ALD Automotive, an atypical first quarter

At ALD Automotive, the first quarter of 2022 was exceptional in more ways than one. The first, which stems from the position taken by the parent company Societe Generale: the end of the signing of any new commercial transaction in Russia, Kazakhstan and Belarus, in response to the conflict which has pitted Moscow against kyiv since April 24. The decision resulted in a provision of 27.3 million euros and a revaluation of the car fleet of 12.5 million euros in the accounts at March 31.

Takeover of LeasePlan in progress

The car leasing subsidiary, evolving in a very unusual context of the second-hand market, had an atypical start to the year for a second reason: the continued surge in the unit resale margin. From 2,607 euros in the last quarter of 2022, it climbed to 3,101 euros, a record, for a total of 215.2 million euros. However, the group sold fewer vehicles, multiplying contract extensions and second-hand rentals.

But the quarter was above all marked by the announcement of the takeover of the European number one in vehicle rental, the Dutch company LeasePlan. The operation, worth 4.9 billion euros, should give birth to a new global car leasing giant capable of fueling the future growth of the parent company Societe Generale, alongside traditional banking activities retail and investment banking. The framework agreement was signed on April 22. The transaction, which must be validated by the various competition authorities, should be finalized by the end of the year. Going forward, ALD Automotive has maintained two of its objectives, namely 2% to 4% growth in the financed fleet and a dividend distribution rate of between 50% and 60%, and raised its resale margin forecast by more than 1,000 euros to more than 2,000 euros per vehicle.