歐洲汽車租賃公司營(yíng)收狀況-英

Europeancarleasecompanies’financialsStrongprofits,ahealthyfinancialposition,andapositiveoutlookGerardRijk13November2023AboutthisreportThisreport

has

beencommissionedby

Transport&Environment.AboutProfundoWithprofoundresearchandadvice,Profundoaimstomakeapracticalcontributionto

asustainableworldandsocialjustice.Qualitycomes

first,

aimingattheneedsof

ourclients.Thematicallywe

focuson

commoditychains,thefinancialsector

and

corporate

socialresponsibility.More

informationonProfundo

canbefoundat

fundo.nl.AuthorshipThisreportwas

researchedandwrittenby

Gerard

Rijk.Correctcitationof

this

document:

GerardRijk(2023,November),Europeancarlease

companies’financials,Amsterdam,TheNetherlands:Profundo.Front

pagecoverphotographby

NathanAnderson

-Unsplash.DisclaimerProfundoobservesthegreatestpossiblecarein

collecting

informationanddraftingpublicationsbutcannotguaranteethatthisreportis

complete.

Profundo

assumes

no

responsibilityforerrors

inthesources

quoted,nor

forchanges

after

thedateof

publication.

Whenany

errorin

thisreportcomestolight,Profundowillpromptlycorrectitinatransparentmanner.ContentsSummary1Abbreviations2Introductionandmethodology3Profitabilityandfinancialstrength

41.1Introduction

4Selectionof

keyindicators

4Returnon

equity

5Equityto

totalassetsratio

6Pre-taxprofit

percarandpre-taxprofit

6Conclusion

6ALD

|LeasePlan

7Alphabet/BMWFinancialServicessegment

8Arval

9Leasys

10Mercedes-BenzMobility/Athlon

11MobilizeFinancial

Services

12VolkswagenFinancialServices

13Leaseurope

14Summaryof

outcomes

15Volumeofvehicles

15Pre-taxprofit

16Pre-taxprofit

percar

17Returnon

equity

19Returnonassetof

the

eightcompanies

19Equityto

totalassetsratio

201.21.2.11.2.21.2.31.2.41.31.41.51.61.71.81.91.101.111.11.11.11.21.11.31.11.41.11.51.11.6Prospects212.12.22.3Introduction

21Recentcommentsby

thecarleaseindustry

21Conclusion

22References23ListoftablesTable1Table2Table3Table4Table5Table6ALD:

keyfinancialdata

7LeasePlan:key

financialdata8FinancialServicessegmentBMW:

keyfinancialdata9Arval:keyfinancialdata10Leasys:key

financialdata10Mercedes-Benz/Athlon:keyfinancialdata

11Table7MobilizeFinancialServices:keyfinancialdata12VolkswagenFinancial

Services:keyfinancialdata

13Leaseurope:key

dataonleasecompaniesincludingcarlease15Numberof

leased/financedcars/vehiclesorcontracts16Pre-taxprofitoftheeightcompanies17Pre-taxprofitpercar

oftheeightcompanies(nominalvalue)17Pre-taxprofitpercar

oftheeightcompanies(realvalue)

18Pre-taxprofitpercar

perleaseperiodof3.5years(realvalue*)

18Returnon

equityoftheeightcompanies

19Returnon

assetsof

theeightcompanies19Equitytototalassets

ratiooftheeightcompanies

20Table8Table9Table10Table11Table12Table13Table14Table15Table16Table17SummaryIn2018-2022,Europeancarleasecompanieshaveshownanincreasingprofitabilityand

animprovingfinancialstrength.This,while

theprospectsfor

the

carleasemarketafter

2022

remainfavourableinthe

long-term,anddespite

short-to

medium-termchallengesduetohigherinterestexpenses.Theability

ofthecompaniestoagreentransitionseemsbetterin

2022thanin2018.Aselectionofeight

carleasecompanies,as

well

assector-widedata,areanalysed.ThecurrentreportinvestigatedeightleadingEuropean-basedcarleasecompanies:ALDandLeasePlan,Alphabet/BMW

FinancialServices,Arval,Leasys,Mercedes-BenzMobility/Athlon,MobilizeFinancialServices,andVolkswagenFinancial

Services.DatafromleaseindustryorganisationLeaseuropehavealso

been

investigated.Profitabilityandfinancialstrength

indicators

wereselected.

