AUTOHELLAS S.A.
Press Release
AUTOHELLAS HERTZ: SMALL DECREASE IN TURNOVER FOR 3rd QUARTER DESPITE ECONOMIC AND TOURISM CRISIS
A small decrease in turnover reported Autohellas/Hertz for the third quarter of 2010, despite the crisis in both economy and the tourism industry. In more detail, consolidated turnover reached €128.2m from €132.5m in last year's respective period, a decrease of 3.3%.
Earnings after tax and minority rights were reduced to €15.3m from €18.3m in last year's Q3. Main reason for this reduction was the impact of the €1.5m extraordinary levy on 2009 earnings imposed by the government.
Earnings before tax, depreciation and financial results were €64.3m from €66.5m in 2009. Autohellas/Hertz as a parent company reported earnings after tax of €19m from €13.6m, with earnings before tax, depreciation and financial results (EBITDA) reaching €53.9 from last year's €56.1m
It is worth mentioning that the group's Net Worth is now €125mill, while cash reserves stand at €82mill (from €54mill in the end of 2009), thus ensuring the unhindered financing for the company's activities during this current economic crisis.
With the addition of Serbia, Autohellas now operates in 4 foreign countries, Bulgaria, Romania, Cyprus and Serbia. During the last couple of years the company has been following a moderate growth plan with consistency, taking into account the economic difficulties under which all Balkan countries operate.
In September 2010, Autohellas proceeded with the sale of its stake in affiliated company Olympic trade and touristic company SA. This sale had a positive impact mainly on the parent company's earnings, since in consolidated results the profit from the sale had already been incorporated in previous fiscal periods due to the fact that the net worth method is used.
A small decrease in turnover reported Autohellas/Hertz for the third quarter of 2010, despite the crisis in both economy and the tourism industry. In more detail, consolidated turnover reached €128.2m from €132.5m in last year's respective period, a decrease of 3.3%.
Earnings after tax and minority rights were reduced to €15.3m from €18.3m in last year's Q3. Main reason for this reduction was the impact of the €1.5m extraordinary levy on 2009 earnings imposed by the government.
Earnings before tax, depreciation and financial results were €64.3m from €66.5m in 2009. Autohellas/Hertz as a parent company reported earnings after tax of €19m from €13.6m, with earnings before tax, depreciation and financial results (EBITDA) reaching €53.9 from last year's €56.1m
It is worth mentioning that the group's Net Worth is now €125mill, while cash reserves stand at €82mill (from €54mill in the end of 2009), thus ensuring the unhindered financing for the company's activities during this current economic crisis.
With the addition of Serbia, Autohellas now operates in 4 foreign countries, Bulgaria, Romania, Cyprus and Serbia. During the last couple of years the company has been following a moderate growth plan with consistency, taking into account the economic difficulties under which all Balkan countries operate.
In September 2010, Autohellas proceeded with the sale of its stake in affiliated company Olympic trade and touristic company SA. This sale had a positive impact mainly on the parent company's earnings, since in consolidated results the profit from the sale had already been incorporated in previous fiscal periods due to the fact that the net worth method is used.