Nine Months Financial Highlights 2016
€24.9mil. Earnings After Tax with an 11,1% increase of car hire activity.
The Group's turnover for the nine months period reached €201,1mil., compared to €135,4mil. in 2015, while earnings before interest, taxes and depreciation and amortization (EBITDA) increased by 16% reaching €83,3mil. from €72,0mil. in 2015. Earnings after taxes (EAT) amounted to €24,9mil. compared with €23,0mil., an increase of 8%.
It should be noted that the financial results of the current period are not perfectly comparable with the respective results of the same period of last year as the business of SEAT cars import (Technocar) and retail activity and services cars (Velmar) have been absorbed and, from 12/2015, incorporated.
The turnover of car hire activities in Greece increased by 8,5% reaching €92,6mil with an increase in both short term rentals and a significant increase in long term leases to corporate clients despite the general decline in demand.
Significantly stronger was the growth rate in the 7 foreign countries the group operates in, to which the addition of the significant tourism market of Croatia highly contributed. The turnover of car hire activities reached €29,1mil, showcasing an increase of 20,2%.
The Group during the nine month period of 2016 purchased 8,700 new cars, as to renew but also expand its fleet by 4,650 cars reaching a fleet size of 35,500 cars.
CONSOLIDATED RESULTS HIGHLIGHTS: