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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Aldermore | LSE:ALD | London | Ordinary Share | GB00BQQMCJ47 | ORD GBP0.10 |
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| 0.00 | 0.00% | 312.40 | 0.00 | 01:00:00 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
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| 312.40 | 312.60 | ||||
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| - | O | 0 | 312.40 | GBX |
Aldermore (ALD) Share Charts1 Year Aldermore Chart |
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| Date | Time | Title | Posts |
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| 11/4/2024 | 14:44 | ALD LOANS | 164 |
| 23/3/2018 | 13:24 | Aldermore Group - ALD | 1,409 |
| 10/3/2015 | 13:14 | Albidon | 890 |
| 29/10/2012 | 09:49 | ALLIED GOLD 2012 ALD | 270 |
| 04/1/2012 | 14:06 | Allied Gold- Post Consolidation 30 June 2011 | 455 |
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Posted at 10/3/2024 07:51 by adrian j boris Analysts' ConsensusMean 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% |
Posted at 08/3/2024 10:12 by sarkasm Meko, ALD Automotive/LeasePlan Agree on Car Glass Service PartnershipMarch 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. |
Posted at 26/2/2024 08:02 by waldron rtéStellantis 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. |
Posted at 24/2/2024 11:50 by grupo Analysts' Consensusy 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% |
Posted at 08/2/2024 08:31 by ariane 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 +33 (0)1 41 27 47 95; pjlepagnot@agefi.fr ed: VLV |
Posted at 12/1/2024 12:33 by la forge AYVENS : Stifel remains Buy, reduces its targetJanuary 12, 2024 at 06:00 am EST Stifel has reaffirmed its 'buy' recommendation on Ayvens (ALD), while lowering its target price from 17 to 15 euros, in the wake of a warning issued by the vehicle rental group, which it believes 'adds to its loss of credibility'. The broker indicates that the write-downs announced on Thursday, as well as a fall in used vehicle prices, particularly for 100% electric vehicles (BEVs), are leading it to reduce its estimates for the group. Nevertheless, Stifel believes that the share has reached a low point, should benefit from the dividend confirmation and remains significantly undervalued in relation to its fundamentals, and that results should start to improve sequentially. CercleFinance.com. solicitation to buy. |
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 03/11/2023 16:24 by grupo Updated: ALD under pressure on stock market after Q3 net profit slump03 November 2023 - 12:40PM Dow Jones News PARIS (Agefi-Dow Jones)--ALD shares fell on Friday after Societe Generale's subsidiary specializing in long-term vehicle financing reported results that it described as "mixed" in the third quarter of 2023. At around 12:20 p.m., the stock was down 4.2% at 6.27 euros, after having already lost more than 40% since the beginning of the year. For the July-September period, the net profit of Ayvens, the group's new name resulting from the merger between ALD and the Dutch LeasePlan, fell by 28.9% year-on-year, to 226.2 million euros. In particular, it has suffered from the normalisation of the used car market, in which the group is a major player. Profit from used vehicle sales per unit in the third quarter reached 1,033 euros, "after the impact of lower depreciation costs |
Posted at 16/10/2023 10:29 by misca2 New name for ALDThe European operational car rental giant created by the merger of ALD and LeasePlan will operate from 2024 under the new "Ayvens" brand, it announced on Monday. ALD, a subsidiary of French bank Société Générale whose name appears on the new logo, completed its takeover of Dutch rival LeasePlan in May. The company's shares, whose target price was revised downwards by Deutsche Bank on Monday, were down 0.54% at €6.45. |
Posted at 23/9/2023 08:39 by the grumpy old men ALD | LeasePlan releases its strategic plan and financial objectives to 2026September 18, 2023 at 01:07 am EDT Share ALD | LeasePlan is releasing today its new “PowerUP 2026” strategic plan. At this occasion, Tim Albertsen, Chief Executive Officer, and the management team will be presenting a detailed overview of ALD | LeasePlan’s ambitions and main strategic operational and financial objectives on 21 September 2023 in Paris. “PowerUP 2026” strategic plan The “PowerUP 2026” strategic plan follows the recent closing of the LeasePlan acquisition on 22 May 2023, which established ALD | LeasePlan’s leadership position in the mobility sector, well ahead of the ambitions stated in the previous strategic plan, “Move 2025”. ALD | LeasePlan now ranks #1 global multi-brand and multi-channel car leasing player and #1 in 29 countries. Offering the most valuable and innovative products to all client segments, it operated a total fleet of 3.4 million1 fleet as at 30 June 2023, twice the size of its nearest competitor. ALD | LeasePlan owns the largest multi-brand Electric Vehicles (EVs) fleet in the world, at 428,000 vehicles, which reflects its leading role in the transition to sustainable mobility. The mobility sector benefits from strong and structural growth, driven by long-term megatrends: Structural transition from ownership to usership is expected to accelerate, lifting the European usership market from 4.9 million vehicles in 2021 to 9.5 million vehicles in 2030, i.e. +7.7% CAGR compared to 2021. All client segments are expected to grow, in particular the consumer market2; Demand for electrification is also set to accelerate, with c. 70% of new passenger cars and light