Tourist and Trading Société Anonyme
31 Viltanioti Str., Kifissia, Attica
ANNUAL
FINANCIAL
REPORT
2023
1
ANNUAL FINANCIAL REPORT 2023
for the year 1 January 2023 - 31 December 2023
In accordance with Article 4 of codified law 3556/2007
Annual Financial Report 31.12.2023
2
Index
A. STATEMENT OF THE BOARD OF DIRECTORS ..................................................................................................................... 4
B. INDEPENDENT AUDITOR’S REPORT .................................................................................................................................. 5
C. ANNUAL BOARD OF DIRECTORS REPORT ....................................................................................................................... 14
D. ANNUAL FINANCIAL STATEMENTS ................................................................................................................................. 57
I. STATEMENT OF FINANCIAL POSITION ............................................................................................................... 58
II. STATEMENT OF PROFIT OR LOSS ...................................................................................................................... 59
III. STATEMENT OF OTHER COMPREHENSIVE INCOME .......................................................................................... 60
IV. STATEMENT OF CHANGES IN EQUITY ................................................................................................................ 61
V. STATEMENT OF CASH FLOWS............................................................................................................................ 63
VI. NOTES TO THE FINANCIAL STATEMENTS .......................................................................................................... 64
1. Gerenal information ..................................................................................................................................... 64
2. Summary of significant accounting policies .................................................................................................. 64
3. Critical estimates, judgements and errors .................................................................................................... 79
4. Financial risk management ........................................................................................................................... 81
5. Fair value hierarchy ....................................................................................................................................... 88
6. Segmental analysis ........................................................................................................................................ 90
7. Property, plant and equipment .................................................................................................................... 91
8. Right-of-use assets ........................................................................................................................................ 93
9. Investment property ..................................................................................................................................... 94
10. Intangible assets ........................................................................................................................................... 95
11. Goodwill ........................................................................................................................................................ 96
12. Investments in subsidiaries ........................................................................................................................... 97
13. Investments accounted for using the equity method ................................................................................... 98
14. Deferred tax ................................................................................................................................................ 100
15. Financial assets at fair value through other comprehensive income ......................................................... 103
16. Financial assets at fair value through profit or loss .................................................................................... 103
17. Derivative financial instruments and hedge accounting ............................................................................. 104
18. Trade and other receivables ....................................................................................................................... 105
19. Inventories .................................................................................................................................................. 106
20. Cash and cash equivalents .......................................................................................................................... 106
21. Share capital and share premium ............................................................................................................... 107
22. Other reserves ............................................................................................................................................ 108
23. Non-controlling interests ............................................................................................................................ 110
24. Borrowings .................................................................................................................................................. 111
25. Lease liabilities ............................................................................................................................................ 113
26. Securitisation .............................................................................................................................................. 115
27. Post-employment benefits ......................................................................................................................... 116
28. Trade and other payables ........................................................................................................................... 118
29. Provisions .................................................................................................................................................... 118
30. Revenue ...................................................................................................................................................... 119
31. Expenses ..................................................................................................................................................... 119
32. Employee benefit expenses ........................................................................................................................ 120
33. Other income .............................................................................................................................................. 120
34. Other gains/(losses) - net ............................................................................................................................ 121
35. Finance income/(costs) ............................................................................................................................... 121
36. Income tax expense .................................................................................................................................... 122
37. Investing activities....................................................................................................................................... 123
38. Contingent assets and liabilities ................................................................................................................. 124
39. Commitments ............................................................................................................................................. 125
40. Related party transactions .......................................................................................................................... 125
41. Earnings per share ...................................................................................................................................... 126
42. Audit fees .................................................................................................................................................... 127
43. Events after the reporting date .................................................................................................................. 127
Annual Financial Report 31.12.2023
3
The attached annual financial statements of the Group and the Company were approved by the Board of Directors on 7
March 2024 and have been published on www.autohellas.gr.
Annual Financial Report 31.12.2023
4
A. STATEMENT OF THE BOARD OF DIRECTORS
(in accordance with article 4 par. 2c of L. 3556/2007)
The members of the Board of Directors Emmanouela Vasilaki, President, Eftichios Vassilakis, Managing Director an
Executive Member and Georgios Vassilakis, Executive Member, under the aforementioned capacity, declare to the best
of their knowledge that:
a) The Annual Group and Company Financial Statements for the period 1/1 - 31/12/2023, which have been prepared in
accordance with the applicable accounting standards, fairly present assets and liabilities, equity and the income
statement of “Autohellas Tourist and Trading Société Anonyme” (hereinafter, “Company”), as well as those of the
companies included in the consolidation taken as a whole.
b) The Board of Directors' Annual Report accurately presents the performance and position of the Company as well as of
the companies included in the consolidation taken as a whole, including the description of the main risks and
uncertainties they might be facing.
Kifissia, 7 March 2024
Emmanouela Vasilaki
Eftichios Vassilakis
Georgios Vassilakis
President
CEO and
Executive Member
Member
Annual Financial Report 31.12.2023
5
B. INDEPENDENT AUDITOR’S REPORT
6
[Translation from the original text in Greek]
Independent auditor’s report
To the Shareholders of “AUTOHELLAS TOURIST AND TRADING SOCIETE ANONYME”
Report on the audit of the separate and consolidated financial statements
Our opinion
We have audited the accompanying separate and consolidated financial statements of AUTOHELLAS TOURIST
AND TRADING SOCIETE ANONYME (Company or/and Group) which comprise the separate and consolidated
statement of financial position as of 31 December 2023, the separate and consolidated statements of profit or
loss, other comprehensive income, changes in equity and cash flow statements for the year then ended, and
notes to the separate and consolidated financial statements, comprising material accounting policy information.
In our opinion, the consolidated financial statements present fairly, in all material respects the separate and
consolidated financial position of the Company and the Group as at 31 December 2023, their separate and
consolidated financial performance and their separate and consolidated cash flows for the year then ended in
accordance with International Financial Reporting Standards, as adopted by the European Union and comply
with the statutory requirements of Law 4548/2018.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs), as they have been
transposed into Greek Law. Our responsibilities under those standards are further described in the Auditor’s
responsibilities for the audit of the separate and consolidated financial statements section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.
Independence
During our audit we remained independent of the Company and the Group in accordance with the International
Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) that has
been transposed into Greek Law, and the ethical requirements of Law 4449/2017 and of Regulation (EU) No
537/2014, that are relevant to the audit of the separate and consolidated financial statements in Greece. We
have fulfilled our other ethical responsibilities in accordance with Law 4449/2017, Regulation (EU) No
537/2014 and the requirements of the IESBA Code.
We declare that for the year ended as at 31 December 2023 we have not provided non-audit services to the
Company and its subsidiaries.
7
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of
the separate and consolidated financial statements of the year under audit. These matters were addressed in the
context of our audit of the separate and consolidated financial statements as a whole, and in forming our
opinion thereon, and we do not provide a separate opinion on these matters.
How our audit addressed the key audit matter
Our audit approach included obtaining an understanding of
the vehicles management process as designed and
implemented at the Company and the Group.
We evaluated and reviewed management’s process relating to
useful lives and residual values assessment for vehicles and
examined the criteria used to identify impairment indicators,
with a focus on the timely detection of impairments.
We tested the appropriateness of the approach used and the
reasonableness of key assumptions applied by management.
Furthermore, we also reviewed historical disposals of vehicles
and the profit or loss derived from these disposals to assess if
the followed approach reflects past performance.
We determined that the approach for determining useful
lives and residual values of vehicles forms a reasonable basis
for management’s assessment and that the available evidence
supported the key assumptions used.
The disclosures in the financial statements are adequate and
consistent with the requirements of relevant accounting
standards
Our audit procedures included obtaining an understanding of
the various revenue streams, considering the appropriateness
of the Group’s revenue recognition accounting policies and
assessing compliance of these policies with relevant
standards.
Our audit approach included understanding the systems and
process that are relevant to revenue recognition, holding
discussions with relevant Company and Group employees to
validate processes and re-performing key process.
8
How our audit addressed the key audit matter
Furthermore, we performed relevant substantive audit
procedures around the various revenue streams, which
focused on the adequacy and consistency of the accounting
policies applied, by conducting audit procedures over the
point of transfer of risk and rewards. Our audit procedures
included:
• Analytical review procedures on the different revenue
streams.
• Sample testing of transactions during the year of all
material revenue streams.
• Revenue cut-off procedures.
• Testing of sales returns and credit notes issued after year
end.
• Sample third party confirmation of annual revenue and
trade receivables at year end.
Our procedures concluded that revenue recognition for the
Group’s revenue streams is consistent with the Company’s
and the Group’s accounting policies and relevant standards.
Based on our work, we noted no significant issues regarding
the accuracy of revenue reported for the year under audit.
The disclosures in the financial statements are adequate and
consistent with the requirements of relevant accounting
standards.
We obtained management’s valuation reports for the year
ended 31 December 2023, that were prepared by certified
external valuers.
We verified that the fair value of property, based on the
relevant valuations, was correctly recorded in the Company’s
and the Group's accounting records.
We evaluated and confirmed the independence, objectivity
and competence of the Company’s and the Group’s certified
external valuers.
We compared the fair values at 31 December 2023 with those
at 31 December 2021 in order to assess whether their change
was in line with market trends. For the properties that either
contribute a material value to the total book value of
investment and own-use property or that result in significant
fair value deviations, we obtained and evaluated the valuation
reports of management’s certified external valuers.
Our procedures with respect to the valuation reports, also
included:
• Assessing the appropriateness of the methodologies
used.
• Evaluating the key assumptions used, based on
current market information and future expectations.
9
How our audit addressed the key audit matter
• We examined, on a sample basis, the accuracy and
relevance of the input data used by management’s
certified external valuers.
• With the support of our external real estate valuation
experts, from the total population of properties, we
focused on those with the highest fair values, and we
determined that the resulting values are within
acceptable valuation ranges, based on market
information.
Notwithstanding the subjectivity associated with determining
valuations for individual properties and the existence of
alternative assumptions and valuation methods, our audit
procedures concluded that the valuations were based on
reasonable assumptions and appropriate data that are
consistent with the prevailing market conditions.
We also found that the disclosures in the financial statements
are adequate and consistent with the requirements of
relevant accounting standards.
Other Information
The members of the Board of Directors are responsible for the Other Information. The Other Information,
which is included in the Annual Report in accordance with Law 3556/2007, is the Statements of Board of
Directors members and the Board of Directors Report (but does not include the financial statements and our
auditor’s report thereon), which we obtained prior to the date of this auditor’s report.
Our opinion on the separate and consolidated financial statements does not cover the Other Information and
except to the extent otherwise explicitly stated in this section of our Report, we do not express an audit opinion
or other form of assurance thereon.
In connection with our audit of the separate and consolidated financial statements, our responsibility is to read
the Other Information identified above and, in doing so, consider whether the Other Information is materially
inconsistent with the separate and consolidated financial statements or our knowledge obtained in the audit, or
otherwise appears to be materially misstated.
We considered whether the Board of Directors Report includes the disclosures required by Law 4548/2018 and
the Corporate Governance Statement required by article 152 of Law 4548/2018 has been prepared.
Based on the work undertaken in the course of our audit, in our opinion:
● The information given in the Board of Directors’ Report for the year ended at 31 December 2023 is
consistent with the separate and consolidated financial statements,
● The Board of Directors’ Report has been prepared in accordance with the legal requirements of articles
150,151,153 and 154 of Law 4548/2018,
● The Corporate Governance Statement provides the information referred to items c and d of paragraph 1 of
article 152 of Law 4548/2018.
In addition, in light of the knowledge and understanding of the Company and Group and their environment
obtained in the course of the audit, we are required to report if we have identified material misstatements in the
Board of Directors’ Report and Other Information that we obtained prior to the date of this auditor’s report. We
have nothing to report in this respect.
10
Responsibilities of Board of Directors and those charged with governance for the separate and
consolidated financial statements
The Board of Directors is responsible for the preparation and fair presentation of the separate and consolidated
financial statements in accordance with International Financial Reporting Standards, as adopted by the
European Union and comply with the requirements of Law 4548/2018, and for such internal control as the
Board of Directors determines is necessary to enable the preparation of separate and consolidated financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the separate and consolidated financial statements, the Board of Directors is responsible for
assessing the Company’s and Group’s ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless Board of Directors either
intends to liquidate the Company and Group or to cease operations, or has no realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s and Group’s financial reporting
process.
Auditor’s responsibilities for the audit of the separate and consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the separate and consolidated financial
statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it
exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of
these separate and consolidated financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional
scepticism throughout the audit. We also:
● Identify and assess the risks of material misstatement of the separate and consolidated financial
statements, whether due to fraud or error, design and perform audit procedures responsive to those risks,
and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of
not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as
fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control.
● Obtain an understanding of internal control relevant to the audit in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company’s and Group’s internal control.
● Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by the Board of Directors.
● Conclude on the appropriateness of Board of Directors’ use of the going concern basis of accounting and,
based on the audit evidence obtained, whether a material uncertainty exists related to events or
conditions that may cast significant doubt on the Company’s and Group’s ability to continue as a going
concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
auditor’s report to the related disclosures in the separate and consolidated financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report. However, future events or conditions may cause the
Company and Group to cease to continue as a going concern.
● Evaluate the overall presentation, structure and content of the separate and consolidated financial
statements, including the disclosures, and whether the separate and consolidated financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.
● Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial statements. We
11
are responsible for the direction, supervision and performance of the Company and Group audit. We
remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and
timing of the audit and significant audit findings, including any significant deficiencies in internal control that
we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that
may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of
most significance in the audit of the separate and consolidated financial statements of the year under audit and
are therefore the key audit matters. We describe these matters in our auditor’s report.
Report on other legal and regulatory requirements
1. Additional Report to the Audit Committee
Our opinion on the accompanying separate and consolidated financial statements is consistent with our, as
per article 11 of Regulation (EU) 537/2014 required, Additional Report to the Audit Committee of the
Company.
2. Appointment
We were first appointed as auditors of the Company by the decision of the annual general meeting of
shareholders on 25 April 2018. Our appointment has been renewed annually by the decision of the annual
general meeting of shareholders for a total uninterrupted period of appointment of 6 years.
3. Operating Regulation
"The Company has an Operating Regulation in accordance with the content provided by the provisions of article
14 of Law 4706/2020".
4. Assurance Report on the European Single Electronic Format
We have examined the digital files of AUTOHELLAS TOURIST AND TRADING SOCIETE ANONYME
(hereinafter referred to as the “Company and / or Group”), which were compiled in accordance with the
European Single Electronic Format (ESEF) defined by the Commission Delegated Regulation (EU) 2019/815, as
amended by Regulation (EU) 2020/1989 (hereinafter “ESEF Regulation”), and which include the separate and
consolidated financial statements of the Company and the Group for the year ended 31 December 2023, in
XHTML format “ 213800DNMN314TEZPP87-2023-12-31-el.xhtml ”, as well as the provided XBRL file
“ 213800DNMN314TEZPP87-2023-12-31-el.zip ” with the appropriate marking up, on the aforementioned
consolidated financial statements, including the other explanatory information (Notes to the financial
statements).
12
Regulatory framework
The digital files of the European Single Electronic Format are compiled in accordance with ESEF Regulation
and 2020 / C 379/01 Interpretative Communication of the European Commission of 10 November 2020, as
provided by Law 3556/2007 and the relevant announcements of the Hellenic Capital Market Commission and
the Athens Stock Exchange (hereinafter “ESEF Regulatory Framework”).
In summary, this Framework includes the following requirements:
● All annual financial reports should be prepared in XHTML format.
● For consolidated financial statements in accordance with International Financial Reporting Standards,
the financial information stated in the Statement of Comprehensive Income, the Statement of Financial
Position, the Statement of Changes in Equity and the Statement of Cash Flows, as well as the financial
information included in the other explanatory information, should be marked-up with XBRL 'tags' and
‘block tag’, according to the ESEF Taxonomy, as in force. The technical specifications for ESEF, including
the relevant classification, are set out in the ESEF Regulatory Technical Standards.
The requirements set out in the current ESEF Regulatory Framework are suitable criteria for formulating a
reasonable assurance conclusion.
Responsibilities of the management and those charged with governance
The management is responsible for the preparation and submission of the separate and consolidated financial
statements of the Company and the Group, for the year ended 31 December 2023, in accordance with the
requirements set by the ESEF Regulatory Framework, as well as for those internal controls that management
determines as necessary, to enable the compilation of digital files free of material error due to either fraud or
error.
Auditor’s responsibilities
Our responsibility is to plan and carry out this assurance work, in accordance with no. 214/4 / 11.02.2023
Decision of the Board of Directors of the Hellenic Accounting and Auditing Standards Oversight Board
(HAASOB) and the "Guidelines in relation to the work and the assurance report of the Certified Public
Accountants on the European Single Electronic Format (ESEF) of issuers with securities listed on a regulated
market in Greece" as issued by the Board of Certified Auditors on 14/02/2023 (hereinafter "ESEF Guidelines"),
providing reasonable assurance that the separate and consolidated financial statements of the Company and
the Group prepared by the management in accordance with ESEF comply in all material respects with the
current ESEF Regulatory Framework.
Our work was carried out in accordance with the Code of Ethics for Professional Accountants of the
International Ethics Standard Board for Accountants (IESBA Code), which has been transposed into Greek Law
and in addition we have fulfilled the ethical responsibilities of independence, according to Law 4449/2017 and
the Regulation (EU) 537/2014.
The assurance work we conducted is limited to the procedures provided by the ESEF Guidelines and was
carried out in accordance with International Standard on Assurance Engagements 3000, “Assurance
Engagements other than Audits or Reviews of Historical Financial Information''. Reasonable assurance is a
high level of assurance, but it is not a guarantee that this work will always detect a material misstatement
regarding non-compliance with the requirements of the ESEF Regulation.
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Conclusion
Based on the procedures performed and the evidence obtained, we conclude that the separate and consolidated
financial statements of the Company and the Group for the year ended 31 December 2023, in XHTML file
format “ 213800DNMN314TEZPP87-2023-12-31-el.xhtml ”, as well as the provided XBRL file
“ 213800DNMN314TEZPP87-2023-12-31-el.zip ” with the appropriate marking up, on the aforementioned
consolidated financial statements, including the other explanatory information, have been prepared, in all
material respects, in accordance with the requirements of the ESEF Regulatory Framework.
Athens, 7 March 2024
The Certified Auditor Accountant
PricewaterhouseCoopers S.A.
Certified Auditors - Accountants
260 Kifissias Avenue
152 32, Halandri, Greece Socrates Leptos-Bourgi
SOEL Reg. No.: 113 SOEL Reg. No.: 41541
Annual Financial Report 31.12.2023
14
C. ANNUAL BOARD OF DIRECTORS REPORT
Board of Directors Report for the period 01.01.2023-31.12.2023 for “Autohellas Tourist and Trading Société Anonyme”
(hereinafter referred to as“ Company”), on the Consolidated and Standalone Financial Statements for the fiscal year
01.01.2023-31.12.2023.
This Management Report of the Company's Board of Directors concerns the fiscal year January 1st - December 31st, 2023 and
provides summarized financial information on the annual financial statements and the results of the Company and the Autohellas
Group, and constitutes the single report of Article 153() Law 4548/2018 (hereinafter, the "Report"). The Report was prepared in
accordance with the provisions of Article 4 Law 3556/2007, the relevant decisions of the Board of Directors of the Hellenic Capital
Market Commission, the provisions of Articles 150 to 154 Law 4548/2018 and the relevant provision of the Law 4706.
The Report includes among other, information:
▪ on the evolution of the Company’s activities, its financial position and financial performance, the overall course of the
Company and the Group during the period under review,
▪ on any important event that took place during the period and on any impact that those events have on the company’s interim
financial information,
▪ the main risks and uncertainties that may arise for the Company and the Group,
▪ on all transactions between the Company and its related parties,
▪ on the Corporate Governance Statement,
▪ on the Non-Financial Disclosures,
▪ on any important event which took place after 31.12.2023.
Autohellas Group of Companies (hereinafter referred to as the "Group") included in the consolidated financial statements, other
than the Company, the Subsidiaries and Associates/Joint Ventures that are further presented in this report, under the sections
titled “PARTICIPATIONS – CONSOLIDATED COMPANIES”.
The Financial Statements (consolidated and standalone), the Independent Auditor’s Report and the Board of Directors Report of
the Company are posted at the address:
https://www.autohellas.gr/en/investors/financial-statement/financial-statements/
THE GROUP AND ITS OPERATIONS
Autohellas Tourist and Trading Société Anonyme, with the distinctive title “Autohellas”, was incorporated in Greece in 1962 and
its shares are traded in the “Travel & Tourism” sector of the Athens Stock Exchange. The Company’s registered office is at Viltanioti
31, Kifissia, Attica, Greece. The Company’s website address is www.autohellas.gr.
The Company’s main activities are short – term (renting) and long term lease and Fleet Management. Renting activities covers
the needs of both individuals and companies for occasional, small duration rentals up to 1-year long. Fleet long term rentals
(leasing) and fleet management refer to period above one year. Renting and fleet management activities are further undertaken
internationally through a number of subsidiaries in 8 countries in Portugal, Bulgaria, Cyprus, Romania, Serbia, Montenegro, Croatia
and Ukraine.
The Company is one of the largest national franchisees of Hertz International. Autohellas has the exclusive right to use the Hertz
brand name and trademark in Greece, to receive information and know-how relating to the operation of car rental system, as well
as any improvements in designing and implementing rental services under the Hertz system. The Company has extended this right
in 1998 until the 31st of December 2023. In May 2021, a 2-year extension of the right was signed, until December 31, 2025, so
that there is a safe margin of the right’s duration before the Company starts negotiations, after the end of the pandemic, for the
long-term renewal of the right. This extraordinary, in duration, agreement has been granted to the Company as a result of HERTZ’
successful representation in Greece during the past 30 years.
Annual Financial Report 31.12.2023
15
Additionally, and in parallel with the Renting and Fleet Management activities, the Group undertakes car and spare parts trading
as well as after sales support activities in Greece through a number of greek subsidiaries, namely:
▪ “AUTOTECHNICA HELLAS S.A.” - The trade of new and used cars and the provision of after sales support.
▪ "HYUNDAI HELLAS SA", "KIA HELLAS SA" and "TECHNOKAR SA",- The exclusive import and distribution of new cars and spare
parts of the brands HYUNDAI, KIA and SEAT respectively.
▪ "ELTREKKA SA" and its 100% subsidiary, "FASTTRAK S.A." - The import and distribution of aftermarket car parts.
In addition, during 2023, the Group expanded its car sales activity in Greece, as the joint venture with Samelet Motors Ltd under
the name "ORNOS SOCIÉTÉ ANONYME ", in which Autohellas participates with a percentage of 51%, completed the acquisition
from the company "FCA ITALY S.p.A." of 100% of the company's share capital under the name "FCA GREECE S.A.A.". FCA Greece,
which was renamed to "ITALIAN MOTION SINGLE MEMBER SOCIÉTÉ ANONYME " after the acquisition, is responsible for the import
and distribution of a total of 5 Stellantis Brands, namely Abarth, Alfa Romeo, Fiat, Fiat Professional and Jeep in the greek market.
FINANCIAL RESULTS OVERVIEW
The key financial highlights for the Company for the year ended 31 December 2023 are as follows:
Group
Company
2023
2022
Δ%
2023
2022
Δ%
Revenue
1,002,674,148
765,560,028
31%
283,051,116
260,248,332
9%
EBITDA
272,055,363
226,364,642
20%
165,956,773
151,174,617
10%
EBIT
139,774,803
120,028,018
16%
77,573,644
73,299,479
6%
Profit before tax (EBT)
106,140,759
104,025,311
2%
71,751,013
86,364,360
-17%
Profit for the year (EAT)
84,985,478
82,549,696
3%
61,367,885
72,580,134
-15%
The Group’s revenue is analysed as follows:
Group
2023
2022
Δ%
Income from short and long term car rentals
328,673,777
260,570,756
26%
Sales of new and used cars and spare parts and
rendering of after-sales services
564,262,587
426,554,261
32%
Sales of used fleet
109,737,784
78,435,011
40%
Total
1,002,674,148
765,560,028
31%
The Company’s revenue is analysed as follows:
Company
2023
2022
Δ%
Income from short and long term car rentals
200,286,530
194,632,482
3%
Sales of new and used cars and spare parts and
rendering of after-sales services
233,752
249,991
-6%
Sales of used fleet
82,530,834
65,365,859
26%
Total
283,051,116
260,248,332
9%
Annual Financial Report 31.12.2023
16
FINANCIAL RATIOS
(i) Growth Ratios
Group
Company
2023
2022
2023
2022
1. Turnover
31.0%
19.3%
8.8%
23.7%
2. Profit before tax
2.0%
61.1%
-16.9%
95.8%
The above ratios show the variation of sales and earnings before tax for both the company and the group between 2023 and the
previous year 2022.
(ii) Profitability Ratios
Group
Company
2023
2022
2023
2022
3. Profit before tax / Turnover
10.6%
13.6%
25.3%
33.2%
4. Profit after tax / Turnover
8.5%
10.8%
21.7%
27.9%
The above ratios present the final net profit before and after tax as a percentage of the company’s turnover.
Group
Company
2023
2022
2023
2022
5. Return on Equity
18.6%
23.9%
18.3%
29.7%
The above ratio shows the group’s and Company’s net income as a percentage of shareholder’s equity.
(iii) Financial leverage ratios
Group
Company
2023
2022
2023
2022
6. Bank Loans / Equity
1.26
1.52
1.49
1.86
The above ratios present bank loans as a percentage of total shareholders’ equity.
(iv) Financial structure ratios
Group
Company
2023
2022
2023
2022
7. Current Assets / Total Assets
20.9%
22.3%
7.9%
9.4%
This ratio shows the percentage of current assets on total Company assets.
Group
Company
2023
2022
2023
2022
8. Total Liabilities / Equity
2.11
2.48
2.06
2.52
This ratio reflects the Company’s financial sufficiency.
Annual Financial Report 31.12.2023
17
Group
Company
2023
2022
2023
2022
9. Tangible and intangible assets / Equity
1.75
1.90
1.63
1.67
This ratio shows what percentage of the Company’s own capital has been converted into assets.
Group
Company
2023
2022
2023
2022
10. Current assets / Current liabilities
0.82
0.90
0.46
0.57
This ratio reflects the Company’s liquidity.
ALTERNATIVE PERFORMANCE RATIOS (“APR”)
The Group uses Alternative Performance Ratios “APR” for decision making, strategic planning and performance evaluation
purposes. These ratios assist in improved and more complete understanding of financial results of the Group and are considered
along with financial results in accordance with IFRS.
Group
Company
2023
2022
2023
2022
11. Adjusted EBITDA
153,284,903
129,778,501
83,857,572
78,425,472
Reconciliation with the financial information:
EBITDA
272,055,363
226,364,642
165,956,773
151,174,617
Depreciation of cars
(118,770,460)
(96,586,141)
(82,099,201)
(72,749,145)
Adjusted EBITDA
153,284,903
129,778,501
83,857,572
78,425,472
Adjusted EBITDA is, the EBITDA as it derives from the Financial Statements prepared in accordance with IFRS less cars depreciation.
Group
Company
2023
2022
2023
2022
12. Adjusted EBT
105,600,792
106,531,513
71,211,046
88,870,562
Reconciliation with the financial information:
Profit before tax (EBT)
106,140,759
104,025,311
71,751,013
86,364,360
Amortisation of unwinding of discount and bond loan costs
(539,967)
2,506,202
(539,967)
2,506,202
Adjusted ΕΒΤ
105,600,792
106,531,513
71,211,046
88,870,562
Adjusted EBT is EBT as it derives from the Financial Statements prepared in accordance with IFRS after exclusion of one-off events
occurred in the year which are not a result of the ordinary operations of the Company. This ratio is used to present results just
from usual operating activities of the Entity and the Group.
Annual Financial Report 31.12.2023
18
Group
Company
2023
2022
2023
2022
13. Free Cash Flows
162,181,988
171,313,480
110,496,121
117,551,328
Reconciliation with the financial information:
Net cash generated from operating activities
5,404,034
32,205,536
(30,966,552)
1,010,765
Plus: Purchases of renting vehicles
293,415,502
225,019,516
224,403,240
182,371,471
Less: Finance leasing purchases of renting vehicles
(26,899,764)
(7,476,561)
(409,733)
(465,049)
Less: Sales of renting vehicles
(109,737,784)
(78,435,011)
(82,530,834)
(65,365,859)
Free Cash Flows
162,181,988
171,313,480
110,496,121
117,551,328
This ratio is used to present available cash from operating activities of the Entity and the Group before used cars sales and before
purchases of new rental cars for the year. This APR is used from the Group for better evaluation of cash performance, debt
repayment capacity and dividend distribution.
PARTICIPATIONS – CONSOLIDATED COMPANIES
(i) Subsidiaries
Company
Headquarters
Ownership
interest held
AUTOHELLAS TOURIST AND TRADING
SOCIETE ANONYME
Kifissia,
Attica
Parent
AUTOTECHNICA OOD
Sofia,
Bulgaria
100%
First consolidation on 30.09.2003, due to its acquisition in 2003.
AUTOTECHNICA (CYPRUS) LIMITED
Nicosia,
Cyprus
100%
First consolidation on 31.12.2005, due to its incorporation in 2005.
AUTOTECHNICA FLEET SERVICES S.R.L.
Bucharest,
Romania
100%
First consolidation on 31.03.2007, due to its incorporation in 2007.
AUTOTECHNICA HELLAS S.A.
Kifissia,
Attica
100%
First consolidation on 31.03.2008, due to its incorporation in 2008.
A.T.C. AUTOTECHNICA (CYPRUS) LTD
Nicosia,
Cyprus
100%
First consolidation on 31.06.2008, due to its incorporation in 2008.
AUTOTECHNICA SERBIA DOO
Belgrade,
Serbia
100%
First consolidation on 31.03.2010, due to its incorporation in 2010.
AUTOTECHNICA MONTENEGRO DOO
Podgorica,
Montenegro
100%
First consolidation on 31.12.2010, due to its incorporation in 2010.
AUTOTECHNICA FLEET SERVICES LLC
Kiev,
Ukraine
100%
First consolidation on 31.03.2015, due to its incorporation in 2015.
AUTOTECHNICA FLEET SERVICES DOO
Zagreb,
Croatia
100%
First consolidation on 30.06.2015, due to its incorporation in
Quarter 2 of 2015.
HYUNDAI HELLAS S.A.
Kifissia,
Attica
70%
First consolidation on 31.12.2017, due to its acquisition on
December 2017 through participation in DERASCO TRADING
LIMITED-Indirect Participation.
KIA HELLAS S.A.
Kifissia,
Attica
70%
First consolidation on 31.12.2017, due to its acquisition on
December 2017 through participation in DERASCO TRADING
LIMITED-Indirect Participation.
DERASCO TRADING LIMITED
Nicosia,
Cyprus
100%
First consolidation on 31.12.2017, due to its acquisition in
December 2017.
ELTREKKA S.A.
Kifissia,
Attica
100%
First consolidation on 31.05.2019, after acquiring 100% stake.
FASTTRAK S.A.
Kifissia,
Attica
100%
Indirect participation through its consolidation in ELTREKKA S.A.
TECHNOCAR SINGLE MEMBER S.A.
Kifissia,
Attica
100%
First consolidation on 01.07.2019, after spin-off
HR - ALUGUER DE AUTOMÓVEIS S.A.
Lisbon,
Portugal
89.56%
First consolidation on 31.12.2022 due to its acquisition in October
2022.
Annual Financial Report 31.12.2023
19
The consolidated financial statements of the company cover the company and its subsidiaries of the above table i. (the Group).
Subsidiaries are enterprises which are controlled by the parent company. Subsidiaries are fully consolidated from the date on
which the control thereon is obtained and cease to be consolidated from the date on which the control ceases.
(ii) Associates/Joint Ventures
Company
Headquarters
Ownership
interest
held
SPORTSLAND SPORT FACILITIES -
TOURISM AND HOTELS S.A. (Joint
Venture)
Kifissia,
Attica
50%
First integration on 31.03.2008, due to its incorporation in 2008
CRETE GOLF S.A. (Associate)
Hersonissos,
Crete
45.033%
First integration on 31.03.2015, due to increase in Company’s
participation in its capital in 2015
INSTACAR S.A. (Associate)
Maroussi,
Attica
33.1%
First integration on 08.07.2022, due to increase in Company’s
participation in its capital in 2022
ELECION ENERGY PRODUCTION AND
TRADING OF ELECTRICITY SOCIETE
ANONYME (Associate)
Palaio Faliro,
Attica
25%
First integration on 04.08.2022 due to increase in Company’s
participation in its capital in 2022
ORNOS SOCIETE ANONYME (Joint
Venture)
Kifissia,
Attica
51%
First integration on 06.10.2022 due to its incorporation in 2022
Associates are companies on which substantial influence is exercised. These companies are presented in the consolidated financial
statements using the equity method. Joint ventures are jointly controlled companies. These companies are presented in the
consolidated financial statements using the equity method.
In particular regarding associates and joint ventures:
The Company participates in the company “SPORTSLAND SPORT FACILITIES - TOURISM AND HOTELS S.A.”, with a participation
percentage of 50%. Following successive share capital increases, the Company's participation in the share capital of Sportsland
S.A. on 31.12.2023 amounts to € 7,080,000 which corresponds to 50% of the share capital of the said company. The remaining
50% belonged on 31.12.2023 to TOURISM ENTERPRISES OF MESSINIA S.A.
Additionally, the Company holds an investment in the company “CRETE GOLF S.A.” with a percentage of 45.033%. The Company's
participation in the share capital of CRETE GOLF S.A. amounts on 31.12.2023 to € 7,502,281 which corresponds to a percentage of
45.033% of the share capital of the said company.
Moreover, the Company participates in the company ELECION ENERGY PRODUCTION AND TRADING OF ELECTRICITY SOCIETE
ANONYME The Company's participation in the share capital of ELECION ENERGY S.A. amounts on 31.12.2023 to € 240,000 which
corresponds to 25% of the share capital of the company in question. The investment refers to the construction of solar panel park
in Asopia Boeotia.
Since 2022 the Company participates by 51% in the company “ORNOS SA” which is a joint venture of the Autohellas and Samelet
groups and is responsible for the import and distribution of a total of 5 brands of Stellantis, namely Abarth, Alfa Romeo, Fiat, Fiat
Professional and Jeep. The participation of the Company in the share capital of ORNOS SA amounted to €18,870,000 as at
31.12.2023, which corresponds to 51% of its share capital.
Finally, as of 31.12.2023, the Company participates, through its 100% subsidiary Derasco Trading S.A., with a percentage of 33.1%
in the share capital of “INSTACAR S.A.” which is active in vehicle rentals through online subscriptions.
Annual Financial Report 31.12.2023
20
OTHER NON-CONSOLIDATED SIGNIFICANT PARTICIPATIONS
The Company maintains a significant stake in AEGEAN AIRLINES SA, amounting to 11.836%. With the aforementioned company,
the Company has synergies, indicatively exclusive cooperation for the promotion of car rentals to its customers.
Additionally, the Company participates with a percentage of 10.38%. in the share capital of the company TRADE ESTATES REIC,
which is active in real estate development, looking forward to synergies which, with the gradual transition to new technologies
and especially to electric mobility, will be able to provide innovative solutions and services to common customers.
BRANCHES
The Group maintains a total of 143 branches in Greece and in 8 countries abroad which cover the renting activity as at the
publication date of the financial statements. Due to increased seasonality during the summer season, the operating branches
increase depending on local demand. Additionally, the Group maintains 33 branches which cover the car and spare parts trade
activity.
PROSPECTS
In 2023 the car hire market as well as the car trading market showed growth compared to the previous year. An important factor
contributing to the growth was the normalization of the supply chain in the supply of new cars which positively affected the sales
volumes of both leases and trade-ins.
Another important event that affected the Group was the significant increase in financial costs. In order to protect itself from the
interest rate rise in 2023, the Group entered into interest rate risk hedging contracts.
The short-term rental sector, after moving away from two years of travel restrictions, it was positively affected by increased
inbound tourism flows, but at the same time, the increased supply of cars created pressure on prices. In long-term leases, demand
was met from the accumulation of new orders from previous years and returned to a growth trajectory for both Corporate and
Private customers.
The car trading sector has seen significant growth as both demand from prior year and 2023 for new cars have been met.
The outlook for 2024 shows positive indications considering the pre-booking trend for the upcoming tourist season. Must be taken
into account that the surplus of cars on the market combined with the presence of new competitors is expected to lead to further
price pressures. The strengthening of competition occurring in both short-term and long-term leases will affect the entire car
rental industry. It should be noted that the Group, having as its main concern the high quality of services provided to the customer
in combination with the long-term experience of its people and the appropriate infrastructure in facilities, provides the Group
with a significant competitive advantage.
Furthermore, in order to protect itself from the high cost of interest rates, the Company issued a Bond of 200 million to the retail
market, aiming at the partial repayment of floating interest loans, securing financing for fleet purchases for 2024, but also covering
other business needs with more favorable terms.
As far as Auto Trade is concerned, in 2024 further stabilization and smoother development of the sector is expected. The Group's
activity in the trade of cars is expected to be further strengthened and to gain an even greater share in the fleet and retail market
having now fully integrated the Fiat, Alfa Romeo, Jeep brands on a 12-month basis, while at the same time it will ensure a strong
presence in the Light Commercial Vehicle market (LCVs).
Annual Financial Report 31.12.2023
21
Finally, a big challenge for 2024 remains the utilization of technology and the development of new flexible products that will cover
different customer needs.
(i) Short and long-term rentals in Greece
In 2023 the long-term leasing sector saw an increase in the company's active fleet since a significant number of the "delayed", due
to production problems, cars finally reached customers renewing as well as meeting new needs.
In the 1st half of 2024, the increased trend in the rate of delivery of new cars is expected to continue, while at the same time
completing the deliveries of the pending orders, which will also is translated to normalization of the Greek car market.
The new integrated IT system that became operational at the beginning of 2023 is expected to yield and help in direct
communication with customers, improved and more complete service as well as simplification of procedures.
Regarding the short-term rental sector (Rent a Car) in 2023, the total rental days increased compared to 2022 both during the
summer months, as a result of the country's excellent tourist year, and from the first and last quarter of the year, which were
significantly boosted by longer-term rentals in the domestic market. The company for the 3rd consecutive year after 2020 and the
effects of covid, invested in both the expansion and upgrade of the rental vehicle fleet, through purchases that aimed at increasing
low-emission cars and enriching the offered vehicle mix. Important characteristic of 2023 was the increased supply of rental
vehicles in the market which led to price pressures. From management perspective, the emphasis placed on the quality of our
customers' service and rental experience in recent years has kept us at high levels of satisfaction, with metrics ranking us among
the highest in Europe, which is an important testament to the future.
The year ahead is expected to further strengthen the segment of longer-term rentals in the domestic market, through the flexible
and diverse products that the company offers to customers. In terms of tourist rentals, we expect them to be affected by the
positive indications we have from all sectors of tourism and by the expansion of the tourist season. However, we are restrained in
our forecasts on one hand because the competition in the sector will be intense with high availability of rental vehicles, on the
other hand because the cost of living in the main inbound tourism markets is increasing significantly for the 3rd consecutive year,
being an important volatile factor. In domestic demand, we rely on the stable customer base that we have built and strengthened
in recent years, the expanded network of stores and infrastructure as well as our strategic partnerships.
The company aims to provide expanded privileges to its customers, strengthening the cooperation with Aegean and concluding
new agreements with strategic partners. As every year, our aim will be to offer the best mobility services in the Greek market.
