Q1 2024 REPORT
0 8 M A Y 2 0 2 4
TABLE OF CONTENTS
- MISSION STATEMENT
01 4 Q1 2024 HIGHLIGHTS
- Building a Category Leader By Maximizing Value for Consumers and Merchants
- In Q1 2024 We Demonstrated How to Combine Growth And Best Ever Profitability
- Financial Overview
02 7 Q1 2024 FINANCIALS
- Quarterly Report
- Profit and Loss
- Financial Position
03
04
- OUTLOOK FOR THE FULL YEAR 2024
- SERVICE
- Glossary
- Financial Calendar
17 Contact
2024 Q 1 R E P O R T | 2 |
MISSION STATEMENT
Building
the Best Way to Buy and Sell Cars Online
AUTO1 Group is focused on building the leading used car business across Europe. We are a business led by founders with an entrepreneurial spirit, longstanding industry experience, the proven ability to scale, and a lasting commitment to our mission.
2024 Q 1 R E P O R T | 3 |
01
Q1 2024 HIGHLIGHTS
PAGE 5
PAGE 5
PAGE 6
Building a Category Leader By Maximizing Value for Consumers and Merchants In Q1 2024 We Demonstrated How to Combine Growth And Best Ever Profitability Financial Overview
2024 Q 1 R E P O R T | 4 |
01 Q1 2024 HIGHLIGHTS
Building a Category Leader By Maximizing Value for Consumers and Merchants
In Q1 2024 We Demonstrated How to Combine Growth And Best Ever Profitability
Group Units Sold | Gross Profit | Adjusted EBITDA |
K Units | EUR Million | EUR Million |
160 | 164 | ||||
157 | |||||
150 | |||||
147 | |||||
140 | 142 | 141 | |||
130 | |||||
120 | |||||
Q1 | Q2 | Q3 | Q4 | Q1 | |
2023 | 2023 | 2023 | 2023 | 2024 | |
2024 | Q 1 R E P O R T |
160 | 163 | ||||
150 | |||||
140 | |||||
132 | 134 | 134 | |||
130 | |||||
128 | |||||
120 | |||||
Q1 | Q2 | Q3 | Q4 | Q1 | |
2023 | 2023 | 2023 | 2023 | 2024 |
20 | |
17 | |
10 | |
0.5 | |
0 | -5 |
-10 | -15 |
-20 | -25 |
Q1 Q2 Q3 Q4 Q1
2023 2023 2023 2023 2024
5
01 Q1 2024 HIGHLIGHTS
Financial Overview
Summary of Key Figures
Group
Units Sold (#)
Revenue (€m)
ASP (€)
Gross profit (€m)
GPU* (€)
Adjusted EBITDA (€m)
Inventory (€m)
Segment Key Figures
Merchant KPIs
Units Sold (#)
thereof C2B
thereof Remarketing
Revenue (€m)
thereof C2B
thereof Remarketing
ASP (€)
Gross profit (€m)
GPU (€)
Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q1 YoY | ||||||||||
157,106 | 141,682 | 140,630 | 146,667 | 586,085 | 163,766 | 4.2% | ||||||||||
1,505.9 | 1,340.5 | 1,292.6 | 1,323.7 | 5,462.8 | 1,454.3 | (3.4%) | ||||||||||
9,585 | 9,462 | 9,192 | 9,025 | 9,321 | 8,881 | (7.4%) | ||||||||||
132 | 127.8 | 134.4 | 133.8 | 527.9 | 162.9 | 23.4% | ||||||||||
836 | 898 | 952 | 918 | 899 | 993 | 18.8% | ||||||||||
(25.1) | (14.8) | 0.5 | (4.5) | (43.9) | 17 | n.m. | ||||||||||
426.6 | 428.7 | 536.6 | 544.4 | 544.4 | 517.6 | 21.3% | ||||||||||
Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | Q1 2024 | Q1 YoY | |||||||||||
139,027 | 127,285 | 125,785 | 130,922 | 523,019 | 146,625 | 5.5% | |||||||||||
