ALD posts record Q3 results and says LeasePlan acquisition is on track
Today, ALD Automotive released its nine-month, 2022 results in which it reported a strong third quarter against a backdrop of a deteriorating geopolitical macroeconomic environment and persisting supply chain issues.
- The automotive leasing and finance provider posted record net income of €918.2m, which was up 50.5% from 2021.
- The company’s funded fleet has increased 5.2% on last year to 1.45 million.
- Overall operating expenses stand at €624.3m (including the €83.9m LeasePlan acquisition-related costs).
- LeasePlan acquisition-related costs currently stand at €83.9m, almost half of which was incurred in Q3 2022.
- Leasing contract and services margins are up 23.6% to €1.259.4m, from month 9 in 2021.
- Used car sales have also more than doubled to €623.7m in 2022 vs €277.7m in 2021.
Tim Albertsen, ALD CEO, stated: “ALD again recorded a strong performance in the third quarter. Our record financial results reflect the solidity of our business model and our capacity to adjust promptly to unprecedented situations. 2022 looks like it will be another excellent year for ALD, confirming our track record of profitable growth through the cycle.
Update on the acquisition of LeasePlan
ALD continues to prepare for the acquisition of LeasePlan. Costs related to the closing, the associated transition to regulatory status and the preparation of a smooth and efficient integration plan have ramped up throughout the year, reflecting the intensification of work towards closing. In view of this, ALD is raising its estimation of the full-year 2022 impact of these costs to c. EUR 120 million, up from c. EUR 100m previously.
ALD continues to work towards the completion of the LeasePlan acquisition. Approval processes are on track. Therefore, ALD expects to launch the rights issue before the end of 2022. Closing of the acquisition is expected to follow in Q1 2023.
Image of ALD CEO, Tim Albertsen, courtesy of ALD