Sound Q2 2024 financial results and integration moving forward
Q2 2024 RESULTS1
Leasing and Services margins
Underlying margins2 increased to 539 bps vs. 522 bps in
Q1 2024. Margins stood at EUR 693 million, down by -1.9% vs. Q1
2024, due to non-recurring items, notably the impact of
hyperinflation accounting in Turkey for EUR -37 million
Used Car Sales (UCS) result per unit at EUR
1,4803 excluding the impacts of reduction in
depreciation costs and Purchase Price Allocation (PPA), gradually
decreasing vs. Q1 2024 (EUR 1,661). UCS result per unit at
EUR 575 including the impacts of reduction in depreciation
costs and PPA, stable vs. Q1 2024
Cost to income ratio4 at 61.9%,
improving from 67.7% in Q1 2024
Cost of risk5 at 23 bps vs. 25 bps in
Q1 2024
Net income (group share) at EUR 189 million,
stable vs. Q1 2024 (EUR 188 million)
Return on Tangible Equity (ROTE)6 at
9.6%
Earnings per share7 at EUR 0.21
Earning assets8 up 9.5% vs. end June
2023
CET1 ratio at 12.5% as at end
June 2024
On 1 August 2024, Tim Albertsen, CEO of
Ayvens, commenting on the second quarter 2024 Group results,
stated:
“Ayvens had another solid quarter marked both by a sound
financial performance and further progress on the integration of
LeasePlan.
Indeed, our Q2 2024 results confirm the
financial upturn initiated at the beginning of the year with solid
revenues, focusing on profitable growth and controlled costs,
demonstrating our commitment and capacity to deliver on our
strategic roadmap.
Integration is moving forward and gaining
momentum across the company. For our customers, the Ayvens’ brand
name that establishes our company as a leading global mobility
player is now live in twenty countries. The legal integration of
local entities in overlapping countries has been completed in
France and the Netherlands, our flagship locations, as well as for
our insurance business in Dublin. Finally, we are streamlining and
optimizing our combined procurement operations, insurance
activities, commerce forces and IT architecture and have already
begun to reap the benefits of our integration journey.
Ayvens is progressing at a high
pace in its transformational journey and I am grateful to all our
teams for their unwavering commitment.”
MOVING FORWARD WITH LEASEPLAN INTEGRATION
Simplifying the Group’s legal structure and
IT architecture
Ayvens is moving forward in its integration
journey after the Group obtained the Declaration
of No-Objection (DNO) from the European Central Bank and the
Dutch National Bank in March 2024. As at today, entities have been
legally integrated in four countries, including France and the
Netherlands, all four accounting for c. 31% of the Group’s funded
fleet. Rebranding has gained momentum, now concerning twenty
entities and IT migration has been successfully executed in three
countries. These are key steps in the successful building-up of
Ayvens leadership in the mobility industry.
Delivering on synergies
Integration has contributed to generate EUR 27m
synergies in Q2 2024, an increase of EUR +7m compared to previous
quarter. These synergies reflect mostly the benefits of supply
contract renegotiations and new tenders in procurement services, as
well as the transfer of 455,000 insured vehicles since the
beginning of the year to more profitable direct insurance schemes.
With the cumulative EUR 47m synergies delivered since the beginning
of the year, operational execution is on track to achieve the EUR
120m P&L pre-tax synergies targeted over the full year 2024.
MANAGING ELECTRIC VEHICULES ASSET VALUE
THROUGHOUT LIFE CYCLE
Drawing on its advanced residual value
management system built up over 23 years of experience in the
industry, Ayvens has put in place a dedicated framework to manage
responsibly the EV transition. This set-up ensures adequate
valuation of its lease assets throughout their life cycle, from
onboarding to remarketing.
Q2 2024 FINANCIAL RESULTS
Fleet and earning assets
Earning assets increased by 9.5% year-on-year to
EUR 53.2 billion as at 30 June 2024. This increase was primarily
driven by inflation on car prices and the transition to EVs, which
have a higher value than ICE cars.
Ayvens’ total fleet has remained broadly flat
year-on-year at 3.373 million, -0.4% vs. end June 2023, reflecting
a commercial selective approach to restore margins.
Fleet management contracts decreased by -4.9%
vs. June 2023, remaining broadly stable vs. March 2024, at 0.686
million vehicles as at 30 June 2024.
Full-service leasing contracts reached 2.686
million vehicles as at end June 2024, up 0.8% year-on-year on a
like-for-like basis, and down -0.5% vs. March 2024.
EV penetration reached 39%9 of new
passenger car registrations in Q2 2024 vs. 36% in Q1 2024. Ayvens’
BEV and PHEV10 penetration stood at 26% and 13%
respectively in Q2 2024.
