Sollers Auto received a loss of 1.1 billion rubles under IFRS in the 1st half of the year

According to the results of the first half of 2022, Sollers Auto received the revenue in the amount of 26.2 billion rubles under IFRS against 36.8 billion rubles a year before. The decrease in revenue is due to the suspension of production and sales of Ford Transit cars, the press service of the automaker reports. At the same time, the company managed to keep a positive EBITDA of RUB 1.6 billion. The net loss of Sollers Auto for the reporting period was 1.1 billion rubles and was due to a one-time write-off of intangible assets related to the business of JV Sollers Ford. As AUTOSTAT previously reported, in June, the Sollers Group, which previously owned 76.7% of the shares of Sollers Auto, sold its entire block of shares to a new owner - Alter Invest LLC.

The change in the company's shareholding structure took place as a result of the management buyout deal, under which key top managers of the holding become shareholders of Sollers Auto. Thus, Vadim Shvetsov, who has controlled the group since 2007, left the capital of Sollers Auto. As noted, Sollers Auto will continue its activities in the previous structure of the assets owned by the company and it intends to ensure the further development of the strategy for the production and distribution of cars, auto components and the launch of new mobility services on the market.

Recall that Sollers Auto combines the Ulyanovsk Automobile Plant and the industrial site of the Zavolzhsky Motor Plant; it also has joint ventures in Russia with Ford Motor Company (Sollers Ford) and Mazda Motor Corporation (Mazda Sollers Manufacturing Rus). Sollers Auto also includes a full cycle engineering center - Sollers Engineering.