07.06.2010
According to the consolidated reports the IFRS results for SOLLERS Group at the end of 2009 came to 34.7 billion roubles, which is 44% lower than the previous year. Despite the sharp decline in the sales’ volumes, associated with the negative environment of the Russian auto market for the past year, the company has managed to achieve some positive results EBITDA came in at 264 million roubles due to the successful implementation of a thorough programme to reduce expenses. SOLLERS had a clear loss of 5 billion roubles for the year which was caused by an increase in interest rates to creditors and also expenses incurred on account of currency exchanges.
Furthermore, as the first deputy general director for OAO SOLLERS, Nicolay Sobolev, observed, the rate of automobile sales from the start of 2010 and the increase in SOLLERS market share in off-road vehicles and light, commercial vehicles means that SOLLERS can expect an increase in earnings of 50% and return to the positive indicators to enable continued operations.
