Avis Europe: Audited Results for the Year Ended 31 December 2001.Business Editors BRACKNELL Bracknell (brăk`nəl), city (1991 pop. 52,257), Bracknell Forest, S England. Bracknell was designated one of the new towns in 1949, in order to alleviate overpopulation in London. , England--(BUSINESS WIRE)--Feb. 25, 2002 Avis Avis: see Aviz, Portugal. Europe Europe (y  r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). plc (LSE LSE - Language Sensitive Editor :AVE), the leading car rental RENTAL. A roll or list of the rents of an estate containing the description of the lands let, the names of the tenants, and other particulars connected with such estate. This is the same as rent roll, from which it is said to be corrupted. company in
Europe, Africa, the Middle East and Asia announces audited results for
the year ended 31 December December: see month. 2001.Highlights - Full year results impacted by September events - Full year revenue up 4.2% to EUR 1,255.4m (pound 782.5m). Pre 11 September up 8.3%, post 11 September down 5.0% - Operating profit* 12.5% lower at EUR 215.6m (pound 134.0m) - Profit before tax* 19.5% lower at EUR 144.2m (pound 89.5m) - Earnings per share* 16.3% lower at EUR 0.194 (12.0p) - Proposed final dividend of 3.8p per share (EUR 0.061), maintaining total dividend for year at 5.8p (EUR 0.093) Financial Highlights - Full year results impacted by September events - Full year revenue up 4.2% to EUR 1,255.4m (pound 782.5m). Pre 11 September up 8.3%, post 11 September down 5.0% - Operating profit* 12.5% lower at EUR 215.6m (pound 134.0m) - Profit before tax* 19.5% lower at EUR 144.2m (pound 89.5m) - Earnings per share* 16.3% lower at EUR 0.194 (12.0p) - Proposed final dividend of 3.8p per share (EUR 0.061), maintaining total dividend for year at 5.8p (EUR 0.093) * before exceptional items and goodwill amortization. Commenting on the results, Chairman Alun ALUN Assign Logical Unit Number ALUN Arithmetic and Logic Unit Cathcart Cathcart (Coille Chart in Gaelic) is an area of Glasgow between Mount Florida, King's Park, Muirend and Newlands. The River Cart flows through it. Originally part of the Burgh of Govan in Renfrewshire, most of the ancient parish was annexed by the City of Glasgow in said: "The Group achieved strong growth up to the tragic events of 11 September September: see month. . The fall in demand post 11 September significantly impacted operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. , however, we were less affected than most in the travel and transportation sector due to the inherent strength of our balanced business mix and our ability to successfully adjust capacity with minimal one off costs. Revenue trends since September were approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 5% below prior year. Margins were impacted by the exceptional events in that period but should recover once we see a return to more normalized levels of growth, anticipated in the second half of 2002. In the first six weeks of 2002 there are some early signs of a gradual The Gradual (Latin: graduale, sometimes called the Grail) is a chant in the extraordinary form of the Roman Catholic Mass, sung after the reading or singing of the Epistle and before the Alleluia, or, during penitential seasons, before the Tract. recovery in overall demand, although we remain cautious about resumption RESUMPTION. To reassume; to promise again; as, the resumption of payment of specie by the banks is general. It also signifies to take things back; as the government has resumed the possession of all the lands which have not been paid for according to the requisitions of the law, and the of normal levels of corporate travel. Enquiries: Mark McCafferty, Chief Executive Chris CHRIS Chemical Hazards Response Information System (US DoD) CHRIS California Historical Resources Information System CHRIS Computerized Human Resources Information System CHRIS Command Human Resources Intelligence System Cowan Cow´an n. 1. One who works as a mason without having served a regular apprenticeship. , Group Finance Director Avis Europe plc Tel: 01344 426644 Ben Foster/Fiona Noblet Financial Dynamics 0207 269 7247 The annual report will be posted to shareholders on 14th March. Extracts from the Audited Financial statements are available on www.avis-europe.com from 25 February February: see month. 2002. Results Overview Full year results were affected by September events, although our balanced customer mix and geographic geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map. geographic pertaining to geography. spread limited the impact. Revenue increased by 4.2% to EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 1,255.4m. Operating profit before exceptional items and goodwill amortization was 12.5% lower at EUR 215.6m. Profit before tax and exceptional items and goodwill amortization was 19.5% lower at EUR 144.2m, with adjusted EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. 16.3% lower at EUR 0.194. September events contributed to the decline in margins. However, our ability to rapidly adjust fleet and staffing levels minimized min·i·mize tr.v. min·i·mized, min·i·miz·ing, min·i·miz·es 1. a. To reduce to the smallest possible amount, extent, size, or degree. b. Usage Problem To reduce. See Usage Note at minimal. the overall impact on profit. Continued fleet cost strategies limited the increase in fleet costs to 1% of revenues versus 3.1% in 2000. The exceptional item of EUR 3.9m relates to the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of our interest in yourautochoice.com. Prior year exceptional costs were EUR 36.3m of which EUR 33.0m related to Centrus, with the remaining relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the startup (STARTing UP) "At startup" means when the computer is first turned on or when a program is first loaded. See Startup folder. costs for yourautochoice.com. The directors are recommending a final dividend of 3.8p per share, maintaining total dividend for the year of 5.8p per share. Revenue Overview Full year Group revenues grew by 4.2% to EUR 1,255.4m and were up 8.3% pre 11 September (11.2% excluding Germany Germany (jûr`mənē), Ger. Deutschland, officially Federal Republic of Germany, republic (2005 est. pop. 82,431,000), 137,699 sq mi (356,733 sq km). , where we continue to pursue a strategy of focusing on higher yield business in preference to further volume growth). Despite slower economic growth both in Europe and the US, and the exceptional impact of the events of 11 September, volume for the full year grew by 2.3%. Our continued focus on pricing and yield strategies generated further pricing gains, with revenue per rental up 5.6%. Revenue growth in all customer segments We have continued to pursue a strategy of balanced growth, with increases in all major customer segments: Replacement up 6%, Corporate 3%, Leisure 3% and Premium 4%. The strongest revenue growth was in Replacement, which accounted for 20% of our business and includes customers from breakdown breakdown /break·down/ (brak´doun) 1. the act or process of ceasing to function. 2. an often sudden collapse in health. 3. loss of self-control. and motor assistance organizations, insurance companies and vehicle leasing Vehicle leasing refers to leasing the use of a motor vehicle for a fixed or indefinite period of time. It is commonly offered by dealers as an alternative to vehicle purchase. companies. Rentals increased by 9% with the successful development of new accounts gained during 2000 and growth in Centrus, which was up 33% in the second half of 2001. Sales initiatives to generate additional long term and replacement business post 11 September resulted in continued growth throughout 2001. The Corporate sector accounted for 24% of our business and includes relationships with 75% of Europe's top 500 companies, as well as a growing share of the small and medium sized enterprise market. Revenues grew strongly by 9% prior to 11 September, with a significant increase in revenue per rental largely influenced by our successful yield strategy in Germany. Post 11 September, restrictions on corporate travel in Europe and the significant decline in transatlantic business caused revenues to fall to 9% below the equivalent prior year period. The Leisure sector accounted for 37% of our business and includes customers from travel companies and airlines, as well as retail customers. Pre 11 September, intra-European volumes were increasing although there were fewer transatlantic leisure visitors due to the slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. in the US economy and concerns about foot and mouth. During this period, overall volumes remained flat versus prior year although revenues were up 7%. After 11 September, pricing remained positive, so although volume was down 8%, we saw the net decline in revenues limited to 7% below the equivalent prior year period. The Premium sector accounted for the remaining 19% of our business and includes rentals from customers who have not made an advance reservation A clause in a deed of real property whereby the grantor, one who transfers property, creates and retains for the grantor some right or interest in the estate granted, such as rent or an Easement ,a right of use over the land of another. . Volume increased by 7% prior to 11 September, with revenues up 10%. However, revenue reduced to 8% below prior year post 11 September. Domestic and intra-European revenues ahead of 2000 The Group's customers originated from three geographic sources; domestic which was 59% of revenue, intra-Europe 25% of revenue and international 16% of revenue. Full year revenue was ahead of prior year by 5% in domestic and 7% in intra-Europe, with increases in both volume and revenue per rental. Full year International revenue was 4% lower than prior year, with revenue per rental increases more than offset by volume decline. US inbound in·bound 1 adj. Bound inward; incoming: inbound commuter traffic. Adj. 1. inbound revenue, the largest part of our International revenue, was 4% ahead of prior year pre 11 September, despite volumes being 11% down due to the slowdown in the US economy and foot and mouth. Post 11 September, US revenues fell to 26% below prior year, with volumes down 30%. However, prices remained strongly ahead throughout the year. Approximately 50% of the Group's business is generated through airports with the balance through city, rail and resort locations. Airport business was the most affected by the events of 2001, although full year revenue through this channel was still ahead of prior year. Downtown Downtown (called a "city centre" in British English) is a term used in North America when referring to a city's core, usually both in a geographical and commercial / community sense. revenue was much less affected post 11 September, less than 1% down despite lower economic activity. Proactive sales initiatives and internet promotions stimulated stim·u·late v. stim·u·lat·ed, stim·u·lat·ing, stim·u·lates v.tr. 1. To rouse to activity or heightened action, as by spurring or goading; excite. See Synonyms at provoke. 2. demand for local and replacement business and the continued development of our rail partnerships resulted in an increase in rentals originating from rail locations. Strong growth in France, Spain Spain, Span. España (āspä`nyä), officially Kingdom of Spain, constitutional monarchy (2005 est. pop. 40,341,000), 194,884 sq mi (504,750 sq km), including the Balearic and Canary islands, SW Europe. and Italy Italy (ĭt`əlē), Ital. Italia, officially Italian Republic, republic (2005 est. pop. 58,103,000), 116,303 sq mi (301,225 sq km), S Europe. The major markets of France, Spain, Italy, UK and Germany generated 82% of total revenue during 2001. In France, full year revenue grew by 10% and was unchanged year on year post September. Spain also achieved double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. revenue growth for the full year, with domestic business growing strongly throughout the year, as well as continued strength in the intra-European sector. Post September revenue in Spain was also unchanged from the same period in prior year. Full year revenues in Italy were up 7%, although this market was more severely impacted post September by the sharp reduction in transatlantic travel. In the UK, revenues grew by 3% with positive gains in Replacement and Corporate being offset by the particular impact on Leisure of the slower US economic environment coupled with a significant reduction in peak season customers due to foot and mouth. Against the background of a rapid economic slowdown in Germany and further significant increases in fleet costs, we continued our strategy of emphasizing yield in preference to further significant volume growth, successfully achieving rate per day increases of 10%. Full year revenue was down 8%. Centrus developments The Centrus business was repositioned early in 2001 to operate within the Association of British Insurers third party hire initiative, which provides a framework for credit hire services. Underpinned by some major new account wins and consolidation in the market, revenues grew strongly, up 18% in 2001 to EUR 35.4m. Trends in monthly hire starts have continued to accelerate, with a 30% increase in the last quarter and the business returned to profit in the second half of the year. The detailed process of settlement of past claims continues to progress steadily but slowly with the major insurers. Profit Overview Operating profit before exceptional items and goodwill amortization was 12.5% lower than prior year at EUR 215.6m, impacted by the fall in revenue post 11 September. Operating margin Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: of 17.2% was 3.3% points lower than prior year. The impact of 11 September was 2.1% points. A further 0.6% points was due to the one-off (1) One at a time. CD-ROM recorders (CD-R drives) are commonly called one-off machines because they write one CD-ROM at a time. (2) Only once. Software that is written to solve a specific problem only one time is sometimes called a one-off. impact from euro conversion and the change in Centrus' margin. Continued initiatives to contain the increase in fleet costs were successful, with the full year increase for 2001 limited to 1.0% of revenue versus 3.1% of revenue in 2000. Rapid adjustment to changed market conditions post 11 September One of the Group's inherent strengths is its proven ability to rapidly adjust capacity to reduced demand with minimal one off costs. Through a combination of actions such as accelerating the return of vehicles due for sale, delaying the purchase of vehicles, extending contract periods and redistributing fleet to less affected rental locations, the Group's average fleet for the period was 5% less than planned prior to September. These actions meant that our key fleet efficiency measure of vehicle utilization utilization, n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be was at prior year level during the last quarter of 2001 and enabled us to maintain full year utilization at 0.7% above prior year. Our other key operational efficiency measure is staff productivity, measured by the number of rentals per full time equivalent staff member (FTE FTE Full-Time Equivalent FTE Full-Time Employee FTE Full-Time Equivalency FTE Full Time Employment FTE Foundation for Teaching Economics FTE Full Time Enrollment FTE For the Enterprise (SQL) FTE Fund for Theological Education ). The flexibility of our operational staffing arrangements also enabled timely adjustment with no one-off costs. This was achieved through a number of initiatives including the early cancellation cancellation (See: cancel) CANCELLATION. Its general acceptation, is the act of crossing a writing; it is used sometimes to signify the manual operation of tearing or destroying the instrument itself. Hyde v. Hyde, 1 Eq. Cas. Abr. 409; Rob. of casual and temporary contracts and the reassignment of permanent staff to alternative duties and to locations less affected post 11 September. With these actions, the Group exited the year with FTE 4% less than planned prior to September. As a result we maintained underlying productivity at prior year level during the last quarter, and full year productivity was just 0.8% lower, despite the disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. of September. Whilst utilization and productivity actions minimized the margin impact of 11 September, the Group incurred higher transportation costs during this period in the redistribution re·dis·tri·bu·tion n. 1. The act or process of redistributing. 2. An economic theory or policy that advocates reducing inequalities in the distribution of wealth. of fleet and the transfer of sale vehicles to disposal outlets. Fleet strategies limit fleet cost increase We have continued to develop a series of initiatives to limit the increase in fleet costs which from the period 1998 to 2001 have risen at a rate of around 3% of revenue per annum Per annum Yearly. . These initiatives delivered benefit in 2001 with the cost increase limited to 1.0% of revenue, despite the impact of 11 September. Our continuing focus on fleet procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. and disposal strategies as well as optimizing holding periods on vehicles (up to seven months in 2001) has enabled us to contain the size of fleet required to service our business. These strategies have contributed to continued improvement in vehicle utilization which was up 0.7% to 68.5% in 2001. We have also improved damage recovery through process enhancements and investment in additional staff in Italy, Spain and France generating savings of EUR 4m during 2001. We have continued to develop strategies for the effective disposal of vehicles in partnership with dealers and manufacturers. In September 2001, the Group launched Autocascade in a 50:50 B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business joint venture with Inchcape plc Inchcape plc (LSE: INCH) is a British based leading independent, international automotive retailer, with scale operations in Australia, Belgium, Greece, Hong Kong, Singapore and the UK. , offering internet-based remarketing systems and services to fleet owners to maximize In a graphical environment, to enlarge a window to the full size of the screen. See Win Maximize windows. yield on vehicle disposals. In December it entered an exclusive arrangement with Fiat Auto (AUTOmatic) Refers to a wide variety of devices that perform unattended operations. UK for the electronic re-marketing of used vehicles. In addition to this joint venture, yourautochoice.com, the Group's car sales service was merged with Autobytel Autobytel, Inc. NASDAQ: ABTL is an Irvine, California, company and the largest online automotive marketplaces. Autobytel owns and operates websites including Autobytel.com, myRide.com, Autoweb.com, CarSmart.com, Car.com, and CarTV.com which facilitate car-shopping decisions. UK, an Inchcape
Other Operating Costs operating costs npl → gastos mpl operacionales Impacted by 11 September Despite the fall off in demand post 11 September, selling costs and revenue related costs were reduced in line with revenue and therefore did not impact margins as operating commissions at most airports and referral commissions vary largely with revenue. Overheads increased by 1.4% points of revenue as these are mainly fixed and were not adjusted to the lower levels of demand post 11 September. Although immediate actions were taken to restrict In the C programming language, the data pointed to by a pointer declared with the restrict qualifier may not be pointed to by any other pointer. This allows for more effective optimization. non-strategic spend, we continued with our programme of investment in projects key to our future development. Year End Debt Levels Reduced Net interest expense increased 5.5% to EUR 71m, reflecting an increase in average debt to fund higher fleet levels and an increase in the proportion of debt which is at fixed interest rates. Year end debt levels are EUR 100m lower than prior year following the reduction in fleet post 11 September. Tax rate reduced from 25% to 22% The effective tax rate for 2001 was 22% down 3% points from 2000 benefiting from recent falls in tax rates in a number of European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. countries and the utilization of UK tax losses relating to the pre-flotation period. STRATEGIC DEVELOPMENT Continued investment in network development with joint venture for China Avis Europe is the first international car rental company to enter into an equity joint venture for the Chinese Chinese, subfamily of the Sino-Tibetan family of languages (see Sino-Tibetan languages), which is also sometimes grouped with the Tai, or Thai, languages in a Sinitic subfamily of the Sino-Tibetan language stock. market. In January January: see month. 2002 we signed a joint venture agreement with a subsidiary of Shanghai Automotive Industry Corporation The Shanghai Automotive Industry Corporation (in Chinese: 上海汽车工业(集团)总公司; Pinyin: Shànghǎi Qichē Gõngyè (Jítuán) Zǒnggõngsī; or 上汽, Shàngqi; abbreviated SAIC (SAIC SAIC - http://saic.com. ), one of China's largest automotive groups. Its current car rental business, which forms the basis of the new joint venture, will be re-branded Avis and there are plans to expand throughout China. Avis will contribute cash of US$11m over a period of three years to the 50:50 joint venture. Asia is a key long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. growth region for the Group and with this joint venture we now operate in 20 markets across the region. Since flotation flotation or froth flotation Most widely used process for extracting many minerals from their ores. The method separates and concentrates ores by altering their surfaces so that they are either repelled or attracted by water. in 1997 we have invested in the development of the brand in Japan, India India, officially Republic of India, republic (2005 est pop. 1,080,264,000), 1,261,810 sq mi (3,268,090 sq km), S Asia. The second most populous country in the world, it is also sometimes called Bharat, its ancient name. India's land frontier (c. and now China. Industry research predicts that these three markets will rank in the top four in the world for car sales by 2020. Development for 2002 The Group exited 2001 with revenues since September approximately 5% below prior year and we anticipate a gradual return to more normalized levels of growth in the second half of 2002. We continue to invest in further joint initiatives within our extensive partnership base and we are further enhancing our product offering to rebuild Leisure business, particularly in the long haul Long distance. Long haul implies traversing a state or a country. Contrast with short haul. market. In addition, we are putting more resources into countries less affected by recent events, and the further development of downtown business. This will be enhanced by a greater penetration The successful unauthorized breach of a security perimeter. See penetration test. of the small and medium sized enterprise market and targeted initiatives to significantly increase internet bookings. We are also enhancing our environmental initiatives and during 2002 will become the first company in the global travel industry to fully offset the carbon emissions emissions npl → émissions fpl emissions npl → Emissionen pl produced by our corporate operations throughout Europe. In anticipation The performance of an act or obligation before it is legally due. In patent law, the publication of the existence of an invention that has already been patented or has a patent pending, of gradual business recovery during 2002, we are retaining our current operating network and continuing to pursue selective investment for future growth. Board Changes Alun Cathcart, currently Chairman of the Board, has agreed to join the Executive Committee of D'Ieteren Activities D'Ieteren comprises three activities: SA, the leading Belgian-based automotive group and Avis Europe's majority shareholder, with effect from 1st May. In addition to furthering the development of the D'Ieteren Group as a whole, he will have specific responsibility for D'Ieteren's international shareholding interests, including Avis Europe. As a consequence, Alun will step down as non-executive non-executive adj non-executive director → direttore m senza potere esecutivo Chairman of Avis Europe plc in May and will be succeeded by Sir Bob Reid, currently senior non- non- word element [L.]not . non- pref. Not: noninvasive. executive Director. Alun will assume the current responsibilities of Gilbert Gil·bert , Walter Born 1932. American biologist. He shared a 1980 Nobel Prize for developing methods of mapping the structure and function of DNA. van Marcke de Lummen Lummen is a municipality located in the Belgian province of Limburg near Hasselt. On January 1 2006 Lummen had a total population of 13,691. The total area is 53.38 km² which gives a population density of 256 inhabitants per km². as Deputy Chairman and executive Director. Gilbert will remain on the board as non-executive Director A non-executive director (NED, also NXD) or outside director is a member of the board of directors of a company who does not form part of the executive management team. He or she is not an employee of the company or affiliated with it in any other way. and will retire retire v. 1) to stop working at one's occupation. 2) to pay off a promissory note, and thus "retire" the loan. 3) for a jury to go into the jury room to decide on a verdict after all evidence, argument and jury instructions have been completed. from his executive responsibilities within D'Ieteren later this year. Chris Cowan, Finance Director, will be leaving the company in April to join Prebon Yamane, a leading international financial markets broker. In his new role, Chris will be heavily involved in its significant corporate development agenda. His replacement is expected to be announced To be announced (TBA) A contract for the purchase or sale of an MBS to be delivered at an agreed-upon future date but does not include a specified pool number and number of pools or precise amount to be delivered. shortly. Mark McCafferty, Chief Executive, said, "We are delighted that Alun will continue to be actively involved in Avis and that we shall still benefit from his extensive experience. Sir Bob is an established member of the Board who has a wealth of experience and we welcome him as Chairman. We are pleased that Gilbert has agreed to continue his involvement with us in a non-executive role. We are very sorry to lose Chris but understand his reasons for accepting this attractive opportunity. He has made a very significant contribution to Avis' development during his four years with us and we wish him every success in the future." Summary and Outlook The Group achieved strong growth up to the tragic events of 11 September. The fall in demand post 11 September significantly impacted operating profit, however, we were less affected than most in the travel and transportation sector due to the inherent strength of our balanced business mix and our ability to successfully adjust capacity with minimal one off costs. Revenue trends since September were approximately 5% below prior year. Margins were impacted by the exceptional events in that period but should recover once we see a return to more normalized levels of growth, anticipated in the second half of 2002. In the first six weeks of 2002 there are some early signs of a gradual recovery in overall demand, although we remain cautious about resumption of normal levels of corporate travel. About Avis Europe plc Avis Europe plc rents cars under the Avis brand name to customers in 112 countries. Avis Europe's ordinary shares trade on the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. . Prices may be accessed on Bloomberg Bloomberg A major global provider of 24-hour financial news and information including real-time and historic price data, financials data, trading news and analyst coverage, as well as general news and sports. under the symbol AVE LN and Reuter Reu·ter , Baron Paul Julius von 1816-1899. German-born British journalist who founded (1848) Reuter's, one of the first international news agencies. Equities 3000 Service under AVE.L. Additional information is available on Avis Europe's internet site: www.avis-europe.com.