Basedonliteratureresearchandsimilarsectors,

fourkeyindicatorsof

profitabilityandfinancialstrengthhavebeenselected:

pre-taxprofit,pre-taxprofitpercar,returnon

equity(ROE),andequitytototal

assetsratio.In

addition,growthinthenumberof

carsand/orcontracts,totals

assets,

returnonassets(ROA)

have

beencollectedasindicatorsof

thesector’s

financialcondition.Profitabilitydevelopedhealthily

from

2018

to2022.Thenumberof

leased/financedcarsorcontractsincreasedbyatotal

of5.4%from2018to

2022.Thepre-taxprofitofthecompaniesshowedagrowthof

82.3%to€15.7billion.Excluding

two

companiesthat

didnotreportconsistently,

thegrowthin

the

numberofcarswas

6.7%andpre-taxprofitgrowth83.6%.Thiswasahead

ofthegrowthof71.2%basedon

Leaseuropedata.Oftheeight

selectedcompanies,onlyMobilizeshowedadeclineinpre-taxprofits.Innominalterms,theaveragepre-taxprofitpercarfortheeightcompanieshas

increasedby75.5%

from2018to2022,andreached€689in2022.

Inrealterms,

adjustedforinflation,theincreasefrom2018to2022was

52.8%.

Overa3.5-yearaverageleaseperiod,thepre-taxprofit(adjustedforinflation)amountedto€1,963

percar(2019-2022).No

company

realizedanegativegrowthnumber.Thereturnon

equity(pre-taxprofitas

percentageofequity)for

the

selectedcompanies,hasincreasedstronglyfrom

21.2%in2018to

27.2%in

2022.Again,onlyMobilizeshowedadecline.Theseoutcomesaresubstantiallyaheadofacomparablesectorlike

Europeanbanks(7-12%).Versusthe

requiredcostofcapitalby

financialmarkets

(5-9%),theoutcomesoftheaverageROEcanbe

qualifiedas‘high’.Financialstrengthhasimprovedfrom2018to2022.

Theequitytototalassetsratioshowedagradualincreasefrom

10.7%to12.9%.Thismeans

thatthe

financialstrengthon

averageseemstohaveimproved.Equityto

assetratiosfor

banksare

usually

between5%and15%.Theeightcompanieshavearatiothatisinmostcases

inthehigh-endofthe

range.Withsomeleasecompanieshavingabank

license,the

central

banksmonitortheirequitytorisk-weightedassets,whichis

amorenarrow

definitionof

assets,and

is

now

requiredto

be10.7%(2023).Alsoversusthisratio,theselectionofcompaniesseems

to

haveampleequity.Nomaterialstructuralchangesahead,

althoughshort-to

mediumterm

interestexpense

are

achallenge.

Thebusinessdynamicsandrevenuegrowthfactorsof

thelast

few

years

arenotexpectedto

experienceamaterialchange.Theenergytransitionisachallengeaswellas

anopportunity,whilecarleasemightgainshareversustheownershipmodel.

Intheshort-

tomediumterm,

higherinterest

expenses

couldhaveanegativeimpact

on

profits.Page|1AbbreviationsCET1Commonequitytier1Equity/AssetsEquitytototalassetsration.a.Notavailablen.d.NodataPre-taxprofitsROAProfitbeforetaxReturnonAssetsROCEROEReturnonCapitalEmployedReturnonEquityROEUROICT&EPureequityrequiredrateof

returnReturnon

InvestedCapitalTransport&EnvironmentYear-on-yearYoYPage|2IntroductionandmethodologyTransport&Environment

(T&E)

wouldliketounderstandwhycar

leasecompanies

arenot

leadingtheoverallmarketin

theuptakeof

batteryelectricvehicles.Therefore,thequestionneeds

to

beansweredwhether

theEuropeancarleasecompaniesareprofitableenoughto

investmoreintoelectricvehicles,andwhethertheirfinancialpositionhassufficient

strength

forthe

energytransition.This

reportwillnot

makean

estimateofthe

necessaryinvestments

to

adapt

thesectortothe

Europeanclimate

goals,as

this

wouldrequireadditionalestimatesandassumptionsonmarketgrowth,carleasepenetration,cost

of

ownership,changes

insubsidiesetc.

