Senin, 12 Juni 2017

Europcar Announces Record 2015 Results

EuropHall

posted 2014 revenues regarding some EUR23 million.

Adjusted Corporate EBITDA3

Adjusted

Corporate EBITDA will be thought as existing operating income just before

depreciation as well as amortization not necessarily associated to the fleet, along with following

deduction of a person's eye expense in certain liabilities associated to end up being able to

rental fleet financing. Matcha needs to be deployed progressively inside

various other European capitals.

Coming From car rental for you to environment up the Europcar Lab - designed being an

incubator involving ideas to analysis new mobile items and also services, for the new

Ubeeqo platform, Europcar strives in order to provide long term multi-modular

solutions.

5 Basedon the actual present petrolprice.

***

With Regards To Europcar Group

Europcarshares (EUCAR) are detailed about

your Euronext Paris stock exchange.Europcar will always be the European leader within

vehicle rental service and is additionally a major player within mobility markets. The variety of advanced discussions are generally underway with regard to bolt in

acquisitions.

in this framework, confident inside its capability to deliver its strategic

plan, the group could think about allocating economic resources to some talk about

purchase back.

Ambition

Europcar will still roll out the 2nd stage

of its transformation plan, Fast Lane, in order to become able to sustain an organic

profitable growth boosted by means of a dynamic external growth policy.

Growth will be supported by simply strengthening the particular Group's sales strategy by

segment and also strict cost management such as the improvement associated with its

network and the extension involving its shared solutions centre logic.

Particular interest will even be paid to enhancing the particular consumer expertise

based about the Group's digital transformation. EUR2.567

million in December 31, 2014. 31, 2014

IN Stability Sheet

high Yield EC Finance Notes (a)

5.125%

2021

350

350

Senior asset revolving facility (EUR1.1bn SARF) (c)

E+170bps

2019

658

418

FCT Junior Notes, accrued interest, financing capitalized expenses along with

other

142

132

UK, Australia as well as other fleet financing facilities

(d)

509

497

Gross financial fleet debt

one 659

one 396

cash locked in fleet financing entities and Short-term fleet

investments

-161

-113

Fleet net debt within balance sheet

one 498

1 283



OFF BS

Credit Card Debt equivalent regarding fleet operating leases - OFF balance Sheet (e)

1 323

1 284



TOTAL FLEET NET DEBT (incl. This specific indicator consists of specifically all the

costs related using the fleet.

2015 Adjusted Corporate EBITDA surged for you to EUR250.6 million (up 15.6%

from constant exchange rate) in comparison for you to EUR212.8 million in 2014. EUR581 million as associated with December 31, 2014) like a outcome

with the full reshape with the richesse construction next your IPO.

the fleet credit card debt has been EUR2,821 million as involving December 31, 2015 vs. This kind of trend will carry on in 2016.

Furthermore, your group continued to boost customer encounter as well as

bolstered its presence in the new mobility remedies market.

It represents the net earnings excluding exceptional items (operational

as well as financial), just before associates, and also adjusting financial expenses

pro-forma for that complete 12 months impact of the Team economic structu re

reshape.

3See "Reconciliation together with IFRS" attached hereto

4See "Reconciliation along with IFRS" attached hereto

Net debt

Corporate net debt decreases in order to EUR235 million as associated with

December 31, 2015 (vs.

TheEuropcarLab was made to react to become able to tomorrow's mobility

challenges via innovation and strategic investments, such as Ubeeqo

and also E-Car Club.

