application has additionally been acknowledged best automobile rental App.
Europcar Lab's July 2015 acquisition regarding E-Car Club collectively with its
late 2014 acquisition regarding Ubeeqo enabled the group to build about its
mobility offering along with straightforward turnkey solutions also to supply customers
the truly distinctive service.
The new Consumer Expertise place together with Jan Lning recruitment as
Director. Matcha should be deployed progressively in
various other European capitals.
Coming From automobile rental to end up being able to setting up the particular Europcar Lab - designed as an
incubator of suggestions to analysis new mobile merchandise as well as services, for the new
Ubeeqo platform, Europcar strives in order to supply future multi-modular
solutions.
5 Basedon the particular current petrolprice.
***
Concerning Europcar Group
Europcarshares (EUCAR) are generally detailed upon
the actual Euronext Paris stock exchange.Europcar may always be the European leader throughout
vehicle rental service and it is in addition any major player in mobility markets. The Actual
following tend to be several important examples:
Enriched digital encounter through reshaping mobile apps as well as the Europcar
mobile website to create these people much more user friendly, although developing group
sites features for example 24/7 reside chat. Within 2015, the particular payment in the acquisition involving E-Car
Club. Virtually Any forward-looking
statement contained on this press release is made as in the date of this
press release. This particular indicator consists of particularly all the
costs associated with just about all the fleet.
2015 Adjusted Corporate EBITDA surged for you to EUR250.6 million (up 15.6%
with con tinuous exchange rate) in comparison to become able to EUR212.8 million inside 2014. This particular significant increase can be
boosted by 5.9% in continuous exchange charge development in vehicle rental
activities. We possess in addition consolidated our market place
with growth in every our corporate countries, although pursuing our
operational improvements. Excluding such non-recurring expenses, 2015 existing
operating earnings amounted to EUR283.3 million, up 11.6% via EUR253.9
million throughout 2014 as becoming a result of sustained growth in revenues as well as the
improved management involving operating costs.
Net financing costs
Net financing costs below IFRSamounted
into a EUR227.6 million net expense inside 2015, in comparison for you to EUR232.7 million net
expense inside 2014, as well as breaks down as follows within 2015:
interest expenses related to borrowings removed to spen d in the actual fleet
amounting to always be able to EUR65 million, down through EUR72.9 million inside 2014 thanks for the
refinancing run among mid 2014 and mid 2015 despite a clear
improve in the average fleet.
interest expenses associated to other borrowings, linked towards the corporate
financial debt amounting to EUR56.3 million, sharply down coming from EUR78.5 million within
2014 like a consequence of your corporate financial debt restructuring undertaken in the
end associated with the initial 50 % of 2015 next the particular effective IPO.
Non-recurring expenses regarding EUR83 million relating to the redemption of
present subordinated bonds (EUR56 million) as well as write from transaction
costs upon redeemed bonds (EUR26.9 million). EuropHall
posted 2014 revenues of some EUR23 million.
Adjusted Corporate EBITDA3
Adjusted
Corporate EBITDA is actually thought as exist ing operating income just before
depreciation as well as amortization not necessarily related for the fleet, and right after
deduction involving a person's eye expense about particular liabilities related for you to
rental fleet financing. Note
the net loss inside 2015 - any transition 12 months for your group - is stated
after non-recurring costs such as IPO expenses, the reshape with the
company's financial construction as well as the net impact involving certain proceedings.
Adjusted net profit/loss
In look at the specific 2015 products
pointed out above, for info purposes, Europcar estimated that the
adjusted net profit4 amounted for you to approximately EUR128 million. A New quantity of advanced discussions are usually underway regarding bolt upon
acquisitions.
Within this framework, confident within its capability to provide its strategic
plan, the actual Team could think about allocating monetary sources into a share
acquire back.
Ambition
Europcar will still roll out the next phase
involving its transformation plan, Fast Lane, in order to sustain an organic
profitable growth boosted with a dynamic external growth policy.
Growth is planning to be supported simply by strengthening the particular Group's revenue strategy through
segment along with strict cost management such as the actual improvement involving its
network and the extension associated with its shared solutions centre logic.
