The First Quarter of 2009 was Characterized by the Implementation
Procedures of the Major Parts of the Strategic Plan, the Launch of
the HD "Mega Bool" Format, and the Launch of the "Mega" Private
Label Brand ROSH HA'AYIN, Israel, May 25 /PRNewswire-FirstCall/ --
- The Company Maintained Gross Profit Compared to the Corresponding
Quarter Last Year Despite the Decrease in the General Food
Consumption in Israel Blue Square-Israel Ltd. (NYSE and TASE: BSI)
today announced its financial results for the first quarter ended
March 31, 2009. Results for the First Quarter of 2009 Revenues for
the first quarter of 2009 were NIS 1,764.8 million (U.S.(A) $421.4
million), compared to NIS 1,821.2 million in the corresponding
quarter of 2008 - a decrease of 3.1 %. Supermarket same store sales
(SSS) for the period decreased by 7.1% due to the decrease in
stores that were converted to "Mega Bool" Format Hard Discount,
which is characterized by low prices. On the other hand, the
decrease in sales was offset by the opening of eleven new stores
during the 12-month period of approximately 12,600 square meters;
in addition, the sales of BEE Group increased during the quarter
compared to the corresponding quarter last year and that is due to
Passover that this year was celebrated on April 8 compared to April
20 last year. Gross Profit of the first quarter of 2009 amounted to
NIS 503.1 million (U.S. $ 120.1 million) (28.5 % of revenues)
compared to gross profit of NIS 503.6 million (27.6% of revenues)
in the first quarter of 2008. The increase in the gross profit
margin derives from an increase in sales of BEE Group characterized
with relatively higher gross profit margins relative to those
acceptable in the food retail sector and the change in the sales
mixture and increase in the contribution of the formats
characterized by higher gross profit margin ("Mega" "Mega In Town"
and "Eden Teva Market") over the HD formats (Mega Bool and "Shefa
Shuk"). Gross margin was also affected by improved supplier
agreements and discounts, part of which relate to the conversion
process of Mega Bool. Selling, General, and Administrative Expenses
for the first quarter of 2009 amounted to NIS 442.9 million (U.S. $
105.7 million) (25.1% of revenues) compared to NIS 426.1 million
(23.4% of revenues) in the corresponding quarter, an increase of
4%. The increase reflects: 1) increased expenses associated with
the opening of eleven new stores during the last year, including
the expenses associated with the accelerated opening of five
branches of the Eden Teva Market format during the last twelve
months; 2) expenses associated with the launch of the Mega Bool
format; 3) an increase in the operating expenses of identical
branches due to the increase in the expenses linked to the CPI such
as rent and municipal taxes; and 4) an increase in selling and
administrative expenses of the BEE Group, due to the timing of the
holiday and the intensive sales, as above-mentioned. Operating
Income in the first quarter of 2009 amounted to NIS 62.3 million ($
14.9 million) (3.5% of revenues) compared to the operating income
of NIS 88.9 million (4.9% of revenues in the first quarter of 2008
and NIS 33.6 million (1.9% of revenues) in the fourth quarter of
2008. Appreciation of Investment Property: During the first quarter
of 2009, the Company did not record gain or loss from appreciation
of investment property compared to NIS 12.7 million in the
corresponding period of the previous year. Other Gains (losses),
Net: In the first quarter of 2009, the Company recorded other
gains, net of NIS 2.2 million (U.S. $ 0.5 million), compared to
other losses, net of NIS 1.2 million in the corresponding quarter
of the previous year. The other gains included, in this quarter, an
income of NIS 2.5 million ($ 0.6 million) in respect of a gain
deriving from purchasing 8% of Naaman shares that were held by
minority. Operating Income before Other Gains (losses) and
Appreciation of Investment Property in the first quarter of 2009
