Revenue Growth in H1 2021, Driven by
Domestic and V&T Activities
Back to Positive Corporate EBITDA &
Corporate Operating Free Cash Flow in Q2 2021
Continued Tight Cost Control Confirming
Lowered Breakeven & Limited Cash Consumption in Q2
2021
Connect Plan Rollout Well on Track
Regulatory News:
Europcar Mobility Group (Paris:EUCAR):
H1 2021 HIGHLIGHTS
- Revenue growth in H1 2021: up +3.6%1 to €842m, with a rebound
of +88%1 in Q2 2021. Strong performance of domestic markets in Q2
2021, both in the US and Europe
- Positive Corporate EBITDA to +€20m in Q2 2021 thanks to strict
control of fixed and semi-fixed costs, confirming lowered
breakeven
- Limited increase in Corporate net debt as at 30 June 2021 vs
March 2021: +€67m to €266m, with positive Corporate Operating FCF
of +€16m in Q2 2021
- Robust Corporate liquidity position: €447m as at 30 June
2021
- SARF refinancing for €1.7bn, with a maturity extended from July
2021 to July 2024
OUTLOOK FOR 2021
- Reasonably optimistic for Q3 2021, with a contrasted picture:
positive pricing impact likely to continue; rebound in the Travel
& Leisure segment in the US well oriented while the gradual
European recovery remains more volatile and exposed to travel
restrictions, due to fast-spreading “Delta variant”. Overall,
limited long-haul traffic expected in H2 2021. Possible impact of
the shortage of semiconductor components on vehicles
deliveries
- As a consequence, the Group is not yet in a position to provide
full guidance for the FY 2021. However, assuming no further
deterioration on travel restrictions and extended shortage of
semiconductors:
- The Group is confident that 2021 revenues will increase
significantly compared to 2020
- Corporate net debt expected in the range of €300-350m for the
FY 2021
- On track to deliver the first steps of strategic “Connect”
roadmap
Caroline Parot, CEO of Europcar Mobility Group,
declared:
“Over the first 2021 semester, the Travel & Leisure
environment slightly improved in Europe and continued to show
healthy recovery in the US. In this context, Europcar Mobility
Group recorded a rebound in revenue vs H1 2020, at +3.6%, with Q2
2021 revenue almost doubled vs LY.
In line with its cost adaptation plan to mitigate the impact of
the sanitary crisis, the Group continued to manage daily operations
with strict discipline, allowing for further reduction of its
breakeven point and cash optimization.
As already stated at the occasion of our first quarter
publication, the roll out of our strategic roadmap, “Connect”, is
well on track, with significant achievements and deliveries over
the course of H1, with notably the implementation of new
go-to-market by Service Line, the successful launch of a very
innovative, highly flexible subscription model for professionals,
as well as the ramp-up of the “One Connected Fleet” program.
Regarding Q3 2021 onwards, our views remain cautious. Although
we see reasons to be reasonably optimistic regarding what is ahead
of us, based on a very healthy business dynamic in the US and as
vaccination rates increase at a fast pace, the spread of the delta
variant generates uncertainties, again.
We are nevertheless confident that we have created the
operational conditions to rebound strongly as soon as the sanitary
conditions significantly improve, and anticipate 2021 FY revenue to
be significantly higher than in 2020, along with a Corporate net
debt under control.”
Europcar Mobility Group invites you to its H1 2021 Results
Conference Call on: Thursday, July 28th, at 6:00pm CET
Dial-in Access telephone numbers: France : +33 (0)1 70 72
25 50 Germany: +49 (0)89 20303 5709 UK: +44 (0)330 336 9125 USA: +1
646-828-8193 Confirmation Code: 1076569
Webcast live:
You can watch the presentation on the following link:
https://globalmeet.webcasts.com/starthere.jsp?ei=1467355&tp_key=cda17b45dd
Slides related to first half 2021 results are available on the
Group’s website, in the “Financial documentation” section:
https://investors.europcar-group.com/results-center
TRAVEL & LEISURE IN H1 2021
The trend in Travel & Leisure industry has evolved
significantly since the beginning of the year with disparities
across countries, depending on governments’ decisions to ease
restrictions and to open up travel again, as well as on the speed
of the vaccination campaigns.
