Cyrrus (Cyrrus)
Czech markets  |  March 28, 2013 14:20:14

AAA Auto: Flash analysis results for 4Q 2012

Announced today the results we ultimately too surprised. Several attractions, however, can be found in their structure.

Company revenue in Q4 exceeded 83 million, while revenues from the sale of the car this amount accounted for 78%. The average selling price of the car for the year 2012 increased by 4.1% y / y in 5340 EUR, while for Q4 alone one car sold for an average 5288 EUR, which exceeded our expectations set at 5108 EUR.That was the reason why the final total revenues exceeded our expectations, even though revenues from financial services for our estimates mildly retarded.

It is on the importance of income from financial services in 4Q we announced in our prediction. We expected that they will share in total revenues of 23%, ie the same as in Q4 2011th Reported EUR 16.8 million, however, is only a 20% share in total revenues (for comparison: in other quarters the usual share of around 15%). In the future, we expect a slight increase in the share of revenues from financial services, along with how to increase the percentage of cars sold on credit or leasing. Currently, financial penetration surpassed the 50% mark.

Cost of sales for cars grew by 15.7% Q4 y / y to 59.4 million, which is stronger than expected growth. We assumed that the company can maintain the pace of growth of these costs below the rate of growth of total revenues. Due to the worse than predikovanému development was achieved weaker gross margins and therefore weaker gross profit.

Another important item for which we have pointed out, the evolution of the operating costs. As expected, there was a stronger increase in personnel costs. They grew by 60% to EUR 11.2 million, which is almost exactly in line with our predicted growth of 55% y / y to EUR 11 million. Surprise was the lower-than-expected decline in other operating expenses, which resulted in slightly higher than expected total operating costs.

Leadership is in its outlook for this year is relatively conservative, which, given the poor performance in the first months of this year is not surprising. As in our forecast but remember that crucial impact on the stock price will be tomorrow's extraordinary general meeting, which begins at 9:30 CET and where it will decide on the purchase price of shares of the stock exchanges.

Complete analysis download flash here. (525.75 kilobytes)

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AAA Auto: Flash analýza výsledků za 4Q 2012

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