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| Share Name | Share Symbol | Market | Stock Type |
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| Aldermore | ALD | London | Ordinary Share |
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| 0.00 | 0.00% | 312.40 | 01:00:00 |
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Posted at 03/5/2024 07:27 by maywillow Vyvens: Integration proceeding well and Q1 2024 financial results in line with plansMay 03, 2024 at 01:30 am EDT Q1 2024 RESULTS Leasing contract and Services margins at EUR 706.6 million, up 30.6% vs. Q1 2023, driven by the consolidation of LeasePlan and up 16.0% vs. Q4 20231, on the back of stabilizing underlying margins2, materialization in P&L of synergies with LeasePlan and limited non-recurring items Used car sales (UCS) result per unit at EUR 1,6613 in Q1 2024 excluding the impacts of reduction in depreciation costs and Purchase Price Allocation (PPA), stable vs. Q4 2023 (EUR 1,706). UCS result per unit at EUR 626 including the impacts of reduction in depreciation costs and PPA Cost to income ratio4 at 67.7%, improving from 68.4% in Q4 2023 Cost of risk5 at 25 bps vs. 19 bps in Q4 2023 Net income (group share) at EUR 187.8 million, up from EUR 28.2m in Q4 2023, which was impacted by various non-recurring items Return on Tangible Equity (ROTE)6 at 9.6% Earnings per share7 at EUR 0.20 Earning assets8 up 12.5%9 vs. end March 2023, underpinned by the sharp increase in vehicle value CET1 ratio at 12.3% as at end March 2024 On 3 May 2024, Tim Albertsen, CEO of Ayvens, commenting on the Q1 2024 Group results, stated: “I am glad that Ayvens started 2024 on a positive note in several aspects, which puts us in a strong position to achieve our objectives. First, in a mixed economic environment, where demand slowed, we recorded good Q1 2024 financial results and a clear upturn on the previous quarter, despite the weakening of the BEV10 used car market. This promising performance reflects the solidity of our business model, as well as our agility and our capacity to swiftly implement our strategic roadmap. Meanwhile, we recorded synergies from the LeasePlan acquisition for the first time in our income statement this quarter. This demonstrates the power of scale and the high potential for value creation for our stakeholders. Thanks to our unrivalled leadership, not only are we buying and selling more efficiently, but we’re also strengthening our competitive edge. Finally, the obtention in March, of regulatory approvals to proceed with the merger and streamlining of our operations is a key milestone, allowing us to accelerate the integration and to deliver further synergies. All this has been achieved thanks to the hard work of our teams, who have demonstrated the utmost team spirit and commitment to this transformational journey.” PROGRESS ON LEASEPLAN INTEGRATION Streamlining the Group’s organization Ayvens reached a key milestone in its integration journey, with the obtention of the Declaration of No-Objection (DNO) from the European Central Bank and the Dutch National Bank in March 2024. The DNO enables Ayvens to start the merger of legal entities in overlapping countries and to implement the new central and local organization structure and the local IT integration, expected to stretch well into 2025. With the relocation of offices already effective in 5 countries and the new brand now rolled out in 12 countries, Ayvens is laying the foundations for the efficient execution of its roadmap and the generation of costs synergies. Rolling out the most powerful remarketing platform ‘Ayvens Carmarket’, which now combines ALD and LeasePlan’s remarketing capabilities in a single state-of-the-art digital application, is the most powerful platform targeting traders and car dealers in Europe. With 93,000 cars sold through the platform in Q1 202411, up from c. 60,000 cars per quarter in 2023, Ayvens Carmarket is instrumental in optimizing and broadening secondary market opportunities. Scale definitely matters in this field: the enhanced catalogue, underpinned by the most innovative functionalities, is one of the largest in Europe, which helped lift the number of bids per vehicle by 31% in Q1 2024, compared to the 2023 monthly average. Thanks to the large geographical footprint, Ayvens exported c. 23,000 vehicles in Q1 2024, thus balancing the trends in each of its core markets. Buying more efficiently Synergies from the LeasePlan acquisition materialized for the first time in Ayvens’ income statement this quarter. While most of the EUR 20 million synergies12 recorded in Q1 2024 came from procurement, other synergy streams such as insurance also contributed, showcasing the power of scale. Ayvens is on track to achieve EUR 120 million P&L pre-tax synergies over the full year 