LeasePlan announces Q3 2018 results
LeasePlan Corporation N.V. (LeasePlan; the "Company"), one of the world's leading Car-as-a-Service ("CaaS") companies, today reports its Q3 results.
Q3 2018 financial highlights
- Net result down 48% to EUR 67 million due to Turkey fleet impairment of EUR 73 million
- Underlying net result up 6.0% to EUR 147 million excluding Turkey impairment
- Serviced fleet growth up 6.8% to 1.8 million vehicles
- Lease & Additional Services ("Car-as-a-Service") Gross Profit up 8.8% (excluding impairment)
- CarNext.com B2C car volumes up 75% with 25% run-rate B2C sales penetration and 160% growth in Used Car-as-a-Service (UCaaS) to 2,100 cars
- Continued results improvement from "The Power of One LeasePlan" programme
- Underlying return on equity over the first 9 months of 17.2% excluding Turkey impairment
"LeasePlan has delivered another quarter of strong growth across both of our businesses as we continue to lead the megatrend
from ownership to subscription in the Car-as-a-Service markets for both new and used cars.
In our Car-as-a-Service business for new cars, which operates under the LeasePlan brand, our serviced fleet was up 6.8% to 1.8
million vehicles. During the quarter, we also signed an exclusive memorandum of understanding with SAIC – China's largest
vehicle manufacturer – to bring the first full electric light commercial vehicle in its category to continental Europe, accelerating
the shift to zero emission mobility among commercial drivers. This partnership shows how a major global OEM entering Europe
has chosen our Car-as-a-Service model rather than traditional retail dealer models to deliver their cars and puts LeasePlan at
the core of this evolution.
CarNext.com, our disruptive, digital, used-car marketplace, has continued to grow rapidly and is now present in 18 countries
through an integrated online platform and 28 Delivery Stores. B2C volumes increased 75% in the quarter, while our innovative
Used-Car-as-a-Service proposition grew 160% to 2,100 newly contracted cars in Q3.
Our overall results were impacted by the exceptional depreciation of the lira in Turkey, the only country where LeasePlan has
meaningful transactional currency exposure. We have taken clear actions in Turkey to mitigate exposure to currency volatility
for new business."
Read the full story at our LeasePlan Corporate newsroom!