Earnings Release • Nov 9, 2017
Earnings Release
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Saint-Quentin-en-Yvelines, 9 November 2017 - Europcar (Euronext Paris: EUCAR) today announced its results for the third quarter of 2017.
For Caroline Parot, Chief Executive Officer of Europcar Group:
"We delivered strong revenue growth in the third quarter thanks to a supportive summer season across most of our European markets. This performance was supported by a dynamic leisure momentum across all our brands. Despite a highly competitive environment, particularly across our southern European markets, we were able yet again to show strong resilience and an ability to generate robust free cash flow generation and sound Corporate Adjusted EBITDA growth.
As a result, we are able to confirm all of our full year 2017 targets in terms of organic revenue growth, Adjusted Corporate EBITDA margin and Corporate Free Cash Flow conversion.
As expected, we closed the Buchbinder transaction in September and are confident that we will be able to close the Goldcar transaction by the end of the year. In October, we successfully raised the necessary financing for these two transactions in the bond markets and also took the opportunity to refinance our existing fleet bond generating significant financing cost savings going forward."
| All data in €m, except if mentioned | 9M 2017 | 9M 2016 | Change | Change at constant currency* |
|---|---|---|---|---|
| Number of rental days (million) | 52,0 | 45,7 | 13,8% | |
| Average Fleet (thousand) | 245,2 | 215,5 | 13,8% | |
| Financial Utilization rate | 77,7% | 77,4% | 0,3pt | |
| Total revenues | 1.822 | 1.655 | 10,1% | 11,5% |
| Rental revenues | 1.706 | 1.548 | 10,2% | 11,7% |
| Adjusted Corporate EBITDA | 217 | 214 | 1,8% | 2,2% |
| Adjusted Corporate EBITDA Margin | 11,9% | 12,9% | -1,0pt | |
| Adjusted Corporate EBITDA excluding New Mobility |
225 | 214 | 4.9% | 5.3% |
| Adjusted Corporate EBITDA Margin, excluding New Mobility |
12,4% | 13,0% | -0.6pt | |
| Operating Income | 198 | 241 | ||
| Net profit/loss | 78 | 99 | n.m | n.m |
| Corporate Free Cash Flow | 140 | 167 | ||
| Corporate Net Debt at end of the period | 200 | 155 | ||
| Corporate net debt / EBITDA ratio | 0.9x | 0.6x |
The Group continued to focus on improving its customer service through some dedicated programmes such as Customer First and Air Force One (now focused on the Group's 40 largest airport stations). These efforts have enabled the Group to deliver significant improvements in its net promoter score with an increase of 4.7 points during the last twelve months. Group NPS reached 51.4 points in September 2017 compared to 46.7 points in September 2016.
The Group's leisure business, responsible for 59% of Group rental revenue in the first nine months of 2017, acted as the main growth engine for the Group as it benefited from a strong market momentum. The Group's Vans & Trucks division and even more so the Group's low cost division delivered a solid growth performance across our corporate countries as well as our franchisees, which confirms the Group's strategy of placing Low Cost at the heart of the Group's growth strategy.
In the first nine months of 2017, the Group has continued to make progress on two of its key operating metrics: fleet utilization and fleet cost per unit. The Group delivered a good performance in terms of fleet financial utilization with a 30 basis points increase in the first nine months of 2017 reaching 77.7% versus 77.4% in the first nine months of 2016. The Group also continued to show some good control of the Group's fleet cost per unit per month which were flat at constant exchange rates in the first nine months of 2017 at €241 despite the negative impact caused by a temporary damage recovery issue in the UK.
The Group generated revenues of €1,822 million in the first nine months of 2017, up 11.5% at constant exchange rates compared with the first nine months of 2016. On an organic basis, ie at constant exchange rates, constant perimeter and excluding petrol, the Group revenues grew by 4.0%. In the third quarter, Group revenue growth reached 13.5% and 3.4% on an organic basis.
This significant increase in Group revenues in Q3 was the result of positive growth across all the Group's key markets with differences in performance between the UK growing mildly and our southern European countries delivering yet again strong double digit growth in volume. All of our three major business units grew over the period with Cars growing by 9.0%, Vans & Trucks growing by 28% and Low Cost growing by yet another impressive 76%.
