Crasso Motors distributed NIS 63 million in dividends

The Carasso Motors Group – an importer of Renault, Nissan, Infiniti and Dacia vehicles – published its financial results for the summary of the fourth quarter and the entire year 2020. In May 2020, the company expanded its leasing business after completing the transaction to acquire the “Easy Auto” group. The Company began consolidating the Kal Otto Group in its financial statements as of May 1, 2020.

Main results of the fourth quarter of 2020: The company’s revenues in the fourth quarter of 2020 increased to NIS 969 million, compared with NIS 847.2 million in the corresponding quarter last year. The increase in revenue is due to an increase in revenue in the automotive and leasing sectors due to the consolidation of the results with Kal Otto as of May 1, 2020.

Revenues from the automotive sector in the fourth quarter of 2020 increased to NIS 608.4 million, compared with NIS 536 million in the corresponding quarter last year. The segment’s profits in the quarter rose to NIS 95.9 million, compared with NIS 77.6 million in the corresponding quarter last year. Revenues from the leasing segment increased in the fourth quarter of 2020 to NIS 271.9 million, compared with NIS 201 million in the corresponding quarter last year. The increase in the segment’s revenues is due to the first consolidation of the Kal Auto Group as of May 1, 2020. The segment’s profits in the quarter increased to NIS 41.9 million, compared with NIS 14.4 million in the corresponding quarter last year.

Revenues from the service sector and others in the fourth quarter of 2020 amounted to NIS 88.6 million, compared with NIS 110.2 million in the corresponding quarter last year. The segment’s profits in the quarter increased to NIS 21.5 million, compared with NIS 18.7 million in the corresponding quarter last year.

Gross profit in the fourth quarter of 2020 increased to NIS 180.9 million (approximately 18.6% of revenues), compared with approximately NIS 127 million (approximately 15% of revenues) in the corresponding quarter last year. Profit from ordinary activities in the fourth quarter of 2020 increased to NIS 83.4 million, compared with NIS 42.3 million in the corresponding quarter last year. The increase is due to the increase in gross profit, as stated, and a decrease in administrative and general expenses.

In the fourth quarter of 2020, a net loss was recorded from exchange rate differences and financial derivatives in the amount of NIS 7.5 million, compared with a net profit of NIS 10.8 million recorded by the Company in this item in the corresponding quarter last year. The company’s net profit in the fourth quarter of 2020 increased to NIS 42.6 million, compared with NIS 32.1 million in the corresponding quarter last year. The increase in profit was recorded despite the aforesaid loss from exchange rate differences and financial derivatives. The group has cash and cash equivalents as of December 31, 2020 in the amount of approximately NIS 169.9 million. The company’s total capital as of December 31, 2020 amounted to approximately NIS 1.63 billion, and constitutes approximately 27.5% of the total balance sheet.

Main results of 2020

The company’s revenues in 2020 amounted to NIS 3.7 billion, compared with NIS 3.9 billion in 2019. The decrease in revenues is mainly due to the Corona crisis, which led to a decrease in sales of new vehicles, as opposed to an increase in leasing segment activity for the first time. May 1st.

Revenues from the sale of vehicles amounted to NIS 2.4 billion in 2020, compared with NIS 2.54 billion in 2019. Profits from the segment in 2020 amounted to NIS 310.8 million, compared with NIS 373.5 million in 2019. Revenues from the leasing sector increased in 2020 to approx. NIS 1.32 billion, compared with NIS 952.9 million in 2019. The increase in the segment’s revenues is due to the first consolidation of the Kal Otto Group starting in May 2020. The segment’s profits in 2020 increased to NIS 99.9 million, compared with NIS 75.5 million in 2019.

Revenues from the service sector and others in 2020 amounted to NIS 354.7 million, compared with NIS 413.1 million in 2019. Profits from the sector in 2020 increased to NIS 83.8 million, compared with NIS 80.4 million in 2019.

The gross profit in 2020 amounted to NIS 587.9 million (about 16% of revenues), similar to the gross profit in 2019 (about 15% of revenues). Profit from ordinary activities in 2020 amounted to NIS 236.6 million, compared with NIS 249.9 million in 2019. The decrease in profit is mainly due to an increase in administrative and general expenses in light of the first consolidation of Kal Otto results.

In 2020, there was a decrease in the net loss from exchange rate differences and financial derivatives to NIS 8.6 million, compared with a net loss of NIS 42.5 million recorded in this item in 2019. The change is mainly due to the fact that in the corresponding period last year the euro depreciated by NIS. -9.6% and the dollar exchange rate against the shekel at a rate of about 7.8%, compared with an increase of about 1.7% in the euro exchange rate against the shekel during the reporting period offsetting a decrease in the dollar against the shekel at a rate of about 7%. The company’s net profit in 2020 increased to NIS 130.8 million, compared with NIS 126.6 million in 2019.