Europcar unveils strong results
Europcar has announced its full-year 2007 results with strong revenue growth, thanks to the acquisitions of Vanguard EMEA (National and Alamo Brands) and Betacar in Spain plus organic growth estimated at nearly twice the market rate. The Board of Directors met on March 20, 2008 and approved the financial statements for the year ending December 31, 2007.
Group revenues surged from €1,544 million in 2006 to €2,047 million in 2007, representing a 32.6% increase. On a pro forma2 basis, revenues rose by 8.7% from €1,934 million in 2006 to €2,103 million in 2007.
Europcar’s growth strategy led to the acquisitions of Vanguard EMEA—the UK market leader operating under the National and Alamo brands, with a strong presence in the Europe, Middle East and Africa region via its network of franchisees—and of Betacar, which is well established in the Balearic and Canary Islands. In 2007, Vanguard EMEA contributed €417 million to group pro forma? revenues.
In 2007 Europcar also benefited from the full-year contribution of the two acquisitions concluded in the first half of 2006: Keddy in Belgium and Ultramar in Spain.
Excluding the 2006 and 2007 acquisitions, the Group’s organic growth was +5.3%. On a pro forma basis, average revenue per rental day rose from €33.67 in 2006 to €34.01 in 2007.
In addition, Europcar further expanded its strategic partnerships, in particular with easyJet, the leading European low-cost carrier, and with TUI, the world’s leading tour operator. The Group also continued to broaden its international network, notably signing in early 2008 an exclusive cooperation agreement in China.