ANNOUNCEMENT

The Motodynamics Group posted significant growth in our top and bottom line for the nine- month period of 01.01 - 30.09.2023.

Sales increased reached €126.5 million, a 23.4% increase compared to the corresponding period last year. Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) grew by 13% to €25.4 million, while Net Income after minority interests increased 23% year on year to €10.8 million. Earnings per share amounted to €0.36 compared to €0.30 for the corresponding period of 2022.

Group

01.01-30.09.2023

01.01-30.09.2022

Sales

126,475,809

102,485,883

23.4%

Yamaha

59,493,050

50,699,242

17.3%

Porsche

26,788,290

19,914,542

34.5%

Sixt rental

34,922,409

32,180,989

8.5%

Sixt fleet sales

6,011,137

363,144

1555.3%

Eliminations

-739,076

-672,034

Earnings Before Interest, Taxes, Depreciation

25,350,769

22,440,791

and Amortisation (EBITDA)

13.0%

Operating Profit / Losses

16,269,825

14,552,701

11.8%

% on the sales

12.9%

14.2%

Results before tax

14,384,401

13,471,212

6.8%

Net Income

10,559,887

10,109,544

4.5%

Attributable to:

Parent company owners *

10,833,770

8,792,842

23.2%

Earnings / share**

0.36

0.30

20.3%

* In 2023 minority interests concern the period 01.01 - 25.05.2023

** The company's own shares have been excluded from the total number of shares

All business divisions contributed to the profitable growth of the group: Yamaha's sales (moto & marine products in Greece, Romania and Bulgaria) rose by 17.3% to €59.5 million. Porsche sales made a big step forward, growing by 34.5% to €26.8 million. SIXT's car rental revenue reached €34.9 million, increasing 8.5% on the back of a very strong 2022, and fleet sales added €6 million as the company took advantage of a healthy used car market.

During the nine-month period of 2023, the Group's long-term assets (excluding the impact of IFRS 16) amounted to €65.1 million, representing a 19,8% increase compared to 2022. The increase was mainly the result of investments in SIXT's fleet.

The Group's operating cash flows financed fully the acquisition of the minority shares of the subsidiary company Lion Rental, amounting to €7.7 million for the remaining 19.5%. The Group's net borrowing amounted to €31.3 million, having increased by €12.3 million compared to 2022.

Long-term assets

(less IFRS 16 lease obligations) Working capital

Other payables

Net assets

Net debt

Equity

Capital employed

30 Sept. 2023

31 Dec. 2022

65,077,362 54,314,490

-613,185-1,210,792

-615,532-1,216,796

63,848,644 51,886,902

31,335,528 19,016,119

32,513,117 32,870,783

63,848,644 51,886,902

Mr. Paris Kyriacopoulos, Chairman and CEO of the Group stated:

"Outstanding results with profitable growth in all our activities on the back of a record year in 2022. Our teams have set aggressive goals for the year and we are ¾ of the way to achieving them. Both Yamaha and Porsche have exhibited high double-digit growth: +17.3% and +34.5% respectively. This performance is due to the strong growth of the underlying markets in which we operate, the general normalisation of the supply chain, but also to specific actions that led to market share gains.

Our Rent a Car business, under the SIXT umbrella, continues its growth trajectory. The growth is partially attributed to a very strong tourism season up to and including September, with arrivals significantly exceeding those of 2019. Revenue from car rentals during the first nine months increased by 8.5%, with increased bookings, but also a reduced average price compared to 2022. Sales of fixed assets were particularly high for the period, with the team taking advantage of the good market for used cars and with targeted actions recording significant gross profitability. Following the completion of the acquisition of Lion Rental's minority stake, we continue to invest in this activity as per our strategic plan.

Our underlying markets continue to grow at a significant pace, and we are seeing the first signs of inflation easing. We expect the 2023 turnover will be markedly higher than 2022 and record figures in all our financial figures. The highly volatile geopolitical and geo-economic environment still constitutes the main risk; but we are monitoring it and we are always ready to react to substantial changes in the demand for our products and services. »

The MOTODYNAMICS Group is organising an online Analysts' Briefing on "Overview of Nine- Month period of 2023 Results", on Wednesday, 1 November 2023, at 16:00 through the zoom webinar platform with the support of the Athens Stock Exchange

The briefing will be conducted by Messrs. Paris Kyriakopoulos, Chairman and CEO and Dimitris Bozas, Chief Financial Officer.

To register and participate, you can follow the link:

MOTODYNAMIC_ANALYSTS_BRIEFING 1.11.2023

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Cars Motorcycles and Marine Engine Trade and Import Company SA published this content on 30 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 October 2023 16:29:37 UTC.