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Avis Europe Plc Annual Report 2008

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Avis Europe Plc Annual Report 2008 Award winning Avis Europe plc Annual Report 2008 Report Annual British Travel Awards, British Travel Awards, British Travel Awards, best leisure car hire best car hire company best business car hire company 2008 2008 company 2008 Leading car rental provider Awarded Superbrand Britain’s most trusted in Middle East 2008, status in Kuwait for 2009 brand 2008, car hire sector Business Traveller magazine – UK Readers Digest Buying Business Travel World Travel Awards, Socap award for innovation Awards 2008 winner Asia’s leading car hire in customer service company 2008 Avis Europe plc Avis House Avis Europe plc Park Road Bracknell Berkshire Annual Report 2008 RG12 2EW Telephone +44 (0)1344 426644 Facsimile +44 (0)1344 485616 www.avis-europe.com Avis at a glance Our vision Loyal customers choosing Avis everywhere. Who we are Our market presence Avis Europe plc is a leading car rental company in Europe, Africa, the We are a market leader in Europe with an aggregate 17.7% market share in Middle East and Asia operating the globally recognised Avis and Budget our 10 largest corporately-owned markets (Source: Euromonitor IMIS travel brands. database 2007) See Overview page 6 Europe Africa Middle East and Asia The Avis brand operates across four The Budget brand, acquired by continents via a network of over Avis Europe in March 2003, serves 2,800 locations in 110 countries, customers across three continents through wholly-owned subsidiaries (Europe, Asia and the Middle East) in 13 countries complemented by through over 1,100 locations in 66 franchisees in a further 97 countries. countries. These are predominantly franchise businesses with corporate operations in Austria and Switzerland, together with a small number of locations in France and the UK. Avis corporate revenue European car rental market by country by brand Other France Avis 17.7% 14% Europe* 22% Europcar** 25.6% UK 15% 17% Hertz 15.3% 15% Italy 17% Spain Sixt 8.7% Germany * Includes Budget 2.7% **Includes Vanguard 5.0% Source: Euromonitor IMIS Travel Database 2007 Strategic focus We remain focused on our key strategic priorities, whilst continuing to adapt our business model to the difficult trading environment. Brand leadership, service differentiation and Capital allocation geographic diversification, Capital management and cash generation are key priorities and we supported volumes in a weakening demand background, with Group anticipate a positive free cash flow in 2009. revenues ahead by 1.3% on a constant currency basis. Cost efficiency Business model flexibility We took substantial and early actions to reduce costs to protect our We optimised our fleet levels and reduced capacity to match weakening operating margin which increased by 0.6% points to 8.6%. demand, delivering a 0.2% improvement in utilisation. Designed by Tor Pettersen & Partners. Typesetting by Orb Solutions Printed in England by Park Communications on FSC certified paper. Park is a CarbonNeutral® company and its Environmental Management System is certified to ISO14001: 2004. 100 per cent of the electricity used is generated from renewable sources. 100 per cent of the inks used are vegetable oil based, 95 per cent of press chemicals are recycled for further use and on average 99 per cent of any waste associated with this production will be recycled. This document is printed on ERA Silk, a paper made using 50 per cent recycled fibre and 50 per cent virgin fibre sourced from FSC certified forests. avis-europe.com Annual Report 2008 2008 Results Overview 2 Chairman’s statement Overview 3 Chief executive’s review Strongly resilient 2008 4 Performance in brief - KPIs Overview performance, despite deteriorating trading environment. Pascal Bazin see page 2 Our strategy in action Business review 5 Business description review Avis is succeeding to differentiate 6 Market analysis itself in a commoditisied 10 Financial review market place. 16 Principal risks and uncertainties see page 5 Business Corporate Social Responsibility (CSR) Our impacts CSR and actions 22 CSR We measure ourselves not just on our financial performance, but also how we perform as a good corporate citizen. see page 22 A well run business Corporate governance 28 Board of directors We regularly review our corporate 29 Corporate governance governance to maintain compliance 34 Statement of Directors’ responsibilities governance with best practice. 