Notes to the Consolidated Financial Statements

for the year ended 31 December 2007

1 Revenue

The activity of the Group is the supply of vehicle rental services. Revenue, as disclosed on the face of the Consolidated Income Statement, is derived entirely from continuing activities. Revenue from Avis Greece, the discontinued operation, is separately disclosed in Note 39. The Group experiences a natural increase in demand from leisure customers over the European summer holiday months. This seasonality generally results in lower revenue earned in the first half as compared to the second half of each year, together with an increase in the number of vehicles acquired in the period leading up to the summer months.