Robust Q3 & 9M 2024 Results(1) - Integration on track
Third quarter and nine months 2024 results
Leasing and Services margins
Underlying margins1 stood at 521 bps in Q3 2024 vs. 539
bps in Q2 2024. Margins stood at EUR 647 million, down by -6.8% vs.
Q2 2024, notably impacted by a EUR -66 million swing in
mark-to-market of derivatives and breakage revenues. For 9M 2024,
margins stood at EUR 2,047 million, corresponding to 530 bps on an
underlying basis
Used Car Sales (UCS) result per unit stood at EUR
1,4202 excluding the impacts of reduction in
depreciation costs and Purchase Price Allocation (PPA), gradually
decreasing vs. Q2 2024 (EUR 1,480). UCS result per unit at
EUR 493 including the impacts of reduction in depreciation
costs and PPA, vs. EUR 575 in Q2 2024
Synergies3 stood at EUR 32 million in
Q3 2024, up from EUR 27 million in Q2 2024. In 9M 2024 synergies
amounted to EUR 80 million
Cost to income ratio3 stood at 63.4% in
Q3 2024 and 64.3% in 9M 2024
Cost of risk4 stood at 22 bps vs. 23
bps in Q2 2024, 9M 2024 cost of risk stood at 23 bps
Net income (group share) stood at EUR 147 million
in Q3 2024 and EUR 524 million in 9M 2024
Return on Tangible Equity (ROTE)5 stood
at 7.1% in Q3 2024 and 8.8% in 9M 2024
Earnings per share6 stood at EUR 0.15
in Q3 2024 and EUR 0.56 in 9M 2024
Earning assets7 were flat vs. end
June 2024, +5.8% vs. end September 2023
CET1 ratio stood at 12.6% as at end September
2024
On 31 October 2024, Tim Albertsen, CEO of Ayvens,
commenting on the third quarter 2024 Group results,
stated:
“Ayvens has continued to deliver steadily on
its integration roadmap, with robust business and financial
performance in a contrasted environment.
First, integration has been making good
progress in all aspects, notably with the successful execution of
IT platform migration in France which took place mid-October 2024.
Rebranding has continued to be rolled out, now covering 32
countries out of 42 in total. Rebranding has also concerned the
creation of Ayvens Bank, which is an important pillar of our Group
funding strategy. Ayvens is reaping the benefits of its
best-in-class combined remarketing channels that allow to leverage
its most profitable markets to optimize resale volumes and prices,
notably on electric vehicles. The ongoing integration of our legacy
treasury centres has been accompanied by a strong decrease in
Ayvens’ derivatives portfolio which will significantly reduce the
volatility of our financial results going forward. Finally, total
synergies have further increased this quarter, on track to reach
our 2024 objective.
From a financial standpoint, Ayvens has
demonstrated a robust performance this quarter again, though
negatively impacted by non-recurring items, with superior leasing
and services margins, good cost monitoring and solid capital
position.
Last but not least, I am happy to share that
Ecovadis has awarded Ayvens the Platinum medal which places our
Group in the top 1% of companies assessed by Ecovadis over the last
12 months. This clearly illustrates our commitment to be "better
with every move" as a leading global sustainable mobility
player.
I would like to thank all our staff for
their strong commitment to the delivery of our integration
roadmap.”
Q3 2024 FINANCIAL RESULTS
Fleet and earning assets
Earning assets increased by +5.8% year-on-year
to EUR 53.1 billion as at 30 September 2024 and has remained
broadly flat vs. 30 June 2024. The year-on-year increase was
primarily driven by inflation on car prices and the transition to
EVs, which have a higher value than ICE cars.
Ayvens’ total fleet amounted to 3.332 million as
at 30 September 2024, down -1.6% year-on-year, reflecting a
commercial selective approach to restore margins.
Fleet management contracts decreased by -2.9%
vs. 30 September 2023, remaining broadly stable vs. June 2024, at
680 thousand vehicles as at 30 September 2024.
Full-service leasing contracts reached 2.653
million vehicles as at end September 2024, down -1.3% year-on-year
on a like-for-like basis and down -1.2% vs. 30 June 2024.
EV penetration reached 39%8 of new
passenger car registrations in Q3 2024 in line with Q2 2024 level.
Ayvens’ BEV and PHEV9 penetration stood at 27% and 12%
respectively in Q3 2024.
Income statement10
In a softening economic environment, Ayvens
demonstrated the strength of its business model and market
positioning. The decrease in the Gross Operating Income compared to
the previous quarter, from EUR 785 million to EUR 724 million, is
mainly driven by lower services margin in July 2024 and
unfavourable non-recurring items which amounted to EUR -47 million
in Q3 2024 vs. EUR -21 million in Q2 2024.