The number of rental days increased to 52.0 million in the first nine months of 2017, up 13.8% versus the first nine months of 2016. This growth in rental days was spread across all our key divisions with cars growing 9.1%, Vans & Trucks growing 20% and Low Cost growing 62%. On the other hand, Revenue per rental day decreased by 1.9% at Group level, impacted by a 0.8% decline in Cars and a 3.1% decline in Vans & Trucks, which were partially compensated by a 9.6% increase in Low Cost.
Excluding the impact of New Mobility, Adjusted Corporate EBITDA increased by 5.3% at constant exchange rates to €225 million compared to €213 million in the first nine months of 2016. Hence, the Adjusted Corporate EBITDA margin of the Group declined by 60 basis points to 12.4% in the first nine months of 2017 as a result of: (1) a higher than expected pricing competition during the summer across several of our key European markets, which did not enable us to fully offset the anticipated dilutive margin impact of our strong growth in Low Cost, and (2) our poor performance in the UK, which has been impacted by both a weak economic environment as well as the changes implemented to our repairs and damage invoicing process. Both these issues will be dealt with by the end of the year with the closing of the Goldcar transaction and the reboot of the repairs and damage process in the UK.
First nine months 2017 Corporate Operating Free Cash Flow reached €140 million compared to €167 million in the first nine months of 2016. This decrease was caused by a higher level of non-recurring expenses in 2017 versus the previous year which relate to a downsizing expense at Europcar Germany's headquarters, an increase of the Group's consulting fees to accelerate its transformation and significant M&A fees paid following our recent acquisitions.
This strong Corporate Free Cash Flow generation enabled the Group to deliver a strong 65% operating free cash flow conversion rate 2 over the first nine months of 2017.
1 Adjusted Corporate EBITDA is defined as current operating income before depreciation and amortization not related to the fleet, and after deduction of the interest expense on certain liabilities related to rental fleet financing. This indicator includes in particular all the costs associated with the fleet. See "Reconciliation with IFRS" attached.
2 The Operating Free Cash Flow conversion rate is defined as Adjusted Corporate Operating Free Cash Flow / Adjusted Corporate EBITDA expressed as a percentage. The calculation is based on the Group's Corporate EBITDA and Corporate Operating Free Cash Flow.
Net financing costs under IFRS amounted to a €89.8 million net expense in the first nine months of 2017, up 2.7% compared to a net expense of €87.5 million incurred in the first nine months of 2016. The main reason for this slight increase is the full effect of the €125 million increase in the Group's corporate bond issued in June 2016.
In the first nine months of 2017, the Group posted a net income of €78 million, compared to €99 million net profit in the first nine months of 2016. Despite a lower income tax, this is due to the impact of a €42 million charge due to non-recurring expenses mentioned previously.
Corporate net debt increased to reach €200 million as of September 30, 2017 (vs. €155 million as of September 30, 2016) taking into account the Group's strong free cash flow generation and its recent capital increase in June. The Group paid out €59 million in dividends in May and spent €200 million for acquisitions and strategic investments over the last twelve months, including a €120 million cash payment for Buchbinder in September.
The fleet net debt was €4,549 million as of September 30, 2017 vs. €3,045 million as of December 31, 2016. This increase reflects (1) the higher number of vehicles in the fleet in order to sustain the growth of the Group's operations and the fleet mix evolution as well as (2) the impact of recent acquisitions on the Group's overall fleet size.
In 2017, the Europcar Group plans to achieve the four following financial targets compared to 2016:
The Group reiterates all four of its financial targets for the year 2017.
On 19 October 2017, the Group announced it had successfully completed a dual round of bond financing. Europcar Group issued a new €600 million corporate bond yielding 4,125% and also refinanced its existing €350 million fleet bond. The new fleet bond now yields 2.375% versus 5.125% for the previous one. Hence this fleet bond refinancing alone will enable Europcar to save close to €10 million in interest costs on its fleet financing on an annualised basis, which will fully and positively impact Corporate EBITDA going forward.
On 20 September 2017, Europcar Group announced the closing of the transaction to acquire Buchbinder, one of the largest car rental companies in Germany and Austria. This acquisition will position the Group as a leader in Germany, the Group's first market, especially on the Vans&Trucks business. Bunchbinder will also offer a strategic platform to source further into the large pool of German and Austrian travelers and to expand further in Eastern Europe.
Following the signing of an agreement with Investindustrial to acquire Goldcar in June 2017, the acquisition is being reviewed by the European antitrust authorities and the transaction is expected to close before the end of the year 2017.
