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LeasePlan, first quarter 2017 results.

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Overig advies 18/05/2017 08:34
Underlying net result up 21 %
Almere, the Netherlands, 18 May 2017 – LeasePlan Corporation N.V., a global leader in fleet management and driver mobility, publishes its first quarter 2017 results today.

Gross profit increased by 5% to EUR 399 million on the back of 6% fleet growth and continued resilient income streams.
Underlying net result grew by 21% to EUR 146 million, mainly driven by operational excellence improvements.
Underlying return on equity was up 2.8 percentage points to 18.6%, mainly due to the higher underlying net result.

Key Numbers*
Q1 2017 Q1 2016
Underlying net result (EUR million)** 145.9 120.8
Underlying return on equity*** 18.6% 15.8%
31 March 2017 31 March 2016
Number of vehicles (thousands) 1,681 1,582

* Key numbers have neither been audited nor reviewed.
** Underlying net result: Net result excluding restructuring related expenses, gains/losses on acquisitions and
disposals of subsidiaries and unrealised gains/losses on derivatives.
*** Underlying return on equity: underlying net result divided by the weighted average IFRS equity.

Tex Gunning, CEO of LeasePlan:
“LeasePlan has delivered yet another strong set of results in Q1 2017, highlighting again the strong and resilient nature
of our business. In addition, in Q1, we were delighted to launch a pan-European partnership with Uber, underlining our increasing presence and expertise in the fast-growing ‘mobility as a service’ segment. From an operational perspective, we also successfully rolled out the “Power of One LeasePlan” initiative within the company in Q1. Going forward, this will enable us to leverage the strength of our organisation across all LeasePlan countries, the value chain and our
functional competencies - enabling us to quickly unlock significant additional value for our customers and investors."

Operational progress
LeasePlan’s fleet grew from 1.6 million vehicles at the end of first quarter of 2016 to 1.7 million vehicles at the end of the first quarter of 2017. Growth continued in all segments and in all major markets with relatively strong contributions from Germany, the Netherlands and Italy.
In addition, a further roll out of fleet insurance products and services across our group resulted in a growth of the insured fleet by 54,000 vehicles during the past 12 months. In several European countries, the improvement of the insurance market led to a reversal of the downward pressure on premiums.
We also saw a continued increase in demand from international customers for consultancy, covering areas including cost optimisation and fleet policy. Sustainability was also a growth area, with a strong interest among our corporate customers for low-emission value propositions. We will support this increasing demand via our new Electric Vehicle Centre of Expertise, which we launched in Q1.
Finally, in Q1, we also took steps to capitalize on additional growth opportunities in the ‘mobility as a service’ segment,
including the launching of a pan-European partnership with Uber. The partnership, which builds on existing local initiatives, will enable us to bring the benefits of a full operational lease to Uber’s growing fleet of partner-drivers.
LeasePlan will relocate its head office from Almere to Amsterdam. As of 6 June 2017, LeasePlan Corporation will be located in the UN Studio building, (Gustav Mahlerlaan) in the Zuidas business district. LeasePlan Bank will also move into the same building. LeasePlan Netherlands’ office remains in Almere.

Financial review
LeasePlan recorded strong financial results in Q1 2017, with our performance reflecting the strength and resilience of
our business and diversified income streams.
Underlying income statement*
in millions of euros Q1 2017 Q1 2016
Lease revenues 1,607.9 1,492.9
Vehicles sales revenues 765.8 755.6
Total revenues 2,373.7 2,248.5
Total cost of revenues 1,974.5 1,868.5
Fees and interest margin 163.4 161.3
Lease services 128.3 117.2
Insurance 56.8 48.0
Vehicles sales 50.7 53.5
Gross profit 399.2 380.0
Overheads (underlying) 208.3 216.8
Underlying operating profit 190.9 163.2
Share of profit of associates and jointly controlled entities 1.1 1.4
Underlying profit before tax 192.0 164.6
Tax 46.1 43.8
Underlying net result 145.9 120.8
Underlying adjustments - 5.6 - 3.4
Reported net result 140.3 117.4

* For a reconciliation between the underlying and reported figures reference is made to Note 1 of the condensed
consolidated interim financial statements.

Total revenues
In Q1 2017, total underlying revenues increased by 6% to EUR 2.4 billion compared to Q1 2016. Lease revenues
increased by EUR 115 million, largely driven by the increase in the number of vehicles under management (6%).
The increase in vehicle sales revenues of 1% is mainly driven by the increase in the number of vehicles sold.
Gross profit
Underlying gross profit grew by 5% to EUR 399 million compared to the first quarter of last year with higher profit
contributions from fees and interest margin, lease services and insurance, partially off-set by a slightly lower
contribution from vehicles sales.
Underlying overheads decreased by 4% to EUR 208 million compared to Q1 2016, mainly due to lower staff expenses,
resulting from the restructuring of the Group to a fully integrated organisation which took place in the last quarter of
2016. The number of employees is almost 7% lower than a year ago. Underlying overhead per vehicle decreased by
10%, reflecting increased group operating efficiencies and cost savings.
Net result
Underlying net result for Q1 2017 grew by 21% to EUR 146 million compared to Q1 2016, driven mainly by fleet growth,
improved lease margins, higher insurance income and realised operating efficiencies and cost savings.
Our reported net result, which includes one-time items and normalisations, amounted to EUR 140 million. One-time
items of EUR 10 million after tax (EUR 13 million before tax) representing a restructuring charge relating to the Power
of One LeasePlan, are partly offset by an unrealised gain of EUR 4 million net (EUR 6 million before tax) on derivative
financial instruments. In the comparable first quarter 2016, no one-time items are included, so underlying adjustments
represents normalisations relating to an unrealised loss of EUR 3 million net (EUR 5 million before tax) on derivative
financial instruments (see also Note 1 on page 21 of the consolidated interim financial statements.)
Funding and capital position
LeasePlan’s diversified funding platform remained stable and continued to deliver the required funding in Q1 2017
with various private placements, an increase in LeasePlan Bank retail deposits by EUR 447 million to EUR 5.8 billion
and a successful issuance of GBP 425 million of securitised notes (Bumper 8). LeasePlan’s capital position also remains
solid, with a CET 1 capital ratio of 18.6%, compared to 18.3% at the end of Q1 2016.

LeasePlan foresees substantial potential for further improving the Group’s operational excellence and for sustainable
growth in corporate, small and medium enterprises and private lease markets, as well as in the ‘mobility as a service’
market segment.

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