Vladimír Urbánek (Kurzy.cz)
Czech markets  |  November 01, 2012 08:51:10

AAA Auto: The forecast financial results for 3Q2012

AAA Auto publish its financial results for 3Q to 19 November, as previously announced, but already before the start of trading on the Prague Stock Exchange.

During July-September, the company managed to sell 13,161 used cars, which means 13.1% yoy but rise 3.7% QoQ decline. QoQ decline was caused purely seasonal effects and thus do not consider weaker sales compared to the second quarter as a negative signal. 9M 2012 AAA Auto sales rose by 15.1% yoy to 39,002 vehicles. The company has set a goal to sell during this year 50 thousand.cars, despite the fact that November with December also includes terms of sales among the weaker months, we expect to achieve this goal easily.

Due to weaker sales mezikvartálním so we expect a slight decrease in sales by 1.2% QoQ to 86,559 thousand. EUR. Total sales should decline as strongly as sales, due to the higher average price of a car sold. For the first 9M rise this year, according to our estimates, the company's sales by 24.6% yoy to 251 million, making it likely to be exceeded this year's target revenue growth of at least 5% yoy.

Given the focus on expensive cars and strong penetration of financial services, we expect a slight increase in gross margins. Therefore, the gross profit QoQ maintained at a comparable level. Operating costs, according to our estimates should also remain at the levels of 2Q.The highest part of the operating costs are traditionally forming personnel costs (oč. EUR 8.1 million), followed by others (oč. 4.3 million) and marketing costs (oč. 2.3 million EUR).

Despite weaker sales compared to the previous quarter due to an increase in average selling prices and gross margins improved slightly higher expected profits at all levels. The highest change compared to the previous quarter, we'll see in net profit, which will positively affect income from foreign exchange differences. Total financial income is estimated at 550 thousand. EUR.

We assume that tomorrow published results only confirm the current trend of improved performance management and investors may monitor additional information regarding the Group's expansion into new markets and events around Denny's planned sale of a majority stake.

Complete results of prediction for download here. (473.59 kilobytes

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