Investor Relations

AUTO1 Group SE: AUTO1 Group reports record quarter and raises full-year revenue and gross profit guidance

2021-11-17 07:30:04
DGAP-News: AUTO1 Group SE: AUTO1 Group reports record quarter and raises full-year revenue and gross profit guidance

DGAP-News: AUTO1 Group SE / Key word(s): Quarter Results
17.11.2021 / 07:30
The issuer is solely responsible for the content of this announcement.

Corporate News

AUTO1 Group SE: AUTO1 Group reports record quarter and raises full-year revenue and gross profit guidance

- AUTO1 Group increases Q3 revenue by 64% year-on-year to EUR 1.26 billion, gross profit rises to EUR 116 million, fueled by massive customer demand

- Autohero retail business achieves another record-breaking quarter with 11,275 deliveries in Q3, up 364% year-on-year

- Autohero revenue up 413% year-on-year with EUR 160 million in Q3

- Autohero secures 50,000 in-house used car production capacity to support overwhelming customer demand

- AUTO1 Group sets a new purchase record with over 160,000 cars in a single quarter

- AUTO1 Group upgrades full-year revenue guidance to EUR 4.5-4.6 billion and gross profit guidance to EUR 415-425 million


Berlin, 17. November 2021 - AUTO1 Group, Europe's leading platform for buying and selling used cars online, announced today landmark results for the third quarter of 2021. Very strong growth resulted in a record quarter by all key metrics. Powered by massive customer demand for its unique online offering, AUTO1 Group has proven its clear leadership position in a fragmented market. Based on the results, AUTO1 Group raised its revenue and gross profit guidance for the full year.

AUTO1 Group's Q3 revenue was up 64% year-on-year to EUR 1.26 billion, an 18% increase quarter-on-quarter, reflecting continued strong demand for the Group's digital product propositions. Gross profit was up 34% year-on-year to EUR 116 million in Q3, a 17% quarter-on-quarter increase. With these record numbers AUTO1 Group clearly returned to its strong pre-COVID growth track.

Christian Bertermann, CEO and Co-Founder of AUTO1 Group: "We have gone from strength to strength this year, with Q3 extending our exceptional growth track record. With Autohero, we have created an easy, hassle-free way for consumers to purchase used cars online. Our record results are driven by the unique experiences that we deliver to our customers and the superior market position that we have built over the last decade. We see dramatically increasing demand from customers across all of our retail markets, who are fully embracing the better way to buy their next car. Our latest figures show once again the enormous potential of the AUTO1 business model. This was a remarkable achievement from our extraordinarily talented team, but it's really just the beginning of our journey to building the largest and most profitable car dealer in Europe."

Driven by exceptionally strong demand, Autohero achieved a record quarter and increased the number of units delivered in Q3 to 11,275, growing 364% year-on-year and 34% quarter-on-quarter. Autohero revenue rose to EUR 160 million, up 414% year-on-year and 40% quarter-on-quarter. Retail gross profit increased to EUR 4.1 million, up 533% year-on-year.

Autohero is investing extensively into its own in-house production facilities and has already achieved its targeted capacity of 50,000 used cars for 2021, which is projected to grow to 150,000 to 200,000 across Europe over the course of next year.

AUTO1 Group's merchant business, Europe's largest wholesale platform for used cars, remains the powerful engine behind the Group's financial performance and sourcing strength. AUTO1's Merchant Segment grew revenue by 49% to EUR 1.1 billion in Q3 and gross profit increased by 30% to EUR 112.2 million in Q3, underlining the strength of the platform.

A record amount of more than 160,000 cars purchased in a supply constrained environment is enabling further growth for the Group in Q4. As a result, AUTO1 Group updates its full-year guidance for its financial year 2021:

- Full-year revenue guidance at EUR 4.5-4.6 billion (previously: EUR 4.0-4.4 billion)

- Gross profit guidance at EUR 415-425 million (previously: EUR 380-410 million)

- Guidance for units in the Merchant segment at ~560,000 units (previously: 554,000-580,000 units)

- Guidance for units in the Retail segment at 40,000-42,000 (previously: 38,000-43,000 units)

- Combined total units at ~600,000 cars (previously: 592,000-623,000 units)

- AUTO1 Group expects an adjusted EBITDA margin for the full year of ~-2.5% (previously: -2.5% to -3.0%).

Markus Boser, CFO of AUTO1 Group: "We are extremely proud of our results this quarter. Due to the enormous customer interest and our attractive offering, we are able to exceed our original goals. Further scaling Autohero deliveries and investing to deliver a top-notch customer experience remain our key strategic priorities going forward, and the momentum we have created so far this year gives us a fantastic boost for the current quarter as well."
AUTO1 Group - key figures:

 

  Q3 2020 Q3 2021 YoY Growth
Cars Sold (in k) 120 157 +31%
Merchant (in k) 117 145 +24%
Retail (in k) 2.4 11.3 +364%
Revenue (in EUR million) 769.4 1,260.2 +64%
Merchant (in EUR million) 738.2 1,100.3 +49%
Retail (in EUR million) 31.2 159.8 +413%
Gross Profit (in EUR million) 86.7 116.3 +34%
Merchant (in EUR million) 86.0 112.2 +30%
Autohero (in EUR million) 0.7 4.1 +533%
GPU (in EUR) 725 743 +3%
GPU Merchant (in EUR) 734 772 +5%
GPU Retail (in EUR) 268 365 +36%
Opex (in EUR million)* (71) (141) 99%
Adjusted EBITDA Margin 2.1% (2.0)% (4.1pp)

*OPEX includes employee expenses, other operating expenses less other operating income and less separately disclosed items


About AUTO1 Group
Founded in 2012, AUTO1 Group is a multi-brand technology company that is building the best way to buy and sell cars online. Its local European consumer brands like wirkaufendeinauto.de offer consumers the fastest and easiest way to sell their car. Its merchant brand, AUTO1.com, is Europe's largest wholesale platform for car trading professionals. With its retail brand Autohero, AUTO1 Group is using its technology, scale and operational excellence to develop the best consumer experience to buy a car online. AUTO1 Group operates in over 30 countries. Following its successful IPO in February 2021, the group's shares are trading on the regulated market (Prime Standard) of the Frankfurt Stock Exchange under the trading symbol AG1 and the ISIN DE000A2LQ884.

For more information please visit www.auto1-group.com.


Investor Relations contact
Alexander Enge
Senior Manager Investor Relations
Phone: +49 (0)30 - 2016 38 213
Email: ir@auto1-group.com

Media contact
Knut Engelmann
Kekst CNC
Phone: +49 174 234 2808
Email: Knut.Engelmann@kekstcnc.com

AUTO1 Group SE | Bergmannstrasse 72 | 10961 Berlin | Germany

This publication contains forward-looking statements based on current views and assumptions of AUTO1 Group's management and made to the best of such management's knowledge. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause AUTO1 Group's revenues, profitability or the degree to which it performs or achieves its targets to materially deviate from what is explicitly or implicitly stated or described in this publication. Therefore, persons who obtain possession of this publication should not rely on such forward-looking statements. AUTO1 Group accepts no guarantee or responsibility regarding forward-looking statements and will not adjust them to future results or developments.

 



17.11.2021 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.

The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
Archive at www.dgap.de



show this back