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09.05.2016 18:14:00
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Europcar Group announces a sound performance for its 2016 First Quarter Results
Regulatory News:
Philippe Germond, Chairman of the Management Board of Europcar Groupe (Paris:EUCAR) commented:
"Europcar has achieved sound performance over this first quarter. We keep up the deployment of the second phase of our transformation program, Fast Lane, focusing on commercial initiatives and on our customer journey. Our low cost brand, InterRent, recorded very good results over the quarter with a growth of 90%2 of the rental revenue, especially in our Southern European countries, strengthening our ambition on this growing market. Furthermore, we have reached a new step in our customer strategy with the choice of a CRM solution aiming at offering a high quality mobility experience in order to create brand preference. The recent signing of partnerships with Air Caraïbes and Gulf Air’s FalconFlyer Loyalty Program, allow the Group to develop its customer portfolio while enhancing its brand awareness. All these initiatives reflect our investments for future growth and make us very confident on the delivering of our 2016 guidance. Finally, I would like to highlight again our strong commitment to create more value for our shareholders through acquisitions and the development of new mobility services."
| In € million, except if mentioned | Q1 2016 | Q1 2015 | Change | Change at constant exchange rate | ||||
| Number of rental days (millions) | 11.8 | 11.4 | 3.5% | Na | ||||
| Average fleet (thousands) | 177.3 | 172.4 | 2.9% | Na | ||||
| Revenues | 418 | 414 | 0.9% |
2.3%3 |
||||
| Adjusted Corporate EBITDA | -4.7 | -3.7 | -28.2% | -21.3% | ||||
| Adjusted Corporate EBITDA margin | -1.1% | -0.9% | ||||||
| Last Twelve Months Adjusted Corporate EBITDA | 250 | 219 | 13.8% | |||||
| Last Twelve Months Adjusted Corporate EBITDA Margin | 11.6% | 10.9% | ||||||
| Operating income | 7 | -29 | ||||||
| Net profit/loss | -20 | -69 | ||||||
| Corporate net debt at the end of the period | 247 |
1 Constant Currency
2 Constant Currency
3
Without petrol impact, total revenues would have evolved of 2.8%
at constant exchange rate.
Revenues
Total revenue amounted to €418 million compared to €414 million in Q1 2015, representing an increase of +2.3% at constant currency. Without petrol impact, total revenues would have evolved of 2.8% at constant exchange rate. This is the 8th quarter in a row of growth for the Group. This increase is driven by a +3% at constant exchange rate growth in vehicle rental activities. This trend reflects the success of the sales initiatives launched within the Fast Lane transformation program. The leisure segment showed a positive evolution over Q1 on both Europcar® and InterRent® brands, while the corporate segment was boosted by the SME program.
Rental days volume increased by 3.5% compared to Q1 2015, at 11.8 million with a good increase notably in the Southern countries and in Australia and New Zealand. Compared to the first quarter 2015, the trend was less favourable on the corporate side, notably in Belgium due to the terrorist attacks and in the United Kingdom, in particular for the car replacement activities.
InterRent brand Revenue Per Day is growing at +6.9% at constant currency, while Europcar brand RPD is up by +0.7%, thanks to balanced volume growth and ancillary sales. On a consolidated basis, Revenue Per Day (RPD) is almost flat at -0.4% at constant currency, reflecting mainly the mix evolution of the 2 brands.
Adjusted Corporate EBITDA
Adjusted Corporate EBITDA reached at - €4.7 million versus - €3.7 million in Q1 2015, in a quarter which is traditionally a small one for Europcar business. Adjusted corporate EBITDA in Q1 2016 reflects the continuing increase in revenues, the well managed fixed and variable cost bases, and the decrease in fleet financing interest expenses following past 2 years refinancing initiatives. In addition, as part its strategy, the Group pursued its investments to sustain future growth, notably with the deployment of InterRent brand and network, investments in CRM, IT and Europcar Lab, the new mobility services incubator.
