arose immediately through all economic transactions undertaken as part of
the particular IPO.
Net profit/loss
In 2015, the actual Team posted a net loss regarding
EUR55.8 million, in comparison into a EUR111.7 million net loss throughout 2014. the goal here is to supply
a totally mobile-based turnkey customer experience within 2 years. 31, 2015
Dec. the
corresponding prospectus can end up being acquired about Luxembourg Stock Exchange
web site (http://www.bourse.lu/Accueil.jsp)
(b)
Based about the leverage ratio
(c) Swap instruments covering your
SARF composition happen to be extended to always be able to 2019
(d) UK fleet financing
maturing within 2017 with a two-year extension option
(e) Corresponds
towards the net book value of applicable vehicles, which is calculated on the
time frame associated with the purchas e value as well as depreciation rates of corresponding
vehicles (based about contracts together with manufacturers).
. 31, 2015
Because at Dec. This kind of significant boost can be
boosted through 5.9% in continuous exchange rate growth in vehicle rental
activities. This kind of trend will continue in 2016.
Furthermore, the actual Team continued to enhance client encounter and also
bolstered its presence in the new mobility remedies market. This indicator includes in particular all the
expenses related with just about all the fleet.
2015 Adjusted Corporate EBITDA surged in order to EUR250.6 million (up 15.6%
with constant exchange rate) compared in order to EUR212.8 million within 2014. 31, 2014
IN Stability Sheet
Substantial Yield EC Finance Notes (a)
5.125%
2021
350
350
Senior asset revolving facility (EUR1.1bn SARF) (c)
E+170bps
2019< br>
658
418
FCT Junior Notes, accrued interest, financing capitalized expenses and
other
142
132
UK, Australia as well as other fleet financing facilities
(d)
509
497
Gross financial fleet debt
one 659
one 396
cash located in fleet financing entities and also Short-term fleet
investments
-161
-113
Fleet net financial debt in Stability sheet
one 498
1 283
OFF BS
Financial Debt equivalent involving fleet operating leases - OFF Stability Sheet (e)
one 323
1 284
TOTAL FLEET NET DEBT (incl. op leases)
(B)
two 821
two 567
TOTAL NET DEBT
(A)+(B)
three 057
3 148
(a) These bonds are usually listed around the Luxembourg Stock Exchange. Our excellent 2015 results would end up being the
concrete translation of our buoyant enterprise trend and also underscore the actual
strength of our strategy enabling us to confirm our mid-term performance
commitments. Any commitment to customer
satisfaction drives the business as well as its 6,000 folks forward and also
provides the impetus regarding constant development of latest services. 31, 2014
ASSETS
Goodwill
457 072
449,389
Intangible assets
713 136
721,732
Property, plant as well as equipment
89 236
88,204
Equity-accounted investments
22 035
17,323
Additional 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 on the balance sheet
1 664 930
1,402,660
Rent al fleet as well as related receivables
574 652
530,098
Trade as well as other receivables
357 200
325,912
Present monetary assets
37 523
49,477
Present tax assets
33 441
33,347
Limited cash
97 366
81,795
Money and money equivalents
146 075
144,037
Total present assets
two 926 280
2,583,467
Total assets
4 320 551
3,946,444
Equity
Reveal 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 to the people which just love ECG
561 395
157,185
Non-controlling interests
962
950
Total equity
562 356
158,135
LIABILITIES
Monetary liabilities
801 183
1,043,069
Non-current financial 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
Additional non-current liabilities
306
365
Total non-current liabilities
1 129 174
1,351,240
Present part of monetary liabilities
1 263 783
1,127,545
Employee benefits
2 944
2,744
Present tax liabilities
24 511
34,560
Rental fleet related payables
662 722
581,957
Trade payables as well as other liabilities
424 974
449,866
Existi ng provisions
250 087
240,397
Total current liabilities
2629021
2,437,069
Total liabilities
three 758 195
3,788,309
Total equity as well as liabilities
4 320 551
3,946,444
Appendix six - IFRS cash Flow
in 1000s of EUR
Because from Dec.
