News & Releasess
Autohellas: 3rd Quarter and 9-month Financial Results 2023
Consolidated Turnover €762.5m in first 9 months of 2023, increased by 34.1%, Operating Profit (ΕΒΙΤ) €116.9m, 15.9% increase and Profit after Tax €74.7m, increased by 5.5%
Autohellas announces 9-month 2023 Financial Results, recording a 34.1% increase in Consolidated Turnover, reaching €762.5m compared to €568.6m in 2022 same period, with Earnings before Interest, Depreciation and Tax (EBIDTA) at €214.2m, increased by 20.2%. The Operating profits (EBIT) reached €116.9m, while the Profits after Taxes (EAT) of the Group amounted to €74.7m compared to €71.5m, showing an increase of just 4.4%, affected by the significant increase in financial costs due to rising interest rates. In total, the short-term and long-term rentals fleet exceeded 57.000 cars, with 11.600 total new car purchases.
During the third quarter of the fiscal year 2023, the seasonally strongest every year, the Turnover showed an increase of 31.5% and came to €285.6m, compared to €217.2m during the corresponding quarter of 2022. Operating Profits (EBIT) for the quarter reached €60.4m, Earnings before Taxes (EBT) reached €54.9m, while Profits after Taxes (EAT) recorded an increase of 3.2% and amounted to €43.5m.
The performance for the 9-month 2023, with the addition of the Portuguese subsidiary activity, as it is now fully integrated, constitutes a new historical high for the Group for third consecutive year, both in Turnover and in Operating and Net Profitability, after an extremely successful 2022 and 2021. The import and distribution activity of Fiat/Jeep/Alfa Romeo in Greece, starting from May 2023, is consolidated using the equity method due to joint control with Samelet.
Breakdown by Sector:
A significant element of the results of the 9-month 2023 is the growing and improved balance in the contribution from the 3 sectors, namely Rentals Greece, Auto Trade Greece and Rentals International.
The Turnover from car rental activity in Greece for the 9-month 2023 increased by 6.1%, reaching €207.3m from €195.5m in 2022. A significant contribution to the increase is made by long-term leases and mostly by the effective disposal of used fleet cars (with a considerable impact on profitability as well).
The Turnover of the activity of the international subsidiaries related to the rentals sector reached a total of €135.9m for the 9-month 2023, from €51.3m in 2022. Hertz’s new subsidiary in Portugal, acquired in the last quarter of 2022, contributed €78m from the total €193.9m of the increase in the Group’s Turnover, with a positive effect on the result of Earnings before Taxes (EBT), since the nature of the specific activity concerns exclusively short-term rentals and therefore shows most of its profitability in the summer months. The rest of the group’s subsidiaries in the Balkans and Cyprus recorded organic growth of 12.8%.
The car trading activity in Greece recorded a significant increase in the Import/Distribution segment (Hyundai, KIA, SEAT/CUPRA), contributing a total of €419.3m in Turnover with an increase of 30.3%, further contributing to the Group’s overall operating result. The cumulative market share held by Hyundai, KIA, SEAT/CUPRA in Retail sales for the 9-month of 2023 remained at the same high levels as in the corresponding period last year. Considering the market share held by FCA Greece’s brands in the Greek market, the cumulative share of the Group exceeds 25% in Retail sales and 20% in total sales (including Fleet sales to Companies).
