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Avis Europe Plc Annual Report 2009 Avis Europe Plc, Avis House, Park Road, Bracknell, Berkshire RG12 2EW

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Avis Europe Plc Annual Report 2009 Avis Europe Plc, Avis House, Park Road, Bracknell, Berkshire RG12 2EW Award winning Avis Europe Avis plc Annual Report 2009 Grand Travel Award World Travel Awards, World Travel Awards, World Travel Awards, for Norway’s best car Europe’s leading business World’s leading business Asia’s leading car rental rental provider car rental company 2009 car rental company 2009 company 2009 World Travel Awards, World Travel Awards, World Travel Awards, British Travel Awards, Africa’s leading business India Ocean’s leading car Middle East’s leading business car hire company of the car rental company 2009 rental company 2009 car rental company 2009 year 2009 British Travel Awards, TTG Travel Awards 2009, BIT Tourism Awards 2009, Awarded Superbrand best business car hire car hire company of the year best car rental company status in Kuwait for 2009 company 2009 Grand Travel Award for Norway’s best car rental provider Avis Europe plc Annual Report 2009 Avis Europe plc, Avis House, Park Road, Bracknell, Berkshire RG12 2EW Telephone +44 (0)1344 426644 Facsimile +44 (0)1344 485616 www.avis-europe.com avis-europe.com Annual Report 2009 85 Avis at a glance Shareholder information Registered office and head office Who we are Avis House, Park Road, Bracknell, Berkshire, RG12 2EW Tel: +44 (0) 1344 426644 We operate the Avis brand across four continents Avis Europe plc is a leading car rental Fax: +44 (0) 1344 485616 via a network of over 2,800 locations in 109 Registered number: 3311438 company in Europe, Africa, the Middle East countries, through wholly-owned subsidiaries in 13 countries complemented by franchisees in a and Asia operating the globally recognised Registrar further 96 countries. Avis and Budget brands. Shareholders with any queries relating to shareholdings, change of address, lost share certificates or dividend payments should contact the Company’s registrar, Equiniti, on 0871 384 2278 or write to Equiniti, Aspect House, Spencer Road, Lancing, West Sussex, BN99 6DA. The registrar provides a wide range of shareholder information online. Shareholders can check their holding and find practical help on transferring shares or updating their details at: Our market presence www.shareview.co.uk Avis Europe plc Avis Budget Group, Inc.* We are a market leader in Europe with Website Europe Americas an aggregate 18.2% market share. Africa Australasia The Avis Europe website, www.avis-europe.com, includes an Investor Centre Middle East Asia and is continuously updated with announcements and Avis news. (Source: Datamonitor’s European Car Rental Report 2009 – based on 2008 revenues.) Territories: Asia Corporately-owned: ShareGift Countries 13 7 Shareholders with a small number of shares, the value of which makes it uneconomic to sell them, may wish to consider donating them to charity Locations 1,566 2,052 through ShareGift, a registered charity administered by The Orr Mackintosh Foundation. The share transfer form needed to make a donation may be obtained from the Company’s registrar, Equiniti. Further information about Licensees: ShareGift is available at www.sharegift.org or by telephone: 020 7930 3737. Avis Countries 96 50 Founders Club Budget Countries 65 54 Founders Club members and holders of other shareholder privileges should Avis Locations 1,305 933 use the following dedicated phone line for all reservations and enquiries including queries about discounts – 0844 581 0173. Budget Locations 1,002 1,034 Avis Europe plc no longer offers discounts for new shareholders with effect * Avis Budget Group, Inc., independently owned and quoted in the US, operates Avis and Budget brands in the Americas, Australasia and Asia. from 1 January 2005. New BA partnership – “Be there sooner” Following a successful 11-year relationship, we have now entered a new exclusive five- year partnership with British Airways as the airline’s sole global car rental provider. This new partnership extends car hire benefits to all British Airways customers across the board, making the travel process easier and quicker for our joint customers. statements Financial Designed by Tor Pettersen & Partners. Typesetting by Orb Solutions Printed by Park Communications on FSC certified paper. Park is an EMAS certified CarbonNeutral ® Company and its Environmental Management System is certified to ISO14001:2004. 