Income statement11
LeasePlan Purchase Price Allocation has been
adjusted in Q2 2024 within one year from acquisition closing in
accordance with IFRS3 “Business combinations”, leading to an impact
of EUR -25 million on net assets, of which EUR -63 million relate
to the reassessment of LeasePlan’s software valuation, offset by a
subsequent increase of EUR +60 million in lease assets and EUR -22
million of correction of other assets and liabilities.
All financial data presented and
commented thereafter have been restated for the total
impact of LeasePlan’s Purchase Price Allocation attributed to each
quarter since acquisition closing and the adjustment of Fleetpool’s
fleet depreciation costs which resulted in an accounting
restatement of the comparative income statement for 2023. These
restatements are presented on page 20.
In a backdrop of a subdued economic environment,
Ayvens’ results confirmed the upturn recorded in the previous
quarter with stabilization of Gross Operating Income at EUR 785
million, down -1.1% compared to previous quarter, with a further
improvement of underlying margins12 and a Used Car Sales
result that has remained at a high level. Non-recurring items stood
at EUR -21 million in Q2 2024 compared to EUR +23 million in the
previous quarter.
Leasing & Services
margins
Taken together, Leasing & Services margins
amounted to EUR 694 million in Q2 2024, a slight decrease of -1.8%
compared to Q1 2024. In H1 2024, total margins reached EUR 1,400
million, an increase of +12.9% vs. H1 2023, including a perimeter
change impact linked to the LeasePlan acquisition closing on 22 May
2023.
In Q2 2024 underlying margins16
increased by +36.9% in euros compared to Q2 2023 linked to
perimeter change impact and +4.6% compared to Q1 2024. The
quarter-on-quarter evolution reflects the measures implemented to
restore margins, through improved pricing on new contracts,
selective commercial approach and limitations on informal
contracts’ extensions. Besides, synergies extracted from the
combination with LeasePlan, mainly on procurement and insurance,
increased to EUR 27 million this quarter compared to EUR 20 million
in Q1 202413. Underlying margins14 stood at
539 bps of average earning assets, compared to 522 bps in Q1
2024.
Non-recurring items totalled EUR -21
million in Q2 2024 vs. EUR +23 million in Q1 2024 and EUR +177
million in Q2 2023. Q2 2024 non-recurring items included notably
the effects of hyperinflation accounting in Turkey for EUR -37
million vs. EUR -2m in Q1 2024. The detailed list of non-recurring
items is presented in page 15.
Used car sales result
In Q2 2024, the Used Car Sales (UCS) result
reached EUR +91 million, higher than in Q1 2024 and Q2 2023 which
both stood at EUR +87 million. 158 thousand cars were sold in
Q2 2024, an increase of 6 thousand units vs. Q1 2024.
Q2 2024 UCS result was driven by:
- The normalization of used car markets: Ayvens’ UCS result per
unit15 excluding the negative impacts of reduction in
depreciation costs and PPA came in at EUR 1,480 per unit in Q2
2024, down EUR 181 vs. EUR 1,661 per unit in Q1 2024. This gradual
decrease reflects the same pattern as in previous quarter, with UCS
result on ICE vehicles still at a high level and BEV negative
impact remaining stable compared to Q1 2024.
- The increase in net book value of the vehicles sold due to the
reduction in depreciation costs booked in the previous reporting
periods: EUR -68 million vs. EUR -90 million in Q1 2024.
- The PPA amortization at EUR -75 million stable vs. Q1
2024.
Including the impact of PPA and reduction in
depreciation costs from previous quarters, UCS result per unit was
EUR 575 in Q2 2024 vs. EUR 573 per unit in Q1 2024 and EUR 905 per
unit in Q2 2023.
In H1 2024, the UCS result stood at EUR +178
million, down vs. EUR +278 million in H1 2023, driven by the
normalization of used car markets.
As at 30 June 2024, the Group’s stock of
reduction in depreciation costs to be reversed over the coming
years was EUR 462 million, of which EUR 149 million to be reversed
by the end of 2024. Likewise, the stock of PPA remaining to be
amortized in the income statement stood at EUR 176 million, of
which EUR 151 million in H2 2024.
Operating expenses
In Q2 2024, operating expenses amounted to EUR
475 million, up from EUR 370 million in the same period last year,
due to the consolidation of LeasePlan, but down quarter-on-quarter
(-2.9% vs. Q1 2024), resulting from lower IT costs and strong cost
discipline across all departments.
Cost to achieve (CTA) accounted for EUR 33
million, up EUR 7 million vs. Q1 2024 which stood at EUR 26
million. Excluding non-recurring items, operating expenses
decreased by EUR 20 million i.e. -4.3% vs. Q1 2024.
