Performance Above Expectations, Due to
Structural Measures as Well as Favourable Conjunctural Business
Environment
Record Corporate EBITDA Margin at 27.4
%
Raised Ambitions For 2021
Regulatory News:
Europcar Mobility Group (Paris:EUCAR):
Q3 2021 AND FIRST 9M 2021 HIGHLIGHTS
- Revenue over the first 9 months 2021: up +20%1 to €1,625m, with
a rebound of +45%1 in Q3 2021 driven by a solid performance in
Leisure, low-cost segment in particular, with high RPD2
- Q3 2021 revenue at €782.6m: close to Q3 2019 level, reducing
the gap month by month
- Strong rebound in Corporate EBITDA3 to €215m in Q3 2021 with
record margin of 27.4% (21.9%1 in Q3 2019)
- Reduction in Corporate net debt at end September vs June 2021:
€211m vs €266m respectively, thanks to high Corporate Operating FCF
conversion (40%) and seasonality effect. Reduced Corp. liquidity to
€372m from €447m
- Successful fleet debt refinancing for a total of €2.2bn with
sustainability-linked bond issuance & SARF re-engineering
OUTLOOK FOR 2021 AND MID-TERM TRAJECTORY
- The Group is raising its ambitions for FY2021 earnings compared
to previous communication thanks to higher-then-expected Q3 2021
performance, with a particularly strong month in September and an
anticipated continued robust business trend through year-end, and
assuming no additional lockdown:
- Corporate EBITDA pre-IFRS 16 above €150m versus “above €110m”
(compared to -€276m in 2020 and €278m in 20194)
- Corporate net debt expected in the range of €250-300m versus
€300-350m
- The Group is confident in the long-term prospects of the
business, relying on structural gains from Reboot and ongoing
Connect transformation roadmap, but expects some significant
mid-term headwinds in 2022:
- While pricing momentum is expected to remain positive, volumes
will be constrained by continuing market fleet shortage
- In the context of this shortage, higher fleet cost per unit is
expected as well as higher cash consumption as the Group searches
for alternative sources of vehicles
- Significant levels of inflation are also being seen across some
other cost lines
UPDATE ON THE TENDER OFFER
Pending the review by the French stock market authority (AMF),
expected opening of the proposed tender offer (projet d’offre
publique d’acquisition) filed on September 20, 2021 by the
consortium led by Volkswagen5 for the Company’s shares in the
course of Q4 2021 and completion of the offer (subject to certain
antitrust clearances) in the course of Q1 20226
Caroline Parot, CEO of Europcar Mobility Group,
declared:
“Despite a slow start of the year due to COVID, the Group has
achieved great performance, starting from May and over the 3 last
months, which leads us to upgrade our ambitions for the full year
in terms of Corporate EBITDA.
We owe this performance, among other things, to our employees,
who have once again demonstrated their resilience and commitment
and for which I would like to thank them.
We also benefited from both structural and conjunctural factors.
Structurally, we have enjoyed the benefits of our cost adaptation
programme "Reboot", as well as the positive impact of our financial
restructuring. Conjuncturally, we smartly leveraged the combined
effects of a “post-lockdown” appetite for travel and a scarcity of
supply due to the semiconductor shortage, which increased our
pricing power. All of these factors have placed our Group in the
best possible conditions to take full advantage of the recovery in
the Travel & Leisure market.
In 2022, in a context of the lasting semiconductor crisis that
makes vehicle sourcing more cash-intensive, we expect a continuing
tension between supply and demand in the leisure market, that we
will play with an overall focus on profitability versus volumes,
while taking advantage of the gradual recovery in international
traffic.
As we move forward in our “Connect” transformation, we are
confident in our recovery plan positioning the Group as a strong
leader in sustainable mobility solutions.”
