The decrease in net profit was mainly due to a substantial increase in the cost of financing in the first half of 2015, said the Chairman of the Board “Synergies” Alexander Mechetin.
MOSCOW, 1 APR. The group synergy, the largest producer of vodka and other strong alcoholic beverages in Russia, has reduced net profit under IFRS in 2015 by 4.5 times compared with the figure for the previous year to 241 million, according to a press release from the company.
The sale of “Synergy” in the past year due to the excise duty increased by 2% and amounted to $ 47,591 billion rubles, net sales by 9%, up to 30,706 billion rubles, gross profit — by 5%, to 12,673 billion. EBITDA declined by 3% to 2,885 billion rubles, operating profit — by 7%, to 2,109 billion.
“Saw a decline in net profit due to significant increase in the cost of financing in the first half of 2015”, — said the Chairman of the Board “Synergies” Alexander Mechetin, whose words are in the release. In 2016, the group expects the recovery in net profit.
Last year the manufacturer started to implement a number of measures to improve business efficiency, among them — the reduction in transaction costs, primarily administrative expenses, optimization of the production platform. “The company, thereby created a substantial base for improving profitability in 2016 and beyond”, — said Mechetin.
The group’s total debt as at 31 December 2015 $ 8,449 billion rubles, which is below the figure at the end of 2014 by 3%. Net debt for last year decreased by 11.4% to 7,288 billion. The ratio of net debt to EBITDA at the end of 2015 amounted to 2.77 2.53 x vs. x by the end of 2014.
Holding “the synergy” was created in December 1998. The main brands are Beluga, “Russian ice”, “Myagkov”, “Belenkaya”, “White lake” and “sovereign order”. Key beneficiaries are Alexander Mechetin and Valentin Zavadnikov.
