Autohellas: 200% profit increase – net profit at 52.4 million euros

Autohellas 2021 results show strong dynamics, both in terms of consolidated group turnover and profitability.

Specifically, in 2021 the turnover increased by 30.5%, reaching 641.6 million euros compared to 491.7 million euros in 2020. Operating profit (EBIT) amounted to 84.8 million euros compared to 41, € 6 million in 2020, recording an increase of 103.6% and the group’s profit after tax (EBA) for the year 2021 amounted to € 52.4 million compared to € 17.3 million, recording a tripling compared to the previous year. 2020.

According to a relevant announcement, the magnitudes of 2021, despite the prolonged lockdown during the first four months and the delayed resumption of tourism activity from June, are significantly higher than those of 2019, before the impact of the pandemic and are a new historical high for Group.

More specifically, the turnover from the Group’s activity in car leasing in Greece increased in 2021 by 20.2% and reached 206.4 million euros. Long-term leases, with strong demand growth, supported the company in the weak (also due to the lockdown in the first half of 2021) second half, however, problems in the production of car manufacturers (lack of components) kept the number of deliveries to customers with new contracts low, while creating a very large “portfolio” of outstanding deliveries for 2022. At the same time, with the recovery of tourism, the activity of short-term leases in the second half of the year was almost double the turnover from 2020, but also greater than the tourist year of 2019. The company invested, in time, in almost 4,000 new cars to strengthen the fleet of short-term rentals and owned by far the largest, highest quality and “richest” fleet of electric cars. This investment, in parallel with the continuous upgrade of the organization and the infrastructure of the company, led to increased market shares in all the main tourist areas of the country.

The company also recorded growth in the activity related to car leasing in the 7 countries that it operates in abroad, with a turnover of 65.5 million euros and an increase of 26.2% compared to 2020. However, the activity abroad did not achieve increases to the levels of 2019, since the recovery of tourism in these countries remained at significantly lower levels than Greece. In total, the fleet for short-term and long-term rentals reached 46,500 cars, with 11,050 total car purchases and net investment of the Group (new purchases minus used fleet sales) at 131 million euros.

Car sales also grew strongly, despite component shortage problems that created significant delays and production constraints. The three wholesale companies of the Group (Imports of Hyundai, Kia, Seat) expanded their cumulative share reaching 15%, with even higher performance in the “private” market (excluding corporate fleets). The course of Autotechnica / Velmar in retail and after sales services was also particularly satisfactory. It is noted that all 4 car trading companies of the Group, as of 31/12/2021, now operate with zero borrowing. In total, the turnover of the trade amounted to 369.8 million euros, recording an increase of 37.9% from 2020, while at the same time the pending orders of third parties (excluding intra-group) exceeded 8,000 cars.

The Board of Directors will propose to the general meeting the doubling of the dividend to 0.46 euros / share from 0.23 of the previous year.