MOTODYNAMICS – Half-Year 2024 Results

Motodynamics closed the first half of 2024 with a 12% increase in turnover, with sales reaching €86.1 million.

Sales of two-wheelers and marine products (Yamaha) reached €47.5 million, an increase of 19.4%. Porsche activity also presented a very good picture, with sales amounting to €22.8 million, an increase of 13.3%. The car rental business (Sixt) showed corresponding growth, with rental revenue of €15.1 million, an increase of 19.1%.

During the first half there was intense competition and pressure on car rental rates. This, combined with the different timing of certain expenses and revenues compared with last year (Sixt car sales), resulted in a decrease in operating profitability of 17.7%.

Investments in the development of the Sixt car fleet and the increased working capital needs of our trading activities led to an increase in non-current assets (excluding the effect of IFRS 16) to €86.8 million. This resulted in an increase in borrowing and, correspondingly, in financial costs. As every year, borrowing reaches its peak at the middle of the year and is followed by a strong reduction in the second half, with the expected cash flows.

The Chairman and CEO, Mr Paris Kyriacopoulos, stated:

“Motodynamics achieved significant growth across all our activities. Particularly impressive is the increase in two-wheelers and Porsche cars, where turnover is growing at a faster pace than their respective markets. Investments in the car fleet and in new locations at SIXT are already bearing fruit, with increased sales and market share.

For the second half, we have full availability across all our products and are positioned to take advantage of the significant increase in arrivals at all the locations where we operate in car rental. We expect the year to continue strongly and look forward to substantial sales growth, with operating profitability making up for the first-half shortfall and showing an increase compared with 2023.

While we see many positive elements in our markets, we continue to monitor the highly fluid geopolitical and economic environment and are ready to react to possible changes in demand for our products and services.”