Europcar Mobility Group invites you to its Q3 2021 Results
Conference Call on: Thursday, October 28th, at 6:00pm
CET
Dial-in Access telephone numbers:
France : +33 (0)1 76 77 25 07 Germany: +49 (0)89 2030 35526 UK:
+44 (0)330 336 9434 USA: +1 929-477-0324 Confirmation Code:
7299797
Webcast live:
You can watch the presentation on the following link:
https://globalmeet.webcasts.com/starthere.jsp?ei=1500545&tp_key=b7e08fca6c
Slides related to third quarter 2021 results are available on
the Group’s website, in the “Financial documentation” section:
https://investors.europcar-group.com/results-center
KEY FINANCIALS OVER THE FIRST 9 MONTHS 2021
Q3 2021 financial
results
All data in €m, except if mentioned Q3 2021
Q3 2020 % Change at constantperimeter and currency
Number of rental days (million)
19.3
16.4
18.2%
Average Fleet (thousand)
268.1
248.7
7.8%
Financial Utilization rate
78.5%
71.6%
Total revenues
782.6
537.2
45.1%
Adjusted Corporate EBITDA (IFRS 16)
214.7
54.4
Adjusted Corporate EBITDA Margin
27.4%
10.1%
Operating Income
183.0
18.8
Income before taxes
148.4
(30.5)
Net profit/loss
141.5
(9.7)
Corporate Free Cash Flow
86.2
(46.7)
Corporate Net Debt at end of the period
211.2
1,322.1
NB: Average fleet and utilization rate include Urban Mobility.
Historical data have been adjusted accordingly
9M 2021 financial
results
All data in €m, except if mentioned
9M 2021
9M 2020
% Change at constantperimeter and currency Number of
rental days (million)
45.3
43.4
4.5%
Average Fleet (thousand)
222.1
266.5
-16.7%
Financial Utilization rate
74.9%
59.4%
Total revenues
1,625
1,352
20.1%
Adjusted Corporate EBITDA (IFRS 16)
190
(154)
Adjusted Corporate EBITDA Margin
11.7%
Operating Income
93.0
(248.4)
Income before taxes
16.8
(393.9)
Net profit/loss
18.7
(295.9)
Corporate Free Cash Flow
2.4
(342.3)
Corporate Net Debt at end of the period
211.2
1,322.1
NB: Average fleet and utilization rate include Urban Mobility.
Historical data have been adjusted accordingly
No change in perimeter between 9M 2021 and 9M 2020. As a
reminder, the last two acquisitions were Fox Rent A Car in the US
consolidated in November 2019 and franchisees in Norway and Finland
in July 2019.
PROFIT & LOSS
Management Account presentation: accounts are presented
under IFRS 16, unless explicitly mentioned
Revenue and Profit & Loss are analyzed through the evolution
at constant perimeter and exchange rates. Reported changes are in
Appendix.
All data in €m Q3 2021 Q3 2020 % Change at
constantperimeter and currency Q3 2019 Total
revenue
782.6
537.2
45.1%
1,069.4
Average fleet size ('000)
268.1
248.7
7.8%
418.8
Rental days volume (in Million)
19.3
16.4
18.2%
30.6
Utilization rate
78.5%
71.6%
79.6%
Fleet holding costs
(148.4)
(150.4)
2.2%
(253.1)
Variable costs
(241.2)
(175.5)
-36.7%
(346.9)
Sales and marketing expenses
(4.8)
(1.9)
-146.7%
(7.3)
Fleet financing costs
(31.2)
(25.7)
-20.9%
(37.5)
Direct & variable costs
(425.6)
(353.6)
-19.6%
(644.8)
Margin after Direct costs
357.0
183.6
94.4%
424.6
In % of revenue
45.6%
34.2%
39.7%
Network
(73.2)
(69.2)
-5.3%
(114.0)
HQ Costs
(69.1)
(59.9)
-13.8%
(76.0)
Fixed & semi-fixed costs
(142.3)
(129.2)
-9.3%
(190.0)
Adjusted Corporate EBITDA (IFRS 16)
214.7
54.4
234.6
In % of revenue
27.4%
10.1%
21.9%
IFRS 16 impact on premises and parking
(18.5)
(18.2)
(24.3)
IFRS 16 impact on the fleet and financing costs & variable
costs
(2.4)
(10.0)
(5.5)
Adjusted Corporate EBITDA excl. IFRS-16
193.8
26.2
204.9
Depreciation – excluding vehicle fleet:
(34.2)
(42.4)
19.8%
(40.2)
Non-recurring income and expense
(20.2)
(9.6)
(16.0)
Other financing income and expense not related to the fleet
(12.0)
(32.8)
63.6%
(22.9)
Net financial restructuring costs
-
-
Profit/loss before tax
148.4
(30.5)
155.5
Income tax
(6.9)
20.7
(42.9)
Share of profit/(loss) of associates
-
-
0.1
Net profit/(loss) excl. IFRS 16