Active inside more than 140 countries,Europcarserves customers through an
extensive vehicle rental network comprised involving its wholly-owned
subsidiaries too as sites operated simply by franchisees and also partners. any forward-looking
statement contained in this press release is created as with the date regarding this
press release. Excluding such non-recurring expenses, 2015 current
operating earnings amounted in order to EUR283.3 million, up 11.6% through EUR2 53.9
million inside 2014 as getting a results of sustained growth in revenues and in addition the
improved management regarding operating costs.
Net financing costs
Net financing costs under IFRSamounted
to a EUR227.6 million net expense inside 2015, compared to end up being able to EUR232.7 million net
expense throughout 2014, and also breaks down as follows throughout 2015:
Curiosity costs associated in order to borrowings taken out to fund the actual fleet
amounting in order to EUR65 million, down coming from EUR72.9 million within 2014 credited towards the
refinancing operated among mid 2014 and also mid 2015 despite a sharp
increase in the typical fleet.
Curiosity costs related along together with other borrowings, linked for the corporate
financial debt amounting to end up being able to EUR56.3 million, sharply down from EUR78.5 million throughout
2014 like a result of your corp orate credit card debt restructuring undertaken at the
end regarding the initial 1 / two of 2015 subsequent the successful IPO.
Non-recurring costs of EUR83 million relating towards the redemption associated with
active subordinated bonds (EUR56 million) and compose off of transaction
expenses about redeemed bonds (EUR26.9 million). This specific
increase translates operational leverage excellence, strict expense
management improvement as well as positive evolution of the fleet financing
costs. Throughout 2015, this primarily associated to IPO costs, the particular reshape
with the company's financial composition as well as the net impact involving particular
proceedings. Europcar's mobile
application has also been acknowledged very best vehicle rental App.
Europcar Lab's July 2015 acquisition regarding E-Car Club with every other using its
late 2014 acquisition associated with Ubeeqo enabl ed the actual Team to build in its
mobility offering along with straightforward turnkey remedies and furthermore to supply clients
any really distinctive service.
The new Client experience situation together with Jan Lning recruitment as
Director. As a genuine mobility
platform, this service ushers in a new urban mobility concept that's
freer, cheaper, a lot more practical and also simpler, less time-consuming and much more
environmentally friendly.
Customers' far better understanding of Europcar, services as well as goods standing out
credited to become able to innovation, any transparent, smooth consumer relations,
user-friendly processes and bespoke support are generally our watchwords that may
underlie your Group's customer strategy all through 2016.
Furthermore, the Team additionally plans to boost its direct to become able to manufacturer strategy
regarding tighten links with its clients and also improve their loyalty.
Europcar in addition plans to construct upon its leadership in the new mobility
solutions market. These initiatives allow the Team in order to
develop its client portfolio.
Expansion of the Group's worldwide footprint along with greater than 25 GSA,
thereby boosting Europcar's visibility and also benefitting from customers
originating from emerging markets. Europcar Groupe undertakes simply no obligation to be able to publicly
revise or update virtually any forward-looking statements within light of latest
details as well as future events.
