FULL IMPACT OF COVID-19 IN Q2 2020.
LAUNCH OF “REBOOT & CONNECT”, AN
ADAPTATION AND TRANSFORMATION PLAN WITH SHORT TERM (2020)
AND MID-TERM (2021-2023) HORIZONS
Regulatory News:
Europcar Mobility Group (Paris:EUCAR):
Q2 2020 HIGHLIGHTS
- Q2 results reflecting full impact of lockdowns and confinements
on business, with revenue down -69% vs LY
- Launch of “Reboot & Connect”, an adaptation and
transformation plan with short-term (2020) and mid-term (2021-2023)
horizons:
- “Reboot” 2020: adapt products & services, streamline cost
base, preserve cash
- “Connect” 2021-2023: accelerate transformation, reshaping the
Group around customers’ needs and expectations, with 4 enabling
pillars: fleet / network / IT / organization
H1 2020: KEY FINANCIALS1
- Revenue: on a proforma basis2, -43% to €815m (-38% variation on
a reported basis) with Q2 2020 down -69%, reflecting the full
impact of the lockdowns for Cars and Low-Cost Business Units
- Corporate EBITDA (IFRS 16): -€209m in H1 2020 vs €82m in H1
2019
- Group Net Income of -€286m
- Corporate Operating Cash Flow at -€296m
- Corporate Net Debt at €1,251m as at June 30th, 2020
H2 2020 OUTLOOK
- A cautious view on Q3 2020, with revenue limited to Leisure
domestic markets
- Positive, low Corporate EBITDA in H2 2020
- Intensification of cost saving efforts, to achieve circa €890m
by year-end 2020, above initial €850m planned, i.e. a circa 30%
reduction versus pre Covid-19 scenario
The Covid-19 crisis has strongly hit the Travel & Leisure
market environment during the first semester of 2020 and is
anticipated to continue to impact Group’s revenues in the months to
come. All the assumptions, based on the information currently
available, that support our expectations may vary in the coming
months with a sensitive scale that could negatively affect the
group. In this context of strong uncertainties, the Company’s
current capital structure weighs on its ability to ensure a proper
path to recovery. The Company is therefore evaluating its short and
long-term alternatives to address its capital structure and
liquidity constraints, with a view to providing sufficient
financial resources to adapt the Group to the new environment. In
the meantime, the Company remains fully focused on strict cost and
cash management. In that current context, we entertain contacts,
with no certainties about the different associated options.
Caroline Parot, CEO of Europcar Mobility Group,
declared:
“Like all players of the Travel & Leisure industry, Europcar
Mobility Group was severely hit by the consequences of the Covid-19
pandemic, with H1 2020 results reflecting the impact of lockdown
and confinement measures on our activity level, which reached an
all-time low in April and May.
With “Reboot & Connect”, we open a new chapter in the
history of the Group’s development: “Reboot” has already allowed us
to adapt to a new business environment, as local economies are
progressively restarting, thanks to strong cost-savings and cash
preservation measures, as well as the launch of tactical services
and offers. “Connect”, based on the crisis aftermath, will help us
accelerate our transformation and reshape our Group around
customers’ needs and expectations.”
____________________________
1 After IFRS 16 application, excluding non-fleet liabilities
related to leases 2 Proforma basis i.e. including acquisitions of
Fox consolidated in November 2019 and franchisees in Finland and
Norway in July 2019
Europcar Mobility Group invites you to its H1 2020 Results
Conference Call on: Tuesday, July 28th, at 6:00pm CET
Dial-in Access telephone numbers: France: +33 (0)1 76 77
22 57 Germany: +49 (0)89 2030 35526 UK: +44 (0)330 336 9411 USA: +1
929-477-0324
Confirmation Code: 1932986
Webcast:
https://globalmeet.webcasts.com/starthere.jsp?ei=1332602&tp_key=0e6f03e8cf
Slides related to the results of the first semester 2020 are
available on the Group’s website
https://investors.europcar-group.com/results-center in the section
titled “Financial document”.
