Ayvens reports third quarter and nine months 2023 results
PRESS RELEASE
QUARTERLY FINANCIAL
INFORMATION
Ayvens1 reports third quarter and nine months
2023 results2
-
EARNING ASSETS3 UP 14.1% VS. SEPTEMBER 20224 UNDERPINNED BY THE
INCREASE IN VEHICLE VALUE
-
LARGEST GLOBAL MULTI-BRAND EV5 FLEET: 505 THOUSAND AS AT 30
SEPTEMBER 2023
-
LEASING CONTRACT AND SERVICES MARGINS UP 61.6% IN Q3 2023 VS. Q3
2022 AND STABLE ON A LIKE-FOR-LIKE BASIS6
-
UCS RESULT PER UNIT7 AT EUR 1,033 IN Q3 2023 AFTER THE IMPACT OF
REDUCTION IN DEPRECIATION COSTS8 (VS. EUR 3,014 IN Q3 2022), IN
LINE WITH EXPECTATIONS
-
COST TO INCOME RATIO (EXCLUDING UCS RESULT) AT 61.1% VS. 57.0% IN
Q3 20226
-
NET INCOME (GROUP SHARE): EUR 226.2 MILLION9 IN Q3 2023, DOWN 28.9%
VS. EXCEEDINGLY HIGH Q3 2022 BASE. IMPACT OF VOLATILITY OF MARK TO
MARKET OF HEDGING INSTRUMENTS AND DECREASE IN UCS PROFITS
- CET 1 RATIO AT
12.3% AS AT END SEPTEMBER 2023
Q3 2023 results highlights
-
Total fleet10 3.394 million
contracts managed worldwide at end September 2023
-
Funded fleet 2.691 million vehicles, up 3.4%11 vs.
end September 2022
-
Gross operating income at EUR 814.9 million, up
25.4% vs. Q3 2022 and down by 6.7% on a like-for-like basis and
excluding non-recurring items12
-
Operating expenses at EUR 448.7 million, x2 vs. Q3
2022 and up 6.5% on a like-for-like basis and excluding
non-recurring items
-
Cost of risk13 at a low level: 18 bps vs. 23 bps
in Q3 2022
-
Result from discontinued operations at EUR +14.0
million, related to the disposal of ALD’s remedies entities
On 3 November 2023, Tim Albertsen, CEO of
Ayvens, commenting on the Q3 2023 Group results, stated: “The
integration of LeasePlan is progressing according to plan, with a
number of key initiatives well underway and our first procurement
objectives already reached. In parallel, we have taken two
important steps towards becoming “one”. First, we presented our
PowerUP 2026 strategic plan, whereby we draw on our industry
leadership to shape the future of mobility and achieve excellence
around our 4 priorities: clients, operational efficiency,
responsibility and profitability. Second, we launched our global
mobility brand ‘Ayvens’ which unites the two companies together
under a single identity and highlights our new brand promise.
Against the backdrop of challenging
macroeconomic conditions and normalizing, yet still favourable used
car markets, Ayvens achieved a solid commercial performance and
mixed financial results, compared to a historically high 2022 base
and confirmed its strong capital position and funding capabilities.
I am confident that we will further demonstrate the relevance of
our business model and create value in the months ahead by
delivering on synergies, thanks to the commitment of our
teams.”
FY 2023 guidance confirmed
In the current context of high interest rates
and inflation, the demand for mobility services remains strong,
confirming the relevance of Ayvens’ business model. While new car
registrations continued to progress in Europe compared to last
year, they remained significantly below pre-Covid levels, leading
Ayvens to maintain its expectation that the used car market will
continue to normalize gradually, while staying at a high level.
Ayvens expects for the full-year 2023:
- Funded
fleet growth between 2% and 4% vs. end December 202214
(unchanged);
- Used Car
Sales result per unit between EUR 1,200 and EUR 1,600 on average,
including the negative impact of reduction in depreciation costs in
previous quarters, on ALD’s sales of c. 290 thousand vehicles. No
UCS result is assumed on LeasePlan’s Used car sales15.
(unchanged);
- Costs to
achieve16 the integration and synergies at EUR 170 million
(unchanged).
Ayvens expects to finalize the Purchase Price
Allocation exercise by the end of 2023.
Good business growth marked by a strong
increase in vehicle value
Commercial activity remained strong, with
earning assets up by 14.1% year-on-year17 to EUR 50.2 billion as at
30 September 2023. Growth was primarily driven by inflation on car
prices and the acceleration in EV penetration, which have a higher
value.
Continuing the positive trends of the previous
quarters, Ayvens’ total fleet stood at 3,394 thousand as at end
September 2023, up by 3.8% compared to end September 2022,
reflecting the dynamic demand for mobility services.
Full-service leasing contracts reached 2,691
thousand vehicles as at end September 2023, up 3.4% year-in-year.
Thanks to increased registrations of new cars, the order book
continued its slow normalization from the peak observed at the end
of 2022, though remaining at a high level. Ayvens is on track to
achieve its guidance of +2% to +4% funded fleet growth in 2023.
Fleet management contracts increased by +5.3%
vs. September 2022, to reach 703 thousand vehicles.
Ayvens reinforced its leadership in sustainable
mobility by continuing to promote electrification. EV penetration
reached 34%18 of new passenger car registrations over 9M 2023, of
which 37% in Q3 2023 alone. This outstanding performance compares
very favourably to the European market at 22%19 in 9M 2023. Ayvens’
BEV20 and PHEV21 penetration stood at 21% and 13% respectively in
9M 2023, well ahead of the market.
Ayvens owns the largest multi-brand EV fleet in
the world, at 505 thousand vehicles as at 30 September 2023. EVs
now account for 19% of its funded fleet.
Q3 2023 financial results
The following comments apply to actual
(reported) figures, where:
- LeasePlan
is consolidated from 22 May 2023. Consequently, Q3 2023 includes
LeasePlan’s contribution for the full quarter, whereas 9M 2023
includes only slightly more than 4 months of LeasePlan
contribution. The Q3 and 9M 2022 periods do not include any
contribution from LeasePlan;
- Pending
the finalization of the Purchase Price Allocation exercise,
expected by end 2023, no reduction in depreciation costs nor Used
Car Sales result was recorded on LeasePlan’s fleet.
In a normalizing yet still favourable used car
market, Ayvens recorded a mixed Q3 2023 financial performance
against a high Q3 2022 base, which was driven by exceptionally high
used car prices.
Taken together, Leasing contract and Services
margins (Total margins) reached EUR 741.0 million in Q3 2023, an
increase of 61.6% compared to Q3 2022. Out of this amount, the
contribution of LeasePlan since the acquisition closing was EUR
283.5 million (EUR 349.7 million excluding non-operating
items).
