Ayvens Achieves Impressive Financial Performance in Q1 2024
Ayvens has reported robust financial results for the first quarter of 2024, showcasing significant growth and successful integration efforts. The company’s leasing contract and services margins soared to EUR 706.6 million, marking a 30.6% increase compared to Q1 2023 and a 16.0% rise from Q4 2023. This growth is attributed to the consolidation of LeasePlan, demonstrating stabilizing underlying margins and effective synergy realization.
In the used car sales sector, Ayvens achieved a result per unit of EUR 1,661, stable compared to Q4 2023. The cost-to-income ratio improved to 67.7%, down from 68.4% in the previous quarter. Additionally, the cost of risk increased to 25 basis points, up from 19 basis points in Q4 2023.
Net income surged to EUR 187.8 million, a substantial increase from EUR 28.2 million in Q4 2023, reflecting the exclusion of various non-recurring items. The company’s Return on Tangible Equity (ROTE) reached 9.6%, and earnings per share were reported at EUR 0.20.
CEO Tim Albertsen highlighted the company's resilience in a challenging economic environment and emphasized the successful integration of LeasePlan, which has bolstered Ayvens' market position and operational efficiency. Regulatory approvals for the merger in March have further accelerated integration efforts, promising continued value creation for stakeholders.
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