AUTOHELLAS HERTZ: AN INCREASE IN TURNOVER REPORTED AUTOHELLAS FOR THE FIRST HALF OF 2008
An increase in its turnover reported Autohellas/Hertz for the first semester of 2008. More specifically, consolidated turnover reached euro 63.7mill from euro 55.8mill in the respected period last year, an increase of 14.3%.
Earnings before tax, depreciation and financial results were euro 8.3mill from 7.6mill in last year's respective period, reporting an increase of 9.2%, with earnings after tax and minority rights reaching euro 2.5mill from euro 4.5mill in the 1st semester of 2007.
The main reason behind this reduction was the increase in the finance cost due to the higher borrowing cost as well as the increased loans, a result of the share capital return of euro 47mill.
In addition to that, there was an additional loss of euro 609 thousand as a result of the change in the valuation method of the company's property. It must of course be mentioned that the majority of the company's earnings come traditionally during the second semester.
Autohellas-Hertz, as a parent company, increased its revenue by 9.5% at euro 56mill. from euro 51.2mill, with earnings before tax, depreciation and financial results reaching euro 8.5mill from euro 7.4mill., an increase of 51.4%.
In 2008, there was a change in the evaluation method of the company's property due to their high value and the management's belief that it should be reported in the company's financial statements. Valuation is now made on fair value and not on acquisition cost.
It is worth mentioning that the group's net worth after the share capital return is now at euro 98 mill. The capital return that was decided by the extraordinary shareholders meeting in February 2008 and was concluded in May, amounted a total of euro 47.3mill or euro 1.3 per share.