Slide 1: Q4 and FY 2023 results
Q4 and FY 2023 result Alayvens
Slide 2: Disclaimer
The information contained in this document (the “Information”) has been prepared by ALD (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 wh
Slide 3: Content
Content ~) © Highlights Q4 and FY 2023 financial results S) 4) Outlook Appendix A
Slide 4: Highlights
Slide 5: 2023 milestones reached; 2024 another key year of transformation
Net income Earnings per • 2023 milestones reached group share share(1) • Implementing our strategic EUR 816.2m EUR 1.07 plan to improve profitability ROTE CET 1 ratio • 2024, another key year of transformation 12.4% 12.5% • Managing responsibly with as at 31/12/2023 agility • Confirmation of synergi
Slide 6: Integration: new brand, one team, synergies and costs to achieve
Confirmation of P&L New brand One team facing synergies and Costs to Alignment on pricing shared clients components and products achieve (in EUR m)(2) 440 Transfer of first wave of EUR 38m OEM, tyre fitter, roadside assistance insurance contracts to more cash synergies and end-of-life inspection glo
Slide 7: Clients: pricing and portfolio actions
Expertise and scale Shift from Require finance Seek Are committed Leading product efficiencies lowering Clients ownership and service visibility to reduce their Multi-brand range and clients’ total cost of to usership solutions over costs carbon footprint service quality mobility ➔ • Timely update o
Slide 8: Electric vehicle and used car market expectations
Funded fleet: 2.7m vehicles as at 31 December 2023 Strong commercial franchise on corporates and SMEs 11% • Lower carbon emissions Corporate clients committed to reach their ESG targets • Competitive Total Cost of Ownership (TCO) in 9% ICE and others (1) most advanced countries(2) More demanding env
Slide 9: LeasePlan technology program and purchase price allocation
NGDA new development stopped Front office/market facing assets of value to be re- LeasePlan’s launch of used and deployed Acquisition closing Capital Markets Day the NGDA(1) program to Leverage upon ALD’s strong and modern back-office Significant delay in deliver a harmonized and deployment systems
Slide 10: Q4 and FY 2023 financial results
Slide 11: Earning assets and fleet as at 31 December 2023
Earning assets Total fleet In EU+(4) in 2023 as at 31 December 2023 (in EUR bn) as at 31 December 2023 ('000) 5 6 7 8 BEV PHEV ICE Others Funded fleet Fleet management 52,0 +3.0% 3 420 17% 3 321 29% 710 +14.2% 696 +2.1% 48% 48% 45,5 2 625 2 709 +3.2% EV 5,6 13% +7 pts vs. 8% 2022 35% 21% 23% 16% 9 D
Slide 12: LeasePlan purchase price allocation impact
• Recognition of LeasePlan’s assets and liabilities at acquisition In EUR m 2023(4) closing date at fair value(1) Total margins(5) +17.7 • Increase in net assets value(2): c. EUR +230m Used car sales result -192.8 Operating expenses(6) +10.4 Lease assets Software c. EUR +380m c. EUR -200m Others -37
Slide 13: Consolidated income statement
13 1. LeasePlan consolidated from 22 May 2023; ALD Russia deconsolidated from 20 April 2023; ALD’s subsidiaries in Portugal, Ireland, Norway (except NF Fleet) and LeasePlan’s subsidiaries in Czech Republic, Finland and Luxembourg deconsolidated from 1 August 2023. The impact of LeasePlan’s Purchase
Slide 14: FY 2023 gross operating income and net income