Consolidated Profit and Loss Account
for the year ended 31 December 2001
2001 2001 2001
Notes $'000 EUR'000 (b)'000
Revenue ........................ 1 1,126,953 1,255,392 782,513
Cost of sales .................. (563,976) (628,252) (391,710)
Gross profit ................... 562,977 627,140 390,803
Administrative expenses
(including exceptional item) .. (373,028) (415,453) (259,276)
-------------------------------
Operating profit before goodwill
amortisation and exceptional
item ......................... 193,537 215,594 134,018
Amortisation of goodwill ....... (3,588) (3,997) (2,491)
Exceptional item ............... - - -
-------------------------------
Operating profit ............... 189,949 211,597 131,527
Share of operating loss from
joint ventures ................ (3,832) (4,268) (2,644)
Share of operating loss from
associated undertaking ........ (43) (48) (30)
Interest payable and similar
charges (net) ................. (63,702) (70,962) (44,271)
-------------------------------
Profit on ordinary activities
before taxation,
goodwill amortisation and
exceptional items ............. 129,486 144,243 89,504
Amortisation of goodwill ....... (3,588) (3,997) (2,491)
Exceptional items .............. (3,526) (3,927) (2,431)
Profit on ordinary activities
before taxation ............... 122,372 136,319 84,582
Taxation ....................... (26,922) (29,990) (18,608)
-------------------------------
Profit on ordinary activities
after taxation ................ 95,450 106,329 65,974
Minority interests - equity .... (209) (233) (144)
-------------------------------
Profit for the year before
goodwill amortisation and
exceptional items ............. 101,579 113,156 70,217
Amortisation of goodwill ....... (3,588) (3,997) (2,491)
Exceptional items .............. (2,750) (3,063) (1,896)
Profit for the year ............ 95,241 106,096 65,830
Dividends ...................... 2 (49,136) (54,736) (33,928)
-------------------------------
Retained profit for the year ... 46,105 51,360 31,902
-------------------------------
Earnings per share
Basic .......................... 3 16.3c EUR 0.182 11.27p
-------------------------------
Diluted ........................ 3 16.2c EUR 0.181 11.26p
-------------------------------
Adjusted ....................... 3 17.4c EUR 0.194 12.03p
-------------------------------
2000 2000 2000
$'000 EUR'000 (b)'000
Revenue ........................ 1,082,940(a) 1,204,878(a) 736,992
Cost of sales .................. (525,978)(a) (585,203)(a)(357,802)
-------------------------------
Gross profit ................... 556,962 619,675 379,190
Administrative expenses
(including exceptional item) .. (368,859) (410,392) (251,056)
-------------------------------
Operating profit before goodwill
amortisation and exceptional
item ......................... 221,455 246,391 150,645
Amortisation of goodwill ....... (3,692) (4,108) (2,511)
Exceptional item ............... (29,660) (33,000) (20,000)
Operating profit ............... 188,103 209,283 128,134
Share of operating loss from
joint ventures ................ (2,993) (3,330) (2,016)
Share of operating loss from
associated undertaking ........ - - -
Interest payable and similar
charges (net) ................. (60,466) (67,274) (41,098)
-------------------------------
Profit on ordinary activities
before taxation,
goodwill amortisation and
exceptional items ............. 160,989 179,117 109,547
Amortisation of goodwill ....... (3,692) (4,108) (2,511)
Exceptional items .............. (32,653) (36,330) (22,016)
Profit on ordinary activities
before taxation ............... 124,644 138,679 85,020
Taxation ....................... (31,171) (34,681) (21,255)
-------------------------------
Profit on ordinary activities
after taxation ................ 93,473 103,998 63,765
Minority interests - equity .... (175) (195) (120)
-------------------------------
Profit for the year before
goodwill amortisation and
exceptional items ............. 121,480 135,159 82,668
Amortisation of goodwill ....... (3,692) (4,108) (2,511)
Exceptional items .............. (24,490) (27,248) (16,512)
-------------------------------
Profit for the year ............ 93,298 103,803 63,645
Dividends ...................... (50,016) (55,648) (33,910)
-------------------------------
Retained profit for the year ... 43,282 48,155 29,735
-------------------------------
Earnings per share
Basic .......................... 16.0c EUR 0.17 10.91p
-------------------------------
Diluted ........................ 15.9c EUR 0.17 10.85p
-------------------------------
Adjusted ....................... 20.8c EUR 0.23 14.17p
-------------------------------
(a) Restated (see note 1)
(b) Represents GBP
Consolidated Statement of Total Recognised Gains and Losses
for the year ended 31 December 2001
2001 2001 2001
$'000 EUR'000 (a)'000
Profit for the year ............ 95,241 106,096 65,830
Exchange adjustments ........... (2,495) (2,779) (1,444)
Taxation on exchange adjustments 380 423 174
-------------------------------------------------------------
Total recognised gains and losses 93,126 103,740 64,560
-------------------------------------------------------------
2000 2000 2000
$'000 EUR'000 (a)'000
Profit for the year ............ 93,298 103,803 63,645
Exchange adjustments ........... (2,912) (3,240) (2,172)
Taxation on exchange adjustments - - -
-------------------------------------------------------------
Total recognised gains and losses 90,386 100,563 61,473
-------------------------------------------------------------
Note: US Dollar equivalents are provided for reader convenience at the
2001 average rate of $0.8977 = 1 euro (December 31, 2000 rate of
$0.8988 = 1 euro)
(a)=pounds
Consolidated Balance Sheet
at 31 December 2001
2001 2001 2001
$'000 EUR '000 (a)'000
----------------------------------------------------------------------
Intangible fixed assets
Goodwill 63,418 70,646 43,753
----------------------------------------------------------------------
Tangible fixed assets
- vehicles 1,135,180 1,264,556 783,171
- other 63,987 71,280 44,146
----------------------------------------------------------------------
1,199,167 1,335,836 827,317
Investments 5,053 5,629 3,486
----------------------------------------------------------------------
1,204,220 1,341,465 830,803
----------------------------------------------------------------------
Total fixed assets 1,267,638 1,412,111 874,556
Current assets
Debtors 566,898 631,507 391,108
Investments 438 488 302
Cash at bank 19,325 21,528 13,333
----------------------------------------------------------------------
586,661 653,523 404,743
----------------------------------------------------------------------
Creditors amounts falling due
within one year
Bank and other loans (237,073) (264,092) (163,559)
Other creditors (921,916) (1,026,987) (636,038)
-----------------------------------------------------------------------
(1,158,989) (1,291,079) (799,597)
-----------------------------------------------------------------------
Net current liabilities (572,328) (637,556) (394,854)
-----------------------------------------------------------------------
Total assets less current
liabilities 695,310 774,555 479,702
Creditors amounts falling due
after more than one year
Bank and other loans (514,050) (572,637) (354,649)