The combination of lower costs and higher
underlying margins compared to Q1 2024 led to an improvement
quarter-on-quarter of the Cost/Income ratio excl. UCS result at
61.9% compared to 67.7% in Q1 2024.
In H1 2024, operating expenses reached EUR 965
million compared to EUR 630 million in the same period last year,
due to perimeter change impact. H1 2024 Cost/Income ratio excl. UCS
result stood at 64.7%.
Cost of risk
Impairment charges on receivables came in at EUR
31 million in Q2 2024, compared to EUR 33 million in Q1 2024 and
the exceptionally low Q2 2023 amount of EUR 16
million16. The cost of risk17 stood at 23 bps
in Q2 2024 vs. 25 bps in Q1 2024 and 17 bps in Q2 2023. For H1
2024, impairment charges were EUR 64 million vs. EUR 24 million in
the same period last year.
The increase in cost of risk in Q2 2024 and H1
2024 compared to respectively Q2 2023 and H1 2023 is primarily
driven by LeasePlan’s alignment on the Group’s provisioning
methodology.
Net income
Income tax expense came in at EUR 71 million
this quarter, down from EUR 101 million in Q2 2023 and EUR 88
million in Q1 2024. The effective tax rate decreased to 25.5% from
31.5% in Q1 2024, mainly benefiting from the tax deduction of AT1
interest coupons payment which was accounted for its full-year
impact in Q2 2024.
Non-controlling interests were EUR -13 million
vs. EUR -5 million in Q2 2023 due to the consolidation since 22 May
2023 of LeasePlan, whose AT1 interest coupons payments to third
parties are accounted for as non-controlling interests for EUR 11
million.
Net income (Group share) reached EUR 196 million
in Q2 2024, compared to EUR 181 million in Q1 2024 and in EUR 237
million in Q2 2023 which included EUR +177 million of pre-tax
non-recurring items. For H1 2024, Net income (Group share) was EUR
377 million, down 31.7% vs. H1 2023.
Diluted Earnings per share18 was EUR
0.21 vs. EUR 0.35 in Q2 2023.
The Return on Tangible Equity (ROTE) came in at
10.0% in Q2 2024, up from 9.4% in Q1 2024 and down vs. Q2 2023 at
15.0%.
BALANCE SHEET AND REGULATORY CAPITAL
Financial structure
Group shareholders’ equity19 totalled
EUR 10.1 billion as at 30 June 2024 (vs. EUR 10.0 billion as at 31
December 2023). Net asset value per share20 (NAV) was
EUR 12.34 and net tangible asset value per share (NTAV) was
EUR 8.99 as at 30 June 2024, compared to EUR 12.28 and EUR
8.95 respectively as at 31 December 2023.
Total balance sheet increased to EUR 72.8
billion as at 30 June 2024 from EUR 70.3 billion as at 31 December
2023, mainly on the back of the increase in earning assets and cash
balances.
Financial debt21 stood at EUR
39.5 billion at the end of June 2024 vs. EUR 37.6 billion at the
end of December 2023, while deposits reached EUR 13.1 billion
compared to EUR 11.8 billion at the end of December 2023. 31% of
the financial debt consisted of loans from Societe Generale as at
end June 2024.
On 29 May 2024 Ayvens redeemed LeasePlan’s EUR
500 million Undated Deeply Subordinated Additional Tier 1 Fixed
Rate Resettable Callable Capital Securities.
As part of its active liquidity management
strategy, Ayvens further diversified its funding in July 2024 by
issuing a EUR 750 million bond over 5 years, confirming the
market’s robust appetite for Ayvens debt instruments. Ayvens has a
EUR 4 billion to EUR 5 billion funding programme planned for 2024
of which close to 80% is executed as at today.
The combined entity has access to ample
short-term liquidity, with cash holdings at Central bank reaching
EUR 4.3 billion and an undrawn committed Revolving Credit Facility
of EUR 1.75 billion in place.
Ayvens has strong long-term debt credit ratings
from Moody’s (A1), S&P Global Ratings and Fitch Ratings
(A-).
Regulatory capital
As at 30 June 2024, the Group assessment of the
earn-out consideration to be paid to LeasePlan selling shareholders
led to a EUR -72 million impact on regulatory capital in relation
to an improvement of capital treatment of counterparty credit risk.
The combined impact of the PPA and contingent consideration
adjustments has resulted in a total EUR -97 million impact on
regulatory capital.
