LeasePlan announces Q1 2019 results
AMSTERDAM, the Netherlands, 15 May 2019 – LeasePlan Corporation N.V. (LeasePlan; the "Company"), one of the world's leading Car-as-a-Service ("CaaS") companies and a leading Pan-European used-car market place, today reports its Q1 results.
Tex Gunning, CEO of LeasePlan:
"We delivered solid results in both of our businesses this quarter, while continuing to make significant strategic investments in CarNext.com and our Digital LeasePlan initiative.
In our core Car-as-a-Service business for new cars, which operates under the LeasePlan brand, our fleet grew a healthy 3% and we delivered solid growth in our Repair & Maintenance Services and Damage & Insurance services. We also successfully issued our first ever Green Bond, which we will use to purchase or refinance electric vehicles. The high level of demand for the bond was a clear indication of support from European investors for our sustainability strategy and will help us accelerate the transition to zero emission mobility.
CarNext.com, our disruptive, digital, used-car marketplace, continued to grow rapidly, supported by a new store opening and our continued commitment to revolutionizing the customer experience for used-car customers.
Going forward, we will continue to invest in CarNext.com in order to accelerate its growth. We will also continue to invest in our Digital LeasePlan program, through which we are bringing LeasePlan firmly into the digital world."
Q1 2019 financial highlights
- Net result stable at EUR 132.0 million
- Underlying net result down 7.1% to EUR 149.6 million due to long-term strategic investments in Digital and CarNext.com of EUR 16.8 million
- Serviced fleet up 3.1% with growth in both Europe and Rest of the World
- Lease & Additional Services (CaaS) underlying Gross Profit up 4% to EUR 390.8 million
- Profit and Loss on Disposal of Vehicles (PLDV) and End of Contract Fees underlying Gross Profit down from EUR 25.2 million to EUR 18.8 million as a result of EUR 10.8 million lower PLDV
- CarNext.com B2C volumes up 40% to 14,700 vehicles in Q1 and a 21% runrate for B2C sales penetration, Used Car as a Service (UCaaS) contracts up 22%
- Underlying return on equity down slightly to 16.7%
To read the full financial report, please click here.