143.2
(8.4)
117.3
Net profit/(loss) incl. IFRS 16
141.5
(9.7)
112.7
All data in €m
9M 2021
9M 2020
% Change at constantperimeter and currency
9M 2019
Total revenue
1,624.5
1,352.0
20.1%
2,510.1
Average fleet size ('000)
222.1
266.5
-16.7%
356.2
Rental days volume (in Million)
45.3
43.4
4.5%
74.3
Utilization rate
74.9%
59.4%
76.6%
Fleet holding costs
(386.6)
(484.0)
20.2%
(633.1)
Variable costs
(550.7)
(497.9)
-10.7%
(840.8)
Sales and marketing expenses
(11.4)
(12.3)
6.8%
(28.3)
Fleet financing costs
(77.7)
(83.8)
6.9%
(104.1)
Direct & variable costs
(1,026.5)
(1,078.0)
4.7%
(1,606.3)
Margin after Direct costs
598.0
274.0
117.7%
903.8
In % of revenue
36.8%
20.3%
36.0%
Network
(198.5)
(222.1)
10.2%
(332.0)
HQ Costs
(209.6)
(206.1)
-1.4%
(262.1)
Fixed & semi-fixed costs
(408.1)
(428.2)
4.6%
(594.0)
Adjusted Corporate EBITDA (IFRS 16)
189.9
(154.2)
309.8
In % of revenue
11.7%
12.3%
IFRS 16 impact on premises and parking
(55.2)
(58.0)
(61.0)
IFRS 16 impact on the fleet and financing costs & variable
costs
(8.6)
(23.0)
(19.1)
Adjusted Corporate EBITDA excl. IFRS-16
126.1
(235.2)
229.7
Depreciation – excluding vehicle fleet:
(102.5)
(119.5)
14.6%
(115.3)
Non-recurring income and expense
(38.6)
(30.0)
(42.0)
Other financing income and expense not related to the fleet
(54.2)
(90.1)
39.6%
(99.5)
Net financial restructuring costs
22.3
-
of w/h non-recurring impact
(13.6)
-
of w/h financial result impact (IFRIC 19 & Transaction costs)
35.9
-
Profit/loss before tax
16.8
(393.9)
53.0
Income tax
1.9
98.0
(20.5)
Share of profit/(loss) of associates
-
-
-
Net profit/(loss) excl. IFRS 16
23.5
(291.7)
43.6
Net profit/(loss) incl. IFRS 16
18.7
(295.9)
32.4
Constant perimeter includes Fox consolidated in November 2019
& franchisees in Finland and Norway in July 2019.
Variable costs: Revenue related costs, rental related costs,
fleet operating costs and others
Average fleet and utilization rate include Urban Mobility.
Historical data have been adjusted accordingly.
- From revenue to MADC over the first 9M 2021
As explained in previous statements and reflected in the revenue
table below, the Group’s organization is now structured around 3
Service Lines as to respond to specific mobility use cases and
design the appropriate offers and associated customer journey.
- Leisure customers: expectations on price competitiveness
and speed to serve. Main use cases: Travel & Leisure
- Professional customers: planned and contracted
operations with flexibility on solutions, quality of service as a
must and a strong network. Main use cases: vehicles replacement,
business travel, fleet services, local mobility for businesses
- Proximity customers: looking for higher accessibility of
the service. Main use cases: vehicle substitute for long term and
on-demand solutions like carsharing.
Strong recovery in revenue in Q3
2021
On a proforma basis (i.e. at constant perimeter and exchange
rates), Group’s revenue rose by +20.1% to €1,625m over the first 9M
2021 versus the same period of last year, well driven by a solid
growth in the Low Cost, particularly in the US, with a strong
rebound of +45.1% to €782.6m in Q3 2021 compared to Q3 2020.
Third quarter recovered on travel restrictions ease, high level
of domestic demand faced to a limited supply due to the
semiconductors shortage impact on OEMs’ manufacturing capacities.
In a context of a strong customers’ appetitive for vacation in
domestic markets, Southern Europe in particular, the Group recorded
favourable pricing which was well supported by an optimized
yielding strategy.
Compared to Q3 2019, the Group reduced the gap month by month:
-27% in Q3 2021 resulting from a -34% decline in July, -26% in
August and -18% in September. This good performance was primarily
driven by prices on a more favourable business mix across the
quarter.