commercial vehicles expected to be electric in Europe by 20303; Increasing digitalization, emerging ecosystems and evolving competition are creating further growth opportunities. Against this backdrop, the combination of its undisputed leadership, powerful global operating platform and strong financial profile, provides a unique position to ALD | LeasePlan to create value in the mobility industry. With “PowerUP 2026”, ALD | LeasePlan will leverage on the power of leadership to shape the future of mobility and achieve excellence, by executing a strategic plan articulated around 4 priorities: clients, operational efficiency, responsibility and profitability. Clients ALD | LeasePlan plans to launch a new brand by the end of the year, to create a powerful new identity from two highly reputed industry players. A one-stop shop with the broadest client reach, geographical coverage and the largest distribution capabilities through more than 430 partnerships, ALD | LeasePlan is best placed to answer customers’ changing needs. ALD | LeasePlan expects that its earning assets4 will grow strongly by +6%5 CAGR between 2023 and 2026, driven by higher-value vehicles (underpinned by the rising share of EVs6 in the funded fleet) and selective growth strategy to meet the Group’s profitability targets. Furthermore, the objective of reaching 200,000 active users of its MaaS7 platform, launched in 2022, by 2026, reflects its strong ambition to lead the transition to sustainable mobility and go beyond electrification, into MaaS. Operational efficiency The efficient integration of LeasePlan is key in the success of ALD | LeasePlan’s strategy. Conducted by the industry’s best leadership team and people who share the same international culture and performance mindset, the integration of LeasePlan is fully on track. The Group’s first objectives were reached according to plan, allowing to confirm EUR 440 million annual run-rate synergies by 2026, evenly split between margin and procurement synergies on the one hand and cost synergies on the other hand. ALD | LeasePlan expects that a substantial share of procurement synergies will stem from price and bonus improvement (c. 25% of total procurement synergies from price and bonus improvement on vehicles), while steering and cost control would also be strong sources of procurement synergies. With “PowerUP 2026”, ALD | LeasePlan will build the most efficient scalable global operating platform and derive cost synergies from efficiency improvements in the operating processes, IT cost savings as well as direct spend savings, including on real estate. As an illustration, IT cost per vehicle would be reduced by c. 20%, while fleet / FTE8 ratio would improve by 15% in 2026 compared to 2022. By 2026, ALD | LeasePlan will improve its Cost / Income ratio (excluding Used Car Sales results) to best-in-class level of c. 52%, from 56%9 in 2022. Responsibility ESG and risk management are at the core of ALD | LeasePlan’s strategy and drive every one of the Group’s actions. ALD | LeasePlan will continue leading the way to sustainable mobility by always advising its clients about the greenest way. As a result, it targets EVs to attain 50% of new car registrations by 2026, a strong increase from 28% in 2022. By providing end-to-end solutions, the Group makes it simple for clients to choose electric and targets that 400,000 drivers will connect to its eMSP10 joint venture with ChargePoint, to be launched by the end of 2023. “PowerUP 2026” contains ambitious decarbonization objectives. ALD | LeasePlan plans to sharply decrease the CO2 emissions of its running fleet to less than 90g/km11 on average by 2026 vs. 112g in 2022 and to decrease its internal CO2 emissions12 by -35% in 2026 vs. 2019. ALD | LeasePlan’s people make the difference and therefore the company targets to maintain a high employee engagement rate of 75% in 2026. Meanwhile, the Group will continue managing its risks responsibly, to ensure a strong and resilient performance over the long term. Its risk management lays on solid foundations, with a robust governance framework, the leverage of its parent Societe Generale’s best-in-class policies and resources, as well as stronger risk management practices aligned with the Financial Holding Company regulated status and supervision by the European Central Bank. ALD | LeasePlan has a strong framework in place to manage residual value risk, its largest risk, throughout the asset’s life cycle. Additionally, its global multi-channel remarketing platform (600,000 vehicles sold p.a., access to a large range of buyers in 36 countries, of which 24,000 active traders) together with growing multi-cycle lease capabilities are efficient operational risk mitigants. Profitability The combination of ALD and LeasePlan is highly synergetic. With “PowerUP 2026”, ALD | LeasePlan targets to achieve 13% to 15% Return on Tangible Equity13 (ROTE) by 2026, a level at the high end of the financial sector. High capital generation will contribute to a robust capital position, with target Core Equity Tier 1 (CET 1) ratio at c. 12%. Furthermore, ALD | LeasePlan targets a dividend payout ratio of 50%14 throughout the 2023-2026 period, thus providing attractive returns to shareholders. Financial targets to 2026 ALD | LeasePlan’s operating environment changed abruptly over the recent years. The Group anticipates that inflation will remain high in 2023 before it gradually normalizes in 2024. Interest rates are expected to peak in 2023 and remain at a high level, leading to modest GDP growth in Western Europe. After a couple of years of disruptions in supply and logistic chains, new car production in