

FINANCIAL STATEMENTS

noteS to the Company finanCial StatementS 

255

noteS to the Company 

finanCial StatementS 

for the year ended 31 December 2021 

(expressed in millions of Russian Roubles,  
unless otherwise stated)

39

Shareholders’ 

equity 

ShaRe

Capital

 *

ShaRe 

pRemiUm

ShaRe-BaSeD 

payment 

(eQUity)

RetaineD 

eaRninGS

UnDiStRiBUteD 

pRofit foR 

the yeaR

tRanS- 
lation

ReSeRVe 

total

Balance as at 1 January 2020

4,708

46,150

105

 48,336 

19,507

 (2,250)

116,556

Acquisition of treasury shares

−

 (107)

−

−

−

−

 (107)

Value of employee services

−

−

 60 

−

−

−

 60 

Transfer

−

−

−

 19,507 

 (19,507)

−

−

Currency translation

 1,448 

−

−

−

−

 (1,448)

−

Transfer of vested and waived equity rights (Note 29)

−

 43 

 (61)

−

−

−

 (18)

Profit for the year

−

−

−

−

28,344

−

28,344

Dividends

−

−

−

 (49,993)

−

−

 (49,993)

Balance as at 1 January 2021

 6,156 

 46,086 

 104 

 17,850 

28,344

 (3,698) 

 94,842 

Value of employee services

−

−

 89 

−

−

−

 89 

Transfer

−

−

−

 28,344 

 (28,344)

−

−

Currency translation

 (449)

−

−

−

−

 449 

−

Transfer of vested and waived equity rights (Note 29)

−

 41 

 (75)

−

−

−

 (34)

Profit for the year

−

−

−

−

 42,738 

−

 42,738 

Dividends

−

−

−

 (46,194)

 (3,812)

−

 (50,006)

Balance as at 31 December 2021

 5,707 

 46,127 

 118 

 — 

 38,926 

 (3,249)

 87,629 

*  Share capital translated at the year-end exchange rate EUR / RUB of 84.0695 (2020: 90.6824)

As at 31 December 2021 total equity included the 
reserve for capitalised IT development costs in the 
amount of RUB  26,122 (31 December 2020: RUB 17,116). 
As at 31 December 2021 equity available for distribution 
of dividends to shareholders comprised RUB 56,151 (31 
December 2020: RUB 71,466).

Share capital issued

As at 31 December 2021 the Company had 190,000,000 
authorised ordinary shares (31 December 2019: 
190,000,000) of which 67,888,696 ordinary shares were 
outstanding (31 December 2020: 67,882,444) and 4,521 
ordinary shares held as treasury stock (31 December 
2020: 10,774). The nominal value of each ordinary share 
is EUR 1. 

Statutory profit appropriation

On 12 May 2021, in addition to interim dividend RUB 
19,997 (RUB 294.58 per share) that was declared and 
paid in 2020, the General Meeting of Shareholders 
approved the dividend for 2020 in the amount of RUB 
30,006 (RUB 441.99 per share). The total amount of 
dividend for the full year 2020 was RUB 49,997 (RUB 
736.52 per share).

On 25 November 2021, the Company announced the 
interim dividend for 2021 in the amount of RUB 20,000 
(RUB  294.60 per share), which was paid to shareholders 
in December 2021. 

FINANCIAL STATEMENTS

noteS to the Company finanCial StatementS 

256

noteS to the Company 

finanCial StatementS 

for the year ended 31 December 2021 

(expressed in millions of Russian Roubles,  
unless otherwise stated)

40

loans from group 

companies

non-CURRent

31 DeCemBeR 

2021

inteReSt Rate, 

% p.a.

final 

matURity Date

RUB loans to group companies

 1,829 

6.5%

December 2023

TOTAL

1,829

non-CURRent

31 DeCemBeR 

2021

inteReSt Rate, 

% p.a.

final 

matURity Date

RUB loans from group companies

 *

 135 

6.5%

December 2022

RUB loans from group companies

 311 

4%

December 2022

TOTAL

 446 

non-CURRent

31 DeCemBeR 

2020

inteReSt Rate, 

% p.a.

final 

matURity Date

RUB loans from group companies

 *

 1,175 

6%

December 2022

TOTAL

1,175

*  During 2021 the Company partly repaid the loan, interest rate was increased from 6% to 6.5%.

FINANCIAL STATEMENTS

noteS to the Company finanCial StatementS 

257

noteS to the Company 

finanCial StatementS 

for the year ended 31 December 2021 

(expressed in millions of Russian Roubles,  
unless otherwise stated)

41

Share-based 

payments 

X5 Retail Group N.V. operates equity settled share-based 
compensation plan in the form of its Restricted Stock 
Unit Plan. 

Members of the Supervisory Board receive an annual 
award of Restricted Stock Units (RSUs). For the annual 
award of RSU’s for members of the Supervisory Board, 
please refer to Note 28 in the consolidated financial 
statements, which are deemed incorporated and 
repeated herein by reference.

The receivable or expense is accounted for at the fair 
value determined in accordance with the policy on 
share-based payments as included in the consolidated 
financial statements, including the related liability for 
cash settled plans or as equity increase for equity 
settled plans (Note 29). 

The following is included in the Company’s accounts for 
the Restricted Stock Unit Plan:

2021

2020

Share-based payment reserve 
as at 31 December

 118 

104

Expenses for the year ended 
31 December

 89 

60