The car rental company's pre-tax profits for 2001 dropped to 144.2 million Euros from 179.1 million Euros the previous year.
It said its strongest revenue growth during last year was in replacement, which accounted for 20% of its business.
This business, it said, includes 'customers from breakdown and motor assistance organisations, insurance companies and vehicle leasing companies'.
It added that the corporate sector accounted for 24% of business and 'includes relationships with 75% of Europe's top 500 companies, as well as a growing share of the small and medium-sized enterprise market'.
'Revenues grew strongly by 9% prior to September 11, with a significant increase in revenue per rental largely influenced by our successful yield strategy in Germany,' Avis Europe added.
'Post September 11, restrictions on corporate travel in Europe and the significant decline in transatlantic business caused revenues to fall to 9% below the equivalent prior year period.'
The company experienced 'strong growth' in France, Spain and Italy.
'In France, full year revenue grew by 10% and was unchanged year on year post September. Spain also achieved double-digit revenue growth for the full year, with domestic business growing strongly throughout the year, as well as continued strength in the intra-European sector,' it said.
'Post-September revenue in Spain was also unchanged from the same period in prior year. Full year revenues in Italy were up 7%, although this market was more severely impacted post September by the sharp reduction in transatlantic travel.'