Slide 1: Year 2010 Consolidated Audited Financial Statements Presentation
OJSC “Company “M.video” Year 2010 Consolidated Audited Financial Statements Presentation Moscow, April 27, 2011. 1
Slide 2: Disclaimer
Disclaimer Content and liability disclaimer The information contained in this presentation or enclosed herewith is provided and intended for informational purposes only and should not be relied on for any investment decisions. The information provided in the presentation includes assumptions and fin
Slide 3: 2010 Highlights
2010 Highlights Impressive FY 2010 results of the Russia’s largest consumer electronics retailer Retail revenue growth of 23% and strong like-for-like performance of 9% y-o-y More than 100 billion Russian Rubles of sales (with VAT) achieved Network expansion: opened 44 stores, a record for one y
Slide 4: Key Financial Indicators
FY 2010 Key Financial Indicators Russian rubles, million 2010 2009 y-o-y, % Net revenue, incl. 86,565 72,507 19.4% Retail revenue 86,386 70,324 22.8% Gross profit 22,361 18,360 21.8% Gross margin, % 25.8 25.3 0.5% Operating expenses* 19,127 16,243 17.8% As % of net revenue 22.1 22.4 (0.3%) Operating
Slide 5: Consolidated Income Statement Highlights
FY 2010 Consolidated Income Statement Highlights Audited Russian rubles, million 2010 2009 REVENUE 86,565 72,507 COST OF SALES (64,204) (54,147) GROSS PROFIT 22,361 18,360 Selling, general and administrative expenses (19,960) (16,597) Other operating income 971 518 Other operating expenses (138) (16
Slide 6: Operating Expenses
Operating Expenses Audited Russian rubles, million 2010 as % of 2009 as % of revenue revenue Payroll and related taxes 5,356 6.2 4,292 5.9 Lease expenses (rent) 4,139 4.8 3,310 4.6 Advertising and promotional expenses 2,729 3.2 2,493 3.4 Transportation 1,371 1.6 933 1.3 Warehouse services 1,158 1.3
Slide 7: EBITDA(R)
EBITDA(R) Russian rubles, million 2010 2009 Net profit for the year 2,221 783 Income tax expense 1,041 540 Finance cost/(gain) (28) 794 Depreciation and amortization of non-current assets 1,289 1,127 EBITDA 4,523 3,244 Rent expense 4,139 3,310 EBITDA(R) 8,662 6,554 EBITDA(R) - Earnings before intere
Slide 8: Consolidated Balance Sheet Summary
FY 2010 Consolidated Balance Sheet Summary Audited 31 December 31 December 2010 2009 ASSETS NON-CURRENT ASSETS: Property, plant and equipment 7,417 6,074 Other 2,821 2,047 Total non-current assets 10,238 8,121 CURRENT ASSETS: Inventories 20,751 15,474 Accounts receivable and prepaid expenses 1,048 1
Slide 9: Consolidated Balance Sheet Summary (continued)
FY 2010 Consolidated Balance Sheet Summary (continued) Audited 31 December 31 December 2010 2009 EQUITY AND LIABILITIES EQUITY: Total equity 10,065 8,759 NON-CURRENT LIABILITIES: Total non-current liabilities 474 417 CURRENT LIABILITIES: Trade accounts payable 25,046 20,495 Other payables and accrue
Slide 10: Consolidated Cash Flow Statement
FY 2009 Consolidated Cash Flow Statement 2010 Audited 2009 OPERATING ACTIVITIES: Profit for the year 2,221 783 Non-cash adjustment and tax 3,207 2,928 Operating cash flows before movements in working capital 5,428 3,711 Change in working capital 214 (5,087) Cash generated by operations 5,642 8,798 I
Slide 11: Working Capital Improvement
Working Capital Improvement 2009 Trade conversion cycle, days 2010 Trade conversion cycle, days 120 120 6 6 100 100 80 80 60 60 118 142 104 138 40 40 20 20 0 0 (18) (26) (20) (20) Inventory Accounts Trade Trade (40) (40) receivable accounts conversion Inventory Accounts Trade accounts Trade payable