The Group successfully reduced its cash consumption at Corporate Operating Cash Flow to €100m in Q1 2021 versus €136m in Q1 2020. Actual results may differ materially from those projected or implied in these forward-looking statements. Nevertheless, the rebound in the US, Australia / New Zealand gives positive perspectives regarding the European restart. CARS: revenue decreased by -43% to €255.7m in Q1 2021 mainly due to volume effect. BUSINESS STILL IMPACTED BY COVID-19 OUTBREAK, YET SOLID RESILIENCE IN DOMESTIC AND V&T ACTIVITIES, LOWERED BREAKEVEN POINT & LIMITED CASH CONSUMPTION, ROLLOUT OF CONNECT ON TRACK, WITH FIRST SOLUTIONS & SERVICES DELIVERIES. Regulated information related to this press release is available on the website: https://investors.europcar-group.com/results-center, Appendix 1 – P&L (Management account) in Q1 2021 (including IFRS 16), * Fleet holding costs do not include the estimated interests included in operating lease. Tax: +€5.4m in Q1 2021 versus +€30m in 2020, reflecting a cautious approach with lower activation of tax losses carry-forward compared to the same period last year. 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. Q1 usually cash-out quarter due to business seasonality. (1) In 2021, the variation is mainly explained by the change in the provision for reconditioning of vehicles in Buy-Back for €(5)m as well as some lawsuits and restructuring provisions .In 2020, the variation is mainly explained by the change in the insurance provision for €(5)m and the provision for reconditioning of vehicles in Buy-Back for €(11)m. (2) With the application of IFRIC 19, the difference between the book value of the debt converted into equity instruments and the fair value of these instruments at the transaction date revealed a non-monetary financial gain of €48 million, which has been recognized on the income statement. 20 April 2021 … Europcar Mobility Group is a major player in mobility markets and listed on Euronext Paris. Variable costs: Revenue related costs, rental related costs, fleet operating costs and others, Q1 2019 is at constant perimeter versus Q1 2021. Unsurprisingly, the Group remained heavily impacted by the travel ban and various lockdown restrictions. 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. CORPORATE FREE CASH FLOW & CORPORATE NET DEBT IN Q1 2021. Cubex: Unlocking liquidity for shareholders in private companies. At the end of March 2021, 65% of stations were still closed or operating with limited hours. 17.05.2021 - Regulatory News: Europcar Mobility Group (Paris:EUCAR): Date Total number of shares(1) Total number of voting rights Theoretical(2) Exercisable(3) April … We are confident that we will rebound strongly as soon as the sanitary / market conditions improve, in line with higher vaccination rates, as demonstrated by our US business.”. Financial income and expenses not related to the fleet: net financing costs not related to the fleet decreased to -€16.7m in Q1 2021 from -€26.8m in Q1 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 Q1 2021. 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. MADC totaled €85m in Q1 2021 vs €123m in Q1 2020, with an improved margin on revenue at 24.0% in Q1 2021 versus 22.0% in Q1 2020. Valérie Sauteret - valerie.sauteret@europcar.com 3Excluding liabilities related to leases, View source version on businesswire.com: https://www.businesswire.com/news/home/20210506005975/en/, Investor Relations Re-balancing of revenue streams, with less seasonality. France : +33 (0)1 76 77 25 07 Compared to Q1 2019, the deterioration of Corporate Operating cash flow remained fairly limited (~-€20m) while the shortfall in revenue and Corporate EBITDA was much larger (respectively ~€260m and ~€30m), highlighting the extreme agility of the Group to adapt to the challenging situation. by -38% to €246m. En créant un compte sur PEA-Performance, vous avez la possibilité de recevoir directement par e-mail les actualités concernant vos valeurs. (8) In 2021, payment of Transaction Costs in the context of the debt restructuring. 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. In all, the decrease in fleet holding costs and variable costs was higher than revenue decline, i.e. European business leaders are choosing to stay private, for longer but they still want to reward early investors and key personnel. Fleet financing costs decreased at a lesser rate than revenue, reflecting a slight increase in financing costs, in addition to a higher cost per unit due to a higher proportion of Vans & Trucks in the Group’s fleet. As part of the continuation of the Reboot plan, initiated in 2020, they primarily reflected adaptation measures in HQs and Network that have been implemented to deliver a fast payback in adapting the cost base to the new size of the company. 