Car rental company Europcar has
posted positive earnings of €54 million for Q3 2020 despite the impact of
Covid, the company has announced. The figure is down from the €247 million
achieved in the same quarter in 2019 but reflects an intensification of
cost-cutting measures at the company.
Caroline
Parot, CEO of Europcar Mobility Group, said: “Despite summer activity
impacted by Covid-19, resulting in a Q3 revenue down -50% vs Q3 2019, our group
managed to generate positive adjusted corporate EBITDA, at €54m post IFRS 16,
thanks to the strong adaptation measures we took over the course of H1 in the
framework of our Reboot plan.”
She
added: “Relying on the flexibility and adaptability of our operating model, our
cost adaptation efforts for the full year 2020 will come close to €1 billion
savings.
“However, in a volatile and highly uncertain business environment, as
the Covid-19 outbreak develops again at an unpredictable pace, we consider that
we can no longer provide a FY 2020 guidance.”
The
company said that rental days for the quarter stood at 16.2 million, down from
29.1 million last year; its fleet numbered 243,000 in Q3 compared with 395,000
last year.
Net
debt at the end of the quarter was €1.32 billion compared with €851 million in
2019.
Last week, the company announced plans to start monitoring its entire fleet for driver behaviour by 2023.