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Autohellas Group’s 1st Quarter 2023 results: Positive Dynamics due to organic growth and expansion in activities

Operating profit (EBIT) of the first quarter amounted to 17.6m euros against 13.4m euros in 2022, recording an increase of 30.6%.

Autohellas Group announces the results of the first quarter of 2023, showing a 53.1% increase in consolidated turnover, which amounted to 221.6m euros against 144.8m euros in 2022. It is noted that the activity of Hertz (short-term rentals) in Portugal, which was acquired on 01/10/2022 (did not exist in the 1st quarter of 2022), contributed 15m euros of the total 77m euros of the increase in the consolidated turnover, while the other 62m euros was organic with an increase of 42%.

Operating profit (EBIT) of the first quarter amounted to 17.6m euros against 13.4m euros in 2022, recording an increase of 30.6%. The profit before taxes (EBT) of the Group for the first weak seasonal quarter of 2023, amounted to 10.3m euros against 10.1m euros the corresponding period last year, showing an increase of 2.1%, correspondingly, the earnings after tax amounted to 7.4m. euros. It is noted that in terms of earnings before tax, Portugal, which only has short-term rentals, burdens the result with 2.8m euros losses due to seasonality. The comparable earnings before tax increased, reaching 12.9m euros compared to 10.1m euros in first quarter of 2022.

Group’s turnover from Rentals activity in Greece increased in the first quarter of 2023 by 18.2% compared to 2022 and reached 49m. euros. The activity was significantly supported by the resale of used fleet cars and also by the gradual deliveries of cars for long-term leases that were ordered in the previous year.

The turnover of the activity of the foreign subsidiaries Rentals, includes the incorporation of HR Aluguer de Automóveis S.A. and reached a total of 30.3m euros from 12.5m euros in 2022 (20% organic growth without Portugal). As with a delay in relation to Greece, countries such as Cyprus and Croatia rebound in 2023 to the levels of tourism arrivals of 2019. It is important to note that, in relation to the dynamics of the coming summer, the greatest dynamic growth in international arrivals at EU level in relation to 2022 is presented for the first 4 months of the year in the markets of Croatia and Portugal, where Autohellas is also active.

The activity of auto trade in Greece also showed a significant increase, as at the level of Import / Distribution, the companies of the Group contributed a total of 142.3m euros in the Group’s turnover, showing an increase of 56.7%, also contributing significantly and increasingly to the overall operating result. The activity’s turnover is supported by the significant backlog of customer orders from the period of 2022 that could not be covered by the production restrictions, applied to the second half of 2021 and all of 2022.

Given that most of the Group’s annual profitability is generated during the second and third quarters, meaning the summer tourist season, it is important to note that since April, a strong dynamic in arrivals and short-term rentals has already been formed, which is also shown by a strong base of accommodation reservations that will continue in the coming months and will positively affect demand in the short-term rentals. At the same time, it should be noted that the existence of larger car fleets may negatively affect the price levels in relation to 2022. The acquisition of FCA Greece (FIAT, JEEP, ALFA ROMEO) by Autohellas and Samelet, which was completed and announced on 03/05/2023, has no effect on results of the first quarter of 2023 and will affect the results of the second quarter of 2023 for the first time.

Tatiana Rokou

Tatiana is the news coordinator for TravelDailyNews Media Network (traveldailynews.gr, traveldailynews.com and traveldailynews.asia). Her role includes monitoring the hundreds of news sources of TravelDailyNews Media Network and skimming the most important according to our strategy.

She holds a Bachelor's degree in Communication & Mass Media from Panteion University of Political & Social Studies of Athens and she has been editor and editor-in-chief in various economic magazines and newspapers.

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