Auto Sueco Automóveis

Auto Sueco Automóveis is the Group's retail car company in Portugal, with multibrand dealerships in the region of Porto (Volvo, Mazda and Honda), greater Lisbon (Volvo, Jaguar, Land Rover and Mazda), Braga (Volvo) and Guimarães (Volvo).

Despite a slight recovery in the Portuguese car market (+6.6%) compared to the same period last year, Auto Sueco Automóveis had some difficulties in keeping pace with the market. This effect was essentially due to the increase in lead time of the brands represented, even though the company has built up an extensive commercial portfolio during this period. On the other hand, and as a result of the moment in time, there is a severe shortage of used cars, which made it impossible to achieve the sales objectives in this specific segment. Despite these effects, Auto Sueco Automóveis managed to practically maintain its sales mix in line with the previous year.

With regards to the market share of the makes it represents in the light passenger car market, the company maintained its market share in relation to the previous year. Regarding the market share of Auto Sueco Automóveis in the Volvo brand universe, the company saw its market share increase from 23.8% in 2021 to 26.8% in 2022.

This way, the company registers a stabilization in turnover, with the increase in the weight of the after sales activity and the improvement in operating margins leading to an increase of 57.1% in EBITDA.

Galius

Galius is the exclusive distributor of Renault Trucks in Portugal. In 2022, the turnover related to commercial activity remained in line with 2021. However, the current market conditions allowed Galius to considerably increase the gross margin percentage of commercial activity, especially with regard to used trucks, which was largely due to the combined effect of high demand and a context of scarcity of vehicles.

With regard to the after-sales segment, we once again achieved very positive results, with a sales growth of 13.7% compared to 2021, with the consolidation of the activity of the most recent after-sales unit in Mangualde - a region with great exposure to the Renault brand - providing volume and profitability gains in the region's after-sales. In this sense, the company's performance in terms of Gross Margin, and consequently in terms of EBITDA, was substantially higher, rising from 1.1 million Euros in 2021 to 4.4 million Euros in 2022.

With regard to the Core project, similarly to what happened in Auto Sueco Portugal, this was a year of great focus on this project.

Galius Renault Trucks

medium-duty trucks

KinLai

KinLai is the official distributor of Dongfeng Trucks - the Chinese brand of high-end trucks in Angola - and of Dongfeng light vehicles.

In 2022, KinLai won an important slice of the high-end truck market (over 16 tonnes), ranking second in the market with 20.6% (up from 19.3% in 2021), representing an increase of 38 units against 2021.

The year is marked by a focus on the light vehicle sector, with 45 units sold in 2022, compared with 8 units in the previous year.

As this is its second full year of activity, it should be noted that KinLai reached an EBITDA of 1.5 million Euros in 2022, supported by its penetration of the truck market and its focus on the light vehicle segment.