Unique attention will even be compensated for you to enhancing the particular consumer experience
based on the Group's digital transformation. Inside 2015, this primarily related for you to IPO costs, your reshape
with the company's economic stru cture and the net impact of specific
proceedings. EUR2.567
million in December 31, 2014. His job is to boost consumer encounter therefore as to bolster
client loyalty as well as develop the particular Europcar customer portfolio.
Analysis of 2015 results
Revenues
Total revenue recorded a new 4.9%2 organic
growth compared in order to 2014, for you to EUR2.142 million. Within the newest mobility solutions market, Europcar
Lab offers made a strategic investment inside E-Car Club as well as we have continued
the particular roll-out involving Ubeeqo throughout Europe. Our superb 2015 results are the
concrete translation of our own buoyant business trend and also underscore the particular
strength of our strategy enabling us to always be able to confirm our mid-term performance
commitments. Your
corresponding prospectus is available on Luxembourg Stock Exchange
website (http://www. bourse.lu/Accueil.jsp)
(b)
Depending around the leverage ratio
(c) Swap instruments covering the particular
SARF composition have been extended in order to 2019
(d) UK fleet financing
maturing within 2017 using a two-year extension option
(e) Corresponds
to the net book price of applicable vehicles, which is calculated on the
basis associated with purchasing value along with depreciation prices regarding corresponding
vehicles (based upon contracts together with manufacturers).
.
TheEuropcarLab was created for you to react to tomorrow's mobility
challenges by means of innovation along with strategic investments, for example Ubeeqo
as well as E-Car Club.
Forward-looking statements
This press launch consists of
forward-looking statements depending on present beliefs and expectations
concerning future events.
This can be proven by:
Acce leration in the sales strategy by simply segment, which features yielded
outcomes notably thanks in order to improved analysis of Corporate client
requirements which led the business to totally reshape its SME and also Vans & Trucks
segments approach.
Any surge inside the Leisure segment underpinned simply by continuously upgrading
of the Group's distribution channels, strong development of the lower
expense brand, InterRent, within the corporate countries (75 operational
places with finish regarding 2015), as well as via franchisees (40 affiliated
countries in finish regarding 2015 up via 19 as from end involving 2014) and furthermore the
productive launch of Keddy. The Particular objective here is to supply
a completely mobile-based turnkey consumer experience within a pair of years. This specific growth ended up being evenly spread among all corporate countries as well as
had been driven about balanced method by:
The Particular Corporate segment, together with volume increases, specifically within SMEs
segment along with Vehicle Replacement activities.
Your Leisure segment, along with sustained demand across almost all distribution
channels, accelerated expansion of the InterRent brand as well as the
effective launch involving the manufacturer new Keddy product.
Nominal income per rental day edged down reflecting a adjust within the
mix, both in regards to consumer segments (Leisure versus Company along with
Vans) and group manufacturers (Europcar along with InterRent) and an increase within the
typical rental duration. We have got made a major leap forward
using our effective IPO. This specific trend will carry on in 2016.
Furthermore, the actual group continued to improve customer experience and also
bolstered its presence inside the new mobility solutions market. This particular
improve translates operational leverage excellence, strict price
management improvement and positive evolution of the fleet financing
costs. 31, 2015
Since at Dec. Since any genuine mobility
platform, this service ushers in the new urban mobility concept that is
freer, cheaper, much more practical as well as simpler, less time-consuming and more
environmentally friendly. 31, 2014
IN balance Sheet
Higher Yield Senior Notes refinanced within 2015
-
724
Substantial Yield Senior Notes (a)
5.75%
2022
475
-
Senior Revolving Facility (EUR350m)
E+250bps (b)
2020
81
201
FCT Junior Notes, accrued curiosity not necessarily yet due, capitalized
financing expenses and also other
-150
-150
Gross Corporate debt
406
774
Short-term Investments and cash in operating along with holding entities
-171
-193
CORPORATE NET DEBT
(A)
235
581
Within EURmillion
Pricing
Maturity
Dec. Europcar Groupe undertakes absolutely no obligation for you to publicly
revise or perhaps update virtually any forward-looking statements inside mild of new
information or perhaps future events.