was NIS 60.2 million (U.S. $ 14.3 million) (3.4% of revenues)
compared to NIS 77.5 million (4.2% of revenues) in the
corresponding quarter and NIS 44.3 million (2.5% of revenues) in
the fourth quarter of 2008. The decrease in the operating income
mainly derived from a decrease in sales, and from an increase in
selling and administrative expenses, as mentioned above. Financial
Expenses (net) for the first quarter of 2009 were NIS 12.0 million
(U.S. $2.8 million) compared to financial expenses (net) of NIS 8.2
million in the corresponding quarter of the previous year. The
increase in financial expenses, net in this quarter compared to the
corresponding quarter last year mainly derives from the effect of
the change in the value of derivative financial instruments and
hedging transactions on the index that contributed in the current
quarter income of NIS 1 million ($0.2 million) compared to an
income of NIS 14 million in the corresponding quarter last year and
from decrease in financial income from short term deposit and
marketable securities of NIS 4 million (U.S $1.0) in the current
quarter compared to the corresponding quarter last year. The
increase in the financial expenses was offset in the current
quarter compared to the corresponding quarter last year mainly from
the decrease in financial expenses on debentures and CPI linked
loans, NIS 14 million ($ 3.4 million) in the current quarter
compared to NIS 27 million in the corresponding quarter last year,
due to the decrease in the known index compared to the
corresponding period last year. Taxes on Income for the first
quarter of 2009 were NIS 17.9 million (U.S. $4.3 million) (35.6%
effective tax rate compared to a statutory tax rate of 26%)
compared to NIS 15.8 million (effective tax rate of 19.6% compared
to a statutory tax rate of 27%) in the corresponding quarter. The
increase in the effective tax rate reflects primarily the losses of
the Eden Teva Market and Dr. Baby formats and recording financial
expenses from revaluation of the conversion component in
convertible debentures of the company for which no deferred taxes
were recorded. Net Income for the first quarter of 2009 was NIS
32.3 million (U.S. $ 7.7 million) compared to the net income of NIS
65.0 million in the first quarter of 2008 and NIS 18.1 million in
the fourth quarter of 2008. The decrease in the net income in this
quarter compared to the corresponding quarter last year derives
from decrease in operating income, increase in the financial
expenses and increase in income tax expenses, as mentioned above.
The portion of the net profit attributable to shareholders, as
calculated in accordance with the IFRS, was NIS 26.5 million (U.S.
$6.3 million), or NIS 0.61 per ADS (U.S. $ 0.15), while the portion
attributable to the share of minority interests was NIS 5.8 million
(U.S. $1.4 million). Cash Flows Cash Flows from Operating
Activities: Net cash flows deriving from operating activities in
the first quarter of 2009 amounted to NIS 30 million ($ 7.2
million) compared to NIS 24.5 million in the corresponding period
last year. The increase in cash flows from operating activities
derives mainly from the change in the working capital. Cash Flows
from Investing Activities: Net Cash flows used in investing
activities in the first quarter of 2009 amounted to NIS 59.7
million ($13.8 million) compared to net cash flows of NIS 21.7
million deriving from investing activities in the corresponding
quarter last year. Cash flows used in investing activities in the
first quarter of 2009 included mainly purchase of property and
equipment, intangible assets and investment property in a total
amount of NIS 57 million. Cash flows deriving from investing
activities in the first quarter of 2008 included mainly proceeds
from realization of short term deposit and marketable securities in
the amount of NIS 116 million, net of purchase of property and
equipment, intangible assets and investment property in a total
amount of NIS 103.5 million. Cash Flows from Financing Activities:
Net Cash flows used in financing activities in the first quarter of
2009 amounted to NIS 2.9 million ($ 0.7 million) compared to net
cash used in financing activities of NIS 47.1 million in the
corresponding quarter last year. Cash flows used in financing
activities in the first quarter of 2009 included mainly repayment
of long term loans of NIS 30.5 million ($ 7.3 million) and paid
interest of NIS 35.4 million ($ 8.5million), net of increase in
short term credit of NIS 59.4 million ($ 14.1 million). Net Cash
flows used in financing activities in the first quarter of 2008
included mainly repayment of long term loans of NIS 23.3 million
and paid interest of NIS 32.7 million. Additional Information
Supermarkets: As of March 31, 2009, the Company operated 199
supermarkets in the following formats: Mega In Town -115; Mega Bool
- 39; Mega - 19; Shefa Shuk - 19; Eden Teva Market - 7. EBITDA
(Earnings before Interest, Taxes, Depreciation, and Amortization):
For the first quarter of 2009, the EBITDA (earnings before
Interest, Taxes, Depreciation, and Amortization) was NIS 102
million (U.S. $ 24.4 million) (5.8 % of revenues) compared to NIS
114 million (6.3% of revenues) in the corresponding quarter of last
year and NIS 83 million (4.7% of revenues) in the fourth quarter of
2008. In 2003, the Board of Directors has resolved that dividends
will not be distributed in a quarter when the ratio of financial
obligations (as defined by S&P Maalot in its rating for BSI's
debentures issued in 2003) to EBITDA for the prior four quarters
exceeds 3, or if the ratio of the cost of unencumbered fixed assets
to financial obligations is below 1.2. This is in accordance with
definitions established by the rating company Standard & Poor's
Maalot in its rating analysis of the Company's debentures issued in
2003. According to the Company's unaudited financial reports as of
March 31, 2009, the ratio of its financial obligations to EBITDA
was 3.6 and the ratio of its unencumbered fixed assets to the
financial obligations was 1.6. Updating the rating of debentures
(Series A and B): on May 22, 2009, Maalot S&P announced the
downgrade of the rating of the debentures (Series A and B) issued
by the company on August 2003 from ilAA to ilA+ with a stable
rating forecast and the removal of the company from negative Credit
Watch. The main considerations in determining the rating by Maalot
S&P were published in an immediate report by the company on May
22, 2009. Events During the First Quarter of 2009 In the first
quarter of 2009, the implementation of Stage A of the strategy
plan, the conversion of 39 branches of "Mega" and "Shefa Shuk" to
the new chain "Mega Bool" was completed. During the reported
quarter, we opened 5 branches: 2 "Mega in Town" 1 "Shefa Shuk" and
2 branches of "Eden Teva Market" in a total area of 5,000 square
meters, whereby the company continues the strategy of strengthening
the holding in the city centers. The company successfully launched
new products as part of the private brand name of "Mega" in the
course of the first quarter while meeting the sales targets. Mr.
Zeev Vurembrand, Blue Square's President and CEO, referred to the
financial results and said: "In this quarter, we present better
results considering the increasing competition and the prevailing
recession due to the material strategic actions we have taken. We
have successfully launched the"Mega Bool" chain and we turned to be
a significant and leading player in the HD sector. We continue our
strategy and during the second and third quarters we shall issue
new membership card and we shall reorganize the headquarters of BEE
Group, thereby resulting in utilizing the synergy and cutting
costs. In the same time we shall expand the "everything for the
house (houseware)" areas in Mega branches as well as independent
stores based on products, know how and intensity of the brands
"Naaman" "Vardinon" and "Sheshet". NOTE A: Convenience Translation
