Interim / Quarterly Report • Aug 24, 2023
Interim / Quarterly Report
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| 1. | Interim management report of the Group as of 30 June 2023 | 3 |
|---|---|---|
| 1.1 Group fundamentals | 3 | |
| 1.2 Business report | 5 | |
| 1.3 Specific events | 9 | |
| 1.4 Report on outlook | 9 | |
| 1.5 Report on risks and opportunities | 11 | |
| 2. | Interim financial statements of the Group as of 30 June 2023 | 12 |
| 2.1 Consolidated income statement and statement of comprehensive income | 12 | |
| 2.2 Consolidated balance sheet | 13 | |
| 2.3 Consolidated cash flow statement | 14 | |
| 2.4 Consolidated statement of changes in equity | 15 | |
| 3. | Condensed notes to the interim financial statements of the Group | |
| for the period from 1 January to 30 June 2023 | 16 | |
| 3.1 Information about the Company | 16 | |
| 3.2 General disclosures | 16 | |
| 3.3 Scope of consolidated entities | 17 | |
| 3.4 Selected explanatory notes to the consolidated income statement | 18 | |
| 3.5 Selected explanatory notes to the consolidated balance sheet | 21 | |
| 3.6 Group segment reporting | 25 | |
| 3.7 Related party disclosures | 25 | |
| 3.8 Events subsequent to the reporting date | 26 | |
| 4. | Responsibility statement | 27 |
Due to rounding individual figures presented in this interim report may not add up exactly to the totals shown and half-year figures listed may not follow from adding up the individual quarterly figures. Furthermore, the percentage figures presented may not exactly reflect the absolute figures they relate to.
Allane SE (the 'Company') is the parent company of the Allane Mobility Group, which mainly conducts its business under the business names of 'Allane Fleet', 'Allane Mobility Consulting', 'Sixt Neuwagen powered by Allane' and 'autohaus24 powered by Allane'. The Company has its registered offices in Dr.-Carl-v.-Linde-Str. 2, 82049 Pullach im Isartal/Germany, and is registered in the Commercial Register of Munich Local Court under docket number HRB 227195.
The Group interim financial report is prepared in accordance with the applicable provisions of section 115 of the Wertpapierhandelsgesetz (WpHG German Securities Trading Act) as well as in compliance with the International Financial Reporting Standards (IFRS) that are applicable for interim financial reports as published by the IASB and as adopted by the EU. The Group interim financial report should be read together with the audited and disclosed IFRS consolidated financial statements for the 2022 financial year. The latter contains a comprehensive presentation of business activities.
As of 30 June 2023, the Company's share capital amounted to EUR 20,611,593 divided in 20,611,593 of ordinary no-parvalue bearer shares with a notional interest of EUR 1.00 per share. The shares are fully paid up.
As of the 30 June 2023, the largest shareholder was Hyundai Capital Bank Europe GmbH (HCBE), Frankfurt am Main, with more than 92% of ordinary shares and voting rights.
The Allane Mobility Group is organised into the two business units (segments) Leasing and Fleet Management.
Through its Leasing business unit, the Allane Mobility Group acts as one of the largest non-bank, vendor-neutral leasing companies in Germany. In addition, the business unit is also represented by its operative subsidiaries in France, Switzerland and Austria. The Leasing business unit comprises the two business fields Fleet Leasing (corporate customer leasing) and Online Retail (private and commercial customer leasing as well as the in 2022 launched Captive Leasing).
In its Fleet Leasing business field, the Group offers lease financing and associated services (so-called full-service leasing) to corporate customers. Based on Allane Mobility Group's longstanding and extensive expertise in fleet procurement and fleet management, customers can expect the sustainable optimisation of the total cost of ownership of their fleets. Target customers for this business field are, on the one hand, companies with a fleet size beginning from around 100 vehicles, whose fleets are made up of vehicles from different manufacturers and have a certain complexity. Thus, Allane is able to deploy its competitive strengths in a targeted fashion during independency, consulting and service. On the other hand, smaller corporate customers with a fleet size of around 20 to 100 vehicles are also served. The approach in this customer segment to professionalise fleet purchasing and management by using standardised products and processes.
Allane SE operates its Online Retail business field via the two online platforms sixt-neuwagen.de and autohaus24.de. The websites give private and commercial customers (with a fleet up to 20 vehicles) the opportunity to configure the latest vehicle models from about 35 different car manufacturers, to request their individual leasing offer and to order online. With the online-based vehicle leasing, Allane SE is addressing a growing market in Germany. The Retail Leasing business field also includes the strategic business pillar Captive Leasing, which was added as part of the implementation of FAST LANE 27.