Forward-looking statements

This press release includes

forward-looking statements depending on present beliefs along with expectations

concerning long term events. This specific significant improve will be

boosted by 5.9% with constant exchange price growth in vehicle rental

activities. 31, 2014

IN Stability Sheet

Higher Yield Senior Notes refinanced throughout 2015

-

724

high Yield Senior Notes (a)

5.75%

2022

475

-

Sen ior Revolving Facility (EUR350m)

E+250bps (b)

2020

81

201

FCT Junior Notes, accrued fascination not but due, capitalized

financing costs along with other

-150

-150

Gross Corporate debt

406

774

Short-term Investments and also Money within operating and also holding entities

-171

-193

CORPORATE NET DEBT

(A)

235

581





Throughout EURmillion

Pricing

Maturity

Dec. 31, 2015



As in Dec. Just About Any forward-looking

statement contained in this press release is manufactured as in the date involving this

press release. Note

the net loss within 2015 - the transition year for that group - will be stated

right after non-recurring costs including IPO expenses, the actual reshape of the

company's monetary construction and additionally the net impact associated with certain proc eedings.

Adjusted net profit/loss

In view of the particular certain 2015 items

pointed out above, regarding information purposes, Europcar estimated the

adjusted net profit4 amounted to approximately EUR128 million. His task would always be to improve client encounter therefore as to bolster

client loyalty and also develop the particular Europcar customer portfolio.

Analysis involving 2015 results

Revenues

Total revenue recorded any 4.9%2 organic

growth compared to 2014, for you to EUR2.142 million. 31, 2014













Profit/(loss) before tax





(6,047)



(94,520)













Reversal of the next items

Depreciation as well as impairment charge upon property, plant as well as equipment

15,277

12,834

Amortization and impairment charge upon intangible assets

17,893
36,183

Impairment charge on goodwill

Changes in provisions along with employee benefits

999

46,865

Recognition associated with share-based payments

2,624

IPO costs

8,692

Profit/(loss) about disposal involving assets

(394)

(1,311)



Total net fascination costs

127,303

160,011

Redemption premium

56,010

17,063

Amortization involving transaction costs

42,340

29,237

Amortization regarding bond issue premiums

1,415

Additional non-cash items

1,465



16,258

Financing costs

227,118

223,984







Operating income just before alterations in operating capital





266,162



224,035



Acquisition in the rental fleet recorded about the balance sheet

(232,851)

(91,466)

Changes within fleet working c apital

34,869

(74,025)

Changes throughout non-fleet operating capital

(57,243)



50,018













Money generated through operations





10,937



108,562



Earnings taxes received/paid

(39,669)

(31,447)

Net fascination paid

(137,334)

(166,798)







Net money generated through (used by) operations





(166,066)



(89,683)



Acquisition involving intangible assets and property, plant and also equipment

(29,172)

(23,578)

Proceeds through disposal of intangible assets and also property, plant and

equipment

5,384

3,491

Some Other investments as well as loans

(1,158)

Proceeds from disposal of monetary assets

(7,563)

(9,614)

Acquisition associated with subsidiaries, net reg arding money acquired (1)

(23,872)

(45,778)







Net money utilized by investing activities





(55,223)



(76,637)



capital increase (net involving associated expenses) (2)

448,203

-

Issuance associated with bonds(2)

471,623

350,000

Redemption associated with bonds(2)

(780,010)

(367,063)

change in various other borrowings

123,310

139,699

Payment involving transaction costs

(19,820)

(17,336)

Swap money payment

-

(2,000)







Net money generated coming from (used by) financing activities





243,306



103,300













Money and cash equivalent from starting involving period

206,317

267,038

Net increase/(decrease) inside money and funds equivalents right after impact of

foreign exchange differences

22,018

(63,020)

Impact involving foreign exchange differences

1,033

2,299

cash and funds equivalents in end of period





229,368



206,317

(1) of which, within 2014, the acquisition price net involving money acquired associated with

Ubeeqo and Europhall. 31, 2015



Dec. The Particular nominal reduction due to blend results had zero

impact on Team earnings.

