Slide 1: H1 2010 Consolidated Financial Statements Presentation
OJSC “Company “M.video” H1 2010 Consolidated Financial Statements Presentation Moscow, September 1, 2010. 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: H1 2010 Highlights
H1 2010 Highlights H1 2010 retail revenue reached 35 billion RUB (41 billion RUB with VAT), demonstrating 7% increase vs. H1 2009. Gross Margin demonstrated sustainable performance at 25.8% as the business comes back to the ‘normal’ grounds Net cash position of 275 million RUB achieved (as of Jun
Slide 4: Key Financial Indicators
H1 2010 Key Financial Indicators In millions of Russian rubles H1 2010 H1 2009 y-o-y, % Sales (with VAT), including 41,249 40,162 2.7% retail sales (with VAT) 41,072 38,463 6.8% Net revenue, including 34,957 34,036 2.7% net retail revenue 34,807 32,596 6.8% Gross profit 9,019 8,909 1.2% As % of net
Slide 5: Consolidated Income Statement Highlights
H1 2010 Consolidated Income Statement Highlights Russian rubles, million H1 2010 H1 2009 REVENUE 34,957 34,036 COST OF SALES (25,938) (25,127) GROSS PROFIT 9,019 8,909 Selling, general and administrative expenses (8,580) (7,951) Other operating income 425 259 Other operating expenses (42) (65) OPERA
Slide 6: Operating Expenses
Operating Expenses Russian rubles, million H1 2010 as % of H1 2009 as % of revenue revenue Payroll and related taxes 2,414 6.9 2,102 6.2 Lease expenses (rent) 1,896 5.4 1,868 5.5 Advertising and promotional expenses 1,098 3.1 1,162 3.4 Transportation 544 1.5 476 1.4 Warehouse services 500 1.4 403 1.
Slide 7: EBITDA
EBITDA Russian rubles, million H1 2010 H1 2009 Net profit for the period 518 247 Income tax expense 325 187 Finance cost (21) 718 Depreciation and amortization 613 547 EBITDA 1,435 1,699 Rent expense 1,896 1,868 EBITDAR 3,331 3,567 EBITDA(R) - Earnings before interest, taxes, depreciation & amortiza
Slide 8: Consolidated Balance Sheet Summary
H1 2010 Consolidated Balance Sheet Summary Russian rubles, million 30 June 2010 31 Dec 2009 ASSETS NON-CURRENT ASSETS: Property, plant and equipment 6,539 6,074 Other 2,074 2,038 Total non-current assets 8,613 8,112 CURRENT ASSETS: Inventories 13,821 15,474 Accounts receivable and prepaid expenses 1
Slide 9: Consolidated Balance Sheet Summary (continued)
H1 2010 Consolidated Balance Sheet Summary (continued) Russian rubles, million 30 June 2010 31 Dec 2009 SHAREHOLDERS’ EQUITY AND LIABILITIES SHAREHOLDERS’ EQUITY: Total shareholders’ equity 8,912 8,759 NON-CURRENT LIABILITIES: Total non-current liabilities 436 417 CURRENT LIABILITIES: Trade accounts
Slide 10: Working Capital Improvement
Working Capital Improvement H1 2009 Trade conversion cycle, days H1 2010 Trade conversion cycle, days 90 120 80 9 100 7 70 60 53 80 50 60 87 40 76 97 30 40 20 31 20 10 17 0 0 Inventory Accounts Trade Trade Inventory Accounts Trade accounts Trade receivable accounts conversion receivable payable conv
Slide 11: Q2 2009 – Q2 2010 net debt/cash dynamics
Q2 2009 – Q2 2010 net debt/cash dynamics Net cash Net debt 6,4 In Russian rubles, billions 0,7 0,7 0,3 (2,5) 30 June 2009 30 Sept 2009 31 Dec 2009 31 March 2010 30 June 2010 All information presented on this slide is subject to the disclaimer note on page 2 Source: Company data 11
Slide 12: Consolidated Cash Flow Statement
H1 2010 Consolidated Cash Flow Statement Russian rubles, million H1 2010 H1 2009 OPERATING ACTIVITIES: Total comprehensive income for the period 518 247 Adjustments 1,326 1,390 Operating cash flows before movements in working capital 1,844 1,637 Change in working capital (6,287) (2,963) Cash used in