Third Quarter 2017 Results: Europcar Delivers Strong Revenue Growth, Notably in the Leisure Segment, and Closes the Acquisition of Buchbinder

  • Q3 Revenue of €794 million up 13.5% at constant exchange rates with organic growth of 3.4%, leading to 9M Revenue organic growth of 4.0%
  • Q3 Adjusted Corporate EBITDA of €164 million up 3.9% at constant exchange rates, leading to a 9M Adjusted Corporate EBITDA margin at 12.4% excluding New Mobility
  • 9M Corporate Operating Free Cash Flow of €140 million resulting in a 65% FCF conversion rate
  • Q3 Net income of €105 million up 9.2% YoY, and 9M Net income of €78 million down 21% due to €42 million of transformational M&A related fees and one-off restructuring costs
  • Europcar fully confirms its 2017 financial guidance

SAINT-QUENTIN-EN-YVELINES, France--()--Regulatory News:

Europcar (Paris:EUCAR) (Euronext Paris: EUCAR) today announced its results for the third quarter of 2017.

For Caroline Parot, Chief Executive Officer of Europcar Group:

“We delivered strong revenue growth in the third quarter thanks to a supportive summer season across most of our European markets. This performance was supported by a dynamic leisure momentum across all our brands. Despite a highly competitive environment, particularly across our southern European markets, we were able yet again to show strong resilience and an ability to generate robust free cash flow generation and sound Corporate Adjusted EBITDA growth.

As a result, we are able to confirm all of our full year 2017 targets in terms of organic revenue growth, Adjusted Corporate EBITDA margin and Corporate Free Cash Flow conversion.

As expected, we closed the Buchbinder transaction in September and are confident that we will be able to close the Goldcar transaction by the end of the year. In October, we successfully raised the necessary financing for these two transactions in the bond markets and also took the opportunity to refinance our existing fleet bond generating significant financing cost savings going forward.”

       
All data in €m, except if mentioned   9M 2017   9M 2016   Change  

Change at
constant
currency*

Number of rental days (million) 52.0 45.7 13.8%
Average Fleet (thousand) 245.2 215.5 13.8%
Financial Utilization rate   77.7%   77.4%   0.3pt    
Total revenues 1,822 1,655 10.1% 11.5%
Rental revenues 1,706 1,548 10.2% 11.7%
Adjusted Corporate EBITDA 217 214 1.8% 2.2%
Adjusted Corporate EBITDA Margin 11.9% 12.9% -1.0pt
Adjusted Corporate EBITDA excluding New Mobility 225 214 4.9% 5.3%
Adjusted Corporate EBITDA Margin, excluding New Mobility 12.4% 13.0% -0.6pt
Operating Income 198 241
Net profit/loss 78 99 n.m n.m
Corporate Free Cash Flow 140 167
Corporate Net Debt at end of the period 200 155
Corporate net debt / EBITDA ratio 0.9x 0.6x
 

Third Quarter & First 9 Months 2017 Operational Highlights

The Group continued to focus on improving its customer service through some dedicated programmes such as Customer First and Air Force One (now focused on the Group’s 40 largest airport stations). These efforts have enabled the Group to deliver significant improvements in its net promoter score with an increase of 4.7 points during the last twelve months. Group NPS reached 51.4 points in September 2017 compared to 46.7 points in September 2016.

The Group’s leisure business, responsible for 59% of Group rental revenue in the first nine months of 2017, acted as the main growth engine for the Group as it benefited from a strong market momentum. The Group’s Vans & Trucks division and even more so the Group’s low cost division delivered a solid growth performance across our corporate countries as well as our franchisees, which confirms the Group’s strategy of placing Low Cost at the heart of the Group’s growth strategy.

In the first nine months of 2017, the Group has continued to make progress on two of its key operating metrics: fleet utilization and fleet cost per unit. The Group delivered a good performance in terms of fleet financial utilization with a 30 basis points increase in the first nine months of 2017 reaching 77.7% versus 77.4% in the first nine months of 2016. The Group also continued to show some good control of the Group’s fleet cost per unit per month which were flat at constant exchange rates in the first nine months of 2017 at €241 despite the negative impact caused by a temporary damage recovery issue in the UK.

Third Quarter & First 9 Months 2017 Financial Highlights

Revenue

The Group generated revenues of €1,822 million in the first nine months of 2017, up 11.5% at constant exchange rates compared with the first nine months of 2016. On an organic basis, ie at constant exchange rates, constant perimeter and excluding petrol, the Group revenues grew by 4.0%. In the third quarter, Group revenue growth reached 13.5% and 3.4% on an organic basis.

This significant increase in Group revenues in Q3 was the result of positive growth across all the Group’s key markets with differences in performance between the UK growing mildly and our southern European countries delivering yet again strong double digit growth in volume. All of our three major business units grew over the period with Cars growing by 9.0%, Vans & Trucks growing by 28% and Low Cost growing by yet another impressive 76%.

The number of rental days increased to 52.0 million in the first nine months of 2017, up 13.8% versus the first nine months of 2016. This growth in rental days was spread across all our key divisions with cars growing 9.1%, Vans & Trucks growing 20% and Low Cost growing 62%. On the other hand, Revenue per rental day decreased by 1.9% at Group level, impacted by a 0.8% decline in Cars and a 3.1% decline in Vans & Trucks, which were partially compensated by a 9.6% increase in Low Cost.

Adjusted Corporate EBITDA1

Excluding the impact of New Mobility, Adjusted Corporate EBITDA increased by 5.3% at constant exchange rates to €225 million compared to €213 million in the first nine months of 2016. Hence, the Adjusted Corporate EBITDA margin of the Group declined by 60 basis points to 12.4% in the first nine months of 2017 as a result of: (1) a higher than expected pricing competition during the summer across several of our key European markets, which did not enable us to fully offset the anticipated dilutive margin impact of our strong growth in Low Cost, and (2) our poor performance in the UK, which has been impacted by both a weak economic environment as well as the changes implemented to our repairs and damage invoicing process. Both these issues will be dealt with by the end of the year with the closing of the Goldcar transaction and the reboot of the repairs and damage process in the UK.

Corporate Operating Free Cash Flow

First nine months 2017 Corporate Operating Free Cash Flow reached €140 million compared to €167 million in the first nine months of 2016. This decrease was caused by a higher level of non-recurring expenses in 2017 versus the previous year which relate to a downsizing expense at Europcar Germany’s headquarters, an increase of the Group’s consulting fees to accelerate its transformation and significant M&A fees paid following our recent acquisitions.

This strong Corporate Free Cash Flow generation enabled the Group to deliver a strong 65% operating free cash flow conversion rate 2 over the first nine months of 2017.

1 Adjusted Corporate EBITDA is defined as current operating income before depreciation and amortization not related to the fleet, and after deduction of the interest expense on certain liabilities related to rental fleet financing. This indicator includes in particular all the costs associated with the fleet. See “Reconciliation with IFRS” attached.

2 The Operating Free Cash Flow conversion rate is defined as Adjusted Corporate Operating Free Cash Flow / Adjusted Corporate EBITDA expressed as a percentage. The calculation is based on the Group’s Corporate EBITDA and Corporate Operating Free Cash Flow.

____________________

1 Adjusted Corporate EBITDA is defined as current operating income before depreciation and amortization not related to the fleet, and after deduction of the interest expense on certain liabilities related to rental fleet financing. This indicator includes in particular all the costs associated with the fleet. See “Reconciliation with IFRS” attached.

2 The Operating Free Cash Flow conversion rate is defined as Adjusted Corporate Operating Free Cash Flow / Adjusted Corporate EBITDA expressed as a percentage. The calculation is based on the Group’s Corporate EBITDA and Corporate Operating Free Cash Flow.

Net financing costs

Net financing costs under IFRS amounted to a €89.8 million net expense in the first nine months of 2017, up 2.7% compared to a net expense of €87.5 million incurred in the first nine months of 2016. The main reason for this slight increase is the full effect of the €125 million increase in the Group’s corporate bond issued in June 2016.

Net income

In the first nine months of 2017, the Group posted a net income of €78 million, compared to €99 million net profit in the first nine months of 2016. Despite a lower income tax, this is due to the impact of a €42 million charge due to non-recurring expenses mentioned previously.

Net debt

Corporate net debt increased to reach €200 million as of September 30, 2017 (vs. €155 million as of September 30, 2016) taking into account the Group’s strong free cash flow generation and its recent capital increase in June.

The Group paid out €59 million in dividends in May and spent €200 million for acquisitions and strategic investments over the last twelve months, including a €120 million cash payment for Buchbinder in September.

The fleet net debt was €4,549 million as of September 30, 2017 vs. €3,045 million as of December 31, 2016. This increase reflects (1) the higher number of vehicles in the fleet in order to sustain the growth of the Group’s operations and the fleet mix evolution as well as (2) the impact of recent acquisitions on the Group’s overall fleet size.

2017 guidance

In 2017, the Europcar Group plans to achieve the four following financial targets compared to 2016:

- Accelerating organic revenue growth ie above 3%

- Increase in adjusted corporate EBITDA margin (excluding New Mobility) ie above 11.8%

- A corporate operating free cash flow conversion rate above 50%

- A dividend payout ratio above 30%

The Group reiterates all four of its financial targets for the year 2017.

Financing Events (post-closing)

On 19 October 2017, the Group announced it had successfully completed a dual round of bond financing. Europcar Group issued a new €600 million corporate bond yielding 4,125% and also refinanced its existing €350 million fleet bond. The new fleet bond now yields 2.375% versus 5.125% for the previous one. Hence this fleet bond refinancing alone will enable Europcar to save close to €10 million in interest costs on its fleet financing on an annualised basis, which will fully and positively impact Corporate EBITDA going forward.

Acquisitions

On 20 September 2017, Europcar Group announced the closing of the transaction to acquire Buchbinder, one of the largest car rental companies in Germany and Austria. This acquisition will position the Group as a leader in Germany, the Group’s first market, especially on the Vans&Trucks business. Bunchbinder will also offer a strategic platform to source further into the large pool of German and Austrian travelers and to expand further in Eastern Europe.

Following the signing of an agreement with Investindustrial to acquire Goldcar in June 2017, the acquisition is being reviewed by the European antitrust authorities and the transaction is expected to close before the end of the year 2017.

Conference Call with Analysts and Investors

Caroline Parot, Chief Executive Officer and Jean-Claude Poupard, Chief Financial Officer, will host a conference call in English today at 2 p.m. Paris time (CEST).

You can follow this conference call live via webcast.

A replay will also be available for a period of one year. All documents relating to this publication will be available online on Europcar’s investor website

Investor Calendar

Investor Day       17 January 2018
 
FY 2017 Results 8 March 2018
Q1 2018 Results 16 May 2018
AGM 17 May 2018
Q2 2018 Results 25 July 2018
Q3 2018 Results 8 November 2018

About Europcar Group

Europcar Group is listed on Euronext Paris. Europcar is the European leader in vehicle rental service and is also a major player in mobility markets. Active in more than 130 countries and territories, including nine subsidiaries in Europe and two in Australia and New Zealand, Europcar serves customers through an extensive vehicle rental network comprised of its wholly-owned subsidiaries as well as sites operated by franchisees and partners.The group operates mainly under the Europcar®, InterRent® and Ubeeqo® brands. Customer satisfaction is at the heart of the group's mission and all of its employees, this commitment fuels the continuous development of new services. The Europcar Lab, based in Paris, was created to better grasp tomorrow’s mobility challenges through innovation and strategic investments, such as Ubeeqo, E-Car Club or Brunel.

Forward-looking statements

This press release includes forward-looking statements based on current beliefs and expectations about future events. Such forward looking statements are not guarantees of future performance and the announced objectives are subject to inherent risks, uncertainties and assumptions about Europcar Groupe 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 Groupe’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 affect announced objectives. 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 Groupe undertakes no obligation to publicly 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 which are more fully described in the "Risk factors" section of the Registration Document registered by the Autorité des marchés financiers (the "AMF") on April 12, 2017 under number R.17-015, available on the Group's website at: www.finance.europcar-group.com

Operating segments

The chief operating decision maker within the meaning of IFRS 8 – Operating Segments, is the Group’s Management Board.

On July 25, 2016, the Group adopted a new organization by segment encouraging better integration of its “customers" in order to accelerate the development of its "Go to Market" strategy. The five Business Units are: (I) Cars BU, (ii) Vans & Trucks BU, (iii) Low Cost BU, (iv) New Mobility BU, and (v) International Coverage BU. At this stage, the new organization is based on commercial strategy and business model that are defined by the senior executives of business units then shared with those of the countries who implement it in each market.

The Group is mainly managed day to day on the basis of reporting data from individual countries. Following the operations of external growth conducted in the first nine months of 2017 and the implementation of this new organization, the internal reporting system and management tools already in operation will have to be adapted in view of future business integrations.