Leasing contract margin was boosted by the
reduction in depreciation costs22 (EUR +110.4 million vs. EUR +67.2
million in Q3 2022). As a result of continued high estimated used
car prices, depreciation has been adjusted or stopped for those
vehicles whose sales proceeds are forecast to be in excess of their
net book value until mid-2024. The reduction in depreciation costs
equals the difference between the contractual amortization costs
and the revised amortization cost. It anticipates in the Leasing
contract margin part of Used car sales results which would
otherwise be recorded later. No reduction in depreciation cost was
assumed on LeasePlan’s fleet since it was acquired, due to the
anticipation of fair value recognition in the context of the
Purchase Price Allocation exercise.
Leasing contract margin was negatively impacted
by the mark to market (MtM) of derivatives for EUR - 81.8
million23 in Q3 2023 at LeasePlan, mainly due to the decrease in
GBP interest rates and to pull to par in a context of stable EUR
interest rates between Q2 and Q3 2023. MtM of derivatives was EUR
+3.5 million in Q3 2022. Ayvens holds a book of derivatives,
initially from LeasePlan, whose purpose is to hedge the interest
and foreign exchange rates exposure, when the profile of funding
cannot be matched with that of the lease contract portfolio. While
the Group is economically hedged, there can be accounting
mismatches as operating leases do not qualify for hedge accounting
under IFRS rules and hence are fair valued through income
statement. MtM of derivatives results from interest rate movements
(e.g. as net receiver of floating rate, positive MtM when interest
rates rise) and reverses towards the derivative’s maturity (pull to
par).
Other non-operating items impacting Leasing
contract margin totalled EUR -56.5 million (vs. EUR +41.3 million
in Q3 2022):
- Fleet
revaluation exercise of EUR +3.3 million vs. EUR +19.0 million in
Q3 2022;
-
Hyperinflation in Turkey EUR +45.9 million vs. EUR +17.0 million in
Q3 2022;
- There was
no adjustment to the provision in Ukraine in Q3 2023 (vs. a EUR
+1.8 million provision reversal in Q3 2022).
The contribution from Used car sales (UCS)
result, registered on ALD’s fleet only, remained at a high level in
Q3 2023 at EUR 73.9 million, but was significantly lower than the
high Q3 2022 level (EUR 191.0 million).The decrease is explained
by: i) a negative impact of change in depreciation curve of EUR
-93.9 million, as the positive impact of reduction in depreciation
costs on Leasing contract margin in previous quarters anticipated
some UCS profits and ii) a used car market which is normalizing,
while staying at a high level. Conversely, contract extensions in a
context of delays in car deliveries had a beneficial impact on UCS
results.
There has been no profit recorded on LeasePlan’s
Used car sales in Q3 nor 9M 2023 income statements, due to the
upcoming fair value recognition under the PPA.
UCS result per unit24 on ALD’s sales came in at
EUR 1,033 per unit in Q3 2023 vs. EUR 3,014 per unit in Q3 2022.
Had ALD not recorded any reduction in depreciation costs to reflect
exceptionally high used car prices in previous quarters, UCS result
per unit would have stood at EUR 2,346 in Q3 2023 (EUR 3,607 in Q3
2022). In 9M 2023, UCS result per unit amounted to EUR 1,654 per
unit (EUR 2,695 without the impact of reduction in depreciation
cost) vs. EUR 3,149 in 9M 2022 (EUR 3,339 without the impact of
reduction in depreciation cost).
Leveraging on its efficient remarketing
platform, ALD sold 71.5 thousand units25 in Q3 2023 (not including
58k vehicles sold by LeasePlan in Q3 2023), up from 63.4 thousand
in Q3 2022. The volume increase compared to the same period last
year is mainly driven by improved dynamics in new car
deliveries.
Consequently, Ayvens’ Gross Operating Income
(GOI) reached EUR 814.9 million in Q3 2023, up 25.4% vs. Q3
2022.
Operating expenses amounted to EUR 448.7 million
in Q3 2023, up from EUR 219.4 million in the same period last year,
underpinned by:
- Entry of
LeasePlan in the consolidation scope on 22 May 2023 for EUR 230.5
million excluding costs to achieve (CTA);
- CTA of
EUR 40 million vs. EUR 42.6 million in Q3 2022 (EUR125.0 million in
9M 2023 vs. EUR 83.9 million in 9M 2022);
-
Recruitment to cover the integration period and;
- Costs
related to the regulated status of Ayvens.
As a result, the Cost/Income ratio (excl. UCS
result) stood at 60.6% in Q3 2023 vs. 47.9% in Q3 2022 (54.1% in 9M
2023, vs. 49.0% in 9M 2022).
Impairment charges on receivables came in at EUR
21.8 million in Q3 2023, compared to EUR 13.5 million in Q3 2022.
The cost of risk26 remained low at 18 bps compared to 23 bps in Q3
2022.
Income tax expense increased to EUR 120.3
million, up from EUR 98.3 million in Q3 2022. Effective tax rate
increased to 35.0% (28.7% in 9M 2023) from 23.6% in Q3 2022, mainly
the result of higher tax rate in Turkey applied to deferred tax
liabilities, a one-off impact.
Result from discontinued operations amounted to
EUR 14.0 million in Q3 2023 and is related to the sale of ALD’s
entities in Portugal, Ireland and Norway on 1 August 2023. In 9M
2023, result from discontinued operations amounted to EUR -77.4
million, mainly driven by the EUR -91.3 million loss from the
disposal of ALD Russia on 20 April 2023.
Ayvens’ net income (Group share) was EUR 226.2
million in Q3 2023, down 28.9% compared to Q3 2022 (EUR 318.0
million). In 9M 2023, the net income (Group share) came in at EUR
787.6, down by 15.4% from the historical high of EUR 930.7 million
in 9M 2022.
Basic Earnings per share27 amounted to EUR 1.13
in 9M 2023 vs. EUR 2.1128 in 9M 2022, while diluted Earnings per
share was EUR 1.11 vs. EUR 2.10 in 9M 2022. The computation is
distorted by the fact that the rights issue which financed the cash
component of the LeasePlan acquisition price was settled in
December 2022, prior to the consolidation of LeasePlan from 22 May
2023.
Return on Tangible Equity (ROTE) came in at
12.5% in Q3 2023 vs. exceptionally high 30.7% in Q3 2022 which was
lifted by exceedingly favourable used car prices. ROTE was 16.7% in
9M 2023 vs. 31.3% in 9M 2022. These ratios are also distorted by
the aforementioned timing difference.
Q3 2023 like-for-like performance
For illustration purposes, management
information is provided in appendix to assess the like-for-like
performance of Ayvens:
- Q3 and 9M
2023 with LeasePlan included over the full period (whereas
LeasePlan was consolidated from 22 May 2023 only), including
LeasePlan’s reduction in depreciation costs in Leasing contract
margin (whereas it is stripped out in the reported Q3 and 9M 2023
income statements, pending the finalization of the Purchase Price
Allocation exercise);
- Q3 and 9M
2022 with LeasePlan included over the full period (whereas
LeasePlan was consolidated from 22 May 2023 only and hence not
consolidated in the reported Q3 and 9M 2022 figures).