€m Q3 2021 Q3 2020 % Change at
constantcurrency
9M 2021
9M 2020
% Change at constantcurrency Proximity
107.5
85.9
24.4%
202.9
198.8
1.4%
Professional
209.1
167.3
23.5%
495.3
464.8
5.8%
Leisure
346.9
185.7
87.6%
601.1
408.6
49.0%
CARS
663.5
439.0
50.6%
1,299.3
1,072.3
21.2%
Proximity
23.7
18.3
29.0%
59.6
46.6
27.6%
Professional
67.7
61.5
9.1%
204.2
178.3
14.0%
VANS & TRUCKS
91.4
79.9
13.7%
263.8
224.9
16.8%
Rental Revenues (incl. Mobility)
754.9
518.8
44.9%
1,563.1
1,297.2
20.4%
Other income (incl. franchisee)
27.7
18.4
50.3%
61.4
54.7
12.6%
Total Revenues
782.6
537.2
45.1%
1,624.5
1,352.0
20.1%
CARS: revenue increased significantly by +51% to €663.5m
in Q3 2021 compared to Q3 2020, driven by prices increases due to
the fleet scarcity as a result of the shortage of semiconductors,
excess demand over supply and to a lower extent volumes. The US and
Southern Europe performed extremely well.
Among the three Service Lines, Leisure recorded the strongest
growth (+88%) despite no recovery in international traffic.
The analysis below details the performance of CARS by Service
Line:
- Leisure Service Line, which mainly relates to activity
in airports and railways, benefited from the strong rebound in the
Low-Cost segment driven by Goldcar in Spain and Fox-Rent-A-Car in
the US.
- Professional Service Line: kept benefiting from
long-term solutions (LTS) which are bringing agility and
flexibility to businesses. Those solutions are particularly well
adapted to the clients’ demand.
- Proximity Service Line: local mobility on-demand as well
as car substitute performed well in Q3 2021, validating the shift
of urban customers towards alternatives to vehicle ownership with a
high proportion of repeat business.
VANS & TRUCKS: with revenue of €91m in Q3 2021, up
+13.7% compared to the same period of last year, the BU is close to
its 2019 levels, primarily driven by solid volume growth, Spain and
the UK in particular and on-demand local mobility. Supersites also
remained positively oriented, which perfectly fit with Corporate
clients’ demand and the success from long-term solutions (LTS).
MADC (Margin after Direct Costs):
outstanding fleet management
In Q3 2021, the Group managed remarkably its fleet to address
growing demand during the Summer season by deploying alternative
solutions while constrained by fleet scarcity at OEMs using longer
holding period and second-hand market vehicles. This translated
into a +28% increase in the average fleet to 268k vehicles in Q3
2021 versus Q2 2021. Utilization rate also improved tremendously to
78.5%, the highest rate since Q4 2019, but slightly below Q3 2019
(79.6%) due to partial lockdowns in Australia.
The Group kept controlling tightly its direct and variable
costs, by limiting the increase of its “direct and variable costs”
by +19.6% to €426m over the quarter versus Q3 2020, whilst revenue
was up +45%. This good performance has been spurred by fleet
holding costs which increased by a limited +2.2% to €148m compared
to the same period last year, while average fleet rose by +7.8% to
268k vehicles. The Group managed with great agility its fleet and
benefited from favourable conditions for the resale of second-hand
vehicles.
As a result, MADC almost doubled to €357m in Q3 2021 versus Q3
2020 (2.2x over the first 9M 2021) with a record high 45.6%
margin.
Compared to Q3 2019, direct & variable costs were down -34%
on revenue down 27%.
2. From MADC to Adj. Corporate EBITDA: record Corporate
EBITDA margin in Q3 2021
In Q3 2021, the Group continued to optimize its network and HQs
costs but without benefiting any longer from furlough measures:
fixed and semi-fixed costs rose by +9% to €142m in Q3 2021 from
€129m in Q3 2020, a limited increase compared to the +45% revenue
growth recorded during that period.
In Q3 2021 the Group removed -25% of those semi-fixed and fixed
costs, in line with revenue decline compared with the pre-pandemic
period in Q3 2019. This illustrates the positive impact of all
adaptation measures taken by the Group to mitigate the impact of
the crisis.
This led the Group to record a 3.9x increase in Corporate EBITDA
to €214.7m in Q3 2021 compared to Q3 2020, translating into record
margin of 27.4% (vs 10.1% in Q3 2020 and 21.9% in Q3 2019). All in
all, the Group recorded a limited 7% fall-through in Corporate
EBITDA versus Q3 2019, despite the €287m drop in revenue.