Q2 2020 financial
results
All data in €m, except if mentioned
Q2 2020
Q2 2019
% Change
% Change at constant
perimeter and
currency
Number of rental days (million)
9.4
22.9
-59.1%
-61.7%
Average Fleet (thousand)
252.2
326.6
-22.8%
-27.8%
Financial Utilization rate
40.8%
77.1%
Total revenues
258
753
-65.8%
-68.5%
Adjusted Corporate EBITDA (IFRS 16)
(144)
96
Adjusted Corporate EBITDA Margin
12.7%
Operating Income
(179)
60
Net profit/loss
(181)
(2)
Corporate Free Cash Flow
(161)
121
Corporate Net Debt at end of the period
1 251
937
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 H1 2019 for the calculation of the “% change at
constant perimeter and currency”.
Management Account presentation:
H1 2019 and H1 2020 figures include Urban Mobility Corporate
EBITDA performance
H1 2019 and H1 2020 accounts are presented under IFRS 16, unless
explicitly mentioned
H1 2020 financial
results
All data in €m, except if mentioned
H1 2020
H1 2019
% Change
% Change at constant
perimeter and
currency
Number of rental days (million)
26.7
40.4
-33.8%
-38.5%
Average Fleet (thousand)
269.7
295.5
-8.7%
-15.2%
Financial Utilization rate
54.5%
75.5%
Total revenues
815
1 306
-37.6%
-43.4%
Adjusted Corporate EBITDA (IFRS 16)
(209)
82
Adjusted Corporate EBITDA Margin
6.3%
Operating Income
(268)
14
Net profit/loss
(286)
(69)
Corporate Free Cash Flow
(296)
42
Corporate Net Debt at end of the period
1 251
937
COVID-19 OUTBREAK, A SYSTEMIC SHOCK: TRAVEL & LEISURE
INDUSTRY SEVERELY HIT IN Q2 2020
The Covid-19 outbreak has created a systemic shock on all
fronts, with an unprecedented impact on the Travel & Leisure
industry.
April recorded as the lowest month ever in the sector, due to
lockdowns imposed across the world. May started to recover
extremely slowly given limited movements in most countries and June
has shown the same pattern as May, with progressive borders
re-opening and still very limited international traffic.
The stiff drop in the number of travellers, tourists inbound in
particular, had thus major and severe consequences on the Car
rental industry in Q2 2020 and thereafter. Individuals and
professionals are changing behaviours with a growing need for
domestic services and an increased awareness of environmental and
social responsibility.
July is the first month showing signs of activity restart, yet
slow and progressive.
In this context, Europcar Mobility Group has launched “Reboot
& Connect”, an adaptation and transformation plan with both
short-term (2020) and mid-term (2021-2023) horizons (Cf Reboot and
Connect section, page 6).
2020 OUTLOOK
In the light of Q2 2020, the Group:
- Is taking a cautious view on Q3 2020, with revenue mostly
limited to Leisure domestic markets
- Expects positive, low Corporate EBITDA in H2 2020
- Will intensify its cost saving efforts, to achieve circa €890m
by year-end 2020, above initial €850m planned, i.e. a circa -30%
cost base reduction on pre Covid-19 scenario
PRESERVE CASH AND SECURE LIQUIDITY
In the current exceptional crisis context, the Group has
implemented a large cost reduction plan in order to preserve cash
and secure liquidity.
Preserve cash
The Group is monitoring strictly all expenses, limiting them to
its essential needs for 2020:
- Capital expenditure: in the range of €30-35m versus €75m in
2019, limited to essential IT projects designed to the Commercial
website infrastructure and some specific Group’s projects;
- Non-recurring items: to be spent according to the pace of the
cost adaptation plan (increased level vs prior announcement in Q1
2020)
- Strict management of non-fleet working capital with a strong
focus on collection and implementation of all measures posted by
the States to postpone or spread tax or social charges
payments;
- Cancellation of the dividend initially proposed (€13m), as
communicated on March 23rd
- Voluntary reduction of the Management Board base compensation
(-25%3) and the Group’s top managers4
__________________________
3 From April 1 to December 31, 2020 4 A 10% to 25% reduction for
a minimum of 3 months
Secure liquidity
In parallel, the Group has completed a financing scheme, for a
total of €341m, aiming at securing its liquidity to face the
COVID-19 crisis and meeting anticipated fleet and corporate
financing needs to swiftly restart operations.
