• Sound Q2 2024 financial results and integration moving forward

    المصدر: Nasdaq GlobeNewswire / 01 أغسطس 2024 00:30:00   America/Chicago

    Q2 2024 RESULTS1   

    Leasing and Services margins Underlying margins2 increased to 539 bps vs. 522 bps in Q1 2024. Margins stood at EUR 693 million, down by -1.9% vs. Q1 2024, due to non-recurring items, notably the impact of hyperinflation accounting in Turkey for EUR -37 million  
    Used Car Sales (UCS) result per unit at EUR 1,4803 excluding the impacts of reduction in depreciation costs and Purchase Price Allocation (PPA), gradually decreasing vs. Q1 2024 (EUR 1,661). UCS result per unit at EUR 575 including the impacts of reduction in depreciation costs and PPA, stable vs. Q1 2024
    Cost to income ratio4 at 61.9%, improving from 67.7% in Q1 2024
    Cost of risk5 at 23 bps vs. 25 bps in Q1 2024
    Net income (group share) at EUR 189 million, stable vs. Q1 2024 (EUR 188 million)
    Return on Tangible Equity (ROTE)6 at 9.6%
    Earnings per share7 at EUR 0.21
    Earning assets8 up 9.5% vs. end June 2023

    CET1 ratio at 12.5% as at end June 2024

    On 1 August 2024, Tim Albertsen, CEO of Ayvens, commenting on the second quarter 2024 Group results, stated:


    “Ayvens had another solid quarter marked both by a sound financial performance and further progress on the integration of LeasePlan.

    Indeed, our Q2 2024 results confirm the financial upturn initiated at the beginning of the year with solid revenues, focusing on profitable growth and controlled costs, demonstrating our commitment and capacity to deliver on our strategic roadmap.

    Integration is moving forward and gaining momentum across the company. For our customers, the Ayvens’ brand name that establishes our company as a leading global mobility player is now live in twenty countries. The legal integration of local entities in overlapping countries has been completed in France and the Netherlands, our flagship locations, as well as for our insurance business in Dublin. Finally, we are streamlining and optimizing our combined procurement operations, insurance activities, commerce forces and IT architecture and have already begun to reap the benefits of our integration journey.

    Ayvens is progressing at a high pace in its transformational journey and I am grateful to all our teams for their unwavering commitment.”  

    MOVING FORWARD WITH LEASEPLAN INTEGRATION

    Simplifying the Group’s legal structure and IT architecture

    Ayvens is moving forward in its integration journey after the Group obtained the Declaration of No-Objection (DNO) from the European Central Bank and the Dutch National Bank in March 2024. As at today, entities have been legally integrated in four countries, including France and the Netherlands, all four accounting for c. 31% of the Group’s funded fleet. Rebranding has gained momentum, now concerning twenty entities and IT migration has been successfully executed in three countries. These are key steps in the successful building-up of Ayvens leadership in the mobility industry.

    Delivering on synergies

    Integration has contributed to generate EUR 27m synergies in Q2 2024, an increase of EUR +7m compared to previous quarter. These synergies reflect mostly the benefits of supply contract renegotiations and new tenders in procurement services, as well as the transfer of 455,000 insured vehicles since the beginning of the year to more profitable direct insurance schemes. With the cumulative EUR 47m synergies delivered since the beginning of the year, operational execution is on track to achieve the EUR 120m P&L pre-tax synergies targeted over the full year 2024.  

    MANAGING ELECTRIC VEHICULES ASSET VALUE THROUGHOUT LIFE CYCLE

    Drawing on its advanced residual value management system built up over 23 years of experience in the industry, Ayvens has put in place a dedicated framework to manage responsibly the EV transition. This set-up ensures adequate valuation of its lease assets throughout their life cycle, from onboarding to remarketing.

    Q2 2024 FINANCIAL RESULTS

    Fleet and earning assets

    Earning assets increased by 9.5% year-on-year to EUR 53.2 billion as at 30 June 2024. This 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 has remained broadly flat year-on-year at 3.373 million, -0.4% vs. end June 2023, reflecting a commercial selective approach to restore margins.

    Fleet management contracts decreased by -4.9% vs. June 2023, remaining broadly stable vs. March 2024, at 0.686 million vehicles as at 30 June 2024.

