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Published on : Thursday, July 27, 2017
The adjusted corporate EBITDA was €56 million, up 2.7 per cent at constant exchange rates.
The chief executive of Europcar Group, Caroline Parot mentioned that there was a double digit growth in terms of revenues and corporate operating free cash flow for the group. The operational performance was good across the corporate countries and three major business units.
Europcar significantly stepped up its acquisition momentum during the first half and has reached the position to complete the 2020 ambition in terms of acquisitions.
Corporate operating free cash flow was at €90 million during the period, up 10.6 per cent.
There was a net loss of €27 million Europcar incurred due to one-off restructuring costs and transformation merger and acquisition fees.
The group is ready to welcome the experienced management team of Buchbinder and Goldacr whose acquisition happened in May and June respectively.
Parot further added that the integration of the two highly compatible businesses will lead to the creation of a major player in the low cost segment along with the delivery of significant cost and revenue synergies for the group.
The company wants to play a major role in the game changing transactions in the European consolidation process.
Further, after the closure of the two major acquisitions Europcar will focus on the integration and deliver the expected synergies.
The first semester saw significant progress for the ambitious strategic plan for 2020 and the company is confident of reaching €3 billion of annual revenue. It is also expected to reach and adjusted corporate EBITDA margin at the group level of 14 percent excluding new mobility by the end of 2020.