The Group’s underlying financial performance
remained solid, with robust underlying margins11 which
stood at 521 bps and a Used Car Sales result that has remained at a
high level, at EUR 77 million in Q3 2024 vs. EUR 91 million in Q2
2024.
Leasing & Services
margins
Taken together, Leasing & Services margins
amounted to EUR 647 million in Q3 2024, decreasing by -6.8%
compared to Q2 2024. In 9M 2024, total margins reached EUR 2,047
million, an increase of +2.0% vs. 9M 2023, including a perimeter
change impact linked to the LeasePlan acquisition closing on 22 May
2023.
In Q3 2024 underlying margins16
increased by +1.0% in euros compared to Q3 2023 and decreased by
-3.0%
compared to Q2 2024. The quarter-on-quarter evolution is mainly
driven by lower services margin in July. Underlying
margins12 stood at 521 bps of average earning
assets, compared to 539 bps in Q2 2024. In 9M 2024, underlying
margins stood at 530 bps, reflecting the measures implemented to
restore profitability.
Non-recurring items totalled EUR -47
million in Q3 2024 vs. EUR -21 million in Q2 2024 and EUR 80
million in Q3 2023. Q3 2024 non-recurring items included notably a
mark-to-market of derivative and breakage revenues impact of EUR
-54 million, vs. EUR +12 million in Q2 2024, mainly due to the
decrease in interest rates during this quarter. Thanks to a
proactive reduction of LeasePlan’s legacy derivatives portfolio,
the sensitivity of this portfolio to a +10/-10 bps parallel shift
of interest rates has been further reduced, from EUR +6 million/EUR
-6 million as at 30 June 2024 to EUR +2 million/EUR -2 million as
at 30 September 2024. Hence, this derivatives portfolio, whose
mark-to-market value stood at EUR +14 million as at 30 September
2024 vs. EUR +69 million as at 30 June 2024, is expected to
generate lower volatility on the Group’s income statement going
forward.
The detailed list of non-recurring items is
presented in page 13.
Used car sales result
In Q3 2024, the Used Car Sales (UCS) result
reached EUR 77 million vs. EUR 91 million in Q2 2024, reflecting
the on-going gradual normalization of used car sales markets. 157
thousand cars were sold in Q3 2024, in line with Q2 2024 used cars
sales volume.
Q3 2024 UCS result was driven by:
- The normalization of used car markets: Ayvens’ UCS result per
unit13 excluding the negative impacts of reduction in
depreciation costs and PPA came in at EUR 1,420 per unit in Q3
2024, down EUR 60 vs. EUR 1,480 per unit in Q2 2024. This very
gradual decrease reflects a similar pattern as in previous
quarters, with UCS result on ICE vehicles still at a high level and
BEV negative impact having plateaued overall since the beginning of
the year.
- The slight increase in the negative impact of the reduction in
depreciation costs booked in the previous reporting periods: EUR
-70 million vs. EUR -68 million in Q2 2024.
- The PPA amortization at EUR -75 million stable vs. Q2
2024.
Including the impact of PPA and reduction in
depreciation costs from previous quarters, UCS result per unit
stood at EUR 493 in Q3 2024 vs. EUR 575 per unit in Q2 2024 and EUR
511 per unit in Q3 2023.
In 9M 2024, the UCS result stood at EUR 255
million, down vs. EUR 343 million in 9M 2023, driven by the
normalization of used car markets.
As at 30 September 2024, the Group’s stock of
reduction in depreciation costs to be reversed over the coming
years was EUR 392 million, of which EUR 79 million to be reversed
in Q4 2024. Likewise, the stock of PPA remaining to be amortized in
the income statement stood at EUR 100 million, of which EUR 75
million in Q4 2024.
Operating expenses
In Q3 2024, operating expenses amounted to EUR
460 million, up from EUR 445 million in the same period last year
but down from EUR 475m in Q2 2024, i.e. -3.2% quarter-on-quarter,
resulting from lower IT costs and on-going strong cost discipline
across all departments.
Cost to achieve (CTA) amounted to EUR 20
million, down vs. Q2 2024 which stood at EUR 33 million. Excluding
non-recurring items, operating expenses decreased by EUR 3 million
i.e. -0.6% vs. Q2 2024, reflecting cost containment
measures.
In 9M 2024, operating expenses reached EUR 1,425
million compared to EUR 1,075 million in the same period last year,
due to perimeter change impact. On a like-for-like
basis14, 9M 2024 operating expenses excluding
non-recurring items are broadly stable at +0.5% vs. 9M 2023.
