leader within vehicle rental service and will be also in addition the main player within mobility
markets. 31,
2016
Substantial Yield Senior Notes (a)
5.75%
2022
600
600
Senior Revolving Facility (EUR350m)
E+250bps (b)
2020
20
13
FCT Junior Notes, accrued fascination certainly not but due, capitalized
financing
expenses and other
(150)
(203)
Gross Corporate debt
470
410
Short-term Investments and also Money in operating and holding entities
(235)
(189)
CORPORATE NET DEBT
(A)
235
220
EURmillion
Pricing
Maturity
March
31, 2017
March
31, 2017
IN
Balance
Sheet
high Yield EC Finance Notes (a)
5.125%
2021
350
350
Senior asset revolving facility (EUR1.3 bn SARF) (c)
E+150bps
2020
541
693
FCT Junior Notes, accrued interest, financing capitalized costs
and
other
155
200
UK, Australia along using other fleet financing facilities
A Variety Of (d)
532
491
Gross monetary fleet debt
1,578
1,734
Money located in fleet financing entities and Short-term fleet
investments
103
(150)
Fleet net credit card debt within Stability sheet
1,475
1,584
OFF
BS
debt equivalent associated with fleet operating leases - OFF Stability Sheet (e)
1,539
1,461
TOTAL FLEET NET DEBT (incl. Their Own
change via time period to end up being able to period is actually therefore just like operating flows
generated through the activity.
(3)
Your improve involving tax cash-out in Q1 2017 versus Q1 2016 is born to become able to
prior year's regularizations throughout Q1 2016 in UK and Spain.
(4)
Mainly related for you to IT expense capitalized.
(5)
Involving which (EUR7 million) associated with Ubeeqo minority's stake acquisition, EUR5.2
million Euroguard investment.
(6)
Money improve reserved with regard to employees with the Organization along with
subsidiaries (ESOP).
(7)
Associated to Senior notes reimbursement.
(8)
in 2017, credited towards the adjust associated with Ubeeqo consolidation technique through
equity method to complete consolidation
Appendix 6 - Debt
EURmillion
Pricing
Maturity
March
31, 2017
Dec. Right After the acquisition of its
Irish franchisee in December 2016, the actual Team accelerates the actual extension
of its corpor ate network coming from 10 for you to 11 countries along with strengthens its car
rental as well as Vans & Trucks footprint.
Europcar Denmark is the marketplace leader along with circa 30% business within
Denmark. Active throughout greater than 130 countries and territories, including
eight subsidiaries in Europe and 2 throughout Australia and also New Zealand,
Europcar serves consumers by means of an extensive vehicle rental network
comprised involving its wholly-owned subsidiaries too as sites operated by simply
franchisees as well as partners. Consumer fulfillment reaches the center involving
the group's mission and almost all sorts of of its employees, this dedication fuels the actual
steady development of recent services. This specific development in rental times ended up being spread across all the crucial
divisions with cars growing 6.8%, Vans & Trucks expanding 9.7% as well as
InterRent de veloping 51%. In another hand, Income for each rental day
decreased by 3.6% at group level, mostly impacted by (1) a 4.8% decline
inside the Vans & Trucks business unit reflecting any strategic give attention to
extending utilization and rental durations, and also (2) the 2.3% decline in
the Cars enterprise unit like a result of the lower pricing environment linked
towards the strategy in Q1 17 versus Q1 16 that included Easter week-end.
Adjusted Corporate EBITDA1
Q1 2017 Adjusted Corporate EBITDA declined simply by EUR1.5m for you to -EUR6.2
million compared in order to -EUR4.7 million throughout Q1 2016. Paris moment (CET).
A Person could comply with this conference call are living through webcast.
Any replay will even be accessible for any period regarding time of 1 year. The Particular
corresponding prospectus can always be acquired on Luxembourg Stock Exchange
web site (http://www.bourse .lu/Accueil.jsp)
(b)
Depending around the leverage ratio
(c)
Swap instruments covering the SARF structure happen to be extended for you to
2020
(d)
UK fleet financing maturing throughout 2018 along with 1 12 months extension option
(e)
Corresponds for the net e-book worth of applicable vehicles, that is
calculated on the time frame associated with purchasing cost and depreciation rates
of corresponding vehicles (based in contracts with manufacturers).
. in 2016, Europcar Denmark
generated revenues of 60 million euros.
