On Monday 26th of March, Autohellas-Hertz made a presentation on its 2006 financial results. From behalf of the company attended mr Dimitris Maggioros, deputy general manager, ms Lisa Pelekanou, chief financial officer and mr Alexis Karamalis, investor relations officer.
The companys financial figures where presented, showing an increase in earnings after tax and minority rights by 13.6%, reaching Euro 18m from Euro 15.9m in 2005.
Consolidated turnover was Euro 116.9m from Euro 107.5m in the previous year an increase of 8.6%, while earnings before tax, financial results, investment results and depreciations reached 69.1m from 61m in 2005.
The unamortized value of the company s fleet on 31/12/2007 was Euro200m, while total investment in fleet expansion and renewal for the fiscal year was Euro 114m. Autohellas - Hertz has managed to maintain once again its leading position in the market, with 26,800 vehicles under its management from just 8,500 in 1999.
Reference was made regarding the short term industry (R-a-C), and the need to be very cautious in respect to the tour operator market, but also the prospects arising from the better exploitation of the domestic market.
The presentation also focused on the Fleet Management sector, currently representing 69% of total company s turnover. Total market is expected to continue its growth in the following 3-4 years at an estimated rate of 8%. Autohellas-Hertz is focusing its efforts in retaining its traditionally dominant position and market share, by exploiting both the infrastructure and the experienced personnel which constitute its strategic advantages against its competitors.
Ms Pelekanou discussed the progress of Autotechnica Ltd, a subsidiary of Autohellas - Hertz in Bulgaria, which reported an increase in profits of 15% reaching Euro 425ths. Autotechnica Ltd is the national franchisee of Hertz brand as well as the exclusive importer of SEAT cars.
Reference was also made on Demstar rentals 2005 Ltd, a company partially owned by Autohellas (75%). Demstar uses the franchisee license given to Autohellas-Hertz for the country of Cyprus. 2006 was the first full financial year for Demstar, and turnover reached Euro 3.7m with earnings Euro 217ths.
Finally, the establishment of a new company in Romania was mentioned, which is expected to be completed in the following days. This company will be operating under the exclusive agreement to use the Hertz brand in the Fleet Management sector.