Slide 1: 1 August 2024
1 August 2024
Slide 2: Disclaimer
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 presentation and its content may not be reproduced or distributed or published, directly or indirectly, in
Slide 3: Content
Content Highlights Q2 2024 financial results Appendix COSTS A
Slide 4: Highlights
Key takeaways Sound Establishing the Moving forward Managing the EV financial leading mobility with LeasePlan transition performance brand integration responsibly Net income Group share at A ayvens live Legal integrations in France Protecting asset value EUR 189m inolcountrias and the Netherlands th
Slide 5: Key takeaways
Slide 6: Key financial indicators: margins, C/I ratio, CET1 ratio
Margins(1) C/I ratio(2) CET 1 ratio Used car sales result per ROTE unit(3) 1. Leasing and Services margins excluding non-recurring items, annualized and expressed as a percentage of average earning assets 2. Excluding Used Car Sales result and non-recurring items 6 3. Excluding the impacts of reduct
Slide 7: LeasePlan integration progress
Renegotiation and tenders on fitter, fuel & EV recharging > Rims, glass, global inspection tenders and renegotiations Transfer of 455,000 insured vehicles to direct scheme > Finalization of insured vehicles transfer Merger of insurance entities 4 additional legal integrations > Integration of treasu
Slide 8: Managing EV asset value throughout life cycle
Managing EV asset value throughout life cycle iP New contracts Onboarding sound EV asset value > Setting prudent residual values > Longer initial duration > OEM selectivity & relationships G> During lease Protecting EV asset value Recognized excellence in vehicle maintenance Contract extensions & re
Slide 9: Funded fleet, fleet management and powertrain mix
as at 30 June 2024 (in EUR bn) as at 30 June 2024 (in ‘000) In EU+ Funded fleet Fleet management BEV PHEV ICE Others 3,385 3,388 3,415 3,386 3,373 53.2 52.7 52.1 722 700 708 686 20% 20% 686 50.2 48.6 2,664 2,688 2,706 2,699 2,686 44% 41% 13% 14% 22% 26% Jun.23 Sep.23 Dec.23 Mar.24 Jun.24 Jun. 23 Sep
Slide 10: Q2 2024 financial results
1. 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 restatemen
Slide 11: Gross Operating Income, margins and used car sales result
Gross Operating Income(1)(2) Leasing & Services margins(1) Used Car Sales result(2) 832 146 885 835 786 793 785 785 66 766 126 87 87 91 766 706 735 699 694 80 685 699 585 706 694 599 23 106 714 91 635 177 687 87 87 683 In EUR m In EUR m 585 In EUR m 535 599 648 86 66 485 435 522 66 385 335 46 285 23
Slide 12: Underlying margins
Margins in bps(1) Underlying margins vs. Q1 2024 558 552 507 522 539 › Improved pricing on new contracts › Selective commercial approach › Limitations on contracts’ extensions 766 Ramp-up of synergies(2): vs. 706 699 80 694 Q1 2024 23 599 714 687 683 177 648 522 in EUR million Q2 2023 Q3 2023 Q4 202
Slide 13: Used car sales result per unit and units sold
UCS result per unit sold(1) (in EUR) Used cars sold(1) (in ‘000 units) 2,802 2,495 158 149 152 1,706 129 1,661 1,480 96 905 573 575 511 -90 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 UCS result per unit sold Excluding impact of previous reductions in depreciation
Slide 14: Underlying operating expenses and C/I ratio
Underlying C/I ratio Underlying operating expenses -4.3% vs. Q1 2024 59.1% 60.5% 69.5% 67.7% 61.9% › Lower IT costs › Strong cost discipline 517 66 490 475 Positive jaw effect on underlying C/I ratio, down 5.8 pp vs. 445 27 33 Q1 2024 29 451 462 442 370 416 › Underlying H1 2024 C/I ratio at 64.7% 61
Slide 15: Cost of risk, profit before tax, net income
Cost of risk (in EUR m) Profit before tax (in EUR m) Net income group share (in EUR m) 25 36.9% 42.9% 15.0% 23 31.5% 12.6% 23.4% 25.5% 9.4% 10.0% 19 250 35 500 17 18 237 10.0% 33 450 20 30 10.0% 228 -1.1% 31 434 200 400 0.0% 25 10 350 196 357 181 24 -40.0% 150 300 -10.0% 22 20 0 281 280 250 -20.0% 1
Slide 16: CET1 ratio
CET 1 ratio 12.5% 12.3% 31 March 2024 30 June 2024 › in Q2-24 of which: • EUR -72m due to increase in contingent consideration • EUR -25m due to PPA adjustment on net assets › 1. Miscellaneous category notably includes market risk RWA and off-balance sheet guarantees 16 2. Maximum Distributable Amou
Slide 17: Liquidity and funding
Slide 18: Appendix
Limited adjustment of net assets value as at acquisition date: EUR -25m of which: related to Increase in lease correction of reassessment of assets subsequent other assets & LeasePlan’s to software liabilities(3) software valuation valuation decrease(2) 1. As per IFRS 3 “Business combinations”, PPA
Slide 19: UCS result evolution and PPA impacts