Captive Leasing focuses on the cooperation between Allane SE and the importer companies of the brands Hyundai and Kia. Allane SE plays a key role in providing sales support for the vehicles of both brands. The core of this business pillar is the dealer/seller portal 'Allease' developed by Allane SE, which more than 700 Hyundai and Kia dealers in Germany use to market Hyundai and Kia vehicles to their end customers. The model ranges of both brands have been able to establish themselves firmly in the German automotive market for years. The fact that Hyundai as well as Kia are among the most innovative suppliers of electric vehicles opens up great growth opportunities for Allane SE.
Via Allane Mobility Consulting GmbH ('Allane Mobility Consulting') and further direct and indirect subsidiaries of Allane SE, the Allane Mobility Group operates its Fleet Management business unit. So, the expertise in managing large-sized customer fleets is also offered to customers, who purchased their vehicles or leased them from other providers. The target group for this service ranges from mid-sized businesses to international corporations. Allane Mobility Consulting combines the holistic fleet management with individual brand-independent consulting, aiming to achieve measurable quality and operating cost optimisation for its customers, and thus raising the efficiency of the fleets.
Overall, during the first half year the Allane Mobility Group performed in line with the expectations.
As of 30 June 2023 the Group's contract portfolio inside and outside Germany (excluding franchise and cooperation partners) totalled 116,400 contracts, 0.5% above the figure as of 31 December 2022 (115,900 contracts). The slight increase in the number of contracts is primarily due to contract growth in the Leasing segment. However, the overall development of contract numbers was negatively affected by the decreasing development in the business unit of fleet management.
Consolidated revenue increased by 1.8% during the first half of 2023 to EUR 377.8 million (H1 2022: EUR 371.2 million) compared to the same period of the previous year. This is essentially due to the growing contract portfolio in the leasing sector and the continued high sales proceeds from the marketing of leasing returns. Operating revenue, which does not include the proceeds from vehicle sales, decreased by 0.7% to EUR 192.0 million (H1 2022: EUR 193.3 million). This development was dominated by a sharp drop in the Fleet Management business area, with expiring customer contracts not being renewed. Sales revenues from leasing returns and marketed customer vehicles in Fleet Management increased by 4.5% to EUR 185.8 million (H1 2022: EUR 177.9 million). With a constant sales volume, this development resulted mainly from the increase in unit prices of vehicles sold due to the continued high demand for used cars.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased by 6.1% during the first half of 2023 to EUR 98.5 million (H1 2022: 92.9 Mio. EUR). Earnings before taxes (EBT) decreased by 0.1% to EUR 6.9 million (H1 2022: EUR 6.9 million). The operating retun on revenue (EBT/operating revenue) consequently came to 3.6% (H1 2022: 3.6%).
The EBT, which was at the previous year's level, is due to a significant increase in sales revenues and a decrease in legal and consulting costs as a result of fewer legal disputes against Allane SE. However, these positive effects were neutralised by the increase in depreciation on leased assets and the increase in refinancing costs due to higher interest expenses.
| Hԏ | Hԏ | Change | |
|---|---|---|---|
| in EUR million | ԐԎԐԑ | ԐԎԐԐ | in % |
| Consolidated revenue | ԑԕԕ.Ԗ | ԑԕԏ.Ԑ | ԏ.Ԗ |
| Thereof Operating revenue | ԏԗԐ.Ԏ | ԏԗԑ.ԑ | -Ԏ.ԕ |
| Thereof Sales revenue | ԏԖԓ.Ԗ | ԏԕԕ.ԗ | Ԓ.ԓ |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | ԗԖ.ԓ | ԗԐ.ԗ | Ԕ.ԏ |
| Earnings before taxes (EBT) | Ԕ.ԗ | Ԕ.ԗ | -Ԏ.ԏ |
| Operating return on revenue (%) | ԑ.Ԕ | ԑ.Ԕ | Ԏ.Ԏ points |
In the Leasing business unit, which consists of the business fields Retail Leasing (private and commercial leasing customer) and Fleet Leasing, the contract portfolio totalled 70,600 contracts as of the end of the first half of 2023, an increase of 2.6% compared to the figure recorded at the end of 2022 (31 December 2022: 68,900 contracts).
The Retail Leasing (Online Retail and Captive Leasing) contract portfolio increased by 6.1% to 37,400 contracts (31 December 2022: 35,300 contracts).
The contract portfolio of the Fleet Leasing business field totalled 33,200 contracts at the end of the first half of 2023, which was by 1.0% under the level as of the end of last year 2022 (31 December 2022: 33,600 contracts).