120,307 | 110,703 | 110,983 | 115,892 | 457,885 | 132,516 | 10.1% | |||||||||||
18,720 | 16,582 | 14,802 | 15,030 | 65,134 | 14,109 | (24.6%) | |||||||||||
1,221.5 | 1,114.5 | 1,058.2 | 1,069.8 | 4,464.0 | 1,177.9 | (3.6%) | |||||||||||
1,037.8 | 960.7 | 918.9 | 913.2 | 3,830.6 | 1,030.9 | (0.7%) | |||||||||||
183.7 | 153.8 | 139.3 | 156.6 | 633.4 | 147 | (20.0%) | |||||||||||
8,786 | 8,756 | 8,413 | 8,171 | 8,535 | 8,034 | (8.6%) | |||||||||||
107.0 | 103.1 | 105.4 | 103.7 | 419.2 | 129.1 | 20.7% | |||||||||||
769 | 810 | 838 | 792 | 801 | 881 | 14.5% | |||||||||||
Retail KPIs
Units Sold (#)
Revenue (€m)
ASP (€)
Gross profit (€m)
GPU* (€)
Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | FY 2023 | |||||||||
18,079 | 14,397 | 14,845 | 15,745 | 63,066 | |||||||||
284.4 | 226 | 234.5 | 254 | 998.9 | |||||||||
15,732 | 15,701 | 15,794 | 16,129 | 15,839 | |||||||||
25.0 | 24.7 | 28.9 | 30.1 | 108.7 | |||||||||
1,349 | 1,680 | 1,912 | 1,970 | 1,712 | |||||||||
Q1 2024
17,141
276.4
16,125
33.8
1,956
Q1 YoY
(5.2%)
(2.8%)
2.5%
35.1%
45.0%
- GPU is not equal to gross profit/number of cars sold because of the effects of inventory changes due to the capitalisation of internal refurbishment costs which are not part of cost of materials.
Differences may exist due to rounding.
2024 Q 1 R E P O R T | 6 |
02 Q1 2024 FINANCIALS
PAGE 8
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PAGE 12
Quarterly Report
Profit and Loss
Financial Position
2024 Q 1 R E P O R T | 7 |
02 Q1 2024 FINANCIALS
Quarterly Report
Group
Units Sold (#)
Revenue (in KEUR)
Revenue per unit (in EUR)
Gross profit (in KEUR)
GPU (in EUR)1
Adjusted EBITDA (in KEUR)2
Adjusted EBITDA margin in %
Inventory (in KEUR)
1 Jan. 2024
-
31 Mar. 2024
163,766
1,454,341
8,881
162,947
993
16,995
1.2
517,593
1 Jan. 2023
-
31 Mar. 2023
157,106
1,505,922
9,585
132,002
836
(25,133)
(1.7)
426,578
- GPU is not equal to gross profit/number of cars sold because of the effects of inventory changes due to the capitalisation of internal refurbishment costs which are not part of cost of materials.
- EBITDA adjusted for separately disclosed items including non-operating effects, which comprise share-based payments and other-non operating expenses.
The first quarter 2024 was the most profitable in AUTO1 Group's history. The earnings situation improved significantly compared to the previous year quarter and, at KEUR 162,947, the highest gross profit in a quarter was achieved. The number of vehicles sold increased by 6,660 units to 163,766 units in Q1 2024 compared to the previous year quarter.
Gross profit increased by KEUR 30,944 compared to the same period of the previous year and amounted to KEUR 162,947 in Q1 2024. The gross profit per unit was EUR 157 above the same quarter of the previous year and amounted to EUR 993.
