Ayvens · EURONEXT:AYV
Ayvens — H1 2023 Earnings Presentation
27 slides from Ayvens's earnings presentation, Aug 3, 2023
Slide 1: First half 2023 results
First half 2023 results 3 August 2023
Slide 2: Disclaimer
Disclaimer The information contained in this document (the “Information”) has been prepared by ALD (“ALD” or 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
Slide 3: Key takeaways
Key takeaways Unrivalled leadership position ALD | LeasePlan: the power of leadership Integration launched Net income (Group share): EUR 564.5m(1) Strong H1 2023 financial results CET 1 ratio: 12.5% 1. Before deduction of interest on AT1 capital 3 │03/08/2023
Slide 4: Highlights
= Highlights F\ALD Yw
Slide 5: Undisputed leadership in an industry where size matters
Undisputed leadership in an industry where size matters #1 multi-brand player #1 multi-brand EV fleet #1 in the multinational segment in 29 countries 428,000 # Intl. corporate >550 clients including the top European markets clients Electric Vehicles(7) 610k vehicles Fleet (in million vehicles) >320
Slide 6: First objectives achieved according to plan
First objectives achieved according to plan Achievements in first 60 days Objectives by end 2023 One team facing shared clients Low attrition Client relationship Positive feedback received Commerce Sales teams trained on the full range Leverage on strengths and Cross-selling of products complementar
Slide 7: Robust commercial performance
Robust commercial performance Dynamic fleet growth(1)(2) Leadership in electrification(1)(2)(8)(9) More balanced geographical mix(1)(2) Total contracts at end of period (‘000) Passenger car deliveries by powertrain Breakdown of total fleet by country (EU+) in H1 2023 as at 30 June 2023 3,391 +4.3% 1
Slide 8: H1 2023 Financial results
H1 2023 Financial results F\ALD Yw
Slide 9: Impacts of LeasePlan acquisition on financial statements
Impacts of LeasePlan acquisition on financial statements dd Accounting considerations ▪ Purchase Price Allocation (PPA) exercise(3) o Identification and recognition New regulated status at fair value of acquired assets and liabilities by end 2023 ▪ Financial Holding Company under • No profit on Leas
Slide 10: Margin growth driven by reduction in depreciation costs and scope effect
Margin growth driven by reduction in depreciation costs and scope effect Total margins excl. UCS (in EUR m) Total margins excl. UCS up +54.6% vs. H1 2022 1,255 ▪ Contribution of LeasePlan since acquisition: EUR 170.1m(4) 70 ▪ ALD total margins stable vs. H1 2022 when adjusted for reduction in deprec
Slide 11: Used car prices still at a high level
Used car prices still at a high level Used car sales result (in EUR m) Used car sales result per unit sold(1)(2) (in EUR) Used cars sold(1)(2) ('000 units) 169 3,212 3,328 145 2,887 139 135 -110.9 128 -132.0 2,461 2,254 1,974 432.7 312.4 315.0 285.4 740 125.3 H1 2021 H2 2021 H1 2022 H2 2022 H1 2023
Slide 12: Strong net result
Strong net result Total operating expenses (in EUR m) 632 26 85 404 116 Total operating expenses at EUR 632.1m including: 3 41 ▪ Scope effect(1): EUR 116m vs EUR 3m in H1 2022 ▪ Costs to achieve integration and synergies(2): EUR 85m vs. EUR 41m in H1 359 406 2022 ▪ Transaction costs (LeasePlan acqui
Slide 13: Balance sheet at 30 June 2023
Balance sheet at 30 June 2023 Purchase Price Allocation (PPA) exercise related to LeasePlan ▪ Identification and recognition at fair value of acquired assets and liabilities by end 2023 In EUR million 30 June 2023 31 Dec 2022(2) ▪ Impact on goodwill expected in the FY 2023 financial statements Earni
Slide 14: Outlook
Outlook F\ALD YW
Slide 15: FY 2023 guidance