During the first half of 2023, total revenue of the Leasing business unit increased over the same period last year by 3.9% to EUR 315.3 million (H1 2022: EUR 303.5 million). Operating revenue increased by 3.1% to EUR 168.2 million (H1 2022: EUR 163.1 million). Revenue from vehicle sales increased by 4.7% to 147.1 million (H1 2022: EUR 140.5 million). During the second quarter of 2023, the business unit Leasing recorded a revenue increase of 6.8% over the same quarter last year, to EUR 158.4 million (Q2 2022: EUR 148.3 million). Operating revenue decreased slightly by 0.2% to EUR 83.9 million (Q2 2022: EUR 82.4 million). Sales revenue increased by 13.0% to EUR 74.4 million (Q2 2022: EUR 65.9 million).
EBITDA for the Leasing business unit amounted to EUR 98.3 million in the first half of 2023 (H1 2022: EUR 92.6 million), representing an increase of 6.1% compared to the same period last year. EBT decreased by 0.3% to EUR 6.7 million (H1 2022: EUR 6.7 million). Accordingly, the operating return on revenue (EBT/operating revenue) decreased by 0,1 percentage points to 4,0% (H1 2022: 4,1%) with a second quarter operating return of 2.9% (Q2 2022: 3.0%).
As described above, EBT in the leasing business unit was at the previous year's level in the first half of 2023 at EUR 6.7 million. Positive effects on the development of EBT resulted from the increase in sales revenues, in particular the proceeds from the sale of lease returns, as well as a significant decrease in legal and consulting costs from legal disputes against Allane SE. In contrast, the increase in depreciation on leasing assets due to a growing number of leasing contracts as well as sharply rising refinancing costs as a result of the increased interest rate level had a negative impact on EBT in the first half of the year.
| Hԏ | Hԏ | Change | |
|---|---|---|---|
| in EUR million | ԐԎԐԑ | ԐԎԐԐ | in % |
| Total revenue | ԑԏԓ.ԑ | ԑԎԑ.ԓ | ԑ.ԗ |
| Thereof Leasing revenue (finance rate) | ԗԕ.Ԕ | ԗԒ.Ԗ | ԑ.Ԏ |
| Thereof Other revenue from leasing business | ԕԎ.Ԕ | ԔԖ.ԑ | ԑ.ԑ |
| Thereof Sales revenue | ԏԒԕ.ԏ | ԏԒԎ.ԓ | Ԓ.ԕ |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | ԗԖ.ԑ | ԗԐ.Ԕ | Ԕ.ԏ |
| Earnings before taxes (EBT) | Ԕ.ԕ | Ԕ.ԕ | -Ԏ.ԑ |
| Operating return on revenue (%) | Ԓ.Ԏ | Ԓ.ԏ | -Ԏ.ԏ points |
The contract portfolio of the Fleet Management business field decreased by 2.6% to 45,800 contracts compared to the previous year's figure (31 December 2022: 47,000 contracts).
During the first half of 2023, the Fleet Management business unit's total revenue decreased by 7.6% compared to the same period last year to EUR 62.5 million (H1 2022: EUR 67.7 million). Fleet Management decreased by 21.3% to EUR 23.8 million (H1 2022: EUR 30.3 million). Sales revenue rose by 3.4% to EUR 38.7 million (H1 2022: EUR 37.4 million). Total revenue for Q2 decrease by 7.0% compared to the same quarter last year to EUR 30.9 million (Q2 2022: EUR 33.2 million). Fleet management revenue decreased by 24.1% to EUR 11.5 million (Q2 2022: EUR 15.2 million). Sales revenue increased by 7.3% to EUR 19.4 million (Q2 2022: EUR 18.1 million).
EBITDA for the Fleet Management business unit increased by 9.7% in the first half of 2023 compared to the same period of the previous year to EUR 0.3 million (H1 2022: EUR 0.3 million). EBT rose by 5.0% to EUR 0.2 million (H1 2022: EUR 0.2 million). The operating return on revenue (EBT/operating revenue) increased by 0.3 percentage points to 0.9% (H1 2022: 0.6%) in the first first half of 2023, with second quarter 2023 operating return of −0.3% (Q2 2022: 0.2%).
