X5 Retail Group reported unaudited consolidated earnings results for the first quarter ended March 31, 2016. The company boosted net profit to International Financial Reporting Standards (IFRS) 23% year-on-year in first quarter 2016 to RUB 5,054 million compared to RUB 4,110 million a year ago. Earnings before taxes, depreciation and amortization (EBITDA) grew 25.6% year-on-year to RUB 16,493 million, and the EBITDA margin fell to 7.1%, from 7.2% a year previously. Revenue grew 26.8% to RUB 231,611 million compared to RUB 182,725 million a year ago. Operating profit was RUB 11,406 million compared to RUB 9,068 million a year ago. Net cash generated from operating activities was RUB 5,726 million compared to net cash used in operating activities of RUB 2,251 million a year ago. Net debt was RUB 144,492 million compared to RUB 115,516 million a year ago. Total capital expenditures amounted to RUB 14.3 billion.

For the year 2016, the company expects to normalize effective tax rate at the usual level of 21.0% -- 21.5% of profit before tax.