Your outcomes andthe Group'sperformancemay even be affectedbyvarious
risks and uncertaintiesidentifiedin the "Risk factors"ofthe
Registration Document registered from the Autorit desmarchs financiers
(the"AMF")May 20, 2015under the actual number I.15-041 andits updatefiled
along with theAMF upon June 12, 2015 andalso accessible on the Group's website:www.europcar-group.com
Further details about our website:
finance.europcar-group.com
Appendix one - Management Revenue as well as Loss
Just About All information inside EURm
FY 2015
FY 2014
Variation
Total revenue
two 141,9
1 978,9
8,2%
Adjust 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 and also revenue associated 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%
Some Other income and also expense
14,2
6,9
105,8%
Personnel costs, network along with head office overhead, IT as well as other
-551,7
-510,6
8,0%
Net fleet financing expense
-65,5
-72,9
-10,2%
Estimated interest included within operating leases
-55,2
-53,6
3,0%
Fleet financing expenses, such as estimated curiosity included throughout
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%
other operating income and also expenses
-61,8
-115,7
-46,6%
Some Other financing earnings and expense not really related for the fleet
-162,1
-159,8
1,4%
Profit/loss prior to tax
-6,1
-94,5
-93,5%
Earnings tax
-37,6
-10,7
251,4%
Discuss involving profit/(loss) of associates
-12,1
-6,5
86,2%
Net profit/(loss)
-55,8
-111,7
-50,0%
Appendix two - IFRS Earnings statement
Inside thousands of EUR
As from Dec. Each many years were hit by net
non-recurring expenses totalling EUR61.8 million and EUR115.7 million
respectively. Within
supplement in order to theEuropcar brand, the company provides low-cost vehicle
rentals under the particular InterRent brand. Early 2016, the particular group stepped up a new gear when Ubeeqo
launched the initial rental automobile multi-modular reservation platform with regard to
consumers. Matcha ought for you to be deployed progressively inside
additional European capitals.
Coming From automobile rental in order to environment up the actual Europcar Lab - designed as a new possible
incubator associated with ideas to study new mobile goods as well as services, for the new
Ubeeqo platform, Europcar strives in order to provide long term multi-modular
solutions.
5 Basedon your current petrolprice.
***
about Europcar Group
Europcarshares (EUCAR) are generally detailed upon
the particular Euronext Paris stock exchange.Europcar will end up being the European leader throughout
vehicle rental service and it is furthermore a new major player within mobility markets. Within view
with the specific 2015 items, regarding information purposes, Europcar estimated
an adjusted net profit.
2015 Highlights
2015 was a main turning point inside the Group's history, using record
growth in every performance indicators alo ng with a productive IPO for you to mark the particular
success of the initial cycle of the Team transformation plan, Fast Lane. Such forward seeking statements aren't ensures
associated with long term performance as well as the announced objectives are subject to
inherent risks, uncertainties as well as assumptions with regards to Europcar Groupe along with
its subsidiaries as well as investments, styles in their business, future
richesse expenditures as well as acquisitions, developments throughout respect of
contingent liabilities, modifications in economic conditions globally or perhaps in
Europcar Groupe's principal markets, competitive circumstances within the
marketplace and also regulatory factors. This specific
significant improvement arose from your excellent evolution of the operational
performance as well as the significant lower with the financing cost. EUR2.567
million throughout De cember 31, 2014. EUR581 million as of December 31, 2014) as a outcome
of the total reshape of the capital composition following your IPO.
The Actual fleet credit card debt ended up being EUR2,821 million as of December 31, 2015 vs.
It represents the net earnings excluding exceptional objects (operational
and also financial), before associates, as well as adjusting monetary expenses
pro-forma for your full yr effect of the group financial structure
reshape.
3See "Reconciliation along with IFRS" attached hereto
4See "Reconciliation together with IFRS" attached hereto
Net debt
Corporate net debt decreases for you to EUR235 million as involving
December 31, 2015 (vs. The number of advanced discussions are generally underway regarding bolt in
acquisitions.
in this framework, confident inside its capacity to deliver its strategic
plan, the particular group could contemplate allocating monetary sources to some discuss
acquire back.
Ambition
Europcar will always roll out the next stage
of its transformation plan, Fast Lane, to be able to sustain an organic
profitable growth boosted by a dynamic external growth policy.
Growth will be supported simply by strengthening the Group's revenue strategy by
segment and strict cost management such as your improvement associated with its
network as well as the extension of its shared solutions centre logic.
Unique attention will also be compensated to enhancing your customer experience
based around the Group's digital transformation.