The underlying Cost / Income ratio in Q3 2024
stood at 63.4%, an increase of 1.5ppt vs. Q2 2024, as the
-0.6% operational expenses
decrease quarter-on-quarter was offset by the impact of lower
services margin. Over 9M 2024, the cost-to-income ratio stood at
64.3%.
Cost of risk
Impairment charges on receivables came in at EUR
29 million in Q3 2024, compared to EUR 31 million in Q2 2024 and
EUR 22 million in Q3 2023. The cost of risk15 stood at
22 bps in Q3 2024 vs. 23 bps in Q2 2024 and 18 bps in Q3 2023. For
9M 2024, impairment charges were EUR 93 million vs. EUR 46 million
in the same period last year.
The increase in cost of risk in Q3 2024 and 9M
2024 compared to respectively Q3 2023 and 9M 2023 is primarily
driven by LeasePlan’s alignment on the Group’s provisioning
methodology.
Net income
Income tax expense came in at EUR 82 million
this quarter, down from EUR 132 million in Q3 2023 and up from EUR
71 million in Q2 2024. The effective tax rate increased to 35.5%,
impacted notably by the effect of hyperinflation in Turkey and
ongoing Group restructuring, vs. 25.5% in Q2 2024 which mainly
benefited from the tax deduction of AT1 interest coupons payment
that was accounted for its full-year impact in Q2 2024. For 9M
2024, the effective tax rate stood at 30.6%.
Non-controlling interests were EUR 1 million vs.
EUR 11 million in Q3 2023 following the redemption of LeasePlan’s
Tier 1 capital with third parties which occurred during Q2
2024.
Net income (Group share) reached EUR 147 million
in Q3 2024, compared to EUR 196 million in Q2 2024 and EUR 228
million in Q3 2023 which included EUR +80 million of non-recurring
revenue items. For 9M 2024, Net income (Group share) was EUR 524
million.
Diluted Earnings per share16 was EUR
0.15 vs. EUR 0.25 in Q3 2023.
The Return on Tangible Equity (ROTE) came in at
7.1% in Q3 2024, down from 10% in Q2 2024 and down vs. Q3 2023 at
12.6%.
BALANCE SHEET AND REGULATORY CAPITAL
Financial structure
Group shareholders’ equity17 totalled
EUR 10.2 billion as at 30 September 2024 vs. EUR 10.0 billion as at
31 December 2023. Net asset value per share18 (NAV) was
EUR 12.48 and net tangible asset value per share (NTAV) was
EUR 9.12 as at 30 September 2024, compared to EUR 12.28 and
EUR 8.95 respectively as at 31 December 2023.
Total balance sheet increased to EUR 74.5
billion as at 30 September 2024 from EUR 70.3 billion as at 31
December 2023, mainly on the back of the increase in cash balances
and short-term deposits with Societe Generale.
Financial debt19 stood at EUR
40.6 billion at the end of September 2024 vs. EUR 37.6 billion at
the end of December 2023, while deposits reached EUR 13.4 billion
compared to EUR 11.8 billion at the end of December 2023. 31% of
the financial debt consisted of loans from Societe Generale as at
end September 2024.
As part of its active liquidity management
strategy, Ayvens further diversified its funding in July 2024 by
issuing a EUR 750 million bond over 5 years, confirming the
market’s robust appetite for Ayvens debt instruments.
The Group has access to ample short-term
liquidity, with cash holdings at Central bank reaching EUR 5.4
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
58.3 billion as at 30 September 2024 under CRR2/CRD5 rules, with
credit risk-weighted assets accounting for 84% of the total. The
EUR 0.5 billion RWA increase compared to 30 June 2024 is mainly
explained by the combined increase in intra Societe Generale Group
deposits and the share of these deposits above 3 months.
Ayvens had a strong Common Equity Tier 1 ratio
of 12.6%, i.e. 324 basis points above the regulatory requirement of
9.33%20, and Total Capital ratio of 16.4% as at 30
September 2024, stable compared to 30 June 2024.
