Half Year 2024 Ayvens SA Earnings Call Transcript
Key Points
- Ayvens (STU:3AL) reported a solid Q2 2024 financial performance with a net income group share of EUR189 million.
- Margins improved to 539 basis points of earning assets, up by 17 basis points compared to Q1 2024.
- The integration of LeasePlan is progressing well, contributing EUR27 million of synergies in Q2 2024.
- The company's capital position is strong with a CET1 ratio of 12.5% at the end of June 2024, up from 12.3% at the end of Q1 2024.
- Ayvens (STU:3AL) has successfully issued EUR750 million of bonds, completing 80% of its annual funding program.
- Demand slowed in a mixed economic environment, impacting the overall growth pace.
- The used car sales result showed a moderate decrease, reflecting ongoing normalization in the market.
- The number of fleet management contracts decreased by 4.9% compared to the end of June 2023.
- The order intake of battery electric vehicles is slowing down as residual values have been lowered.
- The company had to make accounting adjustments, including a EUR14.7 million goodwill impairment for a German subsidiary.
Good morning, ladies and gentlemen, and welcome to the Stephens Q2 2024 Results Call.
Unfortunately, we had a small technical problem this morning, so we have to change the rules so we hope it's still good in terms of the sound quality.
But then.
Yes, so sorry for that, I'm hosting the call over to Patrick on the first, I'll present the highlights of Q2 2024. And then Patrick will comment on our financial results.
And then as always, we'll take your questions right after.
Let's go directly to slide 4 on the key takeaways. I'm proud to share that Avon's had another solid quarter marked by solid financial performance and further progress on the integration of LeasePlan. Indeed, with the net income Group share EUR189 million.
Our second quarter results confirm the financial structure that was initiated at the beginning of the year, underpinned of our focus on profitable growth and strong cost discipline. This demonstrates our commitment and capacity to deliver on our strategic
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