Operating income
Operating income came in at €7 million, compared to - €29 million in Q1 2015.
Last year quarter included non-recurring items which were notably the net negative impact of certain proceedings and reorganization charges linked to Fast Lane transformation plan roll out.
Net Profit/Loss
Net profit/loss presented a loss of €20 million in the first quarter of 2016, compared to a loss of €69 million in the first quarter of 2015. This improvement reflects notably the benefit of the reshape of the capital structure following the IPO at the end of Q2 2015. In addition, 2015 first quarter was impacted by non-recurring items.
Corporate Net Debt
Corporate net debt amounted to €247 million as of March 31, 2016 (vs. €235 million as of December 31, 2015). The corporate net debt leverage at 1x4 provides the Group with the headroom to roll out its ambitious acquisition plan in order to increase value creation for its shareholders.
4 1x Adjusted Corporate EBITDA
About Europcar Group
Europcar shares (EUCAR) are listed on the Euronext Paris stock exchange. Europcar is the European leader in vehicle rental service and is also a major player in mobility markets. Active in more than 140 countries, Europcar serves customers through an extensive vehicle rental network comprised of its wholly-owned subsidiaries as well as sites operated by franchisees and partners. In addition to the Europcar® brand, the company offers low-cost vehicle rentals under the InterRent® brand. A commitment to customer satisfaction drives the company and its 6,000 people forward and provides the impetus for continuous development of new services. The Europcar Lab was created to respond to tomorrow’s mobility challenges through innovation and strategic investments, such as Ubeeqo and E-Car Club.
Forward-looking statements
This press release includes forward-looking statements based on current beliefs and expectations about future events. Such forward looking statements are not guarantees of future performance and the announced objectives are subject to inherent risks, uncertainties and assumptions about Europcar Groupe and its subsidiaries and investments, trends in their business, future capital expenditures and acquisitions, developments in respect of contingent liabilities, changes in economic conditions globally or in Europcar Groupe’s principal markets, competitive conditions in the market and regulatory factors. Those events are uncertain; their outcome may differ from current expectations which may in turn affect announced objectives. Actual results may differ materially from those projected or implied in these forward-looking statements. Any forward-looking statement contained in this press release is made as of the date of this press release. Europcar Groupe undertakes no obligation to publicly revise or update any forward-looking statements in light of new information or future events.
The results and the Group's performance may also be affected by various risks and uncertainties identified in the "Risk factors" of the Registration Document registered by the Autorité des marchés financiers (the "AMF") May 20, 2015 under the number I.15-041 and its update filed with the AMF on June 12, 2015 and also available on the Group's website: www.europcar-group.com
Further details on our website: finance.europcar-group.com
Appendix 1 – Management Profit and Loss
| All data in €m | Q1 2016 | Q1 2015 | ||
| Total revenue | 417.6 | 413.7 | ||
| Fleet holding costs, excluding estimated interest included in operating leases | -104.9 | -106.0 | ||