CONFERENCE CALL FOR INVESTORS AND ANALYSTS
- Date: 31 October, 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 Ayvens
Third Quarter 2024 Results
- Conference call:
- FR: +33 1 70 91 87 04
- UK: +44 121 281 8004
- US: +1 718 705 8796
- Access code: 457698
AGENDA
- 6 February 2025: Q4 and FY 2024 results
- 30 April 2025: Q1 2025 results
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About Ayvens |
|
Ayvens is a leading global sustainable mobility player committed to
making life flow better. We’ve been improving mobility for decades,
providing full-service leasing, flexible subscription services,
fleet management and multi-mobility solutions to large
international corporates, SMEs, professionals and private
individuals. |
|
With more than 14,500 employees across 42 countries, 3.3
million
vehicles and the world’s largest multi-brand EV fleet,
we are in a unique position to lead the way to net zero and
spearhead the digital transformation of the mobility sector. The
company is listed on Compartment A of Euronext Paris (ISIN:
FR0013258662; Ticker: AYV). Societe Generale Group is Ayvens
majority shareholder.
Find out more at ayvens.com |
|
|
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Press contact |
Elise Boorée
Communications Department
Tel: +33 (0)6 25 01 24 16
elise.booree@ayvens.com |
|
|
|
The information contained in this document (the
“Information”) has been prepared by Ayvens (the “Company”) solely
for informational purposes. The Information is proprietary to the
Company. This press release and its content may not be reproduced
or distributed or published, directly or indirectly, in whole or in
part, to any other person for any purpose without the prior written
permission of the Company.
The Information is not an offer to buy or sell
or a solicitation of an offer to buy or sell any security or
instrument or to participate in any trading strategy, and does not
constitute a recommendation of, or advice regarding investment in,
any security or an offer to provide, or solicitation with respect
to, any securities-related services of the Company. This press
release is information given in a summary form and does not purport
to be complete. It is not intended to be relied upon as advice to
investors or potential investors and does not take into account the
investment objectives, financial situation or needs of any
particular investor. Investors should consult the relevant offering
documentation, with or without professional advice when deciding
whether an investment is appropriate.
This document contains forward-looking
statements relating to the targets and strategies of the Company.
These forward-looking statements are based on a series of
assumptions, both general and specific, in particular the
application of accounting principles and methods in accordance with
IFRS (International Financial Reporting Standards) as adopted in
the European Union. These forward-looking statements have also been
developed from scenarios based on a number of economic assumptions
in the context of a given competitive and regulatory environment.
The Company may be unable to:
- anticipate all the risks, uncertainties or other factors likely
to affect its business and to appraise their potential
consequences
- evaluate the extent to which the occurrence of a risk or a
combination of risks could cause actual results to differ
materially from those provided in this document and the related
presentation.
Therefore, although the Company believes that
these statements are based on reasonable assumptions, these
forward-looking statements are subject to various risks and
uncertainties, including matters not yet known to it or its
management or not currently considered material, and there can be
no assurance that anticipated events will occur or that the
objectives set out will actually be achieved. Important factors
that could cause actual results to differ materially from the
results anticipated in the forward-looking statements include,
among others, overall trends in general economic activity and in
the Company’s markets in particular, regulatory and prudential
changes, and the success of the Company’s strategic, operating and
financial initiatives. Unless otherwise specified, the sources for
the business rankings and market positions are internal.
Other than as required by applicable law, the
Company does not undertake any obligation to update or revise any
forward-looking information or statements, opinion, projection,
forecast or estimate set forth herein. More detailed information on
the potential risks that could affect the Company’s financial
results can be found in the 2023 Universal Registration Document
filed with the French financial markets authority (Autorité des
marchés financiers).
Investors are advised to take into account
factors of uncertainty and risk likely to impact the operations of
the Company when considering the information contained in such
forward-looking statements. To the maximum extent permitted by law,
none of the Company or any of its affiliates, directors, officers,
advisors and employees shall bear any liability (in negligence or
otherwise) for any direct or indirect loss or damage which may be
suffered by any recipient through use or reliance on anything
contained in or omitted from this document and the related
presentation or any other information or material arising from any
use of these press release materials or their contents or otherwise
arising in connection with these materials.
The financial information presented for quarter
ending 30 September 2024 was reviewed by the Board of Directors on
30 October 2024 and has been prepared in accordance with IFRS as
adopted in the European Union and applicable at this date.
By receiving this document and/or attending the
presentation, you will be deemed to have represented, warranted and
undertaken to have read and understood the above notice and to
comply with its contents.