(ii) Car and spare parts Trade
In 2023, the supply chain showed a gradual improvement, after the problems that had been created due to a lack of raw materials.
However, the progress of normalization in production of the manufacturers, represented by the importing companies of the
group, was not as expected. The activity of import, retail and after sales effectively dealt with the problem and showed an increase
in sales compared to the previous year in both sales of new cars and sales of spare parts, supporting auto activity in further
improving its profitability. The activity of the retail sale of new cars and spare parts managed to achieve a significant increase in
market shares by growing annual sales compared to the previous year, and at the same time the increase in sales of used cars was
also significant, with a corresponding contribution to the overall profitability of the activity.
Annual Financial Report 31.12.2023
22
In 2024 there is a downward trend in demand in Greece but also in Europe, due to geopolitical events and inflationary pressures.
The activity of auto-trade will seek to increase its market share and effectively manage the expected increase in the manufacturing
and operating costs in order to maintain its profitability at satisfactory levels. The activity of the retail sale of new cars and spare
parts aims to continuous improvement of services provided, but also to retain its profitability from after sales, while at the same
time investments will be made for the further development of used cars sales.
(iii) Short term and Long term Rentals in foreign countries
Car rentals recorded a growth in 2023 also in the Balkan and Cyprus markets, where the company's subsidiaries operate. Growth
came mainly from short-term leases with more efficient fleet management, while the full recovery of travel traffic, especially in
the tourist markets of Cyprus, Croatia, and Montenegro, also contributed towards this. At the same time, in the less touristic
countries of Romania, Bulgaria and Serbia, the penetration of local markets intensified by developing corporate leases. Finally, the
emphasis on used fleet sales continued, contributing significantly to international activity with both quantitative and qualitative
sales.
In 2024, the Group is expected to continue its strategy in the subsidiaries of the Balkans and Cyprus, aiming for further organic
growth which, combined with new products and services, concerning both tourist and corporate leases, will lead to an expansion
of the share in local markets.
The subsidiary in Portugal, which is active in the short-term rental sector, recorded growth in 2023 supported by the increased
number of passenger traffic, while at the same time it was also affected by greater fleet availability which led to price pressures.
2024 outlook indicates a positive trend in tourism that is expected to continue, albeit at a more moderate pace. At the same time,
the pressure on prices is expected to intensify due to the high availability of cars. In this environment the company estimates that
it will improve its financial figures by focusing on improving its customer experience and new technology tools.
INFORMATION RELATED TO TREASURY SHARES
Following the Ordinary General Meeting of the Company's shareholders from July 15, 2020, under which a program for the
purchase of the Company's own shares was approved, in accordance with article 49 of Law 4548/2018 and the more specific terms
set by this decision, as well as of the application and execution of this decision of the Board of Directors of the Company of July
23, 2020, the Company has made in the fiscal year 2020 and 2021 successive acquisitions of its shares as follows:
• Within the fiscal year 2020, a total of 394,071 treasury shares with a nominal value of € 0.08 each have been acquired, with
a total value of € 1,576,999, corresponding to 0.8104% of the Company's shares.
• Within the fiscal year 2021, a total of 95,936 treasury shares with a nominal value of € 0.08 each have been acquired, with a
total value of € 715,443, corresponding to 0.1973% of the Company's shares.
• Within the fiscal year 2022, a total of 37,993 treasury shares have been acquired with a nominal value of €0.08 each, with a
total purchase value of €367,256, corresponding to 0.0781% of the Company's shares.
The acquisitions were made through successive transactions, in accordance with the terms set by Law 4548/2018, Regulation (EU)
596/2014 and the Commission's Delegated Regulation (EU) 2016/1052 of 8 March 2016 and in general the applicable provisions
of the stock exchange legislation, regarding the price and the daily volume of the purchased shares and in any case with a purchase
price within the defined limits of the above decisions of 15.7.2020 and 23.7.2020 of the General Meeting and the Board of
Directors of the Company respectively.
As at 31.12.2023 the Company held 508,000 treasury shares with a nominal value of € 0.08 each, with a total value of €2,558,952
corresponding to 1.0447% of its share capital.
Annual Financial Report 31.12.2023
23
Within 2023, in accordance with the provisions of Law 3556/2007, Regulation (EE) 596/2014 of the European Parliament and the
relevant provisions of the Regulations of the Athens Stock Exchange, and by virtue of the decision of the Ordinary General Meeting
of shareholders dated 20.04.2023 of the Company and the decision of its Board of Directors dated 24.05.2023, the Company made
available 20,000 of its free shares, with a total value of 271,840 euros, within the framework of the decision approved by the
aforementioned Ordinary General Assembly.
Within 2023, no additional treasury shares were acquired.
USE OF FINANCIAL INSTRUMENTS
As at 31 December 2023, the Company had entered into Interest Rate Swap agreements for the amount of €125,000,000 with an
effective date of 29/12/2023 and an expiration date of the transaction on 8/01/2024, while the maturity dates of the transactions
are 31/12/2026 – 6/1/2027.
SIGNIFICANT EVENTS DURING THE YEAR
• Autohellas, through the company ORNOS SA, which was jointly established with Samelet Motors Ltd, completed the
acquisition from the Company “FCA ITALY S.p.A.” of 100% of the share capital of the company “FCA GREECE SINGLE MEMBER
COMMERCIAL SOCIÉTÉ ANONYME FOR VEHICLES AND SPARE PARTS”, which is the importer and distributor of the Abarth, Alfa
Romeo, Fiat, Fiat Professional and Jeep brands in the Greek market. The purchase price of FCA GREECE amounted to
€65,150,000, with the possibility of a minor adjustment according to the terms of the Share Purchase Agreement. The
participation of Autohellas amounts to 51% and therefore the Company paid the amount of €33,226,500.
On 17.07.2023, the Extraordinary General Meeting of the company “FCA GREECE SINGLE MEMBER S.A.“, decided the share
capital decrease of € 30.9 million with cash deposit to its 100% parent “ORNOS S.A.”. Following that, on 20.07.2023 the
Extraordinary General Meeting of the company “ORNOS S.A.”, decided the return through share capital decrease of € 15.3
million to Autohellas, which owns 51% of the company, and the partial repayment of a bond loan of € 14.7 million to the
company Samelet Motors Ltd, which owns 49% of the company.
In November 2023 “FCA GREECE SINGLE MEMBER COMMERCIAL SOCIÉTÉ ANONYME FOR VEHICLES AND SPARE PARTS” was
renamed to “ITALIAN MOTION SINGLE MEMBER SOCIÉTÉ ANONYME”.
• On 30.06.2023, Autohellas participated in the share capital increase of “TRADE ESTATES REAL ESTATE INVESTMENT
COMPANY” through a contribution in kind, of a property and specifically a plot of 45,408.04 sq.m. within a Business Park in
the Vamvakia region of the Municipality of Elefsina including buildings. After the completion of the above increase, Autohellas
participated in the share capital of TRADE ESTATES with a percentage of 11.92%.
Following the above, the Public Offering through which 28,169,015 new shares of "TRADE ESTATES REAL ESTATE INVESTMENT
COMPANY" were issued was successfully completed on 03.11.2023 in the context of its share capital increase through public
offering and private placement. In addition, 938,968 new shares were allocated through the Private Placement to the existing
shareholder "AUTOHELLAS TOURIST AND TRADING SOCIÉTÉ ANONYME", according to its letter of declaration of participation
dated 20.10.2023 towards the Company’s Board. Subsequently, the Company proceeded to acquire 784,589 shares through
the Athens Stock Exchange. The Company's participation percentage in the share capital of TRADE ESTATES amounted to
10.38% as at 31.12.2023
Annual Financial Report 31.12.2023
24
MAIN RISKS AND UNCERTAINTIES
The section below describes the main risks and uncertainties that is possible to affect the Group.
(i) Exchange rate risk
The Group, via its subsidiaries, is operating in Portugal, Bulgaria, Romania, Cyprus, Serbia, Montenegro, Croatia and Ukraine. The
existing operations of the Group abroad refer both in short-term and long-term leases. Due to these operations, the Group
transacts with clients and suppliers outside the European Economic Area and consequently holds assets and liabilities which are
expressed in different currencies than the Euro, which is the reporting currency of the Group. More specifically, the Group’s
subsidiaries in Romania, Serbia and Ukraine have liabilities/assets in RON, RSD and UAH respectively. However, these subsidiaries
do not expose the Group into a material exchange rate risk due to their size and the currencies that they use.
(ii) Interest rate risk
For the majority of their bank loans, the Company’s and the Group’s borrowing costs are based on floating interest rates. It is
noted that the Company entered into Interest Rate Swap agreements to hedge the interest rate risk. In total, the Company as at
31.12.2023 had active Interest Rate Swap agreements with a total nominal value of €125,000,000.
(iii) Credit risk
The Company does not have any substantial credit risk. Retail sales are mainly made through credit cards, electronic banking
transactions and to a very small extent in cash. Wholesales take place only after a thorough check on the customer’s financial
reliability has been conducted, and in most cases advance payments or guarantees are obtained. In addition, the company and its
subsidiaries pay close attention to its credit collection period and act accordingly. Potential credit risk exists also for the Group's
cash, but for the deposit products are used recognized financial institutions with high credit standing. Additionally, in most of
these cases, the Group has debt obligations of a higher amount.
(iv) Market price risk
With regard to market price risk, the Company and consequently the Group as at 31.12.2023 are exposed to the fluctuation risk
of the stock price of Aegean Airlines S.A and Trade Estates S.A. For 2023, there was a positive effect on the other comprehensive
income of the Company and consequently of the Group.
The Company and the Group are also exposed in the potential used car price reduction risk. The Group’s ability to sell its used car
fleet could be reduced due to several reasons, including the macroeconomic environment, changes in the operational model of
the Rent a Car sector, regulatory changes (such as changes in taxation, in environmental frameworks, as well as an over-supply of
new cars in the market), that will result in a reduction towards the demand of used cars and the subsequent reduction in their
prices. The Company and the Group have been dealing even to date with the risk of a reduction in resale prices through continuous
market research and marketability-based fleet configuration. At the same time, the Company is making adjustments to the
depreciation rates if required so that the residual book value does not deviate significantly from market prices.
Finally, the Group and the Company are exposed to the risk of changes in real estate prices. In the first half of 2008, there was a
change in the measurement method of properties, which are no longer valued at depreciable acquisition value but at their fair
value. This results in changes in the real estate market affecting fair values. The Company carries out a reassessment of the fair
value of the properties on an annual basis. On 31.12.2022 the result of the assessment of the properties was losses of €716,807
for the investment properties and €6,727 for the own-used properties, while for the year ended 31.12.2023 there was a profit of
€173,000 for the investment properties and €350,218 for the owner-occupied properties. .
Annual Financial Report 31.12.2023
25
(v) Sales Seasonality
Rent-a-car sales (short – term rentals) are traditionally extremely seasonable in the Greek market, as they depend heavily on
tourist arrivals. It is indicative that 55% of total RaC sales in Greece, is generated during the July – September period while this
figure for the foreign countries stands at 42% for the summer months. As a result, short – term sales can be affected substantially
by events that have an impact on the tourism market, especially if such events take place at the beginning of the season. A key
factor in smoothing out seasonality is sales for long-term car rentals, as they are evenly distributed over time.
RELATED PARTY TRANSACTIONS
All transactions to and from related parties are made under standard market conditions. Significant transactions with related
parties as defined by IAS 24 (and in the case of legal entities controlled by them, as defined by IAS 27) are described in detail in
note 40 of the Annual Consolidated and Company Financial Statements for the year ended 31 December 2023.
The Company complied with the provisions of articles 99 to 101 of Law 4548/2018 for the transactions of the Company from and
to its related parties in their entirety.
CORPORATE GOVERNANCE STATEMENT
i.Corporate Governance Code
The Company applies the principles of corporate governance as defined by the relevant applicable legislative framework,
The Company has voluntarily decided to apply the Hellenic Corporate Governance Code, which was issued in July 2021 by the
Hellenic Corporate Governance Council (hereinafter referred to as the "Code"). The Code is adapted to Greek law and business
reality and has been drafted on the basis of the principle of "compliance or explanation". The Company had not adopted, for the
closing fiscal year 2023, corporate governance practices beyond the requirements of the legislation in force.
The Code can be found at the following Internet addresses in Greek and English respectively:
https://www.esed.org.gr/web/guest/code-listed
https://www.esed.org.gr/en/code-listed
This declaration defines the way in which the Company applies the Code and its deviations.
ii.Deviations from the Corporate Governance Code and justification thereof
The following are the cases and reasons why the Company deviated from the recommendations of the Corporate Governance
Code.
Hellenic Corporate Governance Code
Explanation of reasons for non-compliance.
The company has a framework for filling positions and succession
of the members of the Board of Directors, in order to identify the
needs for filling positions or replacements and to ensure each
time the smooth continuation of the management and the
achievement of the company's purpose.
The company ensures the smooth succession of the members of
the Board of Directors with their gradual replacement in order to
avoid the lack of management.
The succession framework shall in particular take into account the
findings of the Board of Directors evaluation in order to achieve
the required changes in composition or skills and to maximize the
effectiveness and collective suitability of the Board of Directors.
The Remunerations and Candidacy Committee is in the
process of illustrating the framework concerning the filling
of the positions and succession plan of the Board of
Directors members and is expected to be finalized, within
a short period of time, with the Board of Directors’
approval.
Annual Financial Report 31.12.2023
26
Hellenic Corporate Governance Code
Explanation of reasons for non-compliance.
The contracts of the executive members of the Board of Directors
provide that the Board of Directors may require the return of all
or part of the bonus awarded, due to breach of contractual terms
or inaccurate financial statements of previous fiscal years or in
general based on incorrect financial data, used for the calculation
of this bonus.
There is no provision of such a term. As a result, a relevant
assessment can be made based on the provisions of the
Greek Law.
iii.Composition and operation of administrative, management and supervisory bodies of the Company and their committees
a) General Meeting of Shareholders
The General Meeting of the Company's shareholders, in accordance with its Articles of Association, is the supreme governing body
and decides on every corporate affair, while its legal decisions bind all shareholders.
The General Meeting of Shareholders is convened by the Board of Directors and meets at its headquarters at least once every
fiscal year at the latest until the tenth (10th) calendar day of the ninth month after the end of the fiscal year, in order to decide
on the approval of annual financial statements and for the election of auditors. Based on the provisions of the article 10 par. 2 of
the Company’s Charter, in the General Assembly the shareholders, other persons entitled by the law to participate or some of
them, can participate remotely by audiovisual or other electronic means, if this is decided by the Board of Directors. The same can
apply to persons who attend the Shareholders’ General Meeting after the permission of the Chairman, in accordance with article
127 par. 2 of law 4548/2018, provided that the Board of Directors provides this possibility, in accordance with the previous
paragraph, and the Chairman of the General Assembly approves it. The Board of Directors determines by the aforementioned
decision the details for the realization of the above in accordance with the related provisions and taking sufficient measures to
ensure the compliance with provisions of article 125 par. 1 of law 4548/2018.
The General Meeting shall be convened at least 20 days prior to its holding by an invitation indicating the building with the exact
address, date and time of the meeting, the topics of discussion clearly, the shareholders entitled to participate, as well as precise
instructions for the way in which shareholders will be able to participate in the meeting and exercise their rights in person or by
proxy. The invitation shall be made public as defined by the legislation and uploaded in Greek and English on the Company's
website and shall indicate further (a) the rights of minority shareholders referred to in Article 141 par. 2, 3, 6 and 7 of Law
4548/2018, indicating the deadline within which any right may be exercised, or alternatively, the final date by which those rights
may be exercised, (b) the procedure for exercising the right to vote through a representative and in particular the forms which
the Company uses for this purpose, (c) determines the date of registration by law, noting that only persons who are shareholders
at that date have the right to participate and vote at the General Meeting; (d) discloses the place where the full text of the
documents and draft decisions provided for by law are available, and (e) indicates the website address of the Company, where
the information of par. 3 and 4 of Article 123 of Law 4548/2018, are available.
The members of the Board of Directors as well as the auditors of the Company are entitled to attend the General Meeting, in
order to provide information and briefing on issues of their competence, which are put up for discussion, and on the questions or
clarifications requested by the shareholders. Moreover, in the meeting are attending the President of the Audit Committee as well
as the Chief Internal Auditor. The President of the General Meeting of the shareholders has sufficient time for the sumbmision of
questions from the shareholders. The President of the General Meeting may, under his responsibility, permit the presence at the
General Meeting of persons, who do not have a shareholder capacity or are not representatives of shareholders, to the extent
that this is not contrary to the Complany’s interest.
Decisions shall be taken by means of a vote in order to ensure that all shareholders participate in the results, whether they attend
the meeting in person or vote through an authorized representative.
The rights of the shareholders of the Company are defined in the Articles of Association and by Law 4548/2018, are available.
Annual Financial Report 31.12.2023
27
Communication with the shareholders
The communication with the shareholders is ensured through the operation of the Investment Relations Department of the
Company, which implements the communication policy with the shareholders of the Company. Included in the aforementioned
department, the Company maintains a single Shareholders and Corporate Communications Unit, which is responsible for the
information and support of the shareholders concerning the exercise of their rights and on the other hand makes the necessary
announcements to the investing public.
The Board of Directors has appointed the Head of the Shareholders and Corporate Communications Department having as main
tasks the direct, accurate and equal information of the Company's shareholders as well as their support regarding the exercise of
their rights, based on the applicable law and the Articles of Association of the Company. Furthermore, regarding corporate
communications, it is responsible for ensuring the compliance of the Company with the current institutional framework and the
communication of the Company with the competent authorities, namely the Hellenic Capital Market Commission, the Stock
Exchange and other competent organizations.
Furthermore, the Company maintains an active website where useful information is posted for both shareholders and investors
under the responsibility of the head of the Shareholders and Corporate Communications Department.
b) Board of Directos
Role of the Board of Directors.
The Board of Directors is the supreme executive body which, acting collectively, exercises the management of the Company and
exercises control over all its activities. The Board of Directors manages the corporate property, represents the Company and
decides on all issues that concern it with a view of promoting the corporate purpose. The mission of the Board of Directors is to
ensure the sustainability and smooth operation of the Company, the correct and lawful management of its assets, the protection
of the value of the shareholders' investment, the defense of the corporate interest and the strengthening of the long-term
economic value of the Company. It is responsible for the complete and effective control of the Company's activities and acts in
accordance with the provisions of the law and the Articles of Association.
Composition of the Board of Directors.
In accordance with the Articles of Association of the Company, as in force, the Board of Directors may consist of five to twelve
members.
The Board of Directors is composed of executive, non-executive and independent non-executive members and operates in
accordance with the regulations governing its operation, the Charter of Operations of the Company, the applicable legislation and
the Articles of Association of the Company.
The members of the Board of Directors are elected by the General Meeting of the Company's shareholders, which delineates their
number within the limits provided by the Company's Articles of Association, as well as its independent members, except in the
case of replacement of missing members, in which case the Board of Directors shall also decide in accordance with the law and
the articles of association. The Board of Directors, after its election, decides on the qualifications of its members as executive or
non-executive, as well as on the roles assigned to each of its members.
Operation and Responsibilities of the Board of Directors.
The Board of Directors shall decide on any matter concerning the Company, shall formulate the corporate strategy and shall
perform any action except for those which, either by the laws governing the operation of the Company or by the Articles of
Association, fall under the responsibility of the General Meeting.
It operates in accordance with the applicable legislation, the Company's Articles of Association, the Company's Charter of
Operations, its Rules of Procedure, as well as the Company's policies, including the policy and procedures for the prevention and
treatment of situations of conflict of interest, the suitability policy of members of the Board of Directors and the evaluation
procedure of its members.
Annual Financial Report 31.12.2023
28
In addition, in order to provide sufficient information when making decisions regarding transactions between related parties,
including transactions of its subsidiaries, the Board of Directors has approved and applies a procedure of transactions of related
parties by both the parent company and the subsidiaries.
The procedure of transactions with related parties provides in particular:
▪ The legislative and regulatory framework with which the Company and its subsidiaries must comply;
▪ The responsibilities of the Company and its subsidiaries, as well as the roles and obligations of the departments and
directorates of the Company and its subsidiaries involved in the management of transactions with related parties;
▪ Defining and identifying related parties;
▪ The procedure of managing and approving the conclusion of transactions with related parties;
▪ Cases of transactions excluded from the prior approval scheme;
▪ The legal notification procedures for concluding transactions with related parties.
In addition to the procedure concerning the transactions with related parties, the Company has adopted a conflict of interest
policy, which includes further procedures for the prevention of conflicts of interest in cases of transactions with related parties,
in order to avoid conflicts of interest of members of the Board of Directors, as contracting parties in the relevant transaction.
Finally, the Company has established a policy of suitability of the members of the Board of Directors (hereinafter referred to as
the "Suitability Policy") which aims at ensuring quality staffing, efficient operation and fulfillment of the role of the Board of
Directors, based on the overall strategy and medium-term business pursuits of the Company with a view to promoting the
corporate interest. It includes the principles concerning the selection or replacement of the members of the Board of Directors
and the renewal of the term of office of the existing members, the criteria for the assessment of the collective and individual
suitability of the members of the Board of Directors, the provision of diversity criteria.
The Suitability Policy is uploaded on the Company’s website (https://www.autohellas.gr/wp-content/uploads/2021/07/POLITIKI-
KATALLILOTITAS.pdf).
Chairman of the Board of Directors (Executive member)
The Chairman of the Board of Directors, who is an executive member, has the following indicative responsibilities:
• Defines the items on the agenda of the meetings of the Board of Directors, ensures the proper organization of the work of the
Board of Directors, convenes a meeting of its members and directs its meetings.
• Presides over the Board of Directors, ensures the organization of its work and the effective conduct of meetings.
• Represents the Company before any authority.
• Facilitates the effective participation of the non-executive members of the Board of Directors in their work and ensures
constructive relations between them.
• Ensures the timely and correct information of the members of the Board of Directors, as well as its effective communication
with all shareholders, with a view to the fair and equal treatment of the interests of shareholders.
• He / she assumes all the responsibilities assigned to him / her by the Board of Directors in case he / she is executive.
Vice-Chairman of the Board of Directors (Independent Non-Executive)
As the Chairman of the Board of Directors is an executive member, the Vice-Chairman of the Board of Directors is, in accordance
with the Greek legislation, a non-executive member and in this case an independent non-executive member. The Vice-Chairman
of the Board of Directors is responsible for supporting the Chairman, acting as a liaison between the Chairman and the members
of the Board of Directors, coordinating the independent non-executive members and leading the evaluation of the Chairman.
The independent non-executive vice-chairman shall not replace the Chairman in his / her executive duties.
Annual Financial Report 31.12.2023
29
Chief Executive Officer
The Chief Executive Officer reports to the Board of Directors and has the following indicative responsibilities:
• Ensures and controls the implementation of strategic decisions as defined by the Board of Directors and the management of the
Company’s affairs.
• Draws up the guidelines in the Company’s Directorates and oversees and ensures its smooth, orderly and efficient operation, in
line with the strategic objectives, operational plans and action plan as defined by the decisions of the corporate bodies.
• Is responsible for the effective communication of the Board of Directors with the shareholders.
• Provides sufficient information to the Board of Directors regarding events and developments concerning the Company.
• Coordinates and supervises the individual Directorates of the Company.
• Proposes the future strategy of the Company and evaluates the business opportunities presented.
Pursuant to the decision of the Extraordinary General Meeting of 01.09.2021 on the election of a new member of the Board of
Directors and of the Board of Directors on restructuring, the Board of Directors consists of 4 executive, 2 non-executive and 4 non-
executive and independent members with a five year (5) term of office.
The following table presents the members of the current Board of Directors, their capacity, as well as the start and end dates of
their current term. It is noted that, within the period, with its decision dated 25.01.2023, the Board of Directors of the Company
elected Mr. Philippe Costeletos to the position of non-executive member of the Company's Board of Directors to replace the
resigning Mr. Spyridon Fleggas. At the same meeting of the Board of Directors, Mr. Dimitrios Mangioros was appointed as a non-
executive member of the Board of Directors, and subsequently, the Board of Directors was reconstituted. The said election and
change of position were announced at the Ordinary General Meeting of the Company's shareholders held on 20.04.2023.
Additionally, with its decision dated 24.05.2023, the Board of Directors of the Company accepted the resignation of Mr.
Dimitrios Mangioros, effective from 01.06.2023, from the position of non-executive member of the Company's Board of
Directors and decided to continue the operation of the Board of Directors with the remaining nine (9) members without
replacing the missing member, in accordance with Article 82 par. 2 of Law 4548/2018 and Article 6 par. 2 of the Company's
Articles of Association. On 24.11.2023, the Board of Directors of the Company elected Mr. Konstantinos Deligiannis as an
executive member of the Board of Directors.
Name
Capacity
Term start
Term end
Emmanouela Vasilaki
Chairwoman of the Board of Directors, Executive Member
31.03.2021
31.03.2026
Marinos Yannopoulos
Vice-Chairman, Independent Non-Executive Member
31.03.2021
31.03.2026
Eftichios Vassilakis
Chief Executive Officer, Executive Member
31.03.2021
31.03.2026
George Vassilakis
Executive Member
31.03.2021
31.03.2026
Konstantinos Deligiannis
Executive Member
24.11.2023
31.03.2026
Dimitris Mangioros
Executive Member
31.03.2021
25.01.2023
Non-Executive Member
25.01.2023
01.06.2023
Garyfallia Pelekanou
Non-Executive Member
31.03.2021
31.03.2026
Konstantinos Sfakakis
Independent Non-Executive Member
31.03.2021
31.03.2026
Nikolaos Goulis
Independent Non-Executive Member
31.03.2021
31.03.2026
Polyxeni Kazoli
Independent Non-Executive Member
01.09.2021
31.03.2026
Philippe M. Costeletos
Non-Executive Member
25.01.2023
31.03.2026
The CVs of the Members of the Board of Directors of the Company have been posted on the Company’s website at
https://www.autohellas.gr/en/investors/corporate-governance/board-of-directors/
The aforementioned CVs reflects the knowledge, skills and experience required by the BOD to exercise its responsibilities, in
accordance with the suitability policy and the business model strategy of the Company.
It is noted that the criteria of independence of the article 9, of the Law 4706 are met by all the non-executive members of the
Board of Directors that have been appointed by the General Meeting of the Shareholders of the Company.
Annual Financial Report 31.12.2023
30
Other professional commitments of members of the Board of Directors
As provided by the Company's current suitability policy, the members of the Board of Directors must have the time required for
the smooth execution of their duties. The expected time required for each candidate member of the Board of Directors to devote
to his duties is determined by the Company according to its needs and is communicated to the candidate member. When
determining the sufficiency of time, the status and responsibilities assigned to the member of the Board of Directors by the
Company are taken into account in advance.
In addition, the members of the Board of Directors must inform about the number of positions they may hold on other boards of
directors and the qualities they hold at the same time, as well as about their other professional or personal commitments and
conditions to the extent that they are capable of influencing the time they have in the exercise of their duties as members of the
Company's Board of Directors.
In addition to being a member of the Company's Board of Directors, the other professional commitments undertaken and
maintained by the members of the Board of Directors are listed below. on 31.12.2023:
Name
Company
Capacity
Marinos Giannopoulos
PLOMARI DISTILLERY
Independent, Non-executive BoD Member
X-PM CONSULTING
Managing Partner
Eftichios Vassilakis
AEGEAN AIRLINES SA
Chairman, Executive BoD Member.
TRADE ESTATES ΑΕΕΑΠ
Non-executive BoD Member
FELIX HOLDINGS Sarl
Shareholder
HERACLION ARCHAEOLOGICAL MUSEUM
BoD Member
LAMDA DEVELOPMENT SA
Non-executive BoD Member
SPORTSLAND SA
Chairman & Chief Executive Officer,
CRETE GOLF SA
Chairman, Executive BoD Member.
TEMES SA
Non-executive BoD Member
GOLF RESIDENCES
Non-executive BoD Member
GRΟUΝD DΥΝΑΜΙC HOLDING S.A.
Chairman, Executive BoD Member.
SETE
Vice-Chairman
HELLENIC FEDERATION OF ENTERPRISES (SEV)
BoD Member
ENDEAVOR Greece ΑΜΚΕ
BoD Member
George Vassilakis
HYUNDAI HELLAS INDUSTRIAL & TRADING SA
Vice- Chairman & Chief Executive Officer
KIA HELLAS INDUSTRIAL & TRADING SA
Vice- Chairman & Chief Executive Officer
TECHNOCAR SINGLE MEMBER TRADING SA
Chairman & Chief Executive Officer
AUTOTECHNICA HELLAS SINGLE MEMBER SA
Chairman & Chief Executive Officer
AEGEAN AIRLINES SA
Non-executive BoD Member
HELLENIC ASSOCIATION OF MOTOR VEHICLES
IMPORTERS REPRESENTATIVES
Chairman
Garyfallia Pelekanou
ADVANTAGE FSE
CFO, Executive BoD Member.
Konstantinos Sfakakis
LAMDA DEVELOPMENT SA
Independent Member of the Audit Committee
HELLENIC ACCOUNTING AND OVERSIGHT BOARD
Independent, Non-executive BoD Member
HELLENIC FEDERATION OF ENTERPRISES (SEV)
Advisor of the BoD
Nikolaos Goulis
CHRYSI EFKAIRIA SA
Chairman & Chief Executive Officer
MyJobNow PC
Administrator
ERIMITIS PC
Administrator
DIAMOUDIA PC
Administrator
Polyxeni Kazoli
DIMAND SA
Independent, Non-executive BoD Member
VLACHAKIS SA
Independent, Non-executive BoD Member
GROWTHFUND
Member of the Supervisory Board
HCGC
Chairwoman
Philippe M. Costeletos
RIT CAPITAL
Independent, Non-executive BoD Member
JANUS FERTILITY CLINICS
Chairman
ZENO PARTNERS
Chairman
VANGEST GROUP
Non-executive BoD Member
GENERATION HOME
Non-executive BoD Member
STEMAR CAPITAL PARTNERS
Founder
Annual Financial Report 31.12.2023
31
Board of Directors Meetings
The Board of Directors shall meet either at the headquarters of the Company or by teleconference with regard to some or all of
its members, whenever the Law, the Articles of Association or the needs so require, and also takes decisions without a meeting
with the drawing and signature by all members of the relevant minutes.
The following table shows the participation of the members of the Board of Directors in the meetings, either by physical presence
or by teleconference, which took place during the fiscal year:
Name
Capacity
Participation in total meetings
Emmanouela Vasilaki
Chairwoman of the Board of Directors, Executive Member
5/6
Marinos Yannopoulos
Vice-Chairman, Independent Non-Executive Member
6/6
Eftichios Vassilakis
Chief Executive Officer, Executive Member
6/6
George Vassilakis
Executive Member
6/6
Konstantinos Deligiannis
Executive Member
1/1
Dimitris Mangioros
Non-Executive Member
3/3
Garyfallia Pelekanou
Non-Executive Member
6/6
Konstantinos Sfakakis
Independent Non-Executive Member
6/6
Nikolaos Goulis
Independent Non-Executive Member
6/6
Polyxeni Kazoli
Independent Non-Executive Member
6/6
Philippe M. Costeletos
Non-Executive Member
6/6
Evaluation of the Board of Directors Members
The Board of Directors has established a procedure for the evaluation of the members in order to ensure the effective functioning
of the Board of Directors and the fulfillment of its role as the highest governing body of the Company, responsible for the
formulation of the strategy and the supervision of the management and adequate control. The evaluation procedures and the
frequency with which they are applied aim at the timely identification of points that may need improvement, the appropriate
information and the initiation of actions, so as to ensure the effective functioning of the Board of Directors.
The members of the Board of Directors are evaluated annually: (a) on a collective basis, taking into account the composition,
diversity and effective cooperation of the members of the Board of Directors on the fulfillment of their duties and (b) on an
individual basis concerning the assessment the contribution of each member to the successful operation of the Board of Directors,
taking into account the status of the member (executive, non-executive, independent), participation in committees, the
assumption of specific responsibilities / projects, the time devoted, the behavior and the use of the member’s knowledge and
experience.
In addition, through the evaluation of the effectiveness of the Committees of the Board of Directors, namely the Audit Committee
and the Nomination and Remuneration Committee, their contribution to the constructive fulfillment of the support of the Board
of Directors is assessed and evaluated.
Responsible for organizing the evaluation of the Committees of the Board of Directors are their Presidents.
It is noted that the above evaluations for the year 2022 have been completed without identifying any material weaknesses. For
2023 they are in progress and are expected to be completed within the first quarter of 2024 as foreseen by the relevant Company
policy.
Annual Financial Report 31.12.2023
32
Remuneration of the Board of Directors
The remuneration of the members of the Board of Directors, as well as their compensation, shall be determined in accordance
with the law governing the operation of the Company, and in particular the provisions of Law 4548/2018, as well as in accordance
with the applicable remuneration policy for the members of the Board of Directors (hereinafter referred to as the "Remuneration
Policy") as approved and / or amended by the General Meeting of the Company's shareholders.
The members of the Board of Directors, the General Manager and the Deputy General Manager fall within the scope of the
Remuneration Policy. Its aim is to align the interests of the members of the Board of Directors with the long-term interests, the
business strategy and the sustainability of the Company and it defines the framework within which the remuneration of the
members of the Board of Directors, executive and non-executive is determined.
For the total remuneration and compensation, pursuant to the provisions of the law annually, the remuneration report as provided
for by Law 4548/2018 is prepared, approved by the Board of Directors and submitted to the Ordinary General Meeting for voting,
and which, in view of its approval by the Ordinary General Meeting is checked for completeness by the external auditors of the
Company. The information on the remuneration report shall also be examined by the Candidacy and Remuneration Committee,
which shall provide its opinion to the Board of Directors before submitting the report to the General Meeting.
During the Ordinary General Meeting of shareholders that will take place within 2022 concerning the approval of the financial
results 2021, the Remuneration Report related to the paid remunerations to the Board of Directors Members during 2021, will
be submitted according to article 112 of Law 4548/2018 as well as the Company’s Remuneration Policy of the Board of
Directors.
The Remuneration Policy as well as the remuneration report is made available on the website of the Company www.autohellas.gr.
c) Committees of the Board of Directors
(i) Audit Committee
The Audit Committee shall be composed of three (3) members, independent in their majority, and shall operate in accordance
with Article 44 of Law 4449/2017 as amended by Article 74 of Law 4706/2020, Articles 10, 15 and 16 of Law 4706/2020 and EU
Regulation No 537/2014, the Hellenic Corporate Governance Code that the Company has voluntarily adopted and the provisions
of its Charter of Operations.
The Audit Committee operates in the aim of supporting the Company’s Board of Directors in the effective fulfillment of its tasks
related to financial information, the supervision of the internal Control system and the regular audit of the Company.
The main tasks of the Audit Committee include, inter alia, the monitoring of the financial information process and the submission
of recommendations or proposals to ensure its integrity, the monitoring of the effectiveness of the internal Control systems, risk
management and internal audit of the Company and the monitoring of the mandatory audit of the annual and consolidated
financial statements of the Company and its results.
The operating principles and tasks of the Committee are described in detail in its Charter which is available on the Company’s
website https://www.autohellas.gr/en/investors/corporate-governance/audit-commitee-2/.
The current Audit Committee is an independent committee, consisting of two independent non-executive members of the Board
of Directors of the Company and a third, non-member of the Board of Directors, elected by the General Meeting of the
shareholders of the Company. The members of the Audit Committee are as follows:
Konstantinos Sfakakis
Chairman of the Audit Committee,
Independent - Non-Executive Member of the Board of Directors of the Company
Eleni Igglezou
Member of the Audit Committee
Not a member of the Board of Directors of the Company
Marinos Yannopoulos
Member of the Audit Committee,
Independent - Non-Executive Member of the Board of Directors of the Company
Annual Financial Report 31.12.2023
33
Each of the above members meets the requirements of the Law and the Charter of the Audit Committee. In particular, the
members of the Committee as a whole have sufficient knowledge of the sector in which the Company operates, while two of the
three members, i.e. the majority of them, are independent of the Company within the meaning of the provisions of Law
4706/2020. The criterion of adequate knowledge and experience in audit and accounting is met by all members of the Audit
Committee.
The Audit Committee shall meet at regular intervals, at least four (4) times per year annually, and extraordinarily when required.
The meetings of the Audit Committee shall be attended by all its members. It is at the discretion of the Audit Committee to invite,
whenever appropriate, key executives involved in the governance of the Company, including the CEO, the Director of Finance and
the Head of the Internal Audit Service, to attend specific meetings or specific topics of the agenda. The Audit Committee met nime
(9) times during the fiscal year 2020 with all its members present (i.e. 100% participation rate).
Report on the activities of the Audit Committee for the fiscal year 2023
“Dear Shareholders,
This report was issued on the basis of the provisions of Law 4449/2017 as amended by Article 75 of Law 4706/2020 and
refers to the work of the Audit Committee (hereinafter referred to as the “Committee”) for the period 1.1-31.12.2022,
based on its responsibilities, as described in detail in its Charter, which is available on the Company's website.
During the fiscal year ended, the Committee met eleven (11) times, and where it was deemed appropriate, key executives
and external certified auditors - accountants of the Company were involved. Minutes were kept during the meeting,
wherein the agenda items and any decisions of the Committee were described.
More specifically, the Committee proceeded to the following:
In relation to the external audit
-Reviewed and examined the procedure for carrying out the mandatory audit of the annual financial statements of the
Company and the Group for the fiscal year 2023 and the review of the first half of 2023, as well as the contents of the
reports of the certified external auditor. Specifically, it met four (4) times with the certified auditor of the Company. Two
times before the start of the audit procedures with a view to informing the Committee and reviewing the audit plan of
the external auditors and two times after the completion of the audit and before the publication of the financial
statements of the Group to discuss any findings.
- Examined the key audit matters and the risks that could have an impact on the financial information, as they are
mentioned in the Report of the independent certified auditor and informed the Company’s Board of Directors about the
result of the mandatory audit.
- Confirmed the independence of the certified auditor. The auditing firm PricewaterhouseCoopers stated in writing its
independence, as well as the independence of its executives involved in the mandatory audit.
- Confirmed that the conditions for changing the certified auditor for the regular audit of the fiscal year were not met
and proposed the re-election of the auditing firm PricewaterhouseCoopers.
- Reviewed the total fees of the external auditors for the audit work carried out and verified that the provision of the EU
directive 537/2014 were met.
-Was informed about changes in the current regulatory framework.
In relation to the financial information process
- Reviewed and evaluated the process of preparation of Financial Information, followed by the Company during the
issuance of the annual and semi-annual financial statements and informed the Board of Directors accordingly.
- Reviewed and evaluated the process of drafting the Group's summary financial results for the first and third quarters of
the fiscal year.
- It was extensively informed through meetings by the competent bodies of the Management and the certified auditors
on the important audit issues, the important judgments, assumptions and estimates in the preparation of the financial
statements.
- It held meetings with the directors of finance of the Group companies, the internal audit officer, the IT manager and
other executives of the Company and was informed about important issues such as the work plan of the IT department,
the pending legal cases of the Group and the relevant provisions.
- Made recommendations to the Board of Directors on the six month and annual financial statements based on the results
of the audit work of the external auditors, the internal audit officer and the above meetings.
Annual Financial Report 31.12.2023
34
In relation to the Internal Control system, the Risk Management and Internal Audit Units.
- Reviewed and evaluated the work of the Internal Audit Unit as to the adequacy and effectiveness of the audit carried
out, was informed about all the audits carried out during the period under review, their findings, the corrective actions
agreed with the senior management and informed the Board of Directors accordingly.