This like-for-like information excludes: i)
ALD’s subsidiaries in Russia, Belarus, Portugal, Ireland, Norway
(except NF Fleet), LeasePlan’s subsidiaries in the USA, Czech
Republic, Finland and Luxembourg and ii) any PPA-related adjustment
(e.g. intangible assets relating to customer relationships) and
should not be considered as representative of the results which the
combined Group would have achieved, nor of future results. Actual
results may differ significantly from those reflected in this
illustrative information for several reasons, including, but not
limited to, differences in actual conditions compared to the
assumptions used to prepare this illustrative information.
Total margins (Leasing contract margin and
services margin) excl. reduction in depreciation costs and
non-operating items would have been EUR 687.1 million in Q3 2023,
stable on a like-for-like basis vs. Q3 2022 (EUR 691.4
million).
Pressure on margins expressed as a %29 was
observed in Q3 2023, due to: i) the impact of inflation on Services
margin, as inflation could not be fully transferred to customers
and; ii) contract extensions in a context of delayed car
deliveries. The negative impact on margins is expected to reverse
as: i) new car deliveries will normalize, hence a lower impact from
inflation and; ii) Ayvens is restricting contract extensions.
Used car sales profit before the impact of
reduction in depreciation costs in previous quarters would have
been down by 17.3% from Q3 2022, at EUR 324.1 million.
Gross operating income excluding non-recuring
items and the impact on Used car sales result of reduction in
depreciation costs booked in previous quarters would have been down
by 6.7% vs Q3 2022, at EUR 1,011.2 million.
Operating expenses excl. non-recurring items
would have amounted to EUR 419.8 million in Q3 2023 and would have
increased by 6.5% vs. Q3 2022 on a like-for-like basis, under the
effect of recruitments to cover the transition phase.
The Cost/Income ratio would have reached 61.1%
in Q3 2023, vs. 57.0% in Q3 2022, excl. UCS result, reduction in
depreciation costs and non-operating items.
Balance sheet and regulatory capital
Total balance sheet30 decreased from EUR 68.3
billion as at 30 June 2023 to EUR 67.5 billion as at 30 September
2023, mainly due to the disposal of entities previously classified
as held for sale.
Earning assets continued to grow strongly,
reaching EUR 50.2 billion as at 30 September 2023, vs. EUR 48.6bn
as at 30 June 2023, underpinned by the acceleration in Q3 2023 of
the penetration of EVs which have a higher value.
Ayvens’ risk-weighted assets (RWA) totalled EUR
56.0 billion as at 30 September 2023 under CRR2/CRD5 rules, with
credit risk-weighted assets accounting for 86% of the total. The
increase compared to 30 June 2023 is mainly explained by the
flooring to standard of some LeasePlan exposures (EUR +4.2 billion)
and organic growth (earning assets growth and reduction in order
book: EUR +0.5 billion), partially compensated by a number of
optimization initiatives (EUR -1.3 billion in total) and the
disposal of remedies entities (EUR -1.2 billion).
Ayvens had a Common Equity Tier 1 ratio of 12.3%
and Total Capital ratio of 16.3% as at 30 September 2023 (vs. 12.5%
and 16.6% respectively as at 30 June 2023).
Financial debt31 stood at EUR 34.9 billion at
the end of September 2023, not including EUR 2.0 billion bonds
issued end of September 2023 which settled on 6 October 2023, while
deposits reached EUR 11.5 billion (vs. EUR 35.6 billion and EUR
11.4 billion respectively at the end of June 2023).
As part of its active liquidity management
strategy, Ayvens continued to diversify its funding by issuing a
total EUR 2.0 billion senior preferred bonds in September, its
largest issuance ever. The funding raised, EUR 1.0 billion
2-year tranche and EUR 1.0 billion 5-year tranche, brings bonds
issued to-date to total EUR 3.85 billion, and confirms the market’s
strong appetite for Ayvens debt instruments despite challenging
market conditions.
The combined entity has access to ample
short-term liquidity, with cash holdings at Central bank reaching
EUR 4.0 billion and an undrawn committed Revolving Credit Facility
of EUR 1.375 billion in place.
Conference call for investors and
analysts
Date: 3 November, at 10.00 am Paris time –9.00
am London time
Speakers: Tim Albertsen, CEO and Patrick
Sommelet, Deputy CEO and CFO
Connection details:
-
Webcast: Click https://edge.media-server.com/mmc/p/iydyuurd
-
Conference call:
-
FR: +33 1 70 91 87 04
-
UK: +44 121 281 8004
-
US: +1 718 705 8796
-
Access code: 457698
Agenda
-
8 February 2024: Q4 and FY 2023 results
-
3 May 2024: Q1 2024 results
About Ayvens
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Press Contact |
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Stephanie JonvilleChief Communications OfficerTel: +33 (0)6 46 14
81 90stephanie.jonville@ayvens.com |
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Ayvens is the leading global sustainable
mobility player committed to making life flow better. We’ve been
improving mobility for decades, providing full-service leasing,
flexible subscription services, fleet management and multi-mobility
solutions to large international corporates, SMEs, professionals
and private individuals.
With 15,700 employees across 44 countries, 3.4
million vehicles and the world’s largest multi-brand EV
fleet, we’re leveraging our unique
position to lead the way to net zero and spearhead the
digital transformation of the mobility sector. (The company is
listed on Compartment A of Euronext Paris (ISIN: FR0013258662;
Ticker: ALD). Societe Generale Group is Ayvens’ majority
shareholder.
Find out more at ayvens.com
The information contained in this document (the
“Information”) has been prepared by ALD (the “Company”) solely for
informational purposes. The Information is proprietary to the
Company. This presentation and its content may not be reproduced or
distributed or published, directly or indirectly, in whole or in
part, to any other person for any purpose without the prior written
permission of the Company.
“Ayvens” refers to the Company and its
consolidated entities.
The Information is not an offer to buy or sell
or a solicitation of an offer to buy or sell any security or
instrument or to participate in any trading strategy, and does not
constitute a recommendation of, or advice regarding investment in,
any security or an offer to provide, or solicitation with respect
to, any securities-related services of the Company. This
presentation is information given in a summary form and does not
purport to be complete. It is not intended to be relied upon as
advice to investors or potential investors and does not take into
account the investment objectives, financial situation or needs of
any particular investor. Investors should consult the relevant
offering documentation, with or without professional advice when
deciding whether an investment is appropriate.
This document contains forward-looking
statements relating to the targets and strategies of the Company.
These forward-looking statements are based on a series of
assumptions, both general and specific, in particular the
application of accounting principles and methods in accordance with
IFRS (International Financial Reporting Standards) as adopted in
the European Union. These forward-looking statements have also been
developed from scenarios based on a number of economic assumptions
in the context of a given competitive and regulatory environment.