2024. In March 2024, Ayvens and Stellantis signed a framework agreement for the provision of up to 500,000 vehicles across Europe over 3 years. Thanks to this unique and flexible agreement with one of the world’s leading automakers, Ayvens, as #1 global multi-brand and multi-channel car leasing player, ensures more competitive pricing for its clients and enhances its capacity to leverage its new scale and buying power to achieve better value and synergies for all of its stakeholders. Q1 2024 FINANCIAL RESULTS Asset growth driven by sharp increase in vehicle value Earning assets increased by 12.5% year-on-year13 to EUR 52.7 billion as at 31 March 2024. Growth was primarily driven by inflation on car prices and the transition to EV, which have a higher value than ICE cars. Ayvens’ total fleet increased by +1.1%14 vs. end March 2023, at 3,386 thousand. The slower pace compared to 31 December 2023 reflects Ayvens’ strategy to prioritize sustainable profitability over volume growth and to allocate its resources according to its financial targets. Fleet management contracts decreased by -3.4% vs. March 2023, to reach 686 thousand vehicles as at 31 March 2024. Full-service leasing contracts reached 2,699 thousand vehicles as at end March 2024, up +2.4% year-on-year on a like-for-like basis. Thanks to increased registrations of new cars, the order book continued its normalization from the peak observed at the end of 2022, while remaining at a high level. EV penetration reached 36%15 of new passenger car registrations in Q1 2024 vs. 30% in Q1 2023 and stable vs. the full year 2023. Ayvens’ BEV and PHEV16 penetration stood at 22% and 14% respectively in Q1 2024. Income statement17 Q1 2024 Q1 2023 Var. Var. % In EUR million Q1 2024 vs. Q1 2023 Q1 2024 vs. Q1 2023 Total contracts ('000) 3,386 1,815 1,571 86.5% Full-service leasing contracts 2,699 1,473 1,226 83.3% Fleet management contracts 686 342 344 100.7% In EUR million Leasing contract margin 282.4 367.1 (84.6) -23.1% Services margin 424.2 174.1 250.1 143.7% Leasing contract & Services margins 706.6 541.1 165.5 30.6% Used car sales result 95.0 190.5 (95.5) -50.1% Gross Operating Income 801.7 731.6 70.0 9.6% Total operating expenses (489.6) (260.5) (229.2) 88.0% Cost / Income ratio excl. UCS18 69.3% 48.1% Cost of risk19) (33.1) (8.8) (24.3) 277.0% Non-recurring income (expenses) 9.0 (20.6) 29.6 -143.7% Operating result 287.9 441.7 (153.9) -34.8% Share of profit of associates and jointly controlled entities 1.5 0.8 0.7 89.6% Profit before tax 289.4 442.6 (153.2) -34.6% Income tax expense (90.5) (125.6) 35.1 -27.9% Result from discontinued operations 0.0 0.0 0.0 Non-controlling interests (11.1) (1.5) (9.6) 654.2% Net Income group share 187.8 315.5 (127.7) -40.5% In a mixed economic environment, Ayvens recorded a clear upturn on the previous quarter, driven by the stabilization of its underlying margins20 and higher used car sales results. Non-recurring items were more limited in Q1 2024. Leasing contract and Services margins Taken together, Leasing contract and Services margins (Total margins) reached EUR 706.6 million in Q1 2024, an increase of +16.0% compared to Q4 2023 and +30.6% compared to Q1 2023 (LeasePlan was not consolidated in Q1 2023). Underlying margins increased by +3.7% in euros compared to Q4 2023, supported by the ongoing measures to defend margins and by synergies from the LeasePlan acquisition, mainly procurement and revenues synergies, for EUR 20 million21. Underlying margins22 stabilized at 522 bps of average earning assets, compared to 515 bps in Q4 2023. Non-recurring items totalled EUR +23.5 million in Q1 2024, a more limited amount than in previous quarters (EUR -49.5 million in Q4 2023 and EUR +192.9 million in Q1 2023): Fleet revaluation and reduction in depreciation costs of EUR +17.6 million vs. EUR +107.1 million in Q4 2023 and EUR +174.4 million in Q1 2023. The impact is limited in Q1 2024, owing to the normalizing used car market; Marked to market (MtM) of derivatives for EUR +9.5 million in Q1 2024 vs. EUR -137.4 million in Q4 2023. The positive variation is driven by the increase in interest rates, partially offset by pull to par. The stock of MtM of derivatives was EUR +87 million as at 31 March 2024. Ayvens holds a book of derivatives 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 associated derivatives (receiver of floating rates) 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). The sensitivity of the derivatives portfolio23 to a +10 / -10 bps parallel shift as at 31 March 2024 was stable compared to 31 December 2023, at EUR +10 million/EUR -10 million in the income statement; Hyperinflation in Turkey was EUR -1.7 million vs. EUR -26.5 million in Q4 2023 and EUR +18.5 million in Q1 2023; PPA impact was EUR -1.9 million vs. EUR +7.3 million in Q4 2023. Used car sales results Ayvens’ Q1 2024 UCS result reached EUR +95.0 million, lower than Q1 2023’s exceptionally high level of EUR +190.5 million but better than the Q4 2023 amount (EUR -3.5 million). 