Athens, 28th March 2016

Autohellas

Financial Results full year 2015

Increase in both Turnover and profits in Greece & Balkan countries

Profits before Taxes increased by 32.6%, profits after tax increased by 16%

The increased turnover from short term renting (Rent a Car) as well as the return in positive trend of Fleet management in both Greece and foreign countries, have led the Autohellas group in substantial growth and profitability in 2015.

In detail, in 2015, total Group turnover increased by 13.5% reaching €182.9mill from €161.1 mill in 2014. Consolidated earnings before tax were reported at €27.6mill , up by 32.6%. Consolidated earnings after tax reached €18.6mill from €16.1 mill, an increase of 16%, due to the increase of the tax rate to 29%, affecting both income tax for the period as well as deferred tax.

More specifically, in Greece, Rent a Car growth came mostly as the result of positive numbers in incoming tourism, a more efficient and effective use of our network but also as the result of higher penetration of the 3 Hertz International brands (Hertz, Thrifty and Firefly).

Fleet Management - a sector which is related to corporate customers- also reported increase in turnover, despite the highly negative environment in domestic economy and demand, resulting from Capital controls imposed in the market.

 Group's results from foreign subsidiaries have also been very positive. In 2015, the Group enhanced even further its foreign activities. All subsidiaries, in Bulgaria, Romania, Cyprus, Serbia and Montenegro showed positive trend in growth and profitability.

Specifically, our fleet at the Balkan countries exceeded 6,000 vehicles, contributing 27% of total group's earnings after tax in 2015. At the same time, the group has acquired the Hertz franchisee license for the countries of Ukraine and Croatia which are now the 6th and 7th country outside Greece under Autohellas group responsibility.    

It is worth mentioning that during 2015, the Group invested €104.6mill for the purchase of 8,300 new vehicles, in line with its fleet renewal plans, also strengthening its purchasing power. 

Mr. Theodore Vassilakis, president of Autohellas Group stated “2015 was another year of growth and profitability. We have managed in a year with Capital Controls, to achieve growth in Greece and reinforce our foundations for further growth in foreign countries. 

Our synergies as far as purchasing power and ability to establish partnerships in tourism are now significant, since we now have 4 major tourist destination countries in our product portfolio. Our aim is to manage to exploit this opportunity effectively through our maturity in systems and management”.      

The board of directors is proposing a dividend of €0.85 to be paid in 2016, for the 2015 fiscal year. Dividend payment has to be approved in the following annual general shareholders meeting.