Caroline Parot, Chief Executive Officer and Jean-Claude Poupard, Chief Financial Officer, will host a conference call in English today at 2 p.m. Paris time (CEST).
You can follow this conference call live via webcast.
A replay will also be available for a period of one year. All documents relating to this publication will be available online on Europcar's investor website
FY 2017 Results 8 March 2018 Q1 2018 Results 16 May 2018 AGM 17 May 2018 Q2 2018 Results 25 July 2018 Q3 2018 Results 8 November 2018
Investor Day 17 January 2018
Europcar Group is listed on Euronext Paris. Europcar is the European leader in vehicle rental service and is also a major player in mobility markets. Active in more than 130 countries and territories, including nine subsidiaries in Europe and two in Australia and New Zealand, Europcar serves customers through an extensive vehicle rental network comprised of its wholly-owned subsidiaries as well as sites operated by franchisees and partners.The group operates mainly under the Europcar®, InterRent® and Ubeeqo® brands. Customer satisfaction is at the heart of the group's mission and all of its employees, this commitment fuels the continuous development of new services. The Europcar Lab, based in Paris, was created to better grasp tomorrow's mobility challenges through innovation and strategic investments, such as Ubeeqo, E-Car Club or Brunel.
This press release includes forward-looking statements based on current beliefs and expectations about future events. Such forward looking statements are not guarantees of future performance and the announced objectives are subject to inherent risks, uncertainties and assumptions about Europcar Groupe and its subsidiaries and investments, trends in their business, future capital expenditures and acquisitions, developments in respect of contingent liabilities, changes in economic conditions globally or in Europcar Groupe's principal markets, competitive conditions in the market and regulatory factors. Those events are uncertain; their outcome may differ from current expectations which may in turn affect announced objectives. Actual results may differ materially from those projected or implied in these forward-looking statements. Any forward-looking statement contained in this press release is made as of the date of this press release. Other than as required by applicable law, Europcar Groupe undertakes no obligation to publicly revise or update any forward-looking statements in light of new information or future events.
The results and the Group's performance may also be affected by various risks and uncertainties which are more fully described in the "Risk factors" section of the Registration Document registered by the Autorité des marchés financiers (the "AMF") on April 12, 2017 under number R.17-015, available on the Group's website at: www.finance.europcar-group.com
The chief operating decision maker within the meaning of IFRS 8 – Operating Segments, is the Group's Management Board.
On July 25, 2016, the Group adopted a new organization by segment encouraging better integration of its "customers" in order to accelerate the development of its "Go to Market" strategy. The five Business Units are: (I) Cars BU, (ii) Vans & Trucks BU, (iii) Low Cost BU, (iv) New Mobility BU, and (v) International Coverage BU. At this stage, the new organization is based on commercial strategy and business model that are defined by the senior executives of business units then shared with those of the countries who implement it in each market. The Group is mainly managed day to day on the basis of reporting data from individual countries. Following the operations of external growth conducted in the first nine months of 2017 and the implementation of this new organization, the internal reporting system and management
tools already in operation will have to be adapted in view of future business integrations.
As a result, the Group continues to present the segment reporting required by IFRS 8 according to two geographic segments. Segment reporting is complemented by information on revenues of business units.