    Full-service leasing contracts reached 2.686 million vehicles as at end June 2024, up 0.8% year-on-year on a like-for-like basis, and down -0.5% vs. March 2024.  

    EV penetration reached 39%9 of new passenger car registrations in Q2 2024 vs. 36% in Q1 2024. Ayvens’ BEV and PHEV10 penetration stood at 26% and 13% respectively in Q2 2024.

    Income statement11

    LeasePlan Purchase Price Allocation has been adjusted in Q2 2024 within one year from acquisition closing in accordance with IFRS3 “Business combinations”, leading to an impact of EUR -25 million on net assets, of which EUR -63 million relate to the reassessment of LeasePlan’s software valuation, offset by a subsequent increase of EUR +60 million in lease assets and EUR -22 million of correction of other assets and liabilities.

    All financial data presented and commented thereafter have been restated for the total impact of LeasePlan’s Purchase Price Allocation attributed to each quarter since acquisition closing and the adjustment of Fleetpool’s fleet depreciation costs which resulted in an accounting restatement of the comparative income statement for 2023. These restatements are presented on page 20.

    In a backdrop of a subdued economic environment, Ayvens’ results confirmed the upturn recorded in the previous quarter with stabilization of Gross Operating Income at EUR 785 million, down -1.1% compared to previous quarter, with a further improvement of underlying margins12 and a Used Car Sales result that has remained at a high level. Non-recurring items stood at EUR -21 million in Q2 2024 compared to EUR +23 million in the previous quarter.

    Leasing & Services margins

    Taken together, Leasing & Services margins amounted to EUR 694 million in Q2 2024, a slight decrease of -1.8% compared to Q1 2024. In H1 2024, total margins reached EUR 1,400 million, an increase of +12.9% vs. H1 2023, including a perimeter change impact linked to the LeasePlan acquisition closing on 22 May 2023.

    In Q2 2024 underlying margins16 increased by +36.9% in euros compared to Q2 2023 linked to perimeter change impact and +4.6% compared to Q1 2024. The quarter-on-quarter evolution reflects the measures implemented to restore margins, through improved pricing on new contracts, selective commercial approach and limitations on informal contracts’ extensions. Besides, synergies extracted from the combination with LeasePlan, mainly on procurement and insurance, increased to EUR 27 million this quarter compared to EUR 20 million in Q1 202413. Underlying margins14 stood at 539 bps of average earning assets, compared to 522 bps in Q1 2024.

    Non-recurring items totalled EUR -21 million in Q2 2024 vs. EUR +23 million in Q1 2024 and EUR +177 million in Q2 2023. Q2 2024 non-recurring items included notably the effects of hyperinflation accounting in Turkey for EUR -37 million vs. EUR -2m in Q1 2024. The detailed list of non-recurring items is presented in page 15.

    Used car sales result

    In Q2 2024, the Used Car Sales (UCS) result reached EUR +91 million, higher than in Q1 2024 and Q2 2023 which both stood at EUR +87 million. 158 thousand cars were sold in Q2 2024, an increase of 6 thousand units vs. Q1 2024.

    Q2 2024 UCS result was driven by:

    • The normalization of used car markets: Ayvens’ UCS result per unit15 excluding the negative impacts of reduction in depreciation costs and PPA came in at EUR 1,480 per unit in Q2 2024, down EUR 181 vs. EUR 1,661 per unit in Q1 2024. This gradual decrease reflects the same pattern as in previous quarter, with UCS result on ICE vehicles still at a high level and BEV negative impact remaining stable compared to Q1 2024.
    • The increase in net book value of the vehicles sold due to the reduction in depreciation costs booked in the previous reporting periods: EUR -68 million vs. EUR -90 million in Q1 2024.
    • The PPA amortization at EUR -75 million stable vs. Q1 2024.

    Including the impact of PPA and reduction in depreciation costs from previous quarters, UCS result per unit was EUR 575 in Q2 2024 vs. EUR 573 per unit in Q1 2024 and EUR 905 per unit in Q2 2023.

    In H1 2024, the UCS result stood at EUR +178 million, down vs. EUR +278 million in H1 2023, driven by the normalization of used car markets.

