|Year ended December 31,|
|(in million euros)||2019||2018||2017||2016||2015||2014||2013||2012|
|Number of Invoiced Rental Days (in millions)||91.0||87.7||69.3||59.9||57.1||52.7||50.7||50.7|
|Average Fleet Size (in thousands)(2)||328.0||315.9||248.5||213.8||205.4||189.3||183.6||186.0|
|Average Fleet Unit Costs/Month (in €)(3)||(229)||(226)||(243)||(245)||(253)||(248)||(260)||(284)|
|Fleet Financial Utilization Rate(4)||76.0%||76.1||76.4%||76.5%||76.1%||76.4%||75.6%||74.4%|
|Adjusted Corporate EBITDA(5)||278||327||264||253.9||251||213||157||119|
|Adjusted Corporate EBITDA Margin||9.2%||11.2%||10.9%||11.8%||11.7%||10.8%||8.2%||6.1%|
|Operating income (IFRS)||240||369||223||263||222||138||174||141|
|Net profit / (loss) (IFRS)||38||139||61||119.3||(56)||(112)||(63)||(111)|
|Corporate operating Free Cash Flow(6)||118||135||91||157||86||159||128||60|
|Total Net Debt (including estimated debt equivalent of fleet operating leases)(7)||4.239||5.125||4.888||3,265||3,057||3,148||2,818||2,949|
|Net Corporate Debt (7)||880||795||827||220||235||581||525||568|
|Net Corporate Debt/ LTM Adjusted Corporate EBITDA||3.2x||2.4x||2.6x||0.9x||0.9x||2.7x||3.3x||4.8x|
* 2017 Corporate net debt leverage: calculated as if the acquisitions of Buchbinder and Goldcar had occurred on January 1, 2017
These figures are presented on a reported basis. Please note that the evolution for some of them might be impacted by currency effects.
(1) RPD (revenue per transaction day) corresponds to rental revenue for the period divided by the number of rental days for the period. The variation in RPD is calculated compared to the RPD of the prior year.
(2) Average fleet of the period is calculated by considering the number of days of the period when the fleet is available (period during which the Group holds the vehicles), divided by the number of days of the same period, multiplied by the number of vehicles in the fleet for the period.
(3) The average fleet costs per unit per month is the total fleet costs (fleet holding costs and fleet operating cost) excluding Interest expense included in fleet operating lease rents and insurance costs, divided by the average fleet of the period, divided by the number of months of the period.
(4) The fleet financial utilization rate corresponds to the number of rental days as a percentage of the number of days in the fleet’s financial availability period. The fleet’s financial availability period corresponds to the period during which the Group holds vehicles.
(5) Adjusted Corporate EBITDA is defined as current operating income before depreciation and amortization not related to the fleet, and after deduction of the interest expense on certain liabilities related to rental fleet financing. The indicator includes in particular all the costs associated with the fleet. The Group presents Adjusted Corporate EBITDA because the Group believes it provides investors with important additional information to evaluate the Group’s performance. The Group believes this indicator is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the Group’s industry. In addition, the Group believes that investors, analysts and rating agencies will consider Adjusted Corporate EBITDA useful in measuring the Group’s ability to meet its debt service obligations. Adjusted Corporate EBITDA is not a recognized measurement under IFRS and should not be considered as alternative to operating income or net profit as a measure of operating results or cash flows as a measure of liquidity. The Reconciliation to GAAP measures is provided in our Annual Report.
(6) Corporate free cash flow is defined as free cash flow before the impacts of the fleet and acquisitions of subsidiaries. The Group believes that corporate free cash flow is a useful indicator because it measures the Group’s liquidity based on its ordinary activities, including net financing costs on borrowings dedicated to fleet financing, without taking into account (i) past disbursements in connection with debt refinancings, (ii) costs which due to their exceptional nature are not representative of the trends in the Group’s results of operations and (iii) cash flows in relation to the fleet analyzed in a separate manner as the Group makes acquisitions through asset-backed financing. The Reconciliation to GAAP measures is provided in our Annual Report.
(7) Total Net Debt includes both Corporate Net Debt and Fleet Net Debt. The latter included asset backed financing either in or off balance sheet. In particular, the estimated debt equivalent of fleet operating leases off-balance sheet corresponds to the net book value of the vehicles in question, which is determined based on the acquisition prices and depreciation rates of the corresponding vehicles (on the basis of contracts signed with the car manufacturers). The Reconciliation to gross and net Debt recognized in IFRS statement of financial position is provided in our Annual Report.