Operating Highlights
- Good volume growth and rental revenue per day ahead of prior year
- Higher fleet costs partially mitigated by lower insurance costs and improved utilisation
- Investment in revenue management and websites delivering benefits
- Substantial network changes – net capital release circa €200 million
- Turnaround of Budget continues
- Both underlying1 operating margin and ROCE ahead of prior year
Key Performance Indicators
| 2007 | 2006 | |
| Billed days (% change)2 | 4.7 | 6.1 |
| Rental revenue per day (% change)2 | 0.7 | (1.8) |
| Fleet utilisation – average (%pts. change)2 | 0.4 | 0.9 |
| Underlying1 operating margin – continuing operations (%) | 8.0 | 7.13 |
| Underlying1 return on capital employed - continuing operations (%) | 9.1 | 8.53 |
Financial Highlights4
| 2007 | 2006 | |
| Revenue €m | 1,327 | 1,256 |
| Profit before tax €m | 33.2 | 1.8 |
| Underlying1 profit before tax €m | 37.6 | 30.0 |
| Earnings per share € cents | 1.6 | (0.2)3 |
| Underlying1 earnings per share € cents | 2.9 | 2.33 |
- 1 Underlying excludes exceptional charges, certain net re-measurement gains and economic hedging gains
(see Basis of Preparation). - 2 Data is based on the continuing operations of the Avis Corporate segment of the Group. Full definitions of the indicators stated above are included in the Key Performance Indicators.
- 3 2006 restated following the prior year adjustment regarding Avis Portugal.
- 4 Data is based on the continuing operations of the Group.