Europcar Denmark's specific strengths consist of its vastly experienced
management team and furthermore the strong relationships it's developed in the
entertainment & film/music production and also construction industries which in turn
today represent a substantial a portion of the actual business.
Conference Contact with Analysts and Inv estors
Caroline Parot, Chief Executive Officer and Jean-Claude Poupard, Chief
Monetary Officer, will host any conference call in English nowadays at two
p.m. This indicator
includes specifically all the expenses related using the fleet. Our revenue growth of 6.6% is actually
driven by a strong momentum across most of our own 3 main company
units. We get continued to provide significant improvements inside both
fleet costs for each unit down 3.4% YoY and also fleet utilisation which is up 140
bps YoY at the group level. Observe
"Reconciliation with IFRS" attached.
Appendix 1 - Management Gain as well as Loss
Just About All information inside EURm
Q1 2017
Q1 2016
Total revenue
439.3
417.6
Fleet holding costs, excluding estimated interest included within
oper ating leases
(106.8)
(104.9)
Fleet operating, rental and also revenue associated costs
(166.3)
(155.3)
Personnel costs
(90.5)
(83.2)
Network and also head office overhead
(58.7)
(53.5)
Some Other earnings along with expense
0.5
(0.1)
Personnel costs, network along with head office overhead, IT along with other
(148.7)
(136.7)
Net fleet financing expense
(13.7)
(14.7)
Estimated curiosity included inside operating leases
(9.9)
(10.6)
Fleet financing expenses, including estimated fascination included
in
operating leases
(23.6)
(25.3)
Adjusted Corporate EBITDA
(6.2)
(4.7)
Margin
-1.4%
-1.1%
Depreciation - excluding vehicle fleet
(6.6)
(8.2)
Some Other operating earnings and expenses
39.9
4.7
Some Other f inancing earnings as well as expense not related for the fleet
(15.5)
(12.6)
Profit/loss before tax
11.6
(20.8)
income tax
10.0
3.7
share of profit/(loss) involving associates
(3.0)
(3.0)
Net profit/(loss)
18.6
(20.1)
Appendix 2 - IFRS income statement
Inside EUR thousands
First-quarter
2017
First-quarter
2016
Revenue
439,291
417,554
Fleet holding costs
(116,703)
(115,450)
Fleet operating, rental and revenue related costs
(166,335)
(155,336)
Personnel costs
(90,537)
(83,172)
Network as well as head workplace overhead costs
(58,675)
(53,458)
Depreciation, amortization along with impairment expen se
(6,595)
(8,207)
Additional income
466
(140)
Existing operating income
912
1,791
Various Other non-recurring income
45,000
9,149
other non-recurring expense
(5,136)
(4,411)
Operating income
40,776
6,529
Gross financing costs
(22,415)
(21,849)
Additional monetary expenses
(7,324)
(5,865)
Additional financial income
592
413
Net financing costs
(29,147)
(27,301)
Profit/loss before tax
11,629
(20,772)
Earnings tax benefit/(expense)
9,966
3,651
Associate
(3,037)
(3,016)
Net profit/(loss) for the period
18,558
(20,137)
Attributable to:
owners regarding ECG
18,609
(19,972)
Non-controlling interests
(51)
(165)
Simple earnings per talk about attributable in order to those who own ECG (in EUR)
0.129
(0.139)
Earnings per reveal attributable to always be able to owners of ECG (in EUR)
0.129
(0.139)
Appendix 3 - Reconciliation
Most data within EURm
Q1 2017
Q1 2016
Adjusted Consolidated EBITDA
100.2
103.3
Fleet depreciation IFRS
(39.2)
(41.2)
Fleet depreciation included inside operating lease rents
(43.6)
(41.5)
Total Fleet depreciation
(82.8)
(82.7)
Fascinatio n expense associated to be able to fleet operating leases (estimated)
(9.9)
(10.6)
Net fleet financing expenses
(13.7)
(14.7)
Total Fleet financing
(23.6)
(25.3)
Adjusted Corporate EBITDA
(6.2)
(4.7)
Amortization, depreciation along with impairment expense
(6.6)
(8.2)
Reversal associated with Net fleet financing expenses
13.7
14.7
Reversal involving Fascination expense associated in order to fleet operating leases
(estimated)
9.9
10.6
Adjusted recurring operating income
10.8
12.4
interest expense related to be able to fleet operating leases (estimated)
(9.9)
(10.6)
Recurring operating income
0.9
1.8
Appendix 4 - Stability sheet
Within EUR thousands
While at March
31, 2017
Because at
December 31,
2016
ASSETS
Goodwill
515,586
459,496
Intangible assets
727,169