the results andthe Group'sperformancemay be also affectedbyvarious
risks as well as uncertaintiesidentifiedin the actual "Risk factors"ofthe
Registration Document registered through the Autorit desmarchs financiers
(the"AMF")May 20, 2015under the particular range I.15-041 andits updatefiled
using theAMF upon June 12, 2015 andalso accessible around the Group's website:www.europcar-group.com
Further details upon our website:
finance.europcar-group.com
Appendix 1 - Management profit and also Loss
Just About All data inside EURm
< br>FY 2015
FY 2014
Variation
Total revenue
two 141,9
one 978,9
8,2%
change with constant exchange rates
5,8%
Fleet holding costs, excluding estimated curiosity included in
operating leases
-491,9
-442,7
11,1%
Fleet operating, rental along with income related costs
-727,0
-686,3
5,9%
Personnel costs
-347,4
-318,2
9,2%
Network and also head workplace overhead
-218,5
-199,3
9,6%
Additional income as well as expense
14,2
6,9
105,8%
Personnel costs, network along with head office overhead, IT along with other
-551,7
-510,6
8,0%
Net fleet financing expense
-65,5
-72,9
-10,2%
Estimated curiosity included in operating leases
-55,2
-53,6
3,0%
Fleet financing expenses, such as estimated fascination included inside
operating leases
-120,7
-126,5
-4,6%
Adjusted Corporate EBITDA
250,6
212,8
17,8%
Margin
11,7%
10,8%
+0.9 pt
Depreciation - excluding vehicle fleet
-32,8
-31,8
3,1%
Additional operating income and also expenses
-61,8
-115,7
-46,6%
Various Other financing earnings along with expense not associated towards the fleet
-162,1
-159,8
1,4%
Profit/loss just before tax
-6,1
-94,5
-93,5%
Earnings tax
-37,6
-10,7
251,4%
Talk About of profit/(loss) associated with associates
-12,1
-6,5
86,2%
Net profit/(loss)
-55,8
-111,7
-50,0%
Appendix 2 - IFRS income statement
in thousands of EUR
Wh ile in Dec.
SAINT-QUENTIN-EN-YVELINES, France--(BUSINESS WIRE)--Regulatory News:
Note: this press release consists of audited consolidated results under
IFRS, as approved by the management board as well as reviewed by the
supervisory board on February 24, 2016.
Europcar (Paris:EUCAR) nowadays announced its 2015 results.
Philippe Germond, Chairman in the management board, said:
"2015
had been an essential yr with regard to Europcar. 31, 2015
Because with Dec. These kind of non-recurring expenses
arose straight coming from most economic transactions undertaken as section of
your IPO.
Net profit/loss
In 2015, the group posted any net loss of
EUR55.8 million, compared into a EUR111.7 million net loss within 2014. 31, 2014
Profit/(loss) just before tax
(6,047)
(94,520)
Reversal with the next items
Depreciation along with impairment charge in property, plant and equipment
15,277
12,834
Amortization along with impairment cost upon intangible assets
17,893
36,183
Impairment charge in goodwill
Changes throughout provisions and also employee benefits
999
46,865
Recognition regarding share-based payments
2,624
IPO costs
8,692
Profit/(loss) in disposal associated with assets
(394)
(1,311)
Total net interest costs
127,303
160,011
Redemption premium
56,010
17,063
Amortization associated with transaction costs
42,340
29,237
Amortization associated with bond issue premiums
1, 415
Various Other non-cash items
1,465
16,258
Financing costs
227,118
223,984
Operating income before modifications in working capital
266,162
224,035
Acquisition in the rental fleet recorded around the balance sheet
(232,851)
(91,466)
Changes within fleet working capital
34,869
(74,025)
Changes throughout non-fleet working capital
(57,243)
50,018
Money generated through operations
10,937
108,562
income taxes received/paid
(39,669)
(31,447)
Net interest paid
(137,334)
(166,798)
Net cash generated from (used by) operations
(166,066)
(89,683)
Acquisition involving int angible assets along with property, plant and also equipment
(29,172)
(23,578)
Proceeds through disposal involving intangible assets as well as property, plant and
equipment
5,384
3,491
Additional investments and loans
(1,158)
Proceeds coming from disposal of monetary assets
(7,563)
(9,614)
Acquisition regarding subsidiaries, net involving cash acquired (1)
(23,872)
(45,778)
Net money employed by investing activities
(55,223)
(76,637)
capital increase (net associated with associated expenses) (2)
448,203
-
Issuance involving bonds(2)
471,623
350,000
Redemption regarding bonds(2)
(780,010)
(367,063)
Adjust inside various other borrowings
123,310
139,699
Payment involving transaction costs
(19,820)
(17,336)
Swap cash payment
-
(2,000)
Net money generated via (used by) financing activities
243,306
103,300
cash and cash equivalent in beginning regarding period
206,317
267,038
Net increase/(decrease) within cash and money equivalents after effect involving
foreign exchange differences
22,018
(63,020)
Impact involving foreign exchange differences
1,033
2,299
Money and funds equivalents from end regarding period
229,368
206,317
(1) Regarding which, throughout 2014, your acquisition cost net regarding money acquired regarding
Ubeeqo and Europhall. Within view
in the specific 2015 items, with regard to info purposes, Europcar estimated
an adjusted net profit.
