Autohellas Group financial figures 1st Quarter 2021: 12.7% increase in consolidated turnover | TravelDailyNews International
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Autohellas Group financial figures 1st Quarter 2021: 12.7% increase in consolidated turnover

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Positive turnover momentum and significant improvement in operating profitability, despite travel restrictions.

Autohellas announces the results of the first quarter of 2021, showing a 12.7% increase in consolidated turnover, which amounted to 128.8 million euros compared to 114.3 million euros in 2020, despite the restrictions on interregional and international travel which have an extremely significant impact on short-term rentals. Operating profit (EBIT) of the first quarter reached 10.4 million euros compared to 3.7 million euros in 2020, recording a 181% increase. Group’s Earnings after Taxes (EAT) for the first quarter of 2021 reached 4.5 million euros compared to losses of 1.1 million euros at the relative period last year.

Turnover from the Group’s car rentals activity in Greece increased by 5.9% in the first quarter of 2021, reaching 38.7 million euros compared to 36.6 million euros in 2020. The momentum shown, during the relatively weak, for tourism, first quarter, mainly stems from long-term and monthly rentals, despite the slowdown of short-term rentals that are closely related to tourism and mobility. At a consolidated Group level, there was also support from the efficiency in disposals of the fleet’s used cars. Respectively, the international segment’s turnover reached 14.3 million euros, recording a 18.1% increase for the same reasons.

Finally, the car trade activity in Greece, showed a significant increase (compared to Q1 2020, when the first lockdown in Greece, March 2020, was imposed) both on import and distribution, but also on a retail level, contributing a total of 75.7 million euros in the Group’s consolidated turnover, recording a 15.5% increase and significantly contributing in operating profit. Group’s cash and cash equivalents reached 98.5 million euros while net debt decreased by 51.6 million euros compared to 31/3/2020.

AUTOHELLAS CONSOLIDATED

 

Q3 2020

Q3 2019

% LY

9M 2020

9M 2019

% LY

Short & Long Term Leases

51,875

76,195

-31.9%

124,964

163,836

-23.7%

Used Fleet Sales

18,439

10,504

75.5%

38,422

35,110

9.4%

Auto Trade

78,860

73,388

7.5%

197,217

219,969

-10.3%

Total Turnover

149,174

160,087

-6.8%

360,604

418,915

-13.9%

EBITDA

43,811

58,823

-25.5%

101,462

127,293

-20.3%

EBIT

20,481

34,679

-40.9%

30,986

59,639

-48.0%

EBT

16,180

29,809

-45.7%

17,880

50,924

-64.9%

EAT

12,130

22,513

-46.1%

13,220

40,541

-67.4%

The CEO of Autohellas Group, Mr. Eftichios Vassilakis stated: “The momentum shown in the first quarter of 2021 was extremely positive for our figures, despite the mobility restrictions. We are showing improvement in turnover and profitability compared to the pandemic-struck 2020, but also compared to the “normal” first quarter of 2019, as our non-tourism dependent activities have strengthened. The second quarter of 2021 is also showing positive potential. Undoubtedly, the biggest part of our annual profitability is formed during the summer months when the degree of tourism recovery from last year’s levels will play a decisive role”.

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