TheEuropcarLab was made to end up being able to reply for you to tomorrow's mobility
challenges by means of innovation and also strategic investments, like Ubeeqo
along with E -Car Club.
Forward-looking statements
This press release consists of
forward-looking statements depending on present beliefs and also anticipations
with regards to long term events. Inside the brand new mobility solutions market, Europcar
Lab has developed a strategic investment inside E-Car Club and we have continued
the actual roll-out associated with Ubeeqo within Europe. Specifically, Europcar continued to boost its fleet expenses for each
unit as well as its variable expenses boosted in order to efficiency gains with regard to some costs
while continuing in order to spend within the sales development, IT and also marketing as well as advertising
using a view to maintaining any sustainable growth.
Operating income
2015 operating earnings came in in EUR221.5
million, up via EUR138.2 million inside 2014. 31, 2015
As with Dec. We strive to become able to offer our customers lo ng term multi modal
options and this strategy can give rise in order to future suggestions and
developments for your Team throughout 2016 and beyond."
Inside EUR million, except if mentioned
FY 2015
FY 2014
Change
Alter at
constant
exchange
rate
Range regarding 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 in yr end
235
581
1 Observe "Reconciliation together with IFRS" attached hereto. EuropHall
posted 2014 revenues involving some EUR23 million.
Adjusted Corporate EBITDA3
Adjusted
Corporate EBITDA can be understood for you to be existing operating income before
depreciation along with amortization not necessarily associated towards the fleet, along with following
deduction of the eye expense about specific liabilities related in order to
rental fleet financing. 31, 2015
Since at Dec. We have got designed a significant advance
using our successful IPO. 31, 2014
IN balance Sheet
Substantial Yield Senior Notes refinanced within 2015
-
724
Higher Yield Senior Notes (a)
5.75%
2022
475
-
Senior Revolving Facility (EUR350m)
E+250bps (b)
2020
81
201
FCT Junior Notes, accrued fascinati on not really but due, capitalized
financing expenses and also other
-150
-150
Gross Corporate debt
406
774
Short-term Investments and Money in operating and also holding entities
-171
-193
CORPORATE NET DEBT
(A)
235
581
Throughout EURmillion
Pricing
Maturity
Dec. 31, 2014
Revenue
two 141 923
1,978,870
Fleet holding costs
(547 186)
(496,264)
Fleet operating, rental and revenue related costs
(726 990)
(686,279)
Personnel Costs
(347 388)
(318,153)
Network and also head workplace overhead costs
(218 475)
(199,339)
Depreciation, amortization and also impairment expense
(32 781)
(31,824)
other income
14 216
6,879
Present operating income
283 319
253,890
Goodwill impairment expense
other non-recurring income
-
Additional non-recurring expense
(61 774)
(115,729)
Operating income
221 545
138,161
Gross financing costs
(121 768)
(151,424)
Various Other monetary expenses
(117 780)
(90,650)
other monetary income
11 956
9,393
Net financing costs
(227 592)
(232,681)
Profit/loss prior to tax
(6 047)
(94,520)
income tax benefit/(expense)
(37 637)
(10,655)
share of profit/(loss)
regarding associates
(12 074)
(6,523)
Net profit/(loss) for that period
(55 758)
(111,698)
Attributable to:
Proprietors of ECG
(55 602)
(112,273)
Non-controlling interests
(156)
575
Fundamental earnings/(loss) for each share
attributable to become able to owners of ECG (in EUR)
(0,449)
(1.082)
Diluted earnings/(loss) per share
attributable in order to people that just love ECG (in EUR)
(0,449)
(1.082)
Appendix 3 - Reconciliation
Most data inside 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
-39 4,7
-355,6
Curiosity expense associated to become 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, depreciation and impairment expense
-32,8
-31,8
Reversal of Net fleet financing expenses
65,5
72,9
Reversal involving interest expense related to become able to fleet operating leases
(estimated)
55,2
53,6
Adjusted recurring operating income
338,5
307,4
interest expense associated to be able to fleet operating leases (estimated)
-55,2
-53,6
Recurring operating income
283,3
253,9
Appendix 4 - Adjusted Net income regarding 2015
Almost All data throughout EURm
2015
IFRS Net Loss
-56
Pro Forma about interest upon Corporate Substantial Yield bonds
26
Pro forma Transaction price amortization
7
Reversal of Corporate high Yield Bonds redemption premium
56
Reversal in the create off related along with Corporate Substantial Yield Bonds
reimbursment
27
Reversal of exceptional income / expenses (*)
56
Reversal associated with Reveal associated with profit/(loss) of associates
12
Estimated Pro Forma Net Income
128
(*) Reversal regarding exceptional earnings / expenses mainly corresponds
to:
Net negative impact involving a quantity of proceedings
costs related with just about all the IPO
Provision accrued in connection with tax audit
Appendix 5 - balance sheet
Throughout 1000s of EUR
Since with Dec.