Gross operating income(1) Leasing contract and Services margins Used Car Sales result(2) 800,0 3 269 3500 2 400 700,0 +12.2% +38.0% 3000 600,0 2500 In EUR m In EUR m In EUR m 500,0 2000 400,0 1500 300,0 1000 200,0 2 643,9 2 965,6 1 896,2 2 616,1 747,6 349,5 500 100,0 0,0 0 FY 2022 FY 2023 FY 2022 FY
Slide 15: Q4 2023 gross operating income and net income
Gross operating income(1) Leasing contract and Services margins Used Car Sales result(2) 140,00 3 054 3500 -18.6% -0.9% 120,00 3000 100,00 In EUR m In EUR m 2500 In EUR m 1 706 80,00 2000 60,00 1500 40,00 1000 749,4 609,9 625,5 619,6 123,9 20,00 0,00 -9,8 500 Q4 2022 Q4 2023 Q4 2022 Q4 2023 -20,00 Q
Slide 16: ALD used car sales result
ALD used car sales result(1) (in EUR m) ALD UCS result per unit sold(1)(2) (in EUR) ALD used cars sold(1)(2) (‘000 units) 3 054 3 102 -42,7 Q4 2022-Q3 2023 average: 70 2 614 2 346 -73,3 -89,3 1 453 -93,9 2 535 -86,3 1 919 123,9 190,5 94,9 73,9 1 346 65 75 70 72 86 38,0 1 033 444 Q4 2022 Q1 2023 Q2 2
Slide 17: Ayvens used car sales result
Ayvens used car sales result(1) (in EUR m) Ayvens UCS result per unit sold(1)(2) (in EUR) Ayvens used cars sold(2) (in k units) 3 054 3 102 149 2 802 2 535 2 495 129 -67,0 2190 64 -58,9 1 919 1975 96 -67,0 57 -42,7 1 706 75 26 -73,3 -178,6 1258 65 -123,6 905 -191,2 587 -24 123,9 190,5 87,0 75,5 65 7
Slide 18: Illustrative like-for-like income statement (notes)
1. Management information, for illustration purposes. This section provides a like-for-like illustrative view of the 2022 and 2023 income statements where: - LeasePlan is consolidated over the full year (whereas it was actually consolidated from 22 May 2023) - ALD in Russia, Belarus, Portugal, Irela
Slide 19: FY 2023 illustrative income statement: ALD, LeasePlan, Ayvens
FY 2022 FY 2023 Variation Variation % In EUR million ALD LeasePlan Ayvens ALD LeasePlan Ayvens ALD LeasePlan Ayvens ALD LeasePlan Ayvens Leasing contract and services margins(1) 1,817.7 2,230.4 4 048.0 1 902.6 1,500.5 3,403.1 84.9 -729.9 -645.0 4.7% -32.7% -15.9% Reduction in depreciation costs 350.
Slide 20: Leasing contract and services margins
FY 2022 FY 2023 Variation Variation % In EUR million ALD LeasePlan Ayvens ALD LeasePlan Ayvens ALD LeasePlan Ayvens ALD LeasePlan Ayvens Leasing contract and services margins 1,817.7 2,230.4 4,048.0 1,902.3 1,500.5 3,403.1 84.9 -729.9 -645.0 4.7% -32.7% -15.9% Reduction in depreciation costs(1) 350.
Slide 21: Operating expenses
in EUR million FY 2022 FY 2023 var. var. % Total operating expenses -1,819.0 -1,987.5 -168.5 9.3% Cost to achieve -128.0 -170.0 -42.0 Consultancy costs and transaction/rebranding costs -70.1 -36.2 33.9 PPA impact 0.0 10.4 10.4 Underlying operating expenses (excluding non-recurring items and PPA impa
Slide 22: Regulatory capital
2.3 Regulatory capit A
Slide 23: CET1 and total capital ratios
12,3% 12,5% 3 16,3% 16,4% 1 30 September 2023 31 December 2023 30 September 2023 31 December 2023 1 2 2 23 1. Earning assets growth and reduction in order book 2. Operational risk related RWA is updated once a year based on Net Banking Income
Slide 24: Outlook
(3) Outlook
Slide 25: 2024 outlook
Real GDP ECB Inflation refinancing rate Earning Used car P&L Costs to Cost / Dividend CET 1 ratio assets sales result synergies achieve Income payout per unit(1) ratio(2) ratio(3) vs. end Dec 2023 1. Excluding the negative impact of reduction in depreciation costs and PPA 25 2. Excluding UCS result,
