Europcar Mobility Group

FULL YEAR 2019 RESULTS

26 February 2020

2019 > Revised guidance achieved in a challenging environment

2020 > Re-inforced focus on efficiency and customer value creation, powered by digitalization

2019 KEYFACTS

Challenging environment at the end of Q3 2019 and in Q4 2019
Revenue build-up and margin under pressure, leading to acceleration of efficiency programs
Strong growth momentum in Urban Mobility
Ramp-up of SHIFT 2023 strategic roadmap
Last step of our transformational M&A program: acquisition of Fox-Rent-A-Car

2019 KEY FINANCIALSFINANCIALS *

Revenue at €3,022m, up +0.9% on an organic basis and up +3.2% on a reported basis
Adjusted Corporate EBITDA in line with guidance revision published in October 2019 | €310m excluding Urban Mobility / €278m including Urban Mobility
Group Net Income at €38m (versus €71m excluding the sale of Car2Go in 2018)
Dividend payout ratio of 34%
Corporate Operating Cash Flow at €118m, i.e. 42% free cash-flow conversion
Corporate Net Debt at €880m | 3.0x leverage before Fox acquisition, 3.2x leverage after Fox acquisition

* Before IFRS 16

Caroline Parot, CEO of Europcar Mobility Group, declared: "The second half of 2019 was challenging, with the European economic slowdown and the Brexit both impacting our corporate and leisure businesses. This led us to accelerate the roll-out of our efficiency and standardization programs, so as to adapt our cost-base. Finally, in this soft environment characterized by weaker-than-expected demand and pricing pressure, we achieved our revised guidance.

In 2020, the environment will remain complex, with macro uncertainties in Europe, as well as challenging times when it comes to environmental issues or health major events. In this regard, while having no direct operations in the APAC region, we are closely monitoring the evolution of the outbreak situation in our industry and in our company, from an employees and business perspective.

At the same time, 2020 being a key milestone on our way to our 2023 ambitions, we will strongly focus on quality of revenue, margin improvement and cash flow generation. All this with continued financial discipline, in line with the targets of our efficiency programs. We also ambition to deliver strong double-digit growth in our Urban Mobility business, while significantly reducing its losses. Finally, we will pursue at a fast pace the digitization of our ONE Group framework, allowing us to create additional value for our customers.

Thanks to our unique and central positioning in the mobility ecosystem, we are confident in the relevance of our SHIFT 2023 strategic roadmap, which aims to enable us to capture further growth, seize market opportunities in front of very promising long-term mobility trends and create greater value for our customers, while progressively rebalancing our revenue streams, thus reducing the impact of seasonality and volatility on our business.”

2020 OUTLOOK

Cautious view on the macro and leisure environment
Strong focus on margin improvement, through efficiency and standardization measures
Priority on cash conversion and further debt reduction
Continued investments in digital and group’s transformation, to enhance customer value
Strong double-digit revenue growth for Urban Mobility BU & path to profitability

2020 GUIDANCE (including Urban Mobility)

Revenues: limited organic growth, selective on quality
Adjusted Corporate EBITDA for the full perimeter* in the range of €300-310m
Non-recurring expenses of around €50m
Strong increase in Net Income
Increase in Corporate Operating Cash flow generation leading to a reduction in net debt, & a debt deleveraging by 0.4x

* Including acquisitions realized in 2019 and Urban Mobility

More details about Europcar Mobility Group full year 2019 results attached.

Sobre o Europcar Mobility Group

O Europcar Mobility Group é o principal player nos mercados de mobilidade, estando atualmente listado no Euronext Paris. A nossa missão passa por sermos a preferência na prestação de serviço de mobilidade, através da disponibilização de um conjunto de soluções atrativas e alternativas ao veículo próprio, tais como: aluguer de veículos, serviços de motorista, car-sharing e scooter-sharing. A satisfação dos nossos clientes é prioridade do grupo e dos nossos colaboradores, um compromisso que nos leva a continuar a desenvolver novos serviços. O Europcar Mobility Group opera através de diversas marcas que respondem a diferentes necessidades dos consumidores, sendo as quatro principais marcas: a Europcar®, líder europeia na prestação de serviços de aluguer de veículos; a Goldcar®, a mais importante empresa de aluguer de carros low-cost na Europa; a InterRent®, uma marca intermédia focada na área do lazer; e a Ubeeqo®, uma das líderes europeias em car-sharing B2B e B2C. Como grupo global, o Europcar Mobility Group está presente em 140 países, incluindo 20 subsidiárias na Europa e 2 na Austrália e na Nova Zelândia, franchises e parceiros.

Mais informação sobre o grupo em: www.europcar-mobility-group.com

Contactos do Europcar Mobility
Valérie Sauteret | valerie.sauteret@europcar.com
Vincent Vevaud | vincent.vevaud@europcar.com