Αρχική News in English Autohellas:  Profitability in the third quarter of 2020 with significant increase in...

Autohellas:  Profitability in the third quarter of 2020 with significant increase in cash flows

AUTOHELLAS
Celestyal Cruises

During the 3rd quarter of 2020, which, due to seasonality, is always the most important in shaping profitability, Autohellas recorded € 149.2 m. sales, at a consolidated level, reduced by 7% from 2019, EBITDA reached € 43.8m., and Earnings after taxes € 12.1m. reduced by 46% from 2019. The contribution of the third quarter led the nine-month period to € 360.6m. sales, EBITDA at € 101.5m. and Profits after taxes at € 13.2m. 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 from the beginning of 2020 and liquidity is particularly increased.

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%

 

From the beginning of the crisis due to Covid-19 and up until today, the Group continues its efforts in limiting operating expenses by utilizing the opportunities provided by the State and taking protective measures for its employees and its customers.

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”.

I

Balance Sheet

Group

   

30.9.2020

31.12.2019

 

Tangible, intangible and right of use assets

577,311,848

612,740,589

 

Investments in associates, joint ventures and financial assets

37,693,543

82,192,202

 

Other non-current assets

20,906,125

21,900,563

 

Total non-current assets

635,911,516

716,833,354

       
 

Inventories

50,527,940

68,105,303

 

Trade and other receivables

70,294,175

92,350,980

 

Cash and cash equivalents

119,431,760

40,172,533

 

Total current assets

240,253,876

200,628,816

 

Total assets

876,165,391

917,462,171

       
 

Equity

251,897,529

294,497,713

       
 

Borrowings, Securitization and Lease Liabilities

330,031,667

325,071,682

 

Other Non Current Liabilities

27,741,812

27,330,447

 

Total non-current liabilities

357,773,478

352,402,130

       
 

Borrowings, Securitization and Lease Liabilities

149,382,690

132,320,220

 

Trade and other payables

117,111,695

138,242,108

 

Total current liabilities

266,494,384

270,562,328

 

Total liabilities

624,267,863

622,964,457

 

Total equity and liabilities

876,165,391

917,462,171

 

II

Statement of Profit or Loss

   
   

Group

   

1.1.2020 to 30.9.2020

1.1.2019 to 30.9.2019

 

Revenue

360,603,907

418,914,959

 

Cost of sales

(301,483,415)

(327,683,213)

 

Gross profit

59,120,492

91,231,746

 

Profit before interest tax, depreciation and amortization

101,461,882

127,292,696

 

Profit before interest and tax

30,985,773

59,638,596

 

Profit before income tax

17,880,037

50,924,494

 

Profit / (loss) for the year

13,220,261

40,540,910

 

ΑΦΗΣΤΕ ΜΙΑ ΑΠΑΝΤΗΣΗ

Please enter your comment!
Please enter your name here

Αυτός ο ιστότοπος χρησιμοποιεί το Akismet για να μειώσει τα ανεπιθύμητα σχόλια. Μάθετε πώς υφίστανται επεξεργασία τα δεδομένα των σχολίων σας.