2 Proforma basis: at constant exchange rate and perimeter Revenue and Profit & Loss are analyzed through the evolution at constant perimeter and exchange rates. Nevertheless, we see reasons to be reasonably optimistic regarding what is ahead of us. LATEST NEWS. In the second part of the quarter, there were however very positive domestic trends in the US, Australia and New Zealand owing to widespread campaigns and government restrictions ease: airline booking data improved with the reopening of the economy, in line with the recovery of domestic airline traffic. Europcar Mobility Group (Paris:EUCAR): Q1 2021 HIGHLIGHTS 1. In particular, Germany, the UK and Italy, significantly contributed to the global performance. at constant perimeter and exchange rates), total revenue decreased by -36% to €356m in Q1 2021 with rental days -33%. As part of its cost adaptation to mitigate the impact of the crisis, the Group continued to run a strict cost discipline, allowing it to reduce further its breakeven point through massive fleet reduction and reduction of semi-fixed and fixed costs. For our customers and partners, we work tirelessly to maintain trust, satisfaction and reliability. Europcar Mobility Group is a major player in mobility markets and listed on Euronext Paris. The Group continued to successfully reduce its semi-fixed and fixed costs by optimizing respectively its network and HQs costs, adapting them to the lower level of activity, thanks to the major restructuring plans launched in 2020. Our activities drive the long-term growth and development of our subsidiaries while fresh opportunities in Qatar and overseas are sought. (6) In 2021, capital increase via a capital injection and the issue of new ordinary shares, maintaining shareholders’ preferential subscription rights, for an amount of €250 million, cash injection related to the exercise of the Guarantee Warrants, the Participation Warrants and the Coordination Warrants, distributed mainly to Bondholders for an amount of €6 million. Change in the Executive Committee of Europcar Mobility Group, Invitation Conference Call Q1 2021 Results. This press release includes forward-looking statements based on current beliefs and expectations about future events. Europcar Mobility Group delivers its mobility solutions worldwide solutions through an extensive network in more than 130 countries (including 18 wholly owned subsidiaries in Europe, 2 in Australia and New Zealand, franchises and partners). Significant reduction in losses at Corporate EBITDA (IFRS 16): -€44m in Q1 2021 (vs -€64m in Q1 2020). Gone are the days when a successful exit for businesses and investors meant only a blockbuster IPO or acquisition. (4) Given the average holding period for the fleet, the Group reports vehicles as current assets at the beginning of the contract. This capacity to adjust the fleet adequately allowed the Group to improve its utilization rate by 3.5 basis points to 69.9% YoY. Reports said this was a nominal return on investment of just under 70%, implying that AB InBev paid around £85 million. Confirmation Code: 7731252, You can watch the presentation on the following link: https://globalmeet.webcasts.com/starthere.jsp?ei=1451977&tp_key=fd0dae40a8, Slides related to first quarter 2021 results are available on the Group’s website, in the “Financial documentation” section: https://investors.europcar-group.com/results-center. 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 on May 6, 2020 and also available on the Group's website: www.europcar-mobility-group.com. Management Account presentation: Q1 2020 and Q1 2021 accounts are presented under IFRS 16, unless explicitly mentioned. All expenses were carefully monitored, with an emphasis on limiting them to essential needs (non-fleet capital expenditure limited to core IT projects, strong focus on collection and rigorous management of payables). Europcar Mobility Group delivers its mobility solutions worldwide solutions through an extensive network in more than 130 countries (including 18 wholly owned subsidiaries in Europe, 2 in Australia and New Zealand, franchises and partners). Vans & Trucks performed extremely positively, back to 2019 levels. On a longer-term perspective, “Connect” will significantly transform the model and profile of the Group, enabling: The Group is anticipating the following for the rest of the year: Hence the Group is not yet in a position to provide guidance for the FY 2021. Vincent Vevaud - vincent.vevaud@europcar.com, Publicis ConsultantsJudith Grandcoing - judith.grandcoing@publicisconsultants.com, Europcar Mobility Group: First Quarter 2021 Results, https://globalmeet.webcasts.com/starthere.jsp?ei=1451977&tp_key=fd0dae40a8, https://www.businesswire.com/news/home/20210506005975/en/, judith.grandcoing@publicisconsultants.com, IFRS 16 impact on the fleet and financing costs & variable costs, Other financing income and expense not related