| Fleet operating, rental and revenue related costs | -155.3 | -151.1 | ||
| Personnel costs | -83.2 | -80.9 | ||
| Network and head office overhead | -53.5 | -53.3 | ||
| Other income and expense | -0.1 | 0.7 | ||
| Personnel costs, network and head office overhead, IT and other | -136.7 | -133.5 | ||
| Net fleet financing expense | -14.7 | -15.3 | ||
| Estimated interest included in operating leases | -10.6 | -11.6 | ||
| Fleet financing expenses, including estimated interest included in operating leases | -25.3 | -26.9 | ||
| Adjusted Corporate EBITDA | -4.7 | -3.7 | ||
| Margin | -1.1% | -0.9% | ||
| Depreciation – excluding vehicle fleet | -8.2 | -8.0 | ||
| Other operating income and expenses | 4.7 | -32.7 | ||
| Other financing income and expense not related to the fleet | -12.6 | -28.2 | ||
| Profit/loss before tax | -20.8 | -72.5 | ||
| Income tax | 3.7 | 5.0 | ||
| Share of profit/(loss) of associates | -3.0 | -1.9 | ||
| Net profit/(loss) | -20.1 | -69.5 |
Appendix 2 – IFRS Income statement
| In € thousands | First-quarter 2016 | First-quarter 2015 | ||
| Revenue | 417,554 | 413,726 | ||
| Fleet holding costs | (115,450) | (117,551) | ||
| Fleet operating, rental and revenue related costs | (155,336) |
(151,091) |
||
| Personnel costs | (83,172) | (80,932) | ||
| Network and head office overhead costs | (53,458) | (53,258) | ||
| Depreciation, amortization and impairment expense | (8,207) | (8,017) | ||
| Other income | (140) | 674 | ||
| Recurring operating income | 1,791 | 3,551 | ||
| Goodwill impairment expense | - | - | ||
| Other non-recurring income | 9,149 | 24,600 | ||
| Other non-recurring expense | (4,411) | (57,268) | ||
| Operating income | 6,529 | (29,117) | ||
| Gross financing costs | (21,849) | (34,547) | ||
| Other financial expenses | (5,865) | (13,530) | ||
| Other financial income | 413 | 4,631 | ||
| Net financing costs | (27,301) | (43,446) | ||
| Profit/(loss) before tax | (20,772) | (72,563) | ||
| Income tax benefit/(expense) | 3,651 | 5,044 | ||
|
Share of profit/(loss) in companies
accounted for under the equity method |
(3,016) | (1,937) | ||
| Net profit/(loss) for the period | (20,137) | (69,456) | ||
| Attributable to: | ||||
| Owners of ECG | (19,972) | (69,454) | ||
| Non-controlling interests | (165) | (2) | ||
|
Basic loss per share
attributable to owners of ECG (in €) |
(0,139) |
(0.669) | ||
|
Diluted loss per share
attributable to owners of ECG (in €) |
(0,139) |
(0.669) |
Appendix 3 – Reconciliation
| All data in €m | Q1 2016 | Q1 2015 | ||
| Adjusted Consolidated EBITDA | 103.3 | 107.4 | ||
| Fleet depreciation IFRS | -41.2 | -40.9 | ||
| Fleet depreciation included in operating lease rents | -41.5 | -43.4 | ||
| Total Fleet depreciation | -82.7 | -84.3 | ||
| Interest expense related to fleet operating leases (estimated) | -10.6 | -11.6 | ||
| Net fleet financing expenses | -14.7 | -15.3 | ||
| Total Fleet financing | -25.3 | -26.9 | ||
| Adjusted Corporate EBITDA | -4.7 | -3.7 | ||
| Amortization, depreciation and impairment expense | -8.2 | -8.0 | ||
| Reversal of Net fleet financing expenses | 14.7 | 15.3 | ||
| Reversal of Interest expense related to fleet operating leases (estimated) | 10.6 | 11.6 | ||
| Adjusted recurring operating income | 12.4 | 15.1 | ||
| Interest expense related to fleet operating leases (estimated) | -10.6 | -11.6 | ||
| Recurring operating income | 1.8 | 3.5 |
Appendix 4 – Balance sheet
| In € thousands | Au 31 Mars 2016 | As at Dec. 31, 2015 | ||
| Assets | ||||
| Goodwill | 452,782 | 457,072 | ||
