SOLLERS’ NET PROFIT FOR 1H2012 AMOUNTS TO RUB 2.6 BLN

10.09.2012

SOLLERS Group (Ticker: SVAV) releases Consolidated condensed interim financial information as of 30 June 2012.

SOLLERS’ Revenue amounted to RUB 30,967 mln., which corresponds to 1.8% decrease Y-o-Y. Increase in SsangYong and UAZ sales nearly off-set exit from FIAT business.

SOLLERS’ EBITDA amounted to RUB 3,935 mln., which corresponds to 37% increase Y-o-Y (1H2011: RUB 2,863 mln.). EBITDA margin of 12.7% outperforms pre-crisis level. Net profit nearly tripled Y-o-Y and totalled RUB 2,609 mln.

Strong free cash flow allowed for further reduction of net debt: SOLLERS Group net debt was reduced by 15% and accounts for RUB 11,759 mln., whereas at 31 December 2011 it totalled RUB 13,877 mln.

«Substantial growth in consolidated UAZ and SsangYong business coupled with continuous cost reduction programme has built a platform for sound financial results, which outperformed pre-crisis level» - mentioned Vadim Shvetsov, SOLLERS CEO. According to Vadim Shvetsov, in 2012-2013 SOLLERS will continue to strengthen its market positions by means of growth of car sales, launch of new marketable products, as well as intensive development of joint ventures with Ford, Mazda, Isuzu and start of Toyota vehicles’ production in Vladivostok.

 IH 2012 

 IH2011 

 GROWTH, % 

 IH2012 

 IH2011  

 GROWTH, %  

RUB MLN

USD MLN.*

Sales

30,967

31,550

- 1.8%

1,011

1,104

- 8.4%

EBITDA

3,935

2,863

37.4%

128

100

28.0%

EBITDA margin

12.70%

9.10%

3.6 рр

12.70%

9.10%

3.6 рр

Operating income

3,439

1,997

72.2%

112

69

62.3%

Operating income
margin

11.10%

6.30%

4.8 рр

11.10%

6.30%

4.8 рр

Net profit/(loss) for
the period

2,609

897

190.9%

85

31

174.2%

Net debt as of
30.06.2012/31.12.2011

11,759

13,877

- 15.3%

359

431

- 16.7%


*USD exchange rate: average 1H2011 – 28.58 RUB. average 1H2012 – 30.64 RUB. 31.12.2011 – 32.20 RUB. 30.06.2012 – 32.82 RUB.


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