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Sound Q2 2024 Financial Results And Integration Moving Forward
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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, 3.4 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 ... |
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 million | Q2 2024 | Q2 2023 | Q Var. | H1 2024 | H1 2023 | H Var. |
| Leasing contract revenues | 2,709.7 | 1,758.7 | 54.1% | 5.369,6 | 3,015.1 | 78.1% |
| 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 Instruments | 3.5 | 36.0 | -90.4% | 76.7 | 59.1 | 29.9% |
| Leasing Contract Margin | 250.8 | 401.3 | -37.5% | 533.2 | 768.3 | -30.6% |
| Services Revenues | 1,378.0 | 986.8 | 39.6% | 2,792.1 | 1,702.6 | 64.0% |
| Cost of Services Revenues | (935.5) | (673.7) | 38.% | (1,925.4) | (1,215.5) | 58.4% |
| Services Margin | 442.5 | 313.1 | 41.3% | 866.7 | 487.1 | 77.9% |
| Leasing Contract and Services Margins | 693.3 | 714.4 | -2.9% | 1,399.9 | 1,255.4 | 11.5% |
| Proceeds of Cars Sold | 2,277.3 | 1,398.9 | 62.8% | 4,435.3 | 2,526.0 | 75.6% |
| 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 revaluations | 82.7 | 94.9 | -12.8% | 177.7 | 285.4 | -37.7% |
| Gross Operating Income | 776.0 | 809.2 | -4.1% | 1,577.7 | 1,540.8 | 2.4% |
| 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% | 7.8 | 8.6 | -8.7% |
| Non-Recurring Income (Expenses) | 0.0 | 20.6 | -100.0% | 0.0 | 0.0 | n.a |
| Operating Result | 269.0 | 451.1 | -40.4% | 556.9 | 892.9 | -37.6% |
| Share of Profit of Associates and Jointly Controlled Entities | 2.3 | 0.8 | 199.7% | 3.8 | 1.6 | 143.4% |
| Profit Before Tax | 271.3 | 451.9 | -40.0% | 560.7 | 894.4 | -37.3% |
| Income Tax Expense | (69.3) | (109.8) | -36.8% | (159.9) | (235.4) | -32.1% |
| Result from discontinued operations | 0.0 | (91.3) | -100% | 0.0 | (91.3) | -100% |
| Net income | 202.0 | 250.7 | -19.4% | 400.9 | 567.7 | -29.4% |
| Non-controlling interests | 12.5 | 4.8 | 159.2% | 23.6 | 6.3 | 274.9% |
| Net income group share | 189.5 | 246.0 | -22.9% | 377.3 | 561.4 | -32.8% |
BALANCE SHEET AS AT 30 JUNE 2024
| In EUR million | 30 June 2024 | 31 December 202323 |
| 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 | 4,763 | 5,023 |
| Total assets | 72,846 | 70,312 |
| Group shareholders' equity | 10,802 | 10,789 |
| o/w Group shareholders' equity excl. AT1 | 10,052 | 10,039 |
| Tangible shareholders' equity | 7,339 | 7,301 |
| o/w AT124 | 750 | 750 |
| Non-controlling interests | 30 | 526 |
| o/w non-controlling interests excl. AT1 | 30 | 28 |
| o/w non-controlling interests - AT125 | 0 | 498 |
| Total equity | 10,832 | 11,315 |
| Deposits | 13,090 | 11,785 |
| Financial debt | 39,460 | 37,627 |
| Trade and other payables | 6,042 | 6,107 |
| Other liabilities | 3,423 | 3,479 |
| Total liabilities and equity | 72,846 | 70,312 |
Details of operating income components in the income statement
| Leasing & Services margin | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 |