Ayvens’ risk-weighted assets (RWA) totalled EUR
57.8 billion as at 30 June 2024 under CRR2/CRD5 rules, with credit
risk-weighted assets accounting for 84% of the total. The EUR 0.4
billion increase compared to 31 December 2023 is mainly explained
by fleet growth (EUR +1.2 billion), partially offset by the
evolution of the orderbook and inventory (EUR -1.0 billion)
over the last 6 months, and the annual update of operational risk
on the LeasePlan parameter (EUR +0.6 billion) at end 2023.
Ayvens had a strong Common Equity Tier 1 ratio
of 12.5%, i.e. around 320 basis points above the regulatory
requirement of 9.33%22, and Total Capital ratio of 16.4%
as at 30 June 2024, stable compared to 31 December 2023.
CONFERENCE CALL FOR INVESTORS AND ANALYSTS
- Date: 1 August, at 10.00 am Paris time –
9.00 am London time
- Speakers: Tim Albertsen, CEO / Patrick
Sommelet, Deputy CEO and CFO
CONNECTION DETAILS
- Webcast: Click
https://edge.media-server.com/mmc/p/e7ennbf9
- Conference call:
- FR: +33 1 70 91 87 04
- UK: +44 121 281 8004
- US: +1 718 705 8796
- Access code: 457698
AGENDA
- 31 October 2024: Q3 2024 results
- 6 February 2025: Q4 and FY 2024 results
|
|
|
About Ayvens |
|
Ayvens is a 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 more than 14,500 employees across 42 countries, 3.4
million
vehicles and the world’s largest multi-brand EV fleet,
we are in a 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: AYV). Societe Generale Group is Ayvens
majority shareholder.
Find out more at ayvens.com |
|
|
|
Press contact |
Elise Boorée
Communications Department
Tel: +33 (0)6 25 01 24 16
elise.booree@ayvens.com |
|
|
|
The information contained in this document (the
“Information”) has been prepared by Ayvens (the “Company”) solely
for informational purposes. The Information is proprietary to the
Company. This press release 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.
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 press
release 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 2023 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 press release materials or their contents or otherwise
arising in connection with these materials.
The estimated consolidated financial information
presented for six-month period ending 30 June 2024 was reviewed by
the Board of Directors on 29 July 2024 and has been prepared in
accordance with IFRS as adopted in the European Union and
applicable at this date. The limited review procedures carried out
by the statutory auditors on the consolidated condensed financial
statements are in progress.
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 |
Q2 2024 |
Q2 2023 |
Q Var. |
H1 2024 |
H1 2023 |
H Var. |
|
Leasing contract revenues |
2,709.7 |
1,758.7 |
54.1% |
5.369,6 |
3,015.1 |
78.1% |
|
Leasing Contract Costs - Depreciation |
(2,018.4) |
(1,217.7) |
65.8% |
(4,026.5) |
(2,040.2) |
97.4% |
|
Leasing Contract Costs - Financing |
(443.9) |
(175.7) |
152.6% |
(886.6) |
(265.6) |
233.8% |
|
Unrealised Gains/Losses on Financial Instruments |
3.5 |
36.0 |
-90.4% |
76.7 |
59.1 |
29.9% |
|
Leasing Contract Margin |
250.8 |
401.3 |
-37.5% |
533.2 |
768.3 |
-30.6% |
|
Services Revenues |
1,378.0 |
986.8 |
39.6% |
2,792.1 |
1,702.6 |
64.0% |
|
Cost of Services Revenues |
(935.5) |
(673.7) |
38.% |
(1,925.4) |
(1,215.5) |
58.4% |
|
Services Margin |
442.5 |
313.1 |
41.3% |
866.7 |
487.1 |
77.9% |
|
Leasing Contract and Services Margins |
693.3 |
714.4 |
-2.9% |
1,399.9 |
1,255.4 |
11.5% |
|
Proceeds of Cars Sold |
2,277.3 |
1,398.9 |
62.8% |
