Interim Financial Statements for the period ending on 30/09/2018 -Strong growth of Turnover and Profitability
Interim Financial Statements for the period ending on 30/09/2018
Strong growth of Turnover and Profitability
Autohellas Group's turnover for the nine months of 2018 reached €361m., compared to €256m. in 2017, recording an increase of 41%, while earnings before taxes, financial and investment results (EBIT) reached €59,6m. compared to €47.9m. in 2017, an increase of 24%.
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 to Group’s turnover.
Earnings before taxes (EBT) reached €50,1m. compared to profits of €39.9 m. in 2017, recording an increase of 26%, while earnings after taxes (EAT) reached €37.6 m., compared to profits of €31.0 m. in 2017.
The Equity of the Group as of 30/09/2018 reached €246m. compared to €226m. 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 4,500 vehicles in comparison to 30/9/2017, with total fleet reaching 45,000 cars, 33,000 of which are circulated in Greece and 12,000 in the 7 countries that the Group operates abroad.
Car Hire, the Group’s main activity, exhibited an increase of 11.4% during the period, with positive growth both abroad as well as in Greece, where the simultaneous growth of short-term tourism related rentals and corporate long-term leases support the Company's course. At the same time, used fleet car sales activity grew by 20.2% compared to the same period last year.
Substantial improvement has also been made in the contribution of car trading activity by expanding sales and market shares of brands active in both Wholesale and Retail.
Autohellas CEO, Eftichios Vassilakis stated: «AutoHellas achieved strong and balanced growth in both the tourism related component of its activity, increasing its share in the short-term rentals market, 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. Synergies between activities strengthen the Group's potential in a highly competitive market that also offers opportunities for growth».