Aldermore Share Discussion Threads

[sarkasm] 03/5/2024 11:41

Ayvens: net income, group share falls by 40.5% in Q1

May 03, 2024 at 04:35 am EDT


Ayvens (ex ALD) has reported a 40.5% drop in net income for the 1st quarter to 187.8 million euros, despite gross operating income of 801.7 ME, up 9.6%.

"The 40.5% decrease from the exceptionally high base of 315.5 million euros in the first quarter of 2023 is mainly due to the normalization of the used car market from extremely favorable levels," says the company.

EPS thus comes out at 0.2 euros versus 0.56 euros a year earlier.

CercleFinance.com.

[maywillow] 03/5/2024 07:42

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

[maywillow] 03/5/2024 07:27

Vyvens: Integration proceeding well and Q1 2024 financial results in line with plans

May 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-server.com/mmc/p/fcqgpo3h
Conference call:
FR: [phone]
UK: [phone]
US: [phone]
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: [phone]
[e-mail]

[waldron] 19/4/2024 15:40

Latest Dividends

Summary Previous dividend Next dividend

Status Paid Declared

Type Final Final

Per share 170¢ 198¢

Declaration date 24 Feb 2023 (Fri) 22 Feb 2024 (Thu)

Ex-div date 08 May 2023 (Mon) 30 Apr 2024 (Tue)

Pay date 10 May 2023 (Wed) 06 May 2024 (Mon)

[gibbs1] 12/3/2024 09:17

Euronext Paris 05:12:18 2024-03-12 am EDT



6.435 EUR +1.02%

[waldron] 11/3/2024 11:55

Euronext Paris 07:48:15 2024-03-11 am EDT


6.36 EUR -0.70%

[adrian j boris] 10/3/2024 07:51

Analysts' Consensus

Mean consensus
BUY

Number of Analysts
8

Last Close Price
6.405 EUR

Average target price
9.272 EUR
Spread / Average Target
+44.77%

High Price Target
12.5 EUR
Spread / Highest target
+95.16%

Low Price Target
6 EUR
Spread / Lowest Target
-6.32%

[sarkasm] 08/3/2024 10:12

Meko, ALD Automotive/LeasePlan Agree on Car Glass Service Partnership

March 06, 2024 at 11:02 am EST

(MT Newswires) -- Meko (MEKO.ST) said Wednesday it signed a car glass service partnership deal with Swedish company-car leasing firm ALD Automotive/LeasePlan.

The two-year partnership commences in 2024 and covers more than 45,000 vehicles. It is expected to bolster the Sweden-based automotive spare parts supplier's growth plans.

[the grumpy old men] 01/3/2024 17:31

Euronext Paris 11:35:21 2024-03-01 am EST

After market 12:26:28 pm

5.7 EUR +0.71%

[waldron] 01/3/2024 09:35

Euronext Paris 04:33:35 2024-03-01 am EST


5.740 EUR +1.41%

[florenceorbis] 28/2/2024 10:21

Euronext Paris 05:14:09 2024-02-28 am EST




5.635 EUR -2.17%

[waldron] 27/2/2024 21:36

- Euronext Paris 11:35:22 2024-02-27 am EST

After market 03:58:14 pm


5.76 EUR +5.59%

[adrian j boris] 26/2/2024 21:53

Euronext Paris 11:35:05 2024-02-26 am EST




5.455 EUR -2.33%

[waldron] 26/2/2024 08:02

rté



Stellantis aims to sell 500,000 vehicles across Europe in three years


Updated / Monday,26 Feb 2024 07:04

Stellantis owns brands including Chrysler, Jeep and Fiat

Franco-Italian automaker Stellantis has reached a multi-billion-euro frame agreement with leasing and fleet management company Ayvens to sell up to 500,000 vehicles across Europe over the next three years.

Under the agreement, Ayvens' affiliates will buy the vehicles for its long-term leasing fleet across Europe, with the first delivery volumes expected to begin in the first half of 2024, Stellantis said.

Stellantis, which owns brands including Chrysler, Jeep and Fiat, said specific details of the deal including order quantity, compositions and delivery dates beyond the volumes already planned for 2024 can be flexibly agreed between the two companies, depending on fleet requirements and demand.

Ayvens' customers will be offered brands such as Alfa Romeo, DS Automobiles, Fiat, Opel, Peugeot, and Vauxhall, the statement said, adding that the brand availability can be extended in the future to cover Stellantis' entire portfolio.

The agreement "will aid the progressive transition of Ayven's client base to choosing more sustainable mobility options," Stellantis chief executive Carlos Tavares said.

Ayvens was created when ALD Automotive, a subsidiary majority owned by French lender Societe Generale, acquired fleet management and mobility company LeasePlan last year.

[grupo] 24/2/2024 11:50

Analysts' Consensus
y
Mean consensus
BUY

Number of Analysts
8

Last Close Price
5.585 EUR

Average target price
9.272 EUR
Spread / Average Target
+66.03%

High Price Target
12.5 EUR
Spread / Highest target
+123.81%

Low Price Target
6 EUR
Spread / Lowest Target
+7.43%

[waldron] 23/2/2024 11:56

Latest Dividends

Summary Previous dividend Next dividend

Status Paid Declared

Type Final Final

Per share 106¢ 47¢

Declaration date 19 Apr 2023 (Wed) 09 Feb 2024 (Fri)

Ex-div date 31 May 2023 (Wed) 31 May 2024 (Fri)

Pay date 02 Jun 2023 (Fri) 04 Jun 2024 (Tue)

[waldron] 23/2/2024 11:53

Euronext Paris 06:47:09 2024-02-23 am EST

5.57 EUR -0.62%

[grupo] 22/2/2024 14:50

Agenda.




general assemblies 03
3 May 2024
Q1 2024 results

general assemblies 04
14 May 2024
General shareholders meeting

general assemblies 02
1 August 2024
Q2 and H1 2024 results

[the grumpy old men] 21/2/2024 19:58

Euronext Paris 11:35:14 2024-02-21 am EST



5.475 EUR +0.18%

[the grumpy old men] 08/2/2024 17:56

Euronext Paris 11:35:10 2024-02-08 am EST



5.57 EUR -1.15%

[ariane] 08/2/2024 08:31

ALD will propose a dividend of €0.47 per share for the 2023 financial year, compared with €1.06 in 2022. The amount announced for 2023 represents a payout ratio of 50% of net profit, group share.

-Pierre-Jean Lepagnot, Agefi-Dow Jones [phone]; [e-mail] ed: VLV

[the grumpy old men] 03/2/2024 08:22

Euronext Paris 11:35:07 2024-02-02 am EST


6.13 EUR +1.49%

[waldron] 02/2/2024 09:10

Euronext Paris 04:08:57 2024-02-02 am EST





6.155 EUR +1.90%

[la forge] 27/1/2024 09:01

Euronext Paris 11:35:00 2024-01-26 am EST





6.115 EUR +3.82%