In the Fleet Management business unit, earnings before taxes (EBT) remained at the previous year's level. This was due to declining service revenues and lower expenses for fleet and leased assets as a result of expired and non-renewed customer contracts. However, an increase in proceeds from the sale of customer vehicles contributed to mitigate this effect.
| Hԏ | Hԏ | Change | |
|---|---|---|---|
| in EUR million | ԐԎԐԑ | ԐԎԐԐ | in % |
| Total revenue | ԔԐ.ԓ | Ԕԕ.ԕ | -ԕ.Ԕ |
| Thereof Fleet management revenue | Ԑԑ.Ԗ | ԑԎ.ԑ | -Ԑԏ.ԑ |
| Thereof Sales revenue | ԑԖ.ԕ | ԑԕ.Ԓ | ԑ.Ԓ |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | Ԏ.ԑ | Ԏ.ԑ | ԗ.ԕ |
| Earnings before taxes (EBT) | Ԏ.Ԑ | Ԏ.Ԑ | ԓ.Ԏ |
| Operating return on revenue (%) | Ԏ.ԗ | Ԏ.Ԕ | Ԏ.ԑ points |
Consolidated revenue increased by 1.8% during the first half of 2023 to EUR 377.8 million (H1 2022: EUR 371.2 million).
Other operating income for the reporting period increased by 68.8% to EUR 4.5 million (H1 2022: EUR 2.7 million). The increase in other operating income is mainly due to the release of provisions for legal disputes against Allane SE and to the increasing share of internal software development services after the completion of the carve-out.
Fleet expenses and cost of lease assets increased by 2.1% to EUR 239.2 million (H1 2022: EUR 234.2 million).
Personnel expenses increased by 3.2% to EUR 28.2 million (H1 2022: EUR 27.3 million).
Other operating expenses decreased by 23.5% to EUR 14.9 million (H1 2022: EUR 19.4 million). This is mainly due to the decrease in costs in connection with the legal disputes against Allane SE as well as a decrease in IT expenses in the course of the completed carve-out.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) improved by 6.1% to EUR 98.5 million (H1 2022: EUR 92.9 million). Of this amount, EUR 48.4 million were attributable to the second quarter of 2023 (Q2 2022: EUR 45.3 million; +6.2%).
Depreciation and amortisation increased period-on-period by 3.0% to EUR 86.9 million (H1 2022: EUR 84.4 million). The increase is mainly due to the higher contract volume in the Retail Leasing business field compared to the same period of the previous year.
Consolidated earnings before interest and taxes (EBIT) for the first half of 2023 came to EUR 11.6 million and were thus 37.2% higher than the value for the same period last year (H1 2022: EUR 8.5 million). The second quarter of 2023 accounted for EUR 4.8 million of this (Q2 2022: EUR 2.9 million; +65.6%).
The financial result of the Allane Mobility Group decreased by 200.2% to EUR −4.7 million (H1 2022: EUR −1.6 million). The decrease in the financial result is mainly due to rising interest rates and the resulting increase in refinancing costs for the loans issued and repaid in the first half of 2023.
In the first half of 2023, the Allane Mobility Group recorded a 0.1% decrease in earnings before tax (EBT) to EUR 6.9 million (H1 2022: EUR 6.9 million). Of this, EUR 2.4 million were attributable to the second quarter of 2023 (Q2 2022: EUR 2.5 million; −1.2%).
Income taxes rose by 16.9% to EUR 2.5 million in the first half of 2023 (H1 2022: EUR 2.1 million).
Consolidated profit for the first half of 2023 decreased by 7.8% to EUR 4.4 million (H1 2022: EUR 4.7 million). The second quarter of 2023 accounted for EUR 1.5 million of this (Q2 2022: EUR 1.8 million; −16.0%).
As consequence the result on earnings per share - undiluted and diluted - for the first half of 2023 came to EUR 0.21 (H1 2022: EUR 0.23).
As of 30 June 2023, the Allane Mobility Group reports a balance sheet total of EUR 1,292.6 million, which is EUR 74.2 million or 6.1% more than on 31 December 2022 (EUR 1,218.4 million).
As of 30 June 2023, lease assets, which are by far the dominiating item in non-current assets, increased by EUR 81.0 million or 8.2% to EUR 1,074.2 million (31 December 2022: EUR 993.2 million). Overall, non-current assets rose by EUR 85.9 million or 8.1% to EUR 1,143.2 million as at the reporting date (31 December 2022: EUR 1,057.3 million).
Property, plant and equipment increased by EUR 6.5 million, or 22.4% to EUR 35.5 million (31 December 2022: EUR 29.0 million), which resulted primarily from the extension of or the closing of new lease agreements.
Compared with the end of last year, current assets decreased by EUR 11.7 million or 7.3% to EUR 149.4 million (31 December 2022: EUR 161.1 million). This is mainly due to the increase in trade receivables by EUR 4.7 million, or 5.7%, to EUR 78.0 million (31 December 2022: EUR 82.7 million). In the opposite direction inventories decreased by 11.2%, or EUR 4.5 million to EUR 35.5 million as of 30 June 2023 (31 December 2022: EUR 39.9 million).
