An increase in turnover reported once again Autohellas/Hertz during the first quarter of 2008. In more detail, consolidated turnover reached euro 27.6mill, from euro 24mill, an increase of 15%. Earnings before tax, depreciation and investment results (EBITDA) have also increased by 8.6% reaching euro 13.9mill from euro 12.8mill in the first quarter of 2007. It must be mentioned that the turnover increase is a result of both short and long-term business showing a positive trend these first 3 months.
During the first quarter of 2008, there was a change in the evaluation method of the company's property which is now reported on its fair value and not acquisition cost. This change has led to an increase in shareholders net equity by euro 15.6mill, but with a smaller valuation of a certain facility affecting negatively the profit and loss by euro 662 thousand. During the first quarter of 2008, there was a change in the evaluation method of the company's property which is now reported on its fair value and not acquisition cost. This change has led to an increase in shareholders net equity by euro 15.6mill, but with a smaller valuation of a certain facility affecting negatively the profit and loss by euro 662 thousand.
On the 15th of February 2008, the company's extraordinary shareholders meeting has decided to proceed with a return of share capital of euro 47.3mill or euro 1.3 per share. The return of capital has been completed in May 2008 through cash payment to the shareholders. The total amount is reported in the Q1 results in the account "other short term liabilities".
Net income after tax and minority rights in the first quarter was euro -349 thousand, from euro 794 thousand in the respective period of 2007, although it must be said, that traditionally the first quarter of the year is the lowest as far as financial figures are concerned for Autohellas, since it is the tourism seasonality that affects the company's short-term business.