The Company may be unable to:
-
anticipate all the risks, uncertainties or other factors likely to
affect its business and to appraise their potential
consequences;
- evaluate
the extent to which the occurrence of a risk or a combination of
risks could cause actual results to differ materially from those
provided in this document and the related presentation.
Therefore, although the Company believes that
these statements are based on reasonable assumptions, these
forward-looking statements are subject to various risks and
uncertainties, including matters not yet known to it or its
management or not currently considered material, and there can be
no assurance that anticipated events will occur or that the
objectives set out will actually be achieved. Important factors
that could cause actual results to differ materially from the
results anticipated in the forward-looking statements include,
among others, overall trends in general economic activity and in
the Company’s markets in particular, regulatory and prudential
changes, and the success of the Company’s strategic, operating and
financial initiatives. Unless otherwise specified, the sources for
the business rankings and market positions are internal.
Other than as required by applicable law, the
Company does not undertake any obligation to update or revise any
forward-looking information or statements, opinion, projection,
forecast or estimate set forth herein. More detailed information on
the potential risks that could affect the Company’s financial
results can be found in the 2022 Universal Registration Document
filed with the French financial markets authority (Autorité des
marchés financiers).
Investors are advised to take into account
factors of uncertainty and risk likely to impact the operations of
the Company when considering the information contained in such
forward-looking statements. To the maximum extent permitted by law,
none of the Company or any of its affiliates, directors, officers,
advisors and employees shall bear any liability (in negligence or
otherwise) for any direct or indirect loss or damage which may be
suffered by any recipient through use or reliance on anything
contained in or omitted from this document and the related
presentation or any other information or material arising from any
use of these presentation materials or their contents or otherwise
arising in connection with these materials.
The financial information presented for the
nine-month period ended 30 September 2023 was reviewed by the Board
of Directors on 2 November 2023 and has been prepared in accordance
with IFRS as adopted in the European Union and applicable at this
date.
By receiving this document and/or attending the
presentation, you will be deemed to have represented, warranted and
undertaken to have read and understood the above notice and to
comply with its contents.
Appendix
Consolidated income
statement
|
in EUR million |
Q3 2023 |
Q3 202232 |
Q Var. |
9M 2023 |
9M 2022 |
9M Var. |
|
Leasing contract revenues |
2,418.8 |
1,206.5 |
100.5% |
5,433.9 |
3,572.1 |
52.1% |
|
Leasing Contract Costs - Depreciation |
(1,712.4) |
(880.2) |
94.6% |
(3,752.6) |
(2,707.3) |
38.6% |
|
Leasing Contract Costs - Financing |
(341.8) |
(64.3) |
431.5% |
(607.4) |
(160.0) |
279.9% |
|
Unrealised Gains/Losses on Financial xxInstruments |
(38.4) |
11.4 |
na |
20.7 |
48.2 |
-57.1% |
|
Leasing Contract Margin |
326.2 |
273.4 |
19.3% |
1,094.6 |
753.0 |
45.3% |
|
Services Revenues |
1,312.2 |
658.9 |
99.2% |
3,014.8 |
1,867.3 |
61.5% |
|
Cost of Services Revenues |
(897.4) |
(473.7) |
89.4% |
(2,113.5) |
(1,349.5) |
56.6% |
|
Services Margin |
414.8 |
185.1 |
124.0% |
901.9 |
517.8 |
74.3% |
|
Leasing Contract and Services Margins |
741.0 |
458.6 |
61.6% |
1,996.5 |
1,270.8 |
57.1% |
|
Proceeds of Cars Sold |
1,828.5 |
986.6 |
85.3% |
4,354.5 |
2,989.8 |
45.6% |
|
Cost of Cars Sold |
(1,754.6) |
(795.5) |
120.6% |
(3,995.2) |
(2,366.0) |
68.9% |
|
Used Car Sales result |
73.9 |
191.0 |
-61.3% |
359.3 |
623.7 |
-42.4% |
|
Gross Operating Income |
814.9 |
649.6 |
25.4% |
2,355.7 |
1,894.5 |
24.3% |
|
Staff Expenses |
(272.4) |
(126.3) |
115.7% |
(634.3) |
(370.4) |
71.3% |
|
General and Administrative Expenses |
(133.0) |
(77.1) |
72.5% |
(354.0) |
(206.0) |
71.9% |
|
Depreciation and Amortisation |
(43.3) |
(16.0) |
170.6% |
(92.5) |
(46.7) |
97.9% |
|
Total Operating Expenses |
(448.7) |
(219.4) |
104.5% |
(1,080.8) |
(623.1) |
73.5% |
|
Cost/Income ratio (excl UCS) |
60.6% |
47.9% |
|
54.1% |
49.0% |
|
|
Impairment Charges on Receivables |
(21.8) |
(13.5) |
62.1% |
(46.3) |
(32.4) |
43.0% |
|
Other income |
(4.0) |
0.0 |
na |
4.6 |
0.0 |
na |
|
Non-Recurring Income (Expenses) |
0.1 |
(0.0) |
na |
0.1 |
(0.0) |
na |
|
Operating Result |
340.4 |
416.7 |
-18.3% |
1,233.3 |
1,239.0 |
-0.5% |
|
Share of Profit of Associates and Jointly xxControlled
Entities |
3.3 |
0.3 |
953.2% |
4.8 |
1.4 |
246.7% |
|
Profit Before Tax |
343.7 |
417.1 |
-17.6% |
1,238.1 |
1,240.4 |
-0.2% |
|
Income Tax Expense |
(120.3) |
(98.3) |
22.5% |
(355.7) |
(307.2) |
15.8% |
|
Result from discontinued operations |
14.0 |
0.0 |
na |
(77.4) |
0.0 |
na |
|
Profit for the Period |
237.3 |
318.8 |