4,435.3 |
2,526.0 |
75.6% |
|
Cost of Cars Sold and revaluations |
(2,194.6) |
(1,304.0) |
68.3% |
(4,257.5) |
(2,240.7) |
90.0% |
|
Used Car Sales result and revaluations |
82.7 |
94.9 |
-12.8% |
177.7 |
285.4 |
-37.7% |
|
Gross Operating Income |
776.0 |
809.2 |
-4.1% |
1,577.7 |
1,540.8 |
2.4% |
|
Staff Expenses |
(311.4) |
(225.2) |
38.3% |
(612.7) |
(361.9) |
69.3% |
|
General and Administrative Expenses |
(132.7) |
(115.2) |
15.2% |
(272.8) |
(221.0) |
23.5% |
|
Depreciation and Amortisation |
(31.2) |
(31.2) |
0.2% |
(79.4) |
(49.2) |
61.5% |
|
Total Operating Expenses |
(475.3) |
(371.6) |
27.9% |
(964.9) |
(632.1) |
52.7% |
|
Cost/Income ratio (excl UCS) |
68.6% |
52.0% |
|
68.9% |
50.3% |
|
|
Impairment Charges on Receivables |
(30.5) |
(15.7) |
94.3% |
(63.6) |
(24.5) |
159.9% |
|
Other income |
(1.2) |
8.6 |
-113.5% |
7.8 |
8.6 |
-8.7% |
|
Non-Recurring Income (Expenses) |
0.0 |
20.6 |
-100.0% |
0.0 |
0.0 |
n.a |
|
Operating Result |
269.0 |
451.1 |
-40.4% |
556.9 |
892.9 |
-37.6% |
|
Share of Profit of Associates and Jointly Controlled Entities |
2.3 |
0.8 |
199.7% |
3.8 |
1.6 |
143.4% |
|
Profit Before Tax |
271.3 |
451.9 |
-40.0% |
560.7 |
894.4 |
-37.3% |
|
Income Tax Expense |
(69.3) |
(109.8) |
-36.8% |
(159.9) |
(235.4) |
-32.1% |
|
Result from discontinued operations |
0.0 |
(91.3) |
-100% |
0.0 |
(91.3) |
-100% |
|
Net income |
202.0 |
250.7 |
-19.4% |
400.9 |
567.7 |
-29.4% |
|
Non-controlling interests |
12.5 |
4.8 |
159.2% |
23.6 |
6.3 |
274.9% |
|
Net income group share |
189.5 |
246.0 |
-22.9% |
377.3 |
561.4 |
-32.8% |
BALANCE SHEET AS AT 30 JUNE 2024
|
In EUR million |
30 June 2024 |
31 December 202323 |
| Earning
assets |
53,235 |
52,055 |
|
o/w Rental fleet |
51,114 |
49,791 |
|
o/w Financial lease receivables |
2,121 |
2,264 |
| Cash
& Cash deposits with the ECB |
4,794 |
3,997 |
|
Intangibles (incl. goodwill) |
2,728 |
2,719 |
| Operating
lease and other receivables |
7,327 |
6,518 |
|
Other |
4,763 |
5,023 |
|
Total assets |
72,846 |
70,312 |
| Group
shareholders' equity |
10,802 |
10,789 |
|
o/w Group shareholders’ equity excl. AT1 |
10,052 |
10,039 |
|
Tangible shareholders’ equity |
7,339 |
7,301 |
|
o/w AT124 |
750 |
750 |
|
Non-controlling interests |
30 |
526 |
|
o/w non-controlling interests excl. AT1 |
30 |
28 |
|
o/w non-controlling interests - AT125 |
0 |
498 |
|
Total equity |
10,832 |
11,315 |
|
Deposits |
13,090 |
11,785 |
| Financial
debt |
39,460 |
37,627 |
| Trade and
other payables |
6,042 |
6,107 |
| Other
liabilities |
3,423 |
3,479 |
|
Total liabilities and equity |
72,846 |
70,312 |
|
|
Details of operating income components in the
income statement
|
Leasing & Services margin |
Q2 2023 |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
|
o/w non-recurring items, in EUR million |
177.0 |
79.9 |
-49.5 |
23.1 |
-20.6 |
|
Fleet revaluation and reduction in depreciation costs |
158.0 |
113.7 |
107.1 |
17.6 |
6.9 |
|
Hyperinflation in Turkey |
1.3 |
45.9 |
-26.5 |
-1.7 |
-36.5 |
|
MtM of derivatives & breakage revenues |
33.1 |
-81.8 |
-137.4 |
9.5 |
11.6 |
|
Reversal on entities transferred to discontinued
operations26 |
- |
-23.9 |
- |
- |
|
|
Impact of PPA |
-15.5 |
26.0 |
7.3 |
-2.3 |
-2.5 |
EARNINGS PER SHARE (EPS)
|
Basic EPS |
H1 2024 |
H1 2023 |
|
Existing shares |
816,960,428 |
816,960,428 |
| Shares
allocated to cover stock options and shares awarded to staff |
(839,734) |
(1,114,336) |
|
Treasury shares in liquidity contracts |
(169,170) |
(140,502) |
|
End of period number of shares |
815,951,524 |
815,705,590 |
| |