In Q1 2021, the whole industry remained globally challenging in
Europe with lockdowns, travel restrictions and stringent sanitary
constraints. During that quarter, the US started to strongly
rebound (confirmed in Q2) with domestic air traffic recovering,
owing to widespread vaccination campaigns.
In Q2 2021, domestic travel in Europe slightly improved with
travel restriction ease and increased vaccinated people (48%2 on
average of the population aged 18+ in France, the UK, Spain,
Portugal, Italy and Germany early July 2021 compared to 7% at the
end of Q1 2021). But business remained constrained due to sudden
and unexpected rule changes from Governments on travelling and lack
of coordination across countries in Europe creating confusion among
population, as the fast-spreading Delta variant of coronavirus,
prompted new travel restrictions. During that period, international
travel remained low.
Q2 2021 financial
results
All data in €m, except if mentioned Q2 2021 Q2
2020 % Change % Change at constantperimeter and
currency Number of rental days (million)
14.3
9.5
50.5%
50.5%
Average Fleet (thousand)
210.0
258.3
-18.7%
-18.7%
Financial Utilization rate
74.9%
40.4%
Total revenues
486.2
257.9
88.5%
88.0%
Adjusted Corporate EBITDA (IFRS 16)
19.7
(144.5)
Adjusted Corporate EBITDA Margin
4.0%
Operating Income
(5.7)
(178.8)
96.8%
Income before taxes
(49.5)
(228.4)
-78.3%
Net profit/loss
(46.1)
(181.2)
-74.6%
Corporate Free Cash Flow
16.2
(159.5)
Corporate Net Debt at end of the period
266.0
1 250.5
NB: Average fleet and utilization rate include Urban Mobility.
Historical data have been adjusted accordingly
H1 2021 financial
results
All data in €m, except if mentioned H1 2021 H1
2020 % Change % Change at constantperimeter and
currency Number of rental days (million)
26.0
27.0
-3.7%
-3.7%
Average Fleet (thousand)
198.7
275.5
-27.9%
-27.9%
Financial Utilization rate
72.4%
53.9%
Total revenues
842
815
3.3%
3.6%
Adjusted Corporate EBITDA (IFRS 16)
(25)
(209)
Operating Income
(90.0)
(267.2)
Income before taxes
(131.6)
(363.5)
Net profit/loss
(122.7)
(286.2)
Corporate Free Cash Flow
(83.8)
(296.3)
Corporate Net Debt at end of the period
266.0
1 250.5
NB: Average fleet and utilization rate include Urban Mobility.
Historical data have been adjusted accordingly
No change in perimeter between H1 2021 and H1 2020. As a
reminder, the last 2 acquisitions were Fox Rent A Car in the US
consolidated in November 2019 and franchisees in Norway and Finland
in July 2019.
PROFIT & LOSS IN THE FIRST HALF 2021
Management Account presentation: H1 2020 and H1 2021
accounts are presented under IFRS 16, unless explicitly
mentioned
Revenue and Profit & Loss are analyzed through the evolution
at constant perimeter and exchange rates. Reported changes are in
Appendix.
