Business Severely Hit by Covid-19 Outbreak,
yet Good Resilience in Domestic and V&T Activities
Aggressive Cost Adaptation and Cash
Preservation Measures: > €1bn Savings in 2020 & Strong Cash
Burn Reduction in H2 2020
Financial Restructuring Rolled out in Record
Time, Enabling Connect Strategic Plan to Drive Sustainable &
Profitable Growth
Regulatory News:
Europcar Mobility Group (Paris:EUCAR) :
Q4 2020 AND FY 2020 HIGHLIGHTS1
Full year 2020:
- Adj. Corporate EBITDA (IFRS 16): -€172m (vs +€389m in 2019) on
revenue down2 -45% to €1,761m
- Aggressive cost measures adaptation3, well above initial budget
of €850m: ~€1bn cost savings in 2020, i.e. more than 30% reduction
on the cost base versus pre Covid-19 scenario
- Group net income of -€645m, including -€249m non-recurring
items and assets impairment
- Strong reduction in cash burn in H2 2020 to €175m in H2 2020
versus €371m in H1 2020
- Proforma Corporate Net Debt at €93m post-financial
restructuring as at December 31th, 2020 (€1,426m reported) and
€587m proforma liquidity
Fourth quarter 2020:
- Q4 2020 results impacted by the second wave of Covid-19,
reflected in travel restrictions but good resilience in domestic
business and Vans & Trucks On a proforma basis2, Group revenue
down -42.5% to €409m in Q4 2020 vs Q4 2019, leading to Corporate
EBITDA at -€18m
- Q4 2020: strong active fleet reduction of -39% YoY to 180,000
vehicles in December 2020 - allowing the Group to record a good
utilization rate of 70.0% on average in Q4 2020 (vs. 72.0% in Q4
2019), demonstrating the Group’s flexible model
2021 OUTLOOK
- A cautious view on H1 2021 given still limited visibility on
the timing of the demand recovery and reduced lead time for
customer booking
- For 2021, the Group anticipates revenue growth relying on key
business drivers: domestic, Vans & Trucks, Professional and
Proximity customers
- The combination of the rollout of Connect and a reduced cost
base will allow the Group to quickly return to profitability in a
context of market recovery
- In line with prior statements, the financial restructuring
enables the group to benefit from strong liquidity to support its
recovery and the implementation of the Connect, the Group’s
strategic plan, reshaping it around customers’ needs and
expectations
- First deliveries of “Connect” in 2021 with 4 enabling pillars:
fleet / network / IT / organization
CAPITAL STRUCTURE FULLY RESHAPED FOLLOWING ITS
FINANCIAL RESTRUCTURING
The Group has reshaped its capital structure and reduced its
indebtedness in a record time through €1.1bn corporate debt
equitization and €255m new money equity4 injection in on 26
February 2021. Post financial restructuring, gross corporate debt
amounts to €905m (vs €2,005m reported) and proforma net corporate
debt amounts to €93m (vs €1,426m reported). In addition, a €225m
facility has been put in place to support Fleet Financing.
Caroline Parot, CEO of Europcar Mobility Group,
declared:
“Due to the Covid-19 successive waves, 2020 has been a very
challenging year for all players in the Travel & Leisure
industry.
Our 2020 FY revenue was down -45% vs 2019, due to travel bans
and lockdowns, combined with a “self-restriction” trend among
customers concerned with their safety. All this strongly impacted
the level of activity of our Cars and Low-Cost BUs all year long,
as reflected in our results. Yet local markets showed good
resilience, supported by domestic demand, and our Vans & Trucks
& Urban Mobility BUs performed well.
Thanks to the financial restructuring combined with a sharp cost
adaptation plan, the Group benefits from a much lower cost base and
a strong liquidity. With strong adaptability and reactivity, our
teams are now executing our “Connect” transformation plan.
This plan recognizes the changes in customers’ needs and
expectations. It will help us accelerate our transformation and
reshape our services, with the ambition to be a leader in flexible,
sustainable, connected and digital mobility solutions.
Regarding 2021, although vaccination campaigns are being rolled
out, our views remain cautious. Nevertheless, I am confident that
we will rebound strongly as soon as the sanitary / market
conditions improve, as demonstrated by our US business.”