to Dollars The convenience translation of New Israeli Shekel (NIS)
into U.S. dollars was made at the exchange rate prevailing at March
31, 2009: U.S. $1.00 equals NIS 4.188. The translation was made
solely for the convenience of the reader. Blue Square is a leading
retailer in Israel. A pioneer of modern food retailing in the
region, Blue Square currently operates 199 supermarkets under
different formats, each offering varying levels of service and
pricing. This press release contains forward-looking statements
within the meaning of safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements may include, but are not limited to, plans or
projections about our business and our future revenues, expenses
and profitability. Forward-looking statements may be, but are not
necessarily, identified by the use of forward-looking terminology
such as "may," "anticipates," "estimates," "expects," "intends,"
"plans," "believes," and words and terms of similar substance.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause actual events,
results, performance, circumstance and achievements to be
materially different from any future events, results, performance,
circumstance and achievements expressed or implied by such
forward-looking statements. These risks, uncertainties and other
factors include, but are not limited to, the following: the effect
of the recession in Israel on the sales in our stores and on our
profitability; our ability to compete effectively against
low-priced supermarkets and other competitors; quarterly
fluctuations in our operating results that may cause volatility of
our ADS and share price; risks associated with our dependence on a
limited number of key suppliers for products that we sell in our
stores; the effect of an increase in minimum wage in Israel on our
operating results; the effect of any actions taken by the Israeli
Antitrust Authority on our ability to execute our business strategy
and on our profitability; the effect of increases in oil, raw
material and product prices in recent years; the effects of damage
to our reputation or to the reputation to our store brands due to
reports in the media or otherwise; and other risks, uncertainties
and factors disclosed in our filings with the U.S. Securities and
Exchange Commission, including, but not limited to, risks,
uncertainties and factors identified under the heading "Risk
Factors" in our Annual Report on Form 20-F for the year ended
December 31, 2007. You are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
of this press release. Except for our ongoing obligations to
disclose material information under the applicable securities laws,
we undertake no obligation to update the forward-looking
information contained in this press release. BLUE SQUARE - ISRAEL
LTD. CONSOLIDATED BALANCE SHEET AS OF MARCH 31, 2009 (UNAUDITED)
Convenience translation December 31, March 31, March 31,
----------- ------------------- ----------- 2008 2008 2009 2009
----------- --------- --------- ----------- (Unaudited)
-------------------------------------------- U.S. NIS dollars
------------------------------- ----------- In thousands
-------------------------------------------- Assets CURRENT ASSETS:
Cash and cash equivalents 95,325 53,196 58,433 13,952 Investment in
marketable securities 171,849 187,044 178,105 42,527 Short-term
bank deposit 206 1,834 207 49 Restricted deposit - - 470,000
112,225 Trade receivables 729,970 802,856 834,361 199,227 Other
accounts receivable 87,624 300,514 326,210 77,892 Income taxes
receivable 74,446 25,013 72,347 17,275 Inventories 497,080 556,592
581,049 138,741 --------- --------- --------- --------- 1,656,500
1,927,049 2,520,712 601,888 --------- --------- --------- ---------
NON-CURRENT ASSETS: Investments in associates 4,915 5,076 4,831
1,154 Derivative instruments 5,248 5,250 4,908 1,172 Prepaid
expenses in respect of operating lease 192,426 198,181 191,515
45,729 Other long-term receivables 1,554 2,874 1,395 333 Property,
plant and equipment 1,701,222 1,652,829 1,732,124 413,592