All data in €m
H1 2021
H1 2020
% Change at constant perimeter
and currency
H1 2019 PF
% Change at constant
perimeter*
Total revenue
841.9
814.8
3.6%
1 440.7
-41.6%
Average fleet size ('000)
198.7
275.5
-27.9%
324.3
-38.7%
Rental days volume (in Million)
26.0
27.0
-3.7%
43.7
-40.5%
Utilization rate
72.4%
53.9%
74.6%
Fleet holding costs
(238.2)
(333.6)
28.5%
(380.1)
37.3%
Variable costs
(309.5)
(322.3)
3.5%
(494.0)
37.3%
Sales and marketing expenses
(6.7)
(10.3)
35.5%
(21.0)
68.3%
Fleet financing costs
(46.6)
(58.1)
19.3%
(66.5)
30.0%
Direct & variable costs
(600.9)
(724.4)
16.7%
(961.6)
37.5%
Margin after Direct costs
241.0
90.4
164.6%
479.2
-49.7%
In % of revenue
28.6%
11.1%
33.3%
Network
(125.3)
(152.9)
17.4%
(218.0)
42.5%
HQ Costs
(140.5)
(146.2)
3.7%
(186.0)
24.5%
Fixed & semi-fixed costs
(265.8)
(299.0)
10.7%
(404.0)
34.2%
Adjusted Corporate EBITDA (IFRS 16)
(24.8)
(208.7)
75.1
In % of revenue
5.2%
Depreciation – excluding vehicle fleet:
(68.4)
(77.1)
11.8%
(75.1)
9.0%
Non-recurring income and expense
(18.5)
(20.4)
(26.0)
Other financing income and expense not related to the fleet
(42.3)
(57.3)
25.8%
(76.6)
44.8%
Net financial restructuring costs
22.3
-
of w/h non-recurring impact
(13.6)
-
of w/h financial result impact (IFRIC 19 & Transaction costs)
35.9
-
Profit/loss before tax
(131.6)
(363.5)
(102.6)
Income tax
8.8
77.2
22.4
Share of profit/(loss) of associates
-
-
(0.1)
Net profit/(loss) incl. IFRS 16
(122.8)
(286.2)
(80.3)
* Change at constant perimeter: refers to the change between H1
2019 and H1 2021. Constant perimeter includes Fox consolidated in
November 2019 & franchisees in Finland and Norway in July
2019.
Variable costs: Revenue related costs, rental related costs,
fleet operating costs and others
Average fleet and utilization rate include Urban Mobility.
Historical data have been adjusted accordingly
1. From revenue to MADC in H1 2021
Strong recovery in revenue in Q2
2021
As explained in previous statements and reflected in the revenue
table below, the Group ‘s organization is now structured around 3
Service Lines as to respond to specific mobility use cases and
design the appropriate offers and associated customer journey.
- Leisure customers: expectations on price competitiveness
and speed to serve. Main use cases: Travel & Leisure
- Professional customers: planned and contracted
operations with flexibility on solutions, quality of service as a
must and a strong network. Main use cases: vehicles replacement,
business travel, fleet services, local mobility for businesses
- Proximity customers: looking for higher accessibility of
the service. Main use cases: vehicle substitute for long term and
on-demand solutions like carsharing.
On a proforma basis (i.e. at constant perimeter and exchange
rates), total revenue increased by +3.6% to €842m in H1 2021
compared to H1 2020 with rental days down -3.7%. This highlights a
contrasted picture between the 2 quarters: -36% in Q1 2021 and +88%
in Q2 2021 despite no Easter effect. First quarter performance
reflected the heavy impact of the travel ban and various lockdown
restrictions (vs an extremely solid performance over the first two
months of 2020). Second quarter recovered on travel restrictions
ease and positive pricing due to the shortage of supply driven by
semiconductors, while comparing with very low levels in Q2 2020.
Like in Q1 2021, the performance in Q2 2021 came from the rebound
of domestic markets, the remarkable growth in the US and the
resilience of Vans & Trucks, driven by home delivery /
e-commerce and the launch of new service / solutions.
Compared to Q2 2019, volumes and prices caught up month by month
in Q2 2021, gradually reducing the gap: -47% in April, -39% in May
and -37% in June, leading to a -41% drop overall.