| Intangible assets | 714,200 | 713,136 | ||
| Property, plant and equipment | 84,306 | 89,236 | ||
| Equity-accounted investments | 19,019 | 22,035 | ||
| Other non-current financial assets | 54,239 | 57,062 | ||
| Deferred tax assets | 61,141 | 55,730 | ||
| Total non-current assets | 1,385,687 | 1,394,271 | ||
| Inventories | 14,807 | 15,092 | ||
| Rental fleet recorded on the balance sheet | 1,670,642 | 1,664,930 | ||
| Rental fleet and related receivables | 619,283 | 574,652 | ||
| Trade and other receivables | 349,482 | 357,200 | ||
| Current financial assets | 39,681 | 37,523 | ||
| Current tax assets | 37,689 | 33,441 | ||
| Restricted cash | 80,834 | 97,366 | ||
| Cash and cash equivalents | 134,329 | 146,075 | ||
| Total current assets | 2,947,047 | 2,926,280 | ||
| Total assets | 4,332,734 | 4,320,551 | ||
| Equity | ||||
| Share capital | 143,326 | 143,155 | ||
| Share premium | 767,231 | 767,402 | ||
| Reserves | (96,835) | (74,341) | ||
| Retained earnings (losses) | (300,139) | (274,821) | ||
| Total equity attributable to the owners of ECG | 513,583 | 561,395 | ||
| Non-controlling interests | 760 | 962 | ||
| Total equity | 514,342 | 562,356 | ||
| Liabilities | ||||
| Financial liabilities | 803,327 | 801,183 | ||
| Non-current financial instruments | 61,484 | 52,090 | ||
| Employee benefit liabilities | 128,043 | 119,295 | ||
| Non-current provisions | 24,225 | 25,168 | ||
| Deferred tax liabilities | 130,153 | 131,132 | ||
| Other non-current liabilities | 291 | 306 | ||
| Total non-current liabilities | 1,147,523 | 1,129,174 | ||
| Current portion of financial liabilities | 1,132,929 | 1,263,783 | ||
| Employee benefits | 2,944 | 2,944 | ||
| Current tax liabilities | 26,040 | 24,511 | ||
| Rental fleet related payables | 834,830 | 662,722 | ||
| Trade payables and other liabilities | 448,721 | 424,974 | ||
| Current provisions | 225,430 | 250,087 | ||
| Total current liabilities | 2,670,894 | 2,629,021 | ||
| Total liabilities | 3,818,417 | 3,758,195 | ||
| Total equity and liabilities | 4,332,734 | 4,320,551 |
Appendix 5 – IFRS Cash Flow
| In € thousands | First-quarter 2016 | Full-year 2015 | First-quarter 2015 | |||
| Profit/(loss) before tax | (20,772) | (6,047) | (72,563) | |||
| Depreciation and impairment charge on property, plant and equipment | 3,736 | 15,277 | 3,430 | |||
| Amortization and impairment charge on intangible assets | 4,357 | 17,893 | 4,530 | |||
| Impairment charge on goodwill | ||||||
| Changes in provisions and employee benefits | (20,473) | 999 | 14,079 | |||
|
Recognition of share-based payments
Costs related to the IPO |
1,225 |
2,624
8,692 |
||||
| Profit/(loss) on disposal of assets | 146 | (394) | (16) | |||
| Total net interest costs | 23,263 | 127,303 | 37,008 | |||
| Redemption premium | 56,010 | 56,010 | ||||
| Amortization of transaction costs | 42,340 | 42,340 | ||||
| Amortization of bond issue premiums | ||||||
| Other non-cash items | 1,465 | 3,348 | ||||
| Financing costs | 23,263 | 227,118 | 45,271 | |||
| Net cash from operation before changes in working capital | (8,518) | 266,162 | (5,269) | |||
| Changes to the rental fleet recorded on the balance sheet | (46,047) | (232,851) | (123,015) | |||
| Changes in fleet working capital | 130,219 | 34,869 | 244,213 | |||
| Changes in non-fleet working capital | 30,040 | (57,243) | 1,014 | |||
| Cash generated from operations | 114,212 | 10,937 | 122,212 | |||
| Income taxes received/paid | (1,426) | (39,669) | (5,365) | |||
| Net interest paid | (19,604) | (137,334) | (20,266) | |||
