Q3 2024 Ayvens SA Earnings Call Transcript
Key Points
- Ayvens (ALLDF) achieved a strong underlying margin of 521 basis points in Q3 2024, aligning with their financial objectives.
- The company maintained a robust cost-income ratio of 63.4% in Q3 2024, indicating effective cost control measures.
- Used car sales remained profitable, with results per unit at EUR1,450, showing resilience despite market normalization.
- Ayvens (ALLDF) successfully migrated IT platforms in five countries, representing 26% of their fleet, enhancing operational efficiency.
- The company achieved EUR80 million in synergies year-to-date, on track to meet their full-year target of EUR120 million.
- Net income group share was negatively impacted by non-recurring items, resulting in EUR147 million for the quarter.
- The gross operating income decreased to EUR724 million in Q3 2024, down from EUR785 million in the previous quarter.
- Interest rate fluctuations negatively affected the mark-to-market valuation of derivatives, impacting financial results.
- The company faced challenges in maintaining service margins due to lower rental revenues and seasonal impacts.
- Ayvens (ALLDF) consciously reduced fleet size in less attractive markets like the UK and Turkey, impacting growth.
Good morning, ladies and gentlemen and welcome to this Aans Q3 and nine months, 2024 results conference call.
I'm hosting this call with Patrick. So first I will present the highlights of our Q3 2024. And then as always take comment on our financial results and then we'll take all the questions you may have afterwards. Let's go directly to slide. Five Avis has continued to deliver steadily on its integration road map with robust business and financial performance in a continued contrasted environment starting with the financial performance underlying margin stood at 521 basis points this quarter and 530 basis points over the last nine months of this year.
This level is in line with the group's financial objectives and reflects the measured implement the measures implemented over the last few quarters to restore profitability.
Thanks to our continuous focus on cost control. Our cost income ratio stood at 63.4% in Q3 2024. Confirming the improving trend begun in the previous quarters on the used car sales is reaping the benefits of our best in
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