OJSC “Company “M.video” (“M.video” or the “Group”), Russia's leading consumer electronics retailer (RTS, MICEX: MVID), releases today its audited consolidated financial statements prepared in accordance with International Financial Reporting Standards (IFRS) for the year ended December 31st, 2009.
M.video retail sales increased by 3.2% to 83 billion Russian rubles (RUB) with VAT in FY 2009. The Group’s total sales (including revenue from wholesale operations) also increased by 1.4% to 85.6 billion RUB (with VAT). Growth in revenues was driven by M.video’s expansion and was achieved despite a significant market decline due to the impact of the recession.
The Group’s gross profit increased to 18,360 million RUB. M.video’s gross margin amounted to 25.3% in FY 2009 as compared to 25.0% in FY 2008.
M.video’s operating profit (EBIT) reached 2,117 million RUB with the EBIT margin amounted to 2.9% in FY 2009.
The Group’s EBITDA amounted to 3,244 million RUB and the EBITDA margin was 4.5% in FY 2009.
M.video’s net profit for FY 2009 accounted for 783 million RUB.
Alexander Tynkovan, President and CEO of OJSC “Company “M.video”, commented that: “We demonstrated positive sales dynamics in the recessionary period while the whole consumer electronics market reportedly declined in FY 2009. Among our major achievements by the year end 2009 were the improved gross margin, solid balance sheet and strong financial position with a high cash level and no debt”.
He also added: “Our strong financial position allows us to manage our expansion proactively increasing the opening plan up to 30 new stores this year and to pay our first dividend from profits”.
The ECR Community Forum 2010, organized by ECR Finland, ECR France, ECR Poland and ECR Russia took place in Moscow on June 2-4, in Conference Hall, The Cathedral of Christ the Saviour
The highest prime shopping centre rents during Q1 2010 in Europe were achieved in the United Kingdom at ?1,900 per sq m per annum, followed by France (?1,700). The third most expensive rents were recorded in Russia (?1,500) followed by the rest of Western Europe. Due to the limited availability of prime retail space in many shopping centres across Europe, the outlook for prime rents in most European markets is stable despite the inevitable slowing of demand from occupiers over the last 18 months
M.video retail sales increased by 3.2% to 83 billion Russian rubles (RUB) with VAT in FY 2009. The Group’s total sales (including revenue from wholesale operations) also increased by 1.4% to 85.6 billion RUB (with VAT). Growth in revenues was driven by M.video’s expansion and was achieved despite a significant market decline due to the impact of the recession
Direct retail real estate investment in Europe in the first quarter 2010 accounted for ?5.4 billion**, more than double the volume of Q1 2009. As Jones Lang LaSalle anticipated in its report – ‘The Big 5’ – core European markets continue to be the main focus for investors, with volumes in these markets (UK, France, Germany, Italy and Spain) accounting for over 80% of total retail transactions across Europe
The Forum takes place June 2-4 2010, in Conference Hall, The Cathedral of Christ the Saviour (Volkhonka 15)
The Russian real estate market has been deeply affected by the recession. An 8 percent contraction in the economy during 2009 severely affected corporate occupier demand and also dented confidence among investors who were used to double-digit returns. Developers and owners became increasingly flexible, initiating a very sharp contraction in real estate prices to reflect the new market reality; prime office values fell by over 70 percent in Moscow between mid 2008 and mid 2009, among the highest corrections in the world. Despite the improvements, the markets remain vulnerable, and any faltering in economic growth could derail the recovery
This was announced last Friday, the 26th of March, at the business breakfast which was organized by Sistema-Hals, Apsys Group and Jones Lang LaSalle at the Ritz-Carlton hotel in Moscow
The rate of development of new shopping centre space in Europe slowed considerably in 2009. It is unlikely that development levels will pick up before 2012 at the earliest, says real estate adviser Cushman & Wakefield in its new European Shopping Centre Development report
Sistema-Hals (HALS), a leading diversified company in the Russian and CIS real estate market, and Apsys Group, one of the leading European companies engaged in development and management of retail real estate assets, announce of the attracting of BNS fashion retailer to LETO shopping center (Saint Petersburg)
Rental rents in shopping malls have generally been stable since the end of 2009. Rental rates for street retail premises have increased by 10-15% depending on specific well located properties
Организатор: Бизнес-тренинги А.Реутов, Бизнес-клуб iTenAnts
Организатор: Российский Совет Торговых Центров (РСТЦ)
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