Europcar Mobility Group invites you to its FY 2020 Results
Conference Call on: Wednesday, April 7th, at 6:00pm CET
Dial-in Access telephone numbers: France: +33 (0)1 70 72
25 50 Germany: +49 (0)89 20303 5709 UK: +44 (0)330 336 9125 USA: +1
929-477-0324 Confirmation Code: 8160286
Webcast: https://globalmeet.webcasts.com/starthere.jsp?ei=1435149&tp_key=802d98181a
Slides related to the FY 2020 results are available on the
Group’s website, in the “Financial documentation” section:
https://investors.europcar-group.com/results-center
FY 2020 financial
results
All data in €m, except if mentioned
12M 2020
12M 2019
% Change
% Change at constant perimeter
and currency
Number of rental days (million)
56.4
91.0
-38.0%
-41.2%
Average Fleet (thousand)
247.7
328.0
-24.5%
-28.3%
Financial Utilization rate
62.2%
76.0%
Total revenues
1 760.9
3 022.4
-41.7%
-45.2%
Adjusted Corporate EBITDA (IFRS 16)
(172.0)
388.7
Adjusted Corporate EBITDA Margin
12.9%
Operating Income
(500.4)
246.8
Net profit/loss
(644.8)
29.6
Corporate Free Cash Flow
(418.7)
118.2
Corporate Net Debt at end of the period
1 426.2
880.0
Change in perimeter: acquisitions of Fox Rent A Car consolidated
in November 2019 and franchisees in Norway and Finland in July 2019
are included in 2019 for the calculation of the “% change at
constant perimeter and currency”.
Management Account presentation:
2019 and 2020 figures include Urban Mobility Corporate EBITDA
performance 2019 and 2020 accounts are presented under IFRS 16,
unless explicitly mentioned
Q4 2020 financial
results
All data in €m, except if mentioned
Q4 2020
Q4 2019
% Change
% Change at constant perimeter
and currency
Number of rental days (million)
13.4
21.5
-37.5%
-38.8%
Average Fleet (thousand)
208.8
325.1
-35.8%
-36.9%
Financial Utilization rate
70.0%
72.0%
Total revenues
409.0
707.7
-42.2%
-42.5%
Adjusted Corporate EBITDA (IFRS 16)
(17.8)
59.5
Adjusted Corporate EBITDA Margin
8.4%
Operating Income
(252.1)
21.7
Net profit/loss
(348.9)
(30.5)
Corporate Free Cash Flow
(76.3)
9.1
Corporate Net Debt at end of the period
1 426.2
880.0
PROFIT & LOSS FY 2020
As part of the Travel & Leisure industry, the Group was
abruptly impacted by the Covid-19 pandemic as a result of the
containment measures, border closures decided by most countries in
the world. This particularly impacted the activity at airports for
international customers while domestic markets showed robust
resilience.
Europcar Mobility Group reacted swiftly to this unprecedented
situation, by implementing a major operational (“Reboot” program)
and financial plan to mitigate the impact of the crisis as well as
high safety standards for its customers and employees. As early as
March 2020, the Group adapted and evolved its operating model to be
more flexible and provide the most adapted offer to its customers
in order to ensure the business can thrive. The ability to flex
costs and reduce costs while focusing on operational execution
allowed the Group to record cost reduction in excess of €1bn in
reference to the €3bn initial cost base planned for 2020 or 30%
reduction compared to 2019, well above its initial €850m
target.
Revenue and Profit & Loss are analyzed through the evolution
at constant perimeter and exchange rates, with Fox consolidated in
the Low-Cost BU and franchisees in Finland and Norway in the Cars
BU and Vans & Trucks on a proforma basis for 2019.
