Autohellas Financial Highlights - First Quarter 2017
Positive dynamic performance in car hire and car sales.
Profitability despite seasonally weakest 1st quarter.
The Group's turnover for the first quarter reached €63mil., compared to €46,2mil. in 2016, while earnings before interest, taxes and depreciation and amortization (EBITDA) increased by 19,2% reaching €18,8mil. from €15,7mil. in 2016. The result before tax (EBT) was profitable by €50k from € -2.5mil losses in last year respectively. Earnings after taxes (EAT) amounted to €158k. compared with € -1,6mil. in LY, during the first quarter where seasonality is at its weakest.
During Q1 2017 our main activity being the Car Hire demonstrated an increase of 13.9% which was produced by operating leasing in Greece and subsidiaries in Rest Countries as well during the winter season. Short-term renting is expected to contribute and have an effect on figures mainly during summer season.
Used Car Sales has enhanced by 40.2% compared to Q1 2016. Additionally Trading of New Cars showed 75.8% increase from last year partly due to the Group’s new activities but also from the fact that the suspension of car scrappage incentive in Q1 2016 held this market to significantly low levels.
Group Equity reached €202mil. as of 31/03/2017, while operating cash flow was positive despite the seasonally weak quarter and despite the significant investment in fleet of €33mil., twice the amount than last year.
CONSOLIDATED RESULTS SUMMARY:
The outlook for the summer period seems positive in principle for the Group. In Greece positive growth rates are expected due to the continuously growing demand in the field of long-term leases as well as due to the expected increase in tourism figures, as confirmed by reservations trend for summer. Among the Group’s foreign subsidiaries, the markets of Croatia and Cyprus show promise of larger growth rates.