Considerably strong prospects highlighted by 74% increase in H1 profitability
Autohellas announces the second quarter results of 2022 recording improvement in both turnover and profitability. More specifically, turnover in 2nd quarter reached €206.6m compared to €180m in the corresponding period of 2021, showing an increase of 14.8%. Operating profit (ΕΒΙΤ) reached €31.5m increased by 71.6% and after–tax profit (ΕΑΤ) amounted to €21.4m compared to €12.4m in the second quarter of last year.
Driven by the performance of 2nd quarter, the 1st half of 2022 in total shows an increase of 13.8% in terms of consolidated turnover amounting to €351.4m. compared to €308.8m in 2021.
Operating profit (ΕΒΙΤ) for the first half amounted to €45m recording an increase of 56.6%.
Group’s after–tax profit (ΕΑΤ) for the first half of 2022 reached €29.4m compared to €16.9m in the corresponding period last year, increased by 74.3%. In total, fleet for both rent–a–car and leasing business surpassed 48,000 vehicles, including 5,700 of new fleet purchases.
1st half performance establishes a new milestone for the Group in both turnover and profitability. It should be noted that due to tourism sector’s seasonality, it is the second half which traditionally contributes the paramount share in overall yearly profitability.
Greece rent–a–car and leasing segment’s turnover increased in the first half of 2022 by 21.5% reaching €102.6m, up from €84.4m in 2021. This potential is mainly attributed to the recovery of rent–a–car, as a direct result of the country’s Tourism industry performance, as well as to the market share increase of Autohellas, accompanied by a significant investment in fleet expansion
and quality upgrade regarding new types of vehicles and electric cars. Significant improvement was also noted in profitability of used car sales.
International segment which consists of rent–a–car and leasing business in 7 countries outside Greece, performed at the same levels as 2021 with a turnover of €29.8m. The significantly slower recovery of Touristic product demand in Balkan countries (as compared to Greece) was offset by less fleet availability and decreased operating expenses, resulting in increased profitability.Amounts in ‘000€ Q2 2022 Q2 2021 % LY H1 2022 H1 2021 % LY
Total Turnover 206.600 180.029 14,8% 351.366 308.791 13,8%
EBITDA 57.437 41.312 39,0% 95.606 73.862 29,4%
EBIT 31.541 18.378 71,6% 44.988 28.732 56,6%
EBT 27.019 14.086 91,8% 37.105 20.440 81,5%
EAT 21.382 12.397 72,5% 29.405 16.872 74,3%
Lastly, Auto Trade segment in Greece demonstrated a material increase mainly in importing and distribution activity of the brands Hyundai, KIA, SEAT, generating in total €219m. in sales, up by 12.5% compared to 2021 and significantly contributing to Group operating result, despite persisting supply chain disruption which results in massive delays in deliveries/invoicing of new vehicles. It is also worth noting that the cumulative Group share in car registrations grew in 1st
half compared to 2021, especially in retail sales.
It is reminded that on August 2nd, 2022, Autohellas announced the signing of a binding agreement to acquire HR Automoveis, the national Hertz franchisee in Portugal. The transaction is expected to conclude in the following 30 days and is not included in half one results.