|
|
|
Weighted average number of shares used for EPS
calculation27 (A) |
815,821,533 |
606,426,927 |
| |
|
|
| in
EUR million |
|
|
| Net
income group share |
377.3 |
561.4 |
|
Deduction of interest on AT1 capital |
(36.6) |
(7.8) |
| Net
Income group share after deduction of interest on AT1 capital
(B) |
340.7 |
553.6 |
|
|
|
|
|
Basic EPS (in EUR) (B/A) |
0.42 |
0.91 |
|
|
|
Diluted EPS |
H1 2024 |
H1 2023 |
|
Existing shares |
816,960,428 |
816,960,428 |
|
Shares issued for no consideration28 |
17,751,609 |
20,973,317 |
|
End of period number of shares |
834,712,037 |
837,933,745 |
| |
|
|
|
Weighted average number of shares used for EPS calculation
33(A’) |
834,944,591 |
611,109,871 |
|
|
|
|
|
Diluted EPS (in EUR) (B/A’) |
0.41 |
0.91 |
|
|
Return on tangible equity (ROTE)
|
in EUR million |
Q2 2024 |
Q2 2023 |
H1 2024 |
H2 202329 |
H1 2023 |
|
| Group
shareholders' equity |
10,802.4 |
10,585.1 |
10,802.4 |
10,789.1 |
10,585.1 |
|
| AT1
capital |
(750.0) |
750.0 |
(750.0) |
(750.0) |
750.0 |
|
|
Dividend provision and interest on AT1 capital30 |
(171.0) |
(276.8) |
(171.0) |
(420.7) |
(276.8) |
|
| OCI
excluding conversion reserves |
(2.1) |
(59.0) |
(2.1) |
(24.3) |
(59.0) |
|
|
Equity base for ROE calculation end of period |
9,883.5 |
9,499.3
|
9,883.5 |
9,642.6 |
9,499.3
|
|
|
Goodwill |
2,073.2 |
2,362.8 |
2,073.2 |
2,073.2 |
2,362.8 |
|
|
Intangible assets |
655.0 |
562.5 |
655.0 |
645.9 |
562.5 |
|
| |
|
|
|
|
|
|
|
Average equity base for ROE calculation |
9,846.3 |
7,947.2 |
9,763.1 |
9,571.0 |
7,900.1 |
|
|
Average Goodwill |
(2,032.1) |
(1,490.7) |
(2,052.7) |
(2,218.0) |
(1,490.7) |
|
|
Average Intangible assets |
(683.0) |
(348.4) |
(664.5) |
(604.2) |
(344.6) |
|
| |
|
|
|
|
|
|
Average tangible equity for ROTE calculation |
7,131.2 |
6,108.1 |
7,045.9 |
6,748.7 |
6,064.8 |
|
|
Group net income after non-controlling interests |
189.5 |
246.0 |
377.3 |
217.8 |
561.4 |
|
|
Interest on AT1 capital |
(18.3) |
(7.8) |
(36.6) |
(37.2) |
(7.8) |
|
|
Adjusted Group net income |
171.2 |
238.1 |
340.7 |
180.7 |
553.6 |
|
|
|
|
|
|
|
|
|
|
ROTE |
9.6% |
15.6% |
9.7% |
5.4% |
18.3% |
|
| |
|
|
|
|
|
|
|
|
|
|
CRR2/CRD5 prudential capital ratios and Risk
Weighted Assets
|
in EUR million |
30 June 2024 |
31 March 2024 |
31 December 2023 |
| Group
shareholder’s equity |
10,802 |
11,062 |
10,826 |
| AT1
capital |
(750) |
(750) |
(750) |
|
Dividend provision & interest on AT1 capital31 |
(171) |
(524) |
(423) |
|
Goodwill and intangible |
(2,728) |
(2,702) |
(2,695) |
|
Deductions and regulatory adjustments |
89 |
153 |
183 |
|
Common Equity Tier 1 capital |
7,243 |
7,239 |
7,141 |
| AT1
capital |
750 |
750 |
750 |
|
Tier 1 capital |
7,993 |
7,989 |
7,891 |
| Tier 2
capital |
1,500 |
1,500 |
1,500 |
|
Total capital (Tier 1 + Tier 2) |
9,493 |
9,489 |
9,391 |
|
|
|
|
|
|
Risk-Weighted Assets |
57,824 |
58,981 |
57,377 |
|
Credit Risk Weighted Assets |
48,450 |
49,770 |
49,034 |
|
Market Risk Weighted Assets |
2,556 |
2,394 |
1,993 |
|
Operational Risk Weighted Assets |
6,818 |
6,818 |
6,350 |
|
|
|
|
|
|
Common Equity Tier 1 ratio |
12.5% |
12.3% |
12.5% |
|
Tier 1 ratio |
13.8% |
13.5% |
13.8% |
|
Total Capital ratio |
16.4% |
16.1% |
16.4% |
Tangible book value per share
|
in EUR million |
30 June 2024 |
31 December 202332 |
|
Group shareholders' equity |
10,802.4 |
10,789.1 |
|
Deeply subordinated and undated subordinated notes |
(750.0) |
(750.0) |
|
Interest of deeply subordinated and undated subordinated notes |
(0.6) |
(37.2) |
|
Book value of treasury shares |
15.4 |