34 Remuneration report 43 Directors’ report see page 28 44 Auditors report Corporate Financial statements Financial statements 45 Consolidated Income Statement 78 Parent Company Balance Sheet 46 Consolidated Statement of 79 Parent Company Cash Flow see page 45 Recognised Income and Expense Statement statements 47 Consolidated Balance Sheet 80 Significant Accounting Policies 48 Consolidated Cash Flow Statement 81 Notes to Parent Company Financial Statements 49 Significant Accounting Policies 83 Five Year Summary 56 Notes to Consolidated Financial Statements 84 Shareholder Information Financial 77 Auditors’ Report - Parent company 2 avis-europe.com Annual Report 2008 Chairman’s statement These cost reductions offset the negative impact of business to the present particularly tough economic weaker used car markets on residual values. outlook. In particular we will focus on opportunities in the current industry environment to protect our Net finance costs on continuing operations revenue, reduce capacity and raise prices. We are increased to €75.1 million (2007: €69.7 million) also developing further significant cost actions to reflecting an increase in average net debt, offset defend the business from inflationary pressures, by a reduction in the underlying effective finance whilst continuing to adapt our business model. rate from 6.7% to 6.2% per annum. Outlook Underlying profit before tax on continuing Whilst we are anticipating lower volumes, we are operations increased to €38.0 million (2007: €37.6 tightening fleet capacity and planning a further million). Earnings per share on the same basis were improvement in pricing and a step-change 2.4 euro cents (2007: 2.9 euro cents). improvement in utilisation. In addition, the benefit of last year’s restructuring together with the impact Total operating profit was €97.1 million (2007: of further cost actions are now being realised. We made continued trading €101.3 million), total net finance costs were €94.5 We have ensured that we have sufficient progress, despite the deteriorating million (2007: €68.9 million) and total profit before committed liquidity for the next 12 months and, tax on continuing operations was €3.0 million from the actions outlined above, anticipate a economic environment and (2007: €33.2 million). This is stated after a net positive free cash flow to face successfully the weak used car markets. Brand exceptional charge before tax of €28.8 million challenges of 2009. leadership, service differentiation (2007: €6.9 million) and certain re-measurement and geographic diversification items and economic hedging losses of €6.2 million Employees and Directors (2007: gains of €2.5 million). Exceptional items In my last statement, I welcomed Pascal Bazin, supported volumes. Strong primarily relate to restructuring costs. Loss per who was appointed Group Chief Executive revenue management and pricing share on the same basis was 1.2 euro cents (2007: on 1 January 2008. Additionally, we have actions helped us to deliver a earnings per share 1.6 euro cents). Overall profit strengthened the senior management teams with before tax (including the discontinued operation) the appointment of both new Group Commercial further improvement in rental was €4.3 million (2007: €19.7 million). Loss per and HR Directors and a new Managing Director in revenue per day, on a constant share on the same basis was 1.1 euro cents (2007: Spain. At the same time we have ensured that our currency basis. We also achieved earnings per share 0.3 euro cents). management structure reflects the international nature of our business, an aim which we have now a significant reduction in the fixed Currency effects achieved with the Avis Executive Board. These cost base to protect and indeed The 2008 results were affected by exchange new appointments, together with the experienced to deliver an increase in our rate movements, in particular the euro/sterling Avis management on the team, are providing exchange rate, when compared with the prior year. the balance and capability necessary to manage underlying operating margin. The average sterling/euro rate for 2008 was 1.28 the business through a very difficult trading compared to 1.47 in the prior year. From a trading environment. Results overview perspective the strength of the euro had an adverse Revenues from continuing operations were ahead effect on inbound business from the US into Europe I would like to thank Gilbert van Marcke de by 1.3% on a constant currency basis and just and UK outbound business into Europe, but a Lummen and Malcolm Miller for their many 1.0% lower at €1,313.8 million on a reported basis, positive effect on the translation of the net cost of contributions to the Company, following their with good growth from licensees and in the Budget the Group’s UK activities. retirement from the Board in May. In addition, branded business offset by the impact of currency Lesley Colyer retired as Group HR and Corporate translation in the Avis corporate business. We Dividends Affairs Director and stood down from the Board in achieved a 0.7% increase in rental revenue per day In line with recent previous statements, and in view July after 19 years with the Group. I would like to on a constant currency basis. This improvement of the current difficult trading environment, the thank Lesley for her substantial contributions to the was mainly due to the benefits of previous Board has not recommended payment of a dividend development of Avis throughout her career with us. investment in revenue management initiatives for the year ended 31 December 2008.
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