Europcar / Press relations Nathalie Poujol +33 1 30 44 98 82 [email protected]
Europcar / Investor relations
Olivier Gernandt +33 1 30 44 91 44 [email protected]
+33 1 86 21 51 56 / +33 1 86 21 50 38 [email protected]
| Q3 2017 | Q3 2016 | All data in €m | 9M 2017 | 9M 2016 |
|---|---|---|---|---|
| 794.0 | 707.2 | Total revenue | 1,821.8 | 1,655.1 |
| (170.7) | (144.0) | Fleet holding costs, excluding estimated interest included in operating leases |
(413.3) | (370.1) |
| (266.7) | (235.6) | Fleet operating, rental and revenue related costs | (637.9) | (572.4) |
| (106.1) (59.8) 1.2 |
(84.1) (55.3) 1.4 |
Personnel costs Network and head office overhead Other income and expense |
(297.3) (180.4) 5.2 |
(253.7) (166.4) 4.0 |
| (164.6) | (138.0) | Personnel costs, network and head office overhead, IT and other | (472.5) | (416.1) |
| (17.2) (13.8) |
(17.1) (13.7) |
Net fleet financing expense Estimated interest included in operating leases |
(45.4) (35.3) |
(46.8) (36.1) |
| (31.0) | (30.8) | Fleet financing expenses, including estimated interest included in operating leases |
(80.6) | (83.0) |
| 161.0 | 158.8 | Adjusted Corporate EBITDA | 217.3 | 213.6 |
| 20.3% | 22.5% | Margin | 11.9% | 12.9% |
| (8.0) | (6.5) | Depreciation – excluding vehicle fleet | (22.2) | (22.3) |
| (3.7) | (0.8) | Other operating income and expenses | (42.2) | 2.5 |
| (14.6) | (15.3) | Other financing income and expense not related to the fleet | (44.5) | (40.6) |
| 134.7 | 136.3 | Profit/loss before tax | 108.4 | 153.1 |
| (27.6) | (34.1) | Income tax | (22.6) | (45.1) |
| (2.1) | (6.1) | Share of profit/(loss) of associates | (7.9) | (9.0) |
| 105.0 | 96.1 | Net profit/(loss) | 78.0 | 98.9 |
| In € thousands | Nine months 2017 |
Nine months 2016 |
|---|---|---|
| Revenue | 1 821 758 | 1 655 131 |
| Fleet holding costs | (448 606) | (406 192) |
| Fleet operating, rental and revenue related costs | (637 946) | (572 444) |
| Personnel costs | (297 280) | (253 694) |
| Network and head office overhead costs | (180 423) | (166 365) |
| Depreciation, amortization and impairment expense | (22 195) | (22 314) |
| Other income | 5 181 | 3 966 |
| Current operating income | 240 489 | 238 088 |
| Other non-recurring income | 45 000 | 15 946 |
| Other non-recurring expense | (87 214) | (13 466) |
| Operating income | 198 275 | 240 568 |
| Gross financing costs | (72 504) | (70 453) |
| Other financial expenses | (18 205) | (16 448) |
| Other financial income | 878 | (561) |
| Net financing costs | (89 831) | (87 462) |
| Profit/(loss) before tax | 108 444 | 153 106 |
| Income tax benefit/(expense) | (22 570) | (45 141) |
| Share of profit of Associates | (7 865) | (9 022) |
| Net profit/(loss) for the period | 78 009 | 98 943 |
| Attributable to: | ||
| Owners of ECG | 78 139 | 99 193 |
| Non-controlling interests | (130) | (250) |
| Basic loss per share | ||
| attributable to owners of ECG (in €) | 0,538 | 0,692 |
| Diluted loss per share | ||
| attributable to owners of ECG (in €) | 0,533 | 0,683 |
| Q3 2017 | Q3 2016 | All data in €m | 9M 2017 | 9M 2016 |
|---|---|---|---|---|
| 330.6 | 306.4 | Adjusted Consolidated EBITDA | 629.4 | 593.4 |
| (62.3) | (53.1) | Fleet depreciation IFRS | (154.8) | (140.4) |
| (76.4) | (63.7) | Fleet depreciation included in operating lease rents | (176.6) | (156.5) |
| (138.7) | (116.7) | Total Fleet depreciation | (331.4) | (296.9) |
| (13.8) | (13.7) | Interest expense related to fleet operating leases (estimated) | (35.3) | (36.1) |
| (17.2) | (17.1) | Net fleet financing expenses | (45.4) | (46.8) |
| (31.0) | (30.8) | Total Fleet financing | (80.6) | (83.0) |
| 161.0 | 158.8 | Adjusted Corporate EBITDA | 217.3 | 213.6 |
| (8.0) | (6.5) | Amortization, depreciation and impairment expense | (22.2) | (22.3) |
| 17.2 | 17.1 | Reversal of Net fleet financing expenses | 45.4 | 46.8 |
| 13.8 | 13.7 | Reversal of Interest expense related to fleet operating leases (estimated) |
35.3 | 36.1 |
| 184.0 | 183.2 | Adjusted recurring operating income | 275.8 | 274.2 |
| (13.8) | (13.7) | Interest expense related to fleet operating leases (estimated) | (35.3) | (36.1) |
| 170.1 | 169.5 | Recurring operating income | 240.5 | 238.1 |
| In € thousands | At Sep. 30, |
At Dec. 31, |
|---|---|---|
| 2017 | 2016 | |
| Assets | ||
| Goodwill | 667 003 | 459 496 |
| Intangible assets | 732 358 | 715 209 |
| Property, plant and equipment | 107 239 | 84 102 |
| Equity-accounted investments | 3 916 | 14 083 |
| Other non-current financial assets | 50 653 | 67 820 |
| Financial instruments non-current | 559 | - |
| Deferred tax assets | 67 427 | 58 743 |