Bank balances decreased by EUR 2.5 million to EUR 2.6 million as at the reporting date (31 December 2022: EUR 5.2 million).
As of 30 June 2023 Allane Mobility Group's equity totalled EUR 235.6 million, representing an increase of EUR 0.4 million or 0.2% compared to the precious year (31 December 2022: EUR 235.3 million). The consolidated profit of EUR 4.4 million generated in the first half of the year was offset by the dividend payment for the 2022 financial year in the amount of EUR 1.9 million approved by the Annual General Meeting on 30 June 2023. As the dividend had not yet been paid as of 30 June 2023, it was recognised under current financial liabilities. The equity ratio decreased by 1.1 percentage points to 18.2% (31 December 2022: 19.3%), which mainly resulted from the increase in total assets following the increase of the leasing assets.
As of 30 June 2023, the Allane Mobility Group reported non-current liabilities and provisions of EUR 644.5 million (31 December 2022: EUR 580.7 million; 11.0%). In this context, non-current financial liabilites increased by EUR 59.5 million compared to the previous year to EUR 589.2 million as at 30 June 2023 (31 December 2022: EUR 529.7 million; 11.2%). This is mainly related to the long-term loans taken from Santander Consumer Bank AG, although this effect was weakened by the reclassification from non-current to current financial liabilities as part of the asset-backed securities program (Asset Backed Securities: 'ABS').
Current liabilites and provisions as of 30 June 2023 totalled EUR 412.4 million (31 December 2022: EUR 402.4 million. The increase of EUR 10.0 million, or 2.5% is essentially the result of trade payables by EUR 12.8 million or 18.4% to EUR 82.2 million (31 December 2022: EUR 69.4 million) and of other liabilities by EUR 5.6 million or 18.7% to EUR 35.8 million (31 December 2022: EUR 30.1 million). In addition, current financial liabilities increased due to the raising of further short-term loans and the associated interest expenses. The increase due to the above-mentioned reclassification from non-current to current financial liabilities within the framework of the ABS programme was more than offset by amortisation payments, which are also related to this programme.
For the first half of 2023, the Allane Mobility Group reported a gross cash flow of EUR 69,3 million (H1 2022: EUR 58.1 million; 19.3%). After changes from the disposal of used leasing vehicles and investments in new leasing vehicles, as well as changes in other net assets, the net cash outflow from operating activities amounted to EUR 38,3 million (H1 2022: cash inflow EUR 33.6 million). This increased outflow of liquidity from operating activities is particularly due to the strong increase in expenditures for investments in lease assets.
In the first half of 2023, net cash used in investing activities amounted to cash outflow of EUR 5.5 million (H1 2022: cash outflow of EUR 2.8 million), essentially due to payments for investments in intangible assets and property, plant and equipment.
The net cash inflow from financing activities amounted to EUR 41.2 million in the first half of the year (H1 2022: cash outflow of EUR 27.8 million). It resulted mainly from long-term loans taken out from Santander Consumer Bank AG.
Overall, cash and cash equivalents (net bank balances) as of 30 June 2023 declined by EUR 2.5 million compared to the previous year 2022 following minor changes to foreign currency translations and amounted to EUR 2.6 million (31 December 2022: EUR 5.2 million)
In the first half of 2023, the Allane Mobility Group added vehicles with a total value of EUR 277.7 million (H1 2022: EUR 152.8 million) to the leasing fleet. This increase of 81.8% to the same period in the previous year is primarily attributable to the strong growth in leasing business in the captive leasing business pillar and the easing supply situation for new vehicles.
With regard to the effects of a high inflation rate and increasing interest levels on the business development of the Allane Mobility Group, Allane SE refers to the risk and forecast report in the management report of the Annual Report 2022, published on 28 April 2023. It should be noted, however, that at present it is hard to give reliable estimates for the future regarding the actual long-term economic consequences and that consequently the estimates and discretionary decisions are still subject to greater uncertainty.
The online retail market in Germany offers attractive growth potential for the Allane Mobility Group. Allane expects new car sales to increasingly shift to online channels in the future. The company's goal is to further develop the online leasing market for private and commercial customers. In particular, new cooperations, campaigns and appropriate marketing activities are to be used to gain new market shares. In order to open up additional sales channels, Allane SE continues to consider acquisitions and regularly examines corresponding opportunities. The company is constantly working to further develop the business unit's product and service offering in order to address new customer groups and generate additional growth.
