Ayvens, a key player in the mobility services sector, has reported its Q3 2023 financial results, demonstrating growth and a strong performance in the electric vehicle (EV) market.
Earning assets surge by 14.1%
Earning assets for Ayvens experienced 14.1% increase compared to September 2022. This surge can be attributed to the rising value of vehicles, particularly the accelerated growth of the global multi-brand EV fleet, which boasted 505 thousand vehicles as of September 30, 2023.
Leasing contracts and services margins
In Q3 2023, Ayvens recorded a substantial 61.6% increase in leasing contract and services margins compared to the same period in 2022. This growth was achieved while maintaining stability on a like-for-like basis.
Despite challenges and changes in depreciation costs, Ayvens achieved a Uniform Credit Scoring (UCS) result per unit of EUR 1,033 in Q3 2023, in line with expectations. Furthermore, the company’s cost-to-income ratio (excluding UCS results) reached 61.1% in Q3 2023, reflecting an increase from 57.0% in Q3 2022.
Net Income and CET 1 ratio
Ayvens reported a net income of EUR 226.2 million in Q3 2023, marking a 28.9% decrease compared to an exceptionally high Q3 2022. This reduction was influenced by market volatility related to hedging instruments and a decrease in UCS profits. The Common Equity Tier 1 (CET 1) ratio stood at a strong 12.3% as of the end of September 2023.
Global fleet expansion
Ayvens continued to expand its global fleet, managing 3.394 million contracts worldwide as of end of September 2023. Within this total, 2.691 million vehicles were funded, representing a 3.4% increase compared to September 2022.
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- Gross operating income reached EUR 814.9 million, indicating a significant 25.4% increase compared to Q3 2022.
- Operating expenses totalled EUR 448.7 million, demonstrating a substantial increase compared to the same period in 2022.
- The cost of risk remained at a low level, with 18 basis points in Q3 2023, compared to 23 basis points in Q3 2022.
Outlook for 2023 results
In a context marked by high-interest rates and inflation, Ayvens anticipates several key developments for the full year 2023 results:
- Funded fleet growth is expected to range between 2% and 4% compared to end of December 2022.
- Used Car Sales result per unit is projected to range from EUR 1,200 to EUR 1,600, accounting for the impact of previous quarters’ reduction in depreciation costs.
- Costs to achieve the integration and synergies are forecasted to amount to EUR 170 million.
Continued electrification efforts
Ayvens reaffirmed its commitment to sustainable mobility by promoting electrification. In the first nine months of 2023, EV penetration reached 34% of new passenger car registrations, with BEV and PHEV penetration at 21% and 13%, respectively. The company maintains its position as the owner of the world’s largest multi-brand EV fleet, comprising 505 thousand vehicles.
Ayvens’ performance in the EV market exceeds European averages, contributing to its strong presence in the EV sector.