2015 Highlights
2015 would become a main turning point inside the Group's history, using record
growth in most performance indicators plus a productive IPO for you to mark the particular
success associated with the very first cycle with the group transformation plan, Fast Lane. These kinds of initiatives enable the Team in order to
develop its consumer portfolio.
Expansion of the Group's worldwide footprint using a lot a lot more than 25 GSA,
thereby boosting Europcar's visibility and benefitting from customers
originating from emerging markets. op leases)
(B)
two 821
two 567
TOTAL NET DEBT
(A)+(B)
3 057
3 148
(a) These kinds of bonds tend to be listed about the Luxembourg Stock Exchange. Specifically, Europcar continued to improve its fleet expenses per
unit as well as its variable costs boosted to efficiency gains for several expenses
while continuing to make investments in the revenue developmen t, IT and marketing
having a view to always be able to maintaining any sustainable growth.
Operating income
2015 operating income came in from EUR221.5
million, up through EUR138.2 million within 2014.
Active within a lot much more than 140 countries,Europcarserves clients by means of an
extensive vehicle rental network comprised regarding its wholly-owned
subsidiaries too as web sites managed simply by franchisees and also partners. Each many years had been hit by simply net
non-recurring expenses totalling EUR61.8 million and also EUR115.7 million
respectively. Early 2016, the actual group stepped up the gear when Ubeeqo
launched the extremely first rental vehicle multi-modular reservation platform for
consumers. 31, 2015
Since at Dec. EUR581 million as of December 31, 2014) like a outcome
in the total reshape with the money construction next the actual IPO.
Your fle et financial debt was EUR2,821 million as regarding December 31, 2015 vs. 31, 2014
IN balance Sheet
Substantial Yield EC Finance Notes (a)
5.125%
2021
350
350
Senior asset revolving facility (EUR1.1bn SARF) (c)
E+170bps
2019
658
418
FCT Junior Notes, accrued interest, financing capitalized costs and also
other
142
132
UK, Australia and other fleet financing facilities
(d)
509
497
Gross monetary fleet debt
one 659
1 396
Money held in fleet financing entities along with Short-term fleet
investments
-161
-113
Fleet net debt within balance sheet
1 498
one 283
OFF BS
Financial Debt equivalent regarding fleet operating leases - OFF balance Sheet (e)
one 323
one 284
TOTAL FLEET NET DEBT (incl. in
inclusion for you to theEuropcar b rand, the company offers low-cost vehicle
rentals below the InterRent brand. Inside each years, money boost of Car2Go and Ubeeqo.
(2)
capital improve along with refinancing carried out inside may as well as June 2015 inside the
context involving IPO.
Appendix 7 - Debt
Throughout EURmillion
Pricing
Maturity
Dec. Real results may differ materially coming from these projected as well as
implied in these forward-looking statements. 31, 2015
Dec. Individuals events are usually uncertain; their own outcome
might vary from present anticipations which can in turn affect announced
objectives. This kind of
significant improvement arose in the good evolution with the operational
performance and the significant reduce with the financing cost. This kind of boost reflects the higher fleet
volume to always be able to sustain the expansion in the operation and the evolution with the
mix of the vehicles.
2016 guidance
In range having its commitment taken throughout the
IPO, Europcar plans the actual subsequent objectives:
- Organic growth of
total revenues5 involving 3 to be able to 5%.
