Autohellas Proves Resilient and Sees Profitability During Covid-19 Crisis

Autohellas is once again proving to be resilient in a period of unprecedented crisis for tourism and the economy, according to the company’s Vice President of the Board and CEO, Eftichios Vasilakis.

According to a company announcement, Autohellas saw profitability in the third quarter of 2020 with significant increase in cash flows.

“The third quarter of the year is always the most important in shaping profitability due to seasonality,” the company said.

In the third quarter of 2020 Autohellas recorded 149.2 million euros sales, at a consolidated level, reduced by 7 percent from 2019; EBITDA reached 43.8 million euros; and earnings after taxes was 12.1 million euros, reduced by 46 percent from 2019. The contribution of the third quarter led the nine-month period to 360.6 million euros sales; EBITDA at 101.5 million euros; and profits after taxes at 13.2 million euros, reduced by 67 percent from 2019.

During the same period, used cars sales showed a significant increase, enhancing both the cash flows and the results of the Group as the company had to manage its active fleet, adjusting to reduced tourist arrivals.

Moreover, the auto-trade segment in the third quarter of the year returned to normal, showing a significant increase of 7.5 percent, with retail demand recovering significantly and with the Group’s wholesale and retail sales showing good performance, continuing the dynamics of 2019 in market share and profitability.

Autohellas also noted that the Group during the nine-month period of 2020, achieved a significant improvement in net cash flows, and as a result, net debt is reduced by 54.4 million euros from the beginning of 2020 and liquidity is particularly increased.

According to Autohellas, from the beginning of the crisis due to Covid-19 and up until today, the Group continues its efforts in limiting operating expenses by utilizing the opportunities provided by the state and taking protective measures for its employees and its customers.

“The complementarity of the three pillars of activity of the Group, but also the efficiency of our executives and our organization in fast, necessary adjustments once again support us and enable us to have a profitable result despite the conditions,” Autohellas VP and CEO Eftichios Vasilakis said.

“After the successful management of 2020, the most difficult year in the history of the company, we are optimistic that despite the challenges of the second lockdown we are going through, our ability to produce profits will become significantly stronger starting from the second quarter of 2021,” he added.