-25.6% |
805.0 |
933.3 |
-13.7% |
|
Non-Controlling Interests |
11.2 |
0.8 |
1239.2% |
17.5 |
2.5 |
585.5% |
|
Net income group share |
226.2 |
318.0 |
-28.9% |
787.6 |
930.7 |
-16.2% |
Details of operating income components
in reported P&L
|
|
|
Q3 2022(1) |
|
Q3 2023 |
|
9M 2022(1) |
|
9M 2023 |
|
|
|
|
|
|
|
|
|
|
|
In EUR million |
|
ALD |
|
Ayvens |
|
ALD |
|
Ayvens |
|
Leasing contract margin |
|
|
|
|
|
|
|
|
|
o/w Reduction in depreciation costs |
|
67.2 |
|
110.4 |
|
130.0 |
|
425.7 |
|
o/w Non-operating items |
|
41.3 |
|
(56.5) |
|
89.3 |
|
37.4 |
|
Fleet revaluation |
|
19.0 |
|
3.3 |
|
59.6 |
|
20.4 |
|
Hyperinflation in Turkey |
|
17.0 |
|
45.9 |
|
56.5 |
|
65.7 |
|
Provision in Ukraine |
|
1.8 |
|
- |
|
(25.0) |
|
- |
|
MtM of derivatives(2) |
|
3.5 |
|
(81.8) |
|
(1.8) |
|
(48.7) |
|
Reversal on entities transferred to discontinued operations |
|
- |
|
(23.9) |
|
- |
|
- |
|
o/w Tier 2 cost |
|
- |
|
(26.5) |
|
- |
|
(37.8) |
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
o/w Cost to achieve |
|
(42.6) |
|
(40.0) |
|
(83.9) |
|
(125.0) |
|
o/w Transaction and rebranding costs |
|
- |
|
(4.3) |
|
- |
|
(14.8) |
|
o/w Reversal on entities transferred to discontinued
operations |
|
- |
|
15.4 |
|
- |
|
- |
- Restated for IFRS 17, which applies
from 1 January 2023
- Including EUR -16.6m correction
related to Q2 2023 on LeasePlan contribution
Balance sheet as at 30 September
2023
|
In EUR million |
30 September 2023 |
30 June 2023 |
31 December 2022(1) |
|
Earning assets |
50,221 |
48,633 |
23,943 |
|
o/w Rental fleet |
47,991 |
46,409 |
23,227 |
|
o/w Financial lease receivables |
2,230 |
2,224 |
716 |
|
Cash & Cash deposits with the ECB |
4,565 |
5,546 |
253 |
|
Intangibles (incl. goodwill) |
2,991 |
2,925 |
745 |
|
Operating lease and other receivables |
6,830 |
6,309 |
3,514 |
|
Other |
2,879 |
2,733 |
1,762 |
|
Assets of disposal group classified as held-for-sale |
3 |
2,117 |
1,085 |
|
Total assets |
67,489 |
68,264 |
31,302 |
|
Group shareholders' equity |
10,841 |
10,585 |
6,876 |
|
o/w Group shareholders’ equity excl. AT1 |
10,091 |
9 ,835 |
6,876 |
|
Tangible shareholders’ equity |
7,100 |
6,928 |
6,146 |
|
o/w AT1(2) |
750 |
750 |
0 |
|
Non-controlling interests |
545 |
536 |
37 |
|
o/w non-controlling interests excl. AT1 |
37 |
38 |
37 |
|
o/w non-controlling interests - AT1(3) |
507 |
498 |
0 |
|
Total equity |
11,386 |
11,121 |
6,912 |
|
Deposits |
11,466 |
11,448 |
0 |
|
Financial debt(4) |
34,922 |
35,626 |
19,874 |
|
Trade and other payables |
6,283 |
6,020 |
2,929 |
|
Other liabilities |
3,430 |
3,384 |
1,360 |
|
Liabilities of disposal group classified as held-for-sale |
1 |
665 |
227 |
|
Total liabilities and equity |
67,489 |
68,264 |
31,302 |
- Restated for initial application of
IFRS 17 “Insurance Contracts” to insurance subsidiaries from 1
January 2023
- AT1 issued by ALD and subscribed by
parent Societe Generale
- AT1 issued by LeasePlan and
subscribed by external parties
- Excludes EUR 2bn bond issued end of
September 2023 which settled on 6 October 2023
|
Earnings per share (EPS)
|
Basic EPS |
9M 2023 |
9M 2022 |
|
Existing shares |
816,960,428 |
404,103,640 |
|
Shares allocated to cover stock options and shares awarded to
staff |
-1,114,336 |
-1,045,448 |
|
Treasury shares in liquidity contracts |
-146,298 |
-106,258 |
|
End of period number of shares |
815,699,794 |
402,951,934 |
|
|
|
|
|
Weighted average number of shares used for EPS calculation
(A) |
676,183,905(1) |
441,858,650(2) |
|
|
|
|
|
in EUR million |
|
|
|
Net income group share |
787.6 |
930.7 |
|
Deduction of interest on AT1 capital |
-26.5 |
0.0 |
|
Net Income group share after deduction of interest on AT1 capital
(B) |
761.0 |
930.7 |
|
|
|
. |
|
Basic EPS (in EUR) (B/A) |
1.13 |
2.11 |
|
|
|
Diluted EPS |
9M 2023 |
9M 2022 |
|
Existing shares |
816,960,428 |
404,103,640 |
|
Shares issued for no consideration(3) |
19,048,759 |
0 |
|
End of period number of shares |
836,009,187 |
404,103,640 |
|
|
|
|
|
Weighted average number of shares used for EPS calculation
(A’) |
685,862,470(1) |
442,935,017(2) |
|
|
|
|
|
Diluted EPS (in EUR) (B/A’) |
1.11 |
2.10 |
- Average number of shares weighted
by time apportionment
- Adjusted for the rights issue in
December 2022
- Assuming exercise of warrants, as
per IAS 33
ROTE
|
in EUR million |
Q3 2023 |
Q3 2022 |
|
9M 2023 |
9M 2022 |
|
Group shareholders' equity |
10,841.3 |
5,457.1 |
|
10,841.3 |
5,457.1 |
|
AT1 capital |
(750.0) |
0.0 |
|
(750.0) |
0.0 |
|
Dividend provision and interest on AT1 capital |
(399.2) |
(464.5) |
|
(399.2) |
(465.4) |
|
OCI excluding conversion reserves |
(8.5) |
(40.1) |
|
(8.5) |
(40.1) |
|
Equity base for ROE calculation end of period |
9,683.5 |
4,951.7 |
|
9,683.5 |
4,951.7 |
|
Goodwill |
2,392.4 |
631.1 |
|
2,392.4 |
631.1 |
|
Intangible assets |
598.5 |
106.7 |
|
598.5 |
106.7 |
|
Average equity base for ROE calculation |
9,591.4 |
4,877.2 |
|
7,962.4 |
4,666.5 |
|
Average Goodwill |
2,377.6 |
631.1 |
|
1,505.5 |
603.6 |
|
Average Intangible assets |
580.5 |
103.4 |
|
362.5 |
97.7 |
|
Average tangible equity for ROTE calculation |
6,633.3 |
4,142.7 |
|
6,094.4 |
3,965.2 |
|
Group net income after non controlling interests |