3. From Adjusted Corporate EBITDA to Group net income
Depreciation expenses: down on the reduced Network
stations
Financial income and expenses not related to the fleet:
down -40% to -€54.2m over the first 9M 2021 versus - €90.1m at the
same period last year, mainly coming from the removal of Corporate
bonds, as part of the financial restructuring, and partially offset
by new interest on state guaranteed loans and increased costs of
the facilities (TLB and RCF) put in place post-restructuring.
Non-recurring expenses amounted to -€38.6m over the first
9M 2021 (-€30.0m at the same period last year) with -€20.2m in Q3
2021 (-€9.6m in Q3 2020). They reflected adaptation (i) measures in
HQs and Network which have been implemented in the Reboot plan to
deliver a fast payback in adapting the cost base to the new size of
the company; and (ii) in Q3 2021 part of the fees related to the
contemplated offer and other one-off items.
Net financial restructuring costs: +€22.3m in 9M 2021,
recorded in Q1 2021, split into -€13.6m of restructuring fees
(accounted in the P&L) and +€35.9m non-cash income (including
+€48m booked under IFRIC 19 accounting standards, coming from the
difference between the book value of the debt converted into equity
instruments and the fair value of these instruments at the
transaction date; and -€12m of previous transaction cost
write-off).
Tax: -€6.9m in Q3 2021 versus +€20.7m in Q3 2020,
reflecting a cautious approach with lower activation of tax losses
carry-forward compared to the same period last year.
Net income: the Group posted positive earnings of €141.5m
in Q3 2021 compared to -€9.7m in the same period last year.
CORPORATE FREE CASH FLOW, CORPORATE NET DEBT & FLEET
DEBT
High Corporate Operating Cash Flow conversion
The Group improved significantly its Corporate Operating cash
flow in Q3 2021 compared to Q3 2020 thanks to positive Corporate
EBITDA and tight control of cash expenses: non-recurring and leases
expenses decreased while capex was up due to progressive ramp-up in
IT capex and lower change in WC due to low pre-payment in Q2
2021.
Corporate Operating cash flow came in positive territory at
+€86m in Q3 2021 after -€84m in H1 2021, leading to a high
Operating free cash flow conversion of 40%.
All data in €m Q3 2021 Q3 2020 Q3
2019
9M 2021
9M 2020
9M 2019
Adjusted Corporate EBITDA
214.7
54.4
247.4
189.9
(154.2)
329.2
Lease liability repayment (IFRS 16 Impact)
(20.9)
(28.2)
(29.7)
(63.9)
(81.0)
(80.1)
Non-recurring expenses
(6.5)
(9.6)
(11.6)
(24.8)
(30.9)
(37.2)
Non-fleet capex
(14.1)
(8.4)
(19.1)
(40.6)
(33.2)
(58.1)
Change in NFWC and Provisions
(81.6)
(41.0)
(100.3)
(40.5)
(32.8)
(14.3)
Income tax paid
(5.3)
(13.9)
(17.9)
(17.7)
(10.2)
(27.3)
Corporate operating free cash flow
86.2
(46.7)
68.8
2.4
(342.3)
112.2
Decreased Corporate Net debt7 at September 30th, 2021 versus
June 30th, 2021
Corporate net debt decreased to €211m as at September 30th, 2021
from €266m at June 30th, 2021, primarily driven by the performance
at Corporate EBITDA but also due to seasonality effect and high
proportion of Leisure customers. Corporate liquidity reduced to
€372m as at 30 Sept 2021 from €447m as at 30 June 2021 reflecting
cash used for fleet financing. As at September 30, 2021, the Group
has drawn €80m of the €225m fleet financing.
Successful refinancing fleet debt with sustainability-linked
targets
Europcar Mobility Group successfully refinanced part of its
fleet debt in Q3 2021 for a total of €2.2bn by proactively managing
its debt profile: SARF refinancing for €1.7bn with a maturity at
July 2024 and Senior Notes refinancing for €500m with a 3.0%
coupon, maturing in Nov. 2026. The gross proceeds from the Notes
Offering, together with cash-on-hand, has been used for early
redemption in full of the 2.375% Senior Secured Notes due 2022
issued by EC Finance plc (the “2022 Notes”).