715,209
Property, plant as well as equipment
89,493
84,102
Equity-accounted investments
-
14,083
other non-current financial assets
49,491
67,820
financial instruments non-current
1,350
-
Deferred tax assets
58,350
58,743
Total non-current assets
1,441,439
1,399,453
Inventories
17,712
16,843
Rental fleet recorded on the balance sheet
1,761,685
1,640,251
Rental fleet and related receivables
761,424
720,623
Trade along with other receivables
344,196
365,200
Existing financial assets
44,066
77,003
current tax assets
68,694
35,585
Limited cash
92,911
105,229
Money and money equivalents
168,744
154,577
Total current assets
3,259,432
3,115,311
Total assets
4,700,871
4,514,764
Equity
Discuss capital
146,132
143,409
Discuss premium
666,579
647,514
Reserves
(99,901)
(111,681)
Retained earnings (losses)
(25,218)
(48,706)
Total equity attributable for the people whom just love ECG
687,592
630,536
Non-controlling interests
922
< br>
730
Total equity
688,514
631,266
LIABILITIES
Economic liabilities
971,030
953,240
Non-current financial instruments
45,241
56,216
Employee advantage liabilities
136,245
139,897
Non-current provisions
17,759
18,640
Deferred tax liabilities
109,458
107,848
Additional non-current liabilities
231
246
Total non-current liabilities
1,279,964
1,276,087
Present part of financial liabilities
1,079,423
1,224,442
Employee benefits
3,247
3,247
Existing tax liabilities
57,347
39,227
Rental fleet associated payables
964,505
679,678
Trade payables as well as other liabilities
459,678
440,065
current provisions
168,193
220,752
Total present liabilities
2,732,393
2,607,411
Total liabilities
4,012,357
3,883,498
Total equity and liabilities
4,700,871
4,514,764
Appendix 5 - IFRS cash Flow
Inside EUR thousands
First-quarter
2017
First-quarter
2016
Profit/(loss) before tax
11,629
(20,772)
Reversal in the subsequent items
Depreciation as well as impairment cost upon property, plant and
equipment
3,834
3,736
Amortization as well as im pairment charge about intangible assets
2,762
4,357
Changes throughout provisions along with employee benefits
(55,590)
(22,397)
Recognition associated with share-based payments
(192)
1,225
Expenses associated to the IPO
-
146
Profit/(loss) on disposal of assets
(30)
-
Total net fascination costs
24,321
23,263
Redemption premium
1,924
Amortization regarding transaction costs
1,806
-
Additional non-cash items
1,996
-
Financing costs
28,123
25,192
Net cash via operation before changes in working capital
(9,464)
(8,513)
Changes to the rental fleet recorded on the stability sheet
(63,040)
(46,047)
Changes in flee t working capital
238,980
130,219
Changes in non-fleet operating capital
14,952
30,040
Money generated coming from operations
181,428
114,212
Earnings taxes received/paid
(6,441)
(1,426)
Net curiosity paid
(18,507)
(19,064)
Net cash generated through (used by) operating activities
156,480
84,664
Acquisition involving intangible assets and also property, plant and
equipment
(12,715)
(6,558)
Proceeds from disposal regarding intangible assets along with property, plant and
equipment
896
38
Some Other investments and also loans
(3,110)
592
Acquisitions/disposal of fin ancial assets
-
259
Acquisition involving subsidiaries, net regarding cash acquired
-
-
Net money used by investing activities
(14,929)
(5,669)
Richesse increase (net associated with associated expenses)
21,787
-
Issuance associated with bonds
-
-
(Purchases) / sales involving treasury shares net
(549)
(677)
change inside additional borrowings
(188,084)
(107,903)
Payment associated with transaction costs
-
-
Net cash generated through (used by) financing activities
(166,846)
(108,580)
cash and cash equivalents with beginni ng associated with period
248,507
229,368
Net increase/(decrease) within money and funds equivalents after impact
of
foreign exchange differences
(25,295)
(29,585)
Scope Variation
11,635
-
effect regarding foreign exchange differences
799
(415)
cash and funds equivalents at end involving period
235,646
199,368
(1)
in 2017, the actual change in employee advantages is mainly as a outcome of downward
trend in the price reduction charge in Germany EUR8 million, your reversal associated with
provision with regard to disputes along with French Competition Authority EUR45 million.