FY 2023 guidance Funded fleet(1) UCS result per unit Costs to achieve ALD EUR 1,200-1,600(2) +2% to +4% . c. 290k vehicles sold EUR 150m-180m vs. Dec 2022 LeasePlan No UCS result(3) 1. On a like-for-like basis for the combined entity: excluding ALD Russia, LeasePlan USA, ALD entities held for sale i
Slide 16: Appendix
Appendix F\ALD YW
Slide 17: H1 2023 financial results
H1 2023 financial results Var. Var. % In EUR million H1 2023(1) H1 2022(3) H1 23 vs. H1 22 H1 23 vs.H1 22 Total contracts ('000) 3,496 1,761 1,692 99.6% Full service leasing contracts 2,755 1,448 1,275 91.6% Fleet management contracts 741 313 417 136.1% Leasing contract margin 768.3 479.6 288.8 60.2
Slide 18: Reduction in depreciation costs anticipating future UCS profits
Reduction in depreciation costs anticipating future UCS profits 1 2 3 Depreciation curve Leasing contract margin (in EUR m) Reduction in depreciation costs lowering UCS result (in EUR m) Contractual H1 2023 valuation Leasing contract margin (in EUR m) UCS result (in EUR m) 428 401 367 308 Net book v
Slide 19: Details of operating income components
Details of operating income components H1 2023 H1 2022 In EUR million ALD LeasePlan(1) Total ALD Leasing contract margin o/w Reduction in depreciation costs 315.3 0.0 315.3 62.7 o/w Non operating items 41.8 28.2 70.0 47.9 Fleet revaluation 17.1 0.0 17.1 40.5 Hyperinflation in Turkey 21.4 -1.6 19.8 3
Slide 20: Q2 2023 financial results
Q2 2023 financial results Leasing contract & Services margins at EUR 714.4m Var. Var. % ▪ Contribution of LeasePlan since acquisition: EUR 170.1m(5) (1) (3) In EUR million Q2 2023 Q2 2022 Q2 23 vs. Q2 22 Q2 23 vs. Q2 22 ▪ Reduction in depreciation of costs(6): EUR 152.5m vs. EUR 62.7m in Q2 2022 Tot
Slide 21: Quarterly series
Quarterly series (in EUR million)1 Q2 2021 Q3 2021 Q4 2021 Q1 2022(2) Q2 2022(2) Q3 2022(2) Q4 2022(2) Q1 2023 Q2 2023 Leasing Contract Margin 185.2 174.2 201.8 171.4 308.1 273.4 428.1 367.1 401.3 Services Margin 158.3 173.5 161.8 160.0 172.6 173.8 208.7 174.0 313.1 Leasing Contract and Services Mar
Slide 22: Yearly series
Yearly series (in EUR million)1 2015 2016 2017 2018 2019 2020(2) 2021 2022(3) Leasing Contract Margin 431.6 514.1 574.5 623.8 664.1 604.4 732.8 1,181.2 Services Margin 534.0 528.6 593.0 616.7 632.3 652.0 650.0 715.1 Leasing Contract & Services Margins 965.6 1,042.7 1,167.5 1,240.5 1,296.4 1,256.4 1,
Slide 23: Earnings per share (EPS)
Earnings per share (EPS) Basic EPS H1 2023 H1 2022 Existing shares 816,960,428 404,103,640 Shares allocated to cover stock options and shares awarded to staff (1,114,336) (1,045,448) Treasury shares in liquidity contracts (140,502) (106,258) End of period number of shares 815,705,590 402,951,934 Wei
Slide 24: CRR2/CRD5 prudential capital ratios and RWA
CRR2/CRD5 prudential capital ratios and RWA in EUR million 30 June 2023 Shareholders equity Group Share 11 083 AT1 capital (1 245) Dividend provision & interest on AT1 capital(1) (280) Goodwill and intangible (2 675) Deductions and regulatory adjustments (97) Common Equity Tier 1 capital 6 787 Addit
Slide 25: Strong recognition of ESG commitments
Strong recognition of ESG commitments AGENCIES HIGH SCORE LOW POSITION VERSUS PEERS A B B- C C- D D- BETTER THAN EUROPEAN AVERAGE + RENTAL & LEASING SECTOR 100 75 67 56 47 0 ALD: GOLD MEDAL LEASEPLAN: SILVER MEDAL 74 62 ADVANCED 100 67 60 50 30 0 TOP 1% GLOBAL UNIVERSE AAA AA A BBB BB B CCC TOP 30%
Slide 26: 2023 agenda
2023 agenda 18 September 2023 3 November 2023 8 February 2024 Capital Markets Day publication Q3 and 9M 2023 results Q4 and FY 2023 results 21 September 2023 Capital Markets Day presentation │03/08/2023 26
Slide 27: Slide 27