The Group is the first player to finance with
sustainability-linked targets in the car rental sector. Europcar
Mobility Group has established robust and ambitious sustainability
performance targets, namely:
- Reducing carbon emissions for its car and van fleet to reach an
average of 93 g CO2/km and 144 g CO2/km respectively by the end of
2024
- Its target to have green vehicles (less than 50 g CO2/km)
account for 20% of its car and van fleet by the end of 2024.
Those two goals that constitute the sustainability performance
targets applicable to the Sustainability-Linked Notes, will be
tested for the first time in 2024. For the SARF, the Group has
selected as green vehicles target as a percentage of the total
Group’s fleet (20% of its car and van fleet by the end of 2024),
which will be tested on an annual basis from 2022.
FULL YEAR 2021 OUTLOOK: RAISED AMBITIONS
The Group is raising its ambitions for Corporate EBITDA and
Corporate net debt for the FY 2021 thanks to higher-than expected
Q3 2021 performance, with a particularly strong month in September
and an anticipated continued robust business trend through
year-end, and assuming no additional lockdown:
The Group re-iterates its ambition to deliver significant
revenue growth for the FY 2021 based on:
- Continued robust pricing in a context of an acceleration in
fleet shortage
- Continuation of the good trend in Leisure and domestic
demand
- Objective for Corporate EBITDA pre-IFRS 16: above €150m versus
above €110m communicated on September 20th, 2021 at the occasion of
the Group’s trading update (compared to -€276m in 2020 and €278m in
20198)
- Objective for Corporate net debt in the range of €250-300m
versus €300-350m previously communicated
MID-TERM TRAJECTORY
The Group is confident in the long-term prospects of the
business, relying on structural gains from Reboot and ongoing
Connect transformation roadmap but expects some significant
mid-term headwinds in 2022:
- Revenue profile: profitability over volumes
- While pricing momentum is expected to remain positive, volumes
will be constrained by continuing market fleet shortage
- Strong focus on profitability vs volumes, with continued
optimized and yielding pricing strategies
- Gradual recovery in international traffic
- Fleet: alternative fleet model and higher costs than initially
anticipated
- Acquisition costs likely to increase substantially, due to the
impact of semiconductors shortage on OEMs manufacturing
capacities
- For the exact same reason, balance between share of « buy-back
» and « at risk » likely to evolve
- Costs & cash: expected significant increase of the cost
base
- Non-fleet costs: expected increases (e.g. wages and progressive
re-staffing where necessary)
- Constrained Corporate Cash: fleet sourcing more cash-intensive
vs 2021
- Transformation: well on track
- Sustained efforts and increased investments, to enable
accelerated « Connect » implementation and Group’s transformation
into a mobility platform, with notably, a focus on digitization of
Operations & Customer experience, as well as on subscription
solutions
UPDATE ON THE PROPOSED TENDER OFFER FOR THE COMPANY’S
SHARES
As a reminder, Green Mobility Holding SA, controlled by the
consortium led by Volkswagen, filed on September 20, 2021 a
proposed cash tender offer (projet d’offre publique d’achat) at a
price of €0.50 per share, plus a potential earn-out of €0.01 per
share if the 90% squeeze-out threshold is reached at the end of the
offer. Main shareholders (Anchorage, CarVal, Attestor,
Centerbridge, Diameter, Monarch and Marathon) have already
committed into firm undertakings to tender their shares to the
offer, representing c. 68% of the share capital.
On September 17, 2021, the Company’s board of directors, in its
reasoned opinion on the offer, unanimously determined that the
offer is in the best interests of the Company, its shareholders,
employees and other stakeholders and recommended that the Company’s
shareholders tender their shares to the offer9.
The proposed tender offer is currently being reviewed by the
AMF. Assuming a clearance decision from the French Autorité des
marchés financiers (AMF) relating to the Offer over the course of
November 2021, the tender offer is expected to be opened in the
course of Q4 2021 and completed (subject to certain antitrust
clearances) in the course of Q1 2022.
About Europcar Mobility Group
Europcar Mobility Group is a major player in mobility markets
and listed on Euronext Paris. Europcar Mobility Group’s purpose is
to offer attractive alternatives to vehicle ownership, in a
responsible and sustainable manner. With this in mind, the Group
offers a wide range of car and van rental services – be it for a
few hours, a few days, a week, a month or more – with a fleet that
is already "C02 light" and equipped with the latest engines, and
which will be increasingly "green" in the years to come.
