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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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| Aldermore | LSE:ALD | London | Ordinary Share | GB00BQQMCJ47 | ORD GBP0.10 |
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| 0.00 | 0.00% | 312.40 | 0.00 | 00:00:00 |
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| 23/11/2024 | 10:40 | ALD LOANS | 235 |
| 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 08/11/2024 02:29 by florenceorbis Grupo GuitarLumber7 Nov '24 - 19:47 - 230 of 230 0 1 0 December 2023). Net asset value per share (NAV) was EUR 12.34 and net tangible asset value per share(NTAV) was EUR 8.99 as at 30 June 2024, compared to EUR 12.28 and EUR 8.95 respectively as at 31December 2023. $$$$$$$$$$$$$$$$$$$$ Interesting scenario when one compares current enhanced share price of 7 euros with a possible NTAV nearing 9 euros |
Posted at 01/10/2024 19:36 by waldron Kepler Cheuvreux starts Ayvens SA stock at Buy, citing undervaluation and market leadershipEditor Ahmed Abdulazez Abdulkadir Published 09/26/2024, 12:26 PM 0 AYV - On Thursday, Kepler Cheuvreux initiated coverage on Ayvens SA (ALD:FP), a leading multi-brand global mobility services provider, with a Buy rating and a price target of EUR9.50. The firm highlighted Ayvens' strong market position, managing a fleet of 3.4 million cars, 80% of which are owned and leased to a diverse clientele. The company's stock is currently trading at a significant discount compared to its peers. This is attributed to challenges following a merger between ALD and LeasePlan, as well as depreciating residual values in the battery electric vehicle (BEV) sector. Kepler Cheuvreux believes these risks are now reflected in the stock's price and well understood by the market. Ayvens SA's leadership in a low-risk and profitable sector is notable, despite the obstacles it has faced. The company leases its substantial fleet to both corporate and individual clients, ensuring a broad base of revenue. The analyst from Kepler Cheuvreux expressed confidence in Ayvens' ability to navigate past its initial post-merger difficulties. The price target of EUR9.50 set by Kepler Cheuvreux suggests a potential upside for investors. This target is based on the firm's assessment of Ayvens' valuation in relation to industry peers and the perceived mitigation of earlier risks. In conclusion, Kepler Cheuvreux's initiation of coverage on Ayvens SA with a Buy rating reflects their positive outlook on the company's future performance. The firm anticipates that Ayvens' stock will recover from its current undervaluation as it overcomes merger-related challenges and adapts to market conditions in the BEV space. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. |
Posted at 26/9/2024 11:31 by waldron Inspiring Woman in Fleet: Virginie Pochat (Ayvens)Virginie Pochat – Head of Business Intelligence & Consultancy (Ayvens) At the start of her career, Virginie Pochat worked in the helicopter industry. In Mexico. “The environment was 100% male, but I never let that stop me finding my own way”, she says. That drive and determination has carried Virginie to where she is today. That’s because her motivation has remained the same: “I’m passionate about mobility.” Virginie has had a continent-spanning career. After the Mexican chapter, she moved to France, where she eventually joined ALD Automotive as Key Account Manager. Following a two-year professional stint in Chicago, she returned to ALD as Senior International Consultant. In June of this year, she was appointed Head of Business Intelligence & Consultancy at Ayvens, the merger of ALD and LeasePlan. In recognition of her wide experience, Virginie was asked to join this year’s jury for the Fleet Europe Awards. You’ve come far since those helicoptering days! Was it challenging to be the rare woman in an almost exclusively male environment? “One of the main challenges is that you’re not taken seriously, because you are a woman. The way to overcome that is through hard work: to learn all there is to know about your job. What also helped me a lot was my ability to take a different point of view, to think out of the box. And once you have results, you have an accelerator for your career.” “Two examples: When I was still in aeronautics, my take on fleet management was to be motivational, to listen to people and help solve their problems. That produced such good results that they gave me a patch with wings, like pilots get. I was super honoured, and I still cherish those wings.” “Another example: two years after returning to ALD, I was awarded the title of best key account manager. That’s because I created a particular kind of relationship with my clients, where you’re interested in the personal aspect, and where you also share a bit about yourself. And that works, as my results proved.” Has the gender balance changed since you started your career? And if so, does that have an effect? When I came back to ALD three years ago, I really wanted the job, but I was six months pregnant. The manager who hired me despite that fact was a woman. She said ‘congratulatio “On the work floor, there are certainly more women than before. But on the other hand, I don’t find gender is an issue. I find that both men and women can be equally passionate