ACTIVITY REPORT fOR 2009 ACTIVITY REPORT fOR ... - Europcar

LeadershipEUROPCAR BOLSTERSITS No.1 POSITION INEUROPEIn a challenging economicenvironment, Europcarconfirmed its ability to adaptquickly thanks to its flexiblebusiness model.The Group rolled out efficientadjustment measures thathave strengthened its positionas the Number 1 car rentalcompany in Europe.In late summer 2008, the Group beganto feel the economic downturn’simpact on demand. The contractionin volumes continued into the firstquarter of 2009 before levelling off.Third-quarter 2009 trends picked upslightly, thanks to stronger demandover the summer in the leisure segment.THE IMPROVEMENT IN OPERATINGAND FINANCIAL PERFORMANCEILLUSTRATEs THE EFFECTIVENESSOF ADAPTATION MEASURESEuropcar immediately took measuresto adapt its resources by downsizingits fleet and reducing its coststructure. Efforts over the past twoyears to improve productivity andfleet management were intensified,pricing discipline was tightened, andthe strategic shift towards the mostprofitable segments was maintained.As a result, the fleet utilization rateand average Revenue Per Day (RPD)improved significantly. Greaterefficiency combined with sharpcost reductions enabled the Groupto reduce the downturn’s impacton consolidated operating income.Europcar, the solid European leader,RevenueL1.9billionEuropcar Activity Report for 2009PAGE 8PAGE 9