Appendix
CONSOLIDATED INCOME STATEMENT
|
in EUR million |
Q3 2024 |
Q3 2023 |
Q Var. |
9M 2024 |
9M 2023 |
9M Var. |
|
Leasing Contract Revenues |
2,775.8 |
2,418.8 |
14.8% |
8,145.3 |
5,433.9 |
49.9% |
|
Leasing Contract Costs - Depreciation |
(2,011.1) |
(1,712.4) |
17.4% |
(6,037.7) |
(3,752.6) |
60.9% |
|
Leasing Contract Costs - Financing |
(505.0) |
(341.8) |
47.7% |
(1,391.5) |
(607.4) |
129.1% |
|
Unrealised Gains/Losses on Financial Instruments |
(41.8) |
(38.4) |
8.7% |
35.0 |
20.7 |
68.9% |
|
Leasing Contract Margin |
217.9 |
326.2 |
-33.2% |
751.1 |
1,094.6 |
-31.4% |
|
Services Revenues |
1,338.2 |
1,312.2 |
2.0% |
4,130.3 |
3,014.8 |
37.0% |
|
Cost of Services Revenues |
(909.5) |
(897.4) |
1.4% |
(2,834.9) |
(2,113.5) |
34.1% |
|
Services Margin |
428.6 |
414.8 |
3.3% |
1,295.3 |
901.9 |
43.6% |
|
Leasing Contract and Services Margins |
646.5 |
741.0 |
-12.7% |
2,046.5 |
1,996.5 |
2.5% |
|
Proceeds of Cars Sold |
2,228.3 |
1,828.5 |
21.9% |
6,663.6 |
4,354.5 |
53.0% |
|
Cost of Cars Sold |
(2,151.1) |
(1,754.6) |
22.6% |
(6,408.7) |
(3,995.2) |
60.4% |
|
Used Car Sales result |
77.2 |
73.9 |
4.4% |
254.9 |
359.3 |
-29.1% |
|
Gross Operating Income |
723.7 |
814.9 |
-11.2% |
2,301.4 |
2,355.7 |
-2.3% |
|
Staff Expenses |
(277.2) |
(272.4) |
1.8% |
(889.9) |
(634.3) |
40.3% |
|
General and Administrative Expenses |
(138.1) |
(133.0) |
3.8% |
(410.8) |
(354.0) |
16.1% |
|
Depreciation and Amortisation |
(44.6) |
(43.3) |
2.9% |
(124.0) |
(92.5) |
34.1% |
|
Total Operating Expenses |
(459.9) |
(448.7) |
2.5% |
(1,424.8) |
(1,080.8) |
31.8% |
|
Cost/Income ratio (excl UCS) |
71.1% |
60.6% |
|
69.6% |
54.1% |
|
|
Impairment Charges on Receivables |
(28.8) |
(21.8) |
32.3% |
(92.5) |
(46.3) |
99.7% |
|
Other income |
(7.3) |
(4.0) |
83.3% |
0.5 |
4.6 |
-89.2% |
|
Non-Recurring Income (Expenses) |
0.0 |
0.1 |
0.0 |
0.0 |
0.1 |
n.a |
|
Operating Result |
227.7 |
340.4 |
-33.1% |
784.6 |
1,233.3 |
-37.6% |
|
Share of Profit of Associates and Jointly Controlled Entities |
2.0 |
3.3 |
-40.3% |
5.8 |
4.8 |
143.4% |
|
Profit Before Tax |
229.7 |
343.7 |
-33.2% |
790.4 |
1,238.1 |
-0.20% |
|
Income Tax Expense |
(81.6) |
(120.3) |
-32.1% |
(241.5) |
(355.7) |
15.80% |
|
Result from discontinued operations |
0.0 |
14.0 |
n.a |
0.0 |
(77.4) |
n.a |
|
Net income |
148.0 |
237.3 |
-37.6% |
548.9 |
805.0 |
-13.70% |
|
Non-controlling interests |
(1.4) |
(11.2) |
-87.9% |
(25.0) |
(17.5) |
585.50% |
|
Net income group share |
146.7 |
226.2 |
-35.2% |
523.9 |
787.6 |
-16.20% |
BALANCE SHEET AS AT 30 SEPTEMBER 2024
|
in EUR million |
30 September 2024 |
30 June 2024 |
31 December 202321 |
|
Earning assets |
53,127 |
53,235 |
52,055 |
|
o/w Rental fleet |
51,068 |
51,114 |
49,791 |
|
o/w Finance lease receivables |
2,059 |
2,121 |
2,264 |
|
Cash & Cash deposits with the ECB |
5,399 |
4,794 |
3,997 |
|
Intangibles (incl. goodwill) |
2,737 |
2,728 |
2,719 |
|
Operating lease and other receivables |
8,688 |
7,327 |
6,518 |
|
Other |
4,501 |
4,763 |
5,023 |
|
Total assets |
74,451 |
72,846 |
70,312 |
|
Group shareholders' equity |
10,935 |
10,802 |
10,789 |
|
o/w Group shareholders’ equity excl. AT1 |
10,185 |
10,052 |
10,039 |
|
Tangible shareholders’ equity |
7,445 |
7,339 |
7,301 |
|
o/w AT122 |
750 |
750 |
750 |
|
Non-controlling interests |
30 |
30 |
526 |
|
o/w non-controlling interests excl. AT1 |