Slide 26: Appendix
Slide 27: Consolidation scope notes
1. LeasePlan consolidated from 22 May 2023; ALD Russia deconsolidated from 20 April 2023; ALD’s subsidiaries in Portugal, Ireland, Norway (except NF Fleet) and LeasePlan’s subsidiaries in Czech Republic, Finland and 27 Luxembourg deconsolidated from 1 August 2023. The impact of LeasePlan’s Purchase
Slide 28: Consolidated balance sheet
31 December 31 December In EUR million 2023 2022(1) Earning assets 52,025 23,943 o/w Rental fleet 49,765 23,227 o/w Financial lease receivables 2,260 716 Cash & Cash deposits with the ECB 3,997 253 Intangibles (incl. goodwill) 2,695 745 Operating lease and other receivables 8,796 3,514 Other 2,748 1
Slide 29: FY 2023 results by margin
• Leasing contract and Services margins at EUR 2,616.1m (2) (3) FY 2023 FY 2022 Var. Var. % • Contribution of LeasePlan(5): EUR 893.8m In EUR million FY 2023 vs. FY 2023 vs. • Non-recurring items and PPA: EUR +424.1m vs. EUR FY 2022 FY 2022 +476.9m in 2022 of which • Reduction in depreciation costs(
Slide 30: Q4 2023 results by margin
• Leasing contract and Services margins at EUR 619.6m (2) (3) Q4 2023 Q4 2022 Var. Var. % • Contribution of LeasePlan(5): EUR 351.2m In EUR million Q4 2023 vs. Q4 2023 vs. • Non-recurring items and PPA: EUR -39.1m vs. EUR Q4 2022 Q4 2022 +257.6m in Q4 2022 of which • Reduction in depreciation costs(
Slide 31: Reduction in depreciation costs mechanism
Depreciation curve Ayvens Leasing contract margin(1) Reduction in depreciation 428,1 costs lowering Ayvens’ UCS result(1) Contractual H2 2023 valuation 387,5 367,1 341,6 308,1 273,4 220,3 152,5 -67,0 in EUR m 162,8 110,4 -58,9 Net book value 62,7 -67,0 -42,7 -84,7 In EUR m -37,6 -34,3 67,2 -73,3 165
Slide 32: Non-operating items and non-recurring costs
Q4 2022(1) Q4 2023 FY 2022(1) FY 2023 In EUR million ALD Ayvens ALD Ayvens Leasing contract margin o/w Reduction in depreciation costs 220.3 88.9 350.3 514.6 o/w Non operating items 37.3 (145.7) 126.6 (108.3) Fleet revaluation 12.5 18.2 72.2 38.6 Hyperinflation in Turkey 3.4 (26.5) 59.9 39.2 Provisi
Slide 33: Interest rate and currency hedging
• While the Group is economically hedged, there can be accounting mismatches when derivatives • Interest rate and currency profile of do not qualify for hedge accounting and are fair funding are matched with the lease contract valued through P&L portfolio profile as much as possible • Derivatives on
Slide 34: Long-term funding program
2023 long-term funding program achieved at competitive conditions • EUR 4.35bn Senior Preferred bonds issued in 2023 Stable outlook 2024 long-term funding program well advanced • EUR 4bn-5bn funding program planned for 2024 • Including pre-funding in 2023, c. 40% of program already achieved Stable o
Slide 35: Quarterly income statement
(in EUR million)(1) Q1 2022(2) Q2 2022(2) Q3 2022(2) Q4 2022(2) Q1 2023 Q2 2023(3)(4) Q3 2023(3) Q4 2023(3) Leasing Contract Margin 171.4 308.1 273.4 428.1 367.1 387.5 341.6 165.8 Services Margin 160.0 172.6 185.1 197.3 174.1 311.4 425.4 443.3 Leasing Contract and Services Margins 331.5 480.8 458.6
Slide 36: Annual income statement 2015-2023
(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 1,261.9 Services Margin 534.0 528.6 593.0 616.7 632.3 652.0 650.0 715.1 1,354.2 Leasing Contract and Services Margins 965.6 1,042.7 1,167.5 1,240.5 1,296.