Other creditors (32,863) (36,608) (22,672)
-----------------------------------------------------------------------
(546,913) (609,245) (377,321)
Provisions for liabilities
and charges (71,921) (80,118) (49,619)
-----------------------------------------------------------------------
76,476 85,192 52,762
-----------------------------------------------------------------------
Capital and reserves
Called-up share capital 7,245 8,071 5,850
Share premium 784,597 874,018 633,541
Profit and loss account (715,956) (797,554) (587,036)
-----------------------------------------------------------------------
Total shareholders' funds -
equity 75,886 84,535 52,355
Minority interests - equity 590 657 407
-----------------------------------------------------------------------
76,476 85,192 52,762
-----------------------------------------------------------------------
Consolidated Balance Sheet
at 31 December 2001
2000 2000 2000
$'000 EUR '000 (a)'000
-----------------------------------------------------------------------
Intangible fixed assets
Goodwill 66,329 73,798 45,109
-----------------------------------------------------------------------
Tangible fixed assets
- vehicles 1,136,249 1,264,189 772,728
- other 55,242 61,462 37,567
-----------------------------------------------------------------------
1,191,491 1,325,651 810,295
Investments 2,949 3,281 2,004
-----------------------------------------------------------------------
1,194,440 1,328,932 812,299
-----------------------------------------------------------------------
Total fixed assets 1,260,769 1,402,730 857,408
Current assets
Debtors 525,818 585,024 357,592
Investments 3,441 3,828 2,340
Cash at bank 30,878 34,355 20,999
-----------------------------------------------------------------------
560,137 623,207 380,931
-----------------------------------------------------------------------
Creditors amounts falling due
within one year
Bank and other loans (411,175) (457,473) (279,627)
Other creditors (847,614) (943,055) (576,435)
-----------------------------------------------------------------------
(1,258,789) (1,400,528) (856,062)
-----------------------------------------------------------------------
Net current liabilities (698,652) (777,321) (475,131)
-----------------------------------------------------------------------
Total assets less current
liabilities 562,117 625,409 382,277
Creditors amounts falling due
after more than one year
Bank and other loans (410,432) (456,646) (279,122)
Other creditors (47,745) (53,121) (32,469)
-----------------------------------------------------------------------
(458,177) (509,767) (311,591)
Provisions for liabilities
and charges (71,961) (80,064) (48,939)
-----------------------------------------------------------------------
31,979 35,578 21,747
-----------------------------------------------------------------------
Capital and reserves
Called-up share capital 7,251 8,067 5,848
Share premium 784,993 873,382 633,145
Profit and loss account (760,781) (846,445) (617,597)
-----------------------------------------------------------------------
Total shareholders' funds -
equity 31,463 35,004 21,396
Minority interests - equity 516 574 351
-----------------------------------------------------------------------
31,979 35,578 21,747
-----------------------------------------------------------------------
* US Dollar equivalents are provided for reader convenience at the
2001 average rate of $0.8977 = 1 euro (December 31, 2000 rate of
$0.8988 = 1 euro)
Consolidated Cash Flow Statement
for the year ended 31 December 2001
2001 2001 2001
$'000 EUR'000 (a)'000
-------------------------------------------------------------------
Net cash inflow from operating
activities .................... 504,965 562,516 351,245
-------------------------------------------------------------------
Dividends received from
associated undertakings ....... - - -
-------------------------------------------------------------------
Returns on investments and
servicing of finance
Interest received .............. 2,617 2,915 1,817
Interest paid .................. (54,738) (60,976) (37,933)
Interest element of finance
lease rental payments ......... (12,688) (14,134) (8,825)
Dividend paid to minority
interests ..................... (127) (141) (88)
-------------------------------------------------------------------
(64,936) (72,336) (45,029)
-------------------------------------------------------------------
Taxation ....................... (22,474) (25,035) (15,344)
-------------------------------------------------------------------
Capital expenditure and
financial investment
Purchase of tangible fixed
assets ........................ (1,807,954) (2,014,007) (1,257,148)
Sale of tangible fixed assets .. 2,171,542 2,419,033 1,511,022
Sale of fixed asset investments 46 51 31
Acquisition of own shares ...... - - -
-------------------------------------------------------------------
363,634 405,077 253,905
-------------------------------------------------------------------
Acquisitions and disposals
Purchase of subsidiary
undertakings .................. (2,023) (2,253) (1,421)
Cash balances acquired with
subsidiary undertakings ....... 3 3 2
-------------------------------------------------------------------
(2,020) (2,250) (1,419)
-------------------------------------------------------------------
Equity dividends paid .......... (48,781) (54,341) (33,917)
-------------------------------------------------------------------
Management of liquid resources
Sale of current asset
investments ................... 2,993 3,334 2,038
Cash withdrawn from /
(transferred to) short term
deposit ...................... 5,606 6,245 3,896
-------------------------------------------------------------------
8,599 9,579 5,934
-------------------------------------------------------------------
Financing
Issue of ordinary share capital 473 527 327
Repayment of capital element of
finance leases ................ (686,685) (764,947) (476,954)
Increase in short term loans ... 32,356 36,044 21,943
(Decrease)/increase in long
term loans .................... (91,601) (102,041) (64,569)
-------------------------------------------------------------------
(745,457) (830,417) (519,253)
-------------------------------------------------------------------
Decrease in cash ............... (6,470) (7,207) (3,878)
-------------------------------------------------------------------
2000 2000 2000
$'000 EUR'000 (a)'000
-------------------------------------------------------------------
Net cash inflow from operating
activities .................... 333,805 371,391 236,090
-------------------------------------------------------------------
Dividends received from
associated undertakings ....... - - -
-------------------------------------------------------------------
Returns on investments and
servicing of finance
Interest received .............. 4,929 5,484 3,345
Interest paid .................. (50,529) (56,218) (34,120)
Interest element of finance
lease rental payments ......... (16,170) (17,991) (10,996)
Dividend paid to minority
interests ..................... - - -
-------------------------------------------------------------------
(61,770) (68,725) (41,771)
-------------------------------------------------------------------