-Evaluated the staffing of the Internal Audit Unit and informed the Board of Directors accordingly.
- Reviewed and approved the annual audit program of the Internal Audit Unit, which was prepared based on the main
risks faced by the Group companies.
- Was informed, through a relevant written statement of the internal audit officer on the independence of the internal
audit unit.
- Evaluated the performance of the Chief Internal Auditor.
- Overviewed the process of compliance of the Company with the requirements of the Corporate Governance Law
4706/2020 through the work of the Internal Audit Unit and meetings with the competent executives of the Group and
the external consultant who was entrusted with the provision of consulting services related to the specific project.
-Reviewed and approved the work plan of the Risk Management and Regulatory Compliance Unit.
- Proceeded to the review and evaluation of the work of the Regulatory Compliance and Risk Management Unit with a
view to the adequacy and effectiveness of the Company’s risk management procedures.
- Monitored the evaluation process of the implementation and effectiveness of the Company's Corporate Governance
System according to Article 4 of Law 4706/2020 and informed the Board of Directors accordingly.
- Monitored the corrective actions taken on non-significant findings of the detailed assessment report of the Internal
Control System, based on Article 14 of Law 4706/2020 and Decision 1/891/30.09.2020 of the Board of Directors of the
Hellenic Capital Market Commission, and informed the Board of Directors accordingly.
In relation to the Sustainable Development Policy followed.
The Company, underlining the organization’s sincere commitment to the principles of Corporate Responsibility and
Sustainable Development, has issued and follows Sustainable Development Policy. The policy covers all the activities of
the Company and the Group in Greece and abroad and binds the Company and all its subsidiaries.
The fundamental commitments of corporate responsibility and sustainable development are defined as follows:
- Providing high-quality services that meet the needs and requirements of customers.
- Maintaining a modern working environment focused on the safety and support of employees, enabling them to
achieve their goals and evolve both professionally and personally.
- Operating in an environmentally responsible manner, aiming for the continuous reduction of the carbon
footprint of the Group's activities.
- Enhancing contribution to society through actions supporting vulnerable groups and advocating for health,
culture, and education.
- Engaging responsibly by implementing best corporate governance practices.
More detailed information on the performance of the Group in terms of corporate responsibility and sustainable
development, as well as the actions it implements per axis, will be presented in the Report on Sustainable Development
2022-2023 of the Autohellas Group, which will be available on the corporate website.
Finally, it should be noted that during the completion of its duties, the Committee had unhindered and full access to all
information in order to carry out its tasks effectively.
FOR THE AUDIT COMMITTEE
THE CHAIRMAN
KONSTANTINOS SFAKAKIS”
Annual Financial Report 31.12.2023
35
(ii) Candidacy and Remuneration Committee
The Candidacy and Remuneration Committee shall assist the Board of Directors in relation to the nomination of the members of
the Board of Directors and the remuneration of the members of the Board of Directors and the executives of the Company. It is
appointed by the Board of Directors of the Company and consists of at least three (3) non-executive members, of which at least
two (2) are independent non-executive members. The independent non-executive members of the Board of Directors shall always
constitute the majority of the members of the Committee.
The appointment of the Candidacy and Remuneration Committee of the Company was decided on 14.7.21 and for 2023 consisted
of the following members:
Marinos Yannopoulos
President of the Committee,
Independent - Non-Executive Member of the Board of Directors of the Company
Nikolaos Goulis
Member of the Committee,
Independent - Non-Executive Member of the Board of Directors of the Company
Polixeni Kazoli
Member of the Committee since 11.7.2022,
Independent - Non-Executive Member of the Board of Directors of the Company
The term of office of the Committee shall be the same as that of the Board of Directors, i.e. until 31.3.2026.
The Candidacy and Remuneration Committee shall meet at regular intervals, at least five (5) times annually, and extraordinarily
when required. Within the fiscal year it met four (6) times with all its members present (i.e. 100% participation rate).
The Nomination and Remuneration Committee operates in accordance with its Charter of Operations, which has been posted on
the Company's website (https://www.autohellas.gr/ependytikes-plirofories/etairiki-diakyvernisi/epitropi-ypopsifiotiton-
apodoxon/).
Report on the activities of the Candidacy and Remuneration Committee
“Dear Shareholders,
The purpose of this report is to describe the actions of the Company’s Nominations and Remuneration Committee (the
“Committee”).
The Committee was established by the decision of the Board of Directors dated 14.07.2021, based on the provisions of
Law 4706/2020. It was formed through its decision dated 19.07.2021, and it convened with all members present five (5)
times within the accounting period. Minutes were kept during the meetings, describing the agenda items and any
decisions made by the Committee.
More specifically, the Committee, in compliance with its rules of procedure, proceeded to the following:
-Reviewed the fulfilment of the conditions of independence of the independent non-executive members of the Board of
Directors;
- Reviewed the annual remuneration report under Article 112 of Law 4548/2018 and made recommendations where
deemed necessary.
- Reviewed and discussed the policies and procedures approved by the Company's Board of Directors that relate to its
operation and responsibilities.
-Discussed the draft succession plan for the members of the Company's Board of Directors and proceed with relevant
proposals.
- Evaluated the candidacy of the new member of the Board of Directors, Mr. Konstantinos Deligiannis, considering, among
other things:
▪ the detailed curriculum vitae of the above person, which includes information about his present and previous
activity, as well as his participation in management positions of other companies or his participation in other boards of
directors and board of director committees of legal entities;
▪ the conclusions from the personal interview with the above person
After examining the above, the Committee prepared its evaluation report and communicated its conclusions to the Board
of Directors.
-Initiated and organized the process of self-evaluation of the Company’s Board of Directors, upon completion of which it
prepared a relevant report and informed the Board of Directors thereof.
-Evaluated the performance and effectiveness of its operations.
Annual Financial Report 31.12.2023
36
FOR THE CANDIDACY AND REMUNERATION COMMITTEE
THE CHAIRMAN
MARINOS YANNOPOULOS»
Information about the number of Company’s shares held by the BOD members as well as the upper Management.
Name
Capacity
No of shares
Emmanouela Vasilaki
BOD Chairwoman-Executive Member
197.413
Dimitrios Maggioros
Executive Member of BoD
20.350
Spiridon Flengas
Non-Executive Member of BoD
3.400
Ioannis Emirzas
Administrative Director (until February 2023)
2.350
Antonia Dimitrakopoulou
Chief Financial Officer
6.000
Evangelos Fytalis
Commercial Director-Long term Rentals
42.624
Alexios Karamalis
Commercial Director-Short term Rentals
5.875
Constantinos Siambanis
Accounting Manager
8.000
Zacharias Vitzilaios
IR Officer
5.641
The CVs of the Company’s executives can be found in the company’s site address: https://www.autohellas.gr/
Description of the diversity policy applicable to the Company's administrative, management and supervisory bodies
The Company and the Group provide equal opportunities to all its employees and prospective employees, at all levels of the
hierarchy, and avoids all kinds of discrimination. The same policy of diversity and equality applies to its administrative,
management and supervisory bodies, in the effort to cultivate an environment of equality and non-discrimination.
Management and employees are evaluated on the basis of their education and professional background, knowledge of the subject
of the Company and their leadership skills, experience and efficiency. Evaluation decisions of all kinds are free from unlawful
discrimination.
In the Board of Directors and in the Committees of the Company, the greatest possible diversity is sought, in terms of gender, age
and the educational and professional history of the members, as is also shown by what was presented above regarding the
Members of the Board of Directors and of the Committees. The objective is to have within the Company pluralism of opinions,
skills, knowledge and experience, which meet the Company's objectives. The adoption and implementation of this policy results
in the creation of a working environment without discrimination and prejudice.
Further details regarding the diversity of the Company are set out in the chapter on Non-Financial Information.
iv.Description of the main characteristics of the Internal Audit and Risk Management Systems of the Company in relation to the
process of preparation of the financial statements.
Internal Control system
The Internal Control system is defined as the set of internal audit mechanisms and procedures, including risk management, internal
audit and regulatory compliance, which continuously covers every activity of the Company and contributes to its safe and effective
operation.
Annual Financial Report 31.12.2023
37
Under the responsibility of the Board of Directors, the Internal Control system is periodically evaluated on the basis of the
approved evaluation policy and procedure followed by the Company. The policy shall include the general principles concerning
the scope and periodicity of the Iinternal Control system audit, the scope of the assessment, any significant subsidiaries that will
be included in the evaluation, assignment and monitoring of the results of the evaluation.
In addition, a relevant Internal Control system Evaluation Procedure is applied, which includes the individual selection stages of
the candidates to be evaluated by the competent body, the process of proposal, selection and approval of the assignment of the
evaluation by the competent body, as well as the competent person / body responsible for monitoring and compliance of the
agreed project.
In relation to the process of the preparation the financial statements as key controls, the following are mentioned:
- Segregation of duties
- Determination of restricted access rights for users of the system, based on the tasks falling within their responsibilities
- Existence of a group exclusively engaged in the preparation of financial statements of parent and consolidated
- Conducting audits by Senior Executives of the Financial Director at each stage of preparation of the financial statements
- Verifications and checks of the exported reports of various information systems
- Control of consolidation process
- Confirmation of trade receivables and liabilities by confirmation letters
- Regular and ad-hoc stock counts
- Competent and experienced executives
In addition to the above, the procedures followed during the preparation of financial statements and relevant controls are
subject to audit by the Company’s Internal Audit Unit.
Internal Audit Unit
The Internal Audit Unit is an independent organizational unit within the Company, with a view to monitoring and improving the
Company's functions and policies regarding its Internal Control system. It is independent from the other operational units of the
Company and reports administratively to the CEO and functionally to the Audit Committee, which is also its supervisory body.
The Head of the Internal Audit Unit is appointed by the Board of Directors of the Company, upon proposal of the Audit Committee,
is a full-time and exclusive employee, personally and functionally independent and objective in the performance of his / her duties
and has the appropriate knowledge and relevant professional experience.
Each member of the Internal Audit Unit for the exercise of his / her duties must follow the applicable legislation, the International
Standards for the Professional Practice of Internal Auditing of the Institute of Internal Auditors, the decisions of the Management
and the Audit Committee, science and modern theory and practice.
It also has to comply with the Code of Ethics of the Institute of Internal Auditors and is expected to apply and defend the following
principles:
• Integrity
• Objectivity
• Confidentiality
• Adequacy
Detailed description of the tasks and principles of operation of the Unit are included in the charter of operations of the Unit
approved by the Audit Committee and the Board of Directors of the Company.
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38
Responsibilities of the Internal Audit Unit
The Internal Audit Unit has the following indicative responsibilities:
▪ Monitors, controls and evaluates in particular:
- The implementation of the Charter of Operations and the Internal Control system, in particular as regards the
adequacy and correctness of the financial and non-financial information provided, risk management, regulatory
compliance and the Corporate Governance Code adopted by the Company,
- Compliance with legislation,
- Quality assurance mechanisms,
- Corporate governance mechanisms; and
- Compliance with the commitments contained in the Company's prospectuses and business plans concerning the
use of funds raised from the regulated market.
▪ Issues reports to the audited units with the findings, the risks arising from them and the improvement proposals, if any.
The above reports, following the incorporation of the relevant views by the audited units, the agreed actions, if any, or
the acceptance of the risk of not taking action by them, the limitations in its scope, if any, the final internal audit proposals
and the results of the response of the audited units of the Company to its proposals shall be submitted every three
months to the Audit Committee.
▪ Submits reports to the Audit Committee at least every three months, including its most important issues and proposals,
on the tasks referred to in (a) and (b) above, which the Audit Committee shall present and submit together with its
observations to the Board of Directors. In exceptional cases and where circumstances arise, special reports shall be
submitted upon the recommendation of the Audit Committee. In general, the Head of the Internal Audit Unit has regular
meetings and communication with the Audit Committee to discuss issues within its competence, as well as problems that
may arise from internal audits.
▪ Plays a leading role in the implementation of the monitoring of the Internal Control system of the Company and examines
the effectiveness of the existing controls
▪ The Head of the Unit submits to the Audit Committee an annual audit program and the requirements of the necessary
resources, as well as the impact of limiting the resources or the audit work of the unit in general.
The annual audit program shall be prepared on the basis of an assessment of the risks of the Company, having previously
taken into account the opinion of the Audit Committee as well as on matters identified by the Management and the Audit
Committee.
During the completion of their duties, the Internal Audit Unit shall have access to any organizational unit of the Company and shall
be informed of any information required for the performance of its duties.
More specifically, during the performance of his / her duties, the Head of the Unit is entitled to be informed of any book,
document, file, bank account and portfolio of the Company and to have full and free access to the records, physical facilities and
personnel of the Company. He or she is entitled, in general, to be informed of any data necessary for the exercise of his / her
duties.
Compliance and Risk Management Unit
The Company has established a Risk Management and Regulatory Compliance Unit which is responsible for the review of the risk
identification and assessment process, the management and response procedures of the Company to them and the procedures
for monitoring the development of risks and on the other hand establishes and applies appropriate and updated policies and
procedures, in order to achieve in a timely manner the full and continuous compliance of the Company with the applicable
regulatory framework.
It consists of two arms which act as a single unit. The Risk Management and Regulatory Compliance Unit is administratively
subordinated to the CEO and reports to the Audit Committee.
Its main responsibilities regarding risk management are the following:
Annual Financial Report 31.12.2023
39
• Identifying, evaluating and reporting the most important risks, as well as finding appropriate methods to minimize them.
• The preparation and renewal of the risk and safety register.
• Makes recommendations about the risk profile and risk appetite of the Company.
• Makes recommendations about risk management policies and procedures.
• Makes recommendations about the overall risk management strategy.
• Assesses capital requirements on existing and future risks.
• Submits risk assessment reports and other reports.
The Risk Management and Regulatory Compliance Unit, within its competence on regulatory compliance, supports the Internal
Audit Unit in the management of regulatory compliance risk. Supervises and coordinates the compliance of the Company with the
current institutional framework, the rules of the Hellenic Capital Market Commission and other supervisory authorities, as well as
the internal rules adopted.
The Risk Management and Regulatory Compliance Unit in the above framework essentially functions as a second line defense
unit of the rules and procedures for the timely and continuous compliance of the Company with the applicable regulatory
framework and its internal charter of operations.
The main responsibilities of the Risk Management and Regulatory Compliance Unit as regards the part of regulatory compliance
are the following:
• Establishes appropriate and up-to-date policies and procedures, in order to achieve in a timely manner the full and continuous
compliance of the Company with the applicable legal and regulatory framework and to check the degree of achievement of this
purpose.
• Monitors and controls on a continuous basis the Company’s compliance with regulatory and legislative requirements.
• Supervises legislative and regulatory risk support procedures.
• Advises on regulatory issue.
v.Results of the evaluation of the Corporate Governance System of the Company for the period 17-07-2021 to 31-12-2023, based
on the provisions of the article 4 of the Law. 4706/2020.
The Board of Directors, as part of its obligations arising from paragraph 1 of Article 4 of Law 4706/2020, evaluated the
implementation and effectiveness of the Company's Corporate Governance System as of December 31, 2023.
As part of this evaluation, the Board of Directors of the Company assigned the Internal Audit Unit of the Group to conduct the
assessment, taking into account international internal control standards as well as the Group's policies and procedures. Based
on the work of the Internal Audit Unit, no significant weaknesses were identified in the Company's Corporate Governance
System.
vi.The information required in cases c, d, f, h and i of par. 1 of Article 10 of Directive 2004/25/EC of the European Parliament and
of the Council of 21 April 2004 takeover bids, are stated below.
Information of Article 4 (par.7) L.3556/2007
a) Company’s share capital structure
Following the decision of the Extraordinary General Meeting of Shareholders dated September 01, 2021, it was decided to cancel
230.236 treasury shares of nominal value of EUR 0.08 each that the Company had acquired and held by virtue of the decision of
the Annual General Meeting of Shareholders of 24.4.2012 in accordance with article 16 of the then applicable Law 2190/1920,
with a consequent reduction of its share capital by the amount of EUR 18,418.88. Following the above reduction due to the
cancellation of the shares, the Company's share capital now amounts to EUR 3,889,981.12, divided into 48,624,764 common
registered shares with a nominal value of €0.08 each.
The Company's shares are listed for trading in the Securities Market of the Athens Stock Exchange ("Large Capitalization" category).
Annual Financial Report 31.12.2023
40
The rights of the Company's shareholders arising from its share are proportional to the capital percentage which the paid value of
the share corresponds to. Each share confers all the rights provided by the law and the Articles of Association of the Company,
and in particular:
• Right to dividend from the Company's annual profits or liquidation proceedings. After the withholding of (a) a statutory reserve
from the Company's net profits in accordance with article 158 Law 4548/2018 and (b) other credit items in the income statement,
not derived from realized profits, and (c) the payment of the minimum dividend of Article 161 Law 4548/2018, in accordance with
a relevant decision of the General Meeting, the remaining net profits, as well as any other profits that may arise and be distributed,
in accordance with Article 159 Law 4548/2018, are distributed according to the definitions of the Articles of Association and the
decisions of the General Meeting. As to the remainder of issues of distribution of profits, the provisions of Law 4548/2018 apply,
as in force;
• Right to take over the contribution at the time of liquidation or, respectively, the capital depreciation which corresponds to the
share, if decided by the General Meeting;
• Right of pre-emption to any increase in the share capital of the Company in cash and to the subscription of new shares;
• Right to obtain a copy of the financial statements and reports of the auditors-certified accountants and the Company’s BoD;
• Right to participate in the General Meeting, which is specialized in the following individual rights: legalization, presence,
participation in the discussions, and submission of proposals on items of the agenda, recording of opinions in the Minutes and
voting;
• The General Meeting of the Company’s Shareholders reserves all its rights during liquidation;
The liability of the Company's shareholders is limited to the nominal value of the shares they hold.
b) Restrictions on corporate shares’ transfer
Corporate shares are transferred as prescribed by the Law and there are no restrictions on their transfer provided by its Articles
of Association, especially as they are intangible shares listed on the Athens Stock Exchange.
c) Significant, direct or indirect participations according to Article 4(7) Law 3556/2007
On 31.12.2022, the company under the name MAIN STREAM S.A. owned 61.16% of the total voting rights in the Company. The
above company is controlled by Mr. Eftichios Vassilakis
d) Shares, conferring special control rights
There are no corporate shares, conferring special controlling rights to their holders.
e) Restrictions on the right to vote
The Company's articles of association do not provide for restrictions on the right to vote arising from its shares.
f) Company shareholders' agreements
The Company is not aware of the existence of agreements between its shareholders, which entail restrictions on the transfer of
its shares or on the exercise of the voting rights deriving from its shares.
g) Rules for appointing and replacing members of the Board of Directors and amending the statutes
The Board of Directors consists of five to twelve members, elected by the General Assembly for a five-year term, which cannot in
any case exceed six years.
The rules provided for in the Company's Articles of Association for the appointment and replacement of the members of its Board
of Directors as well as for the amendment of its provisions do not differ from those provided for in Law 4548/2018, as applicable
and/or in Law 4706/ 2020, as applicable.
Annual Financial Report 31.12.2023
41
h) Authority of the Board of Directors to issue new or purchase own shares
In accordance with the provisions of article 24 par. 1 of Law 4548/2018, the Company's Board of Directors has the right, following
a relevant decision of the General Assembly subject to the publicity formalities of article 13 of Law 4548/2018, to increase the
share capital of the Company partially or fully by issuing new shares, by its decision taken by a majority of at least two-thirds (2/3)
of all its members. In this case, the share capital may be increased by an amount that cannot exceed three times the capital existing
on the date the Board of Directors was granted the authority to increase the capital. The above authority of the Board of Directors
may be renewed by the General Assembly for a period not exceeding five years for each granted renewal. The validity of each
renewal starts from the expiration of the validity period of the previous one. The decisions of the General Assembly to grant or
renew the authority to increase the capital by the board of directors are submitted to the public according to law.
According to article 49 par. 1 of Law 4548/2018, the Company may, itself or with a person acting in its name but on its behalf,
acquire its shares that have already been issued, but only after the approval of the General Assembly which defines the terms and
conditions of the intended acquisitions and, in particular, the maximum number of shares that may be acquired, the duration for
which approval is granted, which cannot exceed twenty-four (24) months and, in case of acquisition due to compelling reason, the
minimum and maximum limits of the acquisition value. The decision of the General Assembly is made public. These acquisitions
are made under the responsibility of the members of the Board of Directors under the conditions of article 49 par. 2 of Law
4548/2018.
Regarding the acquisition of own shares by the Company, detailed information is listed above in the section “INFORMATION
REFERRING TO THE ACQUISITION OF OWN SHARES”.
i) Material agreements that come into force, are amended or expire in the event of a change of control following a public
offer
There are no agreements that come into force, are amended or expire in the event of a change in control of the Company following
a public offer.
j) Agreements with members of the Board of Directors or Company staff regarding compensation in case of resignation, etc.
There are no agreements of the Company with members of its Board of Directors or with its staff, which provide for the payment
of compensation specifically in case of resignation or dismissal without valid reason or termination of their term or employment
due to a public proposal.
k) Explanatory report on the additional information of article 4, paragraph 7 of Law 3556/2007
With reference to the information in paragraph 9, we note the following events that occurred during the period from 01.01.2022
to 31.12.2022.
Significant direct or indirect holdings
On 31.12.2021, the company under the name MAIN STREAM S.A. owned 61.25% of the total voting rights in the Company. The
above company is controlled by Mr. Eftichios Vassilakis.
DIVIDEND POLICY
Board of Directors proposal on the distribution of dividend to shareholders shall be submitted up to the date of publication of the
invitation to the Regular General Meeting.
Annual Financial Report 31.12.2023
42
SIGNIFICANT EVENTS AFTER THE REPORTING DATE
In January 2024 the Company’s intention was announced to issue a bond loan of a total capital amount up to €200 million and
with a minimum issue amount of €150 million, with a five (5) year duration, and to offer the bonds of the Bond Loan through a
public offering to investors in Greece and list them for trading in the Fixed Income Securities Class of the Regulated Market of the
Athens Stock Exchange.
Following the above announcement, the Company made the Prospectus publicly available on 11.01.2024 which has been
approved by the Board of Directors of the Capital Market Commission on the meeting held on 11.01.2024, which was formed in
accordance with EU Regulation (EE) 2017/1129, the delegated Regulations (EU) 2019/979 and (EU) 2019/980 and articles 57-68
of Law 4706/2020, as applicable, regarding the issuance of a Joint Bond Loan of a total capital amount up to €200,000,000, five
(5) years duration, divided into up to 200,000 intangible, common, anonymous bonds with a nominal value of €1,000 each.
After the completion of the Public Offering on 19.01.2024, and according to the aggregate allocation data produced using the
Electronic Offer Book of the Athens Stock Exchange, a total of 200,000 intangible, common, anonymous bonds of the Company
with a nominal value of €1,000 each were allocated with the result raising capital of €200 million. The total valid demand expressed
by investors who participated in the Public Offering amounted to €453.46 million. The broad response of the public resulted in
the Public Offering being covered by 2.3 times and the total number of participating investors being 8,253. The issue price of the
Bonds was set at par, ie €1,000 per bond. The final yield on the bonds was set at 4.25% and the interest rate on the bonds at 4.25%
per annum.
The bonds were made available to the public through a public offering within the Greek territory, using the Electronic Offer Book
service of the Athens Stock Exchange, registered in the Intangible Securities System and listed for trading in the Fixed Income
Securities Category of the Regulated Market of the Athens Stock Exchange.
The capital raised, after deducting the issuance costs of the Bond Loan, amounted to a net amount of approximately €195.4 million
and will be used as follows:
(i) Amount of €100 million was used for the repayment of part of the Company's existing bank debt.
(ii) Amount of €56 million will be used for the renewal or upgrade of the Group's fleet within (1) year from the Issue Date. As at
the date of publication of the financial statements, the amount of €36.6 million has already been used for car purchases for the
current period.
(iii) Amount of approximately €39.4 million will be used to cover working capital financing needs of the Group within (1) year from
the Issue Date.
CORPORATE RESPONSIBILITY AND SUSTAINABLE DEVELOPMENT
At Autohellas Group we develop our business activity based on our mission and our values, while also recognising that the
principles of sustainable development are an integral part of our responsible course and continuous development. We also
acknowledge that our operation has direct and indirect economic, social, and environmental impacts on stakeholders, as well as
on the economy, society, and the natural environment in general. Therefore, we are committed to acting as a responsible social
and business partner and to incorporating goals and actions for maximising our contribution on all axes into our strategy. The
sectors of sustainable development on which we focus are:
Annual Financial Report 31.12.2023
43
1. High-quality and innovative services
We ensure the high quality of our services through the creation of innovative solutions and practices to serve customers
and stakeholders, closely monitoring international trends and developments.
2. Good governance and economic sustainability
We apply the principles of good corporate governance and manage our activities in an organised and coordinated
manner, always in accordance with corporate responsibility. We operate transparently and align with Greek law and
international practices.
3. Caring for our people
We develop and maintain a safe and merit-based work environment and invest in human resources through continuous
training and skill development. We promote open communication, respect, and solidarity among employees, and we
cultivate a spirit of trust and cooperation among our people.
4. Protection of the natural environment
Our overriding concern is to constantly reduce the environmental footprint of our operations. Building a resilient
ecosystem for coming generations is one of our top priorities.
5. Social progress and prosperity
We try in every way possible to be close to the local community and listen to its needs, through open communication
with local authorities and non-governmental organisations. We develop actions and implement sponsorship programmes
that contribute to social cohesion while also contributing to employment promotion and job creation.
For continuous improvement in corporate responsibility and sustainable development, we set specific targets and develop
relevant key performance indicators (KPIs). In this context, we annually design and implement responsible operations programs
and actions, which are presented in the following sections, and we also provide reports on our environmental and social
performance.
1. Our values
Autohellas' values reflect the philosophy, the character and the most important elements of the Group's long history.
Integrity: We operate to the highest standards of ethics and conduct, applying best practices in all our operations. Our core
concern is that the value of integrity should govern the framework of our operations, as well as our relationships with all
stakeholder groups, fostering a climate of respect and trust.
Customer-centric philosophy: We seek to respond promptly to customer demands with respect for their needs and, by closely
monitoring market trends, to design and deliver high-quality products and services. We act honestly and we place special emphasis
on strengthening relations of trust with our customers and maintaining their satisfaction.
Responsibility: We act responsibly and promote transparency in our relationships with all stakeholders and partners. We cultivate
a culture of responsibility, creating all the conditions that allow us to operate with respect for people, the natural environment,
and society, effectively facing the challenges on the path to sustainable development.
Teamwork: We promote cooperation and teamwork among colleagues, teams, and departments in all aspects of our activities,
with the aim of spreading knowledge and exchanging information. Through collectivity and teamwork, we work towards optimum
professional performance and continuous personal development.
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44
2. Management of Sustainable Development issues
We incorporate in our business activities the principles of sustainable development, recognising that they form the basis for both
the long-term growth and development of the Group and the well-being of society as a whole. In this context, we apply a
Sustainable Development Policy, through which the Group's Management ensures and commits itself to the positive impact of
the operation of the Group's companies in the social, human, labour, and environmental fields.
The following are defined as fundamental commitments to corporate responsibility and sustainable development:
✓ In terms of the environment, the pursuit of optimal service provision with a view to its protection.
✓ In terms of human resources, confidence in the abilities of staff and development of their skills, creating equal
opportunities with respect for diversity.
✓ In terms of society, supporting local communities with actions that help mitigate local issues, concerns, and aspirations.
✓ In terms of the market, a commitment to the continuous improvement of the products and services provided.
2.1 Policies and Systems
The Group, with Sustainable Development in mind, has established and implements specific policies, procedures and codes that
frame its responsible operation. Specifically, the following policies and procedures are applied:
• Sustainable Development Policy
• Internal Rules of Procedure
• Code of Conduct and Business Ethics
• Health and Safety Policy
• Autohellas Group Whistleblowing Policy (whistleblowing)
• Anti-Bribery/Bribery and Corruption Policy
• Anti-Money Laundering Policy
• Recruitment process for the recruitment of managers & Evaluation of their Performance
• Training policy for the members of the Board of Directors, the
directors, as well as other executives of the Company
• Procedure for disclosure of dependency relationships of independent non-executive members of the Board of Directors
and persons with close links to them
• Policy and procedures to prevent and deal with conflict-of-interest situations
• Policy - Procedure for Transactions with Related Parties
• Legislative and regulatory compliance framework
• Procedures related to the application of Regulation (EU) 596/2014 on market abuse and Law 3556/2007 on transaction
reporting
• Process for evaluating the corporate governance system
• Evaluation policy of the internal audit system
• Procedure for evaluating the internal audit system
• Policy - Risk Management process
• Violence prevention and anti- harassment policy
3. Business model
The Group is active in the field of short- and long-term car rental in Greece and abroad, as well as in importing and trading in new
cars, spare parts, and second-hand cars. In this context, and driven by innovation, the Group introduces and develops new services
and technologies on an ongoing basis. The Group has a privately owned vehicle fleet of over 54,000 vehicles, and it has over 160
service points, offering integrated and innovative solutions that meet the needs of each customer at any time.
Annual Financial Report 31.12.2023
45
The main resources for the Group to carry out its activities are its privately owned vehicle fleet and related equipment, its highly
trained personnel, and its privately owned facilities, garages and body shops.
The Group studies, monitors, and focuses on issues that reflect the significant economic, environmental, and social impacts that its
activity creates throughout the value chain, continuously strengthening its competitive advantages. These advantages include
immediate and continuous customer service, constant investments in facilities and equipment, and the continuous upgrades to the
fleet with hybrid and electric cars.
The main partnerships of the Group are its relationships with customers, suppliers, and all types of partners. Specifically, the Group’s
customer categories are individuals, companies and enterprises, as well as public organisations. The Group’s main priorities are a
high level of customer service, with quality and prompt response to their requirements as its main characteristic, as well as satisfying
customer needs and expectations, which it effectively monitors through satisfaction surveys. In the interest of efficient and
transparent communication with existing and prospective customers, the Group uses a variety of communication channels through
its companies and their websites, through the Commercial Department, and through its participation in conferences and exhibitions.
Furthermore, the Group also promotes its activity in the sector’s communication media, the mass media, and through advertisement
campaigns.
As regards revenue structure, it comes from the company exercising its activities, while the costs concern fleet upgrades,
remuneration & other employee benefits, equipment operation costs, fleet maintenance, and personnel training.
4. Customer-centric philosophy and customer satisfaction
At Autohellas Group we seek to maximize the satisfaction of our customers by maintaining continuous communication with them,
in order to systematically collect their opinions and any feedback through:
• Maintaining specialized customer service centres for the Autohellas Group companies, in order to provide better, more
direct, and effective customer service.
• Conducting a customer satisfaction survey of the Autohellas Group companies, with a different implementation
framework per company.
• A survey of a virtual customer (Mystery Shopper or "ghost customer"), in order to better and more effectively evaluate
the services provided by the Autohellas Group.
• The application of the Net Promoter Score (NPS) evaluation, as part of the investigation of customer satisfaction in Hertz
channels.
• The digital channels of direct communication with customers, as well as the websites of the Group's companies.
In addition, through the Customer Service Department, customers can contact us daily, either by telephone or by filling out the
relevant online contact form on our website. The call centre is open 24 hours a day, 7 days a week and can handle bookings and
customer requests at any time. Finally, we develop an open dialogue with the community and maintain a strong presence on social
media, responding and informing immediately about all developments and news concerning the Autohellas Group.
5. Good Corporate Governance
The benchmark of our daily operations is the implementation of the principles and policies of corporate governance, which are
dictated by Greek legislation, international practices and which constitute the framework of corporate conduct of companies listed
on the Athens Stock Exchange. Our ongoing objective is to operate responsibly on the basis of these principles, while we strive to
enhance transparency and independence in our management and control methods.
The corporate governance model we apply, combined with the excellent organizational structure of our companies, contributes
to effective management, as well as to the achievement of our short-term and long-term goals, making us more competitive.
5.1 Managing transparency, corruption, and data protection issues
Having as our primary concern to operate with transparency, respecting the codes of ethics and conduct, both within the
organisation and in our dealings with third parties, we are opposed to any form of corruption or bribery.
Annual Financial Report 31.12.2023
46
We have adopted active control mechanisms and processes, which the Group abides by to avoid and prevent corruption. An
Internal Audit department operates in the Group along with a Risk and Compliance Department, as already mentioned above.
Indicative measures that are applied for the prevention of such cases focus on security and data breach issues, clear and adequate
segregation of duties between employees, approval limits, absolute transparency in suppliers’ selection and protection of
corporate assets.
The Group’s Code of Conduct sets the framework of principles and rules for achieving the best result in the exercise of the activities
of its Companies. It is based on best international practices, legal and regulatory obligations but also on the application of high
standards of corporate and social responsibility.
Moreover, the Group has drafted and implements an Anti-Bribery/Bribery and Corruption Policy and an Anti-Money Laundering
Policy. These policies are communicated to all employees.
We respect and protect the personal data of employees, customers, and partners by acting appropriately in accordance with the
applicable legal framework.
As a result of the abovementioned policies and processes, no case of corruption, bribery, abuse, fraud or misconduct have been
reported.
5.2 Report management policy (whistleblowing)
Our commitment to the values of integrity, transparency and accountability is directly linked to instituting separate
communication procedures and tools for submitting complaints, observations, or other reports. To achieve this goal, we have
adopted and implement a report (whistleblowing) management policy based on which members of the Board of Directors,
employees, customers, suppliers, or partners may submit anonymous or signed reports regarding violations that are referred to
in the policy. The relevant policy defines the context in which we receive, assess and investigate all reports. In particular, we have
set out multiple ways of submitting such reports – to assist whistle-blowers and the parties competent with regard to receiving
and investigating the reports – as well as procedures based on which employees are encouraged to report such incidents or
behaviours.
5.3 Committees
Below is a summary of the Board of Directors' committees, which effectively assist the Board of Directors in its duties.
Audit Committee: The main responsibilities of the Audit Committee include, among others, monitoring the financial reporting
process and making recommendations or proposals to ensure its integrity, monitoring the effectiveness of the Company's internal
control, risk management and internal audit systems, as well as monitoring the statutory audit of the annual and consolidated
financial statements.
Candidacy and Remuneration Committee: The Committee is responsible for determining the Company's requirements regarding
the size and composition of the Board of Directors, proposing changes and/or improvements where it deems necessary,
determining the criteria for the nomination of candidates for the Board of Directors, in accordance with the Company's policy on
the suitability of the members of the Board of Directors, ensuring compliance with the criteria of diversity and adequate gender
representation on the Board of Directors, as well as the broader organization and monitoring of the self-evaluation and/or
independent evaluation of the members of the Board of Directors and the Audit Committee.
5.4 Risk management
In Autohellas Group we identify and manage the risks arising from our activities effectively and in a consistent manner, ensuring
that the main risks are considered and recorded, along with appropriate mitigation measures.
Annual Financial Report 31.12.2023
47
In addition, we have established a Risk Management and Regulatory Compliance Unit, which is responsible for overseeing the
process of identifying and assessing risks, managing, and responding to them and monitoring the evolution of risks. At the same
time, it implements appropriate and updated policies and procedures to ensure ongoing compliance with the regulatory
framework in force at any given time.
Major non-financial risks
▪ Energy crisis: As a result of the geopolitical instability in Ukraine, the energy crisis is creating unprecedented pressure on
businesses of all sectors and sizes that are active in Europe. High energy costs pose a significant risk to businesses,
increasing the chances of output losses or even cessation of operations. At Autohellas Group, we are continuously
improving our infrastructure and net metering interconnections in order to facilitate the development of RES.
▪ Health and safety at work: One of the most important risks associated with social and labour issues is the health and
safety of our workers. We implement specific safety management procedures in our facilities and operations,
systematically monitoring any occupational hazards.
Climate Change: The effects of climate change are the basis for the occurrence of:
▪ Transition risks, arising from the transition to a low-carbon economy, related to European and global policy requirements.
The Autohellas Group is continuously investing in renewing its fleet with low-emission and more environmentally friendly
vehicles, such as electric and hybrid vehicles.
▪ Natural hazards, such as natural disasters and severe weather events. In Autohellas Group, we are constantly taking new
measures to mitigate these risks.
6. Care for our people
We constantly ensure a safe and meritocratic working environment, without discrimination, while offering opportunities for
continuous training and development, equal opportunities for advancement, fair renumeration, and additional benefits. We aim
to maintain trusting relationships with our employees and ensure optimal working conditions, with respect for human rights and
diversity.
Breakdown of human resources by gender and age category
2023
2022
Men
Women
Total
Men
Women
Total
<30
226
66
292
245
65
310
30-50
683
225
908
665
224
889
51+
402
108
510
310
84
394
Total
1,311
399
1,719
1,220
372
1,592
Our core principles, operating framework and corporate culture are reflected in our Code of Conduct, which is based on best
international practices and high standards of corporate responsibility. The values, principles, and standards of ethical behaviour
set out in our Code of Conduct form the basis of the policies and procedures that Group employees must know and implement.
Moreover, the Group Code of Conduct is addressed to the members of the Board of Directors, as well as to all other stakeholders,
including customers, suppliers and external partners.
6.1 Direct and open communication with employees
Open dialogue and direct information are key components of the Autohellas Group's communication model. We ensure that
employees are informed in a timely and accurate manner about policies, procedures, and any changes, while encouraging
dialogue. As part of our direct communication practice ("open door policy"), indicative communication channels include daily
departmental staff meetings and announcements through email correspondences.
Annual Financial Report 31.12.2023
48
6.2 Education
The training and development of our people is a key pillar for achieving our strategic goals. To this end, we train our employees
by offering specialized seminars, tailored to the role and needs of each individual.
The training and development processes include the orientation of new colleagues and in this context, a comprehensive
presentation of the tasks they are going to undertake, as well as all the necessary information for their smooth integration into
the new working environment, is conducted by the heads of the respective departments.
We also offer internship opportunities at our offices and facilities.
Trainings 2022
Hierarchical level
Total hours of training by category of
workers
Number of employees trained per rank
Men
Women
Total
Men
Women
Total
Executives – Station managers
755
238
993
70
26
96
Administration
7.023
3.987
11,010
642
300
942
Other employees
2.830
1.010
3,840
131
51
182
Total
10,608
5,235
15,842
843
337
1,220
Average training hours per gender
2023
2022
Men
8.1
5.57
Women
13.1
5.84
6.3 Respect for people and diversity, and providing equal opportunities
Our work culture is based on, among other things, respect for and protection of diversity. Social or national backgrounds, political
or religious beliefs, age, sexual orientation, physical ability and gender are not criteria we use to attract and evaluate employees.
All employees, regardless of age and gender, are actively supported by Autohellas Group and are offered equal opportunities for
growth and development.
6.4 Human Rights
We respect internationally protected human rights, and in this context we tolerate no incidents of discrimination, forced labour,
or any form of harassment or violation of the rights of our employees or partners. The provision of equal pay for equal work or
work of equal value irrespective of gender is an integral part of our culture.
7. Health and safety at work
Ensuring appropriate working conditions and compliance with health and safety rules for the protection of our people are long-
standing priorities for Autohellas Group. This commitment is expressed through our Health and Safety Policy, according to which
we have adopted a proactive approach in the conduct of its activities, taking into account all issues of safe work.