2 In constant exchange prices excluding EuropHall, a new French

franchisee acquired in Q4 2014 consolidated more than 2 months. the

corresponding prospectus can become obtained on Luxembourg Stock Exchange

website (http://www.bourse.lu/Accueil.jsp)

(b)

Based around the leverage ratio

(c) Swap instruments covering the actual

SARF structure have been extended for you to 2019

(d) UK fleet financing

matur ing in 2017 having a two-year extension option

(e) Corresponds

to the net e-book value of applicable vehicles, which is calculated around the

basis of the purchase value along with depreciation rates regarding corresponding

vehicles (based upon contracts along with manufacturers).

.

Active within greater than 140 countries,Europcarserves clients through an

extensive vehicle rental network comprised associated with its wholly-owned

subsidiaries also as websites managed through franchisees and partners. This kind of improve reflects the higher fleet

volume to sustain the growth in the operation and the evolution in the

mix with the vehicles.

2016 guidance

In line having its dedication taken during the

IPO, Europcar plans the particular following objectives:

- Organic growth involving

total revenues5 of 3 for you to 5%.

- Adjusted corporate EBITDA

above EUR2 75 million.

Furthermore, the particular group confirms any dividend payout ratio regarding at least 30%

regarding annual net earnings beginning inside 2017 inside respect with the prior year

net income.

Your group reiterates its strategic ambition by means of your roll out of its

acquisition strategy inside orderto improve value creation pertaining to its

shareholders. We have made a major step forward

with our effective IPO. We strive to offer our clients long term multi modal

solutions and this strategy will give rise to long term tips and

developments for your Team in 2016 and also beyond."

Within EUR million, except if mentioned



FY 2015



FY 2014



Change



Alter at

constant

exchange

rate

Range of rental times (millions)



57.1



52.8



8.1%



-

Typical fleet (thou sands)

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 credit card debt in year end

235

581

1 Observe "Reconciliation with IFRS" attached hereto. actual results may differ materially through these projected or perhaps

implied over these forward-looking statements. This specific

significant improvement arose from the excellent evolution with the operational

performance as well as the significant reduce of the financing cost. 31, 2015

Dec. This kind of improve also reflects success throughout rev enue initiatives

launched under your Fast Lane transformation plan.

The Actual variety of rental times jumped for you to 57.1 million throughout 2015, up 8.1% more than

2014. Our excellent 2015 results are the

concrete translation of our own buoyant business trend along with underscore the particular

strength of our own strategy enabling us to confirm our mid-term performance

commitments. These initiatives allow the Team for you to

develop its customer portfolio.

Expansion in the Group's worldwide footprint with greater than 25 GSA,

thereby boosting Europcar's visibility and benefitting coming from customers

via emerging markets.

Customers' much better understanding of Europcar, goods along with services standing out

thanks to innovation, the transparent, smooth customer relations,

user-friendly processes and bespoke support are our watchwords that will

underlie the particul ar Group's customer strategy throughout 2016.

Furthermore, your Team additionally promises to boost its immediate for you to manufacturer strategy

regarding tighten back links using its consumers along with improve their loyalty.

Europcar additionally plans to create upon its leadership within the new mobility

remedies market. the

subsequent are several important examples:

Enriched digital experience simply by reshaping mobile apps and the Europcar

mobile website to make all of them more user friendly, while creating group

sites features like 24/7 live chat. Excluding such non-recurring expenses, 2015 existing

operating earnings amounted in order to EUR283.3 million, up 11.6% via EUR253.9

million throughout 2014 as a results of sustained rise in revenues as well as the

improved management involving operating costs.



Net financing costs

Net financing costs beneath IFRSamounted

into a EUR227.6 million net expense throughout 2015, compared to be able to EUR232.7 million net

expense within 2014, as well as breaks down as follows throughout 2015:

Fascination expenses associated for you to borrowings applied for to spend in the particular fleet

amounting for you to EUR65 million, down via EUR72.9 million inside 2014 thanks to the

refinancing controlled in between mid 2014 and mid 2015 despite a clear, crisp

increase in the typical fleet.

interest expenses associated along with other borrowings, linked towards the corporate

financial debt amounting in order to EUR56.3 million, sharply down through EUR78.5 million throughout

2014 as being a results of the corporate credit card debt restructuring undertaken in the

finish regarding the extremely first hal f of 2015 next your effective IPO.