The

assumptionforthis

reportisthat

astrong

profitabilityand

agoodfinancialposition

are

ingredientsfortheenergytransitionprocess.Toconcludeontheprofitabilityand

thefinancialstrength,the

firststepisto

distinguishtherelevantfinancialratios.

Theseratios

willbecalculatedforeight

carleasing

companies.

Insomeinstances,

thesecompanies

arepart

of

alargecar

manufacturerorare

ownedbybanks.Thesecarmanufacturersand

banksreporton

theseactivities

intheirannualreportsandintheirquarterlyandhalf-year

reports.In

someofthesecases,thecarleaseactivitiesarepartof

alargerfinancedivisionwithinthesemanufacturersorbanks.

One

of

theeightcar

leasecompaniesis

partlylistedonastockexchange(ALD).Twoof

the

eightcompaniesmergedtheiractivities

in2023(ALD,LeasePlan).Theinvestigatedperiodis

2018to2022.Theoutcomesoftherelevant

profitabilityand

financialstrengthratioshavebeen

comparedwitheachotherfortheeight

carlease

entities.The

‘total’andthe‘a(chǎn)verages’of

therelevantratiosoftheeightlease

companies

are

comparedwiththedatafromLeaseuropewhichreports

industry

ratios.Todecideonwhetherprofitabilityis

sufficientor

insufficient,theprofitabilityratio‘ReturnonEquity’(ROE)isbenchmarkedversusratios

in

comparableindustries

as

wellas

arequiredlevelofcost

ofcapital.Finally,ashort

overview

is

includedon

theprospectsofthe

car

leaseindustry,after

2022.Thefocusis

onwhethermaterialchangesinthemarketcanbe

expected.Amaterialchange

affectingprofitabilityor

thefinancialstrengthofthecarlease

industry

couldbean

argument

for

companiestodeceleratethegreeningoftheiractivities.Page|31ProfitabilityandfinancialstrengthThissectioninvestigateskeyfinancialdataofcarleasecompanies.

Fourkeyindicatorshavebeendistinguished:pre-taxprofit,returnon

equity,pre-taxprofitpercar/contract,andtheequitytototal

assetsratio.

Theoutcomesunderlinethatprofitabilityfrom2018to2022hasimproved

consistentlyformostinvestigatedcompaniesas

wellas

thesector.Thefinancialposition,

representedhereasequityversustotalassets,becamegraduallystrongerin2018-2022.1.1IntroductionWhileinthe

last

part

of

thissectiondatafrom

Leaseuropesummarizeover90%ofthe

Europeanleaseindustry,the

firstpartofthesection

divesdeeperintheprofit&lossaccountsand

thebalancesheetsof

eightleadingcarleasecompanies.Thedata

oftheseeight

individualcompaniesprovide‘supportingevidence’

forthe

profitabilityandfinancialstrengthofEuropeancarleaseandcarfinancecompanies.

Thefollowingcompanies

are

included:?ALD&LeasePlan:ALDisaleasingandfleet

management

group.In2023,

ALDfinalizedtheacquisitionofLeasePlanfor

€4.8billion.Thetotalfleetwillbe

3.3millionvehicles.

ALD

|LeasePlan,withthenew

nameAyvens,is52.6%

ownedby

theSociétéGénéralegroupand30.8%

by

theformerLeasePlanshareholders.The

freefloat

is16.6%.?Alphabetwasfoundedin1997in

the

UK

as

adivisionofthe

BMWGroup.

