Europcar announces resilient 2016 half year results

  • Rental revenue increased by 1%, at constant exchange rate despite adverse effects.
  • Adjusted Corporate EBITDA at €55 million demonstrating continuing investments notably in InterRent and digital transformation.
  • Strong cash generation with corporate free cash flow amounting to €82 million.
  • Net Profit at + €3 million versus a loss of €157 million in the 2015 first semester.
  • Successful issuance of a €125 million bond issuance to support the active on-going acquisition program.
  • Full year 2016 revised guidance in a context of weakened economic and operating environment following notably Brexit and European terrorist attacks.
  • A new organization project to accelerate the deployment of its go to market strategy.

Saint-Quentin-en-Yvelines, 25 July, 2016 – Europcar (Euronext Paris: EUCAR) announces today its results for the first half of 2016.

Philippe Germond, Chairman of the Management Board stated “The first semester 2016 confirmed the resilience of our model. On the revenues side, Europcar demonstrated a sound growth at constant exchange rate, despite an adverse environment, notably impacted by European terrorist attacks, social movements in France, weaker trading environment, bad weather conditions in northern European countries, and finally Brexit. In the meantime, Europcar continued to accelerate its development with the successful acquisition of Locaroise and Bluemove. We pursued also the roll out of the InterRent brand and network. On a strategic stand point, the company intends to set up a new organization structured around 5 Business Units, more customer and market centric that will ensure sustainable growth and enable us to seize new business opportunities. In the weak current market conditions, Europcar has decided to issue a new 2016 guidance, presenting a positive evolution in both top line and Adjusted Corporate EBITDA compared to last year. The whole management team is fully confident in the strength and resilience of our business model and our ability to fulfil our ambition to be the preferred partner for every individual mobility need”.  

In € million, except if mentioned H1 2016 H1 2015 Change Change at constant exchange rate
Number of rental days (millions) 26.7 26.0 3,0%  
Average fleet (thousands) 194.7 191.0 +1.9%  
Total revenues 948 961 -1,3% +0.5%
Rental revenues 883 891 -0,9% +0,9%
Adjusted Corporate EBITDA 55 60 -9.0% -7.5%
Adjusted Corporate EBITDA margin 5.8% 6.3% -0.5pt  
Last Twelve Months Adjusted Corporate EBITDA 245 231 5.9%  
Last Twelve Months Adjusted Corporate EBITDA  Margin 11.5% 11.2% 0.3pt  
Operating income 72 19    
Net profit/loss 3 (157)    
Corporate free cash flow 82 24    
Corporate net debt at the end of the period 200