Investment property 434,232 388,098 432,668 103,311 Intangible
assets and deferred charges 404,422 287,945 406,366 97,031 Deferred
taxes 44,508 39,022 48,413 11,560 --------- --------- ---------
--------- 2,788,527 2,579,275 2,822,220 673,882 --------- ---------
--------- --------- Total assets 4,445,027 4,506,324 5,342,932
1,275,770 --------- --------- --------- --------- BLUE SQUARE -
ISRAEL LTD. CONSOLIDATED BALANCE SHEET AS OF MARCH 31, 2009
(UNAUDITED) Convenience translation December 31, March 31, March
31, ----------- ------------------- ----------- 2008 2008 2009 2009
----------- --------- --------- ----------- (Unaudited)
-------------------------------------------- U.S. NIS dollars
------------------------------- ----------- In thousands
-------------------------------------------- Liabilities and equity
CURRENT LIABILITIES: Credit and loans from banks 210,901 167,338
735,062 175,516 Current maturities of debentures and convertible
debentures 25,999 70,987 28,334 6,766 Trade payables 1,006,386
1,024,668 1,110,030 265,050 Other accounts payable and accrued
expenses 426,217 601,216 696,187 166,233 Income taxes payable 6,933
4,480 7,861 1,877 Provisions for other liabilities 43,397 43,400
41,003 9,791 --------- --------- --------- --------- 1,719,833
1,912,089 2,618,477 625,233 --------- --------- --------- ---------
NON CURRENT LIABILITIES: Long-term loans from banks, net of current
maturities 341,586 236,264 313,665 74,896 Convertible debentures,
net of current maturities 130,525 145,688 129,351 30,886
Debentures, net of current maturities 985,844 776,684 980,230
234,057 Other liabilities 39,925 12,180 44,026 10,512 Derivative
instruments 21,074 11,619 15,800 3,772 Accrued severance pay, net
49,911 37,023 49,923 11,920 Deferred taxes 60,327 61,299 66,291
15,829 --------- --------- --------- --------- 1,629,192 1,280,757
1,599,286 381,872 --------- --------- --------- --------- Total
liabilities 3,349,025 3,192,846 4,217,763 1,007,105 ---------
--------- --------- --------- EQUITY: Equity attributable to equity
holders of the Company: Ordinary shares 57,094 57,094 57,094 13,633
Additional paid-in capital 1,018,405 1,018,405 1,018,405 243,172
Other reserves (261) 2,189 5,647 1,348 Accumulated deficit
(154,719) (48,456) (125,499) (29,966) --------- --------- ---------
--------- 920,519 1,029,232 955,647 228,187 Minority interest
175,483 284,246 169,522 40,478 --------- --------- ---------
--------- Total equity 1,096,002 1,313,478 1,125,169 268,665
--------- --------- --------- --------- Total liabilities and
equity 4,445,027 4,506,324 5,342,932 1,275,770 --------- ---------
--------- --------- BLUE SQUARE - ISRAEL LTD. INTERIM CONSOLIDATED
STATEMENTS OF OPERATIONS FOR THE THREE MONTHS PERIODS ENDED MARCH
31, 2009 (UNAUDITED) Convenience translation For the three Year
three months months Ended Ended March December 31, Ended March 31,
31, 2008 2008 2009 2009 --------- --------- --------- ---------
Unaudited ---------------------------------------------- U.S. NIS
dollars --------------------------------- --------- In thousands
(except share and per share data)
---------------------------------------------- Revenues from sales,
net 7,429,121 1,821,158 1,764,788 421,392 Cost of sales 5,369,149
1,317,604 1,261,701 301,266 --------- --------- --------- ---------
Gross profit 2,059,972 503,554 503,087 120,126 Selling, general and
administrative expenses 1,794,720 426,067 442,919 105,759 ---------
--------- --------- --------- Operating profit before changes in
fair value of investment property and other Gains and losses
265,252 77,487 60,168 14,367 Other gains 12,233 226 2,725 651 Other
losses (14,716) (1,479) (563) (134) Changes in fair value of
investment property, net 19,067 12,745 - - --------- ---------
--------- --------- Operating profit 281,836 88,979 62,330 14,884
Finance income 60,700 29,227 10,979 2,621 Finance expenses
(166,295) (37,471) (22,977) (5,486) Share in profit (losses) of
associates (33) 127 (84) (20) --------- --------- ---------