€m
H1 2021
H1 2020
% Change
% Change at constant
currency
Proximity
95.5
112.9
-15.5%
-16.0%
Professional
286.2
297.5
-3.8%
-4.3%
Leisure
254.1
222.9
14.0%
16.3%
CARS
635.8
633.3
0.4%
0.7%
VANS & TRUCKS
172.4
145.1
18.9%
18.5%
Rental Revenues (incl. Mobility)
808.2
778.4
3.8%
4.1%
Other income (incl. franchisee)
33.7
36.4
-7.3%
-6.7%
Total Revenues
841.9
814.8
3.3%
3.6%
€m
Q2 2021
Q2 2020
% Change
% Change at constant
currency
Proximity
56.8
39.5
43.7%
42.4%
Professional
156.1
109.9
42.1%
40.3%
Leisure
167.1
34.8
380.7%
400.4%
CARS
380.0
184.2
106.3%
105.8%
VANS & TRUCKS
87.3
66.0
32.3%
31.6%
Rental Revenues (incl. Mobility)
467.3
250.2
86.8%
86.2%
Other income (incl. franchisee)
18.9
7.7
145.8%
145.4%
Total Revenues
486.2
257.9
88.5%
88.0%
CARS: revenue more than doubled to €380m in Q2 2021
compared to Q2 2020, driven by volumes (+59%) and strong price
increase (+30%) due to the excess demand on supply as well as a
decrease in rental duration. Among the 3 Service Lines, Leisure
recorded the strongest growth (a 5-fold revenue increase), driven
by the Low-Cost segment.
The analysis below details the performance of CARS by Service
Line:
- Leisure Service Line, which mainly relates to activity
in airports and railways, benefited from the strong rebound in the
Low-Cost segment driven by Goldcar in Spain and Fox-Rent-A-Car in
the US, despite no recovery in international traffic.
- Professional Service Line: benefited from long-term
solutions (LTS) which are bringing agility and flexibility to
businesses in an uncertain environment.
- Proximity Service Line: local mobility on-demand
recovered strongly in Q2 2021, driven by volumes and favorable
prices due to the shortage of vehicles and minimum rental duration
of 4 hours from April 2021 in all cities. This confirms the shift
of urban customers towards alternatives to vehicle ownership with a
high proportion of repeat business.
VANS & TRUCKS: the BU performed extremely well, back
to 2019 levels: revenue was up +31% to €87m in Q2 2021 compared to
the same period last year. The performance was mostly attributable
to volume growth driven by Supersites, which perfectly fit
Corporate clients’ demand and the success from new long-term
solutions launches (LTS). Like in previous quarters, the solid
performance benefited from home delivery / e-commerce.
MADC (Margin after Direct Costs): a
solid performance owing to outstanding fleet management and a
flexibilized cost model
MADC increased by 2.7x to €241m in H1 2021 from €90m in H1 2020,
resulting in a strong rebound in margin to 28.6% (11.1% in H1
2020), close to profitability recorded in H1 20193 at 33.3%.
The Group continued to strongly focus on adapting its fleet
holding and variable costs thanks to a more flexibilized cost model
based on buy-back programs and long-term relationships with OEMs.
The evolution of the fleet size was contrasted in H1 2021 with 2
distinct trends:
- The Group reduced its fleet size by -36% on average in Q1 2021
to 187,000 vehicles compared to the same period last year and -13%
versus Q4 2020
- For the first time since August 2020, the Group in-fleeted in
Q2 2021 to address growing demand ahead of the Summer season by
acquiring new vehicles to OEMs and additionally through other
channels to mitigate the impact of the chip shortage: compared to
average Q1 2021, this represents +34% increase at the end of June
2021 to 251,000 vehicles, or +12% increase on average fleet to
210,000 vehicles
This capacity to adjust the fleet adequately allowed the Group
to improve drastically its utilization rate to 72.4% in H1 2021 vs
53.9% in H1 2020.
