03.04.2013
Moscow, April 8, SOLLERS Group (Ticker: MICEX-RTS: SVAV) releases IFRS Consolidated Financial Statements and Independent Auditor’s Report for the year ended 31.12.2012.
SOLLERS Group’s 2012 Consolidated Revenue totalled RUB 65,549 mln (2011: RUB 69,531 mln). Revenue decrease of 6% due to discontinuation of FIAT business and restructuring of SOLLERS-ISUZU joint venture in September 2012 (SOLLERS- ISUZU is equity-accounted starting from September 2012).
Net profit for the period was up 25% year-on-year and totalled RUB 5,881 mln (2011: RUB 4,694 mln). SOLLERS’ EBITDA amounted to RUB 7,652 mln, 22% over the prior year level (2011: RUB 6,269 mln). EBITDA margin is up 3% year-on-year to 12%. The Group reduced its Net Debt to RUB 7,880 mln (2011: RUB 13,877 mln) implying the decrease of Net debt/EBITDA ratio to 1:1.
‘Substantial sales increase of our key products, control over operating expenses and visible decrease of Net Debt were main elements of sustainable SOLLERS financial results in 2012’ – commented on results Vadim Shvetsov, SOLLERS’ CEO. Noteworthy, the launch of new products and effective marketing policy compensated the effect of discontinuation of FIAT business allowing SOLLERS’ to outperform financial results of the pre-crisis level.
According to Vadim Shvetsov in 2013, the company will continue to strengthen its positions on Russian market with the growth of UAZ and SsangYong sales, and aggressive development of its joint projects with international partners – Ford, Mazda and Toyota.