As a result, the Group continues to present the segment reporting required by IFRS 8 according to two geographic segments. Segment reporting is complemented by information on revenues of business units.

Further details on our website:

finance.europcar-group.com

Appendix 1 – Management Profit and Loss

Q3 2017   Q3 2016   All data in €m   9M 2017   9M 2016
794.0   707.2   Total revenue   1,821.8   1,655.1
(170.7) (144.0) Fleet holding costs, excluding estimated interest included in operating leases (413.3) (370.1)
(266.7) (235.6) Fleet operating, rental and revenue related costs (637.9) (572.4)
 
(106.1) (84.1) Personnel costs (297.3) (253.7)
(59.8) (55.3) Network and head office overhead (180.4) (166.4)
1.2   1.4   Other income and expense   5.2   4.0
(164.6) (138.0) Personnel costs, network and head office overhead, IT and other (472.5) (416.1)
 
(17.2) (17.1) Net fleet financing expense (45.4) (46.8)
(13.8)   (13.7)   Estimated interest included in operating leases   (35.3)   (36.1)
(31.0) (30.8) Fleet financing expenses, including estimated interest included in operating leases (80.6) (83.0)
161.0 158.8 Adjusted Corporate EBITDA 217.3 213.6
20.3% 22.5% Margin 11.9% 12.9%
(8.0) (6.5) Depreciation – excluding vehicle fleet (22.2) (22.3)
(3.7) (0.8) Other operating income and expenses (42.2) 2.5
(14.6) (15.3) Other financing income and expense not related to the fleet (44.5) (40.6)
134.7 136.3 Profit/loss before tax 108.4 153.1
(27.6) (34.1) Income tax (22.6) (45.1)
(2.1) (6.1) Share of profit/(loss) of associates (7.9) (9.0)
105.0 96.1 Net profit/(loss) 78.0 98.9

Appendix 2 – IFRS Income statement

In € thousands  

Nine months
2017

 

Nine months
2016

 
 
         
Revenue   1,821,758   1,655,131
 
Fleet holding costs (448,606) (406,192)
Fleet operating, rental and revenue related costs (637,946) (572,444)
Personnel costs (297,280) (253,694)
Network and head office overhead costs (180,423) (166,365)
Depreciation, amortization and impairment expense (22,195) (22,314)
Other income   5,181   3,966
Current operating income   240,489   238,088
 
Other non-recurring income 45,000 15,946
Other non-recurring expense   (87,214)   (13,466)
Operating income   198,275   240,568
 
Gross financing costs (72,504) (70,453)
Other financial expenses (18,205) (16,448)
Other financial income 878 (561)
Net financing costs (89,831) (87,462)
         
Profit/(loss) before tax   108,444   153,106
 
Income tax benefit/(expense) (22,570) (45,141)
Share of profit of Associates   (7,865)   (9,022)
Net profit/(loss) for the period   78,009   98,943
 
Attributable to:
Owners of ECG 78,139 99,193
Non-controlling interests (130) (250)
 
Basic loss per share
attributable to owners of ECG (in €) 0.538 0.692
Diluted loss per share
attributable to owners of ECG (in €) 0.533 0.683

Appendix 3 – Reconciliation

Q3 2017   Q3 2016   All data in €m   9M 2017   9M 2016
330.6   306.4   Adjusted Consolidated EBITDA   629.4   593.4
(62.3) (53.1) Fleet depreciation IFRS (154.8) (140.4)
(76.4) (63.7) Fleet depreciation included in operating lease rents (176.6) (156.5)
(138.7) (116.7) Total Fleet depreciation (331.4) (296.9)
(13.8) (13.7) Interest expense related to fleet operating leases (estimated) (35.3) (36.1)
(17.2) (17.1) Net fleet financing expenses (45.4) (46.8)
(31.0) (30.8) Total Fleet financing (80.6) (83.0)
161.0 158.8 Adjusted Corporate EBITDA 217.3 213.6
(8.0) (6.5) Amortization, depreciation and impairment expense (22.2) (22.3)
17.2 17.1 Reversal of Net fleet financing expenses 45.4 46.8
13.8 13.7 Reversal of Interest expense related to fleet operating leases (estimated) 35.3 36.1
184.0 183.2 Adjusted recurring operating income 275.8 274.2
(13.8) (13.7) Interest expense related to fleet operating leases (estimated) (35.3) (36.1)
170.1 169.5 Recurring operating income 240.5 238.1