In this direction, we aim at:
• Strengthening the safety culture through continuous training and awareness of our employees
• The assessment of health and safety risks and their mitigation
• The application of the precautionary principle
Annual Financial Report 31.12.2023
49
Health and safety indicators
2023
2022
Number of employee incidents (LTI)
8
13
Accident severity index (LTISR)
80.9
121.2
Event frequency index (LTIFR)
2.43
3.70
Absenteeism Rate (AR)
1.7
2.2%
LTI (Lost Time Incidents): Number of incidents
LTIFR (Lost Time Injury Frequency Rate): (Number of Incidents / working hours)*10
6
AR (Absenteeism Rate): (Number of absent days from work due to any kind of weakness except for accidents or sickness /
working hours (%))
In order to ensure the proper implementation of health and safety practices, Autohellas Group cooperates with an external
provider for the above services. The effective recording, monitoring and management of health and safety issues is carried out
through personal interviews with employees by the Safety Technician and the Occupational Physician.
In Autohellas Group, we have established and apply a specific procedure for the management and response to dangerous incidents
and accidents, regardless of their severity. In the event of an incident, we take the necessary measures immediately and an
investigation is conducted into the causes that led to it. In addition, on an ongoing basis, we place particular emphasis on timely
information for our employees, implementing regular training courses.
8. Responsibility for the environment
Driven by Sustainable Development and with the primary goal of limiting climate change, we make every effort to reduce our
environmental footprint, while systematically investing in practices and technologies that lead to the "green" transition and
contribute to the reduction of atmospheric emissions. In this direction, we mainly aim to save energy in our facilities and to create
an increasingly large "green" fleet, reducing carbon dioxide emissions from the use of vehicles.
8.1 “Green” fleet
The transition to a climate-neutral economy with zero greenhouse emissions, by 2050, is becoming a priority for societies and
businesses worldwide, as it is a fundamental axis of the action plan towards the European Union. Among other things, special
emphasis is placed on the "green" transition and the benefits of sustainable movement for the environment..
At Autohellas Group, we implement actions for the continuous reduction of pollutants and the environmental footprint of travel
by supporting new, ecological models of travel. We are also continuing our actions and commitments in this direction, optimizing
and renewing our fleet with more efficient vehicles with low CO2 emissions. In addition, we continue to support initiatives to
promote sustainable mobility.
The Autohellas Group is systematically investing in the renewal of its fleet, while also already implementing a strategy for the
integration of more electric and plug-in hybrid (low emission) vehicles. In this context, it has more and more vehicles with zero or
low carbon emissions in the markets in which it operates, through investments in PHEV (plug-in hybrid electric vehicles) and BEV
(battery-electric vehicles) technologies.
8.2 Environmental performance
Energy consumption
The Group systematically monitors the energy consumption in its facilities and looks for opportunities to improve its energy
efficiency where possible. The total energy consumption within the Group in 2023 amounted to 15,249 MWh (2022: 12,559 MWh)
coming from energy consumption both at the Group's facilities, but also from the company vehicles it uses.
Specifically, in the Group's facilities for 2023, energy equal to 8,374 MWh was consumed, coming from electricity consumption
(89%), natural gas combustion (10%) and oil combustion (1%) for heating its buildings
Annual Financial Report 31.12.2023
50
CO2 emissions
The reduction of carbon dioxide emissions and the contribution to limiting the effects of climate change is a perennial goal for the
Group. The Group records the CO2 emissions both from the use of electricity and heating fuels, but also from its corporate fleet.
It constantly monitors its performance, so that the necessary emission reduction measures are applied.
Greenhouse gas emissions (tn CO2eq)
2023
2022
Scope 1 (Direct emissions)
3,366
1,405
Scope 2 (Inirect emissions)
3,645
3,820
Σύνολο
7,011
5,225
For 2023, the average gas emissions of our fleet vehicles amounts to 112.5 gr CO2/km (2022: 114.2 gr CO2/km).
Water consumption
The responsible consumption of water is a key priority of the Group. We systematically monitor the activities that require the use
of water and take all the necessary measures for its efficient use and the limitation of its consumption. For 2023, the Group's
water consumption was 72,318 m³ (2022: 60,354 m³).
Waste management
We take care of the correct collection and utilization of the waste resulting from our activities, applying proper management and
disposal practices and undertaking additional initiatives to educate and raise awareness among employees, regarding these
practices. Regarding the solid waste resulting from our operation, it is collected and separated into hazardous (such as
conventional batteries, car batteries, engine oils, tires, electrical and electronic equipment, ink cartridges) and non-hazardous
solid waste (paper, plastic), for the management of which we cooperate exclusively with properly licensed companies. The
Autohellas Group also applies recycling procedures to the quantities of tires, batteries and spare parts produced in its workshop
facilities. Also, in order to properly manage liquid waste and with the goal of zero runoff to the water table, we strictly comply
with the legislation in the laundry facilities. Where possible, we undertake additional actions.
9. Social issues
Social needs’ awareness and commitment to social contribution is everyone's business. In Autohellas Group, we actively support
vulnerable social groups by offering donations and participating with sponsorships. In addition, we show our practical support for
sports organisations and make our customers aware of the allocation of resources for charitable purposes. Our activities are
directed along four main pillars, covering a wide range of needs:
▪ Contribution to health orzanization
With the aim of protecting health, promoting research, informing and raising awareness about health issues, we strengthened
health structures through donations. Within the last year, we have supported foundations and organizations, such as the
association of friends of children with cancer "ELPIDA". In addition, we participated in the symbolic race and walk "Greece Race
for the Cure".
▪ Support for vulnerable social groups
Supporting vulnerable social groups is a timeless value for us at Autohellas Group, as we seek to be on the side of our fellow
human beings who experience conditions of social exclusion, marginalization and poverty. In this direction, we practically
supported the efforts of organizations such as the association "Together for the Children" and the non-profit association "ELIZA".
▪ Supporting education and culture
The Autohellas Group is reviving the importance of education and culture in practice by supporting through donations during 2023
a series of related initiatives and programs. In order to support education, we participated in the scholarship program of the
Athens College, with the "Theodoros Vassilakis" scholarship, while we participated, sponsored by the Athens University of
Economics, in an event held to bridge the gap between the university and the labor market, and to spread of assertiveness in
young people. At the same time, in the context of supporting culture, in 2023, we participated in an event to financially support
the work and mission of the Benaki Museum.
Annual Financial Report 31.12.2023
51
▪ Support for local bodies
In addition, except of the corporate responsibility actions that are part of the above axes, we undertake initiatives aimed at
strengthening non-profit associations and various local bodies and actions.
10. Two-way communication with stakeholders
For the Group, systematic and two-way communication with stakeholders is a key factor in the planning, successful
implementation and evaluation of its actions and programmes. These groups belong either to the Group's internal environment
(shareholders, employees, members of the Board of Directors and members of the Committees) or to the external environment
(investors, corporate customers (B2B), private customers (B2C), dealerships (car dealers), suppliers, government authorities, local
community, financial institutions, SMEs) and are identified by the Group’s strategy.
Establishing relationships of mutual trust and constructive cooperation with stakeholder groups is a priority for the Group and in
this context we have established specific channels of two-way communication with them, in order to record their concerns, their
different expectations and requirements. Additionally, through this communication, the topics that are communicated to the
Group, inteact with corporate strategy and are incorporated in Group’s objectives.
It must be noted that the communication channels and the main concerns of the stakeholders, as well as the way that those are
taken into account in corporate discussions and decision-making, are integrated in the Group’s Annual Sustainability Report.
More specific information regarding the comunication channels and the main concerns of each stakeholder group are provided in
Autohellas Group’s 2022-2023 Annual Sustainability Report, which will be available on the company’s website
https://www.autohellas.gr/.
11. Substantive issues and contribution to the Global Goals for Sustainable Development
Autohellas Group proceeded with the analysis and identification of the essential issues related to its activity, by Sustainable
Development pillar. This process ranked the material issues according to their impact on the Group's activity in relation to the
degree of importance assigned by the stakeholders.
The assessment of these issues, which is based on the guidelines of the Global Reporting Initiative (GRI Standards), the
Sustainability Accounting Standards Board (SASB) sectoral reporting framework, as well as the AA1000 standard of the
international organisation AccountAbility, is an important tool in the formulation and finalisation of the Group's annual action
plan.
In addition, as we have recognised the importance of developing actions to contribute to the achievement of the United nations
Sustainable Development Goals (SDGs), we have linked our substantive issues to the SDGs.
The Group’s Sustainability Report 2022-2023 includes a more detailed presentation of the material issues, their respective key
performance indicators, and their connection to the UN’s Global Sustainable Development Goals (Agenda 2030).
NOTE:
The non-financial indexes for 2023 presented in this report are in accordance with the Sustainability Reporting Guidelines of the
Global Reporting Initiative (GRI Standards). More detailed information on the Group’s performance in corporate responsibility and
sustainable development issues, as well as the actions it implements per axis, is presented in Autohellas Group’s annual Sustainable
Development Report, which is posted on the company website https://www.autohellas.gr/
Annual Financial Report 31.12.2023
52
12. Disclosures according to the European Taxonomy (EU Taxonomy)
This section includes the necessary information and disclosures about the Group’s operations, in accordance with the
requirements of the Taxonomy Regulation. These disclosures are provided for the purposes of the simplified reporting
requirements in accordance with Article 10(2) of Article 8 Delegated Act (Delegated Regulation (EU) 2021/2178).
Regulation (EU) 2020/852 on EU Classification entered into force in the summer of 2021, with sustainability disclosure criteria and
requirements, promoting equal competition and legal certainty for all companies operating within the EU. The Classification
Regulation is a key part of the European Commission's action plan for redirecting capital flows towards a more sustainable
economy with the following 6 environmental objectives:
1. Climate change mitigation
2. Climate change adaptation
3. Sustainable use and protection of water and marine resources
4. Circular economy transition
5. Pollution prevention and control
6. Protection and restoration of biodiversity and ecosystems
Identification of the Company’s economic activities that are eligible based on EU Taxonomy requirements.
In order to determine eligibility to classify the economic activities from which the Group has income, all Group companies have
been taken into account. The classification of activities was established based on the Taxonomy criteria for economic activities
that contribute substantially to one of the six main environmental objectives and do not adversely affect the other five, while at
the same time meeting the minimum requirements. (EU 2020/852, article 3).
Within the framework of the above provisions of the European Classification System (EU Taxonomy), the Group has identified as
an activity eligible for classification the activity referred to as ‘6.5 Transport with motorcycles, passenger cars, and light commercial
vehicles’ of the ‘Transport’ economic activity sector.
On June 27, 2023, the European Commission approved two new Regulatory Acts related to Ecological Classification:
• • Regulatory Act (EU) 2023/2485: Includes new activities for environmental objectives 1 and 2.
• • Regulatory Act (EU) 2023/2486: Includes new activities for environmental objectives 3 to 6.
In accordance with the new regulatory acts, the company has examined the new provisions and finds that financial activities
related to the Group's activities are not included.
Identification of the Company's economic activities aligned with EU Taxonomy requirements.
Each activity in this category must contribute to one or more environmental objectives. In order to ascertain which of the
economically eligible activities are aligned with the taxonomy, a check was carried out based on the Technical Inspection Criteria
(TSC), which revealed the incorporation of the activities related to zero- or low-emission vehicles, and specifically less than 50g
CO
2
/km.
As no activities related to natural gas and nuclear energy were recognized for the Group (activities 4.26-4.31), the specific
standards introduced by the Supplementary Delegated Act regarding activities in certain energy sectors are not used.
The below table presents the share of the Group’s turnover, capital expenditure (Capex) and operating expenditures (Opex) for
the reporting period 2021, which are associated with Taxonomy-eligible economic activities, in accordance with Art. 8 Taxonomy
Regulation and Art. 10 (2) of the Art. 8 Delegated Act.
Annual Financial Report 31.12.2023
53
2023
Turnover
CapEx
OpEx
€
%
€
%
€
%
Taxonomy-eligible
economic activities:
- 6.5 Transport by motorbikes,
934,430,460
93%
266,515,738
93%
53,307,188
25%
passenger cars and light
commercial vehicles
Taxonomy aligned economic activities
- 6.5 Transport by motorbikes,
72,400,946
8%
60,224,864
23%
4,014,263
8%
passenger cars and light
commercial vehicles (<50g CO2/km)
Taxonomy-non-eligible economic
68,243,688
7%
19,733,707
7%
162,570,385
75%
activities
Total
1,002,674,148
100%
286,249,445
100%
215,877,573
100%
2022
Turnover
CapEx
OpEx
€
%
€
%
€
%
Taxonomy-eligible
economic activities:
- 6.5 Transport by motorbikes,
702,218,911
92%
206,897,709
86%
26,896,535
17%
passenger cars and light
commercial vehicles
Taxonomy aligned economic activities
- 6.5 Transport by motorbikes,
30,662,401
4%
25,096,910
12%
1,468,361
5%
passenger cars and light
commercial vehicles (<50g CO2/km)
Taxonomy-non-eligible economic
63,341,117
8%
33,681,022
14%
129,959,029
83%
activities
Total
765,560,028
100%
240,578,731
100%
156,855,564
100%
Turnover KPI: The proportion of Taxonomy-eligible economic activities in the total turnover has been calculated as the part of net
turnover derived from sales associated with Taxonomy-eligible economic activities (numerator) divided by the net turnover
(denominator).
Annual Financial Report 31.12.2023
54
CapEx KPI: The specific KPI is defined as the fracture of the taxonomy eligible CapEx (numerator) divided by total CapEx
(denominator). Total Capex consists of additions to tangible and intangible fixed assets during the financial year, before
depreciation, amortisation and any remeasurements.
OpEx KPI: The specific KPI is defined as the fracture of the taxonomy eligible OpEx (numerator) divided by total OpEx
(denominator). Operational expenditures include expenses maintenance and repair and other direct expenses relating to the
assets.
Turnover – Eligibility of economic activities for EU Taxonomy
Substantial contribution criteria
DNSH criteria
Economic activity
Absolute
value
Percentage
Climate change mitigation (5)
Climate change adaptation (6)
Water and marine resources (7)
Circular economy (8)
Pollution (9)
Biodiversity and ecosystems (10)
Climate change mitigation (11)
Climate change adaptation (12)
Water and marine resources (13)
Circular economy (14)
Pollution (15)
Biodiversity and ecosystems (16)
Minimum safeguards (17)
€
%
%
%
%
%
%
%
Ν/Ο
Ν/Ο
Ν/Ο
Ν/Ο
Ν/Ο
Ν/Ο
Ν/Ο
A. TAXONOMY - ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
6.5 Transport by motorbikes, passenger cars and light commercial
vehicles <50g CO2/km
72,400,946
8%
98%
2%
0%
0%
0%
0%
-
Yes
-
Yes
Yes
-
Yes
Turnover of environmentally sustainable activities (Taxonomy-
aligned)
72,400,946
8%
98%
2%
0%
0%
0%
0%
-
Yes
-
Yes
Yes
-
Yes
A.2 Taxonomy-eligible but not environmentally sustainable
activities (not Taxonomy-aligned activities)
6.5 Transport by motorbikes, passenger cars and light commercial
vehicles
862,029,514
92%
Turnover on Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities)
862,029,514
92%
Total A1+A2
934,430,460
93%
B. TAXONOMY – NON-ELIGIBLE ACTIVITIES
Turnover on Taxonomy-non-eligible activities
63,341,117
8%
Total (A + B)
765,560,028
100%
Annual Financial Report 31.12.2023
55
Capital Expenditure - Eligibility of economic activities for EU Taxonomy
Substantial contribution criteria
DNSH criteria
Economic activity
Absolute
value
Percentage
Climate change mitigation (5)
Climate change adaptation (6)
Water and marine resources (7)
Circular economy (8)
Pollution (9)
Biodiversity and ecosystems (10)
Climate change mitigation (11)
Climate change adaptation (12)
Water and marine resources (13)
Circular economy (14)
Pollution (15)
Biodiversity and ecosystems (16)
Minimum safeguards (17)
€
%
%
%
%
%
%
%
Ν/Ο
Ν/Ο
Ν/Ο
Ν/Ο
Ν/Ο
Ν/Ο
Ν/Ο
A. TAXONOMY - ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
6.5 Transport by motorbikes, passenger cars and light commercial
vehicles <50g CO2/km
60,224,864
23%
98%
2%
0%
0%
0%
0%
-
Yes
-
Yes
Yes
-
Yes
Capital expenditure of environmentally sustainable activities
(Taxonomy-aligned)
60,224,864
23%
98%
2%
0%
0%
0%
0%
-
Yes
-
Yes
Yes
-
Yes
A.2 Taxonomy-eligible but not environmentally sustainable
activities (not Taxonomy-aligned activities)
6.5 Transport by motorbikes, passenger cars and light commercial
vehicles
206,290,874
77%
Capital expenditure on Taxonomy-eligible but not
environmentally sustainable activities (not Taxonomy-aligned
activities)
206,290,874
77%
Total A1+A2
266,515,738
93%
B. TAXONOMY – NON-ELIGIBLE ACTIVITIES
Capital expenditure on Taxonomy-non-eligible activities
19,733,707
7%
Total (A + B)
286,249,445
100%
Operational Expenditure - Eligibility of economic activities for EU Taxonomy
Substantial contribution criteria
DNSH criteria
Economic activity
Absolute
value
Percentage
Climate change mitigation (5)
Climate change adaptation (6)
Water and marine resources (7)
Circular economy (8)
Pollution (9)
Biodiversity and ecosystems (10)
Climate change mitigation (11)
Climate change adaptation (12)
Water and marine resources (13)
Circular economy (14)
Pollution (15)
Biodiversity and ecosystems (16)
Minimum safeguards (17)
€
%
%
%
%
%
%
%
Ν/Ο
Ν/Ο
Ν/Ο
Ν/Ο
Ν/Ο
Ν/Ο
Ν/Ο
A. TAXONOMY - ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
6.5 Transport by motorbikes, passenger cars and light commercial
vehicles <50g CO2/km
4,014,263
8%
98%
2%
0%
0%
0%
0%
-
Yes
-
Yes
Yes
-
Yes
Operational expenditure of environmentally sustainable activities
(Taxonomy-aligned)
4,014,263
8%
98%
2%
0%
0%
0%
0%
-
Yes
-
Yes
Yes
-
Yes
A.2 Taxonomy-eligible but not environmentally sustainable
activities (not Taxonomy-aligned activities)
6.5 Transport by motorbikes, passenger cars and light commercial
vehicles
49,292,925
92%
Operational expenditure on Taxonomy-eligible but not
environmentally sustainable activities (not Taxonomy-aligned
activities)
49,292,925
92%
Total A1+A2
53,307,188
25%
B. TAXONOMY – NON-ELIGIBLE ACTIVITIES
Operational expenditure on Taxonomy-non-eligible activities
162,570,385
75%
Total (A + B)
215,877,573
100%
Annual Financial Report 31.12.2023
56
Aiming to further contibute to the Climate change mitigation within December 2022, the Company signed a loan agreement as
part of the National Recovery and Resilience Plan ‘Greece 2.0’, to implement its investment plan with a total budget of €170
million, €51 million of which will be financed through a loan from the National Bank of Greece, and €85 million of which will come
from funds from the Recovery and Resilience Fund, while the Company’s own participation will be €34 million. The co-financed
investment plan concerns the renewal and expansion of the Autohellas fleet for the 2022-2026 period, aiming for its energy
upgrade. More specifically, the plan provides for the gradual replacement of the company’s existing fleet with new electric and
hybrid cars, with emission standards of up to 50 gr CO2/km. The investment which is fully included in the green transition pillar,
aims to develop the green economy, and contributes to environmental protection through the lower pollutant emissions that
characterise the new vehicles, which emit 80% less pollutants than the cars they will replace.
Further information about the accounting policies of Autohellas Group are described in note 2 of the financial statements.
With the above information, the Auditors’ Report, as well as the annual financial statements of 31 December 2022, we believe
you have at your disposal all necessary documentation to proceed with the approval of the annual Financial Statements for the
fiscal year ending on 31 December 2022 and to approve the overall management of the Board of Directors.
Kifissia, 7 March 2024
The Board of Directors
Emmanouela Vasilaki
President of the Board of Directors
Eftichios Vassilakis
Managing Director and Executive Member of the
Board of Directors
Annual Financial Report 31.12.2023
57
D. ANNUAL FINANCIAL STATEMENTS
Annual Financial Report 31.12.2023
58
I. STATEMENT OF FINANCIAL POSITION
Group
Company
Amounts in €
Note
31.12.2023
31.12.2022
31.12.2023
31.12.2022
ASSETS
Property, plant and equipment
7
734,149,209
591,167,246
544,343,477
409,167,692
Right-of-use assets
8
57,808,164
96,884,082
8,763,988
57,698,476
Investment property
9
36,023,610
41,093,576
66,167,460
73,474,358
Intangible assets
10
18,283,052
19,517,010
770,140
319,650
Goodwill
11
43,457,435
43,457,435
-
-
Investments in subsidiaries
12
-
-
101,063,962
101,063,962
Investments accounted for using the equity method
13
37,857,325
14,089,329
33,692,281
18,087,281
Deferred tax assets
14
1,873,511
1,884,271
-
-
Financial assets at fair value through other comprehensive
income
15
149,708,520
78,027,607
149,708,520
78,027,607
Financial assets at fair value through profit or loss
16
2,107,332
2,307,332
1,000,455
1,000,455
Derivative financial instruments
17
-
8,308,415
-
8,308,415
Trade and other receivables
18
38,505,309
35,333,714
37,432,712
32,752,399
Total non-current assets
1,119,773,467
932,070,017
942,942,995
779,900,295
Inventories
19
113,943,656
75,763,350
74,565
103,634
Derivative financial instruments
17
675,431
1,946,797
675,431
1,946,797
Trade and other receivables
18
104,324,624
95,550,051
52,953,957
49,587,250
Current tax assets
407,954
39,419
-
-
Other assets
457,909
457,909
-
-
Cash and cash equivalents
20
76,651,797
93,793,719
27,329,584
29,391,195
Total current assets
296,461,371
267,551,245
81,033,537
81,028,876
Total assets
1,416,234,838
1,199,621,262
1,023,976,532
860,929,171
EQUITY
Share capital
21
3,889,981
3,889,981
3,889,981
3,889,981
Share premium
21
130,553
130,553
130,553
130,553
Treasury shares
21
(2,558,952)
(2,659,698)
(2,558,952)
(2,659,698)
Other reserves
22
114,788,773
53,935,449
161,802,728
84,458,439
Retained earnings
324,762,969
278,635,837
171,445,735
158,710,340
Equity attributable to owners of the parent
441,013,324
333,932,122
334,710,045
244,529,615
Non-controlling interests
23
14,874,902
11,027,022
-
-
Total equity
455,888,226
344,959,144
334,710,045
244,529,615
LIABILITIES
Borrowings
24
389,639,464
306,710,102
346,872,060
259,071,194
Grants
24
2,582,186
-
2,582,186
-
Lease liabilities
25
34,447,660
42,642,170
4,373,007
19,235,965
Securitisation
26
138,819,566
175,600,000
138,819,566
175,600,000
Derivative financial instruments
17
1,636,390
-
1,636,390
-
Deferred tax liabilities
14
25,913,442
27,316,129
18,884,300
18,489,920
Post-employment benefits
27
2,206,863
1,795,012
1,003,036
871,620
Trade and other payables
28
2,696,778
1,831,507
-
-
Provisions
29
2,226,536
2,515,764
-
-
Total non-current liabilities
600,168,885
558,410,684
514,170,545
473,268,699
Trade and other payables
28
241,729,116
211,507,347
111,704,843
95,965,874
Current tax liabilities
12,036,606
14,432,719
4,286,726
8,668,926
Borrowings
24
43,983,809
42,005,949
14,058,398
19,524,885
Grants
24
891,244
-
891,244
-
Lease liabilities
25
19,375,552
28,292,269
2,974,297
18,971,172
Securitisation
26
41,180,434
-
41,180,434
-
Provisions
29
980,966
13,150
-
-
Total current liabilities
360,177,727
296,251,434
175,095,942
143,130,857
Total liabilities
960,346,612
854,662,118
689,266,487
616,399,556
Total equity and liabilities
1,416,234,838
1,199,621,262
1,023,976,532
860,929,171
The notes on pages 64 to 128 are an integral part of these financial statements.
Annual Financial Report 31.12.2023
59
II. STATEMENT OF PROFIT OR LOSS
Group
Company
Amounts in €
Note
2023
2022
2023
2022
Revenue
30
1,002,674,148
765,560,028
283,051,116
260,248,332
Cost of sales
31
(784,633,788)
(581,321,474)
(195,948,323)
(174,478,506)
Gross profit
218,040,360
184,238,554
87,102,793
85,769,826
Distribution costs
31
(56,023,579)
(45,819,100)
(3,622,149)
(3,612,021)
Administrative expenses
31
(38,992,919)
(33,901,276)
(15,251,124)
(16,059,040)
Impairment losses on financial assets - net
(1,212,052)
(439,553)
-
(602,239)
Other income
33
17,162,467
15,524,107
28,772,755
32,319,194
Other gains/(losses) - net
34
1,449,708
1,092,668
(931,777)
398,740
Operating profit
140,423,985
120,695,400
96,070,498
98,214,460
Finance income
35
3,701,909
2,303,817
3,191,567
2,118,041
Finance costs
35
(37,848,130)
(18,375,943)
(27,511,052)
(13,968,141)
Finance costs - net
35
(34,146,221)
(16,072,126)
(24,319,485)
(11,850,100)
Share of profit/(loss) of investments accounted for
using the equity method
13
(137,005)
(597,963)
-
-
Profit before income tax
106,140,759
104,025,311
71,751,013
86,364,360
Income tax expense
36
(21,155,281)
(21,475,615)
(10,383,128)
(13,784,226)
Profit for the year
84,985,478
82,549,696
61,367,885
72,580,134
Profit attributable to:
Owners
77,233,158
77,533,853
61,367,885
72,580,134
Non-controlling interests
23
7,752,320
5,015,843
-
-
Profit for the year
84,985,478
82,549,696
61,367,885
72,580,134
Earnings per share
Basic and diluted
41
1.61
1.61
1.28
1.51
EBIT & EBITDA Reconciliation
Group
Amounts in €
2023
2022
2023
2022
Profit for the year
84,985,478
82,549,696
61,367,885
72,580,134
(+) Investing activities
37
(512,177)
(69,419)
(18,496,854)
(24,914,981)
(+) Finance costs - net
35
34,146,221
16,072,126
24,319,485
11,850,100
(+) Income tax expense
36
21,155,281
21,475,615
10,383,128
13,784,226
Earnings before tax, financing & investing activities
(EBIT)
139,774,803
120,028,018
77,573,644
73,299,479
(+) Depreciation and amortisation
31
132,280,560
106,336,624
88,383,129
77,875,138
Earnings before tax, financing & investing activities,
depreciation & amortisation (EBITDA)
272,055,363
226,364,642
165,956,773
151,174,617
The notes on pages 64 to 128 are an integral part of these financial statements.
Annual Financial Report 31.12.2023
60
III. STATEMENT OF OTHER COMPREHENSIVE INCOME
Group
Company
Ποσά σε €
Note
2023
2022
2023
2022
Profit for the year
84,985,478
82,549,696
61,367,885
72,580,134
Other comprehensive income
Items that are or may be reclassified to profit or loss
Gain from changes in the fair value of debt
instruments at fair value through other
comprehensive income - gross
15
95,209
96,621
95,209
96,621
Gain/(loss) from changes in the fair value of cash flow
hedges (effective portion) - gross
17
(482,998)
8,842,429
(482,998)
8,842,429
Gain/(loss) from changes in the fair value of cash flow
hedges (reclassified to profit or loss) - gross
17
(966,984)
168,038
(966,984)
168,038
Exchange differences on translation of foreign
operations
(48,587)
112,606
-
-
Income tax relating to items that are or may be
reclassified to profit or loss
22
298,050
(2,003,559)
298,050
(2,003,559)
(1,105,310)
7,216,135
(1,056,723)
7,103,529
Items that will not be reclassified to profit or loss
Gain from changes in the fair value of equity
investments at fair value through other
comprehensive income - gross
15
60,389,575
5,176,068
60,389,575
5,176,068
Gain on revaluation of PPE - gross
7
1,200,601
2,304,706
655,689
1,192,566
Gain/(loss) on remeasurement of employee benefit
obligations - gross
27
(209,654)
94,603
(52,163)
21,601
Income tax relating to items that will not be
reclassified to profit or loss
22
(218,008)
(527,848)
(132,776)
(267,117)
61,162,514
7,047,529
60,860,325
6,123,118
Other comprehensive income for the year, net of tax
60,057,204
14,263,664
59,803,602
13,226,647
Total comprehensive income for the year
145,042,682
96,813,360
121,171,487
85,806,781
Total comprehensive income attributable to:
Owners
137,288,802
96,798,705
121,171,487
85,806,781
Non-controlling interests
7,753,880
14,655
-
-
Total comprehensive income for the year
145,042,682
96,813,360
121,171,487
85,806,781
The notes on pages 64 to 128 are an integral part of these financial statements
Annual Financial Report 31.12.2023
61
IV.STATEMENT OF CHANGES IN EQUITY
Group
Amounts in €
Note
Share capital
and share
premium
Treasury
shares
Other
reserves
Retained
earnings
Non
controlling
interest
Total equity
Balance as at 1 January 2022
4,020,534
(2,292,442)
83,196,018
231,071,611
5,314,233
321,309,954
Profit for the year
-
-
-
77,533,853
5,015,843
82,549,696
Other comprehensive income
22
-
-
14,189,874
59,135
14,655
14,263,664
Total comprehensive income for the year
-
-
14,189,874
77,592,988
5,030,498
96,813,360
Share capital increase and related costs
21
48,624,764
-
(45,726,665)
(5,505,922)
-
(2,607,823)
Share capital decrease
21
(48,624,764)
-
-
-
-
(48,624,764)
Acquisition of treasury shares
21
-
(367,256)
-
-
-
(367,256)
Non-controlling interests on acquisition of
subsidiary
21
-
-
-
-
2,632,291
2,632,291
Dividends paid
-
-
-
(22,124,511)
(1,950,000)
(24,074,511)
Transfers
-
-
2,276,222
(2,276,222)
-
-
Correction relating to prior years
-
-
-
(122,107)
-
(122,107)
Total transactions with owners
-
(367,256)
(43,450,443)
(30,028,762)
682,291
(73,164,170)
Balance as at 31 December 2022
4,020,534
(2,659,698)
53,935,449
278,635,837
11,027,022
344,959,144
Balance as at 1 January 2023
4,020,534
(2,659,698)
53,935,449
278,635,837
11,027,022
344,959,144
Profit for the year
-
-
-
77,233,158
7,752,320
84,985,478
Other comprehensive income
22
-
-
60,220,735
(165,091)
1,560
60,057,204
Total comprehensive income for the year
-
-
60,220,735
77,068,067
7,753,880
145,042,682
Distribution of treasury shares
21
-
100,746
-
171,094
-
271,840
Dividends paid
-
-
-
(31,262,897)
(3,906,000)
(35,168,897)
Transfers
-
-
632,589
(632,589)
-
-
Contribution
12
-
-
-
783,457
-
783,457
Total transactions with owners
-
100,746
632,589
(30,940,935)
(3,906,000)
(34,113,600)
Balance as at 31 December 2023
4,020,534
(2,558,952)
114,788,773
324,762,969
14,874,902
455,888,226
The notes on pages 64 to 128 are an integral part of these financial statements.
Annual Financial Report 31.12.2023
62
STATEMENT OF CHANGES IN EQUITY (continued)
Company
Amounts in €
Note
Share capital
and share
premium
Treasury
shares
Other
reserves
Retained
earnings
Total equity
Balance as at 1 January 2022
4,020,534
(2,292,442)
93,975,306
136,743,790
232,447,188
Profit for the year
-
-
23,000,000
49,580,134
72,580,134
Other comprehensive income
22
-
-
13,209,798
16,849
13,226,647
Total comprehensive income for the year
-
-
36,209,798
49,596,983
85,806,781
Share capital increase and related costs
21
48,624,764
-
(45,726,665)
(5,505,922)
(2,607,823)
Share capital decrease
21
(48,624,764)
-
-
-
(48,624,764)
Acquisition of treasury shares
21
-
(367,256)
-
-
(367,256)
Dividends paid
-
-
-
(22,124,511)
(22,124,511)
Total transactions with owners
-
(367,256)
(45,726,665)
(27,630,433)
(73,724,354)
Balance as at 31 December 2022
4,020,534
(2,659,698)
84,458,439
158,710,340
244,529,615
Balance as at 1 January 2023
4,020,534
(2,659,698)
84,458,439
158,710,340
244,529,615
Profit for the year
-
-
17,500,000
43,867,885
61,367,885
Other comprehensive income
22
-
-
59,844,289
(40,687)
59,803,602
Total comprehensive income for the year
-
-
77,344,289
43,827,198
121,171,487
Distribution of treasury shares
21
-
100,746
-
171,094
271,840
Dividends paid
-
-
-
(31,262,897)
(31,262,897)
Total transactions with owners
-
100,746
-
(31,091,803)
(30,991,057)
Balance as at 31 December 2023
4,020,534
(2,558,952)
161,802,728
171,445,735
334,710,045
The notes on pages 64 to 128 are an integral part of these financial statements.
Annual Financial Report 31.12.2023
63
V.STATEMENT OF CASH FLOWS
Group
Company
Amounts in €
Note
2023
2022
2023
2022
Cash flows from operating activities
Profit before income tax
106,140,759
104,025,311
71,751,013
86,364,360
Adjustments for:
Depreciation of property, plant and equipment
6
106,792,066
90,499,904
77,761,234
65,872,611
Depreciation of right-of-use assets
7
23,191,684
15,624,348
10,397,306
11,865,490
Amortisation of intangible assets
9
2,296,810
212,372
224,589
137,037
Net (gain)/loss from fair value adjustment of investment property
9
(77,707)
245,441
(173,000)
716,807
Impairment of property, plant and equipment
6
305,470
425,693
305,470
6,727
Impairment losses on financial assets - net
1,212,052
439,553
-
602,239
Loss from changes in the fair value of financial assets at fair value through profit or
loss
16
200,000
-
-
-
Gain/(loss) from changes in the fair value of derivatives - ineffective portion
17
540,190
(1,196,999)
540,190
(1,196,999)
Dividend income
33
(890,739)
(422,100)
(20,590,739)
(24,722,100)
Share of profit/(loss) of investments accounted for using the equity method
13
137,005
597,963
-
-
Profit from disposal of property, plant and equipment
7
(52,947,802)
(41,406,115)
(40,302,152)
(31,614,485)
Profit from disposal of investment property
9
(483,524)
-
(483,524)
-
Profit on contribution of subsidiary
12
(1,100,000)
-
-
-
Impairment of investments in subsidiaries
12
-
-
-
500,000
Impairment of investments accounted for using the equity method
13
-
-
2,000,000
-
Finance costs - net
35
34,146,221
16,072,126
24,319,483
11,850,101
Exchange (gains)/losses
(115,747)
129,287
-
-
219,346,738
185,246,784
125,749,870
120,381,788
Changes in working capital
Decrease / (increase) in inventories
(30,161,487)
(24,179,498)
29,069
(7,896)
Decrease / (increase) in trade and other receivables
(4,812,364)
7,095,891
577,879
3,003,459
Increase / (decrease) in trade and other payables
24,312,384
32,942,297
13,673,767
13,819,296
Increase / (decrease) in provisons
678,592
(591,660)
-
-
Purchases of renting vehicles
(293,415,502)
(225,019,516)
(224,403,240)
(182,371,471)
of which: Finance leasing purchases of renting vehicles
26,899,764
7,476,561
409,733
465,049
Sales of renting vehicles
30
109,737,784
78,435,011
82,530,834
65,365,859
(166,760,829)
(123,840,914)
(127,181,958)
(99,725,704)
Cash generated from / (used in) operations
52,585,909
61,405,870
(1,432,088)
20,656,084
Interest paid
(31,765,605)
(14,691,291)
(25,055,293)
(11,290,994)
Proceeds from sale of derivatives
17
9,226,000
-
9,226,000
-
Income tax paid
(24,642,270)
(14,509,043)
(13,705,171)
(8,354,325)
Net cash generated from / (used in) operating activities
5,404,034
32,205,536
(30,966,552)
1,010,765
Cash flows from investing activities
Payments for acquisition of subsidiaries
12
-
(31,500,000)
-
(40,190,000)
Payments for acquisition of investments accounted for using the equity method
13
(19,705,000)
(2,851,166)
(17,605,000)
(1,755,000)
Payments for other investments
15
(3,196,162)
(21,384,684)
(3,196,162)
(21,974,887)
Payments for property, plant and equipment
7
(18,670,647)
(14,059,110)
(3,396,049)
(5,480,544)
Payments for intangible assets
10
(1,063,060)
(133,771)
(675,079)
(115,237)
Proceeds from sale of property, plant and equipment
7
10,532,945
8,854,621
6,537,959
5,516,350
Proceeds from sale of investment in subsidiaries
12
-
-
-
790,000
Interest received
35
3,701,909
2,303,817
3,191,567
2,118,041
Interest received from loans to related parties
40
43,847
-
-
-
Dividends received
33
890,739
422,100
20,590,739
24,722,100
Loans granted to related parties
40
(15,000)
(1,500,000)
-
-
Net cash generated from / (used in) investing activities
(27,480,429)
(59,848,193)
5,447,975
(36,369,177)
Cash flows from financing activities
Purchases of treasury shares
21
-
(367,256)
-
(367,256)
Proceeds from borrowings
24
307,448,110
319,894,490
192,971,083
271,647,857
of which: New finance leases
25
(26,899,764)
(7,476,561)
(409,733)
(465,049)
Proceeds from securitisation
26
4,400,000
-
4,400,000
-
Repayments of borrowings
24
(186,818,422)
(214,262,923)
(107,293,508)
(180,212,552)
Capital repayments of finance leases
25
(49,614,723)
(27,964,313)
(30,910,166)
(16,096,997)
Repayment of operating leases
25
(8,411,831)
(5,480,045)
(4,037,813)
(3,046,519)
Dividends paid to Company's shareholders
(35,168,897)
(24,074,511)
(31,262,897)
(22,124,511)
Outflow from share capital decrease
21
-
(51,232,587)
-
(51,232,587)
Net cash generated from / (used in) financing activities
4,934,473
(10,963,706)
23,456,966
(1,897,614)
Net increase / (decrease) in cash and cash equivalents
(17,141,922)
(38,606,363)
(2,061,611)
(37,256,026)
Cash and cash equivalents at the beginning of the year
20
93,793,719
115,032,892
29,391,195
66,647,221
Cash and cash equivalents from acquisition of subsidiary
-
17,367,190
-
-
Cash and cash equivalents at the end of the year
76,651,797
93,793,719
27,329,584
29,391,195
The notes on pages 64 to 128 are an integral part of these financial statements.
Annual Financial Report 31.12.2023
64
VI. NOTES TO THE FINANCIAL STATEMENTS
1. Gerenal information
AUTOHELLAS Tourist and Trading Société Anonyme was incorporated in Greece in 1962 and its shares are traded in the “Travel &
Tourism” sector of the Athens Stock Exchange. At the date of approval of the financial statements the company MAIN STREAM S.A.
owns the 61.25% of Autohellas’ shares.
The Group, through its subsidiaries and associates, operates in Greece, Bulgaria, Cyprus, Romania, Serbia, Montenegro, Croatia,
Ukraine, and Portugal.
The Group’s principal activities comprise car rentals and car sales.
The Company’s registered office is at Viltanioti 31, Kifissia, Attica, Greece. The Company’s website address is www.autohellas.gr .
These financial statements were approved by the Board of Directors on 7 March 2024 and are subject to the approval of the
Annual General Meeting of the Shareholders.
