11 fév 22

LeasePlan nets a record €1 billion in 2021

LeasePlan just announced a record net result for 2021. The company netted a cool €1 billion, up 302.8% over the previous year. That ten-figure sum is not just the result of the sale of CarNext (pictured) and LeasePlan’s businesses in Australia and New Zealand, but also of solid operational success. 

Releasing figures both for the final quarter of 2021 and the full year, the company – which will be acquired by ALD – announced a net result of €242 million for Q4 (+438.3%) and €1.0 billion for 2021 as a whole. Of that annual total, €228 million came from the divestment of LeasePlan Australia and New Zealand, and the carve-out of CarNext, LeasePlan’s used-car platform, which became an independent company. 

Key figures

  • Leaving out the one-time income from the sale of LeasePlan AUS/NZ and CarNext, the net result from continued operations was €221 million (+102.9%) for Q4 and €787 million (+76.1%) for the full year. Equally record-breaking, these results were due to a strong Car-as-a-Service performance, and high used-car prices. 
  • In Q4, LeasePlan had a serviced fleet of 1.8 million vehicles, up 3.3% over the same quarter in the previous year, also a record high. 
  • Gross profit for underlying lease and additional services was €372 million (+14.2%) in Q4 and €1,477 million (+12.8%) for the full year. 
  • The gross result for the Profit and loss on the disposal of vehicles (PLDV) and end of contract fees was €140 million (+597.8%) in Q4 and €429 million (+832.1%) for the full year. Less vehicles were sold (-25.8% in Q4, -1.8% for the full year), but this was more than offset by the higher prices for used cars. 
  • Operating expenses were €252 million (+2.2%) in Q4 and €909 million (+7.9%) for the full year. The increase was due to continued investment in digital platforms, and the relatively low expenses in 2020, due to cost measures related to Covid-19. 

In all, LeasePlan’s revenues were up 5% for the full year, to €9.9 billion. A major factor in this increase was the revenue from remarketing end-of-contract vehicles, up 16% to €3.5 billion. Revenue from leasing and additional services declined slightly (=0.3%), to just under €6.4 billion. 

"Historic era of growth"

 Commenting on the figures, LeasePlan CEO Tex Gunning said: “There has never been a better time to be in the leasing industry, which is about to enter a historic era of growth due to the ownership to subscription megatrend.” 

“LeasePlan is capturing this growth by transforming from an analogue to a fully digital business model, enabling us to deliver all services digitally and at digital cost levels.” 
“We made further progress in our digital transformation in 2021 with the launch of new modules for our Next Generation Digital Architecture, including our electric delivery fleet platform for the fast-growing e-commerce market.”

Image at top: LeasePlan
Image Tex Gunning: Fleet Europe

Authored by: Frank Jacobs