News & Releasess
Autohellas Group: Results of Second Quarter 2021
Positive dynamics in Total Turnover and Operating Profit, despite the low (for the period) contribution of the tourism
Autohellas announces the results of the second quarter of the year recording significant further improvement in both turnover and profitability. In particular, turnover in 2nd quarter amounted to € 180m compared to € 97.2m in the corresponding period of 2020, showing an increase of 85.3%. Operating profit (EBIT) amounted to € 18.4m compared to € 6.8m and profit after tax (EAT) amounted to € 12.4m compared to € 2.2m in the second quarter of last year.
Driven by the performance in the 2nd quarter, 1st half of 2021 in total, shows an increase of 46% in terms of consolidated turnover amounting to € 308.8m compared to € 211.4m in 2020. Operating profit (EBIT) for the first half amounted to € 28.7m versus € 10.5m in 2020, recording an increase of 173.5%. Profits after taxes (EAT) of the Group for the first half of 2021 amounted to € 16.9m compared to € 1.1 million in the corresponding period last year.
The recovery of consumption but also the increased market share achieved by the Group in activities and services related to Greek consumers and Greek companies have covered any losses from the particularly weak tourist arrivals during the second quarter. The Group’s performance in long-term leases and especially in sales of new and used cars in the first half of 2021, supported the excellent momentum, despite travel restrictions (until the beginning of May).
Turnover from car leasing activity in Greece increased in the first half of 2021 by 18.3% and reached € 84.4m compared to € 71.4m in 2020. Dynamics are driven by long-term and monthly leases but also the efficiency in disposal of used cars of the fleet. Respectively, international car leasing activity turnover reached € 29.7m, recording an increase of 30%.
At the same time, the activity of car trade in Greece, showed a significant increase (recovery compared to the corresponding period of 2020, when the first lockdown prevailed) both at the level of Import / Distribution activity and at the level of Retail, contributing a total of € 194.6cm of the Group turnover, showing an increase of 66.1% and also contributing significantly to the operating result.
It is worth noting that the strong operating profitability in the first half of 2021 allowed the Group to invest € 100m for the purchase of 7,000 new vehicles, without increasing net borrowing. Fleet investment concerns both long-term and short-term leases, exploiting the recovery of tourist demand during the summer period (July – September).
The CEO of Autohellas, Mr. Eftichios Vassilakis stated: “The dynamics of the 2nd quarter of 2021 certifies that contribution of our activities to profitability matures. Our synergies and market shares are increasing and bring significant results even in an environment of low tourist arrivals.
Based on tourist demand, that was particularly strong in the 3rd quarter of the year, and the large investment we made in time in fleet preparation, the expectation for the entire fiscal year of 2021 is very positive.”