This is shown by:
Acceleration in the sales strategy by simply segment, which in turn provides yielded
results notably thanks for you to improved analysis associated with Corporate client
requirements which led the company to fully reshape its SME and also Vans & Trucks
segments approach.
Any surge inside the Leisure segment underpinned through constantly upgrading
with the Group's distribution channels, strong development of the lower
expense brand, InterRent, within the corporate countries (75 operational
areas from end regarding 2015), as well as through franchisees (40 affiliated
countries at finish of 2015 up via 19 as with end of 2014) as well as the
productive launch involving Keddy. This boost reflects the higher fleet
volume to become able to sustain the expansion of the operation as well as the evolution in the
mix in the vehicles.
2016 guidance
In series with its dedication taken during the
IPO, Europcar plans the particular following objec tives:
- Organic growth involving
total revenues5 of 3 to 5%.
- Adjusted corporate EBITDA
over EUR275 million.
Furthermore, your Team confirms a new dividend payout ratio of no much less than 30%
involving annual net earnings beginning in 2017 in respect in the previous year
net income.
Your Team reiterates its strategic ambition by means of the actual roll from its
acquisition plan within orderto boost worth creation with regard to its
shareholders. Real results may vary materially through those projected or
implied during these forward-looking statements. We have got in addition consolidated our marketplace place
along with growth in all our corporate countries, whilst pursuing our
operational improvements. Your
following are usually a few important examples:
Enriched digital encounter through reshaping mobile apps as well as the Europcar
mobile web site to pr oduce them much more user friendly, while creating Team
web sites features like 24/7 stay chat. His task is to improve customer encounter thus concerning bolster
customer loyalty along with develop the Europcar customer portfolio.
Analysis involving 2015 results
Revenues
Total income recorded the 4.9%2 organic
growth in contrast for you to 2014, in order to EUR2.142 million. in both years, richesse boost associated with Car2Go and also Ubeeqo.
(2)
Richesse boost and refinancing completed in Could and also June 2015 in the
context associated with IPO.
Appendix 7 - Debt
Throughout EURmillion
Pricing
Maturity
Dec. in 2015, your payment in the acquisition regarding E-Car
Club. This specific "3 throughout 1" app launched throughout Paris along with London offers
customers the option associated with 3 transport options: an automobile pooling suppor t
(Matcha), a car together with driver/taxi or even rental cars. 31, 2015
Dec. Individuals events are uncertain; his or her outcome
might change from existing expectations which can subsequently affect announced
objectives. Note
the net loss in 2015 - a transition 12 months for that Team - is actually stated
right after non-recurring expenses including IPO expenses, the particular reshape in the
company's economic composition and the net impact regarding particular proceedings.