Appendix 4 – Balance sheet

In € thousands   At   At
Sep. 30, Dec. 31,
2017 2016
 
Assets        
 
Goodwill 667,003 459,496
Intangible assets 732,358 715,209
Property, plant and equipment 107,239 84,102
Equity-accounted investments 3,916 14,083
Other non-current financial assets 50,653 67,820
Financial instruments non-current 559 -
Deferred tax assets 67,427   58,743
Total non-current assets 1,629,155 1,399,453
 
Inventory 27,854 16,843
Rental fleet recorded on the balance sheet 2,482,611 1,640,251
Rental fleet and related receivables 832,942 720,623
Trade and other receivables 453,398 365,200
Current financial assets 58,419 77,003
Financial instruments current 420 -
Current tax assets 61,565 35,585
Restricted cash 110,870 105,229
Cash and cash equivalents 145,885   154,577
Total current assets 4,173,964 3,115,311
         
Total assets   5,803,119   4,514,764
 
Equity        
Share capital 161,031 143,409
Share premium 747,522 647,514
Reserves (106,142) (111,681)
Retained earnings (losses) 52,211   (48,706)
Total equity attributable to the owners of ECG 854,622 630,536
Non-controlling interests   879   730
Total equity   855,501   631,266
 
Liabilities        
 
Financial liabilities 999,145 953,240
Non-current financial instruments 41,446 56,216
Employee benefit liabilities 136,454 139,897
Non-current provisions 27,700 18,640
Deferred tax liabilities 124,223 107,848
Other non-current liabilities 201   246
Total non-current liabilities 1,329,169 1,276,087
 
Current portion of financial liabilities 2,012,080 1,224,442
Employee benefits 3,247 3,247
Current provisions 237,000 220,752
Current tax liabilities 70,677 39,227
Rental fleet related payables 725,934 679,678
Trade payables and other liabilities 569,511   440,065
Total current liabilities   3,618,449   2,607,411
Total liabilities   4,947,618   3,883,498
         
Total equity and liabilities   5,803,119   4,514,764

Appendix 5 – IFRS Cash Flow

In € thousands   Nine months 2017   Nine months 2016
         
Profit/(loss) before tax   108,444   153,106
Reversal of the following items
Depreciation and impairment expenses on property, plant and equipment 12,158 10,925
Amortization and impairment expenses on intangible assets 9,750 11,390
Changes in provisions and employee benefits (1) 22,850 (15,575)
Recognition of share-based payments 810 -
Profit/(loss) on disposal of assets 57 (144)
Total net interest costs 76,763 73,806
Amortization of transaction costs 6,365 5,540
Other non-cash items (427)   1,051
Net financing costs 82,701 80,397
         
Net cash from operations before changes in working capital   236,770   240,099
 
Changes to the rental fleet recorded on the balance sheet (2) (451,495) (404,206)
Changes in fleet working capital (78,771) (187,184)
Changes in non-fleet working capital 192   11,568
         
Cash generated from operations   (530,074)   (579,822)
 
Income taxes received/paid (3) (23,406) (15,793)
Net interest paid (70,785) (68,002)
         
Net cash generated from (used by) operating activities   (387,495)   (423,518)
 
Acquisition of intangible assets and property, plant and equipment (4) (33,535) (24,892)
Proceeds from disposal of intangible assets and property, plant and equipment 933 2,628
Other investments and loans (5) (227,012) (18,214)
         
Net cash used by investing activities   (259,614)   (40,478)
 
Capital increase (net of related expenses) (6) 192,440 -
Dividends received / paid (59,366) -
Issuance of bonds - 130,542
(Purchases) / Sales of treasury shares net (520) (6,382)
Change in other borrowings (7) 488,867 417,243
Payment of transaction costs (8) (7,714) (2,507)
         
Net cash generated from (used by) financing activities   613,707   538,896
         
Cash and cash equivalent at beginning of period 248,507 229,368
Net increase/(decrease) in cash and cash equivalents after effect of foreign exchange differences (33,402) 74,900
Changes in scope (9) (2,982) -
Effect of foreign exchange differences (1,445) (1,184)
Cash and cash equivalents at end of period 210,678 303,084
(1)    

Of which in 2017, the reversal of provision for disputes with French Competition Authority for €45 million and the accrual of provision
related to the Trading Standard investigation in the UK for (€44) million, Insurance (€10 million), Buyback provision for (€10 million).