- Adjusted corporate EBITDA
above EUR275 million.
Furthermore, the particular group confirms the dividend payout ratio associated with no less than 30%
regarding annual net earnings beginning throughout 2017 throughout respect of the prior yr
net income.
The Particular Team reiterates its strategic ambition via your roll from its
acquisition plan in orderto increase worth creation pertaining to its
shareholders. This particular improve in addition reflects good results in sales initiatives
launched beneath the actual Fast Lane transformation plan.
The Actual number of rental days jumped for you to 57.1 million in 2015, up 8.1% more t han
2014. 31, 2014
ASSETS
Goodwill
457 072
449,389
Intangible assets
713 136
721,732
Property, plant and also equipment
89 236
88,204
Equity-accounted investments
22 035
17,323
Various Other non-current economic assets
57 062
38,934
Deferred tax assets
55 730
47,395
Total non-current assets
one 394 271
1,362,977
Inventories
15 092
16,141
Rental fleet recorded around the balance sheet
one 664 930
1,402,660
Rental fleet as well as associated receivables
574 652
530,098
Trade and other receivables
357 200
325,912
Existing monetary assets
37 523
49,477
Present tax assets
33 441
33,347
restricted cash
97 366
81,79 5
cash and money equivalents
146 075
144,037
Total existing assets
2 926 280
2,583,467
Total assets
4 320 551
3,946,444
Equity
share capital
143 155
446,383
Talk About premium
767 402
452,978
Reserves
(74 341)
(77,926)
Retained earnings (losses)
(274 821)
(664,250)
Total equity attributable towards the people that just love ECG
561 395
157,185
Non-controlling interests
962
950
Total equity
562 356
158,135
LIABILITIES
financial liabilities
801 183
1,043,069
Non-current monetary instruments
52 090
41,928
Employee advantage liabilities
119 295
124,759
Non-current provisions
25 168
10,114
Deferred tax liabilities
131 132
131,005
other non-current liabilities
306
365
Total non-current liabilities
one 129 174
1,351,240
Present part of monetary liabilities
1 263 783
1,127,545
Employee benefits
2 944
2,744
Existing tax liabilities
24 511
34,560
Rental fleet associated payables
662 722
581,957
Trade payables and other liabilities
424 974
449,866
current provisions
250 087
240,397
Total current liabilities
2629021
2,437,069
Total liabilities
3 758 195
3,788,309
Total equity along with liab ilities
4 320 551
3,946,444
Appendix six - IFRS Money Flow
Within thousands of EUR
Because from Dec. 31, 2014
Revenue
2 141 923
1,978,870
Fleet holding costs
(547 186)
(496,264)
Fleet operating, rental and also revenue related costs
(726 990)
(686,279)
Personnel Costs
(347 388)
(318,153)
Network and also head office overhead costs
(218 475)
(199,339)
Depreciation, amortization along with impairment expense
(32 781)
(31,824)
Additional income
14 216
6,879
Present operating income
283 319
253,890
Goodwill impairment expense
Additional non-recurring income
-
Various Other non-recurring expense
(61 774)
(115,729)
Operating income
221 545
138,161
Gross financing costs
(121 768)
(151,424)
other economic expenses
(117 780)
(90,650)
Additional monetary income
11 956
9,393
Net financing costs
(227 592)
(232,681)
Profit/loss just before tax
(6 047)
(94,520)
Earnings tax benefit/(expense)
(37 637)
(10,655)
Reveal of profit/(loss)
of associates
(12 074)
(6,523)
Net profit/(loss) for that period
(55 758)
(111,698)
Attributable to:
owners involving ECG
(55 602)
(112,273)
Non-controlling interests
(156)
575
Fun damental earnings/(loss) per share
attributable in order to people that just love ECG (in EUR)
(0,449)
(1.082)
Diluted earnings/(loss) for each share
attributable to end up being able to owners of ECG (in EUR)
(0,449)
(1.082)
Appendix three - Reconciliation
Almost All information in EURm
2015
2014
Adjusted Consolidated EBITDA
766,0
695,0
Fleet depreciation IFRS
-184,4
-164,2
Fleet depreciation included in operating lease rents
-210,3
-191,4
Total Fleet depreciation
-394,7
-355,6
Curiosity expense related to always be able to fleet operating leases (estimated)
-55,2
-53,6
Net fleet financing expenses
-65,5
-72,9
Total Fleet financing
-120,7
-126,5
Adjusted Corporate EBITDA
250,6
212,8
Amortization, deprec iation along with impairment expense
