An increase in its turnover reported Autohellas/Hertz for the first 9 months of 2008. More specifically, consolidated turnover reached euro 109.9m from euro 97.6m in the respected period last year, an increase of 12.6%.
Earnings before tax, depreciation, financial and investment results were ?63.2m from 58.9m in last year's respective period, increased by 7.3%, with earnings after tax and minority rights reaching euro 13.3m from euro 14.8 m in the first 9 months of 2007, a reduction of 10.5%. The main reason behind this reduction is the the negative effect on the company?s results by euro 2.3mill from valuation of financial derivatives.
Autohellas-Hertz, as a parent company, increased its revenue by 8.4% at euro 96.8m. from euro 89.4m, with earnings before tax, depreciation and financial results reaching euro 57.4m from euro 54.9m., an increase of 4.4%.
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 reflected in the company's financial statements. Valuation is now made on fair value and not on acquisition cost. This change has decreased the company's profits by euro 609 thousand.
It is worth mentioning that the group's net worth after the share capital return is now at euro 108m. The capital return that was decided by the extraordinary shareholders meeting in February 2008 and was concluded in May, amounted a total of euro 47.3m or euro 1.3 per share paid in cash to the company's shareholders.