30 |
30 |
28 |
|
o/w non-controlling interests - AT123 |
0 |
0 |
498 |
|
Total equity |
10,965 |
10,832 |
11,315 |
|
Deposits |
13,418 |
13,090 |
11,785 |
|
Financial debt |
40,603 |
39,460 |
37,627 |
|
Trade and other payables |
6,052 |
6,042 |
6,107 |
|
Other liabilities |
3,413 |
3,423 |
3,479 |
|
Total liabilities and equity |
74,451 |
72,846 |
70,312 |
Details of operating income components in the
income statement
|
in EUR million |
Q3 2023 |
Q4 2023 |
Q1 2024 |
Q2 2024 |
Q3 2024 |
| Fleet
revaluation and reduction in depreciation costs |
114 |
107 |
18 |
7 |
- |
| MtM of
derivatives and breakage revenues |
-82 |
-137 |
10 |
12 |
-54 |
|
Hyperinflation in Turkey |
46 |
-27 |
-2 |
-37 |
10 |
|
Reversal of entities transferred to discontinued operations |
-24 |
- |
- |
- |
- |
| Impact
of PPA |
26 |
7 |
-2 |
-2 |
-2 |
|
Total non-recurring items |
80 |
-50 |
23 |
-21 |
-47 |
EARNINGS PER SHARE (EPS)
|
Basic EPS |
9M 2024 |
9M 2023 |
|
Existing shares |
816,960,428 |
816,960,428 |
|
Shares allocated to cover stock options and shares awarded to
staff |
-839,734 |
-1,114,336 |
|
Treasury shares in liquidity contracts |
-146,065 |
-146,298 |
|
End of period number of shares |
815,974,629 |
815,699,794 |
|
|
|
|
|
Weighted average number of shares used for EPS calculation
(A)24 |
815,821,533 |
676,183,905 |
|
|
|
|
|
in EUR million |
|
|
|
Net income group share |
524.0 |
787.6 |
|
Deduction of interest on AT1 capital |
-55.0 |
-26.5 |
|
Net income group share after deduction of interest on AT1 capital
(B) |
468.9 |
761.1 |
|
Basic EPS (in EUR) (B/A) |
0.57 |
1.13 |
|
|
|
Diluted EPS |
9M 2024 |
9M 2023 |
|
Existing shares |
816,960,428 |
816,960,428 |
|
Shares issued for no consideration25 |
17,798,524 |
19,048,759 |
|
End of period number of shares |
834,758,952 |
836,009,187 |
|
|
|
|
|
Weighted average number of shares used for EPS calculation
(A’) |
834,968,049 |
685,862,470 |
|
|
|
|
|
Diluted EPS (in EUR) (B/A’) |
0.56 |
1.11 |
Return on tangible equity (ROTE)
|
in EUR million |
Q3 2024 |
Q3 2023 |
|
9M 2024 |
9M 202326 |
| Group
shareholders' equity |
10,935.3 |
10,841.3 |
|
10,935.3 |
10,841.3 |
| AT1
capital |
(750.0) |
(750.0) |
|
(750.0) |
(750.0) |
|
Dividend provision and interest on AT1 capital27 |
(253.5) |
(399.2) |
|
(253.5) |
(399.2) |
| OCI
excluding conversion reserves |
16.0 |
(8.5) |
|
16.0 |
(8.5) |
|
Equity base for ROE calculation end of period |
9,947.8 |
9,683.5 |
|
9,947.8 |
9,683.5 |
|
Goodwill |
2,073.2 |
2,392.4 |
|
2,073.2 |
2,392.4 |
|
Intangible assets |
663.4 |
598.5 |
|
663.4 |
598.5 |
| |
|
|
|
|
|
|
Average equity base for ROE calculation |
9,915.7 |
9,591.4 |
|
9,795.2 |
7,962.4 |
|
Average Goodwill |
2,073.2 |
2,377.6 |
|
2,073.2 |
1,505.5 |
|
Average Intangible assets |
659.2 |
580.5 |
|
654.7 |
362.5 |
|
Average tangible equity for ROTE calculation |
7,183.2 |
6,633.3 |
|
7,067.3 |
6,094.4 |
| |
|
|
|
|
|
| Group
net income after non-controlling interests |
146.7 |
226.2 |
|
523.9 |
787.6 |
|
Interest on AT1 capital |
(18.5) |
(18.7) |
|
(55.0) |
(26.5) |
|
Adjusted Group net income |
128.2 |
207.5 |
|
468.8 |
761.0 |
|
|
|
|
|
|
|
|
ROTE |
7.1% |
12.5% |
|
8.8% |
16.7% |
CRR2/CRD5 prudential capital ratios and Risk
Weighted Assets
|
in EUR million |
30 September 2024 |
30 June 2024 |
| Group
shareholders’ equity |
10,935 |
10,802 |
| AT1
capital |
