LeasePlan announces Q4 and Full Year 2020 results

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LeasePlan Corporation N.V. (“LeasePlan”; the “Company”), one of the world’s leading Car-as-a-Service (“CaaS”) companies and a leading pan-European used-car market place, reports its Q4 results
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Q4 and Full Year 2020 financial highlights

**Car-as-a-Service: **

** **

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Q4 2020
Q4 2019
% YoY Growth
% YoY Growth
Serviced fleet (thousand) as at 31 December
− 0.7%
Numbers of vehicles sold (thousand)
- 4.4%
− 4.4%
Underlying net result (EUR Million)
- 29.6%
− 27.1%
Car as a Service
− 19.7%
- 22.9
− 13.3
- 71.6%
- 80.1
− 48.7
− 64.6%
Net result (EUR Million)
- 61.0%
− 37.3%
Underlying return on equityequity(2)

Commenting on the results, Tex Gunning, CEO of LeasePlan, said:

“LeasePlan delivered a solid underlying net result of EUR 406 million despite exceptionally challenging circumstances and investments in growth, digital platforms and Most importantly, we were able to safely support our customers and employees throughout a very challenging year. Looking back on 2020, we are very grateful to our customers for their loyalty and cooperation in these exceptional times, and we are very proud of LeasePlanners across the world for their competence, dedication and resilience while working from home since March.

Our Car-as-a-Service business delivered a robust underlying net result of EUR 486 million. The lockdowns increased demand for e-commerce related delivery vehicles and we saw strong growth in our private lease fleet. Covid-related supply chain constraints slowed overall growth and had a negative impact on volume-related rebates and bonuses. Given the economic impact of Covid on our customers, we also had to take provisions for expected credit losses., our digital used-car marketplace, performed well with online sales more than doubling and revenues up over 15%, with customers showing strong demand for our new range of e-commerce services, including virtual car appointments and click & collect, as well as our expanding range of ancillary services. While B2C retail sales were lower due to COVID-related store closures, we saw a recovery in used-car pricing across all markets, with pricing at or above pre-COVID levels.

Throughout 2020, LeasePlan continued to lead the sustainability agenda in our industry, clearly demonstrating the pivotal role that large EV fleets play in tackling climate change. 2020 was the greenest year in the history of LeasePlan, with EVs and plug-in hybrids now representing 16.5% of all our new orders. Looking ahead, we will continue to advocate for accelerated growth in public charging infrastructure and longterm incentives for green driving, ensuring EVs become the common sense choice for all drivers in the New Normal.

Overall, LeasePlan finished the year in line with the plans we set out at the beginning of the crisis. Despite ongoing restrictions in many markets, we are confident in our ability to withstand any further market disruptions due to the fundamental resilience of our business. Moreover, we are very positive about the what’s next for our business and our industry, as the pandemic accelerates demand for delivery vehicles and safe, personal vehicle subscriptions among SMEs and private customers. Going forward, we will unlock this significant growthpotential through our continued transition to a fully digital business model, which not only enables us to improve the service we deliver to our customers at lower cost, but will also allow us to integrate a range of new products and revenue streams into our Car-as-a-Service ecosystem.”

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Published at February 22, 2021
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February 22, 2021
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