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Photo: Europcar

Europcar group net profit up 128%

Europcar Mobility Group, which since 2017 includes Europcar Denmark, Goldcar and Buchbinder, also sold a stake in car2go.

Europcar Mobility Group has posted a full-year net profit of €139 million for 2018, up 128% compared to the previous year’s net profit of €61 million, despite widening losses during the first quarter.

This is mostly due to the impact of a strong rise in adjusted corporate EBITDA over the period, the group said, as well as a one-off gain generated from the sale of a 25% stake in car2go to Daimler Mobility Services for €70 million, which was announced on March 1.

The group generated revenues of €2.93 billion during the year, up 22% on 2017. Including the 2017 performance of Europcar Denmark, which the group bought in May 2017, Goldcar, which it acquired in December 2017, and Buchbinder, a purchase sealed in September 2017, the group’s revenues grew by 3.4%.

Key markets
This “significant increase” in revenues was the result of positive growth across all of the group’s key markets and in its three major business units, with Cars growing by 9.4%, Vans & Trucks growing by 29% and Low Cost growing by 200%.

On a pro-forma basis, these three major business units grew their revenues by, respectively, 2.2%, 8.4% and 2.9%.

The number of rental days reached a new record of 87.7 million in 2018, up 27% versus 2017. On a pro-forma basis, growth in rental days was 3.4% for the group, spread across all its key business units.

Late last year, Europcar announced a partnership with SAS for visibility during the flight booking process.

However, the group’s corporate net debt stood at €795 million as of December 31, 2018, against €827 million on December 31, 2017.

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