(750) |
(750) |
|
Dividend provision & interest on AT1 capital28 |
(253) |
(171) |
|
Goodwill and intangible assets |
(2,737) |
(2,728) |
|
Deductions and regulatory adjustments |
129 |
89 |
|
Common Equity Tier 1 capital |
7,324 |
7,243 |
| AT1
capital |
750 |
750 |
|
Tier 1 capital |
8,074 |
7,993 |
| Tier 2
capital |
1,500 |
1,500 |
|
Total capital (Tier 1 + Tier 2) |
9,574 |
9,493 |
|
|
|
|
|
Risk-Weighted Assets |
58,336 |
57,824 |
|
Credit Risk Weighted Assets |
49,205 |
48,450 |
|
Market Risk Weighted Assets |
2,554 |
2,556 |
|
Operational Risk Weighted Assets |
6,578 |
6,818 |
|
|
|
|
|
Common Equity Tier 1 ratio |
12.6% |
12.5% |
|
Tier 1 ratio |
13.8% |
13.8% |
|
Total Capital ratio |
16.4% |
16.4% |
Tangible book value per share
|
in EUR million |
30 September 2024 |
30 June 2024 |
31 December 202329 |
|
Group shareholders' equity |
10,935.3 |
10,802.4 |
10,789.1 |
| Deeply
subordinated and undated subordinated notes |
(750.0) |
(750.0) |
(750.0) |
|
Interest of deeply subordinated and undated subordinated notes |
(19.1) |
(0.6) |
(37.2) |
|
Book value of treasury shares |
15.2 |
15.4 |
18.2 |
|
Net Asset Value (NAV) |
10,181.5 |
10,067.1 |
10,020.1 |
|
Goodwill |
(2,073.2) |
(2,073.2) |
(2,073.2) |
|
Intangible assets |
(663.4) |
(655.0) |
(645.9) |
|
Net Tangible Asset Value (NTAV) |
7,444.8 |
7,338.9 |
7,300.9 |
| Number
of shares30 |
815,974,629 |
815,951,524 |
815,691,541 |
|
NAV per share |
12.48 |
12.34 |
12.28 |
|
NTAV per share |
9.12 |
8.99 |
8.95 |
| Net
Tangible Asset Value (NTAV) after dividend
provision31 |
7,210.4 |
7,168.6 |
6,917.4 |
|
NTAV per share after dividend provision |
8.84 |
8.79 |
8.48 |
Restated Quarterly series
|
(in EUR million)(1) |
Q3 202232 |
Q4
202233 |
Q1 2023 |
Q2 202333 34 |
Q3 202334 |
Q4 202334 |
Q1 202434 |
Q2 202434 |
Q3 2024 |
|
Leasing Contract Margin |
273.4 |
428.1 |
367.1 |
387.5 |
341.0 |
165.3 |
282.0 |
251.2 |
217.9 |
|
Services Margin |
185.1 |
197.3 |
174.1 |
311.4 |
425.4 |
433.4 |
424.2 |
442.5 |
428.6 |
|
Leasing Contract and Services
Margins |
458.6 |
625.5 |
541.1 |
698.9 |
766.4 |
598.7 |
706.2 |
693.7 |
646.5 |
|
Used Car Sales Result |
191.0 |
123.9 |
190.5 |
87.0 |
65.7 |
(13.4) |
86.9 |
90.8 |
77.2 |
|
Gross Operating Income |
649.6 |
749.4 |
731.6 |
785.9 |
832.2 |
585.3 |
793.1 |
784.5 |
723.7 |
|
Total Operating Expenses |
(219.4) |
(259.6) |
(260.5) |
(369.7) |
(444.5) |
(516.9) |
(489.6) |
(475.3) |
(459.9) |
|
Impairment Charges on Receivables |
(13.5) |
(13.8) |
(8.8) |
(15.7) |
(21.8) |
(24.4) |
(33.1) |
(30.5) |
(28.8) |
|
Non-Recurring Income (Expenses) |
- |
(50.6) |
(20.6) |
33.1 |
(12.4) |
(28.8) |
9.0 |
(1.2) |
(7.3) |
|
Share of profit of associates and jointly controlled
entities |
0.3 |
0.3 |
0.8 |
0.8 |
3.3 |
1.6 |
1.5 |
2.3 |
2.0 |
|
Profit Before Tax |
417.1 |
425.7 |
442.6 |
434.3 |
356.7 |
16.8 |
280.9 |
279.9 |
229.7 |
|
Income tax expense |
(98.3) |
(138.8) |
(125.6) |
(101.4) |
(131.5) |
(7.2) |
(88.4) |
(71.4) |
(81.6) |
|
Result from discontinued operations |
- |
- |
- |
(91.3) |
14.0 |
(0.2) |
- |
- |
- |
|
Non-controlling interests |
(0.8) |
(7.2) |
(1.5) |
(4.8) |
(11.2) |
(10.4) |
(11.1) |
(12.5) |
(1.4) |
|
Net Income (Group share) |
318.0 |
284.7 |
315.5 |
236.7 |
228.0 |
(1.0) |
181.3 |
195.9 |
146.7 |
|
|
|
|
|
|
|
|
|
|
|
|
(in '000) |
30.09.2022 |
31.12.2022 |
31.03.2023 |
30.06.2023 |