The annual financial statements, the independent auditor’s reports and the Board of Directors’ reports of the companies that are
incorporated in the consolidated financial statements of the Group are posted in the Company’s website www.autohellas.gr.
The amounts of the financial statements are presented in Euros, unless otherwise stated.
The financial statements have been prepared based on a going concern basis.
2. Summary of significant accounting policies
2.1 Basis of preparation
These financial statements consist of the standalone financial statements of Autohellas (the “Company”) and the consolidated
financial statements of the Company and its subsidiaries (together “Autohellas” or the “Group”) for the year ended
31 December 2023, in accordance with International Financial Reporting Standards (“IFRS”), as adopted by the European Union
(EU).
These financial statements have been prepared on a historical cost basis with the exception of certain financial assets, certain
classes of property, plant and equipment and investment property which are measured at fair value. The accounting policies have
been consistently applied to all the years presented, unless otherwise stated.
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65
2.2 New standards, amendments to standards and interpretations:
Certain new standards, amendments to standards and interpretations have been issued that are mandatory for periods beginning
on or after 1 January 2023. The Group’s evaluation of the effect of these new standards, amendments to standards and
interpretations is as follows.
(i) Standards and Interpretations effective for the current financial year
▪ IAS 1 (Amendments) ‘Presentation of Financial Statements’ and IFRS Practice Statement 2 ‘Disclosure of Accounting
policies’
(effective for annual periods beginning on or after 1 January 2023)
The amendments require companies to disclose their material accounting policy information and provide guidance on
how to apply the concept of materiality to accounting policy disclosures.
▪ IAS 8 (Amendments) ‘Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting
Estimates’
(effective for annual periods beginning on or after 1 January 2023)
The amendments clarify how companies should distinguish changes in accounting policies from changes in accounting
estimates.
▪ IAS 12 (Amendments) ‘Deferred tax related to Assets and Liabilities arising from a Single Transaction’
(effective for annual periods beginning on or after 1 January 2023)
The amendments require companies to recognise deferred tax on transactions that, on initial recognition, give rise to
equal amounts of taxable and deductible temporary differences. This will typically apply to transactions such as leases
for the lessee and decommissioning obligations.
▪ IAS 12 ‘Income taxes’ (Amendments): International Tax Reform – Pillar Two Model Rules
(effective for annual periods beginning on or after 1 January 2023)
The amendments introduce a mandatory temporary exception from accounting for deferred taxes arising from the
Organisation for Economic Co-operation and Development’s (OECD) international tax reform. The amendments also
introduce targeted disclosure requirements.
The temporary exception applies immediately and retrospectively in accordance with IAS 8, whereas the targeted
disclosure requirements will be applicable for annual reporting periods beginning on or after 1 January 2023.
(ii) Standards and Interpretations effective for subsequent periods
▪ IAS 1 ‘Presentation of Financial Statements’ (Amendments)
(effective for annual periods beginning on or after 1 January 2024)
2020 Amendment ‘Classification of liabilities as current or non-current’
The amendment clarifies that liabilities are classified as either current or non-current depending on the rights that exist
at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the
reporting date. The amendment also clarifies what IAS 1 means when it refers to the ‘settlement’ of a liability.
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66
2022 Amendments ‘Non-current liabilities with covenants’
The new amendments clarify that if the right to defer settlement is subject to the entity complying with specified
conditions (covenants), this amendment will only apply to conditions that exist when compliance is measured on or
before the reporting date. Additionally, the amendments aim to improve the information an entity provides when its
right to defer settlement of a liability is subject to compliance with covenants within twelve months after the reporting
period.
The 2022 amendments changed the effective date of the 2020 amendments. As a result, the 2020 and 2022 amendments
are effective for annual reporting periods beginning on or after 1 January 2024 and should be applied retrospectively in
accordance with IAS 8. As a result of aligning the effective dates, the 2022 amendments override the 2020 amendments
when they both become effective in 2024.
▪ IFRS 16 (Amendment) ‘Lease Liability in a Sale and Leaseback’
(effective for annual periods beginning on or after 1 January 2024)
The amendment clarifies how an entity accounts for a sale and leaseback after the date of the transaction. Sale and
leaseback transactions where some or all the lease payments are variable lease payments that do not depend on an index
or rate are most likely to be impacted. An entity applies the requirements retrospectively back to sale and leaseback
transactions that were entered into after the date when the entity initially applied IFRS 16.
▪ IAS 7 ‘Statement of Cash Flows’ and IFRS 7 ‘Financial Instruments’ (Amendments) - Disclosures: Supplier Finance
Arrangements
(effective for annual periods beginning on or after 1 January 2024)
The amendments require companies to disclose information about their Supplier Finance Arrangements such as terms
and conditions, carrying amount of financial liabilities that are part of such arrangements, ranges of payment due dates
and liquidity risk information. The amendments have not yet been endorsed by the EU.
▪ IAS 21 ‘The Effects of Changes in Foreign Exchange Rates’ (Amendments) - Lack of exchangeability
(effective for annual periods beginning on or after 1 January 2025)
These amendments require companies to apply a consistent approach in assessing whether a currency can be exchanged
into another currency and, when it cannot, in determining the exchange rate to use and the disclosures to provide. The
amendments have not yet been endorsed by the EU.
2.3 Principles of consolidation, equity accounting and business combinations
(i) Subsidiaries
Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when
the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those
returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control
is transferred to the Group. They are deconsolidated from the date that control ceases.
Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised
losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies
of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.
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67
Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated statement of profit or
loss, the statement of other comprehensive income, the statement of changes in equity and the statement of financial position
respectively.
(ii) Business combinations
The acquisition method of accounting is used by the Group to account for all business combinations, regardless of whether equity
instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the:
• fair values of the assets transferred
• liabilities incurred to the former owners of the acquired business
• equity interests issued by the Group
• fair value of any asset or liability resulting from a contingent consideration arrangement, and
• fair value of any pre-existing equity interest in the subsidiary.
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited
exceptions, measured initially at their fair values at the acquisition date. The Group recognises any non-controlling interest in the
acquired entity on an acquisition-by-acquisition basis either at fair value or at the non-controlling interest’s proportionate share
of the acquired entity’s net identifiable assets.
Acquisition-related costs are expensed as incurred.
The excess of the
• consideration transferred,
• amount of any non-controlling interest in the acquired entity, and
• acquisition-date fair value of any previous equity interest in the acquired entity
• over the fair value of the net identifiable assets acquired is recorded as goodwill.
If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised
directly in profit or loss as a bargain purchase.
When the settlement of any part of the cash consideration is deferred, amounts payable in the future are discounted to their
present value on the swap date. The discount rate used is the incremental borrowing rate of the group, which is the rate at which
similar lending could be obtained from an independent financier under comparable terms and conditions. The contingent
consideration is classified as either equity or financial liability. Amounts classified as a financial liability are then remeasured at
fair value, with changes in fair value recognised in profit or loss.
The Group recognises non-controlling interests in an acquiree either at fair value or at the non-controlling interest's proportionate
share of the net identifiable assets of the acquired entity. This decision is made on a per acquisition basis.
(iii) Associates
Associates are all entities over which the Group has significant influence but not control or joint control. This is generally the case
where the Group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity
method of accounting (see (v) below), after initially being recognised at cost.
(iv) Joint arrangements
Under IFRS 11 Joint Arrangements investments in joint arrangements are classified as either joint operations or joint ventures.
The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint
arrangement. The Group has assessed the nature of its joint arrangements and determined them to be joint ventures.
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68
Interests in joint ventures are accounted for using the equity method (see (v) below), after initially being recognised at cost in the
consolidated statement of financial position.
(v) Equity method
Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the
Group’s share of the post-acquisition profits or losses of the investee in profit or loss, and the Group’s share of movements in
other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates
and joint ventures are recognised as a reduction in the carrying amount of the investment.
When the Group’s share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any
other unsecured long-term receivables, the Group does not recognise further losses, unless it has incurred obligations or made
payments on behalf of the other entity.
Unrealised gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the
Group’s interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment
of the asset transferred. Accounting policies of equity accounted investees have been changed where necessary to ensure
consistency with the policies adopted by the Group.
The carrying amount of equity-accounted investments is tested for impairment in accordance with the policy described in 2.9
below.
The Company accounts for investments in associates and joint ventures using the historical cost method.
(vi) Changes in ownership interests
Transactions with non-controlling interests that do not result in change of control are accounted for as equity transactions. A
movement in participation rates leads to an adjustment of controlling and non controlling interest's book value so as to reflect
the relation among the participations in the subsidiary. Any difference between the adjustment of non controlling interest and
the fair value of any consideration paid or received is recorded in a separate reserves account in equity.
When the Group ceases to consolidate or equity account for an investment because of a loss of control, joint control or significant
influence, any retained interest in the entity is remeasured to its fair value with the change in carrying amount recognised in profit
or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest
as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income
in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean
that amounts previously recognised in other comprehensive income are reclassified to profit or loss.
If the ownership interest in a joint venture or an associate is reduced but joint control or significant influence is retained, only a
proportionate share of the amounts previously recognised in other comprehensive income are reclassified to profit or loss where
appropriate.
The Company accounts for investments in subsidiaries, associates and joint ventures in its standalone financial statements at cost
less impairment.
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69
2.4 Segment reporting
The segments are determined on the basis of internal reporting to the Group’s Board of Directors (as chief operating decision
maker) which makes strategic decisions based on its assessment of performance and position of the Group.
Consequently, segment information is presented in the consolidated financial statements in respect of the Group’s car leasing and
car sales and related service activities in Greece and abroad.
2.5 Foreign currency translation
(i) Functional and presentation currency
Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic
environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in Euros
(EUR), which is Autohellas’ functional and presentation currency.
(ii) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions.
Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets
and liabilities denominated in foreign currencies at year end exchange rates are generally recognised in profit or loss.
Foreign exchange gains and losses are recognised on a net basis in the results in other gains/(losses) except for foreign exchange
gains or losses related to borrowings which are recognised in the results in finance costs.
Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date
when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of
the fair value gain or loss.
Exchange differences from equity securities, measured at fair value through Profit or Loss are recognised in the results, while
those from equity securities measured at fair value through other comprehensive income are recognised in Other Comprehensive
Income.
(iii) Group Companies
The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have
a functional currency different from the presentation currency are translated into the presentation currency as follows:
• assets and liabilities for each statement of financial position presented are translated at the closing rate at the date
of that statement of financial position
• income and expenses for each statement of profit or loss and statement of other comprehensive income are
translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the
rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the
transactions),
• the resulting exchange differences are recognised in other comprehensive income, and
• the share capital and reserves are translated at the exchange rates in force on the dates of the transactions
When a foreign operation is sold or any borrowings forming part of the net investment are repaid, the associated exchange
differences are reclassified to profit or loss, as part of the gain or loss on sale.
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2.6 Revenue recognition
Revenue represents the fair value of the consideration received or receivable for the sale of goods and services in the ordinary
course of business of the Group.
(i) Operating lease income
Leasing income from operating lease instalments is recognised on a straight-line basis over the lease term, based on the total of
the contractual payments divided by the number of months of the lease term. End of contract fees may consist of fees charged to
clients for deviations from the contractual terms related to contract duration, excess of mileage and extensive wear and tear of
the vehicle. The fees are recognised upon termination of the lease contract.
(ii) Revenue from rents on buildings/land
Rental revenues are recognised on a straight-line basis over the term of the rental agreement.
(iii) Finance lease & other interest income
Interest income from finance lease contracts is recognised using the effective interest method. Payments collected from the lease
are allocated between reducing the net investment in the lease and recognising interest income. Other interest income mainly
includes income from interest-bearing assets, which is recognised using the effective interest method.
(iv) Vehicles and spare parts sales
Vehicle and Spare Cars sales include revenue from the sale of new and used cars of the auto-trade sector, sales of used cars upon
termination of their lease contract and sales of new vehicle spare cars. Revenue from vehicle sales are recognised when ownership
is transferred.
(v) Other services income and commissions
Additional services include fees charged for fleet management services, repair & maintenance services, damage & insurance
services, charges for car transportation and preparation services during sale, charges for the issuance of car certificates and
registration. Commissions include fees for mediating customer financing with financial institutions. Revenue from fleet
management services is recognised on a straight-line basis.
(vi) Dividends
Dividends are accounted as income, when the right to receive payment is established, in other words on the date the dividends
are declared and approved.
(vii) Revenue Recognition
The Group recognises revenue, other than revenue from car rentals recognised in accordance with IFRS 16, upon transfer of
promised goods or services to customers in amounts that reflect the consideration to which the Group expects to be entitled in
exchange for those goods or services based on the following five step approach:
Step 1: Identify the contracts with customers
Step 2: Identify the performance obligations in the contract
Step 3: Determine the transaction price
Step 4: Allocate the transaction price to the performance obligations in the contract
Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation
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2.7 Income tax
The income tax expense or credit for the period is the tax payable on the current period’s taxable income based on the applicable
income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences
and to unused tax losses.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the
reporting period in the countries where the Company and its subsidiaries and associates operate and generate taxable income.
Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is
subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax
authorities.
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets
and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not
recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial
recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects
neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted
or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset
is realised or the deferred income tax liability is settled.
The deferred tax liability in relation to investment property that is measured at fair value is determined assuming the property
will be recovered entirely through sale.
Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary
differences and losses.
Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax bases of
investments in foreign operations where the company is able to control the timing of the reversal of the temporary differences
and it is probable that the differences will not reverse in the foreseeable future.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and
when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the
entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the
liability simultaneously.
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other
comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in
equity, respectively.
2.8 Leases
(i) The Group as a lessee
The Group recognises for all leases a right-of-use asset as well as a corresponding lease liability, at the date on which the leased
asset is available for use by the Group. Each lease payment is divided between the liability and the finance cost.
Right-of-use assets and lease liabilities arising from the lease are initially measured at present value. Lease liabilities include the
net present value of the following leases:
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72
▪ fixed rents (including substantially fixed payments), reduced by any lease receivable
▪ floating rates that depend on an index or interest rate, which are initially measured using the index or interest rate at the
start of the lease term
▪ rentals related to extension rights that are likely to be exercised.
▪ amounts expected to be paid by the group based on guaranteed residual values
▪ price of purchase option, if it is probable that the Group will exercise that option, and
▪ payment of a penalty for termination of the lease if the duration of the lease indicates that Group will exercise the right to
terminate the lease.
Lease payments are discounted using the interest rate included in the lease. If this rate cannot be directly determined, the
incremental borrowing rate is used, that is, the rate at which the lessee would be liable if he borrowed the necessary funds to
purchase similar asset, for a similar period, with similar collateral and in a similar economic environment.
After their initial recognition, lease liabilities are increased for financial cost and reduced by lease payments.
The cost of the right to use the asset consists of:
▪ the amount of the initial measurement of the lease liability
▪ any rents paid at the start date of the lease period or earlier, less any incentives leases have received
▪ any initial direct costs incurred by the lessee and
▪ an estimate of the costs incurred by the lessee in disassembling and removing the underlying asset, restoring the premises
where it has been located or restoring the underlying asset in the condition provided by the terms and conditions of the
lease.
Right of use assets are depreciated using the straight-line method over the shorter of the useful life of the asset and the lease
term. When the valuation of the present value has been done under assumption that lease will exercise option to purchase
underlying asset, then the right of use is amortised over the useful life of the underlying asset.
Payments related to short-term leases for all categories of assets other than airport premises and low-value leases are recognised
using the straight-line method as an expense. Short-term leases are leases of twelve months or less.
(ii) Group as lessor
Leases where substantially all the risks and rewards incidental to ownership of an asset are not transferred to the lessee are
classified as operating leases.
Income from operating leases, where the Group is the lessor, is recognised equally over the entire lease period.
Leases where substantially all the risks and rewards incidental to ownership of an asset are transferred to the lessee are classified
as finance leases. The Group as a lessor records a finance lease receivable at the amount of its net investment which equals the
present value of the future minimum lease payments receivable (including any guaranteed residual value by the lessee) and the
unguaranteed residual value accruing to the Group, after any accumulated impairment losses. The finance lease receivables are
presented within the caption ‘Trade and other receivables’.
Unearned finance income is the difference between the gross investment in the lease and the net investment in the lease. Over
the lease term, the instalments charged to the clients are apportioned between a reduction in the net investment in the lease and
finance lease income.
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All cars under long-term and short-term operating leases are included in property, plant and equipment and rights-of-use assets.
2.9 Impairment of assets
Goodwill is not subject to amortisation and is tested annually for impairment, or more frequently if events or changes in
circumstances indicate that it might be impaired.
Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not
be recoverable. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable
amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of
assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are
largely independent of the cash inflows from other assets or groups of assets (cash-generating units).
Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the
end of each reporting period.
2.10 Cash and cash equivalents
For presentation purposes in the statement of cash flows, cash and cash equivalents include cash, demand deposits and other
highly liquid short-term investments with maturities of up to three months, which can be immediately converted into specified
amounts of cash and which are subject to immaterial risk of change in their value
2.11 Trade receivables
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They
are generally due for settlement within 30 days and therefore are all classified as current. Trade receivables are recognised initially
at the amount of consideration that is unconditional unless they contain significant financing components, when they are
recognised at fair value. The Group holds the trade receivables with the objective to collect the contractual cash flows and
therefore measures them subsequently at amortised cost using the effective interest method.
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest
method, less loss allowance. See note 4.1 for a description of the Group’s impairment policies.
2.12 Inventories
Inventories are stated at the lower of cost and net realisable value. Costs are assigned to new and used cars on the basis of their
individual cost while costs are assigned to spare parts on the basis of weighted average costs. Net realisable value is the estimated
selling price in the ordinary course of business less the estimated costs necessary to make the sale.
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2.13 Investments and other financial assets
(i) Classification
The Group classifies its financial assets in the following measurement categories:
• those to be measured subsequently at fair value (either through OCI or through profit or loss), and
• those to be measured at amortised cost.
Financial assets with embedded derivatives are treated as a whole for SPPI testing and classification purposes (Solely Payments of
Principal and Interest) on the principal amount outstanding.
The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash
flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income. For
investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable
election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income
(FVOCI).
The Group reclassifies debt instruments when and only when its business model for managing those assets changes.
(ii) Recognition and derecognition
Regular way purchases and sales of financial assets are recognised on trade-date, the date on which the Group commits to
purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have
expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership.
(iii) Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value
through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction
costs of financial assets carried at FVPL are expensed in profit or loss.
(a) Debt instruments
Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the cash flow
characteristics of the asset. The Group measures its debt instruments at fair value through other comprehensive income or
through profit or loss. Interest income from these financial assets is included in finance income using the effective interest rate
method.
(b) Equity instruments
The Group subsequently measures all equity investments at fair value. Where the Group’s management has elected to present
fair value gains and losses on equity investments in other comprehensive income, there is no subsequent reclassification of fair
value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue
to be recognised in profit or loss as other income when the Group’s right to receive payments is established.
Changes in the fair value of financial assets at fair value through profit or loss are recognised in other gains/(losses) in profit or
loss as applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at fair value through
other comprehensive income are not reported separately from other changes in fair value.
Annual Financial Report 31.12.2023
75
Details on how the fair value of financial instruments is determined are disclosed in note Error! Reference source not found..
(iv) Impairment
The Group assesses on a forward looking basis the expected credit losses associated with its debt instruments carried at amortised
cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk.
For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to
be recognised from initial recognition of the receivables. See note 4.1 for further details.
2.14 Property, plant and equipment
Land and buildings are recognised at fair value based on periodic valuations, every 1 to 2 years, by external independent valuers,
less subsequent depreciation for buildings. A revaluation surplus is credited to fair value reserves in shareholders’ equity. All other
property, plant and equipment is recognised at historical cost less depreciation. Historical cost includes expenditure that is directly
attributable to the acquisition of the items.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is
probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured
reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs
and maintenance are charged to profit or loss during the reporting period in which they are incurred.
Increases in the carrying amounts arising on revaluation of land and buildings are recognised, net of tax, in other comprehensive
income and accumulated in reserves in shareholders’ equity. To the extent that the increase reverses a decrease previously
recognised in profit or loss, the increase is first recognised in profit or loss. Decreases that reverse previous increases of the same
asset are first recognised in other comprehensive income to the extent of the remaining surplus attributable to the asset; all other
decreases are charged to profit or loss.
Land is not depreciated. Depreciation on the remaining property, plant & equipment categories is calculated using the straight-
line method to allocate their cost or revalued amounts, net of their residual values, over their estimated useful lives as follows:
Asset category
Estimated
useful lives
Buildings
20 - 25 years
Machinery
6 years
Vehicles
6 - 8 years
Furniture, fittings and equipment
10 years
IT equipment
5 years
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than
its estimated recoverable amount (note 2.9).
Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in profit or loss.
When revalued assets are sold, the Group transfers any amounts included in other reserves in respect of those assets to retained
earnings.
Annual Financial Report 31.12.2023
76
2.15 Investment property
Property that is held for long-term rental yields or for capital appreciation or both, and that is not occupied by the Group, is
classified as investment property. In its standalone financial statements, the Company classifies all land and buildings rented to
subsidiaries as investment property. Investment properties consist of land and buildings that are rented either to subsidiaries and
related parties of the Group or to third parties.
Investment property is measured initially at cost. After initial recognition, investment property is carried at fair value.
2.16 Intangible assets
(i) Goodwill
Goodwill is measured as described in note 2.3. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is
not amortised but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it
might be impaired, and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include
the carrying amount of goodwill relating to the entity sold.
Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-
generating units or groups of cash-generating units that are expected to benefit from the business combination in which the
goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitored for internal
management purposes, being the operating segments as presented in note 11.
(ii) Acquired software
Acquired software is recognised at cost less depreciation and any impairments. They are depreciated using the straight-line
method over their estimated useful lives of 10 - 20 years.
(iii) Franchise agreement
The trademark franchise agreement concerns the commercial cooperation between the licensor and the licensee and is recognised
in the intangible assets at present value. It is then amortised using the straight-line method over the term of the contract.
2.17 Trade and other payables
These amounts represent liabilities for goods and services provided to the Group prior to the end of financial year which are
unpaid. The amounts are usually paid within 6 months of recognition. Trade and other payables are presented as current liabilities
unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and
subsequently measured at amortised cost using the effective interest method.
2.18 Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at
amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit
or loss over the period of the borrowings using the effective interest method.
Borrowings are derecognised from the statement of financial position when the obligation specified in the contract is discharged,
cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred
to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit
or loss as finance costs.
Annual Financial Report 31.12.2023
77
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at
least 12 months after the reporting period.
2.19 Employee benefits
(i) Short-term obligations
Liabilities for wages and salaries that are expected to be settled wholly within 12 months after the end of the period in which the
employees render the related service are recognised in respect of employees’ services up to the end of the reporting period and
are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented within other
payables in the statement of financial position.
(ii) Post-employment obligations
Post-employment obligations are related with defined benefit and defined contribution pension plans.
The liability or asset recognised in the statement of financial position in respect of defined benefit pension plans is the present
value of the defined benefit obligation at the end of the reporting period. The defined benefit obligation is calculated annually by
independent actuaries using the projected unit credit method.
The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest
rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms
approximating to the terms of the related obligation.
The interest cost is calculated by applying the discount rate to the balance of the defined benefit obligation. This cost is included
in employee benefit expense in the profit or loss.
Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the
period in which they occur, directly in other comprehensive income. They are included in retained earnings in the statement of
changes in equity and in the statement of financial position.
Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognised
immediately in profit or loss as past service costs.
For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a
mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid.
The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an
asset to the extent that a cash refund or a reduction in the future payments is available.
(iii) Termination benefits
Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or when an
employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits at the earlier
of the following dates: (a) when the Group can no longer withdraw the offer of those benefits; and (b) when the entity recognises
costs for a restructuring that is within the scope of IAS 37 and involves the payment of terminations benefits. In the case of an
offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees
expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to
present value.
Annual Financial Report 31.12.2023
78
2.20 Share capital
Share capital comprises the ordinary shares of the Company. Ordinary shares are classified as equity. Incremental costs directly
attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds.
Where the Company reacquires its own equity instruments ('treasury shares'), the consideration paid, including any directly
attributable incremental costs (net of income taxes) is deducted from equity attributable to the Company’s equity holders as
treasury shares until the shares are cancelled or reissued. Where such ordinary shares are subsequently reissued, any
consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is
included in equity attributable to the Company’s equity holders.
2.21 Dividend distribution
Dividend distribution to the Company’s shareholders is recognised as a liability in the Group’s financial statements in the period
in which the dividends are approved by the General Meeting of the shareholders.
2.22 Earnings per share
(i) Basic earnings per shares
Basic earnings per share is calculated by dividing the profit attributable to owners of the Company by the weighted average
number of ordinary shares outstanding during the financial year excluding treasury shares.
(ii) Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account:
• the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and
• the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion
of all dilutive potential ordinary shares.
2.23 Rounding of amounts
All amounts disclosed in the financial statements and notes have been rounded off to the nearest currency unit unless otherwise
stated.
2.24 Provisions
Provisions for legal claims, service warranties and make good obligations are recognised when the group has a present legal or
constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation,
and the amount can be reliably estimated.
Provisions are not recognised for future operating losses. Where there are a number of similar obligations, the likelihood that an
outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised
even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.
Annual Financial Report 31.12.2023
79
2.25 Derivative financial instruments and hedge accounting
Derivatives are initially recognised at fair value on the date of entering into a derivative contract and then remeasured at fair value
at the end of each accounting period. Accounting for subsequent changes in fair value depends on whether the derivative is
designated as a hedging instrument and, if so, the nature of the item being hedged. The group identifies certain derivatives as an
interest rate hedge related to the cash flows of the recognised loans (cash flow hedge). At the inception of the hedging
relationship, the group documents the financial relationship between the hedging instruments and the hedged items, including
whether the changes in the cash flows of the hedging instruments are expected to offset the changes in the cash flows of the
hedged items. The group documents the scope of its risk management and strategy for undertaking hedging transactions. The fair
values of derivative financial instruments specified in hedging relationships are disclosed in note 17. The movements of the
hedging reserve in equity are shown in note 22.
(i) Derivatives that meet the hedging requirements
The effective part of the changes in fair value of derivatives that are designated and characterised as accounting cash flow hedges
is recognised under cash flow hedge reserve in equity. The profit or loss relating to the ineffective part is recognised immediately
under profit or loss in “Other gains/(losses) - net”.
The amounts accumulated in equity are reclassified in periods when the hedged item affects profits or losses. Profits or losses
related to the effective part of interest rate swaps that offset the floating rate loans are recognised in the results under financial
expenses at the same time as the interest expense of the hedged loans.
When a hedging instrument expires or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting,
any accumulated deferred gain or loss has been recognised in equity at that time remains in equity until the respective hedged
cash flows affect profit or loss. In addition, if the cash flows of the hedged items are no longer expected to rise, the accumulated
profit or loss that has been recognised in equity is reclassified immediately under profit or loss.
(ii) Derivatives that do not qualify for hedge accounting
Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that
does not qualify for hedge accounting are recognised immediately in the profit or loss statement and are included under Other
gains/(losses).
3. Critical estimates, judgements and errors
The preparation of financial statements in accordance with IFRS requires the use of certain significant accounting estimates and
the exercise of judgment by Management in the process of applying the accounting principles. It also requires the use of
calculations and assumptions that affect the amounts of assets and liabilities, the disclosure of contingent claims and liabilities at
the date of the financial statements, and the amounts of income and expenses during the reporting period. Although these
calculations are based on management's best knowledge of current conditions and activities, actual results may ultimately differ
from these calculations. Areas involving complex transactions involving a high degree of subjectivity or assumptions and estimates
that are material to the financial statements are noted below.
Estimates and judgements are continually evaluated. They are based on historical experience and other factors, including
expectations of future events that may have a financial impact on the entity and that are believed to be reasonable under the
circumstances.
This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are
more likely to be materially adjusted due to estimates and assumptions turning out to be wrong.
Annual Financial Report 31.12.2023
80
(i) Estimation of current tax payable and current tax expense
The Group is subject to income taxes in various jurisdictions. There are many transactions and calculations for which the ultimate
tax determination cannot be assessed with certainty in the ordinary course of business. The Group recognises a provision for
potential cases that might arise in the foreseeable future based on assessment of the probabilities as to whether additional taxes
will be due. Where the final tax outcome on these matters is different from the amounts that were initially recorded, such
differences will impact the income tax provision in the period in which such determination is made.
(ii) Estimated goodwill impairment
The Group tests whether goodwill has suffered any impairment on an annual basis. For 2022 and 2021, reporting period, the
recoverable amount of the cash generating units (CGUs) was determined based on value-in-use calculations which require the use
of assumptions. The calculations use cash flow projections based on financial budgets approved by management covering a five-
year period. Cash flows beyond the five-year period are extrapolated using estimated growth rates that are consistent with
forecasts specific to the industry in which each CGU operates. The sensitivity to estimates and assumptions used is presented in
note 11.
(iii) Estimation of pension benefit obligation
The Group provides pension benefit plans as an employee benefit in certain territories. Determining the value of these plans
requires several actuarial assumptions and estimates about discount rates, future salary increases and future pension increases.
Due to the long-term nature of these plans, such estimates are subject to significant uncertainty.
(iv) Useful lives and residual values of vehicles
Vehicles are depreciated over their estimated useful lives based on their estimated residual values. These estimates are reviewed
taking into account relevant market related factors. Given market volatility and the large number of different vehicles, the
estimation of the residual values involves a high degree of judgement. A change in these accounting estimates leads to a change
in depreciation which will have an effect in the current period and/or is expected to have an impact in subsequent periods.
(v) Estimation of fair values of land and buildings and investment property
The Group assigns independent valuations of investment property, land and buildings which are classified as tangible assets in
order to determine their fair value.
Fair value is based on active market prices, adjusted if necessary, for differences in the nature, geography or status of the specific
asset. If this information is not available, the Group applies alternative valuation methods, such as recent prices in less active
markets or discounted cash flow projections. Valuations are performed by professional appraisers possessing recognised and
relevant professional qualifications and have recent experience in the geographic location and in the category of the investment
properties under valuation.
Disclosures relating to the determination of fair values and the valuation techniques used are presented in note 5.
(vi) Impairment of financial assets
The loss allowances for financial assets are based on assumptions about risk of default and expected loss rates. The Group uses
judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Group’s past history,
existing market conditions as well as forward looking estimates at the end of each reporting period. Details of the key assumptions
and inputs used are disclosed in note 4.1.
Annual Financial Report 31.12.2023
81
(vii) Impairment of investments in subsidiaries
Investments in subsidiaries are reviewed for impairment when events or changes in circumstances indicate that their carrying
amount may not be recoverable, in accordance with the accounting policy stated in note 2.9.
(viii) Business combinations
On the acquisition of a company or business, a determination of the fair value and the useful lives of tangible and intangible
assets acquired is performed, which requires the application of judgement. Future events could cause the assumptions used by
the Group to change which could have an impact on the results and net position of the Group. Further information on business
combination is given in note 2.3 and note 12
4. Financial risk management
4.1 Financial risk factors
The Group’s activities expose it to a variety of financial risks: market risk (including foreign currency risk, cash flow and fair value
interest rate risk and price risk), credit risk and liquidity risk. The Group’s overall risk management programme focuses on the
volatility of financial markets and seeks to minimise potential adverse effects on the Group’s cash flows.
The Group’s risk management is predominantly controlled by a central treasury department (group treasury) under policies
approved by the Board of Directors. Group treasury identifies, evaluates and hedges financial risks in close co-operation with the
Group’s operating units. The board provides written principles for overall risk management, as well as policies covering specific
areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative
financial instruments, and investment of excess liquidity.
(i) Market risk
(a) Foreign exchange risk
The Group is exposed to the effect of foreign currency risk on future transactions, recognised monetary assets and liabilities that
are denominated in currencies other than the local entity’s functional currency, as well as net investments in foreign operations.
The Group, via its subsidiaries, is operating in Bulgaria, Romania, the Republic of Serbia and in Montenegro, while also maintaining
operations in Cyprus, Ukraine and Croatia. The existing operations of the Group abroad refer both in short-term and long-term
leases of cars. Due to these operations, the Group transacts with clients and suppliers and holds assets and liabilities which are
expressed in different currencies than the Euro, which is the reporting currency of the Group. More specifically, the Group’s
subsidiaries in Romania, the Republic of Serbia, Croatia and Ukraine have liabilities/assets in RON, RSD, HRK and UAH respectively.
However, these subsidiaries do not expose the Group to a material exchange rate risk due to their size and the currencies that
they use.
(b) Cash flow risk due to changes in interest rates
In 2023, 96.2% of the Group's bank borrowings and 95.4% of the Company's bank borrowings are at floating rates (2022: 95.5%
and 99.3% respectively). As a consequence the cost of borrowing is based on fluctuating interest rates which expose the Group to
cash flow risk due to changes in interest rates. As a hedge of interest rate risk, the Group has entered into interest rate swaps to
hedge the interest rate risk for the amount of 150 million euros during the year. As at 31.12.2023 the interest rate swaps amounted
to €125 million.
Annual Financial Report 31.12.2023
82
The Group's and the Company's overall exposure to changes in interest rates comes from financing through bank borrowing,
finance leases and securitisation of receivables and amounts at the end of the reference period to:
Group
Company
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Total financing
656,400,724
581,070,623
546,901,957
487,194,581
Sensitivity analysis of floating interest rates
The results of the Group and the Company are affected by fluctuations in interest income from cash and cash equivalents and in
financing interest expenses due to changes in interest rates.
Impact on profit before tax:
Group
Company
2023
2022
2023
2022
Interest rates – increase by 50 bps
(2,964,875)
(2,501,371)
(2,513,755)
(2,232,787)
Interest rates – decrease by 50bps
2,964,875
2,501,371
2,513,755
2,232,787
The accounting policy for interest rate risk hedging is described in note 2.25.
(c) Price risk
The Group’s exposure to equity securities price risk arises from investments held by the Group and classified in the statement of
financial position either as at fair value through other comprehensive income (note 15) or at fair value through profit or loss (note
16).
The Group’s equity investments that are publicly traded on the Athens Stock Exchange are classified as at fair value through other
comprehensive income.
(ii) Credit risk
(a) Risk management
Credit risk arises from cash and cash equivalents, as well as credit exposures to wholesale and retail customers, including
outstanding receivables.
If wholesale customers are independently rated, these ratings are used. Otherwise, if there is no independent rating, credit control
assesses the credit quality of the customer, taking into account its financial position, past experience and other factors. Individual
risk limits are set based on internal or external ratings in accordance with limits set by the board. The compliance with credit limits
by wholesale customers is regularly monitored by line management.
Annual Financial Report 31.12.2023
83
There are no significant concentrations of credit risk. Sales to retail customers are required to be settled in cash or using major
credit cards, mitigating credit risk. Wholesale operations are conducted after the assessment of the credit-worthiness of the
counterparty, while in most cases, guarantees are received. At the same time, the Company and its subsidiaries continuously
monitor the aging of their claims and take necessary action, as the case may be. Cash and cash equivalents of the company and
its Greek subsidiaries, that represent around 80% of the Group’s total cash and cash equivalents are invested in Greek systemic
financial institutions. As far as foreign subsidiaries are concerned, cash and cash equivalents are invested mainly to local
subsidiaries of international, investment-grade, financial institutions with high credit ratings. Cash and cash equivalents are
invested for short-term. Potential credit risk is also present in the Group's cash flows. Additionally, in most of these cases, the
Group has debt obligations of a higher amount.
(b) Security of claims
For the majority of trade receivables from wholesale customers, the Group obtains security in the form of guarantees which can
be offset with the claimed amounts if the counterparty is in default under the terms of the agreement.
(c) Impairment of financial assets
The Group has the following types of financial assets that are subject to the expected credit loss model:
• Trade receivables
•Finance lease receivables
While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified impairment loss was
immaterial.
Trade receivables and lease receivables
The Group applies the simplified approach of IFRS 9 for the calculation of expected credit losses, in which an expected loss
provision is used for the entire life of trade receivables and finance lease receivables..
Expected loss rates are based on the sales payment profile for a 12-month period prior to 31 December 2023 and the
corresponding historical credit losses incurred during that period. Historical loss rates are adjusted to reflect current and future
information about macroeconomic factors affecting customers' ability to repay their obligations.
Based on the above, the loss provision for the Group and the Company was determined as follows for both trade receivables and
car lease receivables:
Group
31.12.2023
31.12.2022
Note
Expected
loss rate
Gross carrying
amount
Expected
loss rate
Gross carrying
amount
Current
3.68%
91,320,477
2.49%
64,514,884
More than 30 days past due
16.49%
2,465,779
7.01%
2,854,124
More than 60 days past due
32.51%
811,785
11.03%
1,374,178
More than 90 days past due
62.92%
643,957
27.89%
658,852
More than 120 days past due
84.85%
6,307,420
75.79%
9,075,629
Total trade receivables
18
9.64%
101,549,418
11.49%
78,477,667
Loss allowance
18
9,786,688
9,019,863
Annual Financial Report 31.12.2023
84
Company
31.12.2023
31.12.2022
Note
Expected
loss rate
Gross carrying
amount
Expected
loss rate
Gross carrying
amount
Current
1.93%
50,093,925
2.78%
40,347,072
More than 30 days past due
4.88%
742,089
4.56%
449,007
More than 60 days past due
13.24%
142,603
6.47%
136,346
More than 90 days past due
17.90%
63,639
8.80%
76,002
More than 120 days past due
78.35%
1,849,029
95.25%
1,437,010
Total trade receivables
18
4.69%
52,891,285
5.95%
42,445,437
Loss allowance
18
2,481,236
2,525,910
The loss allowances movement for trade and lease receivables reconcile is as follows:
Group
Company
2023
2022
2023
2022
Balance at the beginning of the year
9,019,863
7,296,551
2,525,910
2,220,711
Increase in loss allowance recognised in profit or
loss during the year
914,235
848,387
-
602,239
Write-off of loss allowance on receivables deemed
irrecoverable
(55,607)
(1,486,394)
(44,674)
(297,040)
Unused amount reversed
(82,184)
(430,584)
-
-
Acquisition of subsidiary
-
2,792,294
-
-
Exchange differences
(9,619)
(391)
-
-
Balance at the end of the year
9,786,688
9,019,863
2,481,236
2,525,910
Trade receivables and lease receivables are written off when there is no reasonable expectation of recovery. Indicators that there
is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the
Group, and a failure to make contractual payments for a reasonable period of time.
Impairment losses on trade receivables and lease receivables are presented as net impairment losses within operating profit.
Subsequent recoveries of amounts previously written off are credited against the same line item.
Other financial assets at amortised cost
There are no other financial assets at amortised cost which include loans to related parties and key management personnel and
other receivables.
(iii) Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding
through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. At
the end of the reporting period the Group held deposits at call of €76.651.797 (2022 - €93.793.719) that are expected to readily
generate cash inflows for managing liquidity risk. Due to the dynamic nature of the underlying businesses, the Group maintains
flexibility in funding by maintaining availability under committed credit lines. In addition, the Company through Securitisation of
Future Receivables has assured the financing for the purchase of long-term lease vehicles.
Annual Financial Report 31.12.2023
85
(a) Financing arrangements
The Group and the Company had access to the following undrawn borrowing facilities at the end of the reporting period:
Group
Company
2023
2022
2023
2022
Unused bank credit lines
411,801,021
312,739,272
311,315,876
243,397,183
The bank overdraft facilities may be drawn at any time and may be terminated by the bank without notice, while the bank loan
facilities may be drawn at any time and have an average maturity of 3 – 5 years.