    As at 30 June 2024, the Group’s stock of reduction in depreciation costs to be reversed over the coming years was EUR 462 million, of which EUR 149 million to be reversed by the end of 2024. Likewise, the stock of PPA remaining to be amortized in the income statement stood at EUR 176 million, of which EUR 151 million in H2 2024.

    Operating expenses

    In Q2 2024, operating expenses amounted to EUR 475 million, up from EUR 370 million in the same period last year, due to the consolidation of LeasePlan, but down quarter-on-quarter (-2.9% vs. Q1 2024), resulting from lower IT costs and strong cost discipline across all departments.

    Cost to achieve (CTA) accounted for EUR 33 million, up EUR 7 million vs. Q1 2024 which stood at EUR 26 million. Excluding non-recurring items, operating expenses decreased by EUR 20 million i.e. -4.3% vs. Q1 2024.

    The combination of lower costs and higher underlying margins compared to Q1 2024 led to an improvement quarter-on-quarter of the Cost/Income ratio excl. UCS result at 61.9% compared to 67.7% in Q1 2024.

    In H1 2024, operating expenses reached EUR 965 million compared to EUR 630 million in the same period last year, due to perimeter change impact. H1 2024 Cost/Income ratio excl. UCS result stood at 64.7%.

    Cost of risk

    Impairment charges on receivables came in at EUR 31 million in Q2 2024, compared to EUR 33 million in Q1 2024 and the exceptionally low Q2 2023 amount of EUR 16 million16. The cost of risk17 stood at 23 bps in Q2 2024 vs. 25 bps in Q1 2024 and 17 bps in Q2 2023. For H1 2024, impairment charges were EUR 64 million vs. EUR 24 million in the same period last year.

    The increase in cost of risk in Q2 2024 and H1 2024 compared to respectively Q2 2023 and H1 2023 is primarily driven by LeasePlan’s alignment on the Group’s provisioning methodology.

    Net income

    Income tax expense came in at EUR 71 million this quarter, down from EUR 101 million in Q2 2023 and EUR 88 million in Q1 2024. The effective tax rate decreased to 25.5% from 31.5% in Q1 2024, mainly benefiting from the tax deduction of AT1 interest coupons payment which was accounted for its full-year impact in Q2 2024.

    Non-controlling interests were EUR -13 million vs. EUR -5 million in Q2 2023 due to the consolidation since 22 May 2023 of LeasePlan, whose AT1 interest coupons payments to third parties are accounted for as non-controlling interests for EUR 11 million.

    Net income (Group share) reached EUR 196 million in Q2 2024, compared to EUR 181 million in Q1 2024 and in EUR 237 million in Q2 2023 which included EUR +177 million of pre-tax non-recurring items. For H1 2024, Net income (Group share) was EUR 377 million, down 31.7% vs. H1 2023.

    Diluted Earnings per share18 was EUR 0.21 vs. EUR 0.35 in Q2 2023.

    The Return on Tangible Equity (ROTE) came in at 10.0% in Q2 2024, up from 9.4% in Q1 2024 and down vs. Q2 2023 at 15.0%.

    BALANCE SHEET AND REGULATORY CAPITAL

    Financial structure

    Group shareholders’ equity19 totalled EUR 10.1 billion as at 30 June 2024 (vs. EUR 10.0 billion as at 31 December 2023). Net asset value per share20 (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 31 December 2023.

    Total balance sheet increased to EUR 72.8 billion as at 30 June 2024 from EUR 70.3 billion as at 31 December 2023, mainly on the back of the increase in earning assets and cash balances.

    Financial debt21  stood at EUR 39.5 billion at the end of June 2024 vs. EUR 37.6 billion at the end of December 2023, while deposits reached EUR 13.1 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 June 2024.

    On 29 May 2024 Ayvens redeemed LeasePlan’s EUR 500 million Undated Deeply Subordinated Additional Tier 1 Fixed Rate Resettable Callable Capital Securities.

    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. Ayvens has a EUR 4 billion to EUR 5 billion funding programme planned for 2024 of which close to 80% is executed as at today.