| Net cash generated from (used by) operating activities | 84,664 | (166,066) | 91,312 | |||
| Other investments and loans | 38 | (107) | ||||
| Acquisition of intangible assets and property, plant and equipment | (6,558) | (29,172) | (8,161) | |||
| Proceeds from disposal of intangible assets and property, plant and equipment | 592 | 5,384 | 2,727 | |||
| Acquisition/disposal of financial assets | 259 | (7,563) | ||||
| Acquisition of subsidiaries, net of cash acquired | (23,872) | |||||
| Disposal of subsidiaries, net of cash sold | - | |||||
| Dividends received from associates | - | |||||
| Net cash used by investing activities | (5,669) | (55,223) | (5,541) | |||
| Capital increase (net of related expenses) | 448,203 | |||||
| Issuance of bonds | 471,623 | |||||
| Redemption of bonds | (780,010) | |||||
| Change in other borrowings | (108,580) | 123,310 | (73,527) | |||
| Payment of transaction costs | (19,820) | |||||
| Net cash generated from (used by) financing activities | (108,580) | 243,306 | (73,527) | |||
| Cash and cash equivalent at beginning of period | 229,368 | 206,317 | 206,317 | |||
| Net increase/(decrease) in cash and cash equivalents after effect of foreign exchange differences | (29,585) | 22,018 | 12,244 | |||
| Effect of foreign exchange differences | (415) | 1,033 | 2,256 | |||
| Cash and cash equivalents at end of period | 199,368 | 229,368 | 220,817 |
Appendix 6 - Debt
| €million | Pricing | Maturity | March 31, 2016 | Dec. 31, 2015 | ||||||
| High Yield Senior Notes (a) | 5.75% | 2022 | 475 | 475 | ||||||
| Senior Revolving Facility (€350m) | E+250bps (b) | 2020 | 120 | 81 | ||||||
| FCT Junior Notes, accrued interest not yet due, capitalized financing costs and other | -163 | -150 | ||||||||
| Gross Corporate debt | 432 | 406 | ||||||||
| Short-term Investments and Cash in operating and holding entities | -185 | -171 | ||||||||
| CORPORATE NET DEBT | (A) | 247 | 235 | |||||||
| €million | Pricing | Maturity | March 31, 2016 | Dec. 31, 2015 | ||||||
| IN Balance Sheet | High Yield EC Finance Notes (a) | 5.125% | 2021 | 350 | 350 | |||||
| Senior asset revolving facility (€1.1bn SARF) (c) | E+170bps | 2019 | 584 | 658 | ||||||
| FCT Junior Notes, accrued interest, financing capitalized costs and other | 161 | 142 | ||||||||
| UK, Australia and other fleet financing facilities | (d) | 409 | 509 | |||||||
| Gross financial fleet debt | 1,504 | 1,659 | ||||||||
| Cash held in fleet financing entities and Short-term fleet investments | -118 | -161 | ||||||||
| Fleet net debt in Balance sheet | 1,386 | 1,498 | ||||||||
| OFF BS | Debt equivalent of fleet operating leases - OFF Balance Sheet (e) | 1,389 | 1,323 | |||||||
| TOTAL FLEET NET DEBT (incl. op leases) | (B) | 2,775 | 2,821 | |||||||
| TOTAL NET DEBT | (A)+(B) | 3,022 | 3,057 | |||||||
(a) These bonds are listed on the Luxembourg Stock Exchange. The
corresponding prospectus is available on Luxembourg Stock Exchange
website (http://www.bourse.lu/Accueil.jsp)
(b)
Depending on the leverage ratio
(c) Swap instruments covering the
SARF structure have been extended to 2019
(d) UK fleet financing
maturing in 2017 with a two-year extension option
(e) Corresponds
to the net book value of applicable vehicles, which is calculated on the
basis of the purchase price and depreciation rates of corresponding
vehicles (based on contracts with manufacturers).
View source version on businesswire.com: http://www.businesswire.com/news/home/20160509006193/en/
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