Contract growth is to be supported in particular by sales cooperations for the marketing of new cars as well as by the new business pillar captive leasing. In addition, the focus is on expanding the service offering by decoupling leasing contracts and service products. In addition to the expansion of the product and service offering, Allane places great emphasis on the further development of IT systems and the optimisation of customer processes. The goal is to continuously improve the customer experience by making the websites and the ordering, delivery and return processes even more user-friendly. This should have a positive effect on customer satisfaction and thus promote the conclusion of new and follow-up contracts. Due to the growth prospects described and the advancing digitalisation, the Online Retail business unit continues to be seen as a major growth and earnings driver for the Group.
The core of the captive leasing business pillar is the leasing portal 'Allease' developed by the Allane Mobility Group itself. The tool enables manufacturers to market their vehicles to customers via their own dealer network. In the 2023 financial year, Allane plans to further expand the cooperation with Hyundai launched in 2022 and start a new cooperation with Kia. The Allane Mobility Group is continuously working to optimise the quality of the leasing portal. To this end, the company will continue to maintain an intensive dialogue with the dealers in the 2023 financial year.
In the fleet leasing business unit, Allane operates in a highly competitive market, which in Germany is dominated primarily by the large manufacturer-dependent leasing companies. Therefore, in the fleet customer segment, the company focuses in particular on strengthening long-standing customer relationships and convincing existing customers with individual solutions and a consistently high quality of service.
Allane intends to continue proactive contract monitoring in the 2023 financial year and to optimise and make term and maturity changes more flexible for fleet customers.
Allane Fleet will continue to focus on the increasingly relevant field of e-mobility. The company intends, therefore, to significantly expand its competences in this area in order to be able to consult customers even better in the future and to support them on their way to e-mobility. In addition, the Allane Mobility Group will expand its product range in the current financial year and optimise existing products through relaunches.
In the Fleet Management business unit, the Allane Mobility Group intends to continue to take advantage of the trend towards outsourcing fleet management by larger companies in order to gain new customers. In the coming years, business in existing markets will also be further strengthened, particularly through the expansion of customer relationships.
In addition, Allane will continue to rely on intelligent IT solutions and continuously invest in the further development of the digital infrastructure and the digitalisation of the business model. The goal is to further improve the service level for corporate customers and the user experience for company car drivers through digital solutions. The expansion of self-service options and the automation of processes can reduce the personnel required for user support and shift it to other activities such as advisory services. The company expects this to have a positive impact on productivity and customer satisfaction. In the long term, the business unit Fleet Management is to develop into a full-service provider of corporate mobility.
The mobility needs of employees have changed significantly in recent years, especially in large cities. Although the company car is likely to remain a central component of corporate mobility, the demand from employees for flexible and individual mobility offers integrating all means of transport continues to grow. Allane's Fleet Management business unit is therefore preparing to manage the entire range of corporate mobility across all suppliers and providers: from classic company cars to further mobility solutions in the B2B business area. For example, Allane develops customer-specific mobility concepts with which companies can increase their attractiveness on the labour market and better meet the mobility needs of their employees.
The Managing Board confirms the forecast published on 28 April 2023 in the Annual Report 2022. According to this, it expects a contract portfolio in a range of 120,000 to 150,000 contracts (2022: 115,900 contracts) and operating consolidated revenue of EUR 350 million to EUR 400 million (2022: EUR 385.4 million) for the current financial year. For EBT, the Managing Board expects a low double-digit million-euro amount (2022: EUR 12.8 million).
In addition to the operational business development in the course of the business year so far, this forecast also takes into account the high interest rate and inflation levels as well as the expected gradual stabilisation of the supply restrictions for new cars and the impact this may have on new and used car prices. Furthermore, the Russia-Ukraine war is still ongoing after one year and could possibly have additional effects on the European economies and the automotive market.
The Allane Mobility Group assumes that the market will continue to be negatively influenced by the above-mentioned factors. However, through additional cooperations in the leasing business unit, especially in the captive leasing business pillar, the company expects a positive development in new contracts and usage-based revenues. The Allane Mobility Group expects the positive business development to accelerate in the second half of 2023 due to the dynamics of the described cooperations.
The Annual Report 2022 contains a detailed presentation of the corporate risks and opportunities, the risk management system and the accounting-related internal control system. The risks described for Allane SE in the Annual Report 2022 continue to exist - even after the first half of 2023. In particular, the negative economic development of the European Union and Germany and the risk of recession became apparent in the first half of the year. The trend towards a gradual deindustrialisation (factors such as high energy costs, shortage of skilled workers, backlog in state digitisation, etc.) has a negative impact on the assessment of the risk and opportunity situation of Allane SE. The European central banks have also further tightened their interest rate policy in the first half of 2023 as a containment measure against high inflation. Although a flattening of the inflation rate has been observed recently, it can be assumed that interest rates will remain at a high level. Consequently, the increased interest rates may have a negative impact on the struggling economy. The risks of the financial services sector based on this are continuously monitored. In particular, the interest rate risk has increased further compared to the time of publication of the Annual Report 2022. The Russia-Ukraine war continues to have devastating consequences - from a humanitarian, but also from an economic perspective. The possibility of an increasing escalation of this war represents an increased risk for the entire economy and thus also for Allane SE. Overall, the risk and opportunity profile of the Allane Mobility Group has slightly deteriorated in the first half of 2023.
