Paris, 03.03.03 – Europcar International is presenting outstanding year-end figures for 2002. Despite the weakness of the economy and the general buying restraint on the part of consumers, Europcar International can draw a very positive balance for 2002. "With the rise in earnings before tax of 100 percent, the Europcar Group result lies exactly within the forecast we specified", said Salvatore Catania, Chief Executive Officer (CEO) of Europcar International S.A., in front of journalists in Paris.

The revenue from the pure rental business increased by 2.8 percent over the previous year to 1.087 billion euros. The earnings before tax could be doubled in comparison with 2001: these profits amounted to 52 million euros during the last financial year, as opposed to 26.2 million euros in 2001. The number of rental contracts concluded declined by one percent over the previous year to 5.6 million in 2002. The rental days also decreased slightly from 28.9 million to 28.5 million. In contrast, the Revenue Per Day (RPD) rose by 4 percent to 36.6 euros, whilst the level of fleet utilisation amounted to 67.8 percent.

The difficult macroeconomic situation and the significant slump in bookings within the holiday travel segment could be absorbed by the timely introduction of cost-saving measures and a marked broadening of services. A comprehensive portfolio of mobility services and synergetic activities with the Volkswagen Group has enabled Europcar to assert itself in 2002 once again against the negative industry trend.

The declared objective of Europcar in 2003 is a flexible growth strategy that is adapted to the prevailing market circumstances. "The positive business development can be primarily attributed to the continuous growth of the international franchise network and the increased Revenue Per Day attained within individual countries", explained Gerhard Noack, Chief Financial Officer (CFO) of Europcar International. The Europcar Group currently comprises seven Corporate Countries, which are supplemented by 116 Franchise Countries.

Looking ahead over the coming year, the CEO does not expect any natural upswings to occur, yet he remains confident. "We will generate new revenues through innovative products and services in different markets, we will continue to streamline our cost management, and we will further improve the figures in our core business field through additional optimisation in customer management", reports Catania. He added that these measures represent another major step for Europcar in taking over market leadership in Europe.

Europcar International S.A.
Christoph Wolf, Director of Communications
Tel: +33 (0) 1 30 44 98 00
Fax: +33 (0) 1 30 44 94 45
E-mail: wolfch@mail.europcar.com