Adjusted net profit/loss
In take a peek at the specific 2015 objects
mentioned above, for information purposes, Europcar estimated that the
adjusted net profit4 amounted to always be able to approximately EUR128 million. 31, 2014
Profit/(loss) before tax
(6,047)
(94,520)
Reversal with the subsequent items
Depreciation and impairment cost on property, plant and also equipment
15,277
12,834
Amortization and also impairment charge upon intangible assets
17,893
36,183
Impairment cost about goodwill
Changes in provisions and employee benefits
999
46,865
Recognition associated with share-based payments
2,624
IPO costs
8,692
Profit/(loss) in disposal involving assets
(394)
(1,311)
Total net fascination costs
127,303
160,011
Redemption premium
56,010
17,063
Amortization regarding transaction costs
42,340
29,237
Amortization associated with bond issue premiums
1,415
Some Other non-cash items
1,465
16,258
Financing costs
227,118
223,984
Operating income prior to modifications in working c apital
266,162
224,035
Acquisition with the rental fleet recorded about the stability sheet
(232,851)
(91,466)
Changes throughout fleet operating capital
34,869
(74,025)
Changes in non-fleet operating capital
(57,243)
50,018
cash generated coming from operations
10,937
108,562
income taxes received/paid
(39,669)
(31,447)
Net interest paid
(137,334)
(166,798)
Net money generated coming from (used by) operations
(166,066)
(89,683)
Acquisition involving intangible assets and property, plant and equipment
(29,172)
(23,578)
Proceeds through disposal regarding intangible assets as well as property, plant and also
equipment
5,384
3,491
other investments and loans
(1,158)
Proceeds through disposal of economic assets
(7,563)
(9,614)
Acquisition regarding subsidiaries, net involving money acquired (1)
(23,872)
(45,778)
Net cash utilized by investing activities
(55,223)
(76,637)
Richesse improve (net associated with related expenses) (2)
448,203
-
Issuance of bonds(2)
471,623
350,000
Redemption associated with bonds(2)
(780,010)
(367,063)
change within additional borrowings
123,310
139,699
Payment regarding transaction costs
(19,820)
(17,336)
Swap money payment
-
(2,000)
Net money generated via (used by) financing activities
243,306
103,300
Money and cash equivalent in starting associated with period
206,317
267,038
Net increase/(decrease) within cash and money equivalents right after impact involving
foreign exchange differences
22,018
(63,020)
effect regarding foreign exchange differences
1,033
2,299
cash and funds equivalents at finish involving period
229,368
206,317
(1) Regarding which, in 2014, the actual acquisition value net associated with money acquired of
Ubeeqo along with Europhall. This growth ended up being evenly spread amongst almost all corporate countries along with
had been driven in balanced manner by:
The Actual Corporate segment, with volume increases, specifically throughout SMEs
segment along with Vehicle Replacement activities.
the Leisure segment, using sustained demand across just about all distribution
chan nels, accelerated expansion with the InterRent brand as well as the
productive launch regarding the new Keddy product.
Nominal revenue per rental day edged down reflecting any adjust inside the
mix, both as to consumer segments (Leisure versus business and also
Vans) as well as group manufacturers (Europcar and InterRent) as well as an boost in the
typical rental duration. The Particular nominal reduction because of to mix results had simply no
influence on Team earnings.
2 In continuous exchange rates excluding EuropHall, the French
franchisee acquired throughout Q4 2014 consolidated over a pair of months. This kind of boost additionally reflects achievement throughout sales initiatives
launched beneath the actual Fast Lane transformation plan.
The Particular number of rental times jumped to always be able to 57.1 million inside 2015, up 8.1% over
2014.
SAINT-QUENTIN-EN-YVELINES, France--(B USINESS WIRE)--Regulatory News:
Note: this press launch includes audited consolidated results beneath
IFRS, as approved from the management board and reviewed from the
supervisory board about February 24, 2016.
Europcar (Paris:EUCAR) these days announced its 2015 results.
Philippe Germond, Chairman in the management board, said:
"2015
had been an essential 12 months for Europcar
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