Global economic growth was negatively affected in particular by high inflation rates and the reactions of central banks. Even though inflation has flattened out recently, it can be assumed that interest rates will remain at a high level. Allane SE's business has recently continued to be affected by supply bottlenecks. Due to the substitution of new cars by used cars resulting from the supply bottlenecks, increased used car prices were observed. Allane expects the supply chain problems to ease considerably. However, the problem is still relevant and may continue to have a negative impact on the company's business. The risks described in the Annual Report 2022 as a result of a change in the legal and political framework conditions are still relevant and could further worsen the negative effects on the new business figures. Since the publication of the Annual Report 2022, Allane has not identified any new material risks. The changes in risks and opportunities are continuously monitored, evaluated and incorporated into the planning during the year if necessary.
Pullach im Isartal, 24 August 2023
Allane SE The Managing Board
| Hԏ | Hԏ | QԐ | QԐ | |
|---|---|---|---|---|
| in EUR thou. | ԐԎԐԑ | ԐԎԐԐ | ԐԎԐԑ | ԐԎԐԐ |
| Revenue | ԑԕԕ,ԖԐԓ | ԑԕԏ,Ԑԏԓ | ԏԖԗ,Ԑԓԏ | ԏԖԏ,ԒԒԓ |
| Other operating incomeԏ | Ԓ,ԓԑԎ | Ԑ,ԔԖԒ | Ԑ,Ԓԏԓ | ԏ,ԑԓԐ |
| Fleet expenses and cost of lease assets | Ԑԑԗ,ԏԔԔ | ԐԑԒ,ԐԐԔ | ԏԐԎ,ԕԖԎ | ԏԏԑ,ԑԓԒ |
| Personnel expensesԐ | ԐԖ,ԏԓԐ | Ԑԕ,Ԑԕԏ | ԏԒ,ԓԕԏ | ԏԑ,ԒԖԎ |
| Net losses arising from the derecognition of financial assets | ԗԗԔ | ԏ,ԒԕԖ | Ԓԑԓ | ԕԗԕ |
| Net impairment losses/gain from financial assets | ԔԏԔ | -ԏ,ԒԎԒ | ԏԖԖ | -ԏ,ԎԎԏ |
| Other operating expenses | ԏԒ,Ԗԕԗ | ԏԗ,ԒԒԕ | ԕ,ԑԒԏ | ԏԎ,ԖԓԖ |
| Earnings before interest, taxes, depreciation and amortisation (EBITDA) | ԗԖ,ԓԒԔ | ԗԐ,ԖԖԏ | ԒԖ,ԑԓԏ | Ԓԓ,ԑԎԗ |
| Depreciation and amortisation | ԖԔ,ԗԐԐ | ԖԒ,Ԓԏԏ | Ԓԑ,ԓԔԎ | ԒԐ,Ԓԏԕ |
| Earnings before interest and taxes (EBIT) | ԏԏ,ԔԐԓ | Ԗ,ԒԕԎ | Ԓ,ԕԗԏ | Ԑ,Ԗԗԑ |
| Net finance costs | -Ԓ,ԕԒԓ | -ԏ,ԓԖԎ | -Ԑ,ԑԓԏ | -ԒԐԏ |
| Earnings before taxes (EBT) | Ԕ,ԖԖԎ | Ԕ,ԖԗԎ | Ԑ,ԒԒԎ | Ԑ,Ԓԕԏ |
| Income tax expense | Ԑ,ԓԎԐ | Ԑ,ԏԒԏ | ԗԎԓ | Ԕԗԏ |
| Consolidated profit | Ԓ,ԑԕԖ | Ԓ,ԕԒԗ | ԏ,ԓԑԒ | ԏ,ԕԖԎ |
| Of which attributable to shareholders of Allane SE | Ԓ,ԑԕԖ | Ԓ,ԕԒԗ | ԏ,ԓԑԒ | ԏ,ԕԖԎ |
| Earnings per share – basic and diluted (in Euro) | Ԏ.Ԑԏ | Ԏ.Ԑԑ | Ԏ.Ԏԕ | Ԏ.Ԏԗ |
Other operating income was reported EUR 1,491 thousand too low as at 30 June 2022 (H1 2022: EUR 1,193 thousand) due to netting with personnel expenses. Personnel expenses were reported EUR 1,491 thousand too low as at 30 June 2022 due to netting with personnel income (H1 2022: EUR 25,780 thousand).