--------- Income before taxes on income 176,208 80,862 50,248
11,999 Taxes on income 43,806 15,824 17,900 4,274 ---------
--------- --------- --------- Net income for the period 132,402
65,038 32,348 7,725 ========= ========= ========= =========
Attributable to: Equity holders of the company 104,586 58,109
26,535 6,337 --------- --------- --------- --------- Minority
interests 27,816 6,929 5,813 1,388 --------- --------- ---------
--------- Net income per Ordinary share attributed to Company
shareholders or ADS: Basic 2.41 1.34 0.61 0.15 --------- ---------
--------- --------- Fully diluted earnings 1.62 0.85 0.61 0.15
--------- --------- --------- --------- Weighted average number of
shares or ADS used for computation of income per share: Basic
43,372,819 43,372,819 43,372,819 43,372,819 ---------- ----------
---------- ---------- Fully diluted 45,037,692 44,793,242
43,372,819 43,372,819 BLUE SQUARE - ISRAEL LTD. INTERIM
CONSOLIDATED STATEMENTS OF CASH FLOW FOR THE THREE MONTHS ENDED
MARCH 31, 2009 (UNAUDITED) Convenience translation for the year
Three months Three months Ended December Ended March 31, Ended
March 31, 31, --------- -------------------- ----------- 2008 2008
2009 2009 --------- --------- --------- ----------- Unaudited
---------------------------------------------- NIS U.S dollars
------------------------------- ----------- In thousands CASH FLOWS
FROM OPERATING ACTIVITIES: Income before taxes on income 176,208
80,862 50,248 11,999 Income tax paid (94,212) (18,634) (15,133)
(3,614) Adjustments required to reflect the cash flows from
operating activities (a) 318,087 (37,759) ( 4,981) (1,188)
--------- --------- --------- --------- Net cash provided by
operating activities 400,083 24,469 30,134 7,197 ---------
--------- --------- --------- CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment (211,646) (59,789)
(53,331) (12,735) Purchase of investment property (69,749) (32,173)
(2,329) (556) Purchase of minority shares in subsidiaries (186,403)
- (6,607) (1,578) Purchase of intangible assets (20,682) (11,499)
(4,013) (958) Proceeds from collection of short-term bank deposits,
net 101,281 100,000 - - Collection of long-term receivables 1,250
176 - - Proceeds from sale of property, plant and equipment 1,559
317 501 120 Proceeds from investment property 6,567 6,567 5,700
1,361 Proceeds from marketable securities 185,104 65,756 34,203
8,167 Investment in marketable securities (169,747) (49,651)
(33,393) (7,974) Interest received 17,778 2,034 1,583 378 ---------
--------- --------- --------- Net cash provided by (used in)
investing activities ( 344,688) 21,738 (57,686) (13,775) ---------
--------- --------- --------- CASH FLOWS FROM FINANCING ACTIVITIES:
Dividend paid to shareholders (150,000) - - - Issuance of
debentures 121,259 - - - Dividend paid to minority shareholders of
subsidiaries (22,077) - - - Receipt of long-term loans 231,398
8,709 4,000 955 Repayment of long-term loans (130,571) (23,250)
(30,488) (7,280) Repayment of long term credit from trade payables
(1,740) (435) (435) (104) Short-term credit from banks, net 15,689
526 59,418 14,188 Interest paid (89,244) (32,698) (35,384) (8,449)
--------- --------- --------- --------- Net cash used in financing
activities (25,286) (47,148) (2,889) (690) --------- ---------
--------- --------- INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS AND BANK OVERDRAFT 30,109 (941) (30,441) (7,268)
BALANCE OF CASH AND CASH EQUIVALENTS AND BANK OVERDRAFT AT
BEGINNING OF PERIOD 53,029 53,029 83,138 19,851 --------- ---------
--------- --------- BALANCE OF CASH AND CASH EQUIVALENTS AND BANK
OVERDRAFT AT END OF PERIOD 83,138 52,088 52,697 12,583 =========
========= ========= ========== BLUE SQUARE - ISRAEL LTD. - INTERIM
CONSOLIDATED STATEMENTS OF CASH FLOW THE THREE MONTHS ENDED MARCH
31, 2009 (CONTINUED) (UNAUDITED) Convenience translation for the
year Three months Three months Ended Ended March December 31, 31,
Ended Ended December 31, March 31, --------- --------------------