- A €220m term loan, signed with the Group’s main French and
international banks, benefiting from a 90% guarantee from the
French State via Bpifrance (“Prêt Garanti par l’Etat”).
- This facility will have an initial maturity of 1 year, with an
up to 5-year extension option decided by the company (up to May
2026), subject to customary mandatory repayment provisions.
Differed amortization for 1 year with a contemplated progressive
amortization thereafter.
- Condition: no dividend payments in 2020 and 2021 and subject to
a x3 net corporate leverage thereafter.
- New financing facilities for the Group’s Spanish subsidiaries
(Europcar Spain and Goldcar Spain), totalling €101m, benefiting
from a 70% guarantee from the Spanish State. These new facilities
will have a 3-year maturity and proceeds are assigned to fund both
fleet & corporate needs.
- A €20m Incremental RCF tranche (to increase the facility from
€650m to €670m) - provided by French banks which have obtained a
guarantee from Eurazeo through a sub-risk participation.
The Group remains in negotiation in other corporate countries on
potential State Guarantee loans to reinforce its liquidity.
“REBOOT & CONNECT”: AN ADAPTATION AND TRANSFORMATION
PROGRAM, WITH SHORT-TERM (2020) AND MID-TERM (2021-2023)
HORIZONS
The Travel & Leisure industry will gradually recover,
initially from domestic markets and then international markets, but
it will take time: duration of restrictions remains determinant in
the recovery while safety concerns lead to new customers’
behaviours and needs. The European Travel Commission forecast
European inbound travel should recover its 2019 levels by 2023.
In response to this challenging and evolving environment, the
Group has reacted swiftly with the implementation of a two-phase
program, run by dedicated teams and empowered by the Management
Board, so as to restart the business in 2020 (Reboot) and, from
2021 to 2023 (Connect), rethink it alongside the whole
organization.
REBOOT > RESTARTING THE BUSINESS IN 2020
Leveraging Group’s assets (domestic network, fleet based on
buy-back programs, strong know-how of Group’s teams), the Reboot
action plan is twofold, targeting both revenue generation and cost
reduction / cash preservation, with tactical plays by market,
priority given to quick and high return actions and a strong
prioritization on resources allocation.
Revenue generation
General objective is to adapt products and services to new
customers’ needs, focusing on domestic demand, in order to seize
sales opportunities and generate revenue. In that perspective, the
Group launched in its different markets tactical offers including
more flexibility (cancellation policies, last minute booking…),
promoted longer rental duration, increased the digitalization of
the customer journey (deskless, contactless), developed
partnerships to improve customer experience, …
In addition to these tactical offers, mostly B2C, the Group also
adapted its solutions for B2B customers, accelerating mid-term
offers, leveraging its V&T platforms, and promoting fleet
services.
All of this while keeping safety of all employees and customers
as a key priority. For customers, the Group ensures stringent
cleaning standards of vehicles between each rental, with systematic
use of disinfection agents, and a “zero contact” process between
customers and employees. Protocols have been developed in
partnership with Bureau Veritas.
Cost reduction and cash preservation
plan
Europcar Mobility Group launched as early as March a vigorous
cost reduction plan with the objective to reduce both variable and
fixed costs. The Group has intensified its cost savings efforts, to
achieve c.€890m by year-end 2020, above initial €850m planned,
representing a c.30% cost base reduction on pre Covid-19 scenario.
Cost savings split into 65% for variable costs and 35% for
semi-fixed and fixed costs.
In parallel, all measures have been taken to preserve cash: e.g.
strict control of Capex investments (limited to essential IT
projects), close monitoring of cash collection and rigorous
management of payables, proposed dividend cancellation to further
protect liquidity, voluntary reduction of the Management Board and
the Group’s top managers base compensation.
Part of this vigorous cost reduction and cash preservation plan,
the Group also secured €341m additional new financing facilities of
which €321m guaranteed by the French & Spanish states (3 May
2020 announcement).
