FY 2021 RESULTS HIGHLIGHTS
- Revenue: +28% at €2,272m compared to 2020 (down -30% versus 2019 PF1), driven by high RPD 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 PF)
- 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: 3x Corporate leverage (Corporate net debt to Corp. EBITDA) 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.
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.”