    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

    As at 30 June 2024, the Group assessment of the earn-out consideration to be paid to LeasePlan selling shareholders led to a EUR -72 million impact on regulatory capital in relation to an improvement of capital treatment of counterparty credit risk. The combined impact of the PPA and contingent consideration adjustments has resulted in a total EUR -97 million impact on regulatory capital.

    Ayvens’ risk-weighted assets (RWA) totalled EUR 57.8 billion as at 30 June 2024 under CRR2/CRD5 rules, with credit risk-weighted assets accounting for 84% of the total. The EUR 0.4 billion increase compared to 31 December 2023 is mainly explained by fleet growth (EUR +1.2 billion), partially offset by the evolution  of the orderbook and inventory (EUR -1.0 billion) over the last 6 months, and the annual update of operational risk on the LeasePlan parameter (EUR +0.6 billion) at end 2023.

    Ayvens had a strong Common Equity Tier 1 ratio of 12.5%, i.e. around 320 basis points above the regulatory requirement of 9.33%22, and Total Capital ratio of 16.4% as at 30 June 2024, stable compared to 31 December 2023.


    CONFERENCE CALL FOR INVESTORS AND ANALYSTS

    • Date:  1 August, 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 https://edge.media-server.com/mmc/p/e7ennbf9
    • Conference call:
      • FR: +33 1 70 91 87 04
      • UK: +44 121 281 8004
      • US: +1 718 705 8796
      • Access code: 457698

    AGENDA

    • 31 October 2024: Q3 2024 results
    • 6 February 2025: Q4 and FY 2024 results
    •  
    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, 3.4 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.

    Find out more at ayvens.com


     
    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 estimated consolidated financial information presented for six-month period ending 30 June 2024 was reviewed by the Board of Directors on 29 July 2024 and has been prepared in accordance with IFRS as adopted in the European Union and applicable at this date. The limited review procedures carried out by the statutory auditors on the consolidated condensed financial statements are in progress.

    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 millionQ2 2024Q2 2023Q Var.H1 2024H1 2023 H Var.
    Leasing contract revenues2,709.71,758.754.1%5.369,63,015.178.1%
    Leasing Contract Costs -     Depreciation(2,018.4)(1,217.7)65.8%(4,026.5)(2,040.2)97.4%
    Leasing Contract Costs - Financing(443.9)(175.7)152.6%(886.6)(265.6)233.8%
    Unrealised Gains/Losses on Financial Instruments3.536.0-90.4%76.759.129.9%
    Leasing Contract Margin250.8401.3-37.5%533.2768.3-30.6%
    Services Revenues1,378.0986.839.6%2,792.11,702.664.0%
    Cost of Services Revenues(935.5)(673.7)38.%(1,925.4)(1,215.5)58.4%
    Services Margin442.5313.141.3%866.7487.177.9%
    Leasing Contract and Services Margins693.3714.4-2.9%1,399.91,255.411.5%
    Proceeds of Cars Sold2,277.31,398.962.8%4,435.32,526.075.6%
    Cost of Cars Sold and revaluations(2,194.6)(1,304.0)68.3%(4,257.5) (2,240.7)90.0%
    Used Car Sales result and revaluations82.794.9-12.8%177.7285.4-37.7%
    Gross Operating Income776.0809.2-4.1%1,577.71,540.82.4%
    Staff Expenses(311.4)(225.2)38.3%(612.7)(361.9)69.3%
    General and Administrative Expenses(132.7)(115.2)15.2%(272.8)(221.0)23.5%
    Depreciation and Amortisation (31.2)(31.2)0.2%(79.4)(49.2)61.5%
    Total Operating Expenses(475.3)(371.6)27.9%(964.9)(632.1)52.7%
    Cost/Income ratio (excl UCS)68.6%52.0% 68.9%50.3% 
    Impairment Charges on Receivables(30.5)(15.7)94.3%(63.6)(24.5)159.9%
    Other income(1.2)8.6-113.5%7.88.6-8.7% 
    Non-Recurring Income (Expenses)0.020.6-100.0%0.0 0.0n.a
    Operating Result269.0451.1-40.4%556.9892.9-37.6%
    Share of Profit of Associates and Jointly Controlled Entities2.30.8199.7%3.81.6143.4%
    Profit Before Tax271.3451.9-40.0%560.7894.4-37.3%
    Income Tax Expense(69.3)(109.8)-36.8%(159.9)(235.4)-32.1%
    Result from discontinued operations0.0(91.3)-100%0.0(91.3)-100%
    Net income202.0250.7-19.4%400.9567.7-29.4%
    Non-controlling interests12.54.8159.2%23.66.3274.9%
    Net income group share189.5246.0-22.9%377.3561.4-32.8%