CONNECT > PROFOUNDLY RESHAPING THE GROUP WITH A VISION FOR
2021-2023
“Connect” has been designed to reshape the Group, around
customers’ new needs and expectations: reinforced digital habits,
new safety and contactless standards, need for flexible services
and new travel patterns.
This will result in an acceleration of Group’s transformation
plan, relying on:
- Group’s purpose - “Offering attractive alternatives to vehicle
ownership, in a responsible and sustainable way”
- A reshaped network model and footprint, to gain productivity
and increase interplay with local eco-systems
- A new technology platform, to gain agility and digitize
customer experience at scale.
The Group has identified four enabling pillars:
- Fleet (e.g: simplification of the fleet mix and
categories, 100 % connected fleet in 2023, 100 % direct access to
cars in airports in 2023…)
- Network (e.g: new organization based on use cases
operating models: Airports, Hubs in cities, regions, allowing
- Technology (e.g: one common customer database, extension
of direct access to car, connected fleet platform…)
- Organization, Talents & Culture (e.g: renewed set up
for Group’s Executive Committee, simplification of the organisation
/ centralization while delayering, strong rationalization of HQs
framework…)
As a matter of simplification and close “connection” to the
customers’ needs and expectations, the Group’s new organization
will be structured around 3 business lines, addressing mobility
use cases: Leisure, Professional and Proximity.
- Leisure: Planned, occasional mobility / Driven by price
/ Low stickiness, high churn.
- Professional: Planned, contracted mobility / Price and
reliability driven / Long cycles, high stickiness.
- Proximity: On demand, pay per use mobility /
Accessibility and flexibility driven / High frequency, mid
stickiness
PROFIT & LOSS IN THE FIRST HALF 2020
The loss in earnings in H1 2020 reflects the full impact of the
Covid-19 outbreak that materialized in Q2 2020.
The Group generated a €370m cost base reduction in H1 2020, as
part of the vigorous cost adaptation plan launched to mitigate the
impact of the crisis, reducing both variable and fixed costs.
The following analysis of the Profit & Loss is 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.
1. Revenue in Q2 2020 and H1 2020
Revenue in Q2 2020
On a reported basis, total revenue decreased by -66% to €258m in
Q2 2020.
At constant perimeter and exchange rates (i.e. proforma basis),
revenue was down -69%, splitting into -74% in April, -69% in May
and -63% in June, with rental days down 62% and a utilization rate
that halved to 40.8% compared to the same period last year.
All data in €m
Q2 2020
Q2 2019
% Change
% Change at constant
perimeter and
currency
BU Cars
157.8
542.8
(70.9)%
(71.3)%
BU Vans & Trucks
66.8
88.3
(24.3)%
(25.4)%
BU Low Cost
23.0
101.2
(77.3)%
(85.5)%
BU Urban Mobility
7.5
12.0
(37.3)%
(36.9)%
BU International Coverage
2.7
9.1
(70.2)%
(70.2)%
TOTAL REVENUE
257.9
753.4
(65.8)%
(68.5)%
In Q2 2020, Cars and Low Cost were the most severely impacted
BUs (Business Units) due to their exposure to the Leisure market
and for the Low Cost in particular, to airports and international
travel tourism (inbound tourism): revenue were down -71% to €158m
and -86% to €23m respectively for the 2 BUs. As borders were closed
in April and since then have only progressively re-opened, business
in the quarter was limited to domestic markets. Fox Rent A Car,
which serves value-for-money customers only at US airports,
recorded a -66% decline of its revenue.
The BU Vans & Trucks registered a better performance -
revenue down -25% to €67m - driven by large Corporates and SMEs as
well as demand for home delivery services. This validates the
Group’s successful strategy implemented in recent years to address
more Corporates with an enlarged range of flexible services.
Urban Mobility, a complement solution to public transportation
and micro mobility, recorded a -37% drop of its revenue to €7m. Yet
this performance hides disparities as the BU recorded revenue
growth of +18% in June for Car sharing, its main business,
following 2 months of activities shutdown. This performance was
driven by longer duration and increased pricing, reflecting the
appetite from customers for this urban flexible service
solution.