226.2 |
318.0 |
|
787.6 |
930.7 |
|
Interest on AT1 capital |
(18.7) |
0.0 |
|
(26.5) |
0.0 |
|
Adjusted Group net income |
207.5 |
318.0 |
|
761.0 |
930.7 |
|
ROTE |
12.5% |
30.7% |
|
16.7% |
31.3% |
- The dividend provision assumes a
payout ratio of 50% of net Income group share, after deduction of
interest on AT1 capital
|
CRR2/CRD5 prudential capital ratios and Risk
Weighted Assets
|
in EUR million |
30 September 2023 |
30 June 2023 |
|
Shareholders equity Group Share |
10,841 |
10,585 |
|
AT1 capital |
(750) |
(750) |
|
Dividend provision & interest on AT1 capital(1) |
(399) |
(280) |
|
Goodwill and intangible |
(2,991) |
(2,675) |
|
Deductions and regulatory adjustments |
(196) |
(97) |
|
Common Equity Tier 1 capital |
6,897 |
6,783 |
|
AT1 capital |
750 |
750 |
|
Tier 1 capital |
7,648 |
7,533 |
|
Tier 2 capital |
1,500 |
1500 |
|
Total capital (Tier 1 + Tier 2) |
9,148 |
9,033 |
|
|
|
|
|
Risk-Weighted Assets |
56,002 |
54,293 |
|
Credit Risk Weighted Assets |
48 097 |
46,039 |
|
Market Risk Weighted Assets |
2,362 |
2,558 |
|
Operational Risk Weighted Assets |
5,543 |
5,696 |
|
|
|
|
|
Common Equity Tier 1 ratio |
12,3% |
12.5% |
|
Tier 1 ratio |
13,7% |
13.9% |
|
Total Capital ratio |
16,3% |
16.6% |
- The dividend provision assumes a
payout ratio of 50% of Net Income group share, after deduction of
interest on AT1 capital
|
Tangible book value per share
|
in EUR million |
30 September 2023 |
30 June 2023 |
|
Group shareholders' equity |
10,841 |
10,585 |
|
Deeply subordinated and undated subordinated notes |
(750) |
(750) |
|
Interest of deeply subordinated and undated subordinated notes
(1) |
(19) |
(0) |
|
Book value of treasury shares |
18 |
18 |
|
|
|
|
|
Net Asset Value (NAV) |
10,091 |
9,853 |
|
Goodwill |
(2,392) |
(2,363) |
|
Intangible assets |
(598) |
(562) |
|
Net Tangible Asset Value (NTAV) |
7,100 |
6,928 |
|
Number of shares (1) |
815,699,794 |
815,705,590 |
|
NAV per share |
12.37 |
12.08 |
|
NTAV per share |
8.70 |
8.49 |
- The
number of shares considered is the number of ordinary shares
outstanding at end of period, excluding treasury shares and
buyback
Like-for-like performance
Management information. For illustration
purposes, this section provides a like-for-like illustrative view
of:
-Q3 2023 and 9M 2023 income statements,
including LeasePlan’s impact of reduction in depreciation costs and
UCS results (whereas both are excluded in the reported Q3 2023 and
9M 2023 income statements, pending the finalization of the Purchase
Price Allocation exercise)
- Q3 2022 and 9M 2022 income statements,
including LeasePlan (whereas the acquisition closed on 22 May 2023,
hence LeasePlan was actually not consolidated in Q3 2022 and 9M
2022). These Q3 2022 and 9M 2022 income statements exclude any
synergy, regulatory and funding cost linked to the regulated
status.
These income statements exclude: i) ALD’s
subsidiaries in Russia, Belarus, Portugal, Ireland, Norway except
NF Fleet, LeasePlan’s subsidiaries in the USA, Czech Republic,
Finland and Luxembourg and ii) any PPA-related adjustment (e.g.
intangible assets relating to customer relationships).
These illustrative Q3 2022, Q3 2023, 9M 2022 and
9M 2023 income statements should not be considered as
representative of the results which the combined Group would have
achieved, nor of future results. Actual results may differ
significantly from those reflected in these illustrative income
statements for several reasons, including, but not limited to,
differences in actual conditions compared to the assumptions used
to prepare these illustrative income statements.
Like-for-like margins
|
|
|
|
Q3 2022 |
|
Q3 2023 |
|
Variation |
|
Variation % |
|
In EUR million |
|
|
ALD |
LeasePlan |
Ayvens |
|
ALD |
LeasePlan |
Ayvens |
|
ALD |
LeasePlan |
Ayvens |
|
ALD |
LeasePlan |
Ayvens |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leasing contract and services
margins(1) |
(a) |
|
438.4 |
661.3 |
1,099.7 |
|
457.5 |
400.5 |
858.0 |
|
19.1 |
-260.8 |
-241.7 |
|
4.4% |
-39.4% |
-22.0% |
|
Reduction in depreciation costs |
|
|
67.2 |
192.7 |
259.9 |
|
110.4 |
117.0 |
227.4 |
|
43.2 |
-75.7 |
-32.5 |
|
|
|
|
|
Fleet revaluation |
|
|
19.0 |
0.0 |
19.0 |
|
3.3 |
0.0 |
3.3 |
|
-15.7 |
0.0 |
-15.7 |
|
|
|
|
|
Hyperinflation in Turkey |
|
|
17.0 |
13.0 |
30.0 |
|
30.2 |
15.6 |
45.9 |
|
13.3 |
2.6 |
15.9 |
|
|
|
|
|
Ukraine provision |
|
|
1.8 |
0.0 |
1.8 |
|
0.0 |
0.0 |
0.0 |
|
-1.8 |
0.0 |
-1.8 |
|
|
|
|
|
MtM of derivatives |
|
|
3.5 |
94.0 |
97.5 |
|
0.0 |
-81.8 |
-81.8 |
|
-3.4 |
-175.8 |
-179.3 |
|
|
|
|
|
Reversal on entities transferred to discontinued operations |
|
|
0.0 |
0.0 |
0.0 |
|
-23.9 |
0.0 |
-23.9 |
|
-23.9 |
0.0 |
-23.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leasing contract and services margins (excluding reduction
in depreciation costs and non-operating items) |
|
329.8 |
361.6 |
691.4 |
|
337.4 |
349.7 |
687.1 |
|
7.6 |
-11.9 |
-4.3 |
|
2.3% |
-3.3% |
-0.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidation adjustment |
(b) |
|
0.0 |
-192.7 |
-192.7 |
|
0.0 |
-117.0 |
-117.0 |
|
n.a |
75.7 |
75.7 |
|
|
|
|
|
Leasing contract and services margins after consolidation
adjustment |
(a) + (b) |
|
438.4 |