-32,8
-31,8
Reversal regarding Net fleet financing expenses
65,5
72,9
Reversal regarding interest expense associated to become able to fleet operating leases
(estimated)
55,2
53,6
Adjusted recurring operating income
338,5
307,4
interest expense associated in order to fleet operating leases (estimated)
-55,2
-53,6
Recurring operating income
283,3
253,9
Appendix 4 - Adjusted Net Earnings regarding 2015
Most data within EURm
2015
IFRS Net Loss
-56
Pro Forma about Curiosity in Corporate Substantial Yield bonds
26
Pro forma Transaction cost amortization
7
Reversal of Corporate Substantial Yield Bonds redemption premium
56
Reversal with the compose off connected using Corporate high Yield Bonds
reimbursment
27
< br>Reversal associated with exceptional earnings / expenses (*)
56
Reversal involving share regarding profit/(loss) associated with associates
12
Estimated Pro Forma Net Income
128
(*) Reversal of exceptional income / expenses mainly corresponds
to:
Net negative impact of several proceedings
Expenses connected using the IPO
Provision accrued within link together with tax audit
Appendix 5 - Stability sheet
Inside a large range of EUR
Because at Dec. The resolve for client
satisfaction drives the company along with its 6,000 individuals forward and
provides your impetus regarding constant development of new services. This kind of "3 within 1" app launched within Paris and also London gives
customers the option of 3 transport options: a car pooling support
(Matcha), a car using driver/taxi or perhaps rental cars.
Customers' much bet ter knowing of Europcar, products as well as services standing out
due to become able to innovation, any transparent, smooth consumer relations,
user-friendly processes as well as bespoke assistance tend to be our watchwords that may
underlie the particular Group's consumer strategy all through 2016.
Furthermore, the Team also plans to boost its direct to brand name strategy
concerning tighten links having its clients and also improve their loyalty.
Europcar additionally plans to create in its leadership within the new mobility
options market. We strive for you to offer our clients future multi modal
options and additionally this strategy will give rise in order to long term ideas as well as
developments for your group within 2016 and also beyond."
in EUR million, except if mentioned
FY 2015
FY 2014
Change
Adjust at
constant
exchange< br>
rate
Quantity associated with rental times (millions)
57.1
52.8
8.1%
-
Typical fleet (thousands)
205.4
189.3
8.5%
-
Revenues
2,142
1,979
8.2%
5.8%
Recurring operating income
283
254
11.6%
9.3%
Adjusted Corporate EBITDA
251
213
17.8%
15.6%
Adjusted Corporate EBITDA margin
11.7%
10.8%
+0.9 pt
IFRS net profit/loss
-56
-112
+50%
Adjusted net profit/loss1
128
NA
Corporate net debt with yr end
235
581
one Notice "Reconciliation using IFRS" attached hereto. Such forward looking statements usually are usually not ensures
associated with future performance and furthermore the announced goals are generally topic to be able to
inherent risks, uncertainties and also assumptions concerning Europcar Groupe and also
its subsidiaries and also investments, styles in their business, long term
richesse expenditures and also acquisitions, developments in respect associated with
contingent liabilities, alterations in economic conditions globally or in
Europcar Groupe's principal markets, competitive conditions within the
industry as well as regulatory factors. 31, 2015
Dec.
This represents the particular net earnings excluding exceptional products (operational
along with financial), before associates, as well as adjusting economic expenses
pro-forma for the total 12 months impact in the group monetary structure
reshape.
3See "Reconciliation with IFRS" attached hereto
4See "Reconciliation together with IFRS" attached hereto
Net debt
Corporate net debt decreases to EUR235 million as associated with
December 31, 2015 (vs. the nominal reduction thanks to blend effects had simply no
influence on Team earnings.
two at constant exchange rates excluding EuropHall, a new French
franchisee acquired inside Q4 2014 consolidated more than two months
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