Revenue in H1 2020
On a reported basis, total revenue decreased by -38% to €815m in
H1 2020 and -43% at constant perimeter and exchange rates (i.e.
proforma basis) with rental days down -38.5%.
The Group recorded a -10% decline in proforma revenue in Q1 2020
and -69% in Q2 2020. While all segments were severely impacted by
the consequences of the Covid-19 pandemic, the Group recorded a
better resilience in domestic markets and Vans & Trucks.
All data in €m
H1 2020
H1 2019
% Change
% Change at constant
perimeter and
currency
BU Cars
523.6
952.8
(45.0)%
(46.0)%
BU Vans & Trucks
147.5
166.9
(11.6)%
(13.0)%
BU Low Cost
110.5
146.3
(24.5)%
(57.4)%
BU Urban Mobility
20.6
21.8
(5.6)%
(5.5)%
BU International Coverage
12.6
18.8
(32.8)%
(32.8)%
TOTAL REVENUE
814.8
1 306.5
(37.6)%
(43.4)%
2. From Margin after variable costs (MAVC)
to Corporate EBITDA in Q2 2020 and H1 2020
All data in €m
Q2 2020
Q2 2019
% Change
% Change at constant
perimeter and
currency
Total revenue
257.9
753.4
(65.8%)
(68.5%)
Average fleet size ('000)
252.2
326.6
(22.8%)
(27.8%)
Rental days volume (in Million)
9.4
22.9
(59.1%)
(61.7%)
Utilization rate
40.8%
77.1%
Fleet holding costs
(149.4)
(184.5)
19.0%
25.7%
Fleet operating and variable costs
(110.8)
(246.1)
55.0%
59.5%
Total fleet costs & variable costs
(260.2)
(430.6)
39.6%
45.2%
Margin after variable costs
(2)
323
In % of revenue
42.8%
Network
(70)
(139)
49.4%
48.1%
HQ Costs
(44)
(59)
25.2%
48.0%
Fleet financing costs
(28)
(29)
5.0%
18.7%
Adjusted Corporate EBITDA (IFRS 16)
(144)
96
In % of revenue
12.7%
IFRS 16 impact on premises and parking
(19.5)
(17.5)
IFRS 16 impact on the fleet cost & variable costs
(6.3)
(8.0)
Adjusted Corporate EBITDA excl. IFRS-16
(170.3)
70.0
Margin
9.3%
All data in €m
H1 2020
H1 2019
% Change
% Change at constant
perimeter and
currency
Total revenue
814.8
1 306.5
(37.6%)
(43.4%)
Average fleet size ('000)
269.7
295.5
(8.7%)
(15.2%)
Rental days volume (in Million)
26.7
40.4
(33.8%)
(38.5%)
Utilization rate
54.5%
75.5%
Fleet holding costs
(334.2)
(343.8)
2.8%
11.7%
Fleet operating and variable costs
(322.3)
(443.2)
27.3%
34.7%
Total fleet costs & variable costs
(656.5)
(787.0)
16.6%
24.7%
Margin after variable costs
158
519
-69.5%
-72.1%
In % of revenue
19.4%
39.8%
Network
(172)
(209)
17.7%
27.7%
HQ Costs
(137)
(172)
20.0%
26.3%
Fleet financing costs
(57)
(57)
-1.0%
13.7%
Adjusted Corporate EBITDA (IFRS 16)
(209)
82
In % of revenue
6.3%
IFRS 16 impact on premises and parking
(39.8)
(36.8)
IFRS 16 impact on the fleet cost & variable costs
(13.0)
(13.6)
Adjusted Corporate EBITDA excl. IFRS-16
(261.4)
31.5
Margin
2.4%
MAVC in Q2 2020 and H1
2020
Margin after variable costs fell to -€2m in Q2 2020 from €323m
in Q2 2019, as a direct consequence of the lockdowns and
confinement.
The Group has promptly reacted to the crisis by adjusting its
fleet to the reduced demand thanks to its flexible model of
buy-back programs and long-term relationships with OEMs. Yet the
adjustment takes few weeks to materialize. De-fleeting was also
constrained by logistics as lockdowns prevent from returning
physically vehicles to car manufacturers.
