ir-2010v2 安飞士 欧洲 2010 财务报告

Interim Results 2010
Pascal Bazin – Chief Executive Martyn Smith – Finance Director 26 August 2010
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Overview
First half operating highlights
Financial overview and refinancing
Growing profitability and ROCE
Trading outlook
Summary
Appendix
Agenda
? Overview ? First half operating highlights ? Financial overview and refinancing ? Growing profitability and ROCE ? Trading outlook ? Summary ? Appendix
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Overview
First half operating highlights
Financial overview and refinancing
Growing profitability and ROCE
Trading outlook
Summary
Appendix
Overview
? Further good set of results in H1 2010, capitalising on: – the strength of our two worldwide brands – our excellent geographic diversification and good customer balance – strong revenue management and yielding actions – management cost actions taken early last year, continued strict cost and capital discipline Successful refinancing this summer 2010 with balance sheet substantially strengthened through €181m rights issue and new Bank Facility Good summer trading, maintaining management expectations for the balance of the year Clear strategy for growing both profitability and ROCE Continued strong progress
?
?
?
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Overview
First half operating highlights
Financial overview and refinancing
Growing profitability and ROCE
Trading outlook
Summary
Appendix
Agenda
? Overview ? First half operating highlights ? Financial overview and refinancing ? Growing profitability and ROCE ? Trading outlook ? Summary ? Appendix
-4-

Overview
First half operating highlights
Financial overview and refinancing
Growing profitability and ROCE
Trading outlook
Summary
Appendix
Significant improvement in Interim result, despite weak macro economic environment
? Volume trend improving, month by month ? Very strong pricing performance ? Continued tight cost discipline, together with benefit of 2009 management actions
(1.3)% H1 10 versus (9.4)% in the comparative period* Rental revenue per day +4.5%** Gross margin +70bps and underlying operating margin +150bps
Underlying operating profit ahead by 40%, despite broadly flat rental income
Net debt €126 million lower and underlying ROCE up by 330 bps to 12.0%
? Continued tight management of fleet and cash
Underlying PBT €0.3 million, (2009: loss of €13.9 million)
* Like-for-like measures comprise only those rental stations that were in operation throughout all of the current and comparative period ** Constant currency
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Overview
First half operating highlights
Financial overview and refinancing
Growing profitability and ROCE
Trading outlook
Summary
Appendix
Best result in last five years, delivering momentum despite broadly flat rental income
? Following recently implemented structural changes, significantly improving the break-even
point, first-time profit in seasonally weaker first-half since 2005
Underlying PBT 10 Underlying operating margin 10% 1.4 1.2 5 5% 1 €m 0 0% €bn 0.8 0.6 0.4 (10) -10% 0.2 0 H1 06 H1 07 H1 08 H1 09 H1 10 10% 8% 6% 4% 2% 0% Net debt Underlying ROCE* 14% 12%
(5)
-5%
(15) H1 06 H1 07 H1 08 H1 09 H1 10
-15%
*3 point average capital
-6-

Overview
First half operating highlights
Financial overview and refinancing
Growing profitability and ROCE
Trading outlook
Summary
Appendix
Progressive recovery in volumes, together with strong pricing performance …
Billed days Rental revenue per day (constant currency) % change vs prior period H1 09 H1 10 (1.3) * (9.4) 4.5 (1.4)
? Billed days impacted by adverse weather conditions across Northern Europe at the beginning of the year, volcanic ash cloud in April and continued difficult trading environment in Spain and weak economies across Europe ? Volumes also selectively restrained by strategic focus on tight capacity ? Very strong improvement in rental revenue per day, (including benefit from higher walk-ups and one-way fees during the ash cloud period) ? Good growth from licensees and emerging markets Group rental income now turned positive
* Like-for-like measures comprise only those rental stations that were in operation throughout all of the current and comparative period
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Overview
First half operating highlights
Financial overview and refinancing
Growing profitability and ROCE
Trading outlook
Summary
Appendix
… based on an excellent geographic diversification with good customer balance
Other Europe 14% Spain 12% UK 14% Italy 16% France 26%
Germany 18%
France Germany Italy UK Spain Other Europe
Rental income % change vs prior period* H1 10 H1 09 3.8 (10.2) 8.8 (8.6) 6.5 (9.3) 2.3 (2.8) (7.9) (23.0) (1.5) (18.1)
Insur. / Rep. 12% Individual 52%
Corporate 36%
Individual Corporate Insurance / Replacement
Rental income % change vs prior period H1 10 H1 09 4.4 (12.1) (1.7) (12.2) (1.0) 0.0
* Like-for-like measures comprise only those rental stations that were in operation throughout all of the current and comparative period. All figures at constant currency
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Overview
First half operating highlights
Financial overview and refinancing
Growing profitability and ROCE
Trading outlook
Summary
Appendix
… and the strength of our worldwide brands and licensee network
EAMEA to Avis Budget Group +4%
? Corporately-owned continental intraEurope flows, +1%, offsetting weakness in the UK
Americas
? Corporately-owned and Licensee
businesses supporting each other Budget Group countries
Continental intra-Europe +1%
Licensee outbound -1%
? Strong recovery in US and other Avis
Licensee inbound +2% Avis Budget Group to EAMEA +8%
* Rental related revenue flows – all customer segments
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Overview
First half operating highlights
Financial overview and refinancing
Growing profitability and ROCE
Trading outlook
Summary
Appendix
Keeping very tight fleet discipline and optimising utilisation…
5%
Volume trends and average fleet level
? Prudent and disciplined purchasing of vehicles continues
H1 10 Fleet
0% H1 09 Volume H1 09 Fleet H2 09 Volume H2 09 Fleet H1 10 Volume
(5)%
? Roll-out of enhanced fleet systems to further optimise vehicle holding costs ? H1 2010 utilisation 40bps lower, impacted by ash cloud ? Improvement in utilisation expected for full year
(10)%
(15)%
(20)%
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Overview
First half operating highlights
Financial overview and refinancing
Growing profitability and ROCE
Trading outlook
Summary
Appendix
… and continued strict cost discipline and efficiency measures
Closing FTEs
? Benefit of early and significant 2009 cost actions biased towards
H1 - circa €7-8m saving
6,318 6,012
5%
? Closing FTEs 306 (5%) lower in H1 10 versus H1 09, driving
efficiency, improving rental income per FTE
? Salary freeze until April 2010
H1 09 H1 10
? Recruitment freeze continues
Rental income per FTE
? Integration of Budget brand extended to Germany and Holland
€84.4k
€89.6k
? Very high efficiency of marketing and commercial spend
6%
H1 09
H1 10
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Overview
First half operating highlights
Financial overview and refinancing
Growing profitability and ROCE
Trading outlook
Summary
Appendix
Leading to improvement in each line of the P+L
Change €m Rental income Cost of sales Gross margin Administrative expenses Underlying operating profit Underlying operating margin Interest Joint ventures & associate Underlying profit before tax Underlying margin H1 10 538.8 (303.3) 43.7% (207.7) 27.8 5.2% (27.8) 0.3 0.3 0.1 % H1 09 533.2 (303.8) 43.0% (209.5) 19.9 3.7% (34.0) 0.2 (13.9) (2.6)% 270 bps % 1 0 70 bps 1 40 150 bps 18 44 6.2 0.1 14.2 1.8 7.9 €m 5.6 0.5
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Overview
First half operating highlights
Financial overview and refinancing
Growing profitability and ROCE
Trading outlook
Summary
Appendix
Agenda
? Overview ? First half operating highlights ? Financial overview and refinancing ? Growing profitability and ROCE ? Trading outlook ? Summary ? Appendix
- 13 -

