September / 2016
SIA International reduces its receivables by RUB 1.9 billion
SIA International's receivables have been reduced by RUB 1.9 billion in the period from November 2015 to September 2016. Under a financial recovery program, the new management team has restructured the all the company's bank loans, settled its relationships with more than 60 suppliers, and gotten non-paying clients to resume their payments.

Judicial disputes with suppliers Akrikhin (RUB 400 million), Teva (RUB 640 million), and R-Pharm (RUB 337 million) have been settled. The company's RUB 7.2 billion indebtedness to bank lenders – Gazprombank (RUB 3 billion), GLOBEX (RUB 2.5 billion, Promsvyazbank (RUB 700 million), and NOTA-Bank (RUB 1 billion) – was restructured. As of September 2016, SIA International's loan portfolio amounts to RUB 6.4 billion. The company plans to pay off its loans to the above banks within 5 years.

The company is presently focusing on optimizing costs and centralizing its management system in 39 regional offices.

SIA International's operating costs have fallen by 30% compared with 4th quarter 2015. This cost cutting was achieved by switching to centralized management and optimization of product delivery logistics, and by opening distribution centers in Voronezh, St. Petersburg, Volgograd, and Novosibirsk.
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