The Group reduced drastically its fleet by -37% YoY at the end
of June 2020 to 225,000 vehicles. Hence, fleet holding costs
decreased by -26% to €149m in Q2 2020. The other operating variable
costs - fleet operating, rental and revenue related costs &
variable costs - decreased much faster as they are more dependent
on revenue and fleet that is actually used: -60% to €111m. Overall,
total fleet costs and other operating variable costs were down
45%.
Margin after variable costs fell to €158m in H1 2020 from €519m
in H1 2019, as a direct consequence of the lockdowns and
confinement.
Adjusted Corporate EBITDA in Q2 2020
and H1 2020
Adjusted Corporate EBITDA came at -€209m in H1 2020 (€82m in H1
2019), including a loss of -€144m in Q2 2020 compared to €96m in Q2
2019.
The vigorous cost adaptation plan generated €370m cost savings
in H1 2020. Overall, it accounts for 42% of the objective planned
for the full year:
- A €280m cost reduction from all the measures and initiatives
launched to reduce the fleet
- A ~€90m reduction in semi-fixed and fixed costs through network
and HQs: 1) Network: 80% of employees were under partial
unemployment in all countries and up to 88% of stations were closed
or with limited hours, depending on countries; 2) HQ costs:
negotiation with headquarters landlords, minimum IT investment and
first benefits from the HQ 2020 program. The Group also used
partial unemployment in all countries and Top managers cut their
base compensation.
3. From Corporate EBITDA to Group net
income
Financial results: net financing costs not related to the
fleet decreased to -€57m in H1 2020 from -€74m in H1 2019, thanks
to the 2019 Corporate bond refinancing.
Non-recurring expenses amounted to -€20m in H1 2020, a
reduction from -€26m in H1 2019 as the Group has put on hold its
programs since the Covid-19 pandemic to preserve cash. They mainly
relate to the HQ 2020 program.
Net income: the Group posted a net loss of -€286m in H1
2020 compared to -€69m in the same period last year.
All data in €m
H1 2020
H1 2019
% Change
Adjusted Corporate EBITDA incl. IFRS 16
(208.6)
81.8
Margin
6.3%
Depreciation – excluding vehicle fleet
(77.1)
(73.3)
(5.1%)
Non-recurring income and expense
(20.4)
(26.0)
21.6%
Other financing income and expense not related to the fleet
(57.3)
(74.0)
22.6%
Profit/loss before tax
(363.4)
(91.5)
Income tax
77.2
22.8
Share of profit/(loss) of associates
-
(0.1)
Net profit/(loss) incl. IFRS 16
(286.2)
(68.9)
CORPORATE FREE CASH FLOW & CORPORATE NET DEBT IN H1
2020
1. Corporate Operating Cash Flow in H1
2020
Corporate Operating Cash Flow came in at -€296m in H1 2020.
This reflects Adjusted Corporate EBITDA of -€209m, non-fleet
capex of -€25m (-€41m in H1 2019), -€21m of non-recurring expenses,
€21m for the change in working capital, a negative -€14m change in
provisions, +€4m income tax and -€53m lease liability cash out
under IFRS 16 application on network, airport and HQ lease
contracts.
2. Corporate Net debt5 at June 30,
2020
Corporate net debt reached €1,251m as at June 30th, 2020 versus
€880m at December 31st, 2019. It includes €25m cash interest on
corporate net debt, €36m of fleet financing timing impact, €5m
investing activities and €20m of transaction costs, non-fleet
financing and forex costs.
____________________________
5 Excluding liabilities related to leases
Investor Calendar
Q3 2020 results 5 November 2020
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 Annual
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.
Further details on our website:
https://investors.europcar-group.com/results-center
www.europcar-mobility-group.com
Regulated information related to this press
release is available on the website
https://investors.europcar-group.com/
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Investor Relations Caroline
Cohen - caroline.cohen@europcar.com
Press Relations Valérie
Sauteret – valerie.sauteret@europcar.com Vincent Vevaud –
vincent.vevaud@europcar.com
Publicis Consultants Camille
Madec - camille.madec@publicisconsultants.com