Alphabetisclassifiedin

theFinancial

Servicessegment

oftheBMW

Groupandoffersprimarilyfleetmanagement

tobusinesscustomers.??Arval

specialisesinfull-servicevehicleleasingandnew

mobilitysolutions.ItisfullyownedbyBNPParibas.Leasys:StellantisandCréditAgricolebothhave50%ownership.

Since31December2022,theactivities

includeFree2MoveLease.LeasysdoesnotincludeFee2Movecarsharingactivities.ThecarsharingfinancialresultscannotbedistinguishedfromtheStellantis

annualreports

andarenotincludedinthis

report.??Mercedes-BenzMobility/Athlon:Athlonis

part

of

theMercedes-BenzMobilitydivision.Athlonoffersprimarilyfleet

managementservicesforbusinesscustomers.Mercedes-BenzMobilityoffersfinancing,leasing,

fleetmanagement,

investmentsandinsurancebrokerage.MobilizeFinancialServicesoffersawiderangeoffinancialservicesrelatedto

theRenaultGroupbrandsRenault,Dacia,Alpine,

Renault

SamsungMotorsand

Mobilize,andforthe

NissanGroupbrandsNissanand

Datsunand

Mitsubishi

MotorsintheNetherlands.Duetoitsactivities,MobilizeFinancialServices

is

underthesupervisionoftheEuropeanCentralBank

-underthenameof

RCIBanque.1?VolkswagenFinancial

Services

comprisesdealerandcustomerfinancing,vehicleleasing,directbankingandinsuranceactivities,fleetmanagement

and

mobilityservices.21.2SelectionofkeyindicatorsThissectiondistinguishes

thekey

indicators

toevaluatetheprofitability

andfinancial

strengthofcarleasecompanies.Page|4Carleasecompanieshave

equityandborrowmoney

which

is

investedincarfinancinglikeleaseandothercar

services.Thesecar

leasecompaniessometimesoperateas

financialinstitutionsastheyinvestmoney

oftheirown

(equity)

andfromdepositsandotherdebt-ownersintocarsandleasecontractsas

wellas

otherfinancingservicesrelatedto

car

sales.Becauseofthediversityobservedin

the

car

leasecompanies’

profiles,thisresearchinvestigatedthe

key

profitabilityratiosforleasecompanies(for

instanceAirLease),

banks(for

instanceABNAmro),and

investors(forinstanceBlackRock).Accordingto

Bloomberg,theseare:????Returnon

equity(ROE)

=Netincome/Equity,Returnonassets(ROA)

=Netincome/TotalAssets,Returnoncapital(ROCE)

=

EBIT/CapitalEmployed,Returnoninvestedcapital

(ROIC)=Netoperatingprofitaftertax/InvestedCapital.Bloomberg’skey

ratiosfor

marginsare:????Operatingmargin,Pre-taxprofitmargin,Net

profitmargin,EBITDAmargin(notforbanks).3TheratiosmentionedhereareconfirmedbyCFI

(CorporateFinanceInstitute).4

Therevenuelines,whichare

essentialto

calculatemargins,showa

varietyindefinitionand

coverage

betweentheselected

carlease

companies.

Asthe

next

sections

will

show,thereisnot

asingleand

consistentdefinition,

asrevenuescan

referto

“l(fā)easingrevenues”,“operatingleaseincome”,“netbankingincome”.Therefore,themarginratiosarenotidealtoapply

inthecurrent

report.Incontrast,theratiosof

returnonequityorreturnontotalassetsleadto

moreconsistentdatacollection.Mercedes-BenzMobilitysaysthatthekeymeasurefor

profitabilityis

notreturnon

sales.