(b) Maturities of financial liabilities
The tables below analyse the Group’s and the Company’s financial liabilities into relevant maturity groupings based on their
contractual maturities. The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12
months equal their carrying balances as the impact of discounting is not significant.
Maturity of borrowings in fair value, including interest, as of 31.12.2023 and 2022 for the Company and the Group is as follows:
Group
31 December 2023
Trade and
other
payables
Borrowings
& grant
Securitisation
Finance lease
liabilities
Operating
lease
liabilities
Total
Within 1 year
241,729,116
65,953,394
45,174,444
16,677,526
4,626,144
374,160,624
Between 1 and 5 years
2,696,778
405,318,458
146,825,095
25,393,733
9,928,559
590,162,623
Over 5 years
-
20,474,269
-
-
1,122,114
21,596,383
Total contractual
cash flows
244,425,894
491,746,121
191,999,539
42,071,259
15,676,817
985,919,630
Carrying amount
244,425,894
437,096,703
180,000,000
39,304,021
14,519,191
915,345,809
31 December 2022
Trade and
other
payables
Borrowings
Securitisation
Finance lease
liabilities
Operating
lease
liabilities
Total
Within 1 year
211,507,347
60,109,993
87,003,715
24,706,452
5,875,609
389,203,116
Between 1 and 5 years
1,831,507
346,351,441
100,329,307
35,273,608
8,175,052
491,960,915
Over 5 years
-
1,490,663
-
-
1,224,413
2,715,076
Total contractual
cash flows
213,338,854
407,952,097
187,333,022
59,980,060
15,275,074
883,879,107
Carrying amount
213,338,854
348,716,051
175,600,000
56,754,572
14,179,867
808,589,344
Annual Financial Report 31.12.2023
86
Company
31 December 2023
Trade and
other
payables
Borrowings
& grant
Securitisation
Finance lease
liabilities
Operating
lease
liabilities
Total
Within 1 year
111,704,843
31,843,479
45,174,444
1,593,201
1,555,284
191,871,251
Between 1 and 5 years
-
360,907,801
146,825,095
984,335
2,791,600
511,508,831
Over 5 years
-
20,474,269
-
-
924,433
21,398,702
Total contractual
cash flows
111,704,843
413,225,549
191,999,539
2,577,536
5,271,317
724,778,784
Carrying amount
111,704,843
364,403,888
180,000,000
2,498,069
4,849,235
663,456,035
31 December 2022
Trade and
other
payables
Borrowings
Securitisation
Finance lease
liabilities
Operating
lease
liabilities
Total
Within 1 year
95,965,874
34,324,042
87,003,715
16,670,782
3,285,694
237,250,107
Between 1 and 5 years
-
293,668,792
100,329,307
17,618,184
1,441,270
413,057,553
Over 5 years
-
1,490,659
-
-
712,955
2,203,614
Total contractual
cash flows
95,965,874
329,483,493
187,333,022
34,288,966
5,439,919
652,511,274
Carrying amount
95,965,874
278,596,079
175,600,000
32,998,502
5,208,635
588,369,090
4.2 Capital management
(i) Risk management
The Group’s objectives when managing capital are to
▪ safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and
benefits for other stakeholders, and
▪ maintain an optimal capital structure to reduce the cost of capital
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return
capital to shareholders, issue new shares or sell assets to reduce debt
In consistency with market practices, the Group monitors capital on the basis of the following gearing ratio:
Net debt (as the difference between cash and cash equivalents and borrowings, including finance lease liabilities and
securitisation)
divided by
Total “Equity” (as shown in the statement of financial position, including non-controlling interests)
During 2023, the Group’s strategy was to maintain a gearing ratio within 1 to 2 for both the Group and the Company. The gearing
ratios at 31 December 2023 and 31 December 2022 were as follows:
Annual Financial Report 31.12.2023
87
Group
Company
Note
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Borrowings
24
433,623,273
348,716,051
360,930,458
278,596,079
Grants
24
3,473,430
-
3,473,430
-
Finance lease liabilties
25
39,304,021
56,754,572
2,498,069
32,998,502
Securitisation
26
180,000,000
175,600,000
180,000,000
175,600,000
Less: Cash and cash equivalents
20
(76,651,797)
(93,793,719)
(27,329,584)
(29,391,195)
Net debt
579,748,927
487,276,904
519,572,373
457,803,386
Total equity
455,888,226
344,959,144
334,710,045
244,529,615
Gearing ratio
1.27
1.41
1.55
1.87
(a) Loan covenants
Under the terms of the major borrowing facilities, the Group is required to comply with the following financial covenants:
• Net debt to Equity
• Net debt to Earnings before tax, financing & investing activities, depreciation & amortisation (EBITDA)
• Earnings before tax, financing & investing activities (EBIT) to Net Finance Costs
• Earnings before tax, financing & investing activities, depreciation & amortisation (EBITDA) to Net Finance Costs
• Total Liabilities to Equity
• Total Liabilities less Cash and cash equivalents to Equity
The Group is in compliance with these covenants throughout the reporting period.
(b) Externally imposed capital requirements regarding equity
There are certain limitations regarding equity, deriving from current Societe Anonyme legislation and in particular from Law
4548/2018. The limitations are as follows:
• The purchase of own shares - with the exception of purchasing shares with sole purpose to be distributed among its´
employees - cannot exceed 10% of the company’s share capital and cannot result in the reduction of equity to an amount less
than the amount of the share capital increased by the reserves, for which distribution is forbidden by law.
• In case where total equity of the Company becomes less than half (1/2) of the capital, the Board of Directors is obliged to
convene the general meeting, within a period of six (6) months from the end of the year, on the dissolution of the company
or the adoption of another measure. The auditors of the Company have the same obligation, if the Board of Directors does
not convene within the above deadline.
• Annually, at least 1/20th of the company’s net profit is deducted to form a statutory reserve, which will be used exclusively
to balance, prior to any dividend distribution, the debit balance in Income Statement. Forming such a reserve is not obligatory,
once it reaches 1/3rd of the company’s share capital.
• The payment of an annual dividend to shareholders in cash, at an amount equal to at least 35% of the company’s net earnings,
after deducting the statutory reserve and the net result from the valuation of the company’s assets and liabilities at fair value,
is obligatory. The above does not apply if the general assembly decides it by a majority of at least 65% of the paid-up share
capital. In this case, dividend that hasn’t been distributed and up to an amount equal to 35% of the above mentioned net
earnings, has to be reported as a “Reserve to be Capitalised”, within 4 years’ time by an issue of new shares, given to eligible
shareholders. Finally, a general shareholders meeting can decide not to distribute dividend, if it is decided by a majority of
over 70% of the paid-up share capital.
The Company is in compliance with all obligations deriving from all relevant provisions and regulations relating to equity.
Annual Financial Report 31.12.2023
88
(ii) Dividends
Dividends of €0.65 per ordinary share were paid during 2023 for the year ended 31 December 2022. For the year ended 31
December 2023, the Board of Directors’ proposal for distribution of dividends to the shareholders during 2024 is €0.70 per
ordinary share and will be proposed for approval to the next General Assembly.
5. Fair value hierarchy
To determine the reliability of the data used to determine fair value, the Group has classified non-financial and financial assets
and liabilities measured at fair value into the three levels of the IFRS 13 hierarchy. A description of each level is provided below .
▪ Level 1: The fair value of financial instruments traded in active markets is based on quoted market prices at the end of the
reporting period. The quoted market price used for financial assets held by the Group is the current bid price. These
instruments are included in level 1.
▪ Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques
which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant
inputs required to fair value an instrument are observable, the instrument is included in level 2.
▪ Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.
The Group has classified its financial instruments in the aforementioned 3 levels as follows:
31 December 2023
Note
Level 1
Level 2
Level 3
Total
Financial assets at fair value through other comprehensive
income
Listed equity securities
15
143,042,430
-
-
143,042,430
Listed debt securities
15
6,666,090
-
-
6,666,090
Financial assets at fair value through profit or loss
Unlisted equity securities
16
-
-
2,107,332
2,107,332
Hedging derivatives - interest rate swaps
-
(960,959)
-
(960,959)
149,708,520
(960,959)
2,107,332
150,854,893
31 December 2022
Note
Level 1
Level 2
Level 3
Total
Financial assets at fair value through other comprehensive
income
Listed equity securities
15
56,456,499
-
-
56,456,499
Listed debt securities
15
6,570,881
-
-
6,570,881
Unlisted equity securities
15
-
-
15,000,227
15,000,227
Financial assets at fair value through profit or loss
Unlisted equity securities
16
-
-
2,307,332
2,307,332
Hedging derivatives - interest rate swaps
-
10,255,212
-
10,255,212
63,027,380
10,255,212
17,307,559
90,590,151
In addition as of 31.12.2023, the Group owns land and buildings and investment properties measured at fair value of €92,134,874
and €36,023,610 respectively, classified as level 3.
During the period, the investment in TRADE ESTATES REIC was transferred to Level 1 due to its listing on the Athens Stock
Exchange (Note 15).
Annual Financial Report 31.12.2023
89
Valuation techniques used to determine level 3 fair values:
(i) Land & buildings and investment property
The Group obtains independent valuations for its investment properties at least annually and for land and buildings classified as
property, plant and equipment at least every 1 to 2 years. The last independent valuation of land and buildings was performed in
January 2023 as at 31.12.2022.
At the end of each reporting period, the directors update their assessment of the fair value of each property, taking into account
the most recent independent valuations. The directors determine a property’s value within a range of reasonable fair value
estimates.
The best evidence of fair value is current prices in an active market for similar properties. Where such information is not available
the directors consider information from a variety of sources including:
• the current prices in an active market for properties of different nature or recent prices of similar properties in less active
markets, adjusted to reflect those differences
• the discounted cash flow projections based on reliable estimates of future cash flows
• capitalised income projections based upon a property’s estimated net market income, and a capitalisation rate derived from
an analysis of market evidence
The fair value of real estate is estimated using the income approach method, the sales comparison approach, the replacement
cost method (when no comparative rentals or sales are available) and the residual value method in cases of empty lots or
calculation of building balance value.
The value of owned-used and investment properties is also estimated using the above-mentioned methods depending on the use
of the property. The value of land is calculated using the sales comparison approach, when such data exists, or using the residual
method or a combination of the two.
(ii) Unlisted securities
The value of unlisted securities is determined based on the management’s estimates of the expected future profitability of unlisted
securities, taking into consideration comparative data of similar assets.
Annual Financial Report 31.12.2023
90
6. Segmental analysis
The Group has three operating segments related to car rentals in Greece, trade of cars, spare parts and related services in Greece
as well as the car rentals and car sales abroad.
2023
Note
Car rentals &
sales of used cars
(Greece)
Trade of cars -
spare parts &
services
(Greece)
International
activity of car
rentals and cars
sales
Elimination
entries & other
activities
Total
Revenue from third parties
30
268,364,998
560,093,824
174,215,326
-
1,002,674,148
Inter-segment revenue
14,457,965
202,217,001
2,570,640
(219,245,606)
-
Cost of sales
31
(194,683,705)
(666,092,112)
(136,748,592)
212,890,621
(784,633,788)
Gross profit
88,139,259
96,218,713
40,037,373
(6,354,985)
218,040,360
Distribution costs
31
(6,099,510)
(50,994,219)
(2,964,143)
4,034,293
(56,023,579)
Administrative expenses
31
(15,209,315)
(14,820,092)
(13,106,938)
4,143,426
(38,992,919)
Impairment losses on financial assets -
net
-
(126,973)
(1,085,079)
-
(1,212,052)
Other income from third parties
33
2,328,460
12,665,535
2,168,472
-
17,162,467
Other inter-segment income
6,374,156
3,429,956
37,441
(9,841,553)
-
Other gains / (losses) - net
34
972,930
526,461
(49,683)
-
1,449,708
Finance income
35
3,191,567
491,771
18,571
-
3,701,909
Finance costs
35
(27,511,050)
(4,265,234)
(6,071,846)
-
(37,848,130)
Share of profit / (loss) from investments
accounted for using the equity method
13
-
1,047,672
-
(1,184,677)
(137,005)
Profit / (loss) before tax
52,186,498
44,173,589
18,984,168
(9,203,495)
106,140,759
Income tax expense
36
(10,569,206)
(10,107,365)
(2,242,850)
1,764,140
(21,155,281)
Profit / (loss) for the period
41,617,292
34,066,225
16,741,317
(7,439,355)
84,985,478
Depreciation & amortisation
7,8,10
(87,426,065)
(4,384,153)
(40,470,342)
-
(132,280,560)
Non current assets
864,319,476
57,109,327
198,344,664
-
1,119,773,467
Total assets
942,858,862
245,105,778
228,270,198
-
1,416,234,838
Total liabilities
(668,853,137)
(152,459,369)
(139,034,106)
-
(960,346,612)
2022
Note
Car rentals &
sales of used cars
(Greece)
Trade of cars -
spare parts &
services
(Greece)
International
activity of car
rentals and cars
sales
Elimination
entries & other
activities
Total
Revenue from third parties
30
250,773,721
421,999,350
92,786,957
-
765,560,028
Inter-segment revenue
9,224,620
154,127,145
5,913,037
(169,264,802)
-
Cost of sales
31
(174,226,910)
(505,829,089)
(74,908,371)
173,642,896
(581,321,474)
Gross profit
85,771,431
70,297,406
23,791,623
4,378,094
184,238,554
Distribution costs
31
(3,612,021)
(41,704,821)
(1,016,734)
514,476
(45,819,100)
Administrative expenses
31
(15,966,511)
(14,065,939)
(7,479,337)
3,610,511
(33,901,276)
Impairment losses on financial assets -
net
(602,239)
24,734
(12,048)
150,000
(439,553)
Other income from third parties
33
1,857,199
12,879,011
787,897
-
15,524,107
Other inter-segment income
5,793,705
2,660,810
214,243
(8,668,758)
-
Other gains / (losses) - net
34
398,740
(103,819)
(173,619)
971,366
1,092,668
Finance income
35
2,118,041
112,314
73,462
-
2,303,817
Finance costs
35
(13,968,143)
(2,659,034)
(1,787,099)
38,333
(18,375,943)
Share of profit / (loss) from investments
accounted for using the equity method
13
-
-
-
(597,963)
(597,963)
Profit / (loss) before tax
61,790,202
27,440,662
14,398,388
396,059
104,025,311
Income tax expense
36
(13,723,911)
(6,107,308)
(1,644,396)
-
(21,475,615)
Profit / (loss) for the period
48,066,291
21,333,354
12,753,992
396,059
82,549,696
Depreciation & amortisation
7,8,10
(77,875,137)
(3,223,134)
(25,238,353)
-
(106,336,624)
Non current assets
688,294,103
48,337,749
195,438,165
-
932,070,017
Total assets
766,356,255
202,958,973
230,306,034
-
1,199,621,262
Total liabilities
(609,501,024)
(122,226,907)
(122,934,187)
-
(854,662,118)
Annual Financial Report 31.12.2023
91
7. Property, plant and equipment
Group
Note
Land
Buildings &
leasehold
improvements
Machinery
Vehicles
Furniture,
fittings and
equipment
Assets
under
construction
Total
Cost or Fair value
Balance as at 1 January 2022
47,240,620
64,002,986
7,345,367
602,312,126
32,500,436
692,857
754,094,392
Exchange differences
-
(3,080)
-
(218,237)
(3,209)
-
(224,526)
Additions
2,027,977
2,395,122
1,335,703
213,400,686
1,496,003
856,702
221,512,193
Revaluation surplus
484,959
3,847,607
-
-
-
-
4,332,566
Impairment
(422,397)
-
-
-
-
-
(422,397)
Write-offs
-
-
(15,097)
(1,166,181)
-
-
(1,181,278)
Disposals
(150,784)
-
(11,270)
(4,148,014)
(291,189)
-
(4,601,257)
Acquisition of subsidiary
1,497,951
1,915,971
-
20,672,421
224,442
593,616
24,904,401
Transfers to inventory
-
-
-
(130,554,371)
(1,765)
-
(130,556,136)
Transfers to investment property
9
-
(79,478)
-
-
-
-
(79,478)
Transfers from right-of-use assets
8
809,630
9,276,013
-
4,474,170
-
-
14,559,813
Other transfers
-
627,590
(800)
117,769
800
(745,359)
-
Balance as at 31 December 2022
51,487,956
81,982,731
8,653,903
704,890,369
33,925,518
1,397,816
882,338,293
Balance as at 1 January 2023
51,487,956
81,982,731
8,653,903
704,890,369
33,925,518
1,397,816
882,338,293
Exchange differences
-
(4,637)
-
(16,449)
3,609
-
(17,477)
Additions
1,675,248
1,244,362
1,060,410
274,039,617
1,501,979
1,124,341
280,645,957
Revaluation surplus
41,870
2,222,897
-
-
-
-
2,264,767
Impairment
(305,470)
-
-
-
-
-
(305,470)
Write-offs
-
-
(13,615)
(1,633,612)
(16,915)
-
(1,664,142)
Disposals
-
(13,586)
(28,776)
(5,218,593)
(29,232)
-
(5,290,187)
Contribution
12
-
-
(3,979)
(191,984)
(5,277)
-
(201,240)
Transfers to inventory
-
-
-
(177,262,734)
(2,562)
-
(177,265,296)
Transfers to investment property
9
(954,331)
(1,766,891)
-
-
-
-
(2,721,222)
Transfers from right-of-use assets
8
-
-
-
78,416,724
-
-
78,416,724
Other transfers
-
-
-
379,863
-
(47,387)
332,476
Balance as at 31 December 2023
51,945,273
83,664,876
9,667,943
873,403,201
35,377,120
2,474,770
1,056,533,183
Accumulated depreciation
Balance as at 1 January 2022
-
(29,707,180)
(5,046,223)
(208,127,055)
(27,951,346)
-
(270,831,804)
Exchange differences
-
5,356
-
41,498
5,860
-
52,714
Depreciation charge
31
-
(2,682,053)
(691,822)
(86,016,726)
(1,109,303)
-
(90,499,904)
Revaluation surplus
-
(2,027,860)
-
-
-
-
(2,027,860)
Impairment
-
-
-
(3,295)
-
-
(3,295)
Write-offs
-
-
14,569
494,732
-
-
509,301
Disposals
-
-
11,270
153,029
42,058
-
206,357
Transfers to inventory
-
-
-
77,488,840
528
-
77,489,368
Transfers to investment property
9
-
79,478
-
-
-
-
79,478
Transfers from right-of-use assets
8
-
(5,236,376)
-
(909,026)
-
-
(6,145,402)
Balance as at 31 December 2022
-
(39,568,635)
(5,712,206)
(216,878,003)
(29,012,203)
-
(291,171,047)
Balance as at 1 January 2023
-
(39,568,635)
(5,712,206)
(216,878,003)
(29,012,203)
-
(291,171,047)
Exchange differences
-
3,992
-
41,244
5,879
-
51,115
Depreciation charge
31
-
(3,212,503)
(683,437)
(101,679,231)
(1,216,895)
-
(106,792,066)
Revaluation surplus
-
(1,064,166)
-
-
-
-
(1,064,166)
Write-offs
-
-
22,270
677,866
15,738
-
715,874
Disposals
-
13,586
23,364
135,890
2,129
-
174,969
Contribution
-
-
546
(107,996)
1,828
-
(105,622)
Transfers to inventory
-
-
-
100,807,980
827
-
100,808,807
Transfers to investment property
9
-
352,451
-
-
-
-
352,451
Transfers from right-of-use assets
8
-
-
-
(25,354,289)
-
-
(25,354,289)
Balance as at 31 December 2023
-
(43,475,275)
(6,349,463)
(242,356,539)
(30,202,697)
-
(322,383,974)
Net book value as at 1 January
2022
47,240,620
34,295,806
2,299,144
394,185,071
4,549,090
692,857
483,262,588
Net book value as at 31 December
2022
51,487,956
42,414,096
2,941,697
488,012,366
4,913,315
1,397,816
591,167,246
Net book value as at 31 December
2023
51,945,273
40,189,601
3,318,480
631,046,662
5,174,423
2,474,770
734,149,209
Annual Financial Report 31.12.2023
92
Company
Note
Land
Buildings &
leasehold
improvements
Machinery
Vehicles
Furniture,
fittings and
equipment
Assets
under
construction
Total
Cost or Fair value
Balance as at 1 January 2022
29,176,819
27,729,810
1,559,004
455,796,578
13,863,460
277,425
528,403,096
Additions
2,027,571
2,132,225
207,762
165,620,016
505,858
607,127
171,100,559
Revaluation surplus
(214,128)
3,434,554
-
-
-
-
3,220,426
Impairment
(6,727)
-
-
-
-
-
(6,727)
Write-offs
-
-
(99)
(1,166,181)
-
-
(1,166,280)
Disposals
(150,784)
-
-
(4,143,669)
(11,456)
-
(4,305,909)
Transfers to inventory
-
-
-
(91,614,131)
-
-
(91,614,131)
Transfers to investment property
9
(70,000)
(122,478)
-
-
-
-
(192,478)
Transfers from right-of-use assets
8
-
-
-
1,516,108
-
-
1,516,108
Other transfers
-
-
(800)
-
800
-
-
Balance as at 31 December 202
30,762,751
33,174,111
1,765,867
526,008,721
14,358,662
884,552
606,954,664
Balance as at 1 January 2023
30,762,751
33,174,111
1,765,867
526,008,721
14,358,662
884,552
606,954,664
Additions
1,675,248
792,878
173,095
215,366,280
506,277
248,552
218,762,330
Revaluation surplus
978
1,718,877
-
-
-
-
1,719,855
Impairment
(305,470)
-
-
-
-
-
(305,470)
Write-offs
-
-
-
(1,559,501)
-
-
(1,559,501)
Disposals
-
-
-
(5,125,709)
(221)
-
(5,125,930)
Transfers to inventory
-
-
-
(114,517,707)
-
-
(114,517,707)
Transfers to investment property
9
-
(43,855)
-
-
-
-
(43,855)
Transfers from right-of-use assets
8
-
-
-
65,492,251
-
-
65,492,251
Balance as at 31 December 2023
32,133,507
35,642,011
1,938,962
685,664,335
14,864,718
1,133,104
771,376,637
Accumulated depreciation
Balance as at 1 January 2022
-
(14,627,341)
(1,370,396)
(159,273,563)
(11,845,208)
-
(187,116,508)
Depreciation charge
31
-
(1,343,822)
(224,210)
(63,881,670)
(422,909)
-
(65,872,611)
Revaluation surplus
-
(2,027,860)
-
-
-
-
(2,027,860)
Write-offs
-
-
99
494,732
-
-
494,831
Disposals
-
-
-
148,684
11,456
-
160,140
Transfers to inventory
-
-
-
57,163,626
-
-
57,163,626
Transfers to investment property
9
-
79,478
-
-
-
-
79,478
Transfers from right-of-use assets
8
-
-
-
(668,068)
-
-
(668,068)
Balance as at 31 December 2022
-
(17,919,545)
(1,594,507)
(166,016,259)
(12,256,661)
-
(197,786,972)
Balance as at 1 January 2023
-
(17,919,545)
(1,594,507)
(166,016,259)
(12,256,661)
-
(197,786,972)
Depreciation charge
31
-
(1,607,802)
(111,364)
(75,579,891)
(462,177)
-
(77,761,234)
Revaluation surplus
-
(1,064,166)
-
-
-
-
(1,064,166)
Write-offs
-
-
-
654,865
-
-
654,865
Disposals
-
-
-
164,429
221
-
164,650
Transfers to inventory
-
-
-
71,616,982
-
-
71,616,982
Transfers to investment property
9
-
7,309
-
-
-
-
7,309
Transfers from right-of-use assets
8
-
-
-
(22,864,594)
-
-
(22,864,594)
Balance as at 31 December 2023
-
(20,584,204)
(1,705,871)
(192,024,468)
(12,718,617)
-
(227,033,160)
Net book value as at 1 January 2022
29,176,819
13,102,469
188,608
296,523,015
2,018,252
277,425
341,286,588
Net book value as at 31 December
2022
30,762,751
15,254,566
171,360
359,992,462
2,102,001
884,552
409,167,692
Net book value as at 31 December
2023
32,133,507
15,057,807
233,091
493,639,867
2,146,101
1,133,104
544,343,477
The Company's and the Group's Vehicles are subject to short-term and long-term leases.
Land and buildings are presented in depreciated fair value which is determined by independent valuators. More details concerning
land and buildings’ valuation methods are presented in Note 3(v) and 5.
Annual Financial Report 31.12.2023
93
As at the reporting date, the Group, in order to secure its loan obligations, has registered first-class mortgage notes on properties
in favour of the Representatives and on behalf of the Creditors, for a total amount of €105,968,000. At the same time, variable
insurance contracts have been concluded on the Group's cars for a total amount of €102,482,305 and a pledge has been
established on all the shares of the Company's subsidiary in Romania.
As of the reporting date, the Company, in order to secure its loan obligations, has registered first-class mortgage notes on
properties in favour of the Representatives and on behalf of the Creditors, for a total amount of €103,768,000. At the same time,
variable insurance contracts have been concluded on the Company's cars amounting to €89,347,306, and a pledge has been
established on all the shares of the Company's subsidiary in Romania.
The properties are presented at fair value based on updated valuations by a certified valuator, which is reflected in the financial
statements of the Group and the Company.
Management systematically assesses the impact of climate change on the useful lives, residual values and total book value of the
Group's assets to determine if adjustments are required. Management concluded that no adjustments are required as at
31.12.2023.
8. Right-of-use assets
Group
Note
Land
Buildings
Machinery
Vehicles
Cost
Balance as at 1 January 2022
-
19,836,134
75,106,834
94,942,968
Exchange differences
-
-
(18,801)
(18,801)
Additions
-
5,642,216
7,796,192
13,438,408
Terminated leases
-
(2,809,874)
(97,165)
(2,907,039)
Acquisition of subsidiary
809,630
5,635,361
27,202,979
33,647,970
Transfers to property, plant and equipment
7
(809,630)
(9,276,013)
(4,474,170)
(14,559,813)
Balance as at 31 December 2022
-
19,027,824
105,515,869
124,543,693
Balance as at 1 January 2023
-
19,027,824
105,515,869
124,543,693
Additions
-
6,326,767
32,187,118
38,513,885
Sale of subsidiary
-
(16,058)
(751,767)
(767,825)
Terminated leases
-
(3,117,216)
(342,509)
(3,459,725)
Transfers to property, plant and equipment
7
-
-
(78,416,724)
(78,416,724)
Balance as at 31 December 2023
-
22,221,317
58,191,987
80,413,304
Accumulated depreciation
Balance as at 1 January 2022
-
(9,573,530)
(11,390,026)
(20,963,556)
Exchange differences
-
-
6,825
6,825
Depreciation charge
31
-
(5,054,933)
(10,569,415)
(15,624,348)
Terminated leases
-
2,736,592
39,474
2,776,066
Transfers to property, plant and equipment
7
-
5,236,376
909,026
6,145,402
Balance as at 31 December 2022
-
(6,655,495)
(21,004,116)
(27,659,611)
Balance as at 1 January 2023
-
(6,655,495)
(21,004,116)
(27,659,611)
Depreciation charge
31
-
(6,100,455)
(17,091,229)
(23,191,684)
Sale of subsidiary
-
16,058
160,783
176,841
Terminated leases
-
2,372,516
342,509
2,715,025
Transfers to property, plant and equipment
7
-
-
25,354,289
25,354,289
Balance as at 31 December 2023
-
(10,367,376)
(12,237,764)
(22,605,140)
Net book value as at 1 January 2022
-
10,262,604
63,716,808
73,979,412
Net book value as at 31 December 2022
-
12,372,329
84,511,753
96,884,082
Net book value as at 31 December 2023
-
11,853,941
45,954,223
57,808,164
Annual Financial Report 31.12.2023
94
Company
Note
Buildings
Vehicles
Total
Cost
Balance as at 1 January 2022
9,959,828
72,143,928
82,103,756
Additions
3,321,201
494,283
3,815,484
Terminated leases
(773,323)
-
(773,323)
Transfers to property, plant and equipment
7
-
(1,516,108)
(1,516,108)
Balance as at 31 December 2022
12,507,706
71,122,103
83,629,809
Balance as at 1 January 2023
12,507,706
71,122,103
83,629,809
Additions
3,678,415
412,061
4,090,476
Terminated leases
(1,079,811)
-
(1,079,811)
Transfers to property, plant and equipment
7
-
(65,492,251)
(65,492,251)
Balance as at 31 December 2023
15,106,310
6,041,913
21,148,223
Accumulated depreciation
Balance as at 1 January 2022
(5,041,419)
(10,465,815)
(15,507,234)
Depreciation charge
31
(2,998,015)
(8,867,475)
(11,865,490)
Terminated leases
773,323
-
773,323
Transfers to property, plant and equipment
7
-
668,068
668,068
Balance as at 31 December 2022
(7,266,111)
(18,665,222)
(25,931,333)
Balance as at 1 January 2023
(7,266,111)
(18,665,222)
(25,931,333)
Depreciation charge
31
(3,877,996)
(6,519,310)
(10,397,306)
Terminated leases
1,079,810
-
1,079,810
Transfers to property, plant and equipment
7
-
22,864,594
22,864,594
Balance as at 31 December 2023
(10,064,297)
(2,319,938)
(12,384,235)
Net book value as at 1 January 2022
4,918,409
61,678,113
66,596,522
Net book value as at 31 December 2022
5,241,595
52,456,881
57,698,476
Net book value as at 31 December 2023
5,042,013
3,721,975
8,763,988
Expenses related to low-value or short-term leases accounted for in accordance with IFRS 16, par. 6, are shown in the line "Rental
costs" in Note 31.
9. Investment property
Group
Company
Note
2023
2022
2023
2022
Balance at the beginning of the year
41,093,576
41,339,017
73,474,358
74,078,165
Disposals
(7,516,444)
-
(7,516,444)
-
Net gain/(loss) from fair value adjustment
34
77,707
(245,441)
173,000
(716,807)
Transfer from PPE
7
2,368,771
-
36,546
113,000
Balance at the end of the year
36,023,610
41,093,576
66,167,460
73,474,358
Investment properties are presented at fair value determined at each reporting date by independent valuators. More information
regarding investment property valuation methods is presented in notes 3(v) and 5.
Annual Financial Report 31.12.2023
95
The following amounts have been recognised in profit or loss regarding investment property:
Group
Company
Note
2023
2022
2023
2022
Rental income from operating leases
33
1,168,087
1,548,259
2,835,335
3,117,309
Fair value gain/(loss) recognised in other
gains/(losses)
34
77,707
(245,441)
173,000
(716,807)
Profit from disposal of investment property
34
483,524
-
483,524
-
On 30.06.2023 Autohellas participated in the share capital increase of “TRADE ESTATES REAL ESTATE INVESTMENT COMPANY” in
the amount of €7,999,967 through a contribution in kind, of a property and specifically a plot of 45,408.04 sq.m. within a Business
Park in the Vamvakia region of the Municipality of Elefsina including buildings. The carrying value of said property was €7,516,444.
10. Intangible assets
Group
Company
Note
Trademarks
& licences
Software
Total
Software
Total
Cost
Balance as at 1 January 2022
-
2,315,871
2,315,871
1,861,621
1,861,621
Additions
-
132,316
132,316
115,237
115,237
Acquisition of subsidiary
19,023,592
50,944
19,074,536
-
-
Disposals
-
(224)
(224)
-
-
Balance as at 31 December 2022
19,023,592
2,498,907
21,522,499
1,976,858
1,976,858
Balance as at 1 January 2023
19,023,592
2,498,907
21,522,499
1,976,858
1,976,858
Exchange differences
(6,044)
-
(6,044)
-
-
Additions
8,904
1,054,157
1,063,061
675,079
675,079
Write-offs
-
(12,690)
(12,690)
-
-
Balance as at 31 December 2023
19,026,452
3,540,374
22,566,826
2,651,937
2,651,937
Accumulated amortisation
Balance as at 1 January 2022
-
(1,799,213)
(1,799,213)
(1,520,171)
(1,520,171)
Exchange differences
4,433
1,440
5,873
-
-
Amortisation charge
31
(15,896)
(196,476)
(212,372)
(137,037)
(137,037)
Disposals
-
223
223
-
-
Balance as at 31 December 2022
(11,463)
(1,994,026)
(2,005,489)
(1,657,208)
(1,657,208)
Balance as at 1 January 2023
(11,463)
(1,994,026)
(2,005,489)
(1,657,208)
(1,657,208)
Exchange differences
5,835
-
5,835
-
-
Amortisation charge
31
(1,914,363)
(382,447)
(2,296,810)
(224,589)
(224,589)
Write-offs
31
-
12,690
12,690
-
-
Balance as at 31 December 2023
(1,919,991)
(2,363,783)
(4,283,774)
(1,881,797)
(1,881,797)
Net book value as at 1 January 2022
-
516,658
516,658
341,450
341,450
Net book value as at 31 December
2022
19,012,129
504,881
19,517,010
319,650
319,650
Net book value as at 31 December
2023
17,106,461
1,176,591
18,283,052
770,140
770,140
The trademarks & licenses of the Group include the valuation of Hertz brand franchise agreement in Portugal amounting to
€18,876,394.
Annual Financial Report 31.12.2023
96
11. Goodwill
Group
2023
2022
Balance at the beginning of the year
43,457,435
27,297,830
Acquisition of subsidiary
-
16,159,605
Balance at the end of the year
43,457,435
43,457,435
Goodwill arises from (a) the acquisition of HYUNDAI HELLAS INDUSTRIAL & TRADING SA and KIA HELLAS INDUSTRIAL & TRADING
SA in 2017 amounting to €25,939,818, (b) the acquisition of AUTOTECHNICA FLEET SERVICES d.o.o. in Croatia in 2016 amounting
to €1,312,539, (c) DERASCO TRADING LIMITED amounting to €45,473 and (d) the acquisition of HR - ALUGUER DE AUTOMÓVEIS
S.A. in 2022 amounting to €16,159,605.
(i) Goodwill per operating segment
Goodwill is monitored by management at the level of the three operating segments presented in note 6.
31.12.2023
31.12.2022
Trade of cars - spare parts & services
25,985,291
25,985,291
International activity of car rentals and cars sales
17,472,144
17,472,144
Total goodwill
43,457,435
43,457,435
(ii) Impairment testing of goodwill
The Group tests goodwill on an annual basis, by assessing cash generating units (CGUs) for potential impairment. The recoverable
amount of CGUs was determined by value-in-use calculations that require the use of assumptions. The calculations used cash flow
forecasts based on management-approved budgets covering a period of five years. Cash flows beyond the five-year period are
calculated on the basis of the assumptions set out below, which are consistent with the forecasts for the industry in which each
CGU operates.
The basic assumptions adopted as at 31 December 2023 for the testing of goodwill arising from the acquisition of HR - ALUGUER
DE AUTOMÓVEIS S.A. are the following:
• Discount rate: 8% - 10% (2022: 7 -10%)
• Sales Growth Rate: 4% - 6% (2022: 3 -8%)
• Perpetuity Growth Rate: 2% (2022: 2%)
The basic assumptions adopted as at 31 December 2023 for the testing of goodwill arising from the acquisition of AUTOTECHNICA
FLEET SERVICES d.o.o. are the following:
• Discount rate: 8% - 10% (2022: 7 -10%)
• Sales Growth Rate: 2% - 4% (2022: 3 -8%)
• Perpetuity Growth Rate: 1% (2022: 2%)
It is noted that in 2018, the year of the first full consolidation of HYUNDAI HELLAS INDUSTRIAL & TRADING SA and KIA HELLAS
INDUSTRIAL & TRADING SA after their acquisition in December 2017, the former's revenue amounted to €60.5 million with profit
before tax of €5.8 million and the latter's revenue amounted to €30.8 million with profit before tax of €1.9 million. In 2023 the
revenue of HYUNDAI HELLAS amounted to €182.3 million with profit before tax of €20.5 million and 2023 the revenue of KIA
HELLAS amounted to €119.9 million with profit before tax of €10.9 million. It is evident that the development of the 2 subsidiaries
in the last 5 years is particularly important. Therefore, the assumptions under which impairment of their goodwill would arise are
unrealistic.
Impairment testing as of 31 December 2023 has not resulted in an impairment of goodwill. Additionally, if the assumptions used
as at 31 December 2023 were further aggravated by 10%, the carrying value of goodwill would still not require any impairment.
Annual Financial Report 31.12.2023
97
12. Investments in subsidiaries
Company
2023
2022
Balance at the beginning of the year
101,063,962
54,923,133
Acquisition of subsidiary
-
38,740,829
Share capital increase
-
8,690,000
Disposals
-
(790,000)
Impairment
-
(500,000)
Balance at the end of the year
101,063,962
101,063,962
The interests held in subsidiaries and their carrying amounts at 31 December are as follows:
Name of entity
Country of
incorporation
% ownership
Carrying value
Principal activities
31.12.2023
31.12.2022
31.12.2023
31.12.2022
AUTOTECHNICA HELLAS SINGLE
MEMBER SA
Greece
100%
100%
300,000
300,000
Car and spare parts trade
AUTOTECHNICA EOOD
Bulgaria
100%
100%
3,012,047
3,012,047
Car and spare parts trade &
Car rentals
AUTOTECHNICA (CYPRUS) LIMITED
Cyprus
100%
100%
3,078,811
3,078,811
Car rentals
AUTOTECHNICA FLEET SERVICES SRL
Romania
100%
100%
6,500,000
6,500,000
Car rentals
AUTOTECHNICA SERBIA DOO
Serbia
100%
100%
4,000,000
4,000,000
Car rentals
AUTOTECHNICA MONTENEGRO DOO
Montenegro
100%
100%
1,000,000
1,000,000
Car rentals
AUTOTECHNICA FLEET SERVICES DOO
Croatia
100%
100%
4,462,750
4,462,750
Car rentals
AUTOTECHNICA FLEET SERVICES LLC
Ukraine
100%
100%
200,000
200,000
Car rentals
DERASCO TRADING LIMITED
Cyprus
100%
100%
20,131,000
20,131,000
Holding company
HYUNDAI HELLAS INDUSTRIAL &
TRADING S.A.
Greece
70%*
70%*
-
-
Car and spare parts trade
KIA HELLAS INDUSTRIAL & TRADING
S.A.
Greece
70%*
70%*
-
-
Car and spare parts trade
TECHNOCAR SINGLE MEMBER
TRADING S.A.
Greece
100%
100%
10,050,000
10,050,000
Car and spare parts trade
ELTREKKA S.A.
Greece
100%
100%
1,086,817
1,086,817
Spare parts trade
FASTTRAK S.A.
Greece
100%*
100%*
-
-
Spare parts distribution
KINEO SINGLE MEMBER S.A.
Greece
-
100%*
-
-
Renting services
A.T.C.AUTOTECHNICA (CYPRUS) LTD
Cyprus
-
100%
1,708
1,708
Car rentals (inactive company)
HR - ALUGUER DE AUTOMÓVEIS S.A.
Portugal
89.56%
89.56%
47,240,829
47,240,829
Car rentals
(*indirect investments)
(i) Indirect investments
The companies HYUNDAI HELLAS INDUSTRIAL & TRADING SA and KIA HELLAS INDUSTRIAL & TRADING SA are indirect investments
(70%) through the 100% subsidiary DERASCO TRADING LIMITED.
FASTTRAK S.A. is an indirect investment (100%) through the 100% subsidiary ELTREKKA S.A..
KINEO SINGLE MEMBER S.A. was an indirect investment (100%) through the 100% subsidiary DERASCO TRADING LIMITED. In 2023,
DERASCO TRADING LIMITED contributed the total of KINEO S.M.S.A.’s shares (100%), with a carrying value of €900,000, to
associate company “INSTACAR S.A.” in exchange for shares with a value of €2,000,000, increasing its participation in it to 33.1%.