Overview
First half operating highlights
Financial overview and refinancing
Growing profitability and ROCE
Trading outlook
Summary
Appendix
Overview
? Strong set of first half financial results ? Continued focus and achievement on costs, capital and cash management ? Refinancing now fully complete; balance sheet substantially strengthened ? Significantly improved financial flexibility to support strategy
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Overview
First half operating highlights
Financial overview and refinancing
Growing profitability and ROCE
Trading outlook
Summary
Appendix
Underlying result €14.2m ahead due to both Corporate and Licensee performance and lower interest cost
€m Corporate Avis Licensees Budget Licensees Underlying operating profit Net interest Joint venture & associate Underlying profit before tax H1 10 9.7 16.3 1.8 27.8 (27.8) 0.3 0.3 H1 09 3.6 14.7 1.6 19.9 (34.0) 0.2 (13.9) Change 6.1 1.6 0.2 7.9 6.2 0.1 14.2
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Overview
First half operating highlights
Financial overview and refinancing
Growing profitability and ROCE
Trading outlook
Summary
Appendix
Interest cost significantly reduced - €28m to €34m
Effective €m Gross debt (average) Cash (average) Net debt (average) rate 6.0% 0.4% H1 10 921 (179) 742 Effective rate 6.2% 1.2% H1 09 1,068 (101) 967
? Significant benefit from lower average debt level ? Positive impact of lower rates as existing hedging matures ? Offset by increased cash carry cost on gross cash
– seasonal capital employed further below level of long-term funding and leases – lower deposit market rates
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Overview
First half operating highlights
Financial overview and refinancing
Growing profitability and ROCE
Trading outlook
Summary
Appendix
Exceptional cost of refinancing offset by gain on leasehold disposal
€m Refinancing and capital restructuring costs Disposal of leasehold interest Other H1 10 5.4 (4.8) (0.2) 0.4
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Overview
First half operating highlights
Financial overview and refinancing
Growing profitability and ROCE
Trading outlook
Summary
Appendix
Substantial reduction in capital employed – net debt €126m lower than 2009
€m Fleet assets Fleet receivables Fleet payables Fleet working capital Other Capital employed June 10 1,269 99 (343) (244) (79) 946 June 09 1,335 110 (270) (160) (93) 1,082 84 (14) 136 Change 66
Shareholders' funds Pension deficit, tax and other Net debt Financing
50 110 786 946
41 129 912 1,082 10 126 136
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Overview
First half operating highlights
Financial overview and refinancing
Growing profitability and ROCE
Trading outlook
Summary
Appendix
H1 Cash flow broadly neutral despite seasonal fleeting
0.3
Fleet
0.3
Fleet
0.2
0.2
0.1
0.1
€bn
0.0
€bn 0.0
(0.1)
(0.1)
(0.2)
(0.2)
(0.3)
Fleet working capital Interest, tax & other EBITDA Fleet charge* Fleet growth Free cash f low
(0.3)
Fleet working capital Interest, tax & other EBITDA Fleet charge* Free cash f low Fleet growth
H1 10
*Fleet charge comprises fleet fixed asset charge and FX
H1 09
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Overview
First half operating highlights
Financial overview and refinancing
Growing profitability and ROCE
Trading outlook
Summary
Appendix
Strong financial metric performance
H1 10 12.0 1.29 6.2 2.1 H1 09 8.7 1.29 5.8 2.2
Return on capital employed (%) * Fleet cover ratio EBITDA / interest (times) ** Net debt / EBITDA (times) **
*3 point average capital **Last 12 months
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