    BALANCE SHEET AS AT 30 JUNE 2024

    In EUR million30 June 202431 December 202323
    Earning assets53,23552,055
    o/w Rental fleet51,11449,791
    o/w Financial lease receivables2,1212,264
    Cash & Cash deposits with the ECB4,7943,997
    Intangibles (incl. goodwill)2,7282,719
    Operating lease and other receivables7,3276,518
    Other4,7635,023
     Total assets 72,84670,312
    Group shareholders' equity 10,80210,789
    o/w Group shareholders’ equity excl. AT110,05210,039
    Tangible shareholders’ equity  7,3397,301
    o/w AT124750750
    Non-controlling interests 30526
    o/w non-controlling interests excl. AT13028
    o/w non-controlling interests - AT1250498
    Total equity10,83211,315
    Deposits 13,09011,785
    Financial debt39,46037,627
    Trade and other payables6,0426,107
    Other liabilities3,4233,479
    Total liabilities and equity72,84670,312
     



    Details of operating income components in the income statement

    Leasing & Services marginQ2 2023Q3 2023Q4 2023Q1 2024Q2 2024
    o/w non-recurring items, in EUR million177.079.9-49.523.1-20.6
    Fleet revaluation and reduction in depreciation costs158.0113.7107.117.66.9
    Hyperinflation in Turkey1.345.9-26.5-1.7-36.5
    MtM of derivatives & breakage revenues33.1-81.8-137.49.511.6
    Reversal on entities  transferred to discontinued operations26--23.9-- 
    Impact of PPA-15.526.07.3-2.3-2.5


    EARNINGS PER SHARE (EPS)

    Basic EPSH1 2024H1 2023
    Existing shares 816,960,428816,960,428
    Shares allocated to cover stock options and shares awarded to staff(839,734)(1,114,336)
    Treasury shares in liquidity contracts(169,170)(140,502)
    End of period number of shares815,951,524815,705,590
       
    Weighted average number of shares used for EPS calculation27 (A)815,821,533606,426,927
       
    in EUR million  
    Net income group share377.3561.4
    Deduction of interest on AT1 capital(36.6)(7.8)
    Net Income group share after deduction of interest on AT1 capital (B) 340.7553.6
       
    Basic EPS (in EUR) (B/A)0.420.91
     
    Diluted EPSH1 2024H1 2023
    Existing shares 816,960,428816,960,428
    Shares issued for no consideration2817,751,60920,973,317
    End of period number of shares834,712,037837,933,745
       
    Weighted average number of shares used for EPS calculation 33(A’)834,944,591611,109,871
       
    Diluted EPS (in EUR) (B/A’)0.410.91
     


    Return on tangible equity (ROTE)

    in EUR millionQ2 2024Q2 2023H1 2024H2 202329H1 2023 
    Group shareholders' equity10,802.410,585.110,802.410,789.110,585.1 
    AT1 capital (750.0)750.0 (750.0) (750.0)750.0 
    Dividend provision and interest on AT1 capital30  (171.0) (276.8)  (171.0)  (420.7) (276.8) 
    OCI excluding conversion reserves (2.1) (59.0) (2.1) (24.3) (59.0) 
    Equity base for ROE calculation end of period9,883.59,499.3

         		9,883.59,642.69,499.3

         		 
    Goodwill2,073.22,362.82,073.22,073.22,362.8 
    Intangible assets655.0562.5655.0645.9562.5 
           
    Average equity base for ROE calculation9,846.37,947.29,763.19,571.07,900.1 
    Average Goodwill (2,032.1) (1,490.7)(2,052.7)(2,218.0)(1,490.7) 
    Average Intangible assets (683.0) (348.4)(664.5)(604.2)(344.6) 
          
