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Avis Europe Plc Annual Report 2010

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Avis Europe Plc Annual Report 2010 Award winning Avis Europe plc Avis Annual Report 2010 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 2011 car rental company 2010 car rental company 2010 company 2010 World Travel Awards, World Travel Awards, World Travel Awards, British Travel Awards, Africa’s leading business Indian Ocean’s leading Middle East’s leading business best business car hire car rental company 2010 car rental company 2010 car rental company 2010 company 2010 British Travel Awards, British Travel Awards, Business Travel Awards, Business Travel Awards, best holiday car hire best car hire company best car rental company in best car rental company company 2010 of the year 2010 (silver) Europe 2010 worldwide 2010 Grand Travel Award Grand Travel Award for Norway’s best car for Sweden’s best car rental provider 2010 rental provider 2010 Avis Europe plc Annual Report 2010 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 2010 85 Overview Avis Europe at a glance Shareholder information Registered office and head office WHAT WE DO Avis House, Park Road, Bracknell, Berkshire, RG12 2EW Tel: +44 (0) 1344 426644 We are a leading vehicle rental company operating two of the Fax: +44 (0) 1344 485616 main global brands, Avis and Budget, in Europe, Africa, the Registered number: 3311438 Middle East and Asia. Website The Avis Europe website, www.avis-europe.com, includes an Investor Centre Avis Europe operates the Avis and Budget brands in its territories under long-term licences from and is continuously updated with announcements and Avis news. Avis Budget Group, Inc. (ABG), which operates the brands in the rest of the world. Although under separate ownership, Avis Europe and ABG have close commercial ties, joint marketing initiatives and Registrar technology to provide a global service to customers. Shareholders with 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 www.shareview.co.uk Founders Club Founders Club members and holders of other shareholder privileges should use the following dedicated phone line for all reservations and enquiries including queries about discounts – 0844 581 0173. Since 1 January 2005 Avis Europe plc no longer offers discounts for new shareholders. ShareGift MARKET OVERVIEW 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 We operate in 13 countries on a corporately-owned basis through ShareGift, a registered charity administered by The Orr Mackintosh Foundation. The share transfer form needed to make a donation may be and have licensee operations across a further 102 countries. obtained from the Company’s registrar, Equiniti. Further information about Together with the ABG network, we have over 7,600 locations ShareGift is available at www.sharegift.org or by telephone: 020 7930 3737 across our worldwide network. CUstomer OVerView Our customers can be characterised into three main groups: Individual, Corporate and Insurance/Replacement. The analysis of customers by customer type, location and country for our corporately-owned segment is as follows: Rental revenue Rental revenue Rental revenue by customer by location by country Insur/Rep. Other 12% 14% France 24% Spain Non-airport Airport Corporate Individual 13% 34% 54% 47% 53% Germany UK 17% 15% Italy 17% 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 2010 1 Strategic priorities Contents OVERVIEW verview We now intend to maximise opportunities from the improving O ifc Avis at a glance trends we are seeing across the industry as a whole, which 2 Market analysis will support our continued push for improved margins and 4 An integrated business model cash generation. The strength of our brands, service and BUSINESS REVIEW 6 Chief Executive’s review innovative offer to customers position the Group well to take 12 Corporate social responsibility full advantage of opportunities in both our traditional core and 18 Financial review emerging markets and in growing our new mobility offers. CORPORATE GOVERNANCE 24 Chairman’s statement Our focus 25 Board of Directors 26 Corporate governance report Continue to develop our strong customer oriented and 30 Risks and uncertainties 34 Statement of Directors’ responsibilities mobility brands 34 Remuneration report 42 Directors’ report Drive profitable growth FINANCIAL STATEMENTS 44 Auditors’ report Ensure capital efficiency 45 Consolidated Income Statement 46 Consolidated Statement of Comprehensive Income Strategy p6 >> 47 Consolidated Balance Sheet 48 Consolidated Statement of Changes in Equity Summary of Key Performance Indicators 49 Consolidated Cash Flow Statement 50 Significant Accounting Policies We measure our performance through a number of 56 Notes to the Consolidated Financial Statements Key Performance Indicators: 78 Auditors’ Report – Parent Company 1 Rental revenue per day5 Underlying Return 79 Parent Company Balance Sheet 3 80 Parent Company Cash Flow Statement (% change) on Capital Employed 81 Significant Accounting Policies – Parent Company +2.4% +1.6% 12.4% 82 Notes to Parent Company Financial reported currency constant currency6 (2009: 9.9%) Statements (2009: +1.0%) (2009: +0.7%) 84 Five Year Summary 85 Shareholder Information 9 10 Billed days Utilisation (% change) (% pts change) (0.1)% +0.8% +1.0% pt. reported like-for-like4 (2009: +3.9% pts) (2009: (10.3)%) (2009: (8.4)%) Underlying1 pre-tax margin2 4.2% Footnotes and detailed definitions are described on page 23 (2009: 3.0%) Financial review p18 >> 2 avis-europe.com Annual Report 2010 Overview Market analysis Very strong 2010 performance in the improving trading environment Operating environment Growth expectations for the airline sector tend shops with which Avis has a direct contractual Market analysis and growth to be higher than GDP growth, driven in part by relationship. This category also displays a There is little external data available regarding structural trends, in particular by the continued relatively even pattern of demand throughout the the European car rental market. The main growth of low cost airlines. The Airports Council year and customers’ requirements are similar to source is Euromonitor, who estimate that €8.0 International currently estimates growth in those in the Corporate customer group. billion of car rental revenues were generated passenger traffic for flights in Europe of 3.1% in Europe during 2010. The largest countries for 2011 and 4.1% for 2012. Partnerships by revenue were Germany (24%), Spain (17%), To support business from both Individual and France (17%), the UK (15%), and Italy (14%). Market composition Corporate customers we have an extensive During the year, Euromonitor estimated that The car rental market is generally categorised portfolio of over 70 international partnerships with a combined fleet of approximately 1.1 million either by the type of customer group, (Individual, the world’s airlines, railway networks and other vehicles was employed by the car rental Corporate, Insurance/Replacement) or by the leading travel companies. industry, representing a reduction of 2.3% location of the rental service (airport, non-airport). compared with 2009. In 2010, approximately 52% of the market was Stations/locations estimated to be Individual, with 40% being Rental locations throughout the network are Car rental industry transaction growth has Corporate and 8% being Insurance/Replacement selected for their convenience to customers, with historically been approximately correlated business. During 2010, 65% of the industry’s particular importance attached to representation to general economic activity levels plus, in revenue came from airport rentals, with 35% at airports, rail locations and other major travel the case of rentals from airports, to airline attributable to non-airport locations. points. Whilst Euromonitor estimates that across passenger volume growth. From these the market as a whole 65% of revenue comes perspectives, the operating environment in We recognise three key customer groups within from airport rentals, Avis benefits from a broadly 2010 began to recover from the difficulties our corporately-owned network, each with even distribution of revenue from airport and non- experienced in 2009. differing needs and expectations: Individuals,
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