All data in €m
12M 2020
12M 2019
% Change
% Change at constant perimeter
and currency
Total revenue
1 760.9
3 022.4
-41.7%
-45.2%
Average fleet size ('000)
247.7
328.0
-24.5%
-28.3%
Rental days volume (in Million)
56.4
91.0
-38.0%
-41.2%
Utilization rate
62.2%
76.0%
Fleet holding costs
(594.1)
(755.8)
21.4%
27.3%
Fleet operating and variable costs
(653.4)
(1 006.5)
35.1%
39.8%
Total fleet costs & variable costs
(1 247.5)
(1 762.3)
29.2%
34.4%
Margin after variable costs
513.5
1 260.1
-59.3%
-60.9%
In % of revenue
29.2%
41.7%
(12.5)pt
(11.7)pt
Sales and marketing expenses
(14.7)
(32.6)
54.8%
56.9%
Fleet financing costs
(111.8)
(120.2)
7.0%
16.8%
Margin after Direct costs
387.0
1 107.3
-65.1%
-66.2%
In % of revenue
22.0%
36.6%
(14.7)pt
(13.6)pt
Network
(288.0)
(399.3)
27.9%
34.5%
HQ Costs
(270.9)
(319.3)
15.1%
19.5%
Adjusted Corporate EBITDA (IFRS 16)
(172.0)
388.7
In % of revenue
12.9%
IFRS 16 impact on premises and parking
(79.2)
(74.1)
IFRS 16 impact on the fleet and financing costs & variable
costs
(25.0)
(36.3)
Adjusted Corporate EBITDA excl. IFRS-16
(276.2)
278.3
Margin
9.2%
Depreciation – excluding vehicle fleet:
(153.4)
(150.9)
-1.6%
-0.4%
Impairment expense on non-current assets
(132.6)
(0.6)
Non-recurring income and expense
(115.5)
(58.2)
Other financing income and expense not related to the fleet
(112.2)
(116.4)
3.6%
7.0%
Profit/loss before tax
(685.6)
62.5
Income tax
40.9
(32.9)
Share of profit/(loss) of associates
-
-
Net profit/(loss) excl. IFRS 16
(642.3)
38.0
Net profit/(loss) incl. IFRS 16
(644.8)
29.6
MADC: Margin after Direct costs: MAVC - Sales & Marketing -
fleet financing costs
1. Revenue in Q4 2020 and FY 2020
Revenue in Q4 2020
On a reported basis, total revenue decreased by -42% to €409m in
Q4 2020 and by -43% at constant perimeter and exchange rates (i.e.
proforma basis). The performance was impacted by the second wave of
Covid-19 with another strong decrease in international demand. Yet,
the Group recorded a good resilience in its domestic markets and
segments.
All data in €m
Q4 2020
Q4 2019
% Change
% Change at constant perimeter
and currency
BU Cars
230.2
488.2
-52.8%
-52.0%
BU Vans & Trucks
94.8
102.0
-7.1%
-6.3%
BU Low Cost
69.1
94.1
-26.6%
-35.7%
BU Urban Mobility
9.7
14.0
-30.9%
-28.5%
BU International Coverage
5.3
9.3
-43.4%
-43.4%
TOTAL REVENUE
409.0
707.7
-42.2%
-42.5%
Cars and to a lower extent Low Cost BU (Business Unit) were the
most impacted given their exposure to the Leisure segment. This was
attributable to the international travel flow which continued to
suffer from restrictive measures of movements re-imposed by many
countries.
Conversely, the Group also reported a good resilience in its
domestic markets and Vans & Trucks BU. The latter was down -6%
on a proforma basis to €95m over the quarter, with positive growth
in some countries (UK, Germany, Italy, Denmark and Australia).
Demand was solid in home delivery / e-commerce with a peak during
Christmas period, in long-term solutions (LTS) and mid-term
contracts for SMEs.
Urban Mobility services (round-trip car sharing), recorded a
good performance overall in the context of the pandemic, driven by
longer durations and positive pricing in car sharing, thus
confirming the shift of urban customers towards alternatives to
vehicle ownership.
Revenue in 2020
On a reported basis, total revenue decreased by –42% to €1,761m
in 2020 and -45% at constant perimeter and exchange rates (i.e.
proforma basis), resulting from the Covid-19 pandemic.
After a solid performance over the first 2 months of the year
(+3.6% revenue growth), the Group recorded a -10% decline in
proforma revenue in Q1 2020, -69% in Q2 2020, -50% in Q3 2020 and
-43% in Q4 2020. For the full year 2020, airport revenue was down
-63% versus -29% for off-airport revenue.
