After 2016 ended with a profit of six million euros, the national importer of Toyota achieved, in the last year, an even better performance, with the turnover increasing 15.8%, to 390 million euros. Performance that caused profits to soar by 57.1% compared to the previous year, to 9.4 million euros.
In the statement sent to the Portuguese Securities and Exchange Commission (CMVM), Toyota Caetano attributes these results to the “growth seen in the automobile market in Portugal, which was accompanied by the activity levels recorded in the Toyota Caetano Group, with special emphasis on vehicles hybrids, Auris, Yaris and Crossover C-HR“.
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization), in 2017, reached 34 million euros, a value that represents an increase of 35.6% compared to 2016, and which is explained in the “implementation of a set of measures, namely with regard to structural costs and a slight increase in the sales margin”. With Toyota Portugal also highlighting the “growth and improvement in profitability of the project to assemble all terrain vehicles for export (LC70) at the Ovar plant”.
Financing puts financial results in the red
On the other hand, despite operating results having reached 15.4 million euros, 61.3% more than in 2016, Salvador Caetano recognizes negative financial results of 2.6 million euros, due to “increased financing needs which the Toyota Caetano Portugal Group incurred, in order to face the growth of activity”.
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Even so, Toyota Portugal already decided, at last Friday's general meeting, to hand over to shareholders a large part of the profit obtained in 2017, paying 20 cents per share, an amount that represents a total return of 7 million euros.