Customers’ satisfaction is at the heart of the Group’s ambition
and that of its employees. It also fuels the ongoing development of
new offerings in the Group's three service lines - Professional,
Leisure and Proximity - which respond to the specific needs and use
cases of both businesses and individuals. The Group’s 4 major
brands are: Europcar® - the European leader of car rental and light
commercial vehicle rental, Goldcar® - the low-cost car-rental
Leader in Europe, InterRent® – ‘mid-tier’ car rental and Ubeeqo® –
one of the European leaders of round-trip car-sharing (BtoB, BtoC).
Europcar Mobility Group delivers its mobility solutions worldwide
through an extensive network in over 140 countries (including
wholly owned subsidiaries – 18 in Europe, 1 in the USA, 2 in
Australia and New Zealand – completed by franchises and
partners).
Further details on our website:
www.europcar-mobility-group.com
Forward-looking statements
This press release includes forward-looking statements based on
current beliefs and expectations about future events. Such
forward-looking statements may include projections and estimates
and their underlying assumptions, statements regarding plans,
objectives, intentions and/or expectations with respect to future
financial results, events, operations and services and product
development, as well as statements, regarding performance or
events. Forward-looking statements are generally identified by the
words “expects”, “anticipates”, “believes”, “intends”, “estimates”,
“plans”, “projects”, “may”, “would”, “should” or the negative of
these terms and similar expressions. Forward looking statements are
not guarantees of future performance and are subject to inherent
risks, uncertainties and assumptions about Europcar Mobility Group
and its subsidiaries and investments, trends in their business,
future capital expenditures and acquisitions, developments in
respect of contingent liabilities, changes in economic conditions
globally or in Europcar Mobility Group’s principal markets,
competitive conditions in the market and regulatory factors. Those
events are uncertain; their outcome may differ from current
expectations which may in turn materially affect expected results.
Actual results may differ materially from those projected or
implied in these forward-looking statements. Any forward-looking
statement contained in this press release is made as of the date of
this press release. Other than as required by applicable law,
Europcar Mobility Group does not undertake to revise or update any
forward-looking statements in light of new information or future
events. The results and the Group's performance may also be
affected by various risks and uncertainties, including without
limitation, risks identified in the "Risk factors" of the Universal
Registration Document registered by the Autorité des marchés
financiers and also available on the Group's website:
www.europcar-mobility-group.com. This press release does not
contain or constitute an offer or invitation to purchase any
securities in France, the United States or any other
jurisdiction.
Regulated information related to this press
release is available on the website:
https://investors.europcar-group.com/results-center
www.europcar-mobility-group.com
1 Proforma basis: at constant exchange rate and perimeter
2 RPD (revenue per transaction day): corresponds to rental
revenue for the period divided by the number of rental days for the
period
3 Post-IFRS 16
4 2019 PF (pro-forma) Corp. EBITDA pre-IFRS 16 of €0.26bn refers
to full year inclusion in 2019 of Fox Rent-a-Car and Finland and
Norway franchisees
5 Through Green Mobility Holding SA, a special-purpose company
controlled by the consortium led by Volkswagen Group, and also
composed of Attestor Capital LLP and Pon Holdings BV
6 The draft offer document of Green Mobility Holding as well as
the Company’s draft response document to the Offer, containing in
particular the reasoned opinion of the board of directors and the
report of the independent expert, have been the subject of specific
press releases and are available on the AMF’s website
(https://www.amf-france.org/) and on the websites of the Volkswagen
Group and of the Company
(https://investors.europcargroup.com/tender-offer),
respectively
7 Excluding liabilities related to leases
8 2019 PF (pro-forma) Corp. EBITDA of €0.26bn refers to full
year inclusion in 2019 of Fox Rent-a-Car and Finland and Norway
franchisees
9 The draft offer document of Green Mobility Holding as well as
the Company’s draft response document to the Offer, containing in
particular the reasoned opinion of the board of directors and the
report of the independent expert, have been the subject of specific
press releases and are available on the AMF’s website
(https://www.amf-france.org/) and on the websites of the Volkswagen
Group and of the Company
(https://investors.europcargroup.com/tender-offer),
respectively.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211028006032/en/
Investor Relations Caroline
Cohen - caroline.cohen@europcar.com Press
Relations Valérie Sauteret -
valerie.sauteret@europcar.com Vincent Vevaud -
vincent.vevaud@europcar.com