| o/w non-recurring items, in EUR million | 177.0 | 79.9 | -49.5 | 23.1 | -20.6 |
| Fleet revaluation and reduction in depreciation costs | 158.0 | 113.7 | 107.1 | 17.6 | 6.9 |
| Hyperinflation in Turkey | 1.3 | 45.9 | -26.5 | -1.7 | -36.5 |
| MtM of derivatives & breakage revenues | 33.1 | -81.8 | -137.4 | 9.5 | 11.6 |
| Reversal on entities transferred to discontinued operations26 | - | -23.9 | - | - | |
| Impact of PPA | -15.5 | 26.0 | 7.3 | -2.3 | -2.5 |
EARNINGS PER SHARE (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 shares used for EPS calculation27 (A) | 815,821,533 | 606,426,927 |
| in EUR million | ||
| Net income group share | 377.3 | 561.4 |
| Deduction of interest on AT1 capital | (36.6) | (7.8) |
| Net Income group share after deduction of interest on AT1 capital (B) | 340.7 | 553.6 |
| Basic EPS (in EUR) (B/A) | 0.42 | 0.91 |
| Diluted EPS | H1 2024 | H1 2023 |
| Existing shares | 816,960,428 | 816,960,428 |
| Shares issued for no consideration28 | 17,751,609 | 20,973,317 |
| End of period number of shares | 834,712,037 | 837,933,745 |
| Weighted average number of shares used for EPS calculation 33(A') | 834,944,591 | 611,109,871 |
| Diluted EPS (in EUR) (B/A') | 0.41 | 0.91 |
Return on tangible equity (ROTE)
| in EUR million | Q2 2024 | Q2 2023 | H1 2024 | H2 202329 | 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 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 period | 9,883.5 | 9,499.3 | 9,883.5 | 9,642.6 | 9,499.3 | |||||
| Goodwill | 2,073.2 | 2,362.8 | 2,073.2 | 2,073.2 | 2,362.8 | |||||
| Intangible assets | 655.0 | 562.5 | 655.0 | 645.9 | 562.5 | |||||
| Average equity base for ROE calculation | 9,846.3 | 7,947.2 | 9,763.1 | 9,571.0 | 7,900.1 | |||||
| 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 calculation | 7,131.2 | 6,108.1 | 7,045.9 | 6,748.7 | 6,064.8 | |||||
| Group net income after non-controlling interests | 189.5 | 246.0 | 377.3 | 217.8 | 561.4 | |||||
| Interest on AT1 capital | (18.3) | (7.8) | (36.6) | (37.2) | (7.8) | |||||
| Adjusted Group net income | 171.2 | 238.1 | 340.7 | 180.7 | 553.6 | |||||
| ROTE | 9.6% | 15.6% | 9.7% | 5.4% | 18.3% | |||||
CRR2/CRD5 prudential capital ratios and Risk Weighted Assets
| in EUR million | 30 June 2024 | 31 March 2024 | 31 December 2023 |
| Group shareholder's equity | 10,802 | 11,062 | 10,826 |
| 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 adjustments | 89 | 153 | 183 |
| Common Equity Tier 1 capital | 7,243 | 7,239 | 7,141 |
| AT1 capital | 750 | 750 | 750 |
| Tier 1 capital | 7,993 | 7,989 | 7,891 |
| Tier 2 capital | 1,500 | 1,500 | 1,500 |
| Total capital (Tier 1 + Tier 2) | 9,493 | 9,489 | 9,391 |
| Risk-Weighted Assets | 57,824 | 58,981 | 57,377 |
| Credit Risk Weighted Assets | 48,450 | 49,770 | 49,034 |
| Market Risk Weighted Assets | 2,556 | 2,394 | 1,993 |
| Operational Risk Weighted Assets | 6,818 | 6,818 | 6,350 |
| Common Equity Tier 1 ratio | 12.5% | 12.3% | 12.5% |
| Tier 1 ratio | 13.8% | 13.5% | 13.8% |
| Total Capital ratio | 16.4% | 16.1% | 16.4% |
Tangible book value per share