Adjustedreturnonequity(ROE),EBITexcludingexceptionalitems,

aspercentageof

averageequity,

andnewbusinessarethekeyperformanceindicators

forMercedes-BenzMobility.5

However,theproblemforthe

current

researchis

thatthe

dataon‘newbusiness’isnotconsistently

availableforalleightcompanies,whichmakes

itdifficultto

use.1.2.1

Returnon

equityInthe

next

paragraphs,

itis

explainedthatan

ROEwithadouble-digitpercentagecanbe

seenas

a‘healthy’.?ComparisonwithbanksManycarleasecompanies

arepart

ofabankoractasabank(takingup

deposits

andlendingthisto

customers).TheEuropeanCentralBank

(ECB)publishedasummaryof10modelsforROEcalculationforEuroareabanks,and

theaverageoutcomesofthe10

modelswerebetween7.3%and12.7%.6

Itneeds

to

be

consideredthatthecurrentreport

haschosenpre-taxprofitsintheROEcalculationdueto

dataavailability,whileotherssometimesusenet

profit.?TherequiredROEforinvestorsThegeneratedROEshouldbecomparedwith

therequiredROE,basedoncapitalcosts.ShareholdersliketoseeacertainROEinorder

to

invest

moneyinacompany.Technically,this

requiredreturn

onequityforlease

companiesdependson

variousfactorssuchas

the

company’s

riskprofile,capital

structure,and

marketconditions.Accordingto

theCapitalAssetPricingModel(CAPM),thepureequity

requiredrateof

returndependson

howriskythefirmor

projectis

relativeto

themarket(itsBeta).7

Theformulaforcalculatingthepureequityrequiredrateofreturn

is:Page|5ROEU=RF

+Beta(RM-RF),whereROEUisthepure

equityrequiredrateofreturn,RFis

the

risk-freerate

(in

the

EUapproximately3%),

Betais

thecompany’sbeta(=risk),

and

RM

isthemarketriskpremium(approximately5%8).Thismeans

whenbankshaveaBetaof

1.0,the

requiredROE

wouldbe5%

andwhentheBetais2.0(veryhigh),theROE

would

be

9%.Inotherwords,

allcompaniesunder

studyhaveaROE

outcomethatismuchhigherthantherequiredrangeof5-9%.

NotethatMercedes-BenzappliesinternalratesofROEforeachdivision.Forinstance,in2018and2019Mercedes-BenzMobility/Athlonapplies

aninternalcost

ofcapital

of

13%

and12%for

2020to

2022.9Thecurrentreport

used

pre-taxprofittocalculatetheROE.However,anadjustednumberusingnet

profitinsteadof

pre-taxprofitwouldstillhave

ledtohighROEscomparedto

thebanksectorand

comparedto

therequiredROE.1.2.2

Equitytototalassets

ratioAnotherimportantindicator

offinancialhealthof

aleasecompanyis

the

equitytototalassetsratio.Indeed,

someofthe

leasecompaniesactlike

abank,

astheygetdepositsor

otherfundingfromthirdpartiesandsubsequently

lendmoneytocar

owners

anddealers.

Equityto

assetratiosfor

banksareusuallyabove5%andmight

be

15%.10Itneedstobe

consideredthat

twoof

theleasecompaniesseemtobe

monitoredby

centralbanksasthey

haveabankinglicenseas

this

is

theirmainactivity.11

Forinstance,

Mobilize

is

underthesupervisionofthe

EuropeanCentralBank

-

under

thenameof

RCIBanque,

andalso

LeasePlanandsincethemerger

ALD

reportto

central

banks.Theirequitylevelismonitoredby

theresponsiblecentralbanks

and

requires

aminimumlevel.Then

central

banks

donot

monitorequityto

totalassets,butmorecomplexratios.

Theso-calledCET1(CommonEquity

Tier1)isameasureof

banksolvencywhichmeasuresbank’s

capitalagainstrisk-weightedassetsand

is

requiredto

be10.7%in

2023.In

the

current

report,thegranularityofrisk-weightedassetspercompanyisnotinvestigatedbut

somecompaniesgivetheirCET1ratio.For

instance,Mobilize

FinancialServiceshadaCET1ofbetween14.47%

and14.76%in2020-2022.121.2.3

Pre-taxprofitpercar

andpre-taxprofitTheprofitperlease/financedcar

showswhetherthereis

aconsistentpatternof

profitspercarandwhethertherehasbeenanincreasethroughouttheyears.

