Press Release

Paris - March 1st, 2022

FY 2021 RESULTS

SHARP RECOVERY IN ACTIVITY,

BUILDING ON COMBINED, POSITIVE OUTCOMES OF "REBOOT" PLAN & "CONNECT" STRATEGIC ROADMAP

AND LEVERAGING A MORE FAVOURABLE BUSINESS ENVIRONMENT DURING H2 2021

CORPORATE EBITDA MARGIN AT 12.5%, ABOVE PRE-COVID 2019 LEVELS

FY 2021 RESULTS HIGHLIGHTS

  • Revenue: +28%1 at €2,272m compared to 2020 (down -30%versus 2019 PF1), driven by high RPD2 and recovery in leisure customer demand from Q2 2021 onwards, in a context of limited fleet supply.
  • Corporate EBITDA: strong rebound to +€284m (vs -€172m in 2020 and €369m in 2019 PF3)
  • Corporate EBITDA margin: margin at 12.5%, above pre-covid levels (vs 11.4% in 2019 PF)
  • Operating free cash flow conversion4: 49% (vs 42% in 2019)
  • Strengthened balance sheet: 1.3x Corporate leverage (Corporate net debt to Corp. EBITDA4) and €240m Corporate net debt, building on the financial restructuring achieved in February 2021.

UPDATE ON THE TENDER OFFER

Europcar Mobility Group is continuing to cooperate with Green Mobility Holding in view of the completion of the tender offer.

The ongoing merger control procedure conducted by Green Mobility Holding with the European Commission, is making continuous progress:

  • The Company and its Board of Directors have decided to exercise the Company's option to extend the long-stop date until June 30th, 2022 under the tender offer support agreement entered into between the Company and Green Mobility Holding and the consortium members (Volkswagen, Attestor and Pon).
  • The Company and the offeror, fully committed to completing the transaction, anticipate that the closing of the tender offer will occur during the second quarter of 2022.

As a reminder, following the European Commission's decision, the French financial market regulator (Autorité des

marchés financiers) will announce the final date up to which shareholders of Europcar Mobility Group can tender their shares. In accordance with article 232-4 of the AMF general regulation, if the tender is successful, it will be automatically reopened within 10 trading days following the publication of the final result of the tender, under terms identical to those of the Offer. The AMF will publish the timetable for the reopening of the tender, which will remain open for at least 10 trading days.

  1. At constant exchange rates versus 2020 and at constant exchange rates & perimeter versus 2019: including Fox and Nordics
  2. RPD (revenue per transaction day): corresponds to rental revenue for the period divided by the number of rental days for the period
  3. Unaudited 2019 PF figure
  4. Pre-IFRS16

1

2022 TRAJECTORY AND MID-TERM PROSPECTS

In the context of ongoing volumes constrained by fleet shortage, increased cost base (fleet and overall inflation) and unknown global impact arising from the Ukrainian conflict, the Group is not in a position to provide an outlook for 2022 and onwards.

However, the Group is well on track in the deployment of its strategic roadmap with already first concrete benefits in 2021. This will accelerate throughout 2022 with a focus on digitization of Customer experience and Operations. The Group is confident in its capacity to deliver long-term, sustainable and profitable growth.

Caroline Parot, CEO of Europcar Mobility Group, declared:

"In 2021, despite a slow start of the year due to COVID, the Group achieved a very good FY performance, both in terms of revenue recovery and profitability level.

This performance was possible thanks to the combined effects of our cost adaptation program "Reboot", the positive impact of our financial restructuring and the first deliveries of "Connect", our strategic roadmap. From Q2 onwards, we were also able to efficiently leverage the "post-lockdown" appetite for travel, in a context of fleet scarcity.

In 2022, our overall focus will be on profitability versus volumes, as we anticipate a continuing tension between supply and demand. We also expect global inflation and the lasting semiconductor shortage, as well as the Ukrainian conflict, with unknown global consequences, to negatively impact our cost base and our business environment. We are therefore not in a position to provide any outlook for 2022 and onwards.

Nevertheless, as we move forward in the deployment of our "Connect" roadmap, with first concrete benefits already observable, we are confident in our capacity to deliver long-term, profitable growth, building our leadership on sustainable, shared, on-demand mobility services, which are at the core of the solutions our societies need."

*****

Europcar Mobility Group invites you to its FY 2021 Results Conference Call on:

Tuesday, March 1st 2022, 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 : +1 929-477-0402

Confirmation Code : 6479217

Webcast live:

You can watch the presentation on the following link:

https://globalmeet.webcasts.com/starthere.jsp?ei=1523010&tp_key=a2c0e05d21

Slides related to full year 2021 results are available on the Group's website, in the "Financial documentation" section:

https://investors.europcar-group.com/results-center

2

KEY FINANCIALS IN 2021

Q4 2021 financial results

All data in €m, except if mentioned

Q4 2021

Q4 2020

% Change at constant

perimeter and currency

Number of rental days (million)

17.7

13.6

30.6%

Average Fleet (thousand)

262.3

213.9

22.7%

Financial Utilization rate

73.6%

69.1%

Total revenues

647.7

409.0

54.6%

Adjusted Corporate EBITDA (IFRS 16)

93.7

(17.7)

Adjusted Corporate EBITDA Margin

14.5%

Operating Income

62.0

(252.0)

Income before taxes

3.9

(291.7)

Net profit/loss

10.3

(349.0)

Corporate Free Cash Flow

89.6

(76.3)

