The AutoWallis Group closed another record year in 2022: the revenue of the company listed in the Premium category of the Budapest Stock Exchange increased by almost 40 percent to reach HUF 270 billion, with its EBITDA almost doubling last year’s figure to reach HUF 14.5 billion (+85%), which means growth was accompanied by significant improvements in efficiency. Regarding the results, AutoWallis Group Chairman Zsolt Müllner explained that this was the fourth record year in a row the since the company went public in 2019 even though the business environment was far from without its challenges. However, recent years have shown that the growth strategy announced when the company was listed and then amended with higher figures in 2021 is so crisis-proof that a number of points have since been exceeded on a pro rata basis. He emphasized that the AutoWallis Group’s capital strength, diversified operations, and presence in the region allows it to continue stable growth as a market consolidator while its revenue may exceed HUF 400 billion by 2025 even without further acquisitions and with increasing efficiency, making it a major vehicle trading company and mobility service provider in the Central and Eastern European region by the end of the decade.

AutoWallis’s revenue grew by almost 40 percent to reach HUF 270 billion (+39%) in 2022, primarily due to organic growth (the sales of the Slovenian company Avto Aktiv contributed to transaction figures starting from 2022 Q2). The Group saw its revenue increase to HUF 158.9 billion (+43%) in its Distribution Business Unit and to HUF 111.2 billion (+32%) in its Retail & Services Business Unit. However, for its shareholders, it is even more significant that the revenue increase was due to a substantial improvement in efficiency: margin generation jumped from 14.1 to 16.7 percent while the cost of goods sold (CoGS) experienced growth slightly less than that seen by revenue, equal to 34 percent and reaching HUF 224.9 billion. The positive change is backed by the fact that AutoWallis Group was, in line with industry trends, able to enforce a successful pricing policy even in an environment of high inflation both in the purchasing and the sale of new and used cars. The 56 percent increase in personnel expenses was primarily a result of the acquisitions implemented in 2021 and 2022 and the resulting increase in average employee numbers (which grew by 165 persons to reach 860 in 2022) and the wage increases carried out in following labor market changes. In 2022, the value of financial gains or losses was HUF -953 million, which is an improvement of 35 percent over the previous year, due mainly to the increases in the interest environment and the unrealized exchange rate losses stemming from the year-end revaluation.

In connection with the 2022 results, AutoWallis CEO Gábor Ormosy said that the company’s EBITDA, i.e. its earnings before interest, taxes, depreciation, and amortization, almost doubled compared to last year (+85%) to reach HUF 14.5 billion, already reaching the range of HUF 14-15.2 billion previously set for 2025. The company’s total comprehensive income increased three-fold (+183%), to HUF 9.1 billion, leading to earnings per share of HUF 19.27 last year, more than twice the record figure achieved last year. The CEO said the company plans to use the profits generated last year to realize the growth plans set out in the strategy, meaning the Board, in line with previous plans, does not recommend the payment of dividends. Regarding the new record-setting year, Gábor Ormosy explained that 2022 was important for AutoWallis not only because of its imposing figures but also because of newly closed and announced transactions: the Distribution Business Unit was bolstered with the finalizing of the purchase of Renault Hungária and the Group’s service portfolio was strengthened, further increasing diversification, with the acquisition of Nelson, one of the 10 largest players on the fleet management market, and the operator of the JóAutók.hu and Autó-Licit.hu websites, Net Mobilitás Zrt., at the beginning of the year. The CEO emphasized that the latter not only gave an inroad into online sales but also strengthened the foundations of AutoWallis’s digital know-how. As regards plans for 2023, he explained that these acquisitions will continue to strengthen this year’s figures, and although the challenges of the business environment urge caution on all fronts, the company will continue to proceed responsibly and selectively down the path of growth set out in its strategy.

The press release in downable format:

The AutoWallis Group closed another record year in 2022

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