The partial restoration of tourist arrivals activated short-term leases, which were significantly lower than those of 2019 in terms of income, in alignment with tourist arrivals, even for the limited period of the active tourist season (i.e. after 15/7).
During the 3rd quarter of 2020, which, due to seasonality, is always the most important in shaping profitability, Autohellas recorded 149.2 m. euros sales, at a consolidated level, reduced by 7% from 2019, EBITDA reached 43.8m. euros, and Earnings after taxes 12.1m. euros reduced by 46% from 2019. The contribution of the third quarter led the nine-month period to 360.6m. euros sales, EBITDA at 101.5m. euros and Profits after taxes at 13.2m. euros reduced by 67% from 2019.
The partial restoration of tourist arrivals activated short-term leases, which were significantly lower than those of 2019 in terms of income, in alignment with tourist arrivals, even for the limited period of the active tourist season (i.e. after 15/7). On the contrary, the long-term leasing segment showed an overall increase, despite the lockdown period that costed new long-term leases, thus mitigating the loss in total turnover from rentals.
At the same time, in the 3rd quarter of 2020, used cars sales showed a significant increase, enhancing both the cash flows and the results of the Group as the company had to manage its active fleet, adjusting to reduced tourist arrivals.
The auto-trade segment in the 3rd quarter of the year returned to normal, showing a significant increase of 7.5%, with retail demand recovering significantly and with the Group's wholesale and retail sales showing good performance, continuing the dynamics of 2019 in market share and profitability
It is worth noting that the Group during the 9-month period of 2020, achieved a significant improvement in net cash flows, and as a result, net debt is reduced by 54.4m euros from the beginning of 2020 and liquidity is particularly increased.
The Vice President of the Board and CEO, Mr. Eftichios Vasilakis, stated: "Autohellas is once again proving to be resilient in a period of unprecedented crisis for Tourism and the economy. The complementarity of the three pillars of activity of the Group, but also the efficiency of our executives and our organization in fast, necessary adjustments once again support us and enable us to have a profitable result despite the conditions. After the successful management of 2020, the most difficult year in the history of the company, we are optimistic that despite the challenges of the second lockdown we are going through, our ability to produce profits will become significantly stronger starting from the second quarter of 2021".
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.