| Total non-current assets | 1 629 155 | 1 399 453 |
| Inventory | 27 854 | 16 843 |
| Rental fleet recorded on the balance sheet | 2 482 611 | 1 640 251 |
| Rental fleet and related receivables | 832 942 | 720 623 |
| Trade and other receivables | 453 398 | 365 200 |
| Current financial assets | 58 419 | 77 003 |
| Financial instruments current | 420 | - |
| Current tax assets | 61 565 | 35 585 |
| Restricted cash | 110 870 | 105 229 |
| Cash and cash equivalents | 145 885 | 154 577 |
| Total current assets | 4 173 964 | 3 115 311 |
| Total assets | 5 803 119 | 4 514 764 |
| Equity | ||
| Share capital | 161 031 | 143 409 |
| Share premium | 747 522 | 647 514 |
| Reserves | (106 142) | (111 681) |
| Retained earnings (losses) | 52 211 | (48 706) |
| Total equity attributable to the owners of ECG | 854 622 | 630 536 |
| Non-controlling interests | 879 | 730 |
| Total equity | 855 501 | 631 266 |
| Liabilities | ||
| Financial liabilities | 999 145 | 953 240 |
| Non-current financial instruments | 41 446 | 56 216 |
| Employee benefit liabilities Non-current provisions |
136 454 27 700 |
139 897 18 640 |
| Deferred tax liabilities | 124 223 | 107 848 |
| Other non-current liabilities | 201 | 246 |
| Total non-current liabilities | 1 329 169 | 1 276 087 |
| Current portion of financial liabilities | 2 012 080 | 1 224 442 |
| Employee benefits Current provisions |
3 247 237 000 |
3 247 220 752 |
| Current tax liabilities | 70 677 | 39 227 |
| Rental fleet related payables | 725 934 | 679 678 |
| Trade payables and other liabilities | 569 511 | 440 065 |
| Total current liabilities | 3 618 449 | 2 607 411 |
| Total liabilities | 4 947 618 | 3 883 498 |
| Total equity and liabilities | 5 803 119 | 4 514 764 |
| TEO | |
|---|---|
| In € thousands | Nine months 2017 |
Nine months 2016 |
|---|---|---|
| Profit/(loss) before tax | 108 444 | 153 106 |
| Reversal of the following items | ||
| Depreciation and impairment expenses on property, plant and equipment | 12 158 | 10 925 |
| Amortization and impairment expenses on intangible assets | 9 750 | 11 390 |
| Changes in provisions and employee benefits (1) | 22 850 | (15 575) |
| Recognition of share-based payments | 810 | - |
| Profit/(loss) on disposal of assets | 57 | (144) |
| Total net interest costs | 76 763 | 73 806 |
| Amortization of transaction costs | 6 365 | 5 540 |
| Other non-cash items | (427) | 1 051 |
| Net financing costs | 82 701 | 80 397 |
| Net cash from operations before changes in working capital | 236 770 | 240 099 |
| Changes to the rental fleet recorded on the balance sheet (2) | (451 495) | (404 206) |
| Changes in fleet w orking capital |
(78 771) | (187 184) |
| Changes in non-fleet w orking capital |
192 | 11 568 |
| Cash generated from operations | (530 074) | (579 822) |
| Income taxes received/paid (3) | (23 406) | (15 793) |
| Net interest paid | (70 785) | (68 002) |
| Net cash generated from (used by) operating activities | (387 495) | (423 518) |
| Acquisition of intangible assets and property, plant and equipment (4) | (33 535) | (24 892) |
| Proceeds from disposal of intangible assets and property, plant and | 933 | 2 628 |
| equipment | ||
| Other investments and loans (5) | (227 012) | (18 214) |
| Net cash used by investing activities | (259 614) | (40 478) |
| Capital increase (net of related expenses) (6) | 192 440 | - |
| Dividends received / paid | (59 366) | - |
| Issuance of bonds | - | 130 542 |
| (Purchases) / Sales of treasury shares net | (520) | (6 382) |
| Change in other borrow ings (7) |
488 867 | 417 243 |
| Payment of transaction costs (8) | (7 714) | (2 507) |
| Net cash generated from (used by) financing activities | 613 707 | 538 896 |
| Cash and cash equivalent at beginning of period | 248 507 | 229 368 |
| Net increase/(decrease) in cash and cash equivalents after effect of | (33 402) | 74 900 |
| foreign exchange differences | ||
| Changes in scope (9) | (2 982) | - |
| Effect of foreign exchange differences | (1 445) | (1 184) |
| Cash and cash equivalents at end of period | 210 678 | 303 084 |
(1) Of which in 2017, the reversal of provision for disputes with French Competition Authority for €45 million and the accrual of provision related to the Trading Standard investigation in the UK for (€44) million, Insurance (€10 million), Buyback provision for (€10 million). (2) Given the average holding period for the fleet, the Group reports vehicles as current assets at the beginning of the contract. Their
change from period to period is therefore similar to operating flows generated by the activity.
