Autonom Services SA, Romanian entrepreneurial company and integrated provider of mobility and financing services, registered in the first half of 2020 consolidated revenues of approximately 147.5 million lei, a decrease of 17% compared to the same period of last year. Despite the challenging period, caused by the onset of the coronavirus pandemic in Romania, Autonom managed to end the period with a consolidated net profit of 4.1 million lei.
“Analysing the results of the first 6 months of this year, we can say that the decisions taken were the right ones to keep the company’s liquidity and profitability in the given context. The results registered in the first half of 2020, such an atypical and unexpected period, show us once again that the organization of Autonom is anti-fragile in volatile contexts and give us confidence that we will end 2020 profitable, with a positive cash flow and ready for to take advantage of the opportunities that will appear in the second semester and in the coming year.”
Dan Stefan, co-founder and co-shareholder of Autonom
The consolidated results of Autonom Services include the performance of two major business lines – operational leasing and short-term rental (rent-a-car), as well as other additional services provided by Autonom, including the sale of used vehicles. In the first six months of 2020, the revenues of the operational leasing division, the main business line of Autonom, increased by 5%, generating a turnover of 84,021,846 lei, with a share of 57% in the total revenues of the company. The increase of 5% in revenues of Leasing Operational as well as 74% increase in used car sales has however helped the Group tamper the negative effect of the crisis caused by the pandemic on the Autonom Rent-a-Car business, which registered a 27% decrease.
“Once again, Autonom’s organizational and operational model, based on sustainability, agility and decentralized decisions, allowed us to act quickly to ensure the protection of our colleagues, clients and the company’s assets. The autonomy of the teams to find and implement quick solutions, as well as transparent communication, kept the team involved and united in the face of the challenges of this period. We are proud of the Autonom team and satisfied with the performance registered in the first half of this year, especially in the given conditions”
Marius Stefan, co-founder and co-shareholder of Autonom
In the first six months of 2020, the operating leasing division delivered 775 new cars and added 76 new clients to its portfolio. Out of significant contracts developed in H1 2020, Autonom continued collaboration with SPARK Romania, a fully electric car-sharing service in Bucharest. Autonom Lease supplied a fleet of 100 new electric cars. Other important partnerships were started with companies in the medical, distribution and telecom fields.
The restrictions on the movement in Romania in the context of COVID-19 crisis had an impact on the results of the short-term rentals division of Autonom. Nonetheless, the effect on Autonom Rent-a-Car was tempered as only 16.2% of the division’s activity are represented by rentals to individuals while the main target are corporate clients, whose activity continued even during the isolation period. Therefore, Autonom’s unique positioning on the Romanian short-term car rental market has helped limit the negative effect of the COVID-19 pandemic.
With the declaration of the state of emergency, all Autonom teams were involved in finding ways to optimize costs. Thus, in the first half of this year, expenditures were reduced by approximately 15% compared to the first half of 2019. Overall, the cash and cash equivalents of the Group increased between January 1st and June 30th, 2020 by 4,803,744 lei. As a result, the Group ended the semester with important reserves to ensure the development of the activity in the next period.
In December 2019, Autonom Services listed 20 million-euro worth bonds on the Main Market of the Bucharest Stock Exchange. In June 2020, Fitch Ratings, one of the top three global credit rating agencies, has assigned Autonom Services SA a Long-Term Issuer Default Rating (IDR) of ‘B+’.