(2)
Provided the average holding period for the fleet, the Team reports
vehicles as present assets in the beginning in the contract. any forward-looking statement contained on this press
launch is manufactured as with the date of this press release. The Particular team operates mainly beneath the actual Europcar,
InterRent as well as Ubeeqo brands.
SAINT-QUENTIN-EN-YVELINES, France--(BUSINESS WIRE)--Regulatory News:
Europcar (Paris:EUCAR) today announced its outcomes for your very first quarter
2017.
Pertaining To Caroline Parot, Chief Executive Officer associated with Europcar Group:
"We commence the year on a sound footing. Europcar Groupe
undertakes zero obligation for you to publicly revise or update any
forward-looking statements in mild of new info or future events.
the outcomes andthe Group'sperformancemay also be affectedbyvarious
risks along with uncertaintiesidentifiedin your "Risk factors"ofthe
Registration Document registered from the Autorit desmarchs financiers
(the"AMF")May 20, 2015under the particular range I.15-041 andits updatefiled
with theAMF in Ju ne 12, 2015 andalso available on the Group's website:www.europcar-group.com
Further details in our website:
finance.europcar-group.com
1 Adjusted Corporate EBITDA can be defined as present
operating earnings before depreciation along with amortization certainly not related to
your fleet, and following deduction of the eye expense upon specific
liabilities associated for you to rental fleet financing. This particular slight lower has been
caused through the positive impact regarding Easter in Q1 16, the actual extra
investment to the group consumer journey digitalization programme as well as
the InterRent network within Q1 2017 vs Q1 2016 and the net losses incurred
within the New Mobility division.
The Actual Group's profitability had been positively impacted with a 140 schedule factors
increase in the Group's fleet monetary utilization which usually reached 74.6%
within Q1 2017 versu s 73.2% within Q1 2016, which was mostly as a new outcome of
significant improvement in utilisation within the Vans & Trucks company within
series using the shift in strategy for the enterprise unit and furthermore the best collection
growth strategy so as to manage the particular shift associated with Easter coming from March last
12 months in order to April this year. Such forward seeking
statements are not assures of long term performance and furthermore the announced
objectives are subject to always be able to inherent risks, uncertainties as well as assumptions
about Europcar Groupe as well as its subsidiaries and investments, developments in
their own business, future money expenditures and acquisitions,
developments inside respect regarding contingent liabilities, modifications in economic
conditions globally or possibly in Europcar Groupe's principal markets,
competitive circumstances in the market and regulatory factors. Additionally worth noting will be the excellent control of your
Group's fleet operating costs as well because the great fleet negotiations
that occurred within the quarter that enabled the particular Team to cut back its fleet
costs for each unit by 3.4% within the very first quarter regarding 2017 versus the first
quarter of 2016.
Corporate Operating free cash Flow
Q1 2017 Corporate Operating free Money Flow was -EUR27 million compared to
0 million inside Q1 2016 impacted by a doubling in the non-fleet capex that
reached EUR12 million within Q1 2017 versus EUR6 million inside Q1 2016. Individuals
events are generally uncertain; their own outcome could change from present anticipations
which can in turn affect announced objectives. EUR247 million as involving March 31, 2016) as becoming a results of
the particular Group's strong free regarding charge cash flow gen eration.
The Actual fleet debt has been EUR3,014 million as regarding March 31, 2017 vs. This kind of boost reflects the larger number
involving vehicles inside the fleet in order in order to sustain the growth of the Group's
operations and the fleet mix evolution.
2017 guidance confirmed
Europcar confirms its 4 financial targets regarding 2017 in contrast to be able to 2016:
- Accelerating organic income growth ie higher than 3%
- Improve within adjusted corporate EBITDA margin (excluding New Mobility)
ie over 11.8%
- The corporate operating free regarding charge money flow conversion rate over 50%
- a dividend payout ratio higher than 30%
The Actual group in addition reiterates its strategic ambition for you to continue the roll
out of its acquisition strategy in orderto boost value creation pertaining to its
shareholders.