to the fleet, Fleet operating, rental and revenue related costs, Non-fleet depreciation, amortization and impairment expense, Interest expense related to fleet operating leases (estimated), Amortization, depreciation and impairment expense, Reversal of Interest expense related to fleet operating leases (estimated), Rental fleet recorded on the balance sheet, Depreciation and impairment expenses on property, plant and equipment, Amortization and impairment expenses on intangible assets, Changes in provisions and employee benefits (1), Changes to the rental fleet recorded on the balance sheet (4), Acquisition of intangible assets and property, plant and equipment (5), Proceeds from disposal of intangible assets and property, plant and equipment, Acquisition of subsidiaries, net of cash acquired and other financial investments, (Purchases) / Sales of treasury shares net, Net increase/(decrease) in cash and cash equivalents after effect of foreign exchange differences, FCT Junior Notes, accrued interest not yet due, capitalized financing costs and other, Short-term Investments and Cash in operating and holding entities, Senior asset revolving facility (€1.7bn SARF), FCT Junior Notes, accrued interest, financing capitalized costs and other, Cash held in fleet financing entities and Short-term fleet investments, A strong improvement in margin after direct costs: +2 percentage points to 24.0% vs Q1 2020 thanks to significant reduction in the average fleet (-36% to 187,000 vehicles) and sharp increase in utilization rate (69.9% in Q1 2021) combined with solid cost reductions, demonstrating the Group’s flexible model and fast adaptation, Breakeven point lowered thanks to continued cost measures adaptation on Network and HQs, as reflected by the limited fall-though: 11% in Q1 2021 versus Q1 2019 (Corp. EBITDA loss vs revenue loss). General shareholders' meeting: June 30 th, 2021 About Europcar Mobility Group . From Adjusted Corporate EBITDA to Group net income. Europcar Mobility Group invites you to its Q1 2021 Results Conference Call on: Dial-in Access telephone numbers: Learn More. Appendix 6 – Corporate net debt and Fleet net debt, ---------------------------------------------------------------------------------------------------, 1After IFRS 16 application, excluding non-fleet liabilities related to leases Leaner organization and operations, paving the way for enhanced cost efficiency / profitability & improved FCF generation. Regarding Q2 2021 onwards, our views remain cautious. Regulatory News: Caroline Parot, CEO of Europcar Mobility Group, declared: “Over the first quarter 2021, the Travel & Leisure environment continued to be globally challenging in Europe as lockdowns, travel restrictions and stringent sanitary constraints were still in place. The Group recorded sound Corporate liquidity of €515m as at 31 March 2021 versus €587m at 31 December 2020 after debt restructuring. Over his career Ken has held executive roles that have exposed him to a range of markets across Europe, Asia, the Middle East and Africa. Prior to the Annual Shareholders’ Meeting, contact Continental Stock Transfer and Trust at +917-262-2373, or email proxy@continentalstock.com to obtain a Control Number. (5) In 2021, limited to IT developments for Group’s digital transformation. Over the course of Q1 2021, the Group delivered the first steps of its Connect transformation roadmap. On a proforma basis (i.e. Prior to his role at Europcar Ken was the Chief Executive of DHL Express UK and Ireland. The Group remained strongly focused on adapting its fleet holding and variable costs through massive fleet reduction, thanks to its flexible model, based on buy-back programs and long-term relationships with OEMs. ROLLOUT OF CONNECT ON TRACK, WITH FIRST SOLUTIONS & SERVICES DELIVERIES DURING Q1 2021. Please … USA: +1 646-828-8193 24 May 2021 18:35 CEST: Buyout of Company 8.2 France 24 May 2021 18:33 CEST: Rachat de la société 8.2 France 24 May 2021 18:30 CEST This strong cost control led the Group to minimize its cash consumption to -€106m in Q1 2021 versus -€188m in Q1 2020, leading to a sound financial position of €199m Corporate net debt as at 31 March 2021. The mission of Europcar Mobility Group is to be the preferred “Mobility Service Company” by offering alternative attractive solutions to vehicle ownership, with a wide range of mobility-related services: car-rental, vans and trucks rental, chauffeur services, car-sharing and peer-to-peer. This reflects Adjusted Corporate EBITDA of -€44m, non-fleet capex of -€12m limited to the Group’s digital transformation, -€9m of non-recurring expenses mainly linked to adaptation costs with fast pay back, -€5m for the change in working capital and provisions, -€3m income tax and -€26m lease liability cash out under IFRS 16 application on network, airport and HQ lease contracts. As the Group