SVAV

10.05.2018

  • MICEX / RUR 495.00 (-2.56%)
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2018 SOLLERS GROUP IFRS RESULTS

Moscow, April 30, SOLLERS Group (MICEX-RTS stock ticker: SVAV) reports its consolidated IFRS results as of 31 December 2018.

SOLLERS Group revenue increased to RUB 39,479 mln, an increase of 10.4% on 2017 figures.

2018 EBITDA totals RUB 481 mln, which makes EBITDA margin of 1.2%. Net operating cash flow grew to RUB 6,243 mln (2017: RUB -1,121 mln). In 2018, SOLLERS Group reported net profit of RUB 46 mln.

According to Nikolai Sobolev, First Deputy General Director of SOLLERS PJSC, The company faced serious challenges in 2018 due to the significant cutback in government demand stimulation programs and rising metal prices, which increased costs for a number of components, significantly affecting the volume and profitability of UAZ sales. However, SOLLERS Group managed to deliver revenue growth of 10.4% by expanding the range of modifications and special versions based on UAZ vehicles. He added that in 2019, Ulyanovsk Automobile Plant will continue upgrading its model range and launch a fundamentally new cargo and passenger platform.

Nikolai Sobolev also noted: SOLLERS aims to take leading positions in the LCV segment in Russia, and the UAZ commercial vehicle line, combined with the Ford Transit line, makes it possible to offer Russian customers a full range of product solutions in all price segments of the LCV market. We foresee great potential to further expand Ford Transit market share and sales growth over the next few years.

2018 FINANCIAL PERFORMANCE OVERVIEW

mln RUB

2017

2018

 Variance

Revenue

35 764

39 479

10.4%

EBITDA

3 377

481

-85.8%

EBITDA margin

9.4%

1.2%

-8.2%

Operating margin

5.0%

-2.6%

-7.6%

Financial instrument change in fair value

(261)

1 759

774.0%

Share of profit of other joint ventures

412

232

-43.6%

Net profit

999

46

-95.4%

Net debt 31.12.2017/ 31.12.2018

7 609

3 703

-50.3%

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