Ayvens, a global sustainable mobility provider, has reported its financial results for the second quarter of 2024. The company, known for its full-service leasing, flexible subscription services, fleet management, and multi-mobility solutions, continues to navigate a complex economic environment while maintaining operational stability and strategic focus.
Key financial highlights: Q2 2024
- Leasing and Services Margins: Ayvens saw an increase in underlying leasing and services margins to 539 basis points (bps), compared to 522 bps in Q1 2024. However, the overall margins stood at €693 million, marking a 1.9% decrease from the previous quarter. This decline was primarily attributed to non-recurring items, notably the impact of hyperinflation accounting in Turkey, which negatively affected results by €37 million.
- Used Car Sales (UCS): The UCS result per unit, excluding the impacts of reduction in depreciation costs and Purchase Price Allocation (PPA), was €1,480, down from €1,661 in Q1 2024. When including the impacts of depreciation cost reductions and PPA, the UCS result per unit remained stable at €575, consistent with Q1 2024.
- Cost-to-Income Ratio: The company’s cost-to-income ratio improved significantly, decreasing to 61.9% from 67.7% in Q1 2024, reflecting better cost management and operational efficiency.
- Cost of Risk: Ayvens reported a cost of risk of 23 bps, slightly lower than the 25 bps recorded in the first quarter, indicating a modest reduction in risk-related expenses.
- Net Income: The net income attributable to the group was €189 million, stable compared to €188 million in Q1 2024, showcasing the company’s ability to sustain profitability amid varying economic pressures.
- Return on Tangible Equity (ROTE): Ayvens reported a ROTE of 9.6%, reflecting consistent returns on equity.
- Earnings Per Share: The earnings per share for Q2 2024 stood at €0.21.
- Earning Assets: The company’s earning assets increased by 9.5% compared to the end of June 2023, indicating robust growth in asset acquisition and utilisation.
- CET1 Ratio: As of the end of June 2024, Ayvens maintained a Common Equity Tier 1 (CET1) ratio of 12.5%, underscoring the company’s strong capital position and financial resilience.
Outlook
In a statement, the company said that despite challenges, such as hyperinflation in certain markets, Ayvens continues to demonstrate resilience through strategic cost management and maintaining stable profitability. The company's focus on sustainable mobility solutions positions it well for future growth, catering to a diverse client base ranging from large international corporates to SMEs, professionals, and private individuals.
In a press release, the company said that Ayvens' commitment to operational efficiency and strategic asset growth reflects its adaptive strategies in the face of global economic fluctuations, ensuring sustained value creation for shareholders and stakeholders alike.
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