In all, the Group reduced its “direct and variable costs” by
-16.7% to €601m versus H1 2020, whilst revenue was up +3.6% during
that period. This good performance has been primarily spurred by
fleet holding costs (-29% to €238m), tightly managed and benefiting
from favorable price conditions for the resale of used-cars.
Variable costs, more related to revenue, declined by 3.5% in H1
2021 on revenue up +3.6%.
Fleet financing costs were down -19% to €47m in H1 2021 (vs H1
2020) in line with the change of Group’s fleet.
2. From MADC to Adjusted Corporate EBITDA in H1 2021:
positive Adj. Corp. EBITDA in Q2 2021
Compared to H1 2019: As part of the cost reduction plan
undertook in 2020, the Group recorded an outstanding performance,
lowering its fixed and semi-fixed costs by -34% in H1 2021 compared
to pre-pandemic levels in H1 2019 (proforma) so as align them to
the reduced demand. During that period, revenue was down -42%.
The Group continued to optimize its network and HQs costs
through furlough measures, reduction in external spending, pursued
renegotiations of rents with network and HQ landlords, station
closures up to 25% of the 2019 network (permanent and temporary) or
reduced opening hours.
Compared to H1 2020: Fixed and semi-fixed costs were down -11%
to €266m in H1 2021 primarily deriving from Network costs (-17%)
and to a lower extent by HQs ( -4%) with higher subsidies for
furlough in 2020.
And finally compared to Q1 2021, total fixed and semi-fixed
costs increased by +5% on revenue up +37% sequentially.
This led the Group to record positive Corporate EBITDA of +€20m
in Q2 2021. Hence, losses were reduced to -€25m in H1 2021 vs
-€209m at the same period last year.
3. From Adjusted Corporate EBITDA to Group net income
Financial income and expenses not related to the fleet:
net financing costs not related to the fleet decreased by -26% to
-€42.3m in H1 2021 from -€57.3m in H1 2020, due to the positive
impact of the conversion of the 2024 Bonds and 2026 Bonds into
equity, partially offset by new interests on state guaranteed loans
incurred in H1 2021 and increased costs of the facilities (TLB and
RCF) put in place post-restructuring.
Non-recurring expenses were contained to -€18.5m in H1
2021 (-€20.4m in H1 2020). As part of the continuation of the
Reboot plan, initiated in 2020, they primarily reflected adaptation
measures in HQs and Network which have been implemented to deliver
a fast payback in adapting the cost base to the new size of the
company.
Net financial restructuring costs: +€22.3m in H1 2021,
recorded in Q1 2021, split into -€13.6m of restructuring fees
(accounted in the P&L) and +€35.9m non-cash income (including
+€48m booked under IFRIC 19 accounting standards, coming from the
difference between the book value of the debt converted into equity
instruments and the fair value of these instruments at the
transaction date; and -€12m of previous transaction cost
write-off).
Pretax losses, as a result of the above, were
significantly reduced from -€364m in H1 2020 to -€132m in H1
2021.
Tax: +€9m in H1 2021 versus +€77m in H1 2020, reflecting
a cautious approach with lower activation of tax losses
carry-forward compared to the same period last year.
Net income: the Group posted a net loss of -€123m in H1
2021 compared to -€286m in the same period last year.
CORPORATE FREE CASH FLOW & CORPORATE NET DEBT IN H1
2021
Corporate Operating Cash Flow in H1 2021
The Group improved significantly its Corporate Operating cash
flow in H1 2021 compared to H1 2020 thanks to its positive
Corporate EBITDA in Q2 2021 and a strong increase in WC change due
to a strong focus on cash collection, more pre-payment from TO
brokers and reduced leases expenses linked to stations
closures.
Corporate Operating cash flow came in positive territory at
+€16m in Q2 2021 after -€100m in Q1 2021.
