The revenue of the AutoWallis Group was HUF 97.7 billion, exceeding the revenue for the comparative period of 2020 by 156% despite the restrictions imposed and maintained due to the third wave of COVID-19, partly as a result of the transactions conducted in 2020.
The sudden and dramatic decline in the revenue of rent-a-car activities within the automotive services business due to the COVID-19 pandemic was offset by the improvement in vehicle and parts sales both in the Distribution Business Unit and the Retail & Services Business Unit. However, the number of rental days was
up significantly during the first half of the year and exceeded the figures for the base period by 101%, with improvement in the number of service hours as well.
The increase in revenue surpassed the growth rate of COGS, as a result of which the profit margin of the AutoWallis Group was up from 11.5% to 12.3% during the first half of 2021 as the Group was successfully able to implement its pricing policy (partly in response to the unfavourable changes in exchange rates) while observing the needs and price sensitivity of the market.
The EBITDA, the indicator that best summarises the results of the AutoWallis Group in the management’s opinion, increased by 320% to HUF 3,181 million thanks to both organic volume growth and growth through acquisitions, an improvement in the profit margin and disciplined cost management.
Profit on financial items was a loss of HUF 111 million, which is HUF 678 million lower than the amount for last year’s comparative period. The reason behind this is that unrealised exchange rate loss resulting from revaluation at the end of the period was exceptionally high in H1 2020 due to the sudden weakening of the HUF against the Euro, as well as the fact that, in aggregate, there was a profit on revaluation and hedge transactions in H1 2021. In addition to the impact of exchange rates, interest expenses were up from the previous year, as a result of the aggregate effect of the bonds issued and transactions successfully completed in 2020.
• Total comprehensive income was a profit of HUF 1,193 million in H1 2021, compared to the loss of HUF 854 million for the same period of 2020.
• Accordingly, earnings per share (EPS) for the six-month period in question was HUF 3.52.
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