(ii) Acquisition of HR - ALUGUER DE AUTOMÓVEIS S.A. (2022)
On 01.10.2022 AUTOHELLAS completed the acquisition of 89.56% (including 4.24% treasury shares) of the Portuguese company
HR - ALUGUER DE AUTOMÓVEIS S.A. (HR), which has been the franchisee of Hertz International in Portugal since 1998. The main
activity of HR Aluguer de Automóveis concerns short-term car rentals (RAC) and resale, using the Hertz and Thrifty brands.
Annual Financial Report 31.12.2023
98
On 01.10.2022 AUTOHELLAS completed the acquisition of 89.56% (including 4.24% treasury shares) of the Portuguese company
HR - ALUGUER DE AUTOMÓVEIS S.A. (HR), which has been the franchisee of Hertz International in Portugal since 1998. The main
activity of HR Aluguer de Automóveis Portugal concerns short-term car rentals (RAC) and resale, using the Hertz and Thrifty brands.
The completion of the acquisition makes HR - ALUGUER DE AUTOMÓVEIS the largest foreign subsidiary of Autohellas. HR Aluguer
de Automóveis has subsidiaries HIPOGEST - COMÉRCIO INTERNACIONAL DE VEÍCULOS DE TRANSPORTES LDA (renamed HR LINK
S.A. during 2023) which serves the transport of its cars and cars of third parties, HR RIDE PORTUGAL S.A, which owns the rights to
the Hertz trademark for motorcycle rentals, and HR TOURS S.A. which is also active in the tourism industry.
The purchase price of 89.56% of HR was €31.5 million, while under profitability conditions for the period 2022-24 it may increase
in total by an additional €7.5 million. During the year, the allocation of the purchase price was finalised without any change in the
fair value of the assets purchased. In addition, during the year, part of the contingent consideration of €2.5 million was repaid,
while the estimated repayment dates of the remaining contingent consideration (€5 million) which may be repaid within 2024 and
2025 were adjusted , and the fair value of which on 31.12.2023 amounted to €4,518,090.
13. Investments accounted for using the equity method
Group
Name of entity
Country of
incorporation
% ownership
Nature of
relationship
Meaurement
method
Carrying value
31.12.2023
31.12.2022
31.12.2023
31.12.2022
SPORTSLAND S.A.
Greece
50%
50%
Joint venture
Equity
method
5,554,238
5,550,120
CRETE GOLF S.A.
Greece
45.033%
45.033%
Associate
5,671,420
6,074,337
INSTACAR S.A.
Greece
33.10%
23.38%
Associate
6,672,098
971,379
ELECION ENERGY S.A.
Greece
25%
25%
Associate
186,074
107,671
ORNOS S.A.
Greece
51%
51%
Joint venture
19,773,495
1,385,822
Total investments accounted for using
the equity method
37.857.325
37,857,325
Company
Name of entity
Country of
incorporation
% ownership
Nature of
relationship
Meaurement
method
Carrying value
31.12.2023
31.12.2022
31.12.2023
31.12.2022
SPORTSLAND S.A.
Greece
50%
50%
Joint venture
Acquisition
cost
7,080,000
6,930,000
CRETE GOLF S.A.
Greece
45.033%
45.033%
Associate
7,502,281
9,502,281
ELECION ENERGY S.A.
Greece
25%
25%
Associate
240,000
125,000
ORNOS S.A.
Greece
51%
51%
Joint venture
18,870,000
1,530,000
Total investments accounted for at cost
33.692.281
33,692,281
(i) Short description of associates and joint ventures
▪ SPORTSLAND S.A.
SPORTSLAND SPORT FACILITIES - TOURISM AND HOTELS S.A. was founded in 2008. The company owns large plots of land in Asopia,
where it plans to develop a tourist investment by acquiring every year other plots of land in the region. It is a company that has
accumulated large plots of land in that wider region and is planning to implement complex investments that combine sports and
recreational activities, thus creating an integrated recreational area for all.
▪ CRETE GOLF S.A.
CRETE GOLF S.A. is an associate company of Autohellas whose main activity refers to the operation of a Golf court in the
Chersonisos region, in Heraklion, Crete. The company was founded in August 1997 and meets high standards for conducting
international tournaments. Since the beginning of 2017, a new five-star hotel unit has been operating in the company's facilities,
which complements the operation of the golf course and contributes to the further increase of quality tourism in Crete.
Annual Financial Report 31.12.2023
99
▪ INSTACAR S.A.
INSTACAR S.A. is an associate of Autohellas Group through the subsidiary “DERASCO TRADING LIMITED”. Instacar's main activity
is the rental of vehicles through an online subscription service. The company has developed a flexible vehicle rental platform
aimed at individuals and businesses
▪ ELECION ENERGY S.A.
ELECION ENERGY - PRODUCTION AND TRADING OF ELECTRICITY SOCIETE ANONYME will be active in the sector of electricity
production from RES through a photovoltaic station at Asopia in the Municipal Units of Oinofyta and Tanagra. The development
of the above photovoltaic station will take place on an area leased by ELECION ENERGY from the société anonyme with the
corporate name “SPORTSLAND SPORT FACILITIES - TOURISM AND HOTELS S.A.”, in which the Company holds a 50% share. The
Company and ELECION ENERGY have intertwined financial interests and transactions, related activities and purposes, and to
achieve their objectives they have developed a close partnership.
▪ ORNOS S.A.
ORNOS SA is a joint venture of the Autohellas and Samelet groups and is responsible for the import and distribution of a total of
5 brands of Stellantis, namely Abarth, Alfa Romeo, Fiat, Fiat Professional and Jeep. The participation of the Company in the share
capital of ORNOS SA amounts to 51% of its share capital.
(ii) Changes during the year
Regarding ORNOS S.A.:
Autohellas, through the company ORNOS SA, which was jointly established with Samelet Motors Ltd, completed the acquisition
from the Company “FCA ITALY S.p.A.” of 100% of the share capital of the company “FCA GREECE SINGLE MEMBER COMMERCIAL
SOCIÉTÉ ANONYME FOR VEHICLES AND SPARE PARTS”, which is the importer and distributor of the Abarth, Alfa Romeo, Fiat, Fiat
Professional and Jeep brands in the Greek market. The purchase price of FCA GREECE amounted to 65,150,000 euros, with the
possibility of a minor adjustment according to the terms of the Share Purchase Agreement. The participation of Autohellas
amounts to 51% and therefore the Company paid the amount of 33,226,500 euros.
The finalisation of the fee and the fair value of the assets of the acquired company is expected to take place within one year from
the acquisition date of 01.05.2023.
On 17.07.2023, the Extraordinary General Meeting of the company “FCA GREECE SINGLE MEMBER S.A.“, decided the share capital
decrease of € 30.9 million with cash deposit to its 100% parent “ORNOS S.A.”. Following that, on 20.07.2023 the Extraordinary
General Meeting of the company “ORNOS S.A.”, decided the return through share capital decrease of € 15.3 million to Autohellas,
which owns 51% of the company, and the partial repayment of a bond loan of € 14.7 million to the company Samelet Motors Ltd,
which owns 49% of the company.
In November 2023 “FCA GREECE SINGLE MEMBER COMMERCIAL SOCIÉTÉ ANONYME FOR VEHICLES AND SPARE PARTS” was
renamed to “ITALIAN MOTION SINGLE MEMBER SOCIÉTÉ ANONYME”.
Regarding INSTACAR S.A.:
During the year, the Group, through Derasco Trading Limited (100% subsidiary of Autohellas), participated in successive share
capital increases of the company "INSTACAR S.A." through payment of cash, conversion of bond loans into shares, as well as
contribution of all the shares of KINEO S.M.S.A., which is activae in the field of micromobility. Following the above, the Group's
participation in Instacar amounted to 33.1% as at 31.12.2023.
Regarding CRETE GOLF S.A.:
During the year, the Company proceeded to reduce its participation in CRETE GOLF S.A. by €2,000,000. The impairment charge is
eliminated in the consolidation since the participation is accounted for using the equity method at Group level.
Annual Financial Report 31.12.2023
100
(iii) Financial data of associates and joint ventures
The summary financial data of the Group's associates and joint ventures are summarised below.
Associates
Joint ventures
Summarised Statement of Financial Position
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Current assets
Cash and cash equivalents
3,423,797
1,366,658
3,756,042
3,190,067
Other current assets
6,668,733
11,766,663
57,828,310
78,272
Total current assets
10,092,530
13,133,321
61,584,352
3,268,339
Non-current assets
62,293,929
32,039,732
52,810,610
11,203,545
Current liabilities
Financial liabilities (excluding trade payables)
11,604,942
2,424,278
8,000,000
-
Other current liabilities
5,876,216
461,020
32,799,532
295,133
Total current liabilities
17,481,158
2,885,298
40,799,532
295,133
Non-current liabilities
Financial liabilities (excluding trade payables)
30,110,846
11,335,414
12,250,000
-
Other non-current liabilities
430,486
12,176,125
23,452,681
359,212
Total non-current liabilities
30,541,332
23,511,539
35,702,681
359,212
Equity
24,363,969
18,776,216
37,892,749
13,817,539
Associates
Joint ventures
Summarised statement of comprehensive income
2023
2022
2023
2022
Revenue
14,531,989
8,098,540
113,190,013
-
Depreciation and amortisation
31,511
-
54
-
Finance income
(3,607,524)
(2,247,833)
(34,863)
(4,905)
Finance costs
(2,176,471)
(991,086)
(1,246,374)
(596)
Income tax expense
(126,582)
-
(1,228,996)
(8,751)
Profit/(loss) for the year
(3,208,210)
(1,858,221)
2,761,851
(418,757)
Total comprehensive income
(3,208,210)
(1,858,221)
2,761,851
(418,757)
14. Deferred tax
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against
current tax liabilities and when the deferred income taxes relate to the same taxation authority.
(i) Net amounts of deferred tax assets and liabilities
Group
Company
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Deferred tax liabilities
25,913,442
27,316,129
18,884,300
18,489,920
Deferred tax assets
(1,873,511)
(1,884,271)
-
-
Deferred tax (net)
24,039,931
25,431,858
18,884,300
18,489,920
Annual Financial Report 31.12.2023
101
(ii) Gross amounts of deferred tax assets and liabilities
Group
Company
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Deferred tax liabilities
31,553,935
32,108,971
23,395,172
22,216,565
Deferred tax assets
(7,514,004)
(6,677,113)
(4,510,872)
(3,726,645)
Deferred tax (net)
24,039,931
25,431,858
18,884,300
18,489,920
The biggest part of deferred tax assets and liabilities is long-term.
(iii) Total movement in deferred tax
Group
Company
Note
2023
2022
2023
2022
Balance at the beginning of the year
25,431,858
16,748,249
18,489,920
14,199,443
Charged / (credited) to the income statement
36
(1,335,016)
1,822,099
559,654
2,019,801
Charged/(credited) to other comprehensive income
(80,042)
2,531,407
(165,274)
2,270,676
Charged / (credited) directly to equity
-
(293,522)
-
-
Acquisition of subsidiary
12
-
4,575,717
-
-
Exchange differences
23,131
47,908
-
-
Balance at the end of the year
24,039,931
25,431,858
18,884,300
18,489,920
(iv) Movement in deferred tax assets
Group
Employee benefit
obligations
Lease liabilities
Tax losses
Other
Total
Balance as at 1 January 2022
(941,498)
(3,499,614)
898,672
(1,901,600)
(5,444,040)
Charged / (credited) to the income statement
(10,614)
78,355
133,570
(242,419)
(41,108)
Charged/(credited) to other comprehensive
income
20,813
-
-
-
20,813
Acquisition of subsidiary
-
-
(1,260,686)
-
(1,260,686)
Exchange differences
-
-
47,908
-
47,908
Balance as at 31 December 2022
(931,299)
(3,421,259)
(180,536)
(2,144,019)
(6,677,113)
Balance as at 1 January 2023
(931,299)
(3,421,259)
(180,536)
(2,144,019)
(6,677,113)
Charged / (credited) to the income statement
(28,893)
(80,239)
70,025
(608,355)
(647,462)
Charged/(credited) to other comprehensive
income
(46,124)
-
-
(166,436)
(212,560)
Exchange differences
-
-
23,131
-
23,131
Balance as at 31 December 2023
(1,006,316)
(3,501,498)
(87,380)
(2,918,810)
(7,514,004)
The remainder of the Group's other deferred tax assets includes mainly temporary differences attributable to provisions, accrued
liabilities and income of subsequent years.
Annual Financial Report 31.12.2023
102
Company
Retirement
benefit
obligations
Lease liabilities
Deferred revenue
Total
Balance as at 1 January 2022
(218,932)
(1,085,469)
(2,065,105)
(3,369,506)
Charged / (credited) to the income statement
(187)
(60,430)
(301,274)
(361,891)
Charged/(credited) to other comprehensive income
4,752
-
-
4,752
Balance as at 31 December 2022
(214,367)
(1,145,899)
(2,366,379)
(3,726,645)
Balance as at 1 January 2023
(214,367)
(1,145,899)
(2,366,379)
(3,726,645)
Charged / (credited) to the income statement
(17,490)
79,069
(667,894)
(606,315)
Charged/(credited) to other comprehensive income
(11,476)
-
(166,436)
(177,912)
Balance as at 31 December 2023
(243,333)
(1,066,830)
(3,200,709)
(4,510,872)
The above tables concerning movements in deferred tax assets exclude offsetting balances of deferred tax assets and liabilities
within the same tax jurisdiction.
(v) Movement in deferred tax liabilities
Group
Fixed and right-
of-use assets
Intangible assets
Borrowing
expenses
Other
Total
Balance as at 1 January 2022
20,380,706
-
2,881,978
(1,070,395)
22,192,289
Charged / (credited) to the income statement
2,039,076
-
(439,209)
263,340
1,863,207
Charged/(credited) to other comprehensive
income
507,035
-
-
2,003,559
2,510,594
Charged / (credited) directly to equity
(293,522)
-
-
-
(293,522)
Acquisition of subsidiary
1,872,360
3,964,043
-
-
5,836,403
Balance as at 31 December 2022
24,505,655
3,964,043
2,442,769
1,196,504
32,108,971
Balance as at 1 January 2023
24,505,655
3,964,043
2,442,769
1,196,504
32,108,971
Charged / (credited) to the income statement
1,812,437
(396,404)
-
(2,103,587)
(687,554)
Charged/(credited) to other comprehensive
income
264,132
-
-
(131,614)
132,518
Balance as at 31 December 2023
26,582,224
3,567,639
2,442,769
(1,038,697)
31,553,935
Company
Fixed and right-
of-use assets
Borrowing
expenses
Other
Total
Balance as at 1 January 2022
17,119,235
439,209
10,505
17,568,949
Charged / (credited) to the income statement
2,557,561
(439,209)
263,340
2,381,692
Charged/(credited) to other comprehensive income
262,365
-
2,003,559
2,265,924
Balance as at 31 December 2022
19,939,161
-
2,277,404
22,216,565
Balance as at 1 January 2023
19,939,161
-
2,277,404
22,216,565
Charged / (credited) to the income statement
3,269,556
-
(2,103,587)
1,165,969
Charged/(credited) to other comprehensive income
144,252
-
(131,614)
12,638
Balance as at 31 December 2023
23,352,969
-
42,203
23,395,172
The above tables concerning movements in deferred tax liabilities exclude offsetting balances of deferred tax assets and liabilities
within the same tax jurisdiction.
Annual Financial Report 31.12.2023
103
15. Financial assets at fair value through other comprehensive income
Group
Company
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Equity securities
Listed securities
143,042,430
56,456,499
143,042,430
56,456,499
Unlisted securities
-
15,000,227
-
15,000,227
Debt securities
Listed securities
6,666,090
6,570,881
6,666,090
6,570,881
149,708,520
78,027,607
149,708,520
78,027,607
Financial assets at fair value through other comprehensive income comprise equity securities of Aegean Airlines S.A. and Trade
Estates as well as investments in bank bonds which are not held for trading, and which the Group has irrevocably elected 9 to
recognise in this category. These are strategic investments and the Group considers this classification to be more relevant.
The value of dividends from financial assets at fair value through other comprehensive income as well as interest income from
bank bonds are presented in note 33.
The change in the fair value of financial assets at fair value through other comprehensive income is reflected in the Statement of
Other Comprehensive Income. The method of determining their fair value is described in note 5.
The movement in financial assets at fair value through other comprehensive income is analysed as follows:
Group
Company
2023
2022
2023
2022
Balance at the beginning of the year
78,027,607
51,280,430
78,027,607
51,280,430
Additions of listed debt securities
3,196,162
6,474,261
3,196,162
6,474,261
Additions of unlisted securities
7,999,967
15,000,227
7,999,967
15,000,227
Net gain from changes in the fair value
recognised in other comprehensive income
60,484,784
5,272,689
60,484,784
5,272,689
Balance at the end of the year
149,708,520
78,027,607
149,708,520
78,027,607
On 30.06.2023 Autohellas participated in the share capital increase of “TRADE ESTATES REAL ESTATE INVESTMENT COMPANY” in
the amount of €7,999,967 through a contribution in kind, of a property and specifically a plot of 45,408.04 sq.m. within a Business
Park in the Vamvakia region of the Municipality of Elefsina including buildings. After the completion of the above increase,
Autohellas participated in the share capital of TRADE ESTATES with a percentage of 11.92%.
Following the above, the Public Offering through which 28,169,015 new shares of "TRADE ESTATES REAL ESTATE INVESTMENT
COMPANY" were issued was successfully completed on 03.11.2023 in the context of its share capital increase through public
offering and private placement. In addition, 938,968 new shares were allocated through the Private Placement to the existing
shareholder "AUTOHELLAS TOURIST AND TRADING SOCIÉTÉ ANONYME", according to its letter of declaration of participation
dated 20.10.2023 towards the Company’s Board. Subsequently, the Company proceeded to acquire 784,589 shares through the
Athens Stock Exchange. The Company's participation percentage in the share capital of TRADE ESTATES amounted to 10.38% as
at 31.12.2023.
16. Financial assets at fair value through profit or loss
Group
Company
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Equity securities
Unlisted securities
2,107,332
2,307,332
1,000,455
1,000,455
2,107,332
2,307,332
1,000,455
1,000,455
Annual Financial Report 31.12.2023
104
The movement in financial assets at fair value through profit or loss is analysed as follows:
Group
Company
2023
2022
2023
2022
Balance at the beginning of the year
2,307,332
1,000,056
1,000,455
500,055
Additions of unlisted securities
-
1,006,363
-
500,400
Acquisition of subsidiary
-
300,913
-
-
Fair value adjustment
(200,000)
-
-
-
Balance at the end of the year
2,107,332
2,307,332
1,000,455
1,000,455
During 2021 the Group participated in the financing of Hellas Direct Insurance Limited of aggregate value € 500,000 in the form of
a convertible bond loan. During 2023, the bonds were converted into shares, with the result that the Group's participation
amounts to 0.26% as at 31.12.2023, without any significant change in the value of the participation..
Financial assets at fair value through profit or loss also comprise:
- 10% participation in iTeam Technology Solutions S.A., amounting to €1,000,455,
- 4.4% stake in Spotmechanic Limited, the value of which has been adjusted to €1,
- participation in Iberis Bluetech Fund, amounting to €607 thousand, and
- participation in Mobiag LDA, the value of which was fully impaired within the year.
17. Derivative financial instruments and hedge accounting
The Group and the Company have the following derivative financial instruments in the following balance sheet items:
Group
Company
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Non-current assets
Interest rate swaps – cash flow hedges
-
8,308,415
-
8,308,415
-
8,308,415
-
8,308,415
Current assets
Interest rate swaps – cash flow hedges
675,431
1,946,797
675,431
1,946,797
675,431
1,946,797
675,431
1,946,797
Non-current liabilities
Interest rate swaps – cash flow hedges
(1,636,390)
-
(1,636,390)
-
(1,636,390)
-
(1,636,390)
-
Total
(960,959)
10,255,212
(960,959)
10,255,212
(i) Hedging instruments used by the Group and the Company
At 31.12.2023 the interest rate swaps, which were used by the Group and the Company in effective cash flow accounting hedging
relationships, covered approximately 20% (2022: 21%) and 24% (2022: 24%) of the floating borrowing of the Group and the
Company respectively and had a total nominal value of €125,000,000 (2022: €110,000,000).
Annual Financial Report 31.12.2023
105
In November 2023, the Company sold 9 interest rate swap contracts with a total nominal value of €150 million, which it held
during the year. The amount received amounted to €9,226,000 which corresponded to the valuation of said contracts at the time
of sale, taking into account that they had been signed at an earlier period when average reference rates were much lower than
those of the current period. Subsequently, it replaced them with 6 new interest rate swap contracts with a total nominal value of
€150 million, 5 of which, with a total nominal value of €125 million, were signed until 31.12.2023.
Swap contracts require settlement of net interest receivable or payable every 90 days. Settlement dates coincide with the dates
on which interest is payable on the underlying debt.
(ii) Effects of interest rate swaps on financial position and performance
The effects of interest rate swaps on the financial position and performance of the Group and the Company are as follows:
Group
Company
2023
2022
2023
2022
Interest rate swaps
Carrying amount (Current and non-current)
(960,959)
10,255,212
(960,959)
10,255,212
Notional amount
125,000,000
110,000,000
125,000,000
110,000,000
Maturity date
2026-2027
2026-2030
2026-2027
2026-2030
Hedge ratio
100%
100%
100%
100%
Change in intrinsic value of hedging instruments since
inception of the hedge
(960,960)
9,926,883
(960,960)
9,926,883
Change in value of hedged item used to determine hedge
effectiveness
(747,161)
9,010,467
(747,161)
9,010,467
For the year ended 31 December 31 2023, after qualitative and quantitative assessment of the effectiveness of hedge accounting
relationships with the hypothetical derivative method, both at the beginning of the hedge and in the future, the Group and the
Company concluded that there is a high economic correlation between the hedging instruments (interest rate swaps) and the
hedged items (payments of floating interest rate borrowings). The excess amount of the cumulative change (ineffective part) in
the fair value of the hedging instruments in relation to the corresponding change in the hedged items has been recognised as
ineffectiveness in the results in the line "Other gains/losses - net" and amounts to loss of €540,190 for the year ended 31 December
2023.
18. Trade and other receivables
Group
Company
Note
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Trade receivables
101,549,418
78,477,667
52,891,285
42,445,437
Less: provision for impairment of trade receivables
4.1
(9,786,688)
(9,019,863)
(2,481,236)
(2,525,910)
Trade receivables - net
91,762,730
69,457,804
50,410,049
39,919,527
Prepayments
17,717,308
23,453,438
9,122,700
11,792,042
Other receivables
33,861,799
35,698,871
28,195,739
27,286,600
Less: provision for impairment of other receivables
(898,835)
(518,835)
-
-
Receivables from related parties
40
371,931
1,260,556
2,658,181
3,341,480
Receivables from loans to related parties
40
15,000
1,531,931
-
-
Total
142,829,933
130,883,765
90,386,669
82,339,649
Annual Financial Report 31.12.2023
106
Group
Company
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Non-current portion
38,505,309
35,333,714
37,432,712
32,752,399
Current portion
104,324,624
95,550,051
52,953,957
49,587,250
Total
142,829,933
130,883,765
90,386,669
82,339,649
Details about the group’s impairment policies and the calculation of the loss allowance are provided in note 4.1.
In the current environment affected by the energy and the financial crisis, the Group actively monitors the recoverability of trade
receivables to ensure that any impairment provisions are reflected in a timely manner and in accordance with Management's best
estimate of potential losses, as required by IFRS 9. The fair value of trade and other receivables approximates the carrying value.
Other receivables mainly relate to a Reserve from Securitisation of Future Receivables and other, relative to the securitisation of
future receivables, funds, along with invoices that relate to the Group’s companies’ other income, for example rents, contracts
etc. The non-current other receivables are due and payable within two to three years from the end of the reporting period.
Further information relating to balances with related parties and key management personnel is set out in note 40.
19. Inventories
Group
Company
31.12.2023
31.12.2022
31.12.2023
31.12.2022
New cars
83,270,731
47,089,995
-
-
Used cars
13,028,027
12,222,544
-
-
Parts & accessories
17,163,301
15,891,411
5,426
29,070
Other
481,597
559,400
69,139
74,564
Total
113,943,656
75,763,350
74,565
103,634
Write-downs of inventories to net realisable value are recognised as an expense during the year and are included in cost of sales.
20. Cash and cash equivalents
Group
Company
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Cash in hand
209,920
212,405
93,004
73,189
Cash at bank
45,572,277
64,942,805
17,236,580
29,318,006
Time deposits
30,869,600
28,638,509
10,000,000
-
Total
76,651,797
93,793,719
27,329,584
29,391,195
The effective interest rate on time deposits was 2%-3.5% and 0.01%-0.03% for 2023 and 2022 respectively,
Annual Financial Report 31.12.2023
107
21. Share capital and share premium
Number of
shares
Ordinary shares
Share premium
Treasury shares
Total
Balance as at 1 January 2022
48,624,764
3,889,981
130,553
(2,292,442)
1,728,092
Share capital increase
-
48,624,764
-
-
48,624,764
Share capital decrease
-
(48,624,764)
-
-
(48,624,764)
Treasury shares acquired
-
-
-
(367,256)
(367,256)
Balance as at 31 December 2022
48,624,764
3,889,981
130,553
(2,659,698)
1,360,836
Balance as at 1 January 2023
48,624,764
3,889,981
130,553
(2,659,698)
1,360,836
Distribution of treasury shares
-
-
-
100,746
100,746
Balance as at 31 December 2023
48,624,764
3,889,981
130,553
(2,558,952)
1,461,582
(i) Share capital
The Company’s share capital amounted as at 31 December 2022 to € 3,889,981 divided into 48,624,764 common registered shares
with a nominal value of €0.08 each. All shares are common, have been paid in full, participate in earnings and are entitled to voting
rights.
(ii) Treasury shares
The Annual General Meeting of the Company’s shareholders, held on 15.07.2020, approved, among other things, the Own Share
Acquisition program, through the Athens Stock Exchange.
No treasury shares were acquired during 2023.
At the same time with the decision of 01.09.2021 of the Extraordinary General Meeting, in accordance with article 49 of Law
4548/2018 230,236 own shares with a nominal value of € 0.08 each were cancelled, having been obtained during 2012 and 2013,
each with a consequent reduction of the Company's share capital by the amount of € 18,418. 88 and a corresponding amendment
of article 3 (Share Capital) of its Articles of Association.
Following the above, as at 31.12.2023 the Company held a total of 508,000 treasury shares with a nominal value of €0.08 each,
with a total value of €2,558,952, which correspond to 1.0447% of its share capital.
The movement of the Company's own shares is reflected in the table below:
Number of
shares
Cost of tresury
shares
Balance as at 1 January 2022
490,007
2,292,442
Acquisition of shares
37,993
367,256
Balance as at 31 December 2022
528,000
2,659,698
Distribution of treasury shares
(20,000)
(100,746)
Balance as at 31 December 2023
508,000
2,558,952
Annual Financial Report 31.12.2023
108
22. Other reserves
Group
Financial assets
at fair value
through other
comprehensive
income
Revaluation
reserve
Statutory
reserve
Special
reserve
Hedging
reserve
Other
reserve
Total
Balance as at 1 January 2022
27,596,251
15,288,719
5,079,687
34,535,924
-
695,437
83,196,018
Gain from changes in the fair value of
debt instruments at fair value through
other comprehensive income - gross
96,621
-
-
-
-
-
96,621
Gain from changes in the fair value of
debt instruments at fair value through
other comprehensive income - tax
(21,257)
-
-
-
-
-
(21,257)
Gain from changes in the fair value of
equity investments at fair value through
other comprehensive income - gross
5,176,068
-
-
-
-
-
5,176,068
Gain from changes in the fair value of
cash flow hedges (effective portion) -
gross
-
-
-
-
8,842,429
-
8,842,429
Gain from changes in the fair value of
cash flow hedges (effective portion) - tax
-
-
-
-
(1,945,334)
-
(1,945,334)
Gain from changes in the fair value of
cash flow hedges (reclassified to profit or
loss) - gross
-
-
-
-
168,038
-
168,038
Gain from changes in the fair value of
cash flow hedges (reclassified to profit or
loss) - tax
-
-
-
-
(36,968)
-
(36,968)
Gain on revaluation of property, plant and
equipment - gross
-
2,304,706
-
-
-
-
2,304,706
Gain on revaluation of property, plant and
equipment - tax
-
(507,035)
-
-
-
-
(507,035)
Exchange differences on translation of
foreign operations
-
-
-
-
-
112,606
112,606
Transfer from retained earnings
-
-
2,294,718
-
-
(18,496)
2,276,222
Capitalisation of reserves
-
-
-
(45,726,665)
-
-
(45,726,665)
Balance as at 31 December 2022
32,847,683
17,086,390
7,374,405
(11,190,741)
7,028,165
789,547
53,935,449
Balance as at 1 January 2023
32,847,683
17,086,390
7,374,405
(11,190,741)
7,028,165
789,547
53,935,449
Gain from changes in the fair value of
debt instruments at fair value through
other comprehensive income - gross
95,209
-
-
-
-
-
95,209
Gain from changes in the fair value of
debt instruments at fair value through
other comprehensive income - tax
(20,946)
-
-
-
-
-
(20,946)
Gain from changes in the fair value of
equity investments at fair value through
other comprehensive income - gross
60,389,575
-
-
-
-
-
60,389,575
Loss from changes in the fair value of cash
flow hedges (effective portion) - gross
-
-
-
-
(482,998)
-
(482,998)
Loss from changes in the fair value of cash
flow hedges (effective portion) - tax
-
-
-
-
106,260
-
106,260
Gain from changes in the fair value of
cash flow hedges (reclassified to profit or
loss) - gross
-
-
-
-
(966,984)
-
(966,984)
Gain from changes in the fair value of
cash flow hedges (reclassified to profit or
loss) - tax
-
-
-
-
212,736
-
212,736
Gain on revaluation of property, plant and
equipment - gross
-
1,200,601
-
-
-
-
1,200,601
Gain on revaluation of property, plant and
equipment - tax
-
(264,132)
-
-
-
-
(264,132)
Exchange differences on translation of
foreign operations
-
-
-
-
-
(48,587)
(48,587)
Transfer from retained earnings
-
-
518,186
-
-
114,404
632,590
Balance as at 31 December 2023
93,311,521
18,022,859
7,892,591
(11,190,741)
5,897,179
855,364
114,788,773
Annual Financial Report 31.12.2023
109
Company
Financial
assets at fair
value through
other
comprehensive
income
Revaluation
reserve
Statutory
reserve
Special
reserve
Hedging
reserve
Other
reserve
Total
Balance as at 1 January 2022
27,596,251
9,291,877
4,870,218
51,735,923
-
481,037
93,975,306
Gain from changes in the fair value of
debt instruments at fair value through
other comprehensive income - gross
96,621
-
-
-
-
-
96,621
Gain from changes in the fair value of
debt instruments at fair value through
other comprehensive income - tax
(21,257)
-
-
-
-
-
(21,257)
Gain from changes in the fair value of
equity investments at fair value
through other comprehensive income
- gross
5,176,068
-
-
-
-
-
5,176,068
Gain from changes in the fair value of
cash flow hedges (effective portion) -
gross
-
-
-
-
8,842,429
-
8,842,429
Gain from changes in the fair value of
cash flow hedges (effective portion) -
tax
-
-
-
-
(1,945,334)
-
(1,945,334)
Gain from changes in the fair value of
cash flow hedges (reclassified to profit
or loss) - gross
-
-
-
-
168,038
-
168,038
Gain from changes in the fair value of
cash flow hedges (reclassified to profit
or loss) - tax
-
-
-
-
(36,968)
-
(36,968)
Gain on revaluation of property, plant
and equipment - gross
-
1,192,566
-
-
-
-
1,192,566
Gain on revaluation of property, plant
and equipment - tax
-
(262,365)
-
-
-
-
(262,365)
Transfer from retained earnings
-
-
-
23,000,000
-
-
23,000,000
Capitalisation of reserves
-
-
-
(45,726,665)
-
-
(45,726,665)
Balance as at 31 December 2022
32,847,683
10,222,078
4,870,218
29,009,258
7,028,165
481,037
84,458,439
Balance as at 1 January 2023
32,847,683
10,222,078
4,870,218
29,009,258
7,028,165
481,037
84,458,439
Gain from changes in the fair value of
debt instruments at fair value through
other comprehensive income - gross
95,209
-
-
-
-
-
95,209
Gain from changes in the fair value of
debt instruments at fair value through
other comprehensive income - tax
(20,946)
-
-
-
-
-
(20,946)
Gain from changes in the fair value of
equity investments at fair value
through other comprehensive income
- gross
60,389,575
-
-
-
-
-
60,389,575
Loss from changes in the fair value of
cash flow hedges (effective portion) -
gross
-
-
-
-
(482,998)
-
(482,998)
Loss from changes in the fair value of
cash flow hedges (effective portion) -
tax
-
-
-
-
106,260
-
106,260
Gain from changes in the fair value of
cash flow hedges (reclassified to profit
or loss) - gross
-
-
-
-
(966,984)
-
(966,984)
Gain from changes in the fair value of
cash flow hedges (reclassified to profit
or loss) - tax
-
-
-
-
212,736
-
212,736
Gain on revaluation of property, plant
and equipment - gross
-
655,689
-
-
-
-
655,689
Gain/(Loss) on revaluation of
property, plant and equipment - tax
-
(144,252)
-
-
-
-
(144,252)
Transfer from retained earnings
-
-
-
17,500,000
-
-
17,500,000
Balance as at 31 December 2023
93,311,521
10,733,515
4,870,218
46,509,258
5,897,179
481,037
161,802,728
Annual Financial Report 31.12.2023
110
(i) Statutory reserve
The statutory reserve is created under the provisions of Greek law according to which an amount of at least 5% of the profit (after
tax) for the year must be transferred to the reserve until it reaches one third of the paid share capital. The statutory reserve can
only be used with the approval of the Annual General Meeting of shareholders to offset accumulated losses and therefore cannot
be used for any other purpose.
(ii) Special reserve
This reserve relates to special reserves from income taxed by special tax scheme formed based on special provisions of Greek tax
legislation and refers to a) earnings from sale of a non-listed company which are tax-exempted since they are not distributed. In
any other case they would not be exempted from regular tax regulation and b) dividends received.
(iii) Hedging reserve
The hedging reserve comprises the cash flow hedge reserve. The cash flow hedge reserve is used to recognise the effective portion
of gains or losses from derivatives that are designated and qualify as cash flow hedges, as described in note 2.25. The amounts
are then reclassified to the statement of profit or loss, as appropriate.
(iv) Other reserves
Other reserves were created from the merger of VAKAR S.A., VELMAR S.A. and TECHNOCAR S.A. In addition, Other Reserves
include exchange differences arising on translation of the foreign controlled entities are recognised in other comprehensive
income as described in note 2.5 and accumulated in a separate reserve within equity. The cumulative amount is reclassified to
profit or loss when the net investment is disposed of.
Other reserves also include the portion of the net income carried forward every year that comes from tax-free profits and profits
taxed under special provisions by using up the tax liability. The aforementioned reserves can be capitalised or distributed following
the approval of the Annual General Meeting, after taking into consideration the restrictions that may apply. In case of
capitalisation or distribution, tax is calculated at the current tax rate.
23. Non-controlling interests
The non-controlling interests arise from the companies Hyundai Hellas, Kia Hellas and HR Aluguer de Automóveis and the change
in the balance of the non-controlling interests is presented in the following table as follows:
2023
2022
Balance at the beginning of the year
11,027,022
5,314,233
Non-controlling interests from acquisition of subsidiary
-
2,632,291
Profit for the year attributable to non-controlling interests
7,752,320
5,015,843
Other comprehensive income attributable to non-controlling interests
1,560
14,655
Dividends paid to non-controlling interests
(3,906,000)
(1,950,000)
Balance at the end of the year
14,874,902
11,027,022
Annual Financial Report 31.12.2023
111
Condensed financial data of Hyundai Hellas, Kia Hellas and HR Aluguer de Automóveis are presented in the table below:
2023
Hyundai
Hellas
Kia
Hellas
HR Aluguer de
Automóveis
(Group)
Non-current assets
3,668,043
2,820,242
86,224,563
Current assets
80,559,001
37,454,562
17,293,858
Non-current liabilities
1,684,603
2,862,455
40,257,274
Current liabilities
57,162,829
23,125,941
38,259,981
Revenue
182,331,339
119,926,674
98,339,568
Profit/(loss) before tax
20,478,217
10,885,777
5,126,117
Profit/(loss) for the year
15,935,059
8,287,303
4,651,452
Dividends paid
10,500,000
2,520,000
-
2022
Hyundai
Hellas
Kia
Hellas
HR Aluguer de
Automóveis
(Group)
(4th Quarter)
Non-current assets
2,491,286
1,719,737
70,291,113
Current assets
61,111,667
32,611,079
22,939,828
Non-current liabilities
1,348,089
2,097,391
41,657,399
Current liabilities
42,315,532
23,714,299
31,223,828
Revenue
152,467,406
78,020,125
18,336,385
Profit/(loss) before tax
14,851,693
7,037,664
(1,229,373)
Profit/(loss) for the year
11,619,181
5,505,221
(1,163,583)
Dividends paid
6,500,000
-
-
24. Borrowings
Group
Company
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Non-current
Bank borrowings
389,411,562
306,435,344
346,872,060
259,071,194
Other borrowings
227,902
274,758
-
-
Total non-current borrowings
389,639,464
306,710,102
346,872,060
259,071,194
Current
Short term portion of long term bank borrowings
28,539,421
32,154,837
14,058,398
19,524,885
Bank borrowings
11,736,856
9,327,759
-
-
Bank overdrafts
3,271,610
-
-
-
Other borrowings
435,922
523,353
-
-
Total current borrowings
43,983,809
42,005,949
14,058,398
19,524,885
Total borrowings
433,623,273
348,716,051
360,930,458
278,596,079
As at the reporting date, the Group, in order to secure its loan obligations, has registered first-class mortgage notes on properties
in favour of the Representatives and on behalf of the Creditors, for a total amount of €105,968,000. At the same time, variable
insurance contracts have been concluded on the Group's cars for a total amount of €102,482,305 and a pledge has been
established on all the shares of the Company's subsidiary in Romania.
Annual Financial Report 31.12.2023
112
As of the reporting date, the Company, in order to secure its loan obligations, has registered first-class mortgage notes on
properties in favour of the Representatives and on behalf of the Creditors, for a total amount of €103,768,000. At the same time,
variable insurance contracts have been concluded on the Company's cars amounting to €89,347,306, and a pledge has been
established on all the shares of the Company's subsidiary in Romania.
The fair value of the borrowings approximates the carrying value as at 31 December of 2023 and 2022.
The weighted average interest rates of the short-term and long-term borrowings of the Group and the Company in 2023 are
mentioned in note 35.