All data in €m
H1 2021
H1 2020
H1 2019
Adjusted Corporate EBITDA
(24.8)
(208.6)
81.8
Lease liability repayment (IFRS 16 Impact)
(43.0)
(53.4)
(50.4)
Non-recurring expenses
(18.3)
(21.2)
(25.6)
Non-fleet capex
(26.5)
(24.8)
(40.5)
Change in NFWC and Provisions
41.1
8.2
86.0
Income tax paid
(12.4)
3.6
(9.5)
Corporate operating free cash flow
(83.8)
(296.3)
41.9
Limited increase in Corporate Net debt4 at June 30, 2021
versus March 31st, 2021
The Group recorded a sound financial position with a Corporate
net debt of €266m at the end of June 2021 compared to €93m5 as at
December 31st 2020, highlighting a reduction by one third: €67m in
Q2 2021 after €106m in Q1 2021.
The Group recorded sound Corporate liquidity of €447m as at 30
June 2021 versus €515m at 31 March 2021.
CONNECT PLAN: ACCELERATION OF GROUP’S TRANSFORMATION IN H1
2021
The Group has been particularly active in H1 2021 in delivering
the first steps of its Connect transformation roadmap.
- To meet an increasing need for greater flexibility, and in line
with the implementation of new go-to-market approaches, by Service
Lines, Europcar Mobility Group launched innovative offers to
facilitate the day-to-day life of professionals, thanks to
flexible, mid & long-term subscription solutions: “Flex”,
“Superflex”, “DuoFlex”. These offers are modern and disruptive
alternatives to fixed-term leasing or ownership, as they are based
on the convenience of a monthly subscription, without the need to
commit on a set, long duration.
- In the strategic roadmap to develop the “One Connected Fleet”
program, the Group is in line with its deployment ramp-up schedule:
- 67% of the fleet already connected in the UK as of today and
Europcar Mobility Group expects to reach 100% at the end of
2021
- Q1 2022: 100% of the fleet for Vans & Trucks to be
connected in France, Italy, Spain and Portugal
- FY 2022: ~2/3% of the Group fleet to be connected
- 2023: 100% of the Group fleet to be connected
- Key’n Go: is a direct access to car solution, operated by
Goldcar, the low-cost brand of Europcar Mobility Group, in 35 key
leisure airports in Southern Europe. “Key’n Go” offers are
perfectly suited to traveller’s expectations, especially in the
Covid-19 aftermath: 1/ It is fast: no need to go the desk for
paperwork and get the vehicle keys, no queuing; 2/ It is
hassle-free: with “Key’n Go”, coverage and roadside assistance are
bundled in the rental fee; 3/ It is contactless, thus providing
additional safety to those who wish to limit human interactions and
travel with confidence. On arrival, customers can directly access
their vehicle (thoroughly cleaned and sanitized between each
rental, as part of Europcar Mobility Group’s “Safety
Program”).
- One sustainable fleet: launched in 2019, the programme aims to
reach more than one third of green vehicles (electric, plug-in
hybrids and hybrids) in its fleet by the end of 2023.They account
for ~6.5% of the total fleet to-date compared to 3% in 2020.
- Phase 1 steps of the Group’s brand new, unified and strongly
integrated IT system, were successfully reached, beginning with
Portugal in June, before a progressive, global
implementation.
This is a key milestone in the Group’s journey towards at scale,
fully digitized customer journeys and operations.
FULL YEAR 2021 OUTLOOK
The Group remains reasonably optimistic for Q3 2021, with a
contrasted picture across countries:
- Ongoing strong recovery in Travel & Leisure in the US
(travelers booking with more immediacy, even for trips further
out)
- Europe: gradual but volatile recovery due to fast-spreading
“Delta variant”, rollout of vaccination campaigns and EU sanitary
pass. Overall, long-haul traffic is expected to be limited in H2
2021
- Positive pricing impact likely to continue due to the excess
demand over supply given the persisting shortage of semiconductors
components and the overall large defleeting in the industry over
the past months to mitigate the impact of the pandemic, adjusting
to lower demand
- Possible impact of the shortage of semiconductor components at
OEMs level on vehicles deliveries
In this context, the Group is not yet in a position to
provide full guidance for the FY 2021. However, assuming no further
deterioration on travel restriction and shortage of
semiconductors:
- The Group is confident that 2021 revenues will increase
significantly compared to 2020 with:
- Resilience of Leisure and domestic demand
- Resilient domestic revenue generation driven by Vans &
Trucks and first positive intake for new service solutions of
Professional Services lines
- Positive impact of pricing
- Corporate net debt expected in the range of €300-350m for the
FY 2021
The Group is on track to deploy its Connect plan roadmap through
the implementation of new engines of growth (Connected cars, LTS,
sustainable fleet) and the unified and strongly integrated IT
system.