Slide 37: Basic and diluted EPS
Basic EPS FY 2023 FY 2022 Existing shares 816,960,428 565,745,096 Shares allocated to cover stock options and shares awarded to staff -1,114,336 -1,045,448 Treasury shares in liquidity contracts -154,551 -128,454 End of period number of shares 815,691,541 564,571,194 Weighted average number of share
Slide 38: ROE and ROTE calculation
in EUR million Q4 2023 Q4 2022 FY 2023 FY 2022 Group shareholders' equity 10,826.1 6,875.5 10,826.1 6,875.5 AT1 capital (750.0) 0.0 (750.0) 0.0 Dividend provision and interest on AT1 capital(1) (422.8) (598.8) (422.8) (598.8) OCI excluding conversion reserves 24.3 (35.5) 24.3 (35.5) Equity base for
Slide 39: Regulatory capital and ratios
in EUR million 31 December 2023 30 September 2023 30 June 2023 Group shareholder’s equity 10,826 10,841 10,585 AT1 capital -750 (750) (750) Dividend provision & interest on AT1 capital(1) (423) (399) (280) Goodwill and intangible (2,695) (2,991) (2,925) Deductions and regulatory adjustments 183 196
Slide 40: Net asset value and NTAV per share
in EUR million 31 December 2023 30 September 2023 30 June 2023 Group shareholders' equity 10,826 10,841 10,585 Deeply subordinated and undated subordinated notes (750) (750) (750) Interest of deeply subordinated and undated subordinated notes (1) (37) (19) (0) Book value of treasury shares 18 18 18
Slide 41: Illustrative income statement notes
1. Management information, for illustration purposes. This section provides a like-for-like illustrative view of the 2022 and 2023 income statements where: - LeasePlan is consolidated over the full year (whereas it was actually consolidated from 22 May 2023) - ALD in Russia, Belarus, Portugal, Irela
Slide 42: Q4 2023 illustrative income statement
Q4 2022 Q4 2023 Variation Variation % In EUR million ALD LeasePlan Ayvens ALD LeasePlan Ayvens ALD LeasePlan Ayvens ALD LeasePlan Ayvens Leasing contract and services margins 605.1 624.8 1 229.9 388.2 231.4 619.6 -217.0 -393.4 -610.3 -35.9% -63.0% -49.6% Reduction in depreciation costs 220.3 242.2 4
Slide 43: Q4 2023 underlying margins
In EUR million Q4 2022 Q4 2023 Variation Variation % In EUR million ALD LeasePlan Ayvens ALD LeasePlan Ayvens ALD LeasePlan Ayvens ALD LeasePlan Ayvens Leasing contract and services margins(1) 605.1 624.8 1,229.9 388.2 231.4 619.6 -217.0 -393.4 -610.3 -35.9% -63.0% -49.6% Reduction in depreciation c
Slide 44: Q4 operating expenses
in EUR million Q4 2022 Q4 2023 var. var. % Total operating expenses -514.7 -510.8 3.8 -0.7% Cost to achieve -44.3 -45.0 -0.7 Consultancy costs and transaction/rebranding costs -23.2 -21.4 1.8 PPA impact 0.0 10.4 10.4 Underlying operating expenses (excluding non-recurring items and PPA impact) -447.2
Slide 45: ESG ratings
AGENCIES HIGH SCORE LOW POSITION VERSUS PEERS A B B- C C- D D- BETTER THAN EUROPEAN AVERAGE + RENTAL & LEASING SECTOR 100 78 70 59 50 0 ALD: GOLD MEDAL LEASEPLAN: SILVER MEDAL 76 62 ADVANCED 100 67 60 50 30 0 TOP 1% GLOBAL UNIVERSE AAA AA A BBB BB B CCC TOP 30% A B C D RATED “PRIME” ON SUSTAINABILIT
Slide 46: Agenda: financial calendar
Agenda Q1 2024 results 3 May 2024 Shareholders meeting 14 May 2024 Dividend detachment 31 May 2024 Dividend payment 4 June 2024 Q2 and H1 2024 results 1 August 2024 Alayvens
Slide 47: SOCIETE GENERALE GROUP
SOCIETE GENERALE GROUP