    Average tangible equity for ROTE calculation7,131.26,108.17,045.96,748.76,064.8 
    Group net income after non-controlling interests189.5246.0377.3217.8561.4 
    Interest on AT1 capital (18.3)(7.8) (36.6) (37.2)(7.8) 
    Adjusted Group net income171.2238.1340.7180.7553.6 
           
    ROTE9.6%15.6%9.7%5.4%18.3% 
               

    CRR2/CRD5 prudential capital ratios and Risk Weighted Assets

    in EUR million30 June 202431 March 202431 December 2023
    Group shareholder’s equity 10,80211,06210,826
    AT1 capital (750)(750)(750)
    Dividend provision & interest on AT1 capital31  (171)(524)(423)
    Goodwill and intangible(2,728)(2,702) (2,695)
    Deductions and regulatory adjustments89153183
    Common Equity Tier 1 capital7,2437,2397,141
    AT1 capital750750750
    Tier 1 capital7,9937,9897,891
    Tier 2 capital1,5001,5001,500
    Total capital (Tier 1 + Tier 2)9,4939,4899,391
        
    Risk-Weighted Assets57,82458,98157,377
    Credit Risk Weighted Assets48,45049,77049,034
    Market Risk Weighted Assets2,5562,3941,993
    Operational Risk Weighted Assets6,8186,8186,350
        
    Common Equity Tier 1 ratio12.5%12.3%12.5%
    Tier 1 ratio13.8%13.5%13.8%
    Total Capital ratio16.4%16.1%16.4%


    Tangible book value per share

    in EUR million30 June 202431 December 202332
    Group shareholders' equity10,802.410,789.1
    Deeply subordinated and undated subordinated notes (750.0) (750.0)
    Interest of deeply subordinated and undated subordinated notes (0.6) (37.2)
    Book value of treasury shares                           15.4 18.2
    Net Asset Value (NAV)10,067.110,020.1
    Goodwill (2,073.2) (2,073.2)
    Intangible assets (655.0) (645.9)
    Net Tangible Asset Value (NTAV)              7,338.9              7,300.9
    Number of shares 33815,951,524815,691,541
    NAV per share12.3412.28
    NTAV per share                           8.99 8.95
    Net Tangible Asset Value (NTAV) after dividend provision347,168.66,917.4
    NTAV per share after dividend provision8.798.48



    Impact of PPA update and Fleetpool adjustments on quarterly series35

    in EUR millionQ3 2023Q4 2023Q1 2024Q2 2024
    Gross Operating Income (before restatement)842.5605.6801.7776.0
    Leasing  margin – PPA adjustment  -0.5-0.5-0.40.4
    Services margin – Fleetpool --9.9--
    Used car sales – PPA adjustment-9.8-9.8-8.18.1
    Total GOI restatement -10.4-20.3-8.58.5
    Gross Operating Income (after restatement)832.2585.3793.1784.5
         
    Net income (before restatement)235.928.2187.8189.5
    Total GOI restatement -10.4-20.3-8.58.5
    Other expenses – Fleetpool (goodwill impairment)--14.7--
    Income tax expense impact2.55.72.1-2.1
    Net income (after restatement)228.0-1.0181.3195.9
       

         		  
             










    Restated Quarterly series

    (in EUR million)Q2 202236Q3 202236Q4 202236Q1 2023Q2 202337 38Q3 202337Q4 202337Q1 202437Q2 202437
    Leasing Contract Margin308.1273.4428.1367.1387.5341.0165.3282.0251.2
    Services Margin172.6185.1197.3174.1311.4425.4433.4424.2442.5
    Leasing Contract and Services Margins480.8458.6625.5541.1698.9766.4598.7706.2693.7
    Used Car Sales result217.4191.0123.9190.587.065.7(13.4)86.990.8
    Gross Operating Income698.2649.6749.4731.6785.9832.2585.3793.1784.5
    Total Operating Expenses(216.2)(219.4)(259.6)(260.5)(369.7)(444.5)(516.9)(489.6)(475.3)
    Impairment Charges on Receivables(11.0)(13.5)(13.8)(8.8)(15.7)(21.8)(24.4)(33.1)(30.5)
    Non-Recurring Income (Expenses)0.00.0(50.6)(20.6)33.1(12.4)(28.8)9.0(1.2)
    Share of profit of associates and jointly controlled entities0.20.30.30.80.83.31.61.52.3
    Profit Before Tax471.2417.1425.7442.6434.3356.716.8280.9279.9
    Income tax expense(116.6)(98.3)(138.8)(125.6)(101.4)(131.5)(7.2)(88.4)(71.4)
    Result from discontinued operations0.00.00.00.0(91.3)14.0(0.2)0.00.0
    Non-controlling interests0.5(0.8)(7.2)(1.5)(4.8)(11.2)(10.4)(11.1)(12.5)
    Net Income (Group share)355.1318.0284.7315.5236.7228.0(1.0)181.3195.9
              
