OREANDA-NEWS. May 25, 2010. M.Video released FY2009 financial results audited to IFRS. Revenue increased 1.4% y-o-y to RUB 72.5 bn; gross income rose 2.7% and gross margin extended from 25% in 2008 to 25.3% last year. The financial statement reveals growth in depreciation deductions, not included in COGS, as well as growth of lease and utility costs, which has caused operating income to shrink 23% y-o-y to RUB 2.1 bn. Coupled with a more than 2x surge in financial expenses (to RUB 800 mn in 2009), this has resulted in a 38% shrinkage of net income, from RUB 1.26 bn in 2008 to RUB 780 mn in 2009.

By the end of 2009, the company had no interest debt obligations and its cash position strengthened 18% to RUB 6.4 bn.