and knowledgeable about any topic. When they speak, I listen to what they have to say, not to who says it.” “That may have to do with my own upbringing. I’ve lived all over the world – Singapore, Vietnam, Mexico, Chicago – which meant that I often was the different one. From that personal experience, I don’t focus on what makes people different from others, but on the point they’re making.” If you had to advise a CEO on how to make their workplace more diverse and inclusive, what you you say? “That’s a very difficult question – and I’m happy I’m not that CEO! Because there’s an inherent difference between selecting for diversity, and selecting for talent. The best way forward is to educate our young people not to be afraid to choose a professional career. That will automatically diversify the in-flow of talent.” “And in the fleet and mobility industry, these young people don’t have to fit to the old stereotype of the petrol-head. We’re not just about cars anymore. You can also be passionate about the many other ways there are to get from A to B.” What are some of the tips and tricks you can share from your experience with young people starting out in this business? “Keep learning about the business you’re in. That’s how you stay ahead, and how you can continue to innovate. Be passionate, that’s how you motivate people to go along on your journey. And don’t be afraid to be different. It can be good to stand out.” Say we offer you a time machine to go back to the start of your own career. What would your advice be to your younger self? “Trust yourself, you’re going to make it! I would say that because looking back, there were times when I saw barriers where there perhaps weren’t any. I would also say that networks are powerful, and that it’s important to get a mentor. Take them out for lunch and get the benefit of their experience and advice! In general, get inspired by other people, and reach out to them: people generally do want to help!” In your career so far, what would you say are your greatest achievements? “One of the things I’m really passionate about, is our net-zero programme, and I’m really proud of how far we’ve come in developing and implementing it. That is of course a team effort. I’d like to think that I create space within our team to formulate ideas that may be a bit out of the box.” “Implementing our net-zero programme is also a result of the good relations that I’m able to maintain, not just with our clients, but also with our internal stakeholders.” And do your achievement get rewarded? “I’ve received several awards in my career – for best salesperson, best fleet manager together with a client during an innovation challenge, and for our net-zero programme, although, as I mentioned, that is a team effort. And that’s great. My idea of good work is being able to move things forward, and that often happens in a team. So I’m very happy to be part of a well-functioning team.” Professional women often have a tough time combining work roles with private ones. Society often still expects more from them in this respect than from men. Is that also part of your experience? “That’s one of the hardest things: trying to find the right balance between work and home. I’m lucky that I have a husband with a great career of his own, who’s willing to work through these issues with me.” “Nevertheless, things aren’t always easy. An example from a few days ago, when I took my littlest child to school for the first time, and my other one to primary school. When I dropped them off at the school gate, I realized I had forgotten their snack! Instead of feeling terrible about things like that, you have to be kind on yourself. Fortunately, my kids understood, and said not to worry.” Finally, two questions about where you get your inspiration from. Who is your hero? And what is your motto? “I don’t have a specific hero that I look up to, but I love being inspired by the people around me. I admire how they step up, take their responsibility, and manage to move things forward. And that goes for both men and women, by the way.” “I do have a motto that I try to live by. It’s from an educational book for children: ‘Think big, feel good, and act brave’. That’s good advice, and not just for kids (laughs).” Authored by: Frank Jacobs |
Posted at 19/9/2024 17:48 by grupo ALD Automotive and LeasePlan will operate in Romania under new name AyvensAurel Constantin 16/09/2024 | 14:35 ALD Automotive abd LeasePlan launches in Romania, Ayvens, its new global mobility brand, uniting the two companies together under a single common identity. The launch of the new mobility brand in Romania follows the global acquisition of LeasePlan by ALD Automotive, effected in May 2023. Romania is the 24th country out of a total of 42 countries in which the new brand replaces ALD Automotive and LeasePlan brands. “With the arrival of Ayvens, ALD Automotive and LeasePlan brands will no longer exist and will become a beautiful memory. We continue as Ayvens, and together with our customers and partners, we are making mobility greener, more flexible and ultimately effortless every time. We are driven by the slogan ‘Better with every move’ and with Ayvens our customers choose a reliable mobility advisor and a trendsetter in the market. Thanks to our size, coverage, service expertise and commitment to