INTERCARS Q1 Report 2023

Highlights

• In 1Q 2023, the Group recorded a 29,1% growth of consolidated sales revenues compared to the same period of 2022.
• Export sales understood as sales by the overseas distribution companies, and direct sales by Inter Cars S.A. to foreign clients increased by nearly 33.8% compared to the analogous period a year ago. In 2023, the Group continued to further strengthen its foreign expansion, both in countries where it develops sales based on a chain of branches and in countries where it sells directly to customers (without an existing distribution network).
• Consolidated margin on the sale of goods is 1.0 percent point lower compared to the year before, amounting to 30.1%.
• In Q1 2023, the impact of exchange rate differences on the percent margin was 0.3 p.p., while in the corresponding period of 2022 it was insignificant. Comparing the level of gross percent margin, if we eliminate the influence of these exchange gains/losses on the margin, it would amount to 29.8% in the first quarter of 2023, and was 1.3 percent lower in comparison to the same period a year before.
• The consolidated EBITDA for 12 months cumulatively for the period ending on 31 March 2023 amounted to PLN 1,339,088 thousand (as a profit on operating activity plus depreciation) and was 28% higher compared to 12 months period ended on 31 March 2022.
  • The net debt /EBITDA ratio is 1.58 compared to 1.45 as at 31 March 2022, The increase in the ratio is due to the rise in the Group’s financial debt allocated to operational and investment activities.