18.2 |
|
Net Asset Value (NAV) |
10,067.1 |
10,020.1 |
|
Goodwill |
(2,073.2) |
(2,073.2) |
|
Intangible assets |
(655.0) |
(645.9) |
|
Net Tangible Asset Value (NTAV) |
7,338.9 |
7,300.9 |
|
Number of shares 33 |
815,951,524 |
815,691,541 |
|
NAV per share |
12.34 |
12.28 |
|
NTAV per share |
8.99 |
8.95 |
|
Net Tangible Asset Value (NTAV) after dividend
provision34 |
7,168.6 |
6,917.4 |
| NTAV
per share after dividend provision |
8.79 |
8.48 |
Impact of PPA update and Fleetpool adjustments
on quarterly series35
|
in EUR million |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
|
Gross Operating Income (before restatement) |
842.5 |
605.6 |
801.7 |
776.0 |
|
Leasing margin – PPA adjustment |
-0.5 |
-0.5 |
-0.4 |
0.4 |
|
Services margin – Fleetpool |
- |
-9.9 |
- |
- |
|
Used car sales – PPA adjustment |
-9.8 |
-9.8 |
-8.1 |
8.1 |
|
Total GOI restatement |
-10.4 |
-20.3 |
-8.5 |
8.5 |
|
Gross Operating Income (after restatement) |
832.2 |
585.3 |
793.1 |
784.5 |
|
|
|
|
|
|
|
Net income (before restatement) |
235.9 |
28.2 |
187.8 |
189.5 |
|
Total GOI restatement |
-10.4 |
-20.3 |
-8.5 |
8.5 |
|
Other expenses – Fleetpool (goodwill
impairment) |
- |
-14.7 |
- |
- |
|
Income tax expense impact |
2.5 |
5.7 |
2.1 |
-2.1 |
|
Net income (after
restatement) |
228.0 |
-1.0 |
181.3 |
195.9 |
| |
|
|
|
|
| |
|
|
|
|
|
|
|
|
Restated Quarterly series
|
(in EUR million) |
Q2 202236 |
Q3 202236 |
Q4 202236 |
Q1 2023 |
Q2 202337 38 |
Q3 202337 |
Q4 202337 |
Q1 202437 |
Q2 202437 |
|
Leasing Contract Margin |
308.1 |
273.4 |
428.1 |
367.1 |
387.5 |
341.0 |
165.3 |
282.0 |
251.2 |
|
Services Margin |
172.6 |
185.1 |
197.3 |
174.1 |
311.4 |
425.4 |
433.4 |
424.2 |
442.5 |
|
Leasing Contract and Services
Margins |
480.8 |
458.6 |
625.5 |
541.1 |
698.9 |
766.4 |
598.7 |
706.2 |
693.7 |
|
Used Car Sales result |
217.4 |
191.0 |
123.9 |
190.5 |
87.0 |
65.7 |
(13.4) |
86.9 |
90.8 |
|
Gross Operating Income |
698.2 |
649.6 |
749.4 |
731.6 |
785.9 |
832.2 |
585.3 |
793.1 |
784.5 |
|
Total Operating Expenses |
(216.2) |
(219.4) |
(259.6) |
(260.5) |
(369.7) |
(444.5) |
(516.9) |
(489.6) |
(475.3) |
|
Impairment Charges on Receivables |
(11.0) |
(13.5) |
(13.8) |
(8.8) |
(15.7) |
(21.8) |
(24.4) |
(33.1) |
(30.5) |
|
Non-Recurring Income (Expenses) |
0.0 |
0.0 |
(50.6) |
(20.6) |
33.1 |
(12.4) |
(28.8) |
9.0 |
(1.2) |
|
Share of profit of associates and jointly controlled entities |
0.2 |
0.3 |
0.3 |
0.8 |
0.8 |
3.3 |
1.6 |
1.5 |
2.3 |
|
Profit Before Tax |
471.2 |
417.1 |
425.7 |
442.6 |
434.3 |
356.7 |
16.8 |
280.9 |
279.9 |
|
Income tax expense |
(116.6) |
(98.3) |
(138.8) |
(125.6) |
(101.4) |
(131.5) |
(7.2) |
(88.4) |
(71.4) |
|
Result from discontinued operations |
0.0 |
0.0 |
0.0 |
0.0 |
(91.3) |
14.0 |
(0.2) |
0.0 |
0.0 |
|
Non-controlling interests |
0.5 |
(0.8) |
(7.2) |
(1.5) |
(4.8) |
(11.2) |
(10.4) |
(11.1) |
(12.5) |
|
Net Income (Group share) |
355.1 |
318.0 |
284.7 |
315.5 |
236.7 |
228.0 |
(1.0) |
181.3 |
195.9 |
|
|
|
|
|
|
|
|
|
|
|
|
(in '000) |
30.06.2022 |
30.09.2022 |
31.12.2022 |
31.03.2023 |
30.06.2023 |
30.09.2023 |
31.12.2023 |
31.03.2024 |
30.06.2024 |
|
Total Contracts |
1,761 |
1,762 |
1,806 |
1,815 |
3,496 |
3,394 |
3,420 |
3,386 |
3,373 |
|
Full service leasing contracts |
1,448 |
1,454 |
1,464 |
1,473 |
2,755 |
2,692 |
2,709 |
2,699 |
2,686 |
|
Fleet management contracts |
313 |
308 |
342 |
342 |
741 |
703 |
710 |
686 |
686 |
1 The Group's results as at 30 June
2024 were examined by the Board of Directors, chaired by Pierre
Palmieri on 29 July 2024. The limited review procedures carried out
