December 10, 2024

Valley Post

Read Latest News on Sports, Business, Entertainment, Blogs and Opinions from leading columnists.

Crazy profits for a car company in Greece!

Crazy profits for a car company in Greece!

The group recorded a new record high in financial numbers, with a steady upward trend of 3the Consecutive year.

the Autohellas Announces the annual results for the year 2023, recording For the third year in a row This is the highest historical level for the group, both in terms of total consolidated sales and in terms of operating and pre-tax profitability.

especially, The club registered 31% increase In combined turnover of €1,002.7 million compared to €765.6 million in 2022, with earnings before interest, taxes and depreciation (EBITDA) To 272.1 million eurosAn increase of 20.2%.

Accordingly, operating profit (EBIT) amounted to €139.8 million from €120 million, an increase of 16.5%. Finally, profits before tax reached €106 million, while group profits after tax reached €85 million, showing an increase of 3% as the significant increase in interest rates absorbed most of the improvement in operating profitability.

It is reported that his activity FCA Greece (FIAT/JEEP/ALFA Romeo), which was jointly acquired with SAMELET in May 2023 and renamed Italian Motion, does not share consolidated sales (consolidated only using the equity method), but its annual sales for 2023 amounted to EUR 174 million, which is What increases and even more so is the overall activity and group dynamics.

Based on the year's results, the Board of Directors will propose to the next General Assembly a dividend of €0.70 per share for 2023.

During the fourth quarter of 2023, the business cycle showed an increase of 21.9% and reached 240.2 million euros, compared to 197 million. The corresponding quarter of 2022. Operating profit for the quarter (EBIT) was €22.9 million, up 19.5%, while earnings before tax (EBT) and profit after tax (EAT) were €11.1 million and €10.3 million, respectively.

See also  Financial Times: A Greek economic miracle with the country...the poorest in Europe

Rentals in Greece

Duty cycle of activity In car rental In Greece by 7% in 2023, reaching €268.4 million, but also 34.6% higher than in 2019. Long-term leases have greatly contributed to the increase above all by the effective disposal of used fleet vehicles.

External sector activity

Sales of foreign subsidiaries linked to the car rental sector amounted to a total of 174.2 million euros, compared to 92.8 million euros in 2022. The new activity of Hertz in Portugal, its largest subsidiary Autohellas Abroad, it contributed a total of €98.3 million to total sales, which positively impacted the overall increase in operating profitability. The rest of the group's subsidiaries in the Balkans and Cyprus recorded organic growth of 9.3%.

During the year, the fleet used for short-term and long-term rentals (Greece and abroad) exceeded 57,000 cars, with new car purchases for the year exceeding 14,000 cars.

Car trade and services

Automotive sales activity in Greece, with the gradual restoration of production and expansion of the Group's brand portfolio, showed a significant increase in the import/distribution sector. The cumulative market share of the Autohellas group held by Hyundai, KIA, SEAT/CUPRA, FIAT, JEEP and ALFA ROMEO was 25% in private sales, 17% in corporate sales and 20% in total new car registrations in the country. Trading activity contributed a total of €560.1 million to total sales, an increase of 32.7%, which further contributed to the Group's overall operating results excluding Italian car sales (Fiat, Jeep, Alfa Romeo), which were integrated with the Internet. Attitude method.

See also  Transporters will not lock up workers, negotiators meet with the Minister of Labor

Events after 12/31/2023

The year 2024 started off strong for Autohellas as it embarked for the first time on issuing a bond loan (KOD tradable on the Amman Stock Exchange) in the amount of EUR 200 million, with a duration of five years, with a fixed interest/coupon rate of 4.25%, through a public offering to the investing public. Its successful result of 2.3x excess coverage was another milestone in the company's trajectory, adding a new type of financial instrument to the broader development plan.

CEO of Autohellas Mr. Eutychios Vassilakis advertiser: “We are particularly pleased with our performance in 2023. Once again, Autohellas' unique and vertically integrated structure in Greece in the areas of import, distribution, retail and repair management, together with short-term and long-term leasing, and the synergies between them create high value additions and give development options to our people. We significantly improved our operating profitability and maintained our gross profits, despite a doubling of interest rates and a decline in rental rates from historical highs in 2022 resulting from a simultaneous recovery in travel and a lack of vehicle production. Among the listed companies in the rental sector internationally, the 2022 is a resounding success that confirms our strategy. We will work even harder to expand the options of innovative services and products that we offer to our customers, as well as the specialization and development of our employees.”