About Europcar Mobility Group
Europcar Mobility Group is a major player in mobility markets
and listed on Euronext Paris. Europcar Mobility Group’s purpose is
to offer attractive alternatives to vehicle ownership, in a
responsible and sustainable manner. With this in mind, the Group
offers a wide range of car and van rental services – be it for a
few hours, a few days, a week, a month or more – with a fleet that
is already "C02 light" and equipped with the latest engines, and
which will be increasingly "green" in the years to come (more than
1/3 electric and hybrid vehicles by 2023). Customers’ satisfaction
is at the heart of the Group’s ambition and that of its employees.
It also fuels the ongoing development of new offerings in the
Group's three service lines - Professional, Leisure and Proximity -
which respond to the specific needs and use cases of both
businesses and individuals. The Group’s 4 major brands are:
Europcar® - the European leader of car rental and light commercial
vehicle rental, Goldcar® - the low-cost car-rental Leader in
Europe, InterRent® – ‘mid-tier’ car rental and Ubeeqo® – one of the
European leaders of round-trip car-sharing (BtoB, BtoC). Europcar
Mobility Group delivers its mobility solutions worldwide through an
extensive network in over 140 countries (including wholly owned
subsidiaries – 18 in Europe, 1 in the USA, 2 in Australia and New
Zealand – completed by franchises and partners).
Further details on our website:
www.europcar-mobility-group.com
Forward-looking statements This press release includes
forward-looking statements based on current beliefs and
expectations about future events. Such forward-looking statements
may include projections and estimates and their underlying
assumptions, statements regarding plans, objectives, intentions
and/or expectations with respect to future financial results,
events, operations and services and product development, as well as
statements, regarding performance or events. Forward-looking
statements are generally identified by the words “expects”,
“anticipates”, “believes”, “intends”, “estimates”, “plans”,
“projects”, “may”, “would”, “should” or the negative of these terms
and similar expressions. Forward looking statements are not
guarantees of future performance and are subject to inherent risks,
uncertainties and assumptions about Europcar Mobility Group 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 Mobility Group’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 materially affect expected results. 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.
Other than as required by applicable law, Europcar Mobility Group
does not undertake to 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, including without limitation, risks
identified in the "Risk factors" of the Universal Registration
Document registered by the Autorité des marchés financiers and also
available on the Group's website: www.europcar-mobility-group.com.
This press release does not contain or constitute an offer or
invitation to purchase any securities in France, the United States
or any other jurisdiction.
Regulated information related to this press
release is available on the website:
https://investors.europcar-group.com/results-center
www.europcar-mobility-group.com
1 Proforma basis: at constant exchange rate and perimeter
2 Source : ECDC (European Centre for Disease Prevention and
Control)
3 Proforma basis: at constant perimeter
4 Excluding liabilities related to leases
5 Proforma of the financial restructuring
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210728005830/en/
Investor Relations Caroline
Cohen - caroline.cohen@europcar.com
Press Relations Valérie
Sauteret - valerie.sauteret@europcar.com Vincent Vevaud -
vincent.vevaud@europcar.com
Publicis Consultants Judith
Grandcoing - judith.grandcoing@publicisconsultants.com Philomène
Emptaz – philomene.emptaz@publicisconsultants.com