In 2008 IFRS revenue of AVTOVAZ Group increased by 2.4% from RUR 187.5 bln to RUR 192.1 bln and cost of sales increased from RUR 158.3 bln to RUR 174.7 bln compared to prior year. Share of sales of cars and assembly kits of own production in gross revenue amounted to 77% and maintained the same level in comparison with 2007. For 2008 the Group incurred a net loss of RUR 24.7 bln (2007: profit of RUR 3.7 bln). In 2008 EBITDA of AVTOVAZ Group amounted to RUR -3.3 bln. In 2008 the Group invested RUR 16 bln in the development and update of equipment and technologies, which is a 65% increase on prior year. This is mainly due to the acquisition of RENAULT s.a.s. licenses for production, assembling and sale of licensed cars in the amount of RUR 9,2 bln (EUR 220 mln).
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