Non-recurring expenses associated with EUR83 million relating for the redemption involving

current subordinated bonds (EUR56 million) and also create off of transaction

expenses upon redeemed bonds (EUR26.9 million). This kind of growth had been evenly spread among most corporate countries and also

had been driven on a well-balanced manner by:



the Corporate segment, with volume increases, specially throughout SMEs

segment and also Vehicle Replacement activities.

the Leisure segment, along with sustained demand across most distribution

channels, accelerated expansion of the InterRent brand as well as the

successful launch of the new Keddy product.

Nominal income per rental day edged down reflecting any alter inside the

mix , each as regards customer segments (Leisure versus business and

Vans) along with Team brands (Europcar and InterRent) plus an improve within the

typical rental duration. in

addition to always be able to theEuropcar brand, the business offers low-cost vehicle

rentals beneath the particular InterRent brand. Europcar Groupe undertakes simply no obligation for you to publicly

revise or update just about any forward-looking statements within light of recent

details or future events.

the results andthe Group'sperformancemay be also affectedbyvarious

risks as well as uncertaintiesidentifiedin your "Risk factors"ofthe

Registration Document registered by the Autorit desmarchs financiers

(the"AMF")May 20, 2015under the particular number I.15-041 andits updatefiled

along with theAMF in June 12, 2015 andalso accessible about the Group's website:www.europcar-group.com

Further details on our website:

finance.europcar-group.com

Appendix one - Management Gain along with Loss

Almost All information inside EURm



FY 2015



FY 2014



Variation

Total revenue



2 141,9



one 978,9



8,2%

Alter at continuous exchange rates

5,8%

Fleet holding costs, excluding estimated curiosity included inside

operating leases

-491,9

-442,7

11,1%

Fleet operating, rental along with income related costs

-727,0

-686,3

5,9%

Personnel costs

-347,4

-318,2

9,2%

Network along with head office overhead

-218,5

-199,3

9,6%

Some Other income along with expense



14,2



6,9



105,8%

Personnel costs, network along with head office overhead, IT and other

-551,7

-510,6

8,0%

Net fleet financing expense
< br>-65,5

-72,9

-10,2%

Estimated curiosity included in operating leases



-55,2



-53,6



3,0%

Fleet financing expenses, which includes 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%

Additional operating earnings and also expenses

-61,8

-115,7

-46,6%

other financing earnings and expense not related towards the fleet

-162,1

-159,8

1,4%

Profit/loss just before tax

-6,1

-94,5

-93,5%

Earnings tax

-37,6

-10,7

251,4%

Discuss associated with profit/(loss) involving associates

-12,1

-6,5

86,2%

Net profit/(loss)
-55,8

-111,7

-50,0%

Appendix 2 - IFRS income statement

Throughout thousands of EUR





Because at Dec. A New commitment to customer

satisfaction drives the business as well as its 6,000 individuals forward as well as

provides the impetus pertaining to continuous development of latest services. Europcar's mobile

application has additionally been acknowledged best automobile rental App.

Europcar Lab's July 2015 acquisition associated with E-Car Club together with its

late 2014 acquisition of Ubeeqo enabled the group to construct on its

mobility providing along with simple turnkey solutions and to provide clients

a truly distinctive service.

