OREANDA-NEWS. The SOLLERS OJSC shareholders approved the financial statement for the year ended 31 December 2012 as well as the Annual Report for 2012.

On the back of strong financial performance in 2012 the shareholders took the decision to pay out a dividend of RUB 52.52 per share. This implies the total dividend declared to be around RUB 1.8 billion, the dividends will be paid 60 days from the day that the decision was taken.

The shareholders elected the 9 following members to make up the SOLLERS OJSC Board of Directors: David Herman, Vadim Shvetsov, Richard Broyd, Patrick Gallagher, Seppo Remes, Nikolay Sobolev, Viktor Khvesenya, Zoya Kaika and Alexander Ikonnikov.

The company’s statutory auditor for the second term running will be ACG Buisness Krug Ltd. The meeting also approved the new version of the SOLLERS OJSC Charter, the Code of Conduct and Statute of the Board of directors.

SOLLERS Group’s consolidated net profit rose by 25% in 2012 and reached RUB 5,881 million compared to RUB 4,694 million in 2011. SOLLERS Group’s revenue for this period was RUB 65,549 million compared to RUB 69,531 million last year. This decrease of 6% was caused by the relocation of the Isuzu factory to the Ulyanovsk production site and the discontinuation of distribution and production of Fiat vehicles.

The EBITDA reached RUB 7,652 million which is 22% higher than last year’s rate of RUB 6,269 million. As a result, the EBITDA margin increased from 9% in 2011 to 12% in 2012. Furthermore, the SOLLERS Group decreased its net debt by 43%. On the 31st December 2012 the debt was RUB 7,880 million, whereas at the end of 2011 it was RUB 13,877 million.