OREANDA-NEWS. SOLLERS Group (ticker MOEX-RTS: SVAV) releases IFRS Consolidated Financial Statements and Independent Auditor's Report as of 31.12.2013.

SOLLERS Group's Revenue for the year ended December 31, 2013 totalled RUB 61,317 mln (RUB 65,549 mln in 2012). EBITDA amounted to RUB 6,387 mln (RUB 7,652 mln in 2012). EBITDA margin for 2013 levelled at 10.4%, as compared to 11.7% in 2012. Nikolay Sobolev, SOLLERS' First Deputy CEO, CFO, mentioned that the decline of these indicators was largely driven by the restructuring of the Groups' income in 2013. The decrease in consolidated operating profit and EBITDA was due to the transfer of SsangYong production to the Mazda Sollers Manufucturing Rus (50:50 joint venture), which resulted in the deconsolidation of its operating profit margin. This decline is compensated on the net profit level via "share of result of joint ventures and associates" P&L line, as required by equity-method accounting. As such, in the comparable earnings' structure EBITDA margin would not change. Net profit for the year was RUB 3,625 mln compared to RUB 5,843 mln in 2012.

According to Nikolay Sobolev, the fall in net profit is mainly explained by gains from one-off transactions in 2012. Free cash flow generated by SOLLERS' consolidated entities was a key factor in reducing the Company's Net debt, which was at record low level of RUB 3,491 mln as of 31.12.2013 (down by 56% year-on-year). 'Low leverage indicates financial stability of the Company and enables us to execute our dividend policy', commented Nikolay Sobolev. Taking into account stable financial position, the Board of Directors proposed to the Annual General Meeting of Shareholders a dividend of RUB 52.52 per share, which implies total declared dividend of RUB 1,800 mln.