recorded an extremely solid performance over the first two months of 2020 (+3.6% revenue growth on a proforma basis or +4.3% on constant perimeter), revenue in Q1 2021 has shown a contrasted performance month by month: -44% in January, -45% in February and –11% in March. (7) In 2021, mainly related to the reimbursement of the Revolving Credit Facility for €(124)m and other borrowings dedicated to fleet financing for €(108) million. This translated into €199m as at March 31th, 2021, mainly reflecting the negative operating free cash flow. Non-recurring expenses were contained to -€8.8m in Q1 2021 versus -€7.0m in Q1 2020 and -€12.1m in Q1 2019. Net income: the Group posted a net loss of -€76.7m in 2021 compared to -€105m in the same period last year. Europcar Mobility Group operates through a diversified portfolio of brands meeting every customer specific needs and use cases, be it for 1 hour, 1 day, 1 week or longer ; its 4 major brands being: 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). Combined with resilient domestic revenue generation driven by Vans & Trucks and first positive intake for new service solutions of Professional Services lines, the Group confirms it is confident that 2021 revenues will increase compared to 2020. This is a key milestone in the Group’s journey towards at scale, fully digitized customer journeys and operations. To meet an increasing need for greater flexibility, and in line with the implementation of new go-to-market approaches, by Service Lines, Following the strategic partnership with Telefonica and, Phase 1 steps of the Group’s brand new, unified and strongly integrated IT system, were successfully reached, allowing, as planned, a roll-out over the course of Q2 onwards, beginning with. If you wish to vote during the meeting, you must obtain a legal proxy from your bank, broker or other nominee. PARIS--(BUSINESS WIRE)--May 6, 2021-- The strategy towards the development of Supersites and deployment of long-term solution offers is paying-off. This solid performance is enhanced by furlough measures, reduction in external spending, pursued renegotiations of rents with network and HQ landlords, station closures (permanent and temporary) or reduced opening hours. Non-Executive Director. Revenue: €356m, down –36% 2, still reflecting the impact of travel restrictions in Europe but showing also a good performance of domestic markets with resilient activities. First quarter is traditionally the low season for the Group’s activity while fixed costs are stable throughout the year. Pretax losses, as a result of the above, were significantly reduced from -€135m in Q1 2020 to -€82m in Q1 2021. % Change at constant General shareholders’ meeting: June 30th, 2021. Non-audited figures figures, Revenue in Q1 2021: Cars still impacted and Vans & Trucks recording positive growth. (3) In 2021, includes the recycling of capitalized refinancing costs for an amount of €12 million, related to the debt restructuring and converted into equity. The roll out of our strategic roadmap, “Connect”, is well on track, with significant achievements and deliveries over the course of the first quarter, with, notably the implementation of new go-to-market approaches, by Service Line, and the successful launch of a very innovative, highly flexible subscription model for professionals. Net financial restructuring costs: +€23.6m in Q1 2021 breaking down into -€12.3m 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). The amount of the capital increase is net of the fees paid for €9 million. 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. Their variations from one period to another is therefore similar to operating flows generated by the activity. Shareholders Holding Shares in Street Name by a Broker, Bank, or Other Nominee Remote Attendance. Over the first quarter 2021, the Travel & Leisure industry continued to be globally challenging in Europe overall as lockdowns, travel restrictions and stringent sanitary constraints were still in place, as a consequence of slow vaccination campaigns rollout. In this context, Europcar Mobility Group recorded a decline in revenue in Europe vs Q1 2020, but with resilient performance in domestic markets and Vans & Trucks, while experiencing a strong rebound in the US at the end of March. Second quarter 2021 will still be impacted by the pandemic; Cautious views on second half of 2021, given a high level of uncertainties related to the pace of vaccination campaigns, travel restrictions in. Following its financial restructuring, proforma Corporate net debt totaled €93m as at December 31st, 2020. Against this backdrop, Europcar Mobility Group recorded a decline in revenue in Europe but with resilient performance in domestic markets and Vans & Trucks while experiencing a rebound in the US in March.
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