Cyrrus (Cyrrus)
Czech markets  |  August 24, 2012 09:15:46

AAA Auto: The forecast financial results for 1H2012

Management of traditionally published figures on the sales of used vehicles in arrears for more than one month in advance of the publication of the financial results themselves. This gives us a fairly accurate picture of how companies in the second quarter of this year succeeded in its core business.

In 1H2012, AAA Auto sold 25,841 cars, a 16.2% increase from the same period last year. The aim here is to sell the company this year, at least 50 thousand. cars. In the very second quarter sales totaled 13,666 units, a 22% increase compared to the second quarter of 2011.

And for the second quarter of this year, we expect that there will be a slight increase in the average selling price of a vehicle (5% yoy to 5 305 EUR). Growth in sales prices along with strong growth in the volume of sales of used cars in addition to the wider use of financial services by customers cause more than 30% yoy increase in total revenues.

We further assume that the company can keep growing trend in achieving gross margins. For the second quarter of 2012, we expect gross margins to reaching the level of 27% (an increase of 0.8 percentage points qoq, respectively. 2.75 percentage points year on year).

Strong sales along with achieving higher margins will therefore lead to growth in gross profit by almost half compared to 2Q2011. Also, assume that the company can maintain the pace of growth in operating expenses slightly below the growth rate of sales. Personnel costs are expected at the level of 8.7 millionEuro (+33,4% yoy), marketing costs of EUR 2.2 million (+91% yoy) and other costs of EUR 5.3 million (+16%). Thanks so very strict cost management, we expect operating profit for the previous quarter at almost twice the level compared to 2Q2011.

Overall, we expect again a very strong reporting financial results. In their prospects will probably comment on management plans to open new branches in their markets. We expect confirmation of intent to open two branches in the Czech Republic and one in Russia and the Slovak Republic. The question of returning to the Hungarian market remains likely to remain unanswered. Management, however, had previously announced that the final decision will be made by the end of this year.

Complete forecast results for 1H2012 download here. (525.55 kilobytes)

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