All data in €m
12M 2020
12M 2019
% Change
% Change at constant perimeter
and currency
BU Cars
1 087.9
2 157.4
-49.6%
-49.7%
BU Vans & Trucks
323.1
365.7
-11.7%
-12.1%
BU Low Cost
284.4
410.6
-30.7%
-52.1%
BU Urban Mobility
41.7
49.0
-14.8%
-13.9%
BU International Coverage
23.9
39.7
-40.0%
-40.0%
TOTAL REVENUE
1 760.9
3 022.4
-41.7%
-45.2%
BU Cars: a performance strongly impacted overall by the
severe drop of the international flow. Corporate business was less
impacted than the Leisure segment, driven by mid & long-term
duration. On the Leisure side, the demand shifted to Domestic
customers.
BU Low Cost: revenues were heavily impacted by the
airlines traffic drop on continued restriction & movement
measures.
BU Vans & Trucks performed well thanks to a strong
focus on buoyant mid-term contracts for SME & benefiting from a
solid demand for home delivery / e-commerce bolstered. The Group
has successfully captured market growth by addressing and expanding
its service offering.
BU Urban Mobility: showed a good resilience coming from
Car sharing.
2. From MAVC to Adjusted Corporate EBITDA in FY 2020
MAVC (Margin after Variable
Costs)
The Group acted quickly to tackle its variable costs by
returning / renegotiating with OEMs massively its fleet to the
reduced demand thanks to its flexible model of buy-back programs
and long-term relationships with OEMs. Compared to the same period
of last year, the fleet dropped by -29% on average in 2020 (excl.
Fox) to ~226,000 vehicles, reflecting a stable fleet in Q1 2020,
-30% in Q2 2020, -43% in Q3 and -39% in Q4 2020.
This strategy led the Group to record a strong improvement in
its utilization rate5 since the trough in Q2 2020: 40.8% in Q2 2020
(77.1% in Q2 2019), 72.5% in Q3 2020 (80.0% in Q3 2019) and 70.0%
in Q4 2020 (72.0% in Q4 2019). For the full year, the rate stood
well below last year (respectively 62.2% in 2020 versus 76.0% in
2019), while fleet holding costs reduced by -27% to €594m.
Europcar Mobility Group well controlled and managed its variable
costs, highlighting the flexibility of the business model despite
the sharp decrease in volume: fleet operating variable costs were
down -40% to €653m while sales related costs in particular, in line
with the drop in revenue.
Overall, total fleet costs and other operating variable costs
were down -34% in 2020 to €1,248m.
Margin after variable costs declined by -61% to €513.5m in 2020
from €1,260m in 2019 with a strong improvement in Q4 (35% margin in
Q4 vs 29% for FY) translating these adjustments in the cost
base.
MADC (Margin after Direct
Costs)
The Group introduced in 2020 a new performance indicator – the
Margin after Direct Costs, to capture all variable costs including
Fleet Financing costs and Sales & Marketing costs.
MADC reached €387m in 2020 vs €1 107m in 2019 with an improved
margin on revenue at 27.6% in Q4 2020 versus 22.0% for the FY2020,
highlighting the positive impact of all adaptation measures taken
by the group after the start of the crisis.
Thanks to all the cost cutting measures on variable costs, a
€792m6 cost reduction has been achieved.
Adjusted Corporate
EBITDA
On top of the cost reduction on the fleet and operating variable
costs, the group cut its network and HQ costs by €213m6. This
reduction in semi-fixed and fixed costs was achieved thanks to
partial unemployment in all countries, closure of up to 88% of
stations in Q2 2020, pursued negotiations with network and HQ
landlords and overall drastic reduction or deferral of all
non-essential expenses. This is reinforced by the first benefits of
the restructuring measures taken on the network and HQ to adapt the
costs to the reduced revenues.
Based on the initial cost base planned pre-pandemic, the Group
generated a €1,005m7 cost reduction in 2020, removing €736m over
the first 9 months 2020 and €269m in Q4 2020.
