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Sollers received over 2 billion rubles of net loss under IFRS in 2020

May 11, 2021

At the end of 2020, Sollers Group received 66.0 billion rubles of net revenue under IFRS, which is 14% higher than a year ago. The growth in revenue is first of all due to the acquisition of a controlling stake in the Sollers Ford JV in the second half of 2019 and 2020 was the first full financial year when the joint venture was consolidated.

One of the drivers of revenue growth was also the positive dynamics of the sales of Ford Transit vehicles in the previous year, according to the press service of Sollers. Sollers' net loss in 2020 was RUB 2 billion 125 million against a profit of RUB 128 million a year before.

EBITDA grew by 10% to RUB 3.2 billion in 2020. At the same time, the net debt of the Sollers group was 3.1 billion rubles against 614 million rubles as of December 31st, 2019. Most of the debt is loans with a subsidized interest rate as part of the program to support the working capital of companies during the COVID-19 pandemic, as well as soft loans as a part of the advanced public procurement program in the automotive industry.

In 2020, Sollers Group sold 50,525 vehicles, which is lower by 2% than in the previous year. As a result, Sollers' share of the Russian market was 3.2% versus 2.9% in 2019, according to the AEB. Sales of UAZ SUVs and light commercial vehicles fell by 6% to 36,487 units, which was due to the lockdown and temporary closure of dealerships. At the same time, the flagship SUV UAZ Patriot demonstrated a 10% increase in sales due to an increase in purchases by fleet customers. Meanwhile, Ford Transit model at the end of 2020 showed an 11% increase in sales to 14,038 vehicles, first of all, due to increased demand from online retail operators and intracity delivery during the pandemic.


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