This

ratio

willbeanalysedinnominalterms

as

wellasinrealterms(adjustedforinflation).Alogicalchoice

forperformancemeasurementisthegrowthof

pre-taxprofit,asit

showsanominaltrendanditis

thebasisfor

thecalculationof

ROEandpre-taxprofitpercar.1.2.4

ConclusionConcluding,the

keyfinancialratiosinvestigatedinthecurrentreport

areasfollows:?Growthofpre-taxprofits.

Thecurrent

reportalso

includesgrowthofasset

value,

and

growthofnumber

of

leaseorfinancedcontractshavebeengiven.Thesehavebeencalculatedas

a5-yeartotal

growth.Thepre-taxprofitis

astep-upto

calculatethepre-taxprofitpercar.Pre-taxprofitperlease/financedcar.This

ratioiscalculatedper

company

per

year.Insection1.11.3

theoutcomesperyearare

translatedinto

a3.5-yearaveragelease

period.Returnon

Equity(ROE)=Pre-taxprofitsdividedby

Equity.Thecurrentreport

hasusedpre-taxprofits,as

theseare

publishedat

most

companies.Furthermore,average

equityvalueshavebeenused

in

case

ratiosarenot

publishedbycompanies.

Theseaverageshave

beencalculatedas

‘ultimovalueyeart+ultimovalueyeart-1,dividedby2’.

The

current

reportappliesowncalculations,

andnot

what

companiesgiveasthesehaveno

consistentmethodology.Overall,differencesbetweentheoutcomespublishedby

companiesand??Page|6calculatedbyProfundoarenot

material.

Return

onAssets(ROA)are

also

listedinthetablesasthesecanbecomparedwithoutcomesof

Leaseurope(Leaseuropedoesnot

publishROE).

InthesectionspercompanytheROEshavebeencalculated,and

insection

1.11.4ananalysishasbeenmade

whethertheselevelsaresufficient

to

labelthem

as

‘healthy’.Equity

ratio=EquitydividedbyTotalassets.

Also

here,

anaveragefor

totalassetshasbeenapplied.Insection1.11.6ananalysishas

beenmadehow

thesecomparetobanks.?Thekey

financialindicatorshavebeenanalysedin

a5-year

context:from2018to2022.1.3ALD|LeasePlanThe2018-2022financial

dataarefromALD,beforethe

mergerwithLeasePlan.Keyobservations:?Averystronggrowthinpre-taxprofits

in2022,while

growthinleasingrevenues

wasmoremoderate.???Fleetortotalcontractsgrewby8.9%

between2018and2022.Pre-taxprofit

percarsaw

astrongincreaseof

120.1%infour

years’time.ROEshowedastronggrowthtoahighlevelof

28.1%in2022.

This

is

substantiallyabovethecost

ofequityorcostsof

capital

(seeinsummary

section1.2where

arangesof

5-9%ismentioned.Mercedes-BenzMobilityhasset

12%).?Equity/totalassets

ratiodevelopedverypositivelyto22.0%,whichindicatesaveryhealthyfinancialposition.TheannualreportsdonotdiscussaCET1as

thedivisionseemstohavenobankinglicense.However,themergedcompanyALD|

LeasePlanpublisheda1H23reportwithaCET1of12.5%.13Table1

ALD:

keyfinancialdata€million2018

2019

2020

2021

2022

Growth18-22Profit&LossLeasingrevenuesOperatingresultPre-taxprofit4,171

4,418

4.428

4,478

4,80415.2%140.0%139.6%117.3%688689556691693564613

1,121

1,651615

1,119

1,651Netincome,groupBalancesheetandotherEquity510873

1,2083,668

4,029

4,195

4,846

6,89323,254

25,588

25,088

26,991

31,35187.9%34.8%8.9%TotalassetsFleet/totalcontracts(million)Ratios1.661.771.761.801.81ReturnonEquity(beforetax,%)

19.5%

18.0%

15.0%

24.8%

28.1%n.a.n.a.ReturnonAssets(%)Pre-taxprofitpercar

(€)Equity/totalassets(%)3.1%

2.8%

2.4%

4.3%

5.7%415.1

391.5

349.4

621.7

913.715.8%

15.7%

16.7%

18.0%

22.0%Source:Profundobasedon

annualreportsALD120.1%n.a.Page|7Untilthemerger,LeasePlan

haditsownwebsitewithfinancialinformation.Apartofthisinformationwas

brought

intotheALD

(or

Ayvens)

websiteafterthemerger.Thereisno

databefore2020.