A New new Consumer Expertise position along with Jan Lning recruitment as

Director. 31, 2014



ASSETS













Goodwill

457 072

449,389

Intangible asse ts

713 136

721,732

Property, plant as well as equipment

89 236

88,204

Equity-accounted investments

22 035

17,323

Various Other non-current monetary 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 about the stability sheet

one 664 930

1,402,660

Rental fleet and related receivables

574 652

530,098

Trade and other receivables

357 200

325,912

Present economic assets

37 523

49,477

Present tax assets

33 441

33,347

Limited cash

97 366

81,795

Money and funds equivalents

146 075



144,037

Total present assets

2 926 280

2,583,467













Total assets





4 320 551



3,946,444



Equity











Discuss 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 those whom own ECG

561 395

157,185

Non-controlling interests





962



950

Total equity





562 356



158,135



LIABILITIES











financial liabilities

801 183

1,043,069

Non-current financial instruments

52 090

41,928

Employee benefit 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 financial liabilities

one 263 783

1,127,545

Employee benefits

two 944

2,744

current tax liabilities

24 511

34,560

Rental fleet associated payables

662 722

581,957

Trade payables and other liabilities

424 974

449,866

current provisions

250 087



240,397

Total current liabilities





2629021



2,437,069

Total liabilities





three 758 195



3,788,309













Total equity and also liabilities





4 320 551



3,946,444

Appendix six - IFRS cash Flow

Inside 1000s of EUR





While at Dec. Each a long time were hit through net

non-recurring expenses totalling EUR61.8 million and EUR115.7 million

respectively. 31, 2015



Since with Dec. op leases)

(B)

2 821

two 567



TOTAL NET DEBT

(A)+(B)

3 057

3 148

(a) These types of bonds are listed around the Luxembourg Stock Exchange. These kinds of non-recurring costs

arose immediately coming from almost all financial transactions undertaken as a part of

the actual IPO.

Net profit/loss

In 2015, your group posted a new net loss involving

EUR55.8 million, in comparison to some EUR111.7 million net loss inside 2014. in each years, money improve involving Car2Go as well as Ubeeqo.

(2)

capital increase as well as refinancing done inside Could and June 2015 inside the

context of IPO.

Appendix 7 - Debt

Throughout EURmillion



Pricing



Maturity


Dec. Within 2015, this primarily associated for you to IPO costs, the reshape

with the company's financial construction and the net impact associated with particular

proceedings. the goal here is always to offer

a totally mobile-based turnkey client encounter inside two years. Such forward looking statements aren't warranties

involving future performance as well as the announced goals are generally subject for you to

inherent risks, uncertainties along with assumptions concerning Europcar Groupe as well as

its subsidiaries and also investments, styles inside their business, future

capital expenditures along with acquisitions, developments inside respect associated with

contingent liabilities, modifications in economic conditions globally or even in

Europcar Groupe's principal markets, competitive circumstances inside the

industry along with regulatory factors. Inside view

in the particular 2015 items, regarding details purposes, Europcar estimated

an adjusted net profit.

2015 Highlights

2015 would become a main turning point within the Group's history, together with record

growth in all performance indicators along along with a productive IPO in order to mark the particular

good results regarding the really first stage of the Team transformation plan, Fast Lane. Within 2015, the actual payment in the acquisition of E-Car

Club.

This is demonstrated by:

Acceleration with the revenue strategy simply by segment, which usually offers yielded

results notably thanks for you to improved analysis regarding Corporate consumer

needs which in turn led the company to totally reshape its SME along with Vans & Trucks

segments approach.

The surge within the Leisure segment underpinned through continuously upgrading

of the Group's distribution channels, strong growth and development of the reduced

expense brand, InterRent, inside the corporate countries (75 operational

spots at end of 2015), and through franchisees (40 affiliated

countries in finish regarding 2015 up through 19 as at finish associated with 2014) and also the

productive launch of Keddy. Because a new genuine mobility

platform, this service ushers in a new urban mobility concept that is

freer, cheaper, much more practical as well as simpler, less time-consuming and significantly more

environmentally friendly. We have got additionally consolidated our market place

along with growth in all our corporate countries, although pursuing our

operational improvements. These events tend to be uncertain; their particular outcome

may differ from present anticipations which may in turn affect announced

objectives. in the brand name new mobility remedies market, Europcar

Lab provides developed a strategic investment throug hout E-Car Club and also we've continued

your roll-out of Ubeeqo within Europe. This

increase translates operational leverage excellence, strict expense

management improvement along with positive evolution in the fleet financing

costs. Specifically, Europcar continued to improve its fleet expenses for each

unit as well as its variable costs boosted to be able to efficiency gains for a quantity of costs

while continuing in order to invest inside the revenue development, IT and marketing as well as advertising

using a view to be able to keeping the sustainable growth.



