CAR Inc. announced the Group’s annual results for the year ended 31 December, 2015.
Financial Highlights:
Year ended 31 December, 2015
· Rental revenue was RMB4,399 million, an increase of 53% year-over-year.
· Gross profit was RMB2,091 million, an increase of 69% year-over-year. Gross margin was 47.5%, compared with 43.2% in 2014.
· Net Profit was RMB1,401 million, compared with RMB436 million in 2014.
· Adjusted EBITDA was RMB2,764 million, an increase of 70% year-over-year. Adjusted
· EBITDA margin was 62.8%, compared with 56.8% in 2014.
Operational Highlights:
Year ended 31 December, 2015
· Total fleet size was 91,179 vehicles as at 31 December, 2015, compared with 63,522 vehicles as at 31 December, 2014. The operating fleet size was 83,168 vehicles as at 31 December 2015, compared with 58,773 vehicles as at 31 December, 2014.
· The Group disposed of 9,284 used vehicles in 2015. The cost to sales ratio was 101.1%, indicating the Group’s ability to manage the full cycle of its rental business.
· The Group’s short-term rental business continued to demonstrate clear market leadership and strong profitability. Average daily rental revenue per short-term rental vehicle (“RevPAC”) and average daily rental rate (“ADRR”) were RMB170 and RMB270 in 2015, compared with RMB170 and RMB272 in 2014, respectively. The fleet utilization rate increased from 62.2% in 2014 to 63.0% in 2015.
· As at 31 December 2015, a total of 19,883 rental vehicles were rented to UCAR under long-term rental terms. Additionally, the Company continued to see strong synergies in terms of fleet management. Over 10,000 vehicles were shared with UCAR under short-term rental terms during weekdays.
Read original report