Taxation ....................... (31,659) (35,224) (21,530)
-------------------------------------------------------------------
Capital expenditure and
financial investment
Purchase of tangible fixed
assets ........................ (1,623,326) (1,806,111) (1,105,724)
Sale of tangible fixed assets .. 2,006,966 2,232,948 1,357,755
Sale of fixed asset investments - - -
Acquisition of own shares ...... (2,239) (2,491) (1,566)
-------------------------------------------------------------------
381,401 424,346 250,465
-------------------------------------------------------------------
Acquisitions and disposals
Purchase of subsidiary
undertakings .................. (44,069) (49,032) (30,582)
Cash balances acquired with
subsidiary undertakings ....... 3,230 3,594 2,243
-------------------------------------------------------------------
(40,839) (45,438) (28,339)
-------------------------------------------------------------------
Equity dividends paid .......... (48,876) (54,379) (32,683)
-------------------------------------------------------------------
Management of liquid resources
Sale of current asset
investments ................... 1,607 1,788 1,089
Cash withdrawn from /
(transferred to) short term
deposit ...................... (5,265) (5,858) (3,574)
-------------------------------------------------------------------
(3,658) (4,070) (2,485)
-------------------------------------------------------------------
Financing
Issue of ordinary share capital 2,839 3,159 1,990
Repayment of capital element of
finance leases ................ (757,194) (842,453) (515,065)
Increase in short term loans ... 104,947 116,764 72,437
(Decrease)/increase in long
term loans .................... 107,304 119,386 71,630
-------------------------------------------------------------------
(542,104) (603,144) (369,008)
-------------------------------------------------------------------
Decrease in cash ............... (13,700) (15,243) (9,261)
-------------------------------------------------------------------
(a) represents GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. Note: US Dollar equivalents are provided for reader convenience at the 2001 average rate of $0.8977 = 1 euro (December 31, 2000 rate of $0.8988 = 1 euro) Notes to the Financial Statements Notes to the financial statements A detailed set of notes immediately following the financial statements in an annual report that explain and expand on the information in the financial statements. for the year ended 31 December 2001 1 Basis of accounting and preparation The Financial Statements have been prepared under the historical cost convention, and in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with applicable accounting standards. They have been prepared on the basis of the accounting policies set out in the Group's 2000 Annual Report and Accounts, except for the adoption in the year of FRS FRS abbr. Fellow of the Royal Society FRS, n “flexed rotated side-bent,” an osteopathic abbreviation used to describe vertebral position in cases of spinal dysfunction. 18, Accounting Policies. Except for the amendment to the revenue recognition policy, there was no material impact on the financial statements. The Group has revised the policy for the recognition of credit repair revenue, on the basis that the Directors consider the revised treatment to be more appropriate. Turnover now represents the amounts owing from the repairer, as opposed op·pose v. op·posed, op·pos·ing, op·pos·es v.tr. 1. To be in contention or conflict with: oppose the enemy force. 2. to the amounts charged onto the insurance companies. As a consequence of this change, the revenue for the year ended 31 December 2000 has been reduced with a compensating reduction in cost of sales, such that there is no impact upon gross profit. The financial information included in this statenment does not constitute statutory accounts within the meaning of section 240 of the Companies Act 1985. The statutory accounts of the Company for the year ended 31 December 2001, on which the auditors AUDITORS, practice. Persons lawfully appointed to examine and digest accounts referred to them, take down the evidence in writing, which may be lawfully offered in relation to such accounts, and prepare materials on which a decree or judgment may be made; and to report the whole, together have given an unqualified opinion Unqualified opinion An independent auditor's opinion that a company's financial statements comply with accepted accounting procedures. Antithesis of qualified opinion. unqualified opinion See clean opinion. , will be filed with the Registrar of Companies The introduction to this article provides insufficient context for those unfamiliar with the subject matter. Please help [ improve the introduction] to meet Wikipedia's layout standards. You can discuss the issue on the talk page. in due course. The statutory accounts of the Company for the year ended 31 December 2000, on which the auditors have given an unqualified opinion, have been filed with the Registrar of Companies. The Financial Statements present the consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: results for the year ended 31 December 2001 in both euro and sterling. As a significant proportion of the Group's revenues, costs and funding arise in the euro zone, the Directors consider that the Group's functional currency is the euro. Accordingly, the Group's statutory accounts are prepared in euro. The Company's statutory accounts continue to be reported to be spoken of; to be mentioned, whether favorably or unfavorably. See also: Report in sterling. Further financial information is available from the internet site at http://www.avis-europe.com and a hard copy of this information can be obtained from the Company Secretary, Avis Europe plc, Avis House, Park Road, Bracknell, Berkshire Berkshire (bärk`shĭr, –shər, bûrk`–) or Berks (bärks, bûrks), former county, S central England. , RG12 2EW, United Kingdom.
(a)=pounds
2001 2001 2001
2 Dividends $ EUR (a)
Dividend per ordinary share
Interim dividend 0.029 0.032 0.020
Proposed final dividend 0.055 0.061 0.038
------------------------------
0.084 0.093 0.058
2001 2001 2001
$ EUR (a)
Interim dividend 16,957 18,890 11,697
Proposed final dividend 32,179 35,846 22,231
------------------------------
49,136 54,736 33,928
2000 2000 2000
$ EUR (a)
Dividend per ordinary share
Interim dividend 0.029 0.032 0.020
Proposed final dividend 0.057 0.063 0.038
------------------------------
0.086 0.095 0.058
2000 2000 2000
$ EUR (a)
Interim dividend 16,705 18,586 11,689
Proposed final dividend 33,311 37,062 22,221
------------------------------
50,016 55,648 33,910
Notes to the Financial Statements (continued) 3 Earnings per share The calculation of basic earnings per share is based on the profit for the year and on the weighted average number of shares in issue during the year. An adjusted calculation has been prepared, adding back the impact of both exceptional items and goodwill amortisation Noun 1. amortisation - the reduction of the value of an asset by prorating its cost over a period of years amortization reduction, step-down, diminution, decrease - the act of decreasing or reducing something 2. , since, in the opinion of the Directors, this gives a more consistent measure of performance.
2001
Profit Weighted Earnings
$'000 average per
number share
Profit, number of shares
and basic earnings per share 95,241 583,876,743 16.34c
Adjustment re possible issue
of shares under option - 769,728 (0.09)c
Adjusted profit, number of
shares and diluted earnings
per share 95,241 584,646,471 16.25c
Profit, number of shares and
basic earnings per share 95,241 583,876,743 16.32c
Amortisation of goodwill 3,588 - 0.63c
Centrus Limited provisions for
irrecoverable debts and related
costs - - -
Exceptional items 3,526 - 0.63c
Taxation on adjusting items (774) - (0.18)c
Adjusted profit pre goodwill and
exceptional items, number of
shares and adjusted earnings
per share 101,581 583,876,743 17.40c
2000
Profit Weighted Earnings
$'000 average per
number share
Profit, number of shares
and basic earnings per share 93,298 583,418,950 16.00c
Adjustment re possible issue
of shares under option - 3,298,984 (0.09)c
Adjusted profit, number of
shares and diluted earnings
per share 93,298 586,717,934 15.91c
Profit, number of shares and
basic earnings per share 93,298 583,418,950 15.98c
Amortisation of goodwill 3,692 - 0.63c
Centrus Limited provisions for
irrecoverable debts and related
costs 29,660 - 5.11c
Exceptional items 2,993 - 0.54c
Taxation on adjusting items (8,163) - (1.44)c
Adjusted profit pre goodwill and
exceptional items, number of
shares and adjusted earnings
per share 121,480 583,418,950 20.82c
2001
Profit Weighted Earnings per
EUR'000 average number share
Profit, number of
shares and basic earnings per 106,096 583,876,743 EUR 0.182
Adjustment re possible
issue of shares under - 769,728 EUR(0.001)
Adjusted profit, number
of shares and diluted
earnings per share 106,096 584,646,471 EUR 0.181
Profit, number of shares
and basic earnings per 106,096 583,876,743 EUR 0.182
Amortization of goodwill 3,997 - EUR 0.007
Centrus Limited
provisions for irrecoverable
debts and related costs - - -
Exceptional items 3,927 - EUR 0.007
Taxation on adjusting
items (862) - EUR(0.002)
Adjusted profit pre
goodwill and exceptional
items, number of shares and
adjusted earnings per share 113,158 583,876,743 EUR 0.194
2000
Profit Weighted Earnings per
EUR'000 average number share
Profit, number of
shares and basic earnings per 103,803 583,418,950 EUR 0.178
Adjustment re possible
issue of shares under - 3,298,984 EUR(0.001)
Adjusted profit, number
of shares and diluted
earnings per share 103,803 586,717,934 EUR 0.177
Profit, number of shares
and basic earnings per 103,803 583,418,950 EUR 0.178
Amortization of goodwill 4,108 - EUR 0.007
Centrus Limited
provisions for irrecoverable
debts and related costs 33,000 - EUR 0.057
Exceptional items 3,330 - EUR 0.006
Taxation on adjusting (9,082) - EUR(0.016)
items
Adjusted profit pre
goodwill and exceptional
items, number of shares and
adjusted earnings per share 135,159 583,418,950 EUR 0.232
----------------------------------------------------------------------
2001
----------------------------------------------------------------------
Profit Weighted Earnings
(a)'000 Average Per
Number Share
----------------------------------------------------------------------
Profit, number of shares and
basic earnings per shares and
basic earnings per share ..... 65,830 583,876,74 311.27p
Adjustment re possible issue of
shares under option ........... - 769,728 (0.01)p
------------------------------------------------------------------
Adjusted profit, number of
shares and diluted earnings
per share .................... 65,830 584,646,471 11.26p
------------------------------------------------------------------
Profit, number of shares and
basic earnings per share ...... 65,830 583,876,743 11.27p
Amortisation of goodwill ....... 2,491 - 0.43p
Centrus Limited provisions for
irrecoverable debts and related
costs ........................ - - -
Exceptional items .............. 2,431 - 0.42p
Taxation on adjusting items .... (535) - (0.09)p
------------------------------------------------------------------
Adjusted profit pre goodwill and
exceptional items, number of
shares and adjusted earnings
per share ................... 70,217 583,876,743 12.03p
------------------------------------------------------------------
----------------------------------------------------------------------
2000
----------------------------------------------------------------------
Profit Weighted Earnings
(a)'000 Average Per
Number Share
----------------------------------------------------------------------
Profit, number of shares and
basic earnings per shares and
basic earnings per share ..... 63,645 583,418,950 10.91p
Adjustment re possible issue of
shares under option ........... - 3,298,984 (0.06)p
------------------------------------------------------------------
Adjusted profit, number of
shares and diluted earnings
per share .................... 63,645 586,717,934 10.85p
------------------------------------------------------------------
Profit, number of shares and
basic earnings per share ...... 63,645 583,418,950 10.91p
Amortisation of goodwill ....... 2,511 - 0.43p
Centrus Limited provisions for
irrecoverable debts and related
costs ........................ 20,000 - 3.43p
Exceptional items .............. 2,016 - 0.35p
Taxation on adjusting items .... (5,504) - (0.95)p
------------------------------------------------------------------
Adjusted profit pre goodwill and
exceptional items, number of
shares and adjusted earnings
per share ................... 82,668 583,418,950 14.17p
------------------------------------------------------------------
(a) Represents GBP
The Group has granted options to Directors and employees over ordinary
shares of Avis Europe plc and such shares constitute the only category
of dilutive potential ordinary shares of Avis Europe plc.
--30--sm/fg/kam/uk* kam/ny
CONTACT: Avis Europe plc
Mark McCafferty / Chris Cowan, 011-44-134-442-6644
or
Taylor Rafferty, New York
Brian Rafferty, 212-889-4350
KEYWORD: UNITED KINGDOM INTERNATIONAL EUROPE
INDUSTRY KEYWORD: AUTOMOTIVE EARNINGS
SOURCE: Avis Europe plc
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