Financial Performance 2011
In 2011 our net profit increased to EUR 224.7 million, representing 13% profit growth compared to the prior year. Results did show a stronger than usual seasonality with a better first half than second half of the year, and the year ended in an atmosphere of significant global uncertainty surrounding economic performance. However, it is fair to conclude that overall in 2011 we re-established our stable performance as evidenced prior to the financial crisis of 2008. Apart from the net result, the stable performance was also demonstrated by growth in fleet numbers: from 1,293,516 vehicles at the end of 2010 to a fleet of 1,327,943 at the end of 2011 (+ 34,427 or 2.7%), which includes the acquisition of multirent in Portugal.
The stability in net results has been and will remain a crucial factor in the strong
creditable reputation that we have built with our major stakeholders. Few organisations, and in particular financial institutions, have been able over the last four years of major global economic turmoil to demonstrate such a consistent positive result with relatively little volatility. Our achievements in this respect are a sign of strength of the organisation, but obviously also of the nature of the applied business model. The long term duration of lease contracts combined with the constant replenishment of new lease contacts, provides a stable and regular income stream.