152 thousand cars were sold in Q1 2024, stable vs. Q4 2023. Q1 2024 UCS results were driven by: The normalization of the used car market: Ayvens’ UCS result per unit24 excluding the negative impacts of reduction in depreciation costs and PPA came in at EUR 1,661 per unit in Q1 2024, down vs. EUR 3,102 per unit in Q1 2023 but stable compared to Q4 2023 (EUR 1,706 per unit). The stability vs. the previous quarter actually results from: i) the continued weakness of the BEV used car market, offset by ii) the strong used car sales results on ICE25 and PHEV; The negative impact of reduction in depreciation costs in previous quarters: EUR -89.7 million, vs. EUR -42.7 million in Q1 2023 and EUR -191.2 million in Q4 2023; The PPA amortization at EUR -67.3 million vs. EUR -67.0 million in Q4 2023 (none in Q1 2023). Including the negative impact of reduction in depreciation costs in previous quarters and of PPA, UCS result per unit was EUR 626 in Q1 2024 vs. EUR 2,535 per unit in Q1 2023 and EUR -24 per unit in Q4 2023. As at 31 March 2024, the Group’s stock of reduction in depreciation costs yet to be reversed over the coming years was EUR 529.8 million, of which EUR 241.6 million yet to be reversed by the end of 2024, hence having a negative impact on future UCS results. Consequently, Ayvens’ Gross Operating Income (GOI) reached EUR 801.7 million in Q1 2024, up 9.6% vs. Q1 2023 and up by 32.4% vs. Q4 2023, despite the negative impact of reduction in depreciation costs (net of the impact on UCS results) and PPA at EUR -157.0 million on GOI in Q1 2024. Operating expenses In Q1 2024, Ayvens’ operating expenses amounted to EUR 489.6 million, up from EUR 260.5 million in the same period last year, due to the consolidation of LeasePlan, but down sequentially (-5.3% vs. Q4 2023). Cost to achieve (CTA) accounted for EUR 25.7 million, while rebranding costs were EUR 1.7 million. Excluding these non-recurring items, operating expenses increased by +2.6% vs. Q4 2023 but the Cost/Income ratio excl. UCS result improved to 67.7% (from 68.4% in Q4 2023). Cost of risk Impairment charges on receivables came in at EUR 33.1 million in Q1 2024, compared to EUR 24.4 million in Q4 2023 and the exceptionally low Q1 2023 amount of EUR 8.8 million26. The cost of risk27 stood at 25 bps in Q1 2024 (vs. 19 bps in Q4 2023 and 14 bps in Q1 2023). The rise is primarily driven by LeasePlan’s alignment on the Group’s provisioning methodology. Net income Non-recurring result came in at EUR +9.0 million in Q1 2024 vs. EUR -20.6 million in Q1 2023, which was related to the impairment of ALD Russia and ALD Belarus and vs. EUR -14.1 million in Q4 2023, which was driven by a goodwill impairment at Fleetpool, the subscription company in Germany. Income tax expense came in at EUR 90.5 million, down from EUR 125.6 million in Q1 2023, as a result of lower profit before tax, owing to the normalization of the used car market. The effective tax rate increased to 31.3% from 28.4% in Q1 2023, mainly due to non-deductible expenses related to hyperinflation accounting in Turkey. Non-controlling interests were EUR -11.1 million vs. EUR -1.5 million in Q1 2023, due to the consolidation, since 22 May 2023, of LeasePlan, whose AT1 coupon payments to third parties are accounted for as non-controlling interests. Ayvens’ net income group share reached EUR 187.8 million in Q1 2024, compared to EUR 28.2 million in Q4 2023, which was primarily impacted by the negative marked-to-market of derivatives. The decrease of 40.5% vs. the exceptionally high base of EUR 315.5 million in Q1 2023 is mainly due to the normalization of the used car market from exceedingly favourable levels. Diluted Earnings per share28 was EUR 0.20 vs. EUR 0.56 in Q1 2023. The Return on Tangible Equity (ROTE) came in at 9.6% in Q1 2024 vs. 22.5% in Q1 2023. BALANCE SHEET AND REGULATORY CAPITAL Financial structure Group shareholders’ equity29 totalled EUR 10.3 billion as at 31 March 2024 (vs. EUR 10.1 billion as at 31 December 2023). Net asset value per share30 (NAV) was EUR 12.59 and net tangible asset value per share (NTAV) was EUR 9.28 as at 31 March 2024, compared to EUR 12.33 and EUR 9.03 respectively as at 31 December 2023. Total balance sheet increased from EUR 70.3 billion as at 31 December 2023 to EUR 72.9 billion as at 31 March 2024, mainly on the back of the increase in earning assets and cash balances. Earning assets increased to EUR 52.7 billion as at 31 March 2024, from EUR 52.0 billion as at 31 December 2023. The increase was 12.5% year-on-year on a like-for-like basis, underpinned by the continued growth of EV which have a higher value. Financial debt29 stood at EUR 38.6 billion at the end of March 2024 (vs. EUR 37.6 billion at the end of December 2023), while deposits reached EUR 12.8 billion (EUR 11.8 billion at the end of December 2023). 