    (in '000)30.06.202230.09.202231.12.202231.03.202330.06.202330.09.202331.12.202331.03.202430.06.2024
    Total Contracts1,7611,7621,8061,8153,4963,3943,4203,3863,373
    Full service leasing contracts1,4481,4541,4641,4732,7552,6922,7092,6992,686
    Fleet management contracts313308342342741703710686686



    1 The Group's results as at 30 June 2024 were examined by the Board of Directors, chaired by Pierre Palmieri on 29 July 2024. The limited review procedures carried out by the statutory auditors on the consolidated condensed financial statements are in progress

    2 Leasing and Services margins excluding non-recurring items

    3 Management information

    4 Excluding UCS result, non-recurring items

    5 Annualized impairment charges on receivables expressed as a percentage of average earning assets

    6 Net income group share after deduction of interest on AT1 capital divided by average shareholder equity before non‑controlling interests, goodwill and intangible assets

    7 Diluted Earnings per share, calculated according to IAS 33. Basic EPS for Q2 2024 at EUR 0.21

    8 Net carrying amount of the rental fleet plus net receivables on finance leases

    9 Management information, in EU+: European Union, UK, Norway, Switzerland

    10 Plug-in Hybrids

    11 LeasePlan consolidated from 22 May 2023

    12 Excluding impacts of non-recurring items

    13 Management information

    14 Annualized

    15 Management information

    16 LeasePlan was not consolidated in Q1 2023

    17 Annualized impairment charges on receivables expressed as a percentage of arithmetic average of earning assets

    18 Calculated according to IAS 33. Basic EPS at EUR 0.21. Under IAS 33, EPS is computed using the average number of shares weighted by time apportionment

    19 Excluding Additional Tier 1 capital

    20 Before dividend provision

    21 Excluding Additional Tier 1 capital

    22 Maximum Distributable Amount (MDA). Based on estimated contracyclical capital buffers for the upcoming quarters the MDA is estimated to stand at  9.33% in Q3 and 9.36% in Q4 2023

    23 Restated for PPA update and adjustment on Fleetpool’s fleet depreciation costs

    24 AT1 issued by ALD and subscribed by parent Societe Generale

    25 AT1 issued by LeasePlan and subscribed by external parties, redeemed on 29 May 2024

    26 Transfer of ALD’s entities in Portugal, Ireland and Norway to discontinued operations

    27 Average number of shares weighted by time apportionment

    28 Assuming exercise of warrants, as per IAS 33

    29 Group shareholders’ equity restated for PPA update and adjustment on Fleetpool’s fleet depreciation costs

    30 The dividend provision assumes a payout ratio of 50% of net Income group share, after deduction of interest on AT1 capital

    31 The dividend provision assumes a payout ratio of 50% of Net Income group share, after deduction of interest on AT1 capital

    32 Group shareholders’ equity restated for PPA update and adjustment on Fleetpool’s fleet depreciation costs

    33 The number of shares considered is the number of ordinary shares outstanding at end of period, excluding treasury shares

    34 The dividend provision assumes a payout ratio of 50% of net Income group share, after deduction of interest on AT1 capital

    35 LeasePlan PPA adjustment in Q2 2024 attributed to each quarter since closing date instead of Q2 2024 only and Fleetpool adjustment on fleet depreciation costs and subsequent goodwill impairment in Q4 2023

    36 Restated for IFRS 17, which applies from 1 January 2023

    37 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

    38 Q2 2023 non-controlling interests were corrected to include the interest coupons to holders of AT1 issued by LeasePlan and subscribed by external parties


    Attachment


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