| in EUR million | 30 June 2024 | 31 December 202332 |
| 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) | 10,067.1 | 10,020.1 |
| 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 33 | 815,951,524 | 815,691,541 |
| NAV per share | 12.34 | 12.28 |
| NTAV per share | 8.99 | 8.95 |
| Net Tangible Asset Value (NTAV) after dividend provision34 | 7,168.6 | 6,917.4 |
| NTAV per share after dividend provision | 8.79 | 8.48 |
Impact of PPA update and Fleetpool adjustments on quarterly series35
| 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 | ||||
| Services margin – Fleetpool | - | -9.9 | - | - | ||||
| Used car sales – PPA adjustment | -9.8 | -9.8 | -8.1 | 8.1 | ||||
| Total GOI restatement | -10.4 | -20.3 | -8.5 | 8.5 | ||||
| Gross Operating Income (after restatement) | 832.2 | 585.3 | 793.1 | 784.5 | ||||
| Net income (before restatement) | 235.9 | 28.2 | 187.8 | 189.5 | ||||
| Total GOI restatement | -10.4 | -20.3 | -8.5 | 8.5 | ||||
| Other expenses – Fleetpool (goodwill impairment) | - | -14.7 | - | - | ||||
| Income tax expense impact | 2.5 | 5.7 | 2.1 | -2.1 | ||||
| Net income ( after restatement ) | 228.0 | -1.0 | 181.3 | 195.9 | ||||
| | ||||||||
Restated Quarterly series
| (in EUR million) | Q2 202236 | Q3 202236 | Q4 202236 | Q1 2023 | Q2 202337 38 | Q3 202337 | Q4 202337 | Q1 202437 | Q2 202437 |
| 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 Margins | 480.8 | 458.6 | 625.5 | 541.1 | 698.9 | 766.4 | 598.7 | 706.2 | 693.7 |
| Used Car Sales result | 217.4 | 191.0 | 123.9 | 190.5 | 87.0 | 65.7 | (13.4) | 86.9 | 90.8 |
| Gross Operating Income | 698.2 | 649.6 | 749.4 | 731.6 | 785.9 | 832.2 | 585 .3 | 793.1 | 784.5 |
| 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) | 0.0 | 0.0 | (50.6) | (20.6) | 33.1 | (12.4) | (28.8) | 9.0 | (1.2) |
| Share of profit of associates and jointly controlled entities | 0.2 | 0.3 | 0.3 | 0.8 | 0.8 | 3.3 | 1.6 | 1.5 | 2.3 |
| Profit Before Tax | 471.2 | 417.1 | 425.7 | 442.6 | 434.3 | 356.7 | 16.8 | 280.9 | 279.9 |
| Income tax expense | (116.6) | (98.3) | (138.8) | (125.6) | (101.4) | (131.5) | (7.2) | (88.4) | (71.4) |
| Result from discontinued operations | 0.0 | 0.0 | 0.0 | 0.0 | (91.3) | 14.0 | (0.2) | 0.0 | 0.0 |
| Non-controlling interests | 0.5 | (0.8) | (7.2) | (1.5) | (4.8) | (11.2) | (10.4) | (11.1) | (12.5) |
| Net Income (Group share) | 355.1 | 318.0 | 284.7 | 315.5 | 236.7 | 228.0 | (1.0) | 181.3 | 195.9 |
| (in '000) | 30.06.2022 | 30.09.2022 | 31.12.2022 | 31.03.2023 | 30.06.2023 | 30.09.2023 | 31.12.2023 | 31.03.2024 | 30.06.2024 |
| Total Contracts | 1,761 | 1,762 | 1,806 | 1,815 | 3,496 | 3,394 | 3,420 | 3,386 | 3,373 |
| Full service leasing contracts | 1,448 | 1,454 | 1,464 | 1,473 | 2,755 | 2,692 | 2,709 | 2,699 | 2,686 |
| Fleet management contracts | 313 | 308 | 342 | 342 | 741 | 703 | 710 | 686 | 686 |
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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240801-Ayvens Q2 24 PR VDef
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