30% of the financial debt consisted of loans from Societe Generale as at end March 2024. As part of its active liquidity management strategy, Ayvens continued to diversify its funding by issuing EUR-eq 2.7 billion bonds in Q1 2024, of which a EUR 500 million tranche over 7 years and its first CHF issuance (CHF 220 million over 5 years). The amounts and maturities raised confirm the market’s robust appetite for Ayvens debt instruments. Ayvens announced on 2 May 2024 the redemption of LeasePlan’s EUR 500 million Undated Deeply Subordinated Additional Tier 1 Fixed Rate Resettable Callable Capital Securities on 29 May 2024. Ayvens has a EUR 4 billion to EUR 5 billion funding programme planned for 2024. This programme is well advanced: including the pre-funding in 2023, c. 65% of the programme are already achieved. 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 Ayvens’ risk-weighted assets (RWA) totalled EUR 59.0 billion as at 31 March 2024 under CRR2/CRD5 rules, with credit risk-weighted assets accounting for 84% of the total. The 2.8% increase compared to 31 December 2023 is mainly explained by fleet growth (EUR +1.0 billion) and the annual update of operational risk on the LeasePlan parameter (EUR +0.4 billion). Ayvens had strong Common Equity Tier 1 ratio of 12.3%, i.e. around 310 basis points above the regulatory requirement of 9.21%, and Total Capital ratio of 16.1% as at 31 March 2024 (compared to 12.5% and 16.4% respectively as at 31 December 2023). CONFERENCE CALL FOR INVESTORS AND ANALYSTS Date: 3 May, 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 hxxps://edge.media-s Conference call: FR: +33 1 70 91 87 04 UK: +44 121 281 8004 US: +1 718 705 8796 Access code: 457698 AGENDA 14 May 2024: General assembly of shareholders 31 May 2024: Dividend detachment 4 June 2024: Dividend payment 1 August 2024: Q2 and H1 2024 results 31 October 2024: Q3 and 9M 2024 results About Ayvens 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 more than 14,500 employees across 42 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 Press contact Elise Boorée Communications Department Tel: +33 (0)6 25 01 24 16 elise.booree@ayvens. |
Posted at 05/11/2023 07:25 by the grumpy old men Ayvens reports third quarter and nine months 2023 resultsNovember 03, 2023 at 02:31 am EDT 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 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 Press Contact Stephanie Jonville Chief Communications Officer Tel: +33 (0)6 46 14 81 90 stephanie.jonville@a 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&r “Ayvens” refers to the Company and its consolidated entities. 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. |
Posted at 05/8/2023 08:43 by adrian j boris ALD Automotive / Leaseplan Announces Chief Financial Officer ChangesAugust 03, 2023 at 03:59 pm Patrick Sommelet has been appointed Group Chief Financial Officer of ALD Automotive /LeasePlan, reporting to Tim Albertsen, CEO. His appointment is effective as of 1 September 2023. Sommelet was previously Deputy CFO of Societe Generale and he replaces Gilles Momper, who will continue his career outside the Group. Patrick Sommelet began his career in 1993 at Credit Commercial de France where he was a trader on the bond and money markets. In 1998, he joined the Financial Institutions Advisory team at Merrill Lynch in London before transferring to the Paris office. Two years later, he joined the Strategy Department at Societe Generale and went on to become Head of Investor Relations and Financial Communication for the Group in 2006. In 2010, he was appointed CFO and Head of Support Functions of Boursorama before going on to become Deputy CEO. In 2016, he became Head of Strategic Financial Planning for Societe Generale and was appointed Deputy CFO of Societe Generale one year later. |
Posted at 13/10/2017 09:12 by che7win City chatter speculating that Aldermore could be taken back into the hands of private equity just two-and-a-half years after floating lifted the challenger bank towards the top of the record high FTSE 250.The consensus of analysts believe that Aldermore is a cheap bet for investors at its current valuation, making it ripe for a takeover. However, Aldermore was only taken public in 2015 by private equity firm Anacap, which remains its top shareholder with a 25pc stake, and the mid-cap firm is more likely to be the subject of advances from another challenger bank looking to consolidate, according to one analyst. The swirling rumours and a short squeeze – when a heavily shorted stock is pushed higher by short sellers closing their positions – lifted Aldermore 10.1p to 256p on thick trading volumes with the wider FTSE 250 hitting its highest ever close at 20,251.24. Meanwhile, the pound sinking on stalling Brexit talks helped the FTSE 100 also climb to a record peak, the blue-chip index closing 22.43 points at 7556.24. |