Europe would normalize starting 2024 towards 2026. The shift to higher-value Electric Vehicles is expected to accelerate. The Group applies the IFRS 3 “Business combinations” standard, whereby a Purchase Price Allocation (PPA) exercise is conducted. This exercise is currently ongoing. ALD | LeasePlan expects that the identification and recognition at fair value of acquired assets and liabilities will be completed by end 2023. Main items covered comprise the valuation of: LeasePlan vehicles’ cash flows; Intangible assets relating to customer relationships. Limited impacts are expected from this PPA exercise on the opening balance sheet: Balance sheet: limited impact given the similarities between ALD and LeasePlan’s approaches to vehicles valuation; CET 1 capital: limited impact from upfront gain related to UCS depreciation curve alignment and intangible assets recognition; Income statement: prudent UCS profit assumed for the purpose of the PPA. For ALD in 2026, assumptions are at c. 20% of the 2023 anticipated level (before the impact of reduction in depreciation costs). ALD | LeasePlan’s financial objectives to 2026 reflect the company’s ambition to grow its activity strongly throughout the period, while substantially improving its operating efficiency to best-in-class levels and maintaining robust solvency levels. Earning Assets CAGR of 6% between 2023 and 2026; Total annual pre-tax synergies confirmed at EUR 440 million by 2026, with progressive ramp-up: EUR 120 million by 2024, EUR 350 million by 2025, and the full amount of EUR 440 million by 2026; Total cumulated costs to achieve of EUR 525 million over 2022-2025. After EUR 128 million accounted for in 2022, ALD | LeasePlan expects these costs to reach a peak in 2023 and 2024 (EUR 170 million and EUR 190 million respectively), before they go down to EUR 37 million in 2025; Cost / income ratio (excluding Used Car Sales results) of c. 52% in 2026, from 56%15 in 2022. The improvement is explained by: Margin increase (inflation on car prices and fleet growth): -9 percentage points; Synergies: -10 percentage points, only partially balanced by Costs related to capital and liquidity optimization, regulatory and funding: +5 percentage points; Inflation on overheads and cost of regulation: +10 percentage points. At c. 52% in 2026, ALD | LeasePlan’s Cost / Income positions as best-in-class, allowing ALD | LeasePlan to decisively widen the gap with competitors and reinforce its financial profile. The deviation from the previous guidance of 47%, issued on 29 November 2022, is explained by higher inflation and LeasePlan IT costs that are currently being reviewed as part of ALD | LeasePlan’s global digital architecture definition; Return on Tangible Equity in the range of 13%-15% in 2026, at the high end of the financial sector; Target CET1 ratio at 12% and Total Capital ratio at 16%; Dividend payout ratio at 50%. Thanks to LeasePlan, the Group has access to a significant base of deposits, amounting to EUR 11 billion as at 30 June 2023, thereby strongly increasing the diversification of its funding sources. Funding from parent Societe Generale, bonds and retail deposits would each account for between 25% and 30% of total funding, while securitization and commercial loans would represent c. 10% each. An established issuer on the market, ALD | LeasePlan has the best credit ratings among multi-brand car leasing player: Moody’s A1, Standard & Poor’s A- and Fitch A-. The Group expects to issue annually EUR 4-5 billion bonds through ALD S.A., EUR 1-1.5 billion securitization while increasing its retail deposits base by c. EUR 1 billion p.a. On successful completion of “PowerUP 2026”, ALD | LeasePlan will shape the future of mobility and address fast-growing markets from a clear leadership position, combining undisputed industry leadership, best position to capture growth and lead the transition to sustainable mobility, best-in-class operating efficiency, robust financial profile and strong track record of high profitability through the cycle. Further details around ALD | LeasePlan’s strategic targets will be presented on 21 September 2023, when ALD | LeasePlan holds its Capital Markets Day. About ALD | LeasePlan’s Capital Markets Day Date: 21 September 2023, at 14.00 Paris time (13.00 London time) Speakers: Tim Albertsen, CEO John Saffrett, Deputy CEO Berno Kleinherenbrink, Deputy CEO Patrick Sommelet, Deputy CEO and CFO Webcast: hxxps://edge.media-s Agenda 21 September 2023: Capital Markets Day presentation 3 November 2023: Trading update and Q3 results 8 February 2024: Q4 and FY 2023 results Press contact ALD Automotive | LeasePlan Stephanie Jonville ALD Communication Department Tel.: +33 (0)6 46 14 81 90 stephanie.jonville@a About ALD | LeasePlan ALD | LeasePlan is a leading global sustainable mobility player providing full-service leasing, flexible subscription services, fleet management services and multi-mobility solutions to a client base of large corporates, SMEs, professionals and private individuals. With the broadest coverage in 44 countries through direct presence, ALD | LeasePlan is leveraging its unique position to lead the way to net zero and further shape the digital transformation of the industry through innovation and technology-enabled services to enable the transformation towards large scale adoption of sustainable mobility. With 15,700 employees worldwide, ALD | LeasePlan manages 3.4 million vehicles (at end June 2023). ALD, whose majority shareholder is Societe Generale, is the listed company on Compartment A of Euronext Paris (ISIN: FR0013258662; Ticker: ALD). |
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