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Autohellas: Strong momentum in the nine months with a turnover of € 486 million and a profit of € 46 million.

Autohellas announced the results of the third quarter of 2021, with extremely significant momentum both in terms of turnover and profitability. In particular, in the third quarter the turnover amounted to € 177.1 million compared to € 149.2 million in the corresponding period last year, showing an increase of 18.8%. Operating profit (EBIT) doubled to € 40.8 million compared to € 20.5 million in 2020. Profit after tax (EBA) stood at € 29.5 million compared to € 12.1 million, an increase of 143 % compared to last third quarter.

Overall, the nine months of 2021 showed an increase of 34.8% in terms of consolidated turnover, which amounted to € 485.9 million compared to € 360.6 million last year. The operating profit (EBIT) for the nine months amounted to € 69.6 million compared to € 31 million in 2020, recording an increase of 124.5% and the Group’s profit after taxes (EAT) for the nine months of 2021 amounted to € 46 , 4 million against € 13.2 million with a significant increase of 251% compared to last year.

According to the announcement, despite the lockdown of the first 4 months of the year and the delayed resumption of tourism activity since early June, AUTOHELLAS turnover and profitability for the nine months and especially for the third quarter were greater than the corresponding ones of the pre-pandemic year, record for tourism 2019, in all their sub-elements.

Autohellas: Strong momentum in the nine months with a turnover of € 486 million and a profit of € 46 million.

More specifically, the turnover from the Group’s activity in car leasing in Greece increased in the first nine months of 2021 by 23% and reached € 156 million from € 126.8 million in 2020. It is particularly important that in addition to the long-term leases supported the company during the (weak tourist) 2020, and the activity of short-term, mainly tourist leases for the third quarter of the year was more than double the turnover from the corresponding period of 2020, but also greater than the record tourist year The company exceeded the turnover levels of 2019, having invested in time in almost 4,000 new cars for the short-term rental fleet, of which 150 electric, gaining significant market shares in all key tourist areas of the country in which it has recently upgraded its infrastructure. Respectively, the activity related to car leasing abroad, had a turnover of € 48.9 million, recording an increase of 27.1%.

In total, the employed fleet for short-term and long-term rentals reached 47,000 cars with a total of 9,650 new car purchases. The number of used cars sold from the rentals reached 5,850. The Group’s net investment (purchases less sales) in cars amounted to € 107 million.

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The car trade (wholesale and retail) also had excellent dynamics in both the quarter and the nine months, surpassing the performance of 2020 and 2019, despite the significant (logistics and components) problems and delays faced by manufacturers in production, with sales of a total of 18,000 cars from just 10,100 in 2020 and with a significant contribution to the profitability of the Group. The turnover of the trade amounted to € 281 million in the nine months, recording an increase of 44% from the corresponding period of 2020.

The 3 importing companies (wholesale) of the Group (Hyundai, Kia, Seat) expanded their cumulative market share reaching 15%, while at the same time having a significantly higher performance in market share of individuals (ie outside corporate fleets). At the same time, the course of the company Autotechnica / Velmar in Retail and after sales services was particularly satisfactory. It is important to note that all four of the Group’s car dealerships now operate with zero net borrowing.

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With the support of profitability dynamics and cash flows from all activities (EBITDA 9M2021: € 139 million), and despite the increased investment in fleet, net borrowing (borrowing less available) at a consolidated Group level, decreased to third quarter of 2021 reaching € 337.3 million on 30/9/2021. At the same time, the net position of the Group strengthened, reaching € 312.8 million from € 273.2 million on 31/12/2020.

Finally, Autohellas’s equity / foreign capital ratio is the strongest compared to all listed companies in Europe. Finally, the available liquidity after the completion of the agreement with JP Morgan amounted to € 150 million in the nine months, a significant part of which was allocated in October for the early repayment of previous loan agreements at a higher cost.

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Source From: Capital

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