The preliminary results also show a strong improvement in the group’s operating and total profitability with the operating profit rising by 65% yr/yr to €12.2 million and the total net profit of AAA Auto Group NV reaching €5.1 million in 2010, representing growth of 268% yr/yr.
In 2010, AAA Auto concentrated only on its most profitable markets in the Czech Republic and Slovakia. The company continued to focus primarily on the bestselling car models, with an expansion to those car segments for which customers have started to show renewed demand (utility cars, luxury or sport models).
Thanks to a gradual recovery in demand, unit sales grew more than the preliminary expectations. With 39,530 cars sold, the company outperformed its declared target for 2010 and increased its sales volumes by 7% compared to 2009.
AAA Auto’s target for 2011 is to achieve another sales growth of 10% compared to the previous year. The company’s plans for the next two years include the opening of up to five new car centers in the Czech Republic and three in Slovakia, as well as the previously announced intention to enter the Russian market and potentially re-launch operations in Hungary, where the company still owns some of its former car centers (real estate).
AAA Auto Group NV plans to release its final audited consolidated financial results for 2010 on April 28, 2011.
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