Autohellas: Jiros 1 billion euros in 2023 – Record for the 3rd year

Historically high for the 3rd consecutive year the Group recorded both at the level of a Consolidated Work Cycle and at the level of Operating and Pre Tax , as announced on Thursday (7.3.2024). Specifically, the Group recorded an increase of 31% in the Consolidated Working Cycle, which amounted to EUR 1,002.7 billion compared to EUR 765.6 million in 2022, with pre-interest taxes and depreciation gains (EBITDA) at EUR 272.1 million increased by 20.2%. Corresponding to Operating Profits (EBITs), they were set at 139.8m euros from 120m euros increased by 16.5%. Finally, the Profits before Taxes reached 106m euros while the Profits after Taxes (VAT) of the Group amounted to 85m euros, showing an increase of 3% as the significant increase in interest rates absorbed most of the improvement in operational profitability. It is noted that the activity of FCA Greece (FIAT/JEEP/ALFA Romeo) acquired together with SAMELET in May 2023 and renamed Italian Motion, does not participate in the Consolidated Work Cycle (unified only by the net position method), but had on an annual basis for 2023 sales of 174m euros which further increases the Group’s overall activity and dynamics. Based on the results of the year, the Board will propose to the upcoming General Assembly a dividend of EUR 0.70 / share for the use of 2023. In the fourth quarter of the year 2023, the Work Cycle showed an increase of 21.9% and was set at EUR 240.2 million compared to EUR 197 million in the corresponding quarter of 2022. The Operating Profits of the quarter (EBIT) amounted to EUR 22.9 million increased by 19.5% while the Profits before tax (EBT) and Profits after taxes (EBT) reached EUR 11.1 million and EUR 10.3 million respectively. Greek salaries The Work Cycle from the activity in car rental in Greece increased by 7% in 2023, reaching 268.5m euros and also 34.6% higher than in 2019. A significant contribution to the increase was made by long-term leases and, above all, the efficient disposal of used fleet cars. External sector activity The External Affiliates’ Work Cycle related to the car rental sector reached a total of EUR 174.2 million compared to EUR 92.8 million in 2022. Hertz’s new activity in Portugal, Autohellas’ largest subsidiary abroad, contributed a total of EUR 98.3 million to the Work Cycle, positively affecting the overall increase in operational profitability. The remaining subsidiaries of the group in the Balkans and Cyprus recorded an organic increase of 9.3%. During the year, the employed fleet for short and long-term rentals (Greece and abroad) exceeded 57,000 cars, with the purchase of new cars of the year over 14,000 cars. Marketing of cars and services The activity of car trading in Greece, with the gradual restoration of production and the expansion of the Group’s brand portfolio, showed a significant increase in the Import/Distribution arm. The aggregate market share of the Autohellas Group held by Hyundai, KIA, SEAT/CUPRA, FIAT, JEEP, ALFA ROMEO was set at 25% in private sales, 17% in sales to companies and 20% in total registrations of new cars in the country. The marketing activity contributed a total of EUR 560.1 million to the Work Cycle with an increase of 32.7%, further contributing to the Group’s overall operating result without including Italian Motion’s sales (FIAT, JEEP, ALFA ROMEO), as it is consolidated with the Net Position method. Events Follow-up of 31/12/2023 In 2024 it started dynamically for Autohellas as it first went on to issue a bond loan (COD negotiable in KAA) of EUR 200 million , five-year fixed rate/coupon 4.25% , through a Public Offer to the investment public. Its successful outcome with 2.3 times over-covering was another important milestone in the company’s course by adding a new type of financial tool to its wider development planning. The CEO of Autohellas Mr. Evthiios Vasilakis stated: “We are particularly satisfied with our performance in 2023. Once again, Autohellas’ unique integrated structure in introduction, distribution, retail, repair management, along with short-term and long-term rental, and synergies between them create high added value and give our people a choice of evolution. We significantly improved our operating profitability and maintained the overall, despite over-double interest rates and the downturn in rental prices from the historically high of 2022 that the simultaneous recovery in travel and car production shortages had created. Among the listed companies in the rental industry internationally, the excess over 2022 is an excellent success that confirms our strategy. We will work even harder to expand the innovative services and products options we offer our customers, but also the specialization and development of our people.”