Company news

SOLLERS GROUP ANNOUNCES 2020 IFRS FINANCIAL RESULTS

Moscow, April 30, 2021 SOLLERS (MOEX stock ticker symbol: SVAV) publishes 2020 IFRS Consolidated Financial Statements.

Group revenues reached RUB 66,0 bln. (+14%). The increase is mostly due to consolidation of Sollers Ford JV from 2H2019 2020 was the first full financial year when the JVs operations were entirely consolidated. In 2020, one of the revenue growth drivers was a surge in Ford Transit sales.  

Consolidated EBITDA was RUB 3,2 bln. 10% up from 2019.

Net debt increased from RUB 0,6 bln. at the end of 2019 to RUB 3,1 bln. as of December 31, 2020. Major part of the Groups debt is subsidized by the state via working capital support programme for automotive producers.

In 2020, the Groups sales totaled RUB 50,5  K units[1]. UAZ SUVs and commercial vehicles sales dropped to 36,5 K units due to lockdown and the halt in dealership operations. Though UAZ Patriot was one of the most successful models and demonstrated 10% sales growth due to fleet purchases. Enhanced demand from online trade operators and intracity delivery due to pandemic drove Ford Transit sales up by 11%.

RUB mln.

2019

2020

 Variance

Revenue

57 839 

65 985

14%

EBITDA

2 896

3 197

10%

Operating profit/ (loss)

2 340

(517)

(2 857)

Net profit/ (loss)[2]

128

(2 125)

(2 253)

Share of JVs results

405

(19)

(424)

Net debt

614

3 112

5

 

Sales, K units

2019

2020

 Variance

UAZ

38,9

36,5

-6%

Ford Transit

12,6

14,0

+11%



[1] Retail sales
[2] After minority interest deduction

Photo & video Careers Partners