468.6 |
907.0 |
|
457.5 |
283.5 |
741.0 |
|
19.1 |
-185.1 |
-166.0 |
|
|
|
|
|
in EUR million |
|
|
9M 2022 |
9M 2023 |
|
var. |
var. % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Leasing contract and services
margins(1) |
(a) |
|
2,804.2 |
3,084.1 |
|
279.9 |
10.0% |
|
Reduction in depreciation costs |
|
|
322.7 |
904.1 |
|
581.4 |
|
|
Fleet revaluation |
|
|
59.6 |
20.4 |
|
-39.2 |
|
|
Hyperinflation in Turkey |
|
|
115.3 |
86.8 |
|
-28.5 |
|
|
Ukraine provision |
|
|
-25.0 |
0.0 |
|
25.0 |
|
|
MtM of derivatives |
|
|
259.2 |
-70.1 |
|
-329.3 |
|
|
Reversal on entities transferred to discontinued operations |
|
|
0.0 |
0.0 |
|
0.0 |
|
|
|
|
|
|
|
|
|
|
|
Leasing contract and services margins (excluding reduction
in depreciation costs and non-operating items) |
|
2,072.4 |
2,143.0 |
|
70.6 |
3.4% |
|
|
|
|
|
|
|
|
|
Consolidation adjustment |
(b) |
|
-192.7 |
-478.4 |
|
-285.7 |
|
|
Leasing contract and services margins after consolidation
adjustment |
(a) + (b) |
|
2,611.5 |
2,605.8 |
|
-5.7 |
|
Like-for-like operating income
|
|
|
|
Q3 2022 |
|
Q3 2023 |
|
Variation |
|
Variation % |
|
|
|
|
ALD |
LeasePlan |
Ayvens |
|
ALD |
LeasePlan |
Ayvens |
|
ALD |
LeasePlan |
Ayvens |
|
ALD |
LeasePlan |
Ayvens |
|
|
Leasing contract and services margins(1) |
(a) |
|
438.4 |
661.3 |
1,099.7 |
|
457.5 |
400.5 |
858.0 |
|
19.1 |
-260.8 |
-241.7 |
|
4.4% |
-39.4% |
-22.0% |
|
|
Reduction in depreciation costs |
|
|
67.2 |
192.7 |
259.9 |
|
110.4 |
117.0 |
227.4 |
|
43.2 |
-75.7 |
-32.5 |
|
|
|
|
|
|
Non-operating items |
|
|
41.3 |
107.0 |
148.3 |
|
9.7 |
-66.2 |
-56.5 |
|
-31.6 |
-173.2 |
-204.8 |
|
|
|
|
|
|
Leasing contract and services margins excluding
non-recurring items |
(b) |
|
329.8 |
361.6 |
691.4 |
|
337.4 |
349.7 |
687.1 |
|
7.6 |
-11.9 |
-4.3 |
|
2.3% |
-3.3% |
-0.6% |
|
|
Consolidation adjustment |
(c) |
|
0.0 |
-192.7 |
-192.7 |
|
0.0 |
-117.0 |
-117.0 |
|
n.a |
75.7 |
75.7 |
|
|
|
|
|
|
Leasing contract and services margins after consolidation
adjustment |
(d) = (a) + (c) |
|
438.4 |
468.6 |
907.0 |
|
457.5 |
283.5 |
741.0 |
|
19.1 |
-185.1 |
-166.0 |
|
|
|
|
|
|
Used car sales result before the impact of reduction in
depreciation costs |
(e) |
|
207.0 |
184.8 |
391.8 |
|
167.8 |
156.3 |
324.1 |
|
-39.2 |
-28.5 |
-67.7 |
|
-18.9% |
-15.4% |
-17.3% |
|
|
Impact of reduction in depreciation costs |
(f) |
|
-37.6 |
0.0 |
-37.6 |
|
-93.9 |
-123.0 |
-216.9 |
|
-56.3 |
-123.0 |
-179.3 |
|
|
|
|
|
|
Consolidation adjustment |
(g) |
|
0.0 |
-184.8 |
-184.8 |
|
0.0 |
-33.3 |
-33.3 |
|
0.0 |
151.5 |
151.5 |
|
|
|
|
|
|
Used car sales result after consolidation
adjustment |
(h) = (e) + (f) + (g) |
|
169.4 |
0.0 |
169.4 |
|
73.9 |
0.0 |
73.9 |
|
-95.5 |
0.0 |
-95.5 |
|
-56.4% |
n.a |
-56.4% |
|
|
Gross operating income(1) |
(a) + (e) |
|
607.8 |
846.1 |
1,453.9 |
|
531.4 |
433.8 |
965.2 |
|
-76.4 |
-412.4 |
-488.7 |
|
-12.6% |
-48.7% |
-33.6% |
|
|
Gross operating income excluding non-recurring
items |
(b) + (e) |
|
536.8 |
546.4 |
1,083.2 |
|
505.2 |
506.0 |
1,011.2 |
|
-31.6 |
-40.5 |
-72.0 |
|
-5.9% |
-7.4% |
-6.7% |
|
|
Total consolidation adjustment |
(c) + (f) |
|
0.0 |
-377.5 |
-377.5 |
|
0.0 |
-150.3 |
-150.3 |
|
0.0 |
227.2 |
227.2 |
|
|
|
|
|
|
Gross operating income after consolidation
adjustment |
(d) + (h) |
|
607.8 |
468.6 |
1,076.4 |
|
531.4 |
283.5 |
814.9 |
|
-76.4 |
-185.1 |
-261.5 |
|
|
|
|
|
|
in EUR million |
|
|
9M 2022 |
9M 2023 |
|
Var. |
Var. % |
|
|
|
|
|
|
|
|
|
|
Leasing contract and services margins(1) |
(a) |
|
2,804.2 |
3,084.1 |
|
279.9 |
10.0% |
|
Reduction in depreciation costs |
|
|
322.7 |
904.1 |
|
581.4 |
|
|
Non-operating items |
|
|
409.1 |
37.1 |
|
-372.0 |
|
|
Leasing contract and services margins excluding
non-recurring items |
(b) |
|
2,072.4 |
2,143.0 |
|
70.6 |
3.4% |
|
Consolidation adjustment |
(c) |
|
-192.7 |
-478.4 |
|
-285.7 |
|
|
Leasing contract and services margins after consolidation
adjustment |
(d) = (a) + (c) |
|
2,611.5 |
2,605.8 |
|
-5.7 |
|
|
|
|
|
|
|
|
|
|
|
Used car sales before reduction in depreciation
costs |
(e) |
|
1,157.0 |
1,099.8 |
|
-57.1 |
-4.9% |
|
Impact of Reduction in depreciation costs |
(f) |
|
-37.6 |
-602.5 |
|
-564.9 |
1502.7% |
|
Consolidation adjustment |
(g) |
|
-539.0 |
-138.1 |
|
400.9 |
|
|
Used car sales result after consolidation
adjustment |
(h) = (e) + (f) + (g) |
|
580.4 |
359.3 |
|
-221.1 |
-38.1% |
|
|
|
|
|
|
|
|
|
|
Gross operating income(1) |
(a) + (e) |
|
3,923.6 |
3,581.5 |
|
-342.1 |
-8.7% |
|
Gross operating income excluding non-recurring
items |
(b) + (e) |
|
3,229.4 |
3,242.8 |
|
13.4 |
0.4% |
|
Total consolidation adjustment |
(c) + (f) |
|
-731.7 |
-616.4 |
|
|
|
|
Gross operating income after consolidation
adjustment |
(d) + (h) |
|
3,191.9 |
2,965.1 |
|
-226.8 |
|
Like-for-like operating expenses
|
|
|
|
Q3 2022 |
|
Q3 2023 |
|
Variation |
|
Variation % |
|
In EUR million |
|
|
ALD |
LeasePlan |
Ayvens |
|
ALD |
LeasePlan |
Ayvens |
|
ALD |
LeasePlan |
Ayvens |
|
ALD |
LeasePlan |
Ayvens |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
-211.5 |
-245.9 |
-457.4 |
|
-207.2 |
-241.5 |
-448.7 |
|
4.2 |
4.4 |
8.6 |
|
-2.0% |
-1.8% |
-1.9% |
|
Cost to achieve |
|
|
-42.6 |
0.0 |
-42.6 |
|