(2)

Given the average holding period for the fleet, the Group reports vehicles as current assets at the beginning of the contract. Their
change from period to period is therefore similar to operating flows generated by the activity.

(3)

The increase of tax cash-out in Q3 2017 versus Q3 2016 is mainly due to prior year’s regularizations in Q3 2016 in UK and Spain. The
cash out in Q3 2017 amounts to (€23million) and is due to regular cash out mainly in UK (€7 million), Germany (€4 million) and France
(€9 million).

(4) Mainly related to IT cost capitalized (€21.1m); other & technical equipment for (€15.2m).
(5)

Of which Buchbinder acquisition (€120 million), Denmark franchisee acquisition price (€51.7 million), Ubeeqo minority’s stake
acquisition price (€7 million), minority stake in a start-up SnappCar (€4.9 million), deposits and sureties (€6.8 million) and business
acquisition of Australian franchisee (€1.7 million), French franchisee acquisition price (€1.4 million), subscription to the Car 2 Go
capital increase for (€10.3 million) and (€25.8 million) for bank overdraft related to entities acquired.

(6) Of which €21.7 million Capital increase reserved for employees (ESOP) and €170.7 million Capital increase on private placement.
(7) Related to drawing variation under Senior Notes (SARF).
(8)

Transaction costs of which (€4.5 million) for revolving facility Upfront fee, (€1.8 million) for bridge facilities, (€ 1.4 million) for other
facilities.

(9) Due to the change of Ubeeqo consolidation method from equity method to full consolidation starting March 1, 2017.
€million   Pricing   Maturity  

Sep. 30,
2017

 

Dec. 31,
2016

High Yield Senior Notes (a) 5.75% 2022 600 600
Senior Revolving Facility (€500m) E+225bps (b) 2022 139 13
FCT Junior Notes, accrued interest not yet due, capitalized financing costs and other (329) (203)
Gross Corporate debt 410 410
Short-term Investments and Cash in operating and holding entities (210) (189)
CORPORATE NET DEBT (A) 200 220
 
€million Pricing Maturity Sep. 30, 2017 Dec. 31, 2016
High Yield EC Finance Notes (a) 5.125% 2021 350 350
Senior asset revolving facility (€1.3bn SARF) (c) E+150bps 2020 976 693
FCT Junior Notes, accrued interest, financing capitalized costs and other 335 200
UK, Australia and other fleet financing facilities Various (d) 938 491
Gross financial fleet debt 2,600 1,734
Cash held in fleet financing entities and Short-term fleet investments (133) (150)
Fleet net debt in Balance sheet 2,467 1,584
 
Debt equivalent of fleet operating leases - OFF Balance Sheet (e) 2,082 1,461
 
TOTAL FLEET NET DEBT (incl. op leases) (B) 4,549 3,045
 
TOTAL NET DEBT (A)+(B) 4,749 3,265
(a)    

These bonds are listed on the Luxembourg Stock Exchange. The corresponding prospectus is available on
Luxembourg Stock Exchange website (http://www.bourse.lu/Accueil.jsp)

(b) Depending on the leverage ratio
(c) Swap instruments covering the SARF structure have been extended to 2020
(d) UK fleet financing maturing in 2019
(e)

Corresponds to the net book value of applicable vehicles, which is calculated on the basis of the purchase price and
depreciation rates of corresponding vehicles (based on contracts with manufacturers).

Note: This press release contains unaudited consolidated financial figures established under IFRS by Europcar Group’s Management Board and reviewed by the Supervisory Board.

Contacts

Europcar
Press relations
Nathalie Poujol, +33 1 30 44 98 82
europcarpressoffice@europcar.com
or
Investor relations
Olivier Gernandt, +33 1 30 44 91 44
olivier.gernandt@europcar.com
or
Elan Edelman
+33 1 86 21 51 56 / +33 1 86 21 50 38
europcar@elanedelman.com

Contacts

Europcar
Press relations
Nathalie Poujol, +33 1 30 44 98 82
europcarpressoffice@europcar.com
or
Investor relations
Olivier Gernandt, +33 1 30 44 91 44
olivier.gernandt@europcar.com
or
Elan Edelman
+33 1 86 21 51 56 / +33 1 86 21 50 38
europcar@elanedelman.com