innovation, our company is ready to lead the way towards digital transformation, net zero and the large scale adoption of sustainable mobility”, said Shane Dowling, Country Managing Director Ayvens in Romania. ALD Automotive Romania, founded in 2005, together with LeasePlan Romania, founded in 2007, have constantly adapted to the market needs and succeeded to create a solid community of clients, building on a strong foundation of quality and innovativeness. All actions and initiatives of the two companies so far, for almost 18 years, have contributed to the development of the operational leasing sector in Romania. By bringing together complementary capabilities and expertise, the company saw an opportunity to reimagine mobility going forward for the better. This new brand feeds that common purpose by defining the company’s unique position in the market and highlighting what makes it different and the value it brings to customers across all segments. Its new brand promise is to make life flow better by delivering mobility that is simpler, smarter and sustainable. “The world of mobility is changing rapidly, driven by the increasing demand for flexible and convenient transport solutions and this approach, geared towards flexibility and quick response in critical situations, I believe will define companies’ business strategies in the years to come. The joining of two world mobility leaders opens up the possibility of even stronger growth for us in the local market as well. With the new brand, we continue to build for the future, alongside all our colleagues at Ayvens. I am extremely proud of how we successfully brought together colleagues from two different companies over the past year, of their professionalism, dedication, expertise and complementary capabilities which will give us the opportunity to reimagine mobility to better meet the challenges of the future,” added Shane Dowling, Country Managing Director Ayvens in Romania. Ayvens is a memorable, simple yet statutory name which indicates the way forward for progress. It is accompanied by a symbol which represents the legacy companies coming together as one team, working towards a common goal, with a strong, stable foundation at its base and an upwards fluid form symbolizing progress and dynamism. The name is solidly endorsed by its globally renowned majority shareholder, Societe Generale. A new brand tagline Better with every move captures the company’s underlining mission to deliver “better” mobility through continuous progress for customers, for businesses and for the planet. ALD Automotive | LeasePlan Romania are part of Ayvens group, a leading global sustainable mobility player committed to making life flow better. Ayvens is a leading global sustainable mobility player committed to making life flow better. We’ve been improving mobility for decades, providing full-service leasing, flexible subscription services, fleet management and multi-mobility solutions to large international corporates, SMEs, professionals and private individuals. With more than 14,500 employees across 42 countries, 3.4 million vehicles and the world’s largest multi-brand EV fleet, we are in a unique position to lead the way to net zero and spearhead the digital transformation of the mobility sector. The company is listed on Compartment A of Euronext Paris (ISIN: FR0013258662; Ticker: AYV). Societe Generale Group is Ayvens majority shareholder. |
Posted at 24/8/2024 15:17 by the grumpy old men Moderate Buy2Ratings 1 Buy 1 Hold Based on 2 analysts giving stock ratings to ALD SA in the past 3 months AYV Stock 12 Month Forecast €8.85 ▲(41.94% Upside) Based on 2 Wall Street analysts offering 12 month price targets for ALD SA in the last 3 months. The average price target is €8.85 with a high forecast of €9.80 and a low forecast of €7.90. The average price target represents a 41.94% change from the last price of €6.24. |
Posted at 01/8/2024 13:55 by maywillow “Solid” Q2 results push up Ayvens share priceAyvens Significantly improving its Cost-to-Income ratio, Ayvens reports solid results for the second quarter, pushing up the price of its shares on the Paris Bourse. The figures prove the integration of ALD and LeasePlan is proceeding at brisk pace. “The Ayvens brand name is now live in 20 countries”, says Tim Albertsen (pictured), the company’s CEO. A quick recap: in May 2023, ALD Automotive completed its acquisition of LeasePlan, at a price of €4.8 billion. The integrated entity, called Ayvens, will dominate the market by its sheer size alone and – the company hopes – by the high levels of service and innovation that its scale will generate. Hyperinflation in Turkey Some key results from the Q2 report: In terms of Leasing and Services Margins, Ayvens saw an increase from 522 basis points (bps) in Q1 2024 to 539 bps in Q2. Overall margins, however, stood at €693 million, 1.9% down from Q1 – a decline attributed mainly to non-recurring items, such as the impact of hyperinflation in Turkey (-€37 million). Fleet management contracts were down 4.9% year-on-year, to 686,000 units. Full-service leasing contracts, however, were up 0.8% year-on-year, to 2.69 million units. EV penetration reached 39% in Q2, up from 36% in the previous quarter. BEVs represented 26% of the total, PHEVs 13%. Used Car Sales resulted in €1,480 per unit, down from €1,661 in Q1. This is excluding the impact of the reduction in depreciation cost and Purchase Price Allocation. When including those, the result remained stable at €575. The company’s Cost-to-Income ratio improved significantly, from 67.7% in Q1 to 61.9%. This was credited to better cost management and greater operational efficiency. Thanks to a modest reduction in risk-related expenses, the Cost of Risk declined from 25 bps in Q1 to 23 bps. Earning assets increased by 9.5% year-on-year, to €53.2 billion. That increase was driven mainly by car price inflation, and by the transition to EVs, which are still more expensive than ICEs. The total fleet remained essentially flat (-0.4%) year on year, at 3.37 million units. Group Net Income was €189 million, stable compared to €188 million in Q1. “Reaping the benefits” Company CEO Tim Albertsen hailed “another solid quarter, marked by both sound financial performance and further progress on the integration of LeasePlan (…) The Ayvens brand name that establishes our company as a leading global mobility player is now live in 20 countries.” According to Albertsen, the legal integration of local entities in overlapping countries has been completed in France and the Netherlands, both flagship locations for Ayvens, as well as for the company’s insurance business in Dublin. |
Posted at 01/8/2024 07:48 by sarkasm While individual investors own 19% of Ayvens (EPA:AYV), public companies are its largest shareholders with 53% ownershipSimply Wall St July 28, 2024 Key Insights Ayvens' significant public companies ownership suggests that the key decisions are influenced by shareholders from the larger public The largest shareholder of the company is Société Générale Société anonyme with a 53% stake 11% of Ayvens is held by Institutions A look at the shareholders of Ayvens (EPA:AYV) can tell us which group is most powerful. With 53% stake, public companies possess the maximum shares in the company. That is, the group stands to benefit the most if the stock rises (or lose the most if there is a downturn). Individual investors, on the other hand, account for 19% of the company's stockholders. Let's take a closer look to see what the different types of shareholders can tell us about Ayvens. What Does The Institutional Ownership Tell Us About Ayvens? Institutional investors commonly compare their own returns to the returns of a commonly followed index. So they generally do consider buying larger companies that are included in the relevant benchmark index. Ayvens already has institutions on the share registry. Indeed, they own a respectable stake in the company. This can indicate that the company has a certain degree of credibility in the investment community. However, it is best to be wary of relying on the supposed validation that comes with institutional investors. They too, get it wrong sometimes. It is not uncommon to see a big share price drop if two large institutional investors try to sell out of a stock at the same time. So it is worth checking the past earnings trajectory of Ayvens,. Of course, keep in mind that there are other factors to consider, too. Hedge funds don't have many shares in Ayvens. Société Générale Société anonyme is currently the largest shareholder, with 53% of shares outstanding. This essentially means that they have extensive influence, if not outright control, over the future of the corporation. In comparison, the second and third largest shareholders hold about 9.5% and 8.1% of the stock. Researching institutional ownership is a good way to gauge and filter a stock's expected performance. The same can be achieved by studying analyst sentiments. Quite a few analysts cover the stock, so you could look into forecast growth quite easily. Insider Ownership Of Ayvens While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders. Management ultimately answers to the board. However, it is not uncommon for managers to be executive board members, especially if they are a founder or the CEO. Insider ownership is positive when it signals leadership are thinking like the true owners of the company. However, high insider ownership can also give immense power to a small group within the company. This can be negative in some circumstances. Our data suggests that insiders own under 1% of Ayvens in their own names. We do note, however, it is possible insiders have an indirect interest through a private company or other corporate structure. It is a pretty big company, so it would be possible for board members to own a meaningful interest in the company, without owning much of a proportional interest. In this case, they own around €1.5m worth of shares (at current prices). It is always good to see at least some insider ownership, but it might be worth checking if those insiders have been selling. General Public Ownership The general public, who are usually individual investors, hold a 19% stake in Ayvens. This size of ownership, while considerable, may not be enough to change company policy if the decision is not in sync with other large shareholders. Private Company Ownership editorial-team (at) simplywallst.com. |
Posted at 03/5/2024 06:27 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 23/9/2023 07:39 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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