LeasePlan recorded a net profit of €165
million in 2009 (down from €202 million in 2008), but started to
see recovery in the second half of the year.
The Dutch lessor said that the profit drop
derived from reduced prices for end of contract cars, which led to
a loss of €97 million, and larger-than-usual impairment for
receivables of €56 million.
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The company said that overall exposure to
credit risk remained “modest, as witnessed by an average impairment
for receivables of 20 bp of average risk weighted assets over the
past 4 years”.
The total value of LeasePlan’s lease
portfolio saw a 4 percent decrease, to €13.6 billion.
LeasePlan CEO Vahid Daemi said: “I am very
pleased with our positive performance in 2009 and particularly with
the improvement in the 2nd half of 2009.
“Although the global economic crisis persisted
during a large part of the year, we were able to maintain our
market leading business franchise and achieve positive
results.”
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By GlobalDataThe company has also completed the change
in shareholding, with investment company Fleet Investments B.V.
taking a 50 percent stake in the lessor. Volkswagen will continue
to hold the remaining 50 percent.
Antonio Fabrizio
