Europcar says it has enjoyed a strong rebound in business in
July and August, with revenue up by 45 per cent to €538 million versus the same
period in 2020. Although the period is still 30 per cent down on pre-Covid
2019, the car rental group said that there had been “a sharp rebound” in both
the US and southern Europe and that domestic markets were driving the top line.
The group said that it expects corporate EBITDA for financial 2021 to be above €110 million compared to a loss of €276 million in 2020.
It said, “Good momentum in July and August raised the
group’s confidence for FY 2021 despite expected still limited long-haul
traffic, an environment that should remain volatile depending on travel
restrictions and the impact of the delta/mu variants".
The group also cited the "ongoing shortage of
semiconductors” which has led to a decline in car production.
The company’s board of directors has also announced it is recommending
shareholders accept a tender offer made in late July from Green Mobility
Holding, a special-purpose company controlled by a consortium led by Volkswagen
Group. The offer price is €0.50 per share, plus a potential earn-out of
€0.01 per share.
The board said the offer “is in the best interests of the company,
its shareholders, employees and other stakeholders”.