UCS result evolution detail of past impacts of reduction in depreciation costs and PPA(1) -10 -67 -10 -59 -8 -67 -8 -67 -67 in EUR m -124 -179 -90 -68 -191 87 87 91 66 -13 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 UCS result Impact of reduction in depreciation costs PPA PPA Adjustment in Q2 2024 Proje
Slide 20: Derivatives and interest rate sensitivity
• While the Group is economically hedged, there can be accounting mismatches when derivatives • Interest rate and currency profile of funding do not qualify for hedge accounting and are fair are matched with the lease contract portfolio valued through P&L profile as much as possible • Derivatives on
Slide 21: Consolidated balance sheet
in EUR million 30 June 2024 31 December 2023(1) Earning assets 53,235 52,055 o/w Rental fleet 51,114 49,791 o/w Financial lease receivables 2,121 2,264 Cash & Cash deposits with the ECB 4,794 3,997 Intangibles (incl. goodwill) 2,728 2,719 Operating lease and other receivables 7,327 6,518 Other 4,766
Slide 22: H1 2024 income statement
H1 2024 H1 2023 Var. Var. % in EUR million H1 2024 H1 2024 vs. H1 2023 vs. H1 2023 Total contracts ('000) 3,373 3,496 (123) -3.5% Full service leasing contracts 2,686 2,755 (69) -2.5% Fleet management contracts 686 741 (54) -7.3% In EUR million Leasing contract margin 533.2 768.3 (234.6) -30.6% Serv
Slide 23: Q2 2024 income statement
Q2 2024 Q2 2023 Var. Var. % in EUR million Q2 2024 Q2 2024 vs. Q2 2023 vs. Q2 2023 Total contracts ('000) 3,373 3,496 (123) -3.5% Full service leasing contracts 2,686 2,755 (69) -2.5% Fleet management contracts 686 741 (54) -7.3% In EUR million Leasing contract margin 250.8 401.3 (150.5) -37.5% Serv
Slide 24: Ayvens P&L restatement: LeasePlan PPA adjustment
GOI restatement - in EUR million Q3 2023 Q4 2023 Q1 2024 Q2 2024 Gross Operating Income (before restatement) 842.5 605.6 801.7 776.0 Leasing margin – PPA adjustment -0.5 -0.5 -0.4 0.4 Ayvens P&L restatement: Services margin – Fleetpool - -9.9 - - • LeasePlan PPA adjustment in Q2 Used car sales – PPA
Slide 25: Basic and diluted EPS
Basic EPS H1 2024 H1 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 (169,170) (140,502) End of period number of shares 815,951,524 815,705,590 Weighted average number of sha
Slide 26: ROE and ROTE calculation
in EUR million Q2 2024 Q2 2023 H1 2024 H2 2023(1) H1 2023 Group shareholders' equity 10,802.4 10,585.1 10,802.4 10,789.1 10,585.1 AT1 capital (750.0) 750.0 (750.0) (750.0) 750.0 Dividend provision and interest on AT1 capital(2) (171.0) (276.8) (171.0) (420.7) (276.8) OCI excluding conversion reserve
Slide 27: Capital and CET1 ratio detail
in EUR million 30 June 2024 31 March 2024 Group shareholders’ equity 10,802 11,062 AT1 capital (750) (750) Dividend provision & interest on AT1 capital(1) (171) (524) Goodwill and intangible assets (2,728) (2,702) Deductions and regulatory adjustments 89 153 Common Equity Tier 1 capital 7,243 7,239
Slide 28: Net asset value and NTAV per share
in EUR million 30 June 2024 31 December 2023(1) Group shareholders' equity 10,802.4 10,789.1 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
Slide 29: ESG ratings
Better than European average + rental & leasing sector ALD: Gold medal LeasePlan: Silver medal Advanced Rank 4/98 in “Business Support Services EU” sector Top 30% Rated “Prime” on sustainability performance Top 20% in the sector 10.9 14.4 Low risk Top 3% (LP) & 1% (ALD) negligible low medium high se
Slide 30: Quarterly income statement history
(in EUR million)(1) Q2 2022(2) Q3 2022(2) Q4 2022(2) Q1 2023 Q2 2023(3)(4) Q3 2023(3) Q4 2023(3) Q1 2024(5) Q2 2024(5) Leasing Contract Margin 308.1 273.4 428.1 367.1 387.5 341.0 165.3 282.0 251.2 Services Margin 172.6 185.1 197.3 174.1 311.4 425.4 433.4 424.2 442.5 Leasing Contract and Services Mar
Slide 31: Annual income statement history
(in EUR million)(1) 2015 2016 2017 2018 2019 2020(2) 2021 2022(3) 2023(4) Leasing Contract Margin 431.6 514.1 574.5 623.8 664.1 604.4 732.8 1,181.2 1,260.8 Services Margin 534.0 528.6 593.0 616.7 632.3 652.0 650.0 715.1 1,344.3 Leasing Contract and Services Margins 965.6 1,042.7 1,167.5 1,240.5 1,29
Slide 32: Glossary
BEV Battery Electric Vehicles C/I Ratio Cost to income ratio: Total Operating Expenses divided by Gross Operating Income excluding Used Car Sales result Earning assets Net carrying amount of the rental fleet plus receivables on finance leases EU+ European Union, UK, Norway, Switzerland EV Electric v
Slide 33: Agenda
Agenda @ uf Q3 2024 results 31 October 2024 Q4 and FY 2024 results 6 February 2025
Slide 34: Societe Generale Group
SOCIETE GENERALE GROUP