The Group recorded an adj. Corporate EBITDA of -€172m in 2020
(€389m in 2019).
3. From Adjusted Corporate EBITDA to Group net income
Financial results: net financing costs not related to the
fleet decreased to -€112m in 2020 from -€116m in 2019, due to the
positive impact of 2019 Corporate Bond refinancing offset by
non-cash derivatives costs and increased costs on RCF drawings.
Non-recurring expenses amounted to -€116m in 2020 versus
-€58m in 2019. This reflects to a large extent adaptation measures
in HQ and Network that have been implemented to deliver a fast
payback, to adapt the cost base to the new size of the company and
some of the fees related to the financial restructuring.
Impairment expense on non-current assets: -€133m due to
the impact of the deteriorated environment on goodwill. These
write-downs were the outcome of projections of a return to
pre-crisis business levels (not before 2023), and an increase in
discounting rates reflecting market volatility.
Tax: +€41m in 2020 versus -€33m in 2019, reflecting the
activation of tax losses carry-forward.
Net income: The Group posted a net loss of -€645m in 2020
compared to a profit of +€30m in the same period last year.
CORPORATE FREE CASH FLOW & CORPORATE NET DEBT IN
2020
Corporate Operating Cash Flow in FY 2020
Corporate Operating Cash Flow came in at -€419m in 2020.
This reflects Adjusted Corporate EBITDA of -€172m, non-fleet
capex of -€33m limited to the Group’s digital transformation, -€70m
of non-recurring expenses mainly linked to adaptation costs with
fast pay back, -€5m for the change in working capital, a negative
-€16m change in provisions, -€17m income tax and -€104m lease
liability cash out under IFRS 16 application on network, airport
and HQ lease contracts.
In Q4 2020, the Group generated a Corporate free cash flow of
-€76m, coming from Adj. Corporate EBITDA of -€18m with a strong
impact coming from -€40m non-recurring items, +€3m change in
working capital, +€8m change in provisions, -€7m income tax and
-€23m lease liability cash out under IFRS 16 application on
network, airport and HQ lease contracts.
For more details regarding cash preservation measures and cost
savings, please refer to “Reboot” plan, page 10 and Investor
Relations section of the Group’s website:
https://investors.europcar-group.com/investor-relations
Corporate Net debt8 at December 31, 2020: strong reduction in
cash burn in H2 2020
The strict cost control policy led the group to reduce its cash
consumption between the two semesters: -€371m in H1 2020 and -€175m
in H2 2020. Cash consumption in Q4 2020 totaled -€104m on the back
of the non-recurring charges and the second wave of Covid-19.
Corporate net debt reached €1,426m as at December 31th, 2020
versus €880m at December 31st, 2019: the change mainly came from
the negative operating free cash flow.
The Group recorded Corporate liquidity of €375m.
FINANCIAL RESTRUCTURING LEADING TO ROBUST LIQUIDITY AND
BALANCE SHEET
The Group completed in record time its financial restructuring
through debt conversion and capital increases. This allows to
reduce significantly its corporate net debt by €1,100m to €93m
proforma as at December 31st, 2020 (€1,426m reported), navigate in
the current uncertain environment and fund the Group “Connect”
transformation.
The Group records robust Corporate liquidity post-financial
restructuring of €587m compared to €375m reported.
NEW GOVERNANCE STEMMING FROM FINANCIAL RESTRUCTURING
At the AGM on 20 January 2021, the Group has changed its
Governance from an Executive and Supervisory Board to a Board of
Directors. The latter is made up of 7 members:
- Chairman: Alexandre de Juniac
- Chief Executive Officer: Caroline Parot
- 3 independent members: Chairman, Virginie Fauvel and Martine
Gerrow
- 2 non-independent members: Carl Leaver and Simon Franks
- One employee representative: Adèle Mofiro
“REBOOT” & “CONNECT”, GROUP’S STRATEGIC PLAN TO DRIVE
SUSTAINABLE & PROFITABLE GROWTH
Europcar Mobility Group announced at the inception of the Covid
outbreak in Europe in 2020 a drastic cost action plan - “Reboot” -
to mitigate the impact of the Covid-19 outbreak, then in July 2020
the launch of “Connect” plan. This strategic plan will drive
sustainable and profitable growth and will unlock value
creation.
