ALD SA Capital Markets Day Transcript
Good afternoon to this ALD LeasePlan Capital Market Day, we have been looking forward to this event. The LeasePlan acquisition initially created a lot of enthusiasm in the market and among shareholders, not least because it propelled ALD chose clear leadership. In a market where scaled is critical. Expectations were set high and rightfully so. For that reason, we share the disappointment that the new objectives you gave Monday have created.
Ever since the IPO in 2017, the team and myself have been keen to be transparent and set clear objectives that we have delivered on quarter-after-quarter ever since. That's our track record. A few unforeseen events took place between the signing of the deal in January '22 and the closing of the transaction in May '23. Those wins have had an adverse impact on our initially expected cost base and margin base. The 2 main ones are, first IT investments at the LeasePlan increased very materially in '22, a period where we had no control due to antitrust requirements. John is on top of it. And since the closing of the
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