-Proposed dividend of EUR 0.70 per share
For the 3rd consecutive year, Autohellas recorded an all-time high for the Group in terms of both Consolidated Operating Income and Operating and Pre-Tax Profitability, according to its annual results for 2023, announced.
Specifically, the Group recorded a 31% increase in Consolidated Turnover, which amounted to €1,002.7 million compared to €765.6 million in 2022, with Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) at €272.1 million, up 20.2%.
Correspondingly, Operating Profit (EBIT), stood at €139.8 million from €120 million, up 16.5%. Finally, Profit before Taxes reached €106 million, while Group Profit after Taxes (EBT) amounted to €85 million, up 3% as the significant increase in interest rates absorbed most of the improvement in operating profitability.
It is noted that the activity of FCA Greece (FIAT/JEEP/ALFA Romeo), which was acquired jointly with SAMELET in May 2023 and renamed Italian Motion, is not included in the Consolidated Turnover (it is only consolidated using the equity method), but had annual sales of EUR 174 million in 2023, which further increases the overall activity and dynamics of the Group.
Based on the results of the year, the Board of Directors will propose to the upcoming General Meeting a dividend of EUR 0.70 per share for the financial year 2023.
In the fourth quarter of the year 2023, the Operating Income increased by 21.9% to €240.2 million compared to €197 million in the corresponding quarter of 2022. Operating Profit for the quarter (EBT) amounted to €22.9m, up 19.5%, while Earnings Before Taxes (EBT) and Earnings After Taxes (EAT) reached €11.1m and €10.3m respectively.
Leases in Greece
Turnover from car leasing activity in Greece increased by 7% in 2023, reaching €268.4 million but 34.6% higher than in 2019. Long-term leases and especially the efficient disposal of used fleet cars made a significant contribution to the increase.
Foreign sector activity
The Operating Turnover of the foreign subsidiaries related to the automotive leasing segment reached a total of €174.2 million compared to €92.8 million in 2022. The new Hertz business in Portugal, Autohellas’ largest foreign subsidiary, contributed a total of €98.3 million to Operating Turnover, contributing positively to the overall increase in operating profitability. The group’s other subsidiaries in the Balkans and Cyprus recorded organic growth of 9.3%.
During the year, the fleet employed for short and long term rentals (Greece and abroad) exceeded 57,000 cars, with new car purchases for the year exceeding 14,000 cars.
Car and service marketing
The automotive marketing activity in Greece, with the gradual restoration of production and the expansion of the Group’s brand portfolio, showed significant growth in the Import/Distribution segment. The aggregate market share of the Autohellas Group held by Hyundai, KIA, SEAT/CUPRA, FIAT, JEEP, ALFA ROMEO was 25% in private sales, 17% in sales to companies and 20% in total new car registrations in the country. The dealership activity contributed a total of €560.1 million to Operating Turnover with an increase of 32.7%, further contributing to the Group’s total operating result without including the sales of Italian Motion (FIAT, JEEP, ALFA ROMEO), as it is consolidated under the Net Position method.
Events after 31/12/2023
2024 started dynamically for Autohellas as it proceeded for the first time with a €200 million, five-year, 4.25% fixed interest rate/coupon issue through a Public Offer to the investing public. Its successful outcome, with a 2.3 times oversubscription, represented another important milestone in the company’s progress, adding a new type of financial instrument to its broader development planning.
Autohellas CEO Mr. Eftihios Vassilakis said: “We are very pleased with our performance in 2023. Once again, Autohellas’ vertically integrated structure unique for Greece in import, distribution, retail, repair management, alongside short and long term rental, and the synergies between them create high added value and give development options to our people. We significantly improved our operating profitability and maintained our overall profitability, despite the more than doubling of interest rates and the decline in rental prices from historic highs in 2022 created by the simultaneous recovery in travel and shortages in car production. Among listed companies in the international leasing sector, exceeding the 2022 target is an outstanding achievement that confirms our strategy. We will work even harder to expand the range of innovative services and products we offer our customers, as well as the expertise and development of our people.”