Posted at 11/10/2017 17:08 by montyhedge Bought through my broker, minimum 200,000 only investors classed as professional can buy. |
Posted at 14/6/2017 11:00 by igoe104 Aldermore Group PLC (ALD) Price Target Raised to GBX 295.Aldermore Group PLC (LON:ALD) had its target price boosted by analysts at Investec from GBX 290 ($3.67) to GBX 295 ($3.73) in a note issued to investors on Wednesday, May 17th. The firm presently has a “buy” rating on the stock. Investec’s price objective would indicate a potential upside of 32.41% from the company’s previous close. |
Posted at 03/3/2017 20:43 by steptoes yard the penny is dropping amongst the money men that there is too much money to be made from these so SHAW goes back to private equity and ALD and OSB will likely follow. Surprised AnaCap aren't buying back but these were always going to change hands at some point. Question is, is anyone prepared to pay 14 to 15 yrs earnings on them?I think they were floated so that retail could carry the early can but now we're on the cusp of dividend land, retail investors will be bought out so that they can carry the can with more risk elsewhere whilst HNWI profits from the next stage for challenger banks. Money to be made here before they go, tho |
Posted at 02/3/2017 15:05 by mazarin Were investors led to believe that dividends would commence 2017? |
Posted at 02/9/2016 11:48 by netflix2015 Well for all we know Morgan Stanley could have sold 15m or even all their 20.5m holding, as they have gone below 3% but no idea how low. Nevertheless I believe they must still have a few million to sell otherwise the share price would have gone over £1.70 if not £1.80 not being held back at £1.60ish! We should soon see in the next week or two though!! No more RNS's from MS though, so the day the share price goes boom and holds, and continues to rise £1.80+ is the day MS are gone. Do you know if we have any other large institutional investors, particularly any that may sell? |
Posted at 27/12/2015 17:19 by aishah Buy-to-let investors to challenge tax hike in courtLandlords are clubbing together to fight the Tory's tax hike – and they have appointed Cherie Blair's law firm to help them By Richard Dyson 1:03AM GMT 26 Dec 2015 Wealthy property investors are mounting a legal challenge to the Government's proposals to increase tax on buy-to-let investments. They hope a judicial review will overturn the controversial "Clause 24" of the 2015 Finance Bill, in which the Government introduced plans to prevent landlords offsetting mortgage interest costs against rental profits before calculating tax. These tax changes, which will apply to existing investment properties as well as future purchases, will result in some buy-to-let investors paying tax even where they generate no profit or are loss-making. In this case the judicial review – a legal process in which a court reviews legislation or administrative decisions – needs to be submitted by February 17, 2016. The challenge is being led by millionaire private landlords Steve Bolton and Mark Alexander. Mr Bolton, who owns about 20 residential and commercial properties, is also the founder and owner of Platinum Property, a buy-to-let training franchise whose members' portfolios are worth a total £200m. Mark Alexander is founder of online buy-to-let forum Property118. The third figure involved in the action is Chris Cooper, a modest investor and part-time landlord who - like hundreds of thousands of others - is using buy-to-let as part of his pension. In an ironic twist law firm Omnia Strategy, founded and chaired by Cherie Blair QC, the wife of Tony Blair, has been appointed to represent landlords' interests. Landlords will argue that the Tory's tax move flouts "a long-established principle of taxation that expenses incurred wholly and exclusively for the purposes of the business are deductible when calculating the taxable profits". Although buy-to-let investors have met with little support from any political party, their objections to the tax changes are widely supported by the accounting and legal professions. The Institute of Chartered Accountants in England & Wales (ICAEW) has attacked the removal of mortgage interest relief as "unreasonable, unworkable and unthought through". It has pointed out that those worst-hit will be small property investors, including middle-class savers adding one or two buy-to-let properties to their pensions and other portfolios. |
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