(3) The increase of tax cash-out in Q3 2017 versus Q3 2016 is mainly due to prior year's regularizations in Q3 2016 in UK and Spain. The cash out in Q3 2017 amounts to (€23million) and is due to regular cash out mainly in UK (€7 million), Germany (€4 million) and France (€9 million).
(4) Mainly related to IT cost capitalized (€21.1m); other & technical equipment for (€15.2m).
(5) Of which Buchbinder acquisition (€120 million), Denmark franchisee acquisition price (€51.7 million), Ubeeqo minority's stake acquisition price (€7 million), minority stake in a start-up SnappCar (€4.9 million), deposits and sureties (€6.8 million) and business acquisition of Australian franchisee (€1.7 million), French franchisee acquisition price (€1.4 million), subscription to the Car 2 Go capital increase for (€10.3 million) and (€25.8 million) for bank overdraft related to entities acquired.
(6) Of which €21.7 million Capital increase reserved for employees (ESOP) and €170.7 million Capital increase on private placement. (7) Related to drawing variation under Senior Notes (SARF).
(8) Transaction costs of which (€4.5 million) for revolving facility Upfront fee, (€1.8 million) for bridge facilities, (€ 1.4 million) for other facilities.
(9) Due to the change of Ubeeqo consolidation method from equity method to full consolidation starting March 1, 2017.
| €million | Pricing | Maturity | Sep. 30, 2017 |
Dec. 31, 2016 |
|
|---|---|---|---|---|---|
| IN Balance Sheet | High Yield Senior Notes (a) | 5.75% | 2022 | 600 | 600 |
| Senior Revolving Facility (€500m) | E+225bps (b) | 2022 | 139 | 13 | |
| FCT Junior Notes, accrued interest not yet due, capitalized financing costs and other |
(329) | (203) | |||
| Gross Corporate debt | 410 | 410 | |||
| Short-term Investments and Cash in operating and holding entities | (210) | (189) | |||
| CORPORATE NET DEBT | (A) | 200 | 220 | ||
| €million | Pricing | Maturity | Sep. 30, 2017 |
Dec. 31, 2016 |
|
| High Yield EC Finance Notes (a) | 5.125% | 2021 | 350 | 350 | |
| Senior asset revolving facility (€1.3bn SARF) (c) | E+150bps | 2020 | 976 | 693 | |
| IN Balance Sheet | FCT Junior Notes, accrued interest, financing capitalized costs and other |
335 | 200 | ||
| UK, Australia and other fleet financing facilities | Various (d) | 938 | 491 | ||
| Gross financial fleet debt | 2,600 | 1,734 | |||
| Cash held in fleet financing entities and Short-term fleet investments | (133) | (150) | |||
| Fleet net debt in Balance sheet | 2,467 | 1,584 | |||
| OFF BS | Debt equivalent of fleet operating leases - OFF Balance Sheet (e) | 1,461 | |||
| TOTAL FLEET NET DEBT (incl. op leases) | (B) | 4,549 | 3,045 | ||
| TOTAL NET DEBT | (A)+(B) | 4,749 | 3,265 |
(a) These bonds are listed on the Luxembourg Stock Exchange. The corresponding prospectus is available on Luxembourg Stock Exchange website (http://www.bourse.lu/Accueil.jsp)
(b) Depending on the leverage ratio
(c) Swap instruments covering the SARF structure have been extended to 2020
(d) UK fleet financing maturing in 2019
(e) Corresponds to the net book value of applicable vehicles, which is calculated on the basis of the purchase price and depreciation rates of corresponding vehicles (based on contracts with manufacturers).
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