Moscow, August 29, SOLLERS Group (MOEX: SVAV) reports its consolidated condensed IFRS financial information as of 30 June 2018.
SOLLERS' consolidated net profit totals RUB 443 mln, which is consistent with the profitability level of 1H2017. The revenue was down by 11.7% to RUB 14.1 bln. The decrease in consolidated revenue is due to the corporate contracts deferred until 2H2018.
1H2018 EBITDA was RUB 1.2 bln and by the end of June the Company managed to reduce its net debt by 10% comparing to the beginning of the year.
In 1H2018, UAZ finished with the model range update, tailored according to customers’ feedback, and in September UAZ will launch new UAZ Patriot 2019. The Company also plans to develop new export projects.
Ford Sollers JV successfully launched facelifted Ford Explorer and EcoSport that resulted in crossover sales increase of 23% in 1H2018.
In 1H2018, MAZDA SOLLERS JV launched production of new crossover Mazda CX-9. In September 2018, the joint venture plans to open the engine plant in Vladivostok with the production capacity of up to 50 K units per annum. The entire volume of engines produced in Russia will be exported to assemble Mazda vehicles in Japan.
In May 2018, SOLLERS announced the joint venture with Isuzu to set up new truck production in Uliyanovsk. The joint venture with 50/50 shareholder structure entered into the Special Investment Contract with the Ministry of Industry and Trade of Russia and Uliyanovsk Region to develop the technological cooperation in Russia.
In 2018 SOLLERS established the joint venture with FSUE “NAMI” to promote and distribute Russian luxuriant vehicles under new brand AURUS on Russian market as well as abroad. AURUS vehicles were first presented at Moscow International Automobile Salon 2018, the start of Russian sales is planned for the beginning of 2019.
In July 2018, SOLLERS announced its new project to localize lithium-ion batteries at Vladivostok production site in collaboration with EnerZ energy company.