----------- 2008 2008 2009 2009 --------- --------- ---------
----------- Unaudited
---------------------------------------------- NIS U.S dollars
------------------------------- ----------- In thousands (a)
Adjustments required to reflect the cash flows from operating
activities: Income and expenses not involving cash flows:
Depreciation and amortization 153,882 34,592 39,774 9,497 Increase
in fair value of investment property, net (19,067) (12,745) - -
Share in profits losses (gain) of associated company 33 (127) 84 20
Share-based payment 8,175 269 2,685 641 Loss (gain) from sale and
disposal of property, plant and equipment and provision for
impairment of property, plant and equipment, net 5,989 (254) (358)
(85) Loss (gain) from changes in fair value of derivative financial
instruments (19,247) (13,666) (2,556) (610) Linkage differences on
principal of long-term loans and other liabilities, net 59,669
5,307 (7,310) (1,745) Capital loss (gain) from realization of
investments in subsidiaries (11,176) 1,479 (2,544) (607) Accrued
severance pay, net 263 1,148 12 3 Decrease in value of marketable
securities deposit and long-term receivables, net 11,169 (86) 2,296
548 Interest paid, net 71,466 30,664 33,801 8,071 Changes in
operating assets and liabilities: Decrease (increase) in trade
receivables and other accounts receivable 50,277 (225,332)
(346,642) (82,770) Increase in inventories (43,136) (102,648)
(83,969) (20,050) Increase in trade payables and other accounts
payable 49,790 243,640 359,746 85,899 --------- --------- ---------
--------- 318,087 (37,759) ( 4,981) (1,188) ========= =========
========= ========= BLUE SQUARE - ISRAEL LTD. INTERIM CONSOLIDATED
STATEMENTS OF CASH FLOW FOR THE THREE MONTHS ENDED MARCH 31, 2009
(CONTINUED) (UNAUDITED) Convenience translation for the year Three
months Three months Ended Ended March December 31, Ended March 31,
31, ----------- ------------------- ------------ 2008 2008 2009
2009 ----------- -------- ---------- ------------ Unaudited
----------------------------------------------- NIS U.S dollars
-------------------------------- ------------ In thousands (b)
Supplementary information on investing and financing activities not
involving cash flows: Conversion of convertible debentures of
subsidiaries 6,655 - - - ========= ========= ========= =========
Purchasing property, plant and equipment on credit 14,797 11,602
15,707 3,750 ========= ========= ========= ========= Dividend pay
to minority in a subsidiary - - 3,667 876 ========= =========
========= ========= Restricted deposit Against receipt of a short
term loan - - 470,000 112,225 ========= ========= =========
========= BLUE SQUARE - ISRAEL LTD. SELECTED OPERATING DATA FOR THE
THREE MONTHS PERIODS ENDED MARCH 31, 2009 (UNAUDITED) Convenience
translation for the three months ended For the three months ended
March 31 March 31, 2008 2009 2009 --------- --------- -----------
U.S.$ --------- --------- ----------- In millions
-------------------------------------- Unaudited
-------------------------------------- Sales 1,821.2 1,764.8 421.4
Operating income before other gains and losses increase in fair
value of investment property 77.4 60.2 14.3 EBITDA 114 102 24.4
EBITDA margin 6.3% 5.8% 5.8% Increase (decrease) in same store
sales 1.1% (7.1)% NA Number of stores at end of period 188 199 NA
Stores opened during the period 3 5 NA Total square meters at end
of period 346,900 359,500 NA Square meters added (less) during the
period, net 4,200 5,000 NA Sales per square meter 4,954 4,562 1,089
Sales per employee (in thousands) 237 232 55 Contact: Blue
Square-Israel Ltd. Dror Moran, CFO Toll-free telephone from U.S.
and Canada: +1-888-572-4698 Telephone from rest of world:
+972-3-928-2220 Fax: +972-3-928-2299 Email: DATASOURCE: Blue Square
Israel Ltd CONTACT: Contact: Blue Square-Israel Ltd., Dror Moran,
CFO, Toll-free telephone from U.S. and Canada: +1-888-572-4698,
Telephone from rest of world: +972-3-928-2220, Fax:
+972-3-928-2299,Email:
Copyright