With KEUR 16,995 in Q1 2024, AUTO1 Group achieved its best adjusted EBITDA, which corresponds to an improvement of KEUR 42,128 compared to the previous year quarter (KEUR -25,133) and resulted in an adjusted EBITDA margin of 1.2%. The increase of the adjusted EBITDA in Q1 2024 compared to the same period of the previous year is due to the higher gross profit, lower personnel and marketing expenses and reduced other expenses. The Group's consolidated loss in the first quarter of 2024 amounted to KEUR -3,464 (Q1 2023: KEUR -44,083). For the first time in a quarter, a positive adjusted net result of KEUR 1,221 was achieved.
2024 Q 1 R E P O R T | 8 |
02 Q1 2024 FINANCIALS
Merchant
M e r c h a n t
Units Sold (#)
thereof C2B
thereof Remarketing
Revenue (in KEUR)
thereof C2B
thereof Remarketing
Revenue per Unit (in EUR)
Gross profit (in KEUR)
GPU (in EUR)
1 Jan. 2024 - 31 Mar. 2024
146,625
132,516
14,109
1,177,940
1,030,919
147,021
8,034
129,132
881
1 Jan. 2023 - 31 Mar. 2023
139,027
120,307
18,720
1,221,505
1,037,795
183,710
8,786
106,967
769
The number of vehicles sold in the Merchant segment increased compared to the first quarter of 2023 by 5% to 146,625 units (Q1 2023: 139,027 units). Revenues in the first quarter of 2024 decreased slightly by KEUR 43,565 or 4% to KEUR 1,177,940 compared to Q1 2023. This is mainly due to lower average sales prices.
The number of vehicles sold via the C2B channel increased from 120,307 units in the previous year quarter by 10% to a total of 132,516 units in Q1 2024. The C2B vehicles sold accounted for 90% of total sales in the Merchant segment, clearly demonstrating the performance of our core business. Due to lower average selling prices, revenue in the C2B segment decreased slightly from KEUR 1,037,795 in Q1 2023 by KEUR 6,876 to KEUR 1,030,919 in the first quarter 2024.
The number of Remarketing units sold reduced by 4,611 to 14,109 units in Q1 2024 compared to the previous year's quarter. The units sold via the channel generated revenues of KEUR 147,021 in the first quarter 2024, which decreased compared to Q1 2023 by KEUR 36,689.
Total gross profit in the Merchant segment increased significantly by KEUR 22,165 to KEUR 129,132. Mainly due to stronger demand for our vehicles and a higher proportion of C2B vehicles sold compared to Q1 2023, the gross profit per unit was increased by 15% to EUR 881 in Q1 2024.
2024 Q 1 R E P O R T | 9 |
02 Q1 2024 FINANCIALS
Retail
R e t a i l
Units Sold (#)
Revenue (in KEUR)
Revenue per Unit (in EUR)
Gross profit (in KEUR)
GPU (in EUR)1
1 Jan. 2024
-
31 Mar. 2024
17,141
276,401
16,125
33,815
1,956
1 Jan. 2023
-
31 Mar. 2023
18,079
284,418
15,732
25,035
1,349
1 GPU is not equal to gross profit/number of cars sold because of the effects of inventory changes due to the capitalisation of internal refurbishment costs which are not part of cost of materials.
In our Retail segment, the gross profit increased from KEUR 25,035 in the first quarter 2023 to KEUR 33,815 in Q1 2024, though the number of vehicles sold decreased compared to the previous year quarter by 938 units to 17,141 units in Q1 2024. Also the gross profit per unit increased in Q1 2024 by EUR 607 compared to the previous year's quarter. The increase was mainly achieved through a reduction in refurbishment costs per vehicle and additional services offered to Autohero customers. This positive development of profitability indicators in the Retail segment confirms the success of the investments we have made in Autohero's production centres and the attractiveness of online used car sales.
2024 Q 1 R E P O R T | 10 |
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AUTO1 Group SE published this content on 08 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 May 2024 05:46:03 UTC.