(i) Movements in Borrowings
Group
Long-term
borrowings
Short-term
borrowings
Total
Balance as at 1 January 2022
50,409,842
170,189,966
220,599,808
Exchange differences
(166,160)
53,283
(112,877)
New financing
287,447,497
24,970,432
312,417,929
Repayments
-
(214,262,923)
(214,262,923)
Loan amortisation
-
2,506,203
2,506,203
Acquisition of subsidiary
19,675,174
7,892,737
27,567,911
Transfers
(50,656,251)
50,656,251
-
Balance as at 31 December 2022
306,710,102
42,005,949
348,716,051
Balance as at 1 January 2023
306,710,102
42,005,949
348,716,051
Exchange differences
(59,861)
-
(59,861)
New financing
211,883,465
68,664,881
280,548,346
Recognition of grant from RRF
(3,473,430)
-
(3,473,430)
Repayments
-
(186,818,422)
(186,818,422)
Loan amortisation
-
539,967
539,967
Transfers
(123,525,714)
123,525,714
-
Reclassification to lease liabilities
(1,895,098)
(3,934,280)
(5,829,378)
Balance as at 31 December 2023
389,639,464
43,983,809
433,623,273
Company
Long-term
borrowings
Short-term
borrowings
Total
Balance as at 1 January 2022
27,181,277
157,938,343
185,119,620
New financing
271,182,808
-
271,182,808
Repayments
-
(180,212,552)
(180,212,552)
Loan amortisation
-
2,506,203
2,506,203
Transfers
(39,292,891)
39,292,891
-
Balance as at 31 December 2022
259,071,194
19,524,885
278,596,079
Balance as at 1 January 2023
259,071,194
19,524,885
278,596,079
New financing
192,561,350
-
192,561,350
Recognition of grant from RRF
(3,473,430)
-
(3,473,430)
Repayments
-
(107,293,508)
(107,293,508)
Loan amortisation
-
539,967
539,967
Transfers
(101,287,054)
101,287,054
-
Balance as at 31 December 2023
346,872,060
14,058,398
360,930,458
Annual Financial Report 31.12.2023
113
The most important changes regarding the Group's new borrowing are the following:
• New bond loans by Autohellas amounting to €145 million.
• Withdrawals of the Recovery and Resilience Facility loan with a systemic bank amounting to €38 million.
• Withdrawals of various types of loans by Autohellas foreign subsidiaries amounting to €53 million.
• Withdrawals of overdraft lines of the Autohellas subsidiary, AUTOTECHNICA HELLAS S.M.S.A. amounting to €32 million.
The most important changes regarding the Group's loan repayments are the following:
• Autohellas bond loan repayments amounting to €105 million.
• Repayments of various types of loans by Autohellas subsidiaries abroad amounting to €37 million.
• Repayments of overdraft lines of the Autohellas subsidiary, AUTOTECHNICA HELLAS S.M.S.A amounting to €32 million.
(ii) Grants from Recovery and Resilience Facility
In September 2022, Autohellas proceeded with signing a loan agreement within the framework of the National Recovery and
Resilience Plan “Greece 2.0”. As a borrowing that falls within the framework of co-financing of the systemic banks with the
Recovery and Resilience Fund (RRF), part of the bonds to be issued (€85 million) was agreed to be granted at a fixed rate with
resources of the RRF, while the remaining co-financing bonds with a floating contractual interest rate (EURIBOR + margin).
The Company recognised an amount of indirect grant, for the renewal and expansion of its fleet for the period 2022-2026 with
the aim of energy upgrading it, amounting to €3,986,701 as calculated from the difference between the conventional co-financing
rate and the RRF rate. During the year the amount of €513,271 was recognised in profit or loss (Note 35), and as a result the RRF
grant amount as at 31.12.2023 amounted to €3,473,430.
25. Lease liabilities
The Group's lease liabilities are related to vehicle and real estate leases. The maturity of the lease liabilities is analysed in note
4.1.
(i) Finance lease liabilities
Group
Company
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Finance lease liabilities -
minimum lease payments
Less than 1 year
16,677,526
24,706,452
1,593,201
16,670,782
1-5 years
25,393,733
35,273,608
984,335
17,618,184
Total
42,071,259
59,980,060
2,577,536
34,288,966
Less: Future finance charges on finance leases
(2,767,238)
(3,225,488)
(79,467)
(1,290,464)
Present value of finance lease liabilities
39,304,021
56,754,572
2,498,069
32,998,502
The present value of finance lease liabilities is analysed as follows:
Group
Company
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Less than 1 year
15,130,499
22,782,619
1,542,782
15,785,026
1-5 years
24,173,522
33,971,953
955,287
17,213,476
Total
39,304,021
56,754,572
2,498,069
32,998,502
Annual Financial Report 31.12.2023
114
(ii) Operating lease liabilities
Group
Company
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Operating lease liabilities -
minimum lease payments
Less than 1 year
4,626,144
5,875,609
1,555,284
3,285,694
1-5 years
9,928,559
8,175,052
2,791,600
1,441,270
Over 5 years
1,122,114
1,224,413
924,433
712,955
Total
15,676,817
15,275,074
5,271,317
5,439,919
Less: Future finance charges on operating leases
(1,157,626)
(1,095,207)
(422,082)
(231,284)
Present value of operating lease liabilities
14,519,191
14,179,867
4,849,235
5,208,635
The present value of operating lease liabilities is analysed as follows:
Group
Company
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Less than 1 year
4,245,053
5,509,650
1,431,515
3,186,146
1-5 years
9,069,575
6,960,363
2,545,019
1,352,887
Over 5 years
1,204,563
1,709,854
872,701
669,602
Total
14,519,191
14,179,867
4,849,235
5,208,635
(iii) Movement in lease liabilities
Group
Finance lease
liabilities
Operating lease
liabilities
Total
Balance as at 1 January 2022
49,634,229
10,872,302
60,506,531
Exchange differences
(2,101)
-
(2,101)
Repayments
(27,964,313)
(5,480,045)
(33,444,358)
New financing
7,476,561
6,495,546
13,972,107
Terminated leases
-
(29,784)
(29,784)
Acquisition of subsidiary
27,582,431
2,349,613
29,932,044
Reclassifications
27,765
(27,765)
-
Balance as at 31 December 2022
56,754,572
14,179,867
70,934,439
Balance as at 1 January 2023
56,754,572
14,179,867
70,934,439
Repayments
(49,614,723)
(8,411,831)
(58,026,554)
New financing
26,899,764
9,720,169
36,619,933
Terminated leases
-
(969,014)
(969,014)
Contribution
(564,970)
-
(564,970)
Reclassification from borrowings
5,829,378
-
5,829,378
Balance as at 31 December 2023
39,304,021
14,519,191
53,823,212
Annual Financial Report 31.12.2023
115
Company
Finance lease
liabilities
Operating lease
liabilities
Total
Balance as at 1 January 2022
48,630,450
4,933,953
53,564,403
Repayments
(16,096,997)
(3,046,519)
(19,143,516)
New financing
465,049
3,321,201
3,786,250
Balance as at 31 December 2022
32,998,502
5,208,635
38,207,137
Balance as at 1 January 2023
32,998,502
5,208,635
38,207,137
Repayments
(30,910,166)
(4,037,813)
(34,947,979)
New financing
409,733
3,678,413
4,088,146
Balance as at 31 December 2023
2,498,069
4,849,235
7,347,304
Finance costs related to leases are presented in note 35.
The above division into finance and operating leases has been made for information purposes and is not required by IFRS 16.
26. Securitisation
In 2021, the Company entered into a financing agreement of 180 million euros with JPMorgan Chase & Co, through a new
securitisation of receivables from long-term lease contracts (Asset Backed Securitisation). In this financing, there is no recourse to
other assets of the company (non-recourse ). The purpose of this financing is to cover the operational needs of the company as
well as to refinance existing debt. The amount of financing as at 31.12.2023 amounted to €180,000,000.
In January 2023 the Company and JPMorgan Chase & Co reached an agreement to renew the revolving term of this financing for
another 18 months.
Autohellas (Transferor) sold through the provisions on the securitisation of business receivables arising from long-term lease
contracts to the company Autowheel DAC (Acquirer) in accordance with Law 3156/2003. Autowheel DAC is a special purpose
vehicle based in Dublin, Ireland (Two Dockland Central, Dublin 1) and has the exclusive purpose of acquiring business receivables
in accordance with the provisions of paragraph 2 of article 10 of Law 3156/2003. The securitisation transaction consists of a true
transfer by sale of the receivables to the special purpose vehicle Autowheel DAC. The aforementioned business receivables include
future rents from long-term leases and the estimated price from the sale of the related vehicles whose ownership remains with
the Company.
Autohellas, according to a contract with Autowheel DAC, acts as a Servicer for a fee, i.e. it is charged with monitoring and collecting
the receivables from the customers of the contracts whose rents were transferred. Its role is solely to collect on behalf of the
bondholders (through Autohellas as servicer) for the repayment of the bonds it has issued and to generally serve the interests of
the bondholders until they are repaid.
Annual Financial Report 31.12.2023
116
Autowheel DAC is not controlled by Autohellas. The securitisation agreement is an agreement without recourse on other assets
of Autohellas. Assessing in combination the IFRS criteria regarding Autowheel's characteristics of independence and autonomy,
its legal isolation as a separate entity, its design and purpose as well as the fact that Autohellas does not have decision-making
authority in that entity, Autowheel DAC is not consolidated in the consolidated financial statements of Autohellas.
Autowheel DAC with the consideration received in the purchase of business receivables issued Series A Notes and Series B Notes.
The Series A Notes (Senior Notes) were acquired by JP Morgan and the Series B Notes (Subordinated Notes) were acquired by
Autohellas in line with European legislation for the retention of minimal risk by the Transferor. Only after the full repayment of
the Series A Bonds can the repayment of the Series B Bonds commence.
This securitisation has an 18-month renewal period which expires on 22.07.2024. During this period Autohellas maintains the
ability to re-transfer new business receivables from long-term lease contracts every month in order to maintain the amount of
securitisation at the desired level. Only after the expiration of the replenishment period, and only in case of non-renewal, does
Autowheel DAC start paying off the bonds.
Below is a maturity analysis by year of the non-discounted business receivables on 31.12.2023:
Period
Securitisation
Year 1
87,585,122
Year 2
74,404,348
Year 3
67,255,448
Year 4
40,072,312
Year 5
9,281,609
Total
278,598,839
The weighted average interest rate of the securitσzation has been included in the calculations of note 35.
27. Post-employment benefits
For the Company and the Group entities based in Greece, the benefit obligations relate to the requirements under law 2112/1920
as amended by law 4093/2012 based on the years of employment of each employee. The liability is measured and depicted on
the basis of the expected entitlement of each employee at the reporting date or in the interim financial statements, discounted
to the present value, in relation to the expected time of payment.
(i) Amounts in the Statement of Financial Position
The amounts recognised in the statement of financial position and the movements in the net benefit obligation over the year are
as follows:
Annual Financial Report 31.12.2023
117
Group
Company
2023
2022
2023
2022
Balance at the beginning of the year
1,795,012
1,800,283
871,620
893,932
Amounts recognised in profit or loss:
Current service cost
219,046
237,539
88,060
94,991
Interest expense
50,260
10,800
24,405
5,364
Past service cost and (gains)/losses on
settlements/curtailments
215,242
1,632,517
116,366
1,453,305
Total
484,548
1,880,856
228,831
1,553,660
Amounts recognised in other comprehensive
income
(Gain) / Loss from change in financial assumptions
(30,535)
(185,998)
(12,133)
(81,128)
Experience (gain) / losses
240,191
91,395
64,296
59,527
Total
209,656
(94,603)
52,163
(21,601)
Other
Benefits paid
(282,353)
(1,791,524)
(149,578)
(1,554,371)
Total
(282,353)
(1,791,524)
(149,578)
(1,554,371)
Balance at the end of the year
2,206,863
1,795,012
1,003,036
871,620
(ii) Actuarial assumptions
The principal actuarial assumptions used for the Group and the Company are as follows:
Group
Company
2023
2022
2023
2022
Economic assumptions:
Discount rate
2.98%
2.80%
2.98%
2.80%
Inflation rate
5.10%
2.20%
5.10%
2.20%
Salary growth rate
2.10%
2.20%
2.10%
2.20%
(iii) Sensitivity analysis
Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions
constant, would have affected the defined benefit obligation by the amounts shown below:
Group
Company
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Increase in discount rate by 0.5%
(82,415)
(46,292)
(20,925)
(20,289)
Decrease in discount rate by 0.5%
24,325
48,454
21,823
21,192
Increase in salary growth rate by 0.5%
17,292
42,811
17,169
16,631
Decrease in salary growth rate by 0.5%
(76,386)
(41,829)
(16,617)
(16,085)
The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice,
this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the benefit
obligation to significant actuarial assumptions, the same method (present value of the defined benefit obligation calculated with
the projected unit credit method at the end of the reporting period) has been applied as when calculating the benefit liability
recognised in the Statement of Financial Position.
Annual Financial Report 31.12.2023
118
The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to the prior period.
28. Trade and other payables
Group
Company
Note
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Trade payables
143,251,660
115,743,271
25,061,174
23,142,760
Amounts due to related parties
40
1,840,930
147,138
23,368,019
11,197,002
Guarantees
30,628,567
28,870,974
28,773,334
27,243,107
Accrued expenses
20,748,963
18,865,348
6,444,710
6,265,056
Deferred income
2,236,879
1,312,649
-
-
Social security funds and other taxes
6,546,013
5,654,379
1,858,309
1,489,847
Advances from customers
15,091,597
24,069,991
5,159,342
6,154,152
Dividends payable
119,752
105,919
119,752
105,919
Other liabilities
23,961,533
18,569,185
20,920,203
20,368,031
Total
244,425,894
213,338,854
111,704,843
95,965,874
Group
Company
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Non-current portion
2,696,778
1,831,507
-
-
Current portion
241,729,116
211,507,347
111,704,843
95,965,874
Total
244,425,894
213,338,854
111,704,843
95,965,874
The carrying amounts of trade and other payables are considered to be the same as their fair values, due to their short-term
nature as at 31 December 2023 and 2022.
Amounts paid by leasing customers as guarantees are shown in the line of the same name in the first table of the note.
Other liabilities mainly concern guarantees given on the retail sales of the Car Trade activity.
29. Provisions
Provisions for the Group amounting to €3,207,502 for 2023 (2022: €2,528,914) mainly concern guarantees for products and
services provided by the Group’s importing companies.
Management has assessed the effect of climate change and the negative impact it may have on the Group's activities and assets.
In this assessment, management took into account the wide geographical dispersion of the Group's facilities in Greece and Europe,
as well as the extensive insurance coverage against extreme weather phenomena and climatic disasters on its assets, and
concluded that there is no need to form a relevant provision in the financial statements as at 31.12.2023.
Annual Financial Report 31.12.2023
119
30. Revenue
Group
Company
2023
2022
2023
2022
Income from short and long term car rentals
328,673,777
260,570,756
200,286,530
194,632,482
Sales of new and used cars and spare parts and rendering
of after-sales services
564,262,587
426,554,261
233,752
249,991
Sales of used fleet
109,737,784
78,435,011
82,530,834
65,365,859
Total
1,002,674,148
765,560,028
283,051,116
260,248,332
Further breakdown by operating segment is presented in note 6.
The Group's revenues are recognised at a specific point in time.
(i) Future minimum lease payments receivable
The future minimum lease payments receivable on non-cancellable operating car leases of are as follows:
Group
Company
2023
2022
2023
2022
Less than 1 year
124,178,297
101,737,739
100,359,500
81,252,383
1-5 years
219,033,886
151,707,334
179,044,836
122,021,551
Over 5 years
-
-
-
-
Total
343,212,183
253,445,073
279,404,336
203,273,934
31. Expenses
(i) Breakdown of expenses by nature
Group
Company
Note
2023
2022
2023
2022
Changes in inventories recognised as an expense
531,186,681
397,421,668
43,063,981
34,605,567
Depreciation of property, plant and equipment
7
106,792,066
90,499,904
77,761,234
65,872,611
Depreciation of right-of-use assets
8
23,191,684
15,624,348
10,397,306
11,865,490
Amortisation of intangible assets
10
2,296,810
212,372
224,589
137,037
Impairment of inventories
19
-
2,301
-
-
Impairment of property, plant and equipment
7
305,470
425,693
305,470
6,727
Employee benefits expenses
32
68,046,010
55,154,919
23,898,298
23,174,652
Third parties' fees
34,131,622
28,553,392
11,299,421
12,249,784
Repairs and maintenance costs
16,509,142
8,234,591
20,989,289
18,340,622
Rental costs
17,307,711
6,090,807
1,170,295
2,068,137
Transportation costs
11,175,565
5,318,927
782,359
810,251
Advertising costs
15,720,232
12,390,829
2,897,191
2,995,295
Utilities expenses
7,171,890
6,848,740
2,522,979
2,745,654
Provisions
1,142,880
23,329
-
-
Other expenses
44,672,523
34,240,030
19,509,184
19,277,740
Total
879,650,286
661,041,850
214,821,596
194,149,567
Annual Financial Report 31.12.2023
120
Other operating expenses include insurance costs, vehicle circulation and registration fees, and general operating costs.
(ii) Breakdown of expenses by function in the Statement of Profit or Loss
Group
Company
2023
2022
2023
2022
Cost of sales
784,633,788
581,321,474
195,948,323
174,478,506
Distribution costs
56,023,579
45,819,100
3,622,149
3,612,021
Administrative expenses
38,992,919
33,901,276
15,251,124
16,059,040
879,650,286
661,041,850
214,821,596
194,149,567
32. Employee benefit expenses
Group
Company
Note
2023
2022
2023
2022
Wages and salaries
52,798,610
41,876,303
19,310,597
17,657,269
Social security costs
10,505,497
7,713,485
3,415,882
2,868,371
Termination benefits
80,559
126,849
-
-
Defined contribution plan expenses
59,268
52,864
-
-
Defined benefit plan expenses
27
484,548
1,880,856
228,831
1,553,660
Other employee benefit expenses
4,117,528
3,504,562
942,988
1,095,352
Total
68,046,010
55,154,919
23,898,298
23,174,652
33. Other income
Group
Company
2023
2022
2023
2022
Dividend income from subsidiaries
-
-
19,700,000
24,300,000
Dividend income from financial assets at fair value through
other comprehensive income
890,739
422,100
890,739
422,100
Interest income from loans to related parties
11,917
31,931
-
-
Interest income from financial assets held as investments
446,305
89,469
446,305
89,469
Rental income from investment property
1,168,087
3,237,309
2,835,335
3,117,309
Income from commissions and services
9,314,020
7,045,924
2,987,020
2,483,353
Other
5,331,399
4,697,374
1,913,356
1,906,963
Total
17,162,467
15,524,107
28,772,755
32,319,194
Amount of € 916,416 of the year 2022 that was included in "Other income", in line "Other" and related to gains arising from the
ineffective portion of cash flow hedging relationships, was reclassified to "Other gains/(losses) - net"(Note 34).
Future minimum lease payments receivable
The total future minimum lease payments receivable on non-cancellable operating leases of investment property are as follows:
Annual Financial Report 31.12.2023
121
Group
Company
2023
2022
2023
2022
Less than 1 year
875,267
1,058,379
2,799,406
2,768,595
1-5 years
670,550
1,349,268
4,747,472
5,419,944
Over 5 years
20,360
72,904
437,008
1,346,441
Total
1,566,177
2,480,550
7,983,886
9,534,980
34. Other gains/(losses) - net
Group
Company
Note
2023
2022
2023
2022
Loss from changes in the fair value of financial
assets at fair value through profit or loss
16
(200,000)
-
-
-
Gain/(loss) from changes in the fair value of
derivatives - ineffective portion
17
(540,190)
916,416
(540,190)
916,416
Gain/(loss) on revaluation of investment property
9
77,707
(245,441)
173,000
(716,807)
Profit on contribution of subsidiary
12
1,100,000
-
-
-
Profit from disposal of property, plant and
equipment
7
687,634
728,627
672,043
699,131
Profit from disposal of investment property
9
483,524
-
483,524
-
Impairment losses on investments in subsidiaries
12
-
-
-
(500,000)
Impairment losses on investments accounted for
using the equity method
13
-
-
(2,000,000)
-
Gain/(loss) from translation of foreign currency -
net
85,604
(37,216)
-
-
Other
(244,571)
(269,718)
279,846
-
Total
1,449,708
1,092,668
(931,777)
398,740
Amount of € 916,416 of the year 2022 that was included in "Other income" (Note 33), in line "Other" and related to gains arising
from the ineffective portion of cash flow hedging relationships, was reclassified to "Other gains/(losses) – net".
35. Finance income/(costs)
Group
Company
2023
2022
2023
2022
Finance income
Interest income from finance leases with buy-back option
2,571,995
2,210,464
2,556,453
2,118,041
Other interest income
1,129,914
93,353
635,114
-
Finance income
3,701,909
2,303,817
3,191,567
2,118,041
Finance costs
Interest paid/payable on bank loans
(29,380,468)
(10,731,181)
(26,070,266)
(9,490,263)
Finance charges relating to lease liabilities
(4,578,636)
(1,971,597)
(1,171,179)
(1,177,083)
Amortisation of unwinding of discount and bond loan costs
(539,967)
(2,506,202)
(539,967)
(2,506,202)
Other interest costs and bank charges
(4,307,357)
(2,990,497)
(696,624)
(626,555)
Gain/(loss) from changes in the fair value of cash flow
hedges - effective portion
966,984
(168,038)
966,984
(168,038)
Net foreign exchange gains/(losses) on financing activities
(8,686)
(8,428)
-
-
Finance costs
(37,848,130)
(18,375,943)
(27,511,052)
(13,968,141)
Finance costs - net
(34,146,221)
(16,072,126)
(24,319,485)
(11,850,100)
Annual Financial Report 31.12.2023
122
The average effective interest rate for the Group’s short-term and long-term borrowings during 2023 fluctuated between 4.22% -
5.60% respectively (2022: The average effective interest rate fluctuated between 2.10% - 2.80%).
The average effective interest rate for the Company’s short-term and long-term borrowings during 2023 fluctuated between
4.23% - 5.58% respectively (2022: The average effective interest rate fluctuated between 2.10% - 2.90%)
Regarding the increase in the Group's finance costs, it is noted that the great majority of the Group's financing lines are based on
floating Euribor reference rate. The Group in 2023 maintained average borrowing levels of over €600 million, including
securitisation and finance leases. Interest rate swaps amounted to €150 million, or 25% of the Group's average borrowing levels.
Line «Interest paid/payable on bank loans» also includes the benefit recognised in profit or loss from the indirect RRF grant during
the year amounting to €513,271, as mentioned in Note. 24(ii).
36. Income tax expense
(i) Amounts recognised in profit or loss
Group
Company
Note
2023
2022
2023
2022
Current tax on profit for the year
22,675,148
19,923,689
10,029,790
11,784,594
Adjustments in respect of prior years
(184,851)
(270,173)
(206,316)
(20,169)
Total current tax
22,490,297
19,653,516
9,823,474
11,764,425
Deferred tax
14
(1,335,016)
1,822,099
559,654
2,019,801
Total
21,155,281
21,475,615
10,383,128
13,784,226
(ii) Amounts recognised in other comprehensive income
The breakdown of income tax amounts recognised in other comprehensive income appears in the movement of Other Reserves
(note 22).
(iii) Reconciliation of effective tax rate
The income tax of the Company and the Group differs from the theoretical amount that would arise using the applicable tax rate
on the results of the Company and the Group. The difference is as follows:
Group
Company
Note
2023
2022
2023
2022
Profit before tax
106,140,759
104,025,311
71,751,013
86,364,360
Tax calculated at domestic tax rate applicable to
profits in the respective countries
26,877,559
27,851,732
15,785,224
19,000,159
Income not subject to tax
(8,044,141)
(9,428,879)
(6,307,529)
(5,227,257)
Expenses not deductible for tax purposes
1,825,474
3,715,974
1,111,749
31,493
Utilisation of previously unrecognised tax losses
-
(449,531)
-
-
Tax losses for which no deferred income tax asset
was recognised
421,879
-
-
-
Other
74,510
(213,681)
(206,316)
(20,169)
Tax charge
21,155,281
21,475,615
10,383,128
13,784,226
Annual Financial Report 31.12.2023
123
(iv) OECD Pillar Two model rules
Autohellas is within the scope of the OECD “Pillar ΙΙ” model rules. Pillar ΙΙ legislation was enacted in Greece, the jurisdiction in
which Autohellas is incorporated, and will come into effect from 1 January 2025. Since the Pillar ΙΙ legislation was not effective at
the reporting date, the Group has no related current tax exposure. The Group applies the exception to recognising and disclosing
information about deferred tax assets and liabilities related to Pillar ΙΙ income taxes, as provided in the amendments to IAS 12
issued in May 2023. Under the legislation, the Group is liable to pay a top-up tax for the difference between their GloBE effective
tax rate per jurisdiction and the 15% minimum rate.
The Group is in the process of assessing its exposure to the Pillar II legislation for when it comes into effect. It should be noted
that even if the average effective tax rate in a jurisdiction is below 15%, the Group may not be exposed to Pillar II income tax
liability for that jurisdiction. This is due to the impact of specific adjustments envisaged in the Pillar II legislation which give rise to
different effective tax rates compared to those calculated in accordance with paragraph 86 of IAS 12. Due to the complexities in
applying the legislation and calculating GloBE income, the quantitative impact of the enacted or substantively enacted legislation
is not yet reasonably estimable. Therefore, even for those entities with an accounting effective tax rate above 15%, there may still
be Pillar II tax implications. Autohellas is currently engaged with tax specialists in applying the legislation.
In Greece, where the parent company of the Group is established, the legislative framework is under public consultation and is
expected to be adopted after the publication of the Financial Statements.
37. Investing activities
The Investing Activities included in the EBIT/EBITDA Reconciliation, as presented in Statement of Profit or Loss, include the
following amounts:
Group
Company
Note
2023
2022
2023
2022
Share of net profit/(loss) of investments accounted
for using the equity method, excluding those
related to the main activities of the Group
13
(1,184,677)
(597,963)
-
-
Dividend income
33
890,739
422,100
20,590,739
24,722,100
Interest income from financial assets held as
investments
33
446,305
89,469
446,305
89,469
Gain/(loss) from changes in the fair value of
derivatives - ineffective portion
34
(540,190)
916,416
(540,190)
916,416
Loss from changes in the fair value of financial
assets at fair value through profit or loss
34
(200,000)
-
-
-
Profit on contribution of subsidiary
34
1,100,000
-
-
-
Impairment losses on investments accounted for
using the equity method
34
-
-
(2,000,000)
-
Other
-
(760,603)
-
(813,004)
Total
512,177
69,419
18,496,854
24,914,981
Annual Financial Report 31.12.2023
124
38. Contingent assets and liabilities
The Group has contingent liabilities towards banks, other guarantees and other issues that might arise in the normal course of
business. No material charges are expected from these contingent liabilities. The unaudited fiscal years are as follows:
Company
Country
Years
AUTOHELLAS TOURIST AND TRADING SOCIETE ANONYME
Greece
-
AUTOTECHNICA OOD
Bulgaria
2016-2021
AUTOTECHNICA (CYPRUS) LIMITED
Cyprus
2013-2021
A.T.C. AUTOTECHNICA (CYPRUS) LTD
Cyprus
2013-2021
DERASCO TRADING LIMITED
Cyprus
2013-2021
AUTOTECHNICA FLEET SERVICES SRL
Romania
2015-2021
AUTOTECHNICA SERBIA DOO
Serbia
2016-2021
AUTOTECHNICA MONTENEGRO DOO
Montenegro
2015-2021
AUTOTECHNICA FLEET SERVICES DOO
Croatia
2015-2021
AUTOTECHNICA FLEET SERVICES LLC
Ukraine
2017-2021
HR - ALUGUER DE AUTOMÓVEIS S.A.
Portugal
See Note 38(i)
AUTOTECHNICA HELLAS S.A.
Greece
See Note 38(i)
HYUNDAI HELLAS S.A.
Greece
See Note 38(i)
KIA HELLAS S.A.
Greece
See Note 38(i)
ELTREKKA S.A.
Greece
See Note 38(i)
FASTTRAK S.A.
Greece
See Note 38(i)
TECHNOCAR SINGLE MEMBER TRADING SOCIÉTÉ ANONYME
Greece
See Note 38(i)
The corporate income tax rate of legal entities in Greece for the year 2023 is 22% (2022: 22%).
The respective income tax rates for 2023 for the international activity are as follows:
Portugal
21%
Bulgaria
10%
Cyprus
12.5%
Romania
16%
Serbia
15%
Montenegro
9-15%
Ukraine
18%
Croatia
18%
Greek tax regulations and related clauses are subject to interpretation by the tax authorities and administrative courts of law. Tax
returns are filed annually. The profits or losses declared for tax purposes remain provisional until such time as the tax authorities
examine the returns and the records of the tax payer and a final assessment is issued. From the financial year 2011 and onwards,
the tax returns are subject to the audit tax certificate process (described below). Net operating losses which are tax deductible,
can be carried forward against taxable profits for a period of five years from the year they are generated.
The Company establishes provisions for taxes that may arise from the non-audited fiscal years based on its experience.
(i) Tax audit certificate
Regarding the Company and the subsidiaries based in Greece, the years 2011 to 2022 have been audited by the elected by
L.4548/2018, in accordance with article 82 of L.2238/1994 and article 65A of Law 4771/13, and the relevant tax compliance
reports. According to POL. 1006/05.01.2016, companies that submitted a tax compliance report without remarks for tax violations
are not excluded from conducting a regular tax audit by tax authorities. Therefore, it is possible that tax authorities will demand
to conduct their tax audit on the company’s books. However, the Company’s management estimates that the results from
potential regular tax audits from tax authorities, if conducted, will not have a significant effect on the company’s financial position.
Similarly, the tax audit for the Parent Company and its subsidiaries based in Greece for the year 2023 is carried out by the statutory
Annual Financial Report 31.12.2023
125
auditor. Upon completion of the tax audit, management does not expect to incur significant tax liabilities other than those
recorded and reflected in the financial statements.
39. Commitments
There are no capital commitments regarding the acquisition of tangible and intangible assets.
40. Related party transactions
The Group is controlled by Autohellas which is the direct parent company. Investments in subsidiaries are presented in note 12.
(i) Compensation of key management personnel
Group
Company
2023
2022
2023
2022
Key management compensation
4,475,676
5,807,066
2,101,488
3,817,007
(ii) Transactions with related parties
Group
Company
2023
2022
2023
2022
Sales of goods
- Subsidiaries
-
-
186,131
199,435
Sales of services
- Subsidiaries
-
-
4,844,263
4,220,740
- Associates & Joint Ventures
5,799,623
371,384
4,840,145
2,270,142
- Other related companies
1,820,507
593,602
1,828,084
1,264,251
Purchases of services
- Associates & Joint Ventures
20,028,358
-
2,230
-
- Other related companies
1,357,924
568,858
1,217,013
1,271,321
Purchases of PPE
- Subsidiaries
-
-
109,392,932
92,347,283
- Associates & Joint Ventures
-
-
12,204,609
-
Sales of PPE
- Subsidiaries
-
-
14,198,213
8,959,363
Rental income
- Subsidiaries
-
-
1,789,648
1,838,222
- Associates & Joint Ventures
3,420
-
3,420
2,727
- Other related companies
216,084
107,784
216,084
220,424
Income from dividends
- Subsidiaries
-
-
19,700,000
24,300,000
- Financial assets at fair value through profit or loss
890,739
-
890,739
422,100
30,116,655
1,641,628
171,313,511
137,316,008
Annual Financial Report 31.12.2023
126
(iii) Outstanding balances arising from transactions with related parties
Group
Company
31.12.2023
31.12.2022
31.12.2023
31.12.2022
Receivables
- Subsidiaries
-
-
2,494,151
2,966,725
- Associates & Joint Ventures
296,369
1,109,188
123,214
276,918
- Other related companies
75,562
151,368
40,816
97,837
371,931
1,260,556
2,658,181
3,341,480
Payables
- Subsidiaries
-
-
22,740,966
11,080,739
- Associates & Joint Ventures
1,701,989
1,219
592,102
1,219
- Other related companies
138,941
145,919
34,951
115,044
1,840,930
147,138
23,368,019
11,197,002
(iv) Loans to related parties
Group
2023
2022
Balance at the beginning of the year
1,531,931
-
Loans given
15,000
1,500,000
Conversion to shares
(1,500,000)
-
Interest charged
11,917
31,931
Interest received
(43,848)
-
Balance at the end of the year
15,000
1,531,931
During the year the Company did not provide loans to related parties.
(v) Terms and conditions
Other related parties comprise AEGEAN AIRLINES S.A., OLYMPIC AIR S.A, and GOLF RESIDENCES S.A.. The Company's sales to
related parties mainly concern the provision of consulting services, administrative support, car sales and car rentals. Sales prices
are usually determined by market conditions. The sales of services and goods to the Company, mainly concern car maintenance
and repair services as well as car sales under the usual market conditions.
41. Earnings per share
Group
Company
2023
2022
2023
2022
Profit attributable to the ordinary equity holders of the
company
77,233,158
77,533,853
61,367,885
72,580,134
Weighted average number of ordinary shares
48,116,764
48,096,764
48,116,764
48,096,764
Basic earnings per share
1.61
1.61
1.28
1.51
Annual Financial Report 31.12.2023
127
There are no dilutive potential ordinary shares for the Group or the Company, therefore diluted earnings per share equal basic
earnings per share.
42. Audit fees
The auditors' fees are presented in the table below.
Group
Company
2023
2022
2023
2022
Statutory audit
377,000
275,900
110,500
139,000
Tax audit
90,400
42,500
37,500
34,000
Total
467,400
318,400
148,000
173,000
Other audit services are not provided.
43. Events after the reporting date
Since the reporting date and until the approval of the Financial Statements from the Board of Directors, the Company has
proceeded with the following:
In January 2024 the Company’s intention was announced to issue a bond loan of a total capital amount up to €200 million and
with a minimum issue amount of €150 million, with a five (5) year duration, and to offer the bonds of the Bond Loan through a
public offering to investors in Greece and list them for trading in the Fixed Income Securities Class of the Regulated Market of the
Athens Stock Exchange.
Following the above announcement, the Company made the Prospectus publicly available on 11.01.2024 which has been
approved by the Board of Directors of the Capital Market Commission on the meeting held on 11.01.2024, which was formed in
accordance with EU Regulation (EE) 2017/1129, the delegated Regulations (EU) 2019/979 and (EU) 2019/980 and articles 57-68
of Law 4706/2020, as applicable, regarding the issuance of a Joint Bond Loan of a total capital amount up to €200,000,000, five
(5) years duration, divided into up to 200,000 intangible, common, anonymous bonds with a nominal value of €1,000 each.
After the completion of the Public Offering on 19.01.2024, and according to the aggregate allocation data produced using the
Electronic Offer Book of the Athens Stock Exchange, a total of 200,000 intangible, common, anonymous bonds of the Company
with a nominal value of €1,000 each were allocated with the result raising capital of €200 million. The total valid demand expressed
by investors who participated in the Public Offering amounted to €453.46 million. The broad response of the public resulted in
the Public Offering being covered by 2.3 times and the total number of participating investors being 8,253. The issue price of the
Bonds was set at par, ie €1,000 per bond. The final yield on the bonds was set at 4.25% and the interest rate on the bonds at 4.25%
per annum.
The bonds were made available to the public through a public offering within the Greek territory, using the Electronic Offer Book
service of the Athens Stock Exchange, registered in the Intangible Securities System and listed for trading in the Fixed Income
Securities Category of the Regulated Market of the Athens Stock Exchange.
The capital raised, after deducting the issuance costs of the Bond Loan, amounted to a net amount of approximately €195.4 million
and will be used as follows:
Annual Financial Report 31.12.2023
128
(i) Amount of €100 million was used for the repayment of part of the Company's existing bank debt.
(ii) Amount of €56 million will be used for the renewal or upgrade of the Group's fleet within (1) year from the Issue Date. As at
the date of publication of the financial statements, the amount of €36.6 million has already been used for car purchases for the
current period.
(iii) Amount of approximately €39.4 million will be used to cover working capital financing needs of the Group within (1) year from
the Issue Date.
Kifissia, 7 March 2024
President
CEO
Chief Financial Officer
Accounting Supervisor
Emmanouela Vasilaki
ICN: AK 121875
Eftichios Vassilakis
ICN: AN 049866
Antonia Dimitrakopoulou
ICN: AB 348453
Constantinos Siambanis
ICN: AP 516088
Annual Financial Report 31.12.2023
129
INFORMATION BASED ON ARTICLE 10 OF L.3401/2005 PUBLISHED BY THE COMPANY DURING FISCAL YEAR 2023
AUTOHELLAS TOURIST AND TRADING SOCIÉTÉ ANONYME had disclosed the following information over the period
01/01/2023 – 31/12/2023, which are posted on the Company’s website www.autohellas.gr as well as the website of the Athens
Exchange www.athexgroup.gr.
Date
Subject
Website
24.11.2023
Announcement of the election of new executive member of
the Board of Directors and new BoDs composition
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
20.11.2023
Notification Notice for Change in Percentage of Shareholders
in Level of Voting Rights
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
02.11.2023
Announcement of the Νomination of a New Member of the
Board of Directors
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
02.11.2023
Report on the evaluation of candidate of the Board of
Directors
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
02.11.2023
CV- Mr Konstantinos Deligiannis
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
02.11.2023
Press Release Financial Figures 3rd Quarter and Nine months
2023
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
14.09.2023
Announcement according to law 3556/2007
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
06.09.2023
Press Release – 2nd Quarter and Half one results 2023
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
05.09.2023
Announcement
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
07.07.2023
Increase in the participation of AUTOHELLAS in the share
capital of TRADE ESTATES REIC
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
28.06.2023
Announcement in accordance with Law 3556/2007
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
15.06.2023
Announcement of Resignation of a member of the Board of
Directors
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
24.05.2023
Announcement according to law 3556/2007
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
03.05.2023
Press Release – Autohellas and Samelet completed the
acquisition of FCA GREECE from Stellantis for the import and
distribution of the Abarth, Alfa Romeo, Fiat, Fiat Professional
and Jeep brands in Greece
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
20.04.2023
Decisions of the Annual General
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
20.04.2023
Dividend Payment for 2022
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
29.03.2023
A1 – Invitation to General Meeting
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
29.03.2023
A2 – Draft Decisions
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
29.03.2023
A3 – Yearly Economic Report 2022
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
29.03.2023
A4 – Remuneration Report
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
29.03.2023
A5 – Audit Committee Report to GM
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
29.03.2023
A6 – Independent Non Executive Directors’ Report
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
29.03.2023
A7 – Mail voting form
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
29.03.2023
A8 – Representative-delegate appointment form for
participation with mail vote
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
29.03.2023
A9 – Representative-delegate appointment form for
participation via teleconference
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
29.03.2023
A10 – Announcement on shares and voting rights
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
Annual Financial Report 31.12.2023
130
Date
Subject
Website
29.03.2023
A11 – Exercising minority shareholders’ rights
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
29.03.2023
A12 – Terms and conditions for participation from
distance
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
29.03.2023
A13 – Information on personal data protection
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
29.03.2023
List of documents for Ordinary General Meeting
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
17.03.2023
Conference Call Invitation to present and discuss The “Full
Year 2022 Financial Results”
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
15.03.2023
Election of a new member of the Board of Directors in
replacement
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
15.03.2023
Revised Financial Calendar 2023
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
14.03.2023
Press Release Year 2022 Financial Results
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
10.03.2023
Revised Financial Calendar 2023
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
22.02.2023
Financial Calendar 2023
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
WEBSITE FOR THE PUBLICATION OF THE FINANCIAL STATEMENTS OF SUBSIDIARY COMPANIES
The Company’s Annual Financial Statements, the Independent Auditor’ s Report and the Board of Directors Report for the year
ended 31 December 2023 have been published on the Company’s official website: www.autohellas.gr.
The financial statements of the subsidiaries will be published on the Company's website when they are ready for publication.
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