Autohellas Interim Financial Statements for the period ending on 30/06/2018
Strong and Balanced Growth of Volumes and Profitability
Increases in Car Hire in Greece, as well as in Car trading, which contributes to the seasonally weak first semester
Autohellas Group’s turnover for the first half of 2018 reached €227m., compared to €150m. in 2017, recording an increase of 51,4%, while earnings before taxes, financial and investment results (EBIT) reached €24.0m. compared to €16.5m. in 2017, an increase of 45,5%.
Earnings before taxes (EBT) reached €19.1m. compared to profits of €12.4 m. in 2017, recording an increase of 54%, while earnings after taxes (EAT) reached €13.9 m., compared to profits of €10.4 m. in 2017, a significantly improved performance especially during the first semester of the year where the demand for short-term rentals is still relatively low due to tourism seasonality.
The Equity of the Group as of 30/06/2018 reached €227,3m. compared to €207,4m. at the respective date last year, while during the year the Group has invested €98m. in new car purchases, resulting in a fleet increase of 5.300 vehicles in comparison to 30/6/2017, with total fleet reaching 44.300 cars.
Car Hire, the Group’s main activity, exhibited an increase of 12,9% during the period, with positive growth both abroad, and mainly in Greece where the simultaneous growth of short-term tourism related rentals and corporate long-term leases support the Company’s course.
Used fleet car sales activity grew by 13,3% compared to the same period last year. It should be noted that sales from the import and distribution of Hyundai and Kia vehicles, which were acquired on 31/12/2017 and are consolidated for the first time, contributed significantly to profitability during the seasonally weak, for short term car hire, first semester
CONSOLIDATED FINANCIAL HIGHLIGHTS:
Autohellas CEO, Eftichios Vassilakis stated: “AutoHellas achieved strong and balanced growth in both the tourism related component of its activity as well as in corporate long term leases. It is encouraging that the results of the new third segment, namely car trading, have now a significant contribution to Group’s results. The third quarter, which as always will shape the annual result, is also growing at a positive pace. Especially in Greece, despite strong competition, the growth rates of the company are once again positive for 2018, increasing the utilization of our infrastructure and confirming the effectiveness of our strategy.“