-29.0 |
-11.0 |
-40.0 |
|
13.6 |
-11.0 |
2.6 |
|
|
|
|
|
Consultancy costs |
|
|
0.0 |
-20.5 |
-20.5 |
|
0.0 |
0.0 |
0.0 |
|
0.0 |
20.5 |
20.5 |
|
|
|
|
|
Transaction and rebranding costs |
|
|
0.0 |
0.0 |
0.0 |
|
-4.3 |
0.0 |
-4.3 |
|
-4.3 |
0.0 |
-4.3 |
|
|
|
|
|
Reversal on entities transferred to discontinued operations |
|
|
0.0 |
0.0 |
0.0 |
|
15.4 |
0.0 |
15.4 |
|
15.4 |
0.0 |
15.4 |
|
|
|
|
|
Total non-recurring items |
|
|
-42.6 |
-20.5 |
-63.1 |
|
-17.9 |
-11.0 |
-28.9 |
|
24.7 |
9.5 |
34.2 |
|
|
|
|
|
Total operating expenses excluding non-recurring
items |
|
|
-168.9 |
-225.4 |
-394.3 |
|
-189.4 |
-230.5 |
-419.8 |
|
-20.5 |
-5.1 |
-25.6 |
|
12.1% |
2.3% |
6.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost / Income ratio excluding non-recurring
items |
|
|
51.2% |
62.3% |
57.0% |
|
56.1% |
65.9% |
61.1% |
|
+4.9 pts |
+3.6 pts |
+4.1 pts |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9M 2022 |
9M 2023 |
|
var. |
var. % |
|
in EUR million |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
-1,294.6 |
-1,476.5 |
|
-182.0 |
14.1% |
|
Cost to achieve |
|
|
-83.9 |
-125.0 |
|
-41.1 |
|
|
Consultancy costs |
|
|
-46.8 |
0.0 |
|
46.8 |
|
|
Transaction and rebranding costs |
|
|
0.0 |
-14.8 |
|
-14.8 |
|
|
Reversal on entities transferred to discontinued operations |
|
|
0.0 |
0.0 |
|
0.0 |
|
|
Total non-recurring items |
|
|
-130.7 |
-139.8 |
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses excluding non-recurring
items |
|
-1,163.9 |
-1,336.8 |
|
-172.9 |
14.9% |
|
|
|
|
|
|
|
|
|
|
Cost / Income ratio excluding non-recurring
items |
|
|
56.2% |
62.4% |
|
+6.2 pts |
|
Details of operating income components
in like for like P&L
|
|
|
Ayvens |
|
|
|
|
|
|
|
|
|
In EUR million |
|
Q3 2022 |
Q3 2023 |
|
9M 2022 |
9M 2023 |
|
Leasing contract margin |
|
|
|
|
|
|
|
o/w Reduction in depreciation costs |
|
259.9 |
227.4 |
|
322.7 |
904.1 |
|
o/w Non-operating items |
|
148.3 |
(56.5) |
|
409.1 |
37.1 |
|
Fleet revaluation |
|
19.0 |
3.3 |
|
59.6 |
20.4 |
|
Hyperinflation in Turkey |
|
30.0 |
45.9 |
|
115.3 |
86.8 |
|
Provision in Ukraine |
|
1.8 |
- |
|
(25.0) |
- |
|
MtM of derivatives |
|
97.5 |
(81.8) |
|
259.2 |
(70.1) |
|
Reversal on entities transferred to discontinued operations |
|
- |
(23.9) |
|
- |
- |
|
o/w Tier 2 cost |
|
- |
(26.5) |
|
- |
(37.8) |
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
o/w Cost to achieve |
|
(42.6) |
(40.0) |
|
(83.9) |
(125.0) |
|
o/w Consultancy costs |
|
(20.5) |
- |
|
(46.8) |
- |
|
o/w Transaction and rebranding costs |
|
- |
(4.3) |
|
- |
(14.8) |
|
o/w Reversal on entities transferred to discontinued
operations |
|
- |
15.4 |
|
- |
- |
- Including
EUR -16.6m correction related to Q2 2023
1 “Ayvens” refers to ALD and its consolidated
entities2 Before impact of Purchase Price Allocation (PPA), as per
IFRS 3 “Business combinations”, expected to be finalized by end
2023 3 Net carrying amount of the rental fleet plus net receivables
on finance leases4 Including LeasePlan and excluding ALD’s
subsidiaries in Russia, Belarus, Portugal, Ireland, Norway except
NF Fleet, LeasePlan’s subsidiaries in the USA, Czech Republic,
Finland and Luxembourg 5 Electric Vehicles: Battery Electric
Vehicles (BEVs), Plug in Hybrids (PHEVs), Fuel Cell (FCEV) 6 Same
scope4, excluding reduction in depreciation costs on LeasePlan’s
fleet and non-operating items 7 Management information, on ALD’s
sales. No profit assumed on LeasePlan’s sales pending finalization
of PPA 8 Without the impact of reduction in depreciation costs in
prior quarters: EUR 2,346 in Q3 2023 vs. EUR 3,607 in Q3 20229
Before deduction of interest on AT1 capital
10 Full service leasing and fleet management11
On a like-for-like basis 12 Excluding reduction in depreciation
costs and non-operating items, before consolidation adjustments13
Annualized impairment charges on receivables as a % of arithmetic
Average Earning Assets14 On a like-for-like basis15 Assumption due
to fair value recognition in the Price Purchase Allocation as per
IFRS 3 “Business combinations”16 Costs to achieve (CTA) 17 On a
like-for-like basis 18 Management information, in EU+: European
Union, UK, Norway, Switzerland19 Source: ACEA20 Battery Electric
Vehicles (BEVs)21 Plug-in Hybrids (PHEVs)22 Reduction in
depreciation costs compared to the contractual costs in relation to
vehicles whose sales proceeds are forecast to be in excess of their
net book value and for which depreciation has been adjusted or
stopped 23 Of which EUR -16.6m correction related to Q2 2023 24
Management information25 Management information26 Cost of risk
expressed as a percentage of arithmetic average of earning assets27
After deduction of interest on AT1 capital (EUR 26.5 million) and
using the average number of shares weighted by time apportionment28
Adjusted for rights issue in 2022
29 Excluding reduction in depreciation costs and
non-operating items, as a percentage of average earning assets30
Before impact of Purchase Price Allocation, expected to be
finalized by end 2023 31 Not including AT1 capital
32 Restated for IFRS 17, which applies from 1
January 2023
- 031123-Ayvens 9M 2023 PR VF
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