30.09.2023 |
31.12.2023 |
31.03.2024 |
30.06.2024 |
30.09.2024 |
|
Total Contracts |
1,762 |
1,806 |
1,815 |
3,496 |
3,394 |
3,420 |
3,386 |
3,373 |
3,332 |
|
Full service leasing contracts |
1,454 |
1,464 |
1,473 |
2,755 |
2,692 |
2,709 |
2,699 |
2,686 |
2,653 |
|
Fleet management contracts |
308 |
342 |
342 |
741 |
703 |
710 |
686 |
686 |
680 |
1 Leasing and Services margins
excluding non-recurring items
2 Management information
3 Excluding UCS result, non-recurring
items
4 Annualized impairment charges on
receivables expressed as a percentage of average earning assets
5 Net income group share after
deduction of interest on AT1 capital divided by average shareholder
equity before non‑controlling interests, goodwill and intangible
assets
6 Diluted Earnings per share,
calculated according to IAS 33. Basic EPS for Q3 2024 at EUR
0.16
7 Net carrying amount of the rental
fleet plus net receivables on finance leases
8 Management information, in EU+:
European Union, UK, Norway, Switzerland
9 Plug-in Hybrids
10 LeasePlan consolidated from 22 May
2023
11 Excluding impacts of non-recurring
items
12 Annualized
13 Management information
14 Cf. Q3 2023 financial
communication like-for-like disclosure
15 Annualized impairment charges on
receivables expressed as a percentage of arithmetic average of
earning assets
16 Calculated according to IAS 33.
Basic EPS at EUR 0.16. Under IAS 33, EPS is computed using the
average number of shares weighted by time apportionment
17 Excluding Additional Tier 1
capital
18 Before dividend provision
19 Excluding Additional Tier 1
capital
20 Based on estimated contracyclical
capital buffers, the Maximum Distributable Amount (MDA) is expected
to stand at 9.33% in Q4 2024
21 Restated for PPA update and
adjustment on Fleetpool’s fleet depreciation costs
22 AT1 issued by ALD and subscribed
by parent Societe Generale
23 AT1 issued by LeasePlan and
subscribed by external parties
24 Average number of shares weighted
by time apportionment
25 Assuming exercise of warrants, as
per IAS33
26 Group shareholders’ equity
restated for PPA update
27 The dividend provision assumes a
payout ratio of 50% of net Income group share, after deduction of
interest on AT1 capital
28 The dividend provision assumes a
payout ratio of 50% of Net Income group share, after deduction of
interest on AT1 capital
29 Group shareholders’ equity
restated for PPA update and adjustment on Fleetpool’s fleet
depreciation costs
30 The number of shares considered is
the number of ordinary shares outstanding at end of period,
excluding treasury shares
31 The dividend provision assumes a
payout ratio of 50% of net Income group share, after deduction of
interest on AT1 capital
32 Restated for IFRS 17, which
applies from 1 January 2023
33 Including i) impact of LeasePlan’s
Purchase Price Allocation and its Q2 2024 adjustment, attributed to
each quarter since acquisition closing instead of being allocated
to Q4 2023 and Q2 2024 only and ii) adjustment on Fleetpool‘s fleet
depreciation costs which resulted in an accounting restatement of
the comparative income statement for 2023
34 Q2 2023 non-controlling interests
were corrected to include the interest coupons to holders of AT1
issued by LeasePlan and subscribed by external parties
- 241031-Ayvens Q3 24 PR_final
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