by the statutory auditors on the consolidated condensed financial
statements are in progress
2 Leasing and Services margins
excluding non-recurring items
3 Management information
4 Excluding UCS result, non-recurring
items
5 Annualized impairment charges on
receivables expressed as a percentage of average earning assets
6 Net income group share after
deduction of interest on AT1 capital divided by average shareholder
equity before non‑controlling interests, goodwill and intangible
assets
7 Diluted Earnings per share,
calculated according to IAS 33. Basic EPS for Q2 2024 at EUR
0.21
8 Net carrying amount of the rental
fleet plus net receivables on finance leases
9 Management information, in EU+:
European Union, UK, Norway, Switzerland
10 Plug-in Hybrids
11 LeasePlan consolidated from 22 May
2023
12 Excluding impacts of non-recurring
items
13 Management information
14 Annualized
15 Management information
16 LeasePlan was not consolidated in
Q1 2023
17 Annualized impairment charges on
receivables expressed as a percentage of arithmetic average of
earning assets
18 Calculated according to IAS 33.
Basic EPS at EUR 0.21. Under IAS 33, EPS is computed using the
average number of shares weighted by time apportionment
19 Excluding Additional Tier 1
capital
20 Before dividend provision
21 Excluding Additional Tier 1
capital
22 Maximum Distributable Amount
(MDA). Based on estimated contracyclical capital buffers for the
upcoming quarters the MDA is estimated to stand at 9.33% in
Q3 and 9.36% in Q4 2023
23 Restated for PPA update and
adjustment on Fleetpool’s fleet depreciation costs
24 AT1 issued by ALD and subscribed
by parent Societe Generale
25 AT1 issued by LeasePlan and
subscribed by external parties, redeemed on 29 May 2024
26 Transfer of ALD’s entities in
Portugal, Ireland and Norway to discontinued operations
27 Average number of shares weighted
by time apportionment
28 Assuming exercise of warrants, as
per IAS 33
29 Group shareholders’ equity
restated for PPA update and adjustment on Fleetpool’s fleet
depreciation costs
30 The dividend provision assumes a
payout ratio of 50% of net Income group share, after deduction of
interest on AT1 capital
31 The dividend provision assumes a
payout ratio of 50% of Net Income group share, after deduction of
interest on AT1 capital
32 Group shareholders’ equity
restated for PPA update and adjustment on Fleetpool’s fleet
depreciation costs
33 The number of shares considered is
the number of ordinary shares outstanding at end of period,
excluding treasury shares
34 The dividend provision assumes a
payout ratio of 50% of net Income group share, after deduction of
interest on AT1 capital
35 LeasePlan PPA adjustment in Q2
2024 attributed to each quarter since closing date instead of Q2
2024 only and Fleetpool adjustment on fleet depreciation costs and
subsequent goodwill impairment in Q4 2023
36 Restated for IFRS 17, which
applies from 1 January 2023
37 Including i) impact of
LeasePlan’s Purchase Price Allocation and its Q2 2024 adjustment,
attributed to each quarter since acquisition closing instead of
being allocated to Q4 2023 and Q2 2024 only and ii) adjustment on
Fleetpool‘s fleet depreciation costs which resulted in an
accounting restatement of the comparative income statement for
2023
38 Q2 2023 non-controlling interests
were corrected to include the interest coupons to holders of AT1
issued by LeasePlan and subscribed by external parties
- 240801-Ayvens Q2 24 PR VDef
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