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Group Financial Statements

Autohellas Group Financial Results 1st Quarter 2024

Autohellas announces the results of the first quarter of 2024, with consolidated Turnover amounting to €217.1m against €221.6m in 2023, and EBITDA amounting to €51.5m against 47.8m in the corresponding quarter of last year. The Earnings before tax (EBT) of the Group amounted to €10m against €10.3m in 2023, with the corresponding Earnings after tax amounting to €7.9m, indicating an increase of 6.0% during the seasonally weakest quarter of the year.

The Turnover from the rental activity in Greece increased in the first quarter of 2024 by 9.4% compared to 2023, reaching €53.6m, with the increase coming from both short-term and long-term rentals. More specifically, the growth in short-term rentals was boosted by the increased demand of the local market as well as tourist arrivals in the weakest quarter of the year, but in an environment of lower rental prices. At the same time, in long-term rentals, there is a significant increase in acceptances and contracts which has already led to an increase in the fleet.

The Turnover of the international renting activity reached a total of €32.7m against €30.3m in 2023 indicating an increase of 7.9%, with balanced growth between short-term and long-term rentals, and with particularly dynamic growth in monthly corporate rentals.

Finally, the Group companies which are active in the Import/Distribution of cars contributed a total of €130.9m showing a decrease of 8.1% in Turnover as, following the restoration of the supply chain, there is no corresponding carryover of orders from previous years into 2024 (which limited 2022 but benefited invoicing in 2023). It should be noted that the turnover from the activity of FIAT / JEEP / ALFA ROMEO is not consolidated due to joint control with Samelet, and amounted to €31.3m in the first quarter.

The dynamics of the arrivals in the first quarter of the year seem to continue during the second quarter, positively affecting the demand for short-term rentals, however with more cars in the fleets and the market overall. At the same time, the dynamics of the company’s long-term rentals appear to be greater, both in conventional as well as in hybrid and electric cars. The actions that began with the issuance of the company’s first bond loan through a public offering, as well as the effective effort to manage the company’s borrowing structure, had and are expected to have a particularly significant effect on the reduction of finance costs.

Consolidated Financial Highlights

Amounts in ´000€Q1 2024Q1 2023 % LY
Total Turnover 217,127221,596-2,0%
EBITDA51,48447,7847,7%
EBIT15,32717,559-12,7%
EBT10,01510,302-2,8%
EAT7,8637,4216,0%

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Zachos Vitzilaios

(+30) 210 626 4256 investor.relations@autohellas.gr
Investor Relations Officer
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