| Hԏ | Hԏ | |
|---|---|---|
| in EUR thou. | ԐԎԐԑ | ԐԎԐԐ |
| Consolidated profit | Ԓ,ԑԕԖ | Ԓ,ԕԒԗ |
| Other comprehensive income (not recognised in the income statement) | -Ԑ,ԏԓԖ | Ԓ,ԓԑԒ |
| Thereof components that could be reclassified to income statement in the future | ||
| Currency translation gains/losses | ԖԎ | ԓԎԖ |
| Change of derivative financial instruments in hedge relationship | -Ԑ,ԖԔԗ | ԓ,ԏԔԐ |
| Related deferred taxes | Ԕԑԏ | -ԏ,ԏԑԔ |
| Total comprehensive income | Ԑ,Ԑԏԗ | ԗ,ԐԖԑ |
| Of which attributable to minority interests | -Ԑ,ԐԑԖ | Ԓ,ԎԐԔ |
| Of which attributable to shareholders of Allane SE | Ԓ,Ԓԓԕ | ԓ,Ԑԓԕ |
| Assets | ||
|---|---|---|
| in EUR thou. | ԑԎ.ԎԔ.ԐԎԐԑ | ԑԏ.ԏԐ.ԐԎԐԐ |
| Non-current assets | ||
| Goodwill | Ԓ,ԑԎԕ | Ԓ,ԑԎԖ |
| Intangible assets | ԐԎ,ԔԏԖ | ԏԗ,ԒԕԖ |
| Property and equipment | ԑԓ,ԓԒԔ | Ԑԗ,ԎԒԓ |
| Lease assets | ԏ,ԎԕԒ,Ԑԏԏ | ԗԗԑ,ԏԗԐ |
| Financial assets | Ԑԕ | Ԑԕ |
| Other receivables and assets | ԕ,ԕԑԓ | ԏԎ,ԒԒԔ |
| Deferred tax assets | ԕԒԐ | ԕԖԑ |
| Total non-current assets | ԏ,ԏԒԑ,ԏԖԕ | ԏ,Ԏԓԕ,Ԑԕԗ |
| Current assets | ||
| Inventories | ԑԓ,ԒԔԒ | ԑԗ,ԗԒԔ |
| Trade receivables | ԕԕ,ԗԕԎ | ԖԐ,Ԕԗԕ |
| Receivables from related parties | ԏ,Ԏԕԕ | ԔԒԕ |
| Other receivables and assets | ԑԏ,ԔԕԔ | ԑԏ,ԖԎԔ |
| Income tax receivables | ԓԓԓ | ԖԎԗ |
| Bank balances | Ԑ,ԔԐԗ | ԓ,ԏԔԖ |
| Total current assets | ԏԒԗ,ԑԕԏ | ԏԔԏ,ԎԕԒ |
| Total assets | ԏ,ԐԗԐ,ԓԓԖ | ԏ,ԐԏԖ,ԑԓԑ |
| in EUR thou. ԑԎ.ԎԔ.ԐԎԐԑ |
ԑԏ.ԏԐ.ԐԎԐԐ | |
|---|---|---|
| Equity | ||
| Subscribed capital | ԐԎ,ԔԏԐ | ԐԎ,ԔԏԐ |
| Capital reserves | ԏԑԓ,ԎԒԓ | ԏԑԓ,ԎԒԓ |
| Other reserves | ԕԒ,ԗԕԐ | ԕԐ,ԑԕԎ |
| Minority interests | ԓ,ԎԎԑ | ԕ,ԐԒԏ |
| Total equity | Ԑԑԓ,ԔԑԐ | Ԑԑԓ,ԐԔԖ |
| Non-current liabilities and provisions | ||
| Provisions for pensions | ԏԎԗ | ԏԎԖ |
| Other provisions | ԐԐԔ | ԐԐԔ |
| Financial liabilities | ԓԖԗ,ԏԔԓ | ԓԐԗ,ԕԏԎ |
| Other liabilities | ԏԗ,ԗԏԎ | ԏԓ,ԎԔԒ |
| Deferred tax liabilities | ԑԓ,ԎԖԎ | ԑԓ,ԓԕԑ |
| Total non-current liabilities and provisions | ԔԒԒ,ԒԗԎ | ԓԖԎ,ԔԖԏ |
| Current liabilities and provisions | ||
| Other provisions | Ԕ,ԕԕԑ | Ԕ,ԗԎԎ |
| Income tax liabilities | ԏ,