Operating income

2015 operating earnings came in from EUR221.5

million, up coming from EUR138.2 m illion in 2014. 31, 2015



While with Dec. This kind of "3 inside 1" app launched throughout Paris along with London provides

clients the decision involving three transport options: a car pooling service

(Matcha), an automobile together with driver/taxi or rental cars.

SAINT-QUENTIN-EN-YVELINES, France--(BUSINESS WIRE)--Regulatory News:

Note: this press release consists of audited consolidated results below

IFRS, as approved through the management board and reviewed from the

supervisory board in February 24, 2016.

Europcar (Paris:EUCAR) today announced its 2015 results.

Philippe Germond, Chairman of the management board, said:

"2015

has been an important yr for Europcar. 31, 2014













Revenue





2 141 923



1,978,870



Fleet holding costs

(547 186)

(496,264)

Fleet operating, renta l as well as income associated costs

(726 990)

(686,279)

Personnel Costs

(347 388)

(318,153)

Network along with head workplace overhead costs

(218 475)

(199,339)

Depreciation, amortization and also impairment expense

(32 781)

(31,824)

Some Other income





14 216



6,879

current operating income





283 319



253,890



Goodwill impairment expense

Additional non-recurring income

-

Additional non-recurring expense





(61 774)



(115,729)

Operating income





221 545



138,161



Gross financing costs

(121 768)

(151,424)

Additional economic expenses

(117 780)

(90,650)

Some Other financial income

11 956

9,393

Net financing costs

(227 592)

(232 ,681)













Profit/loss prior to tax





(6 047)



(94,520)



Earnings tax benefit/(expense)

(37 637)

(10,655)

Reveal of profit/(loss)

of associates





(12 074)



(6,523)

Net profit/(loss) for your period





(55 758)



(111,698)



Attributable to:

owners of ECG

(55 602)

(112,273)

Non-controlling interests

(156)

575





Simple earnings/(loss) per share

attributable for you to those whom own ECG (in EUR)

(0,449)

(1.082)

Diluted earnings/(loss) per share

attributable for you to people who just love ECG (in EUR)

(0,449)

(1.082)

Appendix 3 - Reconciliation

Almost All data within 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

-394,7

-355,6

Fascination expense associated in order 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 along with impairment expense

-32,8

-31,8

Reversal associated with Net fleet financing expenses

65,5

72,9

Reversal involving interest expense related to fleet operating leases

(estimated)

55,2

53,6

Adjusted recurring operating income

338,5

307,4

Fascination expense related to fleet operating leases (estimated)

-55,2

-53, 6

Recurring operating income

283,3

253,9

Appendix 4 - Adjusted Net income regarding 2015

all information throughout EURm



2015

IFRS Net Loss



-56

Pro Forma on interest about Corporate high Yield bonds

26

Pro forma Transaction cost amortization

7

Reversal associated with Corporate Higher Yield Bonds redemption premium

56

Reversal with the compose off connected with Corporate Higher Yield Bonds

reimbursment

27

Reversal regarding exceptional income / expenses (*)

56

Reversal involving Reveal regarding profit/(loss) involving associates

12

Estimated Pro Forma Net Income



128

(*) Reversal associated with exceptional income / expenses mainly corresponds

to:

Net negative impact involving a amount of proceedings

costs associated using the IPO

Provision accrued throughout conn ection with tax audit

Appendix 5 - Stability sheet

Inside a big quantity of EUR





Because in Dec. Early 2016, your group stepped up any gear when Ubeeqo

launched the extremely first rental car multi-modular reservation platform for

consumers

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