Acquisition of Europcar's Danish Franchisee
Europc ar also announces today the actual acquisition regarding its Danish franchisee,
one of its greatest inside regards to revenue. EUR2,775
million as associated with March 31, 2016. It features a strong nationwide branch network involving 40 branches
throughout Denmark both locally and at all your significant airports. the
company operates an typical rental fleet within extra involving 6,000 vehicles
covering cars, vans as well as specialist vehicles. Most documents
relating in order to this publication will probably be available on the internet upon Europcar's
investor website
Investor Calendar
Annual General Meeting
ten Could 2017
H1 2017 Results
26 July 2017
Q3 2017 Results
9 November 2017
With Regards To Europcar Group
Europcar Team will be detailed in Euronext Paris. This
significant boost in capex mostly related to investments into the IT
infrastructure and the network and it is fully inside collection with the group
strong ambition in regards to digitalisation with the consumer journey.
Net income
Throughout Q1 2017, the actual group posted any net profit involving EUR18.6 million, compared for you to
the EUR20.1 million net loss inside Q1 2016. This specific significant improvement was
caused from the launch of your EUR45 million provision linked for the absence
of appeal next the French Antitrust Authority (ADLC) dismissal
choice in its case against the French auto rental business within February
2017.
Net debt
Corporate net credit card debt continued to decrease YoY to achieve EUR235 million as associated with
March 31, 2017 (vs. Since planne d, we have accelerated our
investments directly into our InterRent network too as in in order to the
digitalisation of our own customer journey.
We may also be pleased to announce your acquisition in our Danish
franchisee and delighted to always be able to welcome Europcar Denmark as our newest
corporate country. Real outcomes may vary
materially coming from those projected or even implied over these forward-looking
statements. together with the present management team, we aim for you to
keep the continued growth of the business also to achieve significant
synergies together with our other corporate countries.
Just 4 months after acquiring our Irish franchisee, we take but an additional
step inside our dynamic acquisition plan, which in turn not merely strengthens our
European leadership but also brings us just the little closer in order to our 2020
Ambition.
Simply By contin uing to concentrate on improving our customers' satisfaction and
implementing our strategic priorities, we demonstrate our power to
deliver solid income growth across almost all in our business units, also
being an accelerating momentum about the acquisition front. Your Europcar Lab, located in
Paris, was created to raised grasp tomorrow's mobility challenges
by means of innovation and strategic investments, for example Ubeeqo, E-Car Club
as well as Brunel.
Forward-looking statements
This kind of press launch includes forward-looking statements based on current
beliefs and also anticipations with regards to long term events. Since the result, we
confirm most of our own objectives for 2017 as well as really feel confident which our
present leverage provides regarding us ample headroom to be able to pursue our acquisition
strategy."
Almost All information throughout EURm, except if men tioned
Q1 2017
Q1 2016
Change
Alter from continuous currency*
number associated with rental times (million)
12.9
11.8
9.3%
Typical Fleet (thousand)
192.1
177.3
8.3%
Monetary Utilization rate
74.6%
73.2%
1.4pt
Total revenues
439
418
5.2%
6.6%
Rental revenues
403
388
3.9%
5.3%
Adjusted Corporate EBITDA
(6.2)
(4.7)
n.m.
n.m.
Adjusted Corporate EBITDA Margin
-1.4%
-1.1%
-0,3pt
Final twelve Months Adjusted Corporate EBITDA
252
250
1.1%
LTM Adjusted Corporate EBITDA Margin
11.6%
11.6%
0.0pt
Operating Income
41
7
Net profit/loss
19
(20)
n.m
n.m
Corporate free Money Flow
(27)
0
Corporate Net debt in end of the period
235
247
Corporate net credit card debt / EBITDA ratio
0.93x
0.99x
Q1 2017 highlights
Revenue
The Actual group generated revenues of EUR439.3 million in the 1st quarter regarding
2017, up 6.6% in continuous exchange prices in contrast with the very first quarter
regarding 2016. That has a strong client
base, involving each leisure and also B2B customers. op leases)
(B)
3,014
3,045
TOTAL NET DEBT
(A)+(B)
3,249
3,265
(a)
These types of bonds are usually outlined about the Luxembourg Stock Exchange. In an organic basis, ie from continuous exchange rates, continuous
perimeter and also excluding petrol, your Team revenues grew by simply 3.2%.
This significant boost in Team revenues was the effect regard ing solid
growth across every 1 regarding the Group's main business units using Cars growing by
4.3%, Vans & Trucks expanding by simply 4.5% and also InterRent growing with a stellar
49%.
more importantly, these sound revenue quantities had been delivered thanks to be able to
great momentum within both the actual leisure as well as corporate organizations and so are once
once more proof of the power and also robustness of the Team well balanced
business model.
The Particular variety of rental days increased to be able to 12.9 million in Q1 2017, up 9.3%
versus Q1 2016
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