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    OTOEL   GRS337003008

AUTOHELLAS S.A.

(OTOEL)
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Delayed Athens Stock Exchange  -  05/27 07:11:53 am EDT
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Financial Results - Nine month 2021 - view pdf

11/10/2021 | 11:19am EDT

Athens, 10 November 2021

Autohellas Group: Results for the Third Quarter and Nine-Month period of 2021

Strong momentum with 486m. Turnover and 46m. Earnings after Tax Balanced contribution from Car Rentals and Car Trade

Autohellas announces the results for the third quarter of the year, with extremely significant momentum both in terms of turnover and profitability. More specifically, in the third quarter the turnover amounted to € 177.1m compared to € 149.2m in the respective period of 2020 showing an increase of 18.8%. Operating profit (EBIT) doubled to € 40.8m compared to € 20.5m in 2020. Earnings after tax (EAT) amounted to € 29.5m compared to € 12.1m recording an increase of 143% compared to the third quarter of last year.

The nine months of 2021 depict an increase of 34.8% in terms of consolidated turnover that amounted to € 485.9m compared to € 360.6m in last year. The operating profit (EBIT) for the nine months amounted to € 69.6m compared to € 31m in 2020, recording an increase of 124.5% and the earnings after tax (EAT) of the Group for the nine months of 2021 amounted to € 46.4m compared to € 13.2m, an increase of 251% compared to last year.

It is worth noting that despite the lockdown of the first 4 months of the year and the delayed restart of tourism from the beginning of June, AUTOHELLAS' turnover and profitability for the nine months and especially for the third quarter were higher than the respective ones for the pre-pandemic record year for tourism 2019, in all aspects.

AUTOHELLAS CONSOLIDATED

Q3 2021

Q3 2020

% LY

9M 2021

9M 2020

% LY

Total Turnover

177,148

149,174

18.8%

485,939

360,604

34.8%

EBITDA

65,215

43,811

48.9%

139,077

101,462

37.1%

EBIT

40,838

20,481

99.4%

69,569

30,986

124.5%

EBT

36,863

16,180

127.8%

57,303

17,880

220.5%

EAT

29,529

12,130

143.4%

46,401

13,220

251.0%

More specifically, the turnover from the Group's activity in car rentals in Greece increased in the nine months of 2021 by 23% and reached € 156m from € 126.8m in 2020. It is particularly important that in addition to the long-term leasing that supported the company even during a (weak in tourism perspective) 2020, the activity of short-term rentals, mainly tourism related rentals, for the third quarter of the year was more than double the turnover of the corresponding 2020, but also higher than the record year for tourism, 2019. The company exceeded the turnover levels of 2019, having invested timely in almost 4,000 new cars for the short-term rental

fleet, of which 150 electric, gaining significant market share in all main tourism areas of the country, in which it has also recently upgraded its infrastructure. Respectively, the international activity related to car rentals, had a turnover of € 48.9m., recording an increase of 27.1%.

In total, fleet employed for short-term and long-term rentals reached 47,000 cars with a total of 9,650 new car purchases. At the same time, the used cars sales coming from the rental activity reached 5,850 units. The net investment of the Group (purchases minus sales) reached € 107m.

AUTOHELLAS CONSOLIDATED

Q3 2021

Q3 2020

% LY

9M 2021

9M 2020

% LY

Rentals Greece

71,546

55,452

29.0%

155,995

126,844

23.0%

International Segment

19,113

15,548

22.9%

48,850

38,425

27.1%

Auto Trade Greece

86,489

78,173

10.6%

281,094

195,334

43.9%

The car trade (wholesale and retail) also had excellent momentum in both the quarter and the nine-month period, surpassing the performance of both 2020 and 2019, despite the significant (logistics and components) problems and delays faced by manufacturers in production, with sales of a total of 18,000 cars from just 10,100 in 2020 and with a significant contribution to the profitability of the Group. The turnover of the car trade reached € 281m in the nine-month period recording an increase of 44% from the respective period of 2020.

The 3 importing companies (wholesale) of the Group (Hyundai, Kia, Seat) expanded their cumulative market share reaching 15%, while at the same time having a significantly higher performance in market share of individuals (i.e. excluding corporate fleets). At the same time, the performance of Autotechnica / Velmar in Retail and after sales services was particularly satisfactory. It is important to note that all four car trade companies of the Group now operate with zero net debt.

Amounts in '000€

30.9.2021

30.06.2021

31.12.2020

Cash and cash equivalents

150,080

70,312

111,113

Total Equity

312,827

284,383

273,160

Borrowings

293,449

373,446

379,219

Liabilities from financial leases

53,321

44,588

40,116

Liabilities from securitisation

140,600

-

31,818

Total Debt (Long & Short)

487,370

418,034

451,153

Total Net Debt

337,290

347,722

340,040

(Total Debt - Cash and cash equivalents)

The above table does not include amounts of € 11.7m., € 12.7m and € 12.3m as at 30.09.2021, 30.06.2021 and 31.12.2020 respectively concerning liabilities from leases that are classified as operating.

With the support of profitability momentum and cash flows from all activities (EBITDA 9M2021: €139m.), and despite the increased investment in fleet, net debt (debt minus cash) at a consolidated Group level, decreased in the third quarter 2021 reaching € 337.3m as at 30/9/2021. At the same time, the equity of the Group strengthened, reaching € 312.8m from € 273m as at 31/12/2020.

It is important to note that the Debt / Equity ratio of Autohellas is the strongest compared to all listed companies in the industry in Europe. Finally, the available liquidity after the completion of the agreement with JP Morgan reached 150m in the 9 months, a significant part of which was allocated in October for the early repayment of older loan agreements with a higher cost.

Disclaimer

AutoHellas SA published this content on 10 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 November 2021 16:18:03 UTC.


© Publicnow 2021
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Financials
Sales 2021 642 M 688 M 688 M
Net income 2021 49,0 M 52,6 M 52,6 M
Net Debt 2021 342 M 367 M 367 M
P/E ratio 2021 8,88x
Yield 2021 7,08%
Capitalization 423 M 454 M 454 M
EV / Sales 2020 1,32x
EV / Sales 2021 1,21x
Nbr of Employees 1 109
Free-Float 38,5%
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Number of Analysts 1
Last Close Price 8,80 €
Average target price 10,40 €
Spread / Average Target 18,2%
Managers and Directors
Eftichios Theodorou Vassilakis Chief Executive Officer & Executive Director
Antonia Dimitrakopoulou Chief Financial Officer
Emmanouella Georgios Vasilakis Chairman
Konstantinos Emmanouil Sfakakis Independent Non-Executive Director
Marinos S. Yannopoulos Vice Chairman
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