REBOOT > ADAPTING TO THE BUSINESS ENVIRONMENT
A massive cost-reduction plan Europcar Mobility Group set
up as early as March 2020 a vigorous, drastic and granular cost
cutting plan in order to mitigate the impact of the crisis,
aligning resources to the reduced size and activity level of the
company, including both variable and fixed costs. The swift
reaction of the Group highlights its agility, flexibility and
adaptability of its operating model. Initially estimated at €850m
cost savings by year-end 2020, cost reduction amounted to ~€1bn9,
coming to a large part (~80%) from variable costs.
Strong focus on cash preservation The Group strictly
monitored all expenses, limiting them to its essential needs for
2020:
- Non-fleet capital expenditure: limited to essential IT
projects
- Non-recurring items: contained to restructuring expenses with
fast payback
- Strict management of non-fleet working capital with a strong
focus on collection and rigorous management of payables
- Voluntary reduction of the Senior Management of the group
The Group also managed to raise some State Guarantee loans in
France and in Spain for €321m to sustain its liquidity.
Those drastic cost reduction initiatives and cash preservation
allow the Group to enter into 2021 with a substantial lowered
breakeven point.
CONNECT > RESHAPING THE GROUP TO BE A LEADER IN FLEXIBLE,
SUSTAINABLE, CONNECTED AND DIGITAL MOBILITY SOLUTIONS
Mobility services are expanding rapidly, fueled by technological
and social trends. The pandemic has accelerated the evolution in
expectations and needs as people want a safe, digital and flexible
solutions in a broader transition from ownership to user ship, as
well as a growing reliance on e-commerce and home delivery.
This results in an acceleration of the Group’s transformation
plan, designed in Q2/Q3 2020, relying on:
- Its purpose - “Offering attractive
alternatives to vehicle ownership, in a responsible and sustainable
way” - A renewed go to market strategy to better address mobility
use cases the Group wants to serve - A reshaped network model and
footprint, to gain efficiency and increase interplay with local
eco-systems - A new, unified technology platform, for greater
go-to-market agility and to digitize customer experience and
back-office operations at scale.
A new go to Market to better address mobility use cases
supported by a new organization
In order to best serve B2B and B2C customers, as well as to add
substantial and tangible value to the experience the Group’s brands
offer them, the Group’s organization is now structured around 3
Service Lines sharing One integrated augmented infrastructure.
Each Service Line dedicated to respond to specific mobility use
cases and in charge of designing the appropriate offers and
associated customer journey and operating features:
- Leisure customers to address Travel & Leisure
market: Main expectations on price competitiveness and speed
to serve.
- Professional customers: Mainly planned and contacted
operations with flexibility on solutions, quality of service as a
must and a strong network – Main use case: 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 or
on demand solutions like carsharing.
These Service lines will rely on One integrated augmented
infrastructure which will support these use cases and improve the
Customer journey and the efficiency of the organization, through
One Connected fleet, One Network, One Information System and One
pool of talents.
The implementation of “Connect” is based on four enabling
pillars with its main transformation roadmaps:
- Fleet: simplification of fleet mix & categories,
reinforcement of connected cars, green fleet, direct access to cars
(100% of the fleet connected and above 30% of green vehicles by
2023)
- Network: reshuffling of the station footprint and role
based on use cases operating models: Airports, Hubs in towns,
Delivery & Collect and light touch point,
- Technology one Core operating system for Corporate and
Franchisees with one common customer database, one connected fleet
platform, one back office
- Organization, Talents & Culture: renewed set up for
Group’s Executive Committee, simplification of the organisation /
centralization while delayering, process alignment, strong
rationalization of HQs framework
Since the beginning of 2021, the Group has already delivered the
first steps of Connect transformation notably towards the local
professional customers and the proximity customers:
- Launch of new innovative offer to
facilitate the day-to-day life of our customers thanks to flexible,
mid & long-term subscription solutions for companies and
businesses for both Cars and Vans - Acceleration of the deployment
of the connected vehicles, in particular Vans & Trucks
leveraging notably on the growing ecommerce business - Pursue of
the Electrification of the fleet in strong connection with our ESG
ambition
ESG AMBITION FULLY EMBEDDED IN THE GROUP’S VISION AND
STRATEGY
Europcar Mobility Group is strongly involved to play a leading
role in the new multi-modal mobility ecosystems, by offering
alternative solutions to vehicle ownership, in a responsible and
sustainable manner. As such, the Group is fully committed in making
a significant contribution to the necessary transition to a
“low-carbon” world.
