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ALD fleet grows to 1.44m vehicles worldwide

At mid-year, ALD Automotive managed 1.44 million vehicles worldwide. That's 9.1% more than at the end of June last year, the company's second-quarterly report shows. 
 
But that was not the headline company CEO Mike Masterson (pictured) read into the report: 
 
“We reached a major milestone with the successful listing of ALD’s shares on the Euronext Paris stock market. This achievement will provide the company with extra flexibility to accelerate its expansion and support its strategy of delivering sustainable long-term growth and profitability through strong customer focus and the service excellence of its teams.” 
 
The double aim of the move was to access new means of financing and gain visibility in the new mobility ecosystem. ALD’s shares started trading on 16 June at an initial offer price of €14.30 per share, which resulted in an implied total valuation of the company’s shares at €5.78 billion.
 
ALD's global fleet growth was unevenly distributed, but all regions contributed. From high to low: Central and Eastern Europe (+10.7%), Western Europe (+9.4%), the Americas, Asia and RoW (+8.3%), and the Nordics (+2.4%). 
 
ALD's global growth was part organic, partly thanks to acquisitions; over the past year, ALD bought Merrion Fleet (Ireland) and BBVA Autorenting (Spain), but also opened a new subsidiary in Colombia. The company also concluded a partnership with Italian utility company ENEL in the electric mobility space.
 
ALD expects private lease to be a new source of growth. At the end of June, this segment represented 66,000 vehicles, or 5% of the total fleet. That is a 21.2% increase since the start of 2017. The company's gross operating income for the first half of this year amounted to €662.2 million, +5.6% year-on-year. Net income was at €287 million, +8.3%.
 
For the whole of 2017, ALD expect to grow both its total fleet and its gross operating income by 8% (year on year), with net income projected to be up by 10%. The outlook towards 2019 is for fleet growth to continue at 8-10%, and net income growth at 7% per annum.
 
Image: Fleet Europe
 
09/08/2017  |  Frank Jacobs

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