Keyobservations:?Averystronggrowthinpre-taxprofits

from2020to

2022,while

growthinleasingrevenuesstagnated.??Fleetortotalcontractsdeclinedbetween2020and2022.In2018,thefleet

stoodat

1.8million.ROEshowedastronggrowthtoahighlevelof35.1%in2022.Thisis

substantiallyabovethecost

ofequityorcostsof

capital(seeinsummary

section

1.21.11).Equity/totalassets

ratiodevelopedpositivelyto

16.1%,whichindicatesaveryhealthyfinancialposition.Theannualreport2022showedaCET1

of

15.6%.?Table2

LeasePlan:key

financialdata€million2020

2021

2022Profit&LossOperatingleaseincomeTotalrevenues3,980

3,726

3,9209.445

9,138

9,735Pre-taxprofit341940

1,815Netprofit253

1,017

1,935BalancesheetandotherEquity4,178

4,780

5,56831,016

32,250

34,520TotalassetsFleet/totalcontracts(million)Ratios1.91.81.6ReturnonEquity(beforetax,%)ReturnonAssets(%)Pre-taxprofitpercar

(€)Equity/totalassets(%)8.2%

21.0%

35.1%1.1%

3.0%

5.4%179.5

522.2

1134.413.5%*

14.8%

16.1%Source:Profundobasedon

annualreports

LeasePlan;*2020equity

dividedby2020totalassetsinstead

ofaverageassetsas2019numbersarenotavailable

tocalculate

‘a(chǎn)verage’.1.4Alphabet/BMWFinancialServicessegmentAlphabetis

partofBMW’s

FinancialServices(BMW

FC)segment.Intotal,thissegment

has

5.2millioncredit

andlease

contracts

withretailclients

in2022.

Separate

financialnumbers

forAlphabetare

notavailable,onlythattherearearound0.7millionfleetcontractsannually.

Keyobservations:???Astronggrowthinpre-taxprofitsfrom2018to2021,and

adeclinein2022.Growthinleasingrevenueswasmore

moderate.Thenumberofcreditandleasecontracts

with

retailclientsfell

by8.6%inthe2018-2022period.Fleet

contracts

undertheAlphabetnamewerestableat

0.7million.Pre-taxprofit

percarsaw

astrongincreaseof60.6%infouryears’time.Page|8??ROEshowedagrowthto

18%in2022.ThenumbersaregivenasBMWpublishes

themandasProfundocalculatesthembasedon

‘a(chǎn)verage’

equity(ultimo2022and2021dividedby

two).Equity/totalassets

ratio

movedslightlyupwardto

11.9%.

Inequity/totalassetratio,BMW

FC’soutcomeis

inthemiddle

ofthegroup(seesection

1.11).Theannualreportsdonot

discussaCET1as

thedivisionseemstohaveno

bankinglicense.Table3

FinancialServicessegmentBMW:

key

financialdataGrowth€million2018201920202021202218-22Profit&LossRevenues28,165

29,59830,044

32,867

35,12224.7%48.3%53.2%Pre-taxprofit2,1611,6532,2721,6001,7251,2693,7532,9153,2052,532NetprofitBalancesheetandotherEquity14,919

15,545146,808

156,50015,555

17,324

17,737147,617

153,437

149,41318.9%1.8%TotalassetsCreditandleasecontractsretail

(million)5.71.95.52.05.61.95.62.05.2-8.6%Newcontractscreditfinancingandleasingretail(million)1.5

-19.1%Valuenew

creditandlease

contractsretailFlee