100% of the inks used are vegetable oil based, 95% of press chemicals are recycled for further use and on average 99% of any waste associated with this production will be recycled. This document is printed on Revive 50:50 Silk, a paper containing 50% recovered waste and 50% virgin fibre sourced from well managed, sustainable, FSC certified forests. The pulp used in this product is bleached using a Totally Chlorine Free (TCF) process. avis-europe.com Annual Report 2009 Overview 2 A year of action The Budget brand serves customers across three 4 Chairman’s statement continents (Europe, Africa and the Middle East) 5 Chief executive’s review through over 1,000 locations in 65 countries. These 6 Strategy are predominantly franchise businesses with corporate Overview 7 Key Performance Indicators operations undertaken in conjunction with the Avis brand in France, the UK, Austria and Switzerland. Business review 8 Service differentiation Avis Europe corporate rental revenue by country 10 Business description 10 Market analysis review Other 12 Financial review 14% France 22 Playing our part 24% 24 Corporate social responsibility UK 16% Business Germany Spain 16% 13% Italy 17% Corporate governance 28 Board of Directors Avis Europe corporate rental revenue by customer 29 Corporate governance report 34 Statement of Directors’ responsibilities 34 Remuneration report 42 Directors’ report Individual governance 55% 43 Auditors’ report Insurance/ Replacement 11% Corporate Corporate 34% Avis recognised Financial statements 44 Consolidated Income Statement internationallyAvis Europe corporate rental revenue by location 45 Consolidated Statement of for outstanding service Comprehensive Income 46 Consolidated Balance Sheet During 2009 we were internationally recognised 47 Consolidated Statement of Changes statements with a number of prestigious awards including: in Equity Europe’sNon- Leading Car Rental Company, at the 48 Consolidated Cash Flow Statement Airport Airport World47% Travel Awards;53% and Car Hire Company of 49 Significant Accounting Policies the year, at the British Travel Awards. Avis won 56 Notes to Consolidated Financial Statements Financial ten awards in total. 78 Auditors’ Report - Parent company 79 Parent Company Balance Sheet 80 Parent Company Cash Flow Statement 81 Significant Accounting Policies 82 Notes to Parent Company Financial Statements 84 Five Year Summary 10 85 Shareholder Information 2 avis-europe.com Annual Report 2009 Overview A year of action Demonstrating the strength & flexibility of our business model avis-europe.com Annual Report 2009 Chairman’s statement Currency effects As the industry environment is expected to remain Exchange rate movements, in particular the difficult and uncertain in 2010, we will continue sterling/euro exchange rate, affected results for to focus on opportunities to protect our revenue, 2009 compared to the prior year. The average keep capacity tight, raise prices and maintain a sterling/euro rate for operating profit for the year rigorous control over costs. At the same time we was 1.16 compared to 1.25 for the prior year. The are actively preparing to maximise opportunities strength of the euro adversely impacted customers from any upturn in our traditional core businesses, travelling into mainland Europe, particularly from as well as for longer term profitable growth the US and UK, whilst having a beneficial effect on through expansion in new markets. These markets the translation of our activities in the UK, including include China, where our early market entry, the the cost of the Group headquarters. strength of the Avis brand and quality of service are reinforcing our leading market position. Dividends In line with previous statements, and in view Outlook of the current difficult and uncertain economic Given the continuing uncertain trading environment We have delivered a very strong environment, the Board has not recommended and consequent limited visibility in our markets, result for 2009 in what was an payment of a dividend for the year ended 31 we will maintain our present prudent approach for December 2009. The Board’s intention is to the current year. We anticipate a slightly positive extremely difficult economic recommence the payment of dividends when the volume performance for the year and are working environment, reflecting a resilient financial and trading position of the Group allows. towards a further improvement in pricing. volume performance, good increases in rental revenue per Strategic development We will still keep fleet capacity tight and continue Our strategic positioning was a key factor in our ongoing focus on driving greater efficiency day for the second consecutive delivering our strong results for 2009. Our brand to mitigate cost inflation. The interest charge, year, a step-change improvement leadership and efforts to differentiate Avis in a excluding any additional cost of a refinancing in utilisation and significant cost price competitive and difficult market supported that is likely to be undertaken later in the year, is volumes. We gained share in a number of expected to benefit from lower rates as existing savings. At the same time the markets and were recognised internationally hedging matures. reduction in fleet and strong cash for outstanding customer service in a series of management drove a substantial prestigious awards including ‘Europe’s Leading We have ensured that we have sufficient liquidity Business Car Rental Company’ at the World for the next 12 months, will retain our tight reduction in net debt. Travel Awards and the Travel Trade Gazette’s control of capital to maintain debt at broadly ‘Car Hire Company of the Year’. Our geographic the level of 2009 and, from the actions outlined Results overview diversification and good customer balance also above, are well positioned to continue to make Rental income was 11.5% lower at €1,162.4 supported volumes. good progress in 2010.
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