Against this backdrop, the Group will strongly focus on reducing
its direct emissions (energy consumption) by 46% and indirect
emissions by 13% by 2030 (base year 2019). These objectives, as
well as the carbon trajectory to reach them, will be submitted for
validation to the Science-Based Targets initiative in the course of
H1 2021. This encompasses numerous levers: increase of the share of
“green vehicles” within Group’s fleet (“One sustainable fleet
program” so as to reach more than a third of electric and hybrid
vehicles in its fleet by 2023), launch of attractive offers to
develop customer’s appetite for “green vehicles”, or use of green
energy wherever possible in our daily operations.
The Group has already made progress in terms of environmental
responsibility in recent years and was notably rewarded for its ESG
performance in 2020 by the EcoVadis rating agency. With a score of
70/100, the Group has improved by 6 points compared to 2019 and for
the first time has been awarded the Gold Medal. Europcar Mobility
Group thus joins the group of companies that achieve this high
level of performance (top 5% of the 75,000 companies rated by
EcoVadis).
FULL YEAR 2021 OUTLOOK
Given the high level of uncertainties on the timing of the
recovery of the global economy (speed of the vaccine campaign,
vaccine passports, travel restrictions…), the Group is not yet in a
position to provide guidance for the FY 2021.
Nevertheless, based on the robustness of the domestic revenue
generation driven by Vans & Trucks Business Unit and the
adequate renewed go to market strategy of both Professional and
Proximity Services lines, the Group is confident that 2021 revenues
will increase compared to 2020.
Focus for 2021 is to deliver the first steps of Connect
transformation with a selective capital allocation approach, while
pursuing the adaptation of the cost structure.
AGENDA First quarter 2021 results: May 6th, 2021 General
shareholders’ meeting: June 30th, 2021
About Europcar Mobility Group
Europcar Mobility Group is a major player in mobility markets
and listed on Euronext Paris. The mission of Europcar Mobility
Group is to be the preferred “Mobility Service Company” by offering
attractive alternatives to vehicle ownership, with a wide range of
mobility-related services and solutions: car rental and light
commercial vehicle rental, chauffeur services, car-sharing,
scooter-sharing and private hire vehicle (PHV – rental to “Uber
like” chauffeurs). Customers’ satisfaction is at the heart of the
Group’s mission and all of its employees and this commitment fuels
the continuous development of new services. Europcar Mobility Group
operates through a diversified portfolio of brands meeting every
customer specific needs and use cases, be it for 1 hour, 1 day, 1
week or longer ; its 4 major brands being: 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 solutions 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).
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 on May
6, 2020 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 After IFRS 16 application, excluding non-fleet liabilities
related to leases 2 Proforma basis i.e. including in 2019
acquisitions of Fox consolidated in November 2019 & franchisees
in Finland and Norway in July 2019 3 With reference to the €3bn
cost base initially planned pre-Covid-19. Before IFRS 16
application 4 €212m net cash equity, net of fees 5 Excluding Fox
consolidated in November 2019 and franchisees in Finland and Norway
consolidated in July 2019 6 With reference to the €3bn cost base
initially planned pre-Covid-19. Before IFRS 16 application 7 Before
IFRS 16 application 8 Excluding liabilities related to leases 9
With reference to the €3bn cost base initially planned
pre-Covid-19. Before IFRS 16
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210407005845/en/
Investor Relations Caroline
Cohen - caroline.cohen@europcar.com Press
Relations Valérie Sauteret -
valerie.sauteret@europcar.com Vincent Vevaud -
vincent.vevaud@europcar.com Publicis
Consultants Judith Grandcoing -
judith.grandcoing@publicisconsultants.com