AMSTERDAM, the Netherlands, 9 February 2023 – LeasePlan Corporation N.V. (“LeasePlan”; the “Company”), one of the world’s leading Car-as-a-Service (“CaaS”) companies, today reports its Q4 and FY 2022 results.
Q4 and FY 2022 financial highlights
- Net result of EUR 779 million (+222.2%) in the quarter and EUR 1,935 million (+90.3%) for the full-year[1]
- Underlying net result of EUR 384 million (+81.8%) in the quarter, of which EUR 355 million from continuing operations and EUR 29 million from discontinued operations. For the full year, underlying net result was EUR 1,418 million (+85.9%), of which EUR 1,278 million from continuing operations and EUR 140 million from discontinued operations[2]
- Underlying Lease and Additional Services gross profit of EUR 623 million (+90.9%) in the quarter and EUR 1,938 million (+49.6%) for the full-year. The results include adjustments for a reduction in depreciation of EUR 242 million for Q4, and EUR 435 million for the full year
- PLDV and End of Contract Fees gross profit of EUR 77 million (-42.8%) in the quarter and EUR 602 million (+52.6%) for the full-year[3]
- Serviced fleet growth of 7.0% to a total of 1.6 million vehicles with LeasePlan’s Q4 2022 order book reaching a new record high[4]
- Operating expenses of EUR 247 million (+12.5%) in the quarter and EUR 895 million (+11.6%) for the full-year due to continued investments in growth and our digital platforms
- Year-end liquidity buffer of EUR 9.0 billion
- The divestment of LeasePlan USA to the parent company of Wheels Donlen (in which Athene is the lead investor) was completed on 1 December 2022
- ALD has obtained all expected merger control clearances for the completion of the acquisition of LeasePlan. The European Commission’s approval is conditional on the divestiture of select subsidiaries
Key numbers[5]
|
|
Q4 2022
|
Q4 2021
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% YoY Growth
|
2022
|
2021
|
% YoY Growth
|
|
VOLUME
|
|
|
|
|
|
|
|
Serviced fleet (thousands), as at 31 December
|
|
|
|
1,628.0
|
1,521.1
|
7.0%
|
|
Numbers of vehicles sold (thousands)
|
54.3
|
47.6
|
14.2%
|
207.7
|
241.8
|
−14.1%
|
|
|
|
|
|
|
|
|
|
PROFITABILITY
|
|
|
|
|
|
|
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- Underlying net result from continuing operations
|
354.9
|
190.8
|
86.0%
|
1,277.5
|
698.5
|
82.9%
|
|
- Underlying net result from discontinued operations
|
29.2
|
20.4
|
n.m.
|
140.2
|
64.1
|
118.7%
|
|
Underlying net result (EUR Million)
|
384.1
|
211.2
|
81.8%
|
1,417.6
|
762.6
|
85.9%
|
|
Net result (EUR Million)
|
779.3
|
241.8
|
222.2%
|
1,935.4
|
1,017.2
|
90.3%
|
|
|
|
|
|
|
|
|
|
Underlying return on equity 5
|
|
|
|
30.8%
|
17.7%
|
|
Commenting on the results, Tex Gunning, CEO of LeasePlan, said:
“Strong growth was delivered across all segments as the shift from car ownership to car subscriptions continued to accelerate. The adoption of EVs across Europe is driving the acceleration of the car subscription trend. LeasePlan is well positioned to take full advantage of this structural market shift with 32% of our deliveries now being an EV. LeasePlan also continues to benefit from strong demand for our high-quality used cars.
In order to capture accelerated market growth, LeasePlan is making good progress in its transformation from an analogue business model to a digital business model, supported the deployment of our Next Generation Digital Architecture.
Our merger with ALD is on track to close by the end of Q1 2023. The combined business will be best positioned to take full advantage of the acceleration of demand for car subscriptions.
LeasePlan celebrates its 60th anniversary this year, and all LeasePlanners can be proud of what we have achieved with the dedicated support of our shareholders, and the trust of our investors, customers and suppliers.”
[1] FY2022 includes a EUR 409 million book gain from the divestment of LeasePlan USA. FY2021 included a EUR 228 million book gain from the divestment of LeasePlan Australia and New Zealand and the carve-out of CarNext.
[2] Financial statements including historical periods are adjusted for the anticipated divestment of LeasePlan in Czech Republic, in Finland and Luxembourg (announced on 28 November 2022), the divestment of LeasePlan USA, the divestment of LeasePlan Australia and New Zealand to SG Fleet (transaction closed as per 1 September 2021) and the carve-out of CarNext. The results from these businesses are reported in the financial statements – Underlying net result from discontinued operations.
[3]The 2022 Q4 PLDV result includes a EUR 117 million impact of margin already recognized under lease and additional services gross profit as part of the prospective depreciation adjustment for cars sold in Q4 2022.
[4] Serviced fleet volume is like-for-like incl. current assets held for sale excl. divestments (Lower fleet size compared to Q3 2022 due to the divestment of LeasePlan USA)
[5] Underlying RoE is based on last-twelve-month underlying net result and equity excluding the additional Tier 1 instrument. Including the AT1, RoE is 28.5% for 2022 and 16.6% for 2021.