Corporate Net Debt at end of the period

240.0

1,426.2

NB: Average fleet and utilization rate include Urban Mobility. Historical data have been adjusted accordingly

2021 financial results

All data in €m, except if mentioned

2021

2020

% Change at constant

perimeter and currency

Number of rental days (million)

63.1

56.9

10.7%

Average Fleet (thousand)

232.2

253.3

-8.3%

Financial Utilization rate

74.5%

61.5%

Total revenues

2,272.2

1,760.9

28.3%

Adjusted Corporate EBITDA (IFRS 16)

283.6

(171.9)

Adjusted Corporate EBITDA Margin

12.5%

Operating Income

155.0

(500.4)

Income before taxes

20.7

(685.6)

Net profit/loss

29.0

(644.8)

Corporate Free Cash Flow

92.0

(418.6)

Corporate Net Debt at end of the period

240.0

1,426.2

NB: Average fleet and utilization rate include Urban Mobility. Historical data have been adjusted accordingly

No change in perimeter between 2021 and 2020. As a reminder, the last two acquisitions were Fox Rent A Car in the US consolidated in November 2019 and franchisees in Norway and Finland in July 2019.

3

PROFIT & LOSS

Management Account presentation: 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

Q4 2021

Q4 2020

% Change at constant perimeter

Q4 2019 PF

and currency

Total revenue

647.7

409.0

54.6%

727.7

Average fleet size ('000)

262.3

213.9

22.7%

338.6

Rental days volume (in Million)

17.7

13.6

30.6%

22.1

Utilization rate

73.6%

69.1%

71.2%

Fleet holding costs

(147.0)

(110.1)

-29.2%

(189.4)

Variable costs

(206.2)

(155.5)

-29.4%

(252.4)

Sales and marketing expenses

(4.0)

(2.5)

-57.5%

(6.1)

Fleet financing costs

(34.4)

(27.9)

-20.9%

(31.6)

Direct & variable costs

(391.6)

(296.0)

-28.8%

(479.4)

Margin after Direct costs

256.0

113.0

123.1%

248.3

In % of revenue

39.5%

27.6%

34.1%

Network

(85.0)

(65.9)

-26.7%

(111.7)

HQ Costs

(77.4)

(64.8)

-16.9%

(77.4)

Fixed & semi-fixed costs

(162.3)

(130.7)

-21.8%

(189.1)

Adjusted Corporate EBITDA (post IFRS-16)

93.7

(17.7)

59.2

In % of revenue

14.5%

8.1%

IFRS 16 impact on premises and parking

(15.6)

(21.2)

(13.1)

IFRS 16 impact on the fleet and financing costs & variable costs

(15.8)

(2.0)

(17.3)

Adjusted Corporate EBITDA (pre IFRS-16)

62.3

(40.9)

28.9

Depreciation - excluding vehicle fleet:

(41.2)

(33.9)

-19.3%

(39.0)

Impairment expense on non-current assets

(0.5)

(132.6)

Non-recurring income and expense

(17.0)

(85.5)

(17.6)

Other financing income and expense not related to the fleet

(31.2)

(22.0)

-39.9%

(21.9)

Net financial restructuring costs

Profit/loss before tax

3.9

(291.7)

(19.3)

Income tax

6.4

(57.1)

(12.8)

Net profit/(loss) (post IFRS-16)

10.3

(348.8)

(32.1)

4

All data in €m

2021

2020

% Change at constant

2019 PF

perimeter and currency

Total revenue

2,272.2

1,760.9

28.3%

3,237.8

Average fleet size ('000)

232.2

253.3

-8.3%

351.7

Rental days volume (in Million)

63.1

56.9

10.7%

96.4

Utilization rate

74.5%

61.5%

75.3%

Fleet holding costs

(533.6)

(594.2)

10.8%

(822.6)

Variable costs

(757.0)

(653.4)

-15.3%

(1,093.2)

Sales and marketing expenses

(15.4)

(14.7)

-4.2%

(34.3)

Fleet financing costs

(112.2)

(111.7)

-0.2%

(135.6)

Direct & variable costs

(1,418.1)

(1,374.0)

-2.6%

(2,085.7)

Margin after Direct costs

854.1

387.0

119.3%

1,152.1

In % of revenue

37.6%

22.0%

35.6%

Network

(283.5)

(288.0)

1.7%

(443.7)

HQ Costs

(287.0)

(270.9)

-5.2%

(339.4)

Fixed & semi-fixed costs

(570.5)

(558.9)

-1.7%

(783.1)

Adjusted Corporate EBITDA (post IFRS-16)

283.6

(171.9)

369.0

In % of revenue

12.5%

11.4%

IFRS 16 impact on premises and parking

(70.8)

(79.2)

(74.1)

IFRS 16 impact on the fleet and financing costs & variable costs

(24.4)

(25.0)

(36.3)

Adjusted Corporate EBITDA (pre IFRS-16)

188.4

(276.1)

258.5

Depreciation - excluding vehicle fleet:

(143.7)

(153.4)

7.1%

(154.3)

Impairment expense on non-current assets

(0.5)

(132.6)

Non-recurring income and expense

(55.6)

(115.5)

(59.6)

Other financing income and expense not related to the fleet

(85.5)

(112.2)

23.8%

(121.4)

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

20.7

(685.6)

33.6

Income tax

8.3

40.9

(33.4)

Net profit/(loss) (post IFRS-16)

29.0

(644.7)

0.3

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.

5

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Europcar Mobility Group SA published this content on 01 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 March 2022 20:08:01 UTC.