Zen Car is structured as a holding company, Zen Car Holding SA in which are all shareholders and an operating company Zen Car Brussels SPRL 99.9% owned by Zen Holding SA
Validated and published historical accounts are available at the balance sheet center of the National Bank of Belgium.
Since 2014, the management of Zen Car operates internally consolidated accounts. These are shown in the table below:
A statement of accounts on 31/06/2015 * was also prepared internally for a wider visibility. These accounts have not been published.
The management and the shareholders of Zen Car have developed a 5-year financial plan available below:
Revenues are based on:
- The number of cars using B2C hour. The financial plan provides that each new car that enters the fleet of Zen Car will be used on average 30 hours per month the first month. Its use will be brought to 150 hours per month after 18 months.
- The number of cars in B2B & Administration. Each car in B2B or placed in Administration is sold on average at 800 EUR per month. Aside from the growing demand of business, administrations exemplary decree stipulates that 20% of administration’s cars fleet must be replaced by renewable vehicles. This represents a potential estimated at 1,000 cars for Zen Car. We observe in the table below that only 130 cars have been taken into account in the financial plan. Note that some of the cars are financed as capital expenditure when other are rent (cost of good sales).
- Other income (more marginal) were also estimated such as advertising revenue. Other sources of revenue could have been budgeted. However, the management has decided to not present it.
The revenue breakdown is presented in the table below:
The table below shows the costs breakdown:
One could see that:
- Rent car financing is the most important cost line.
- Wages are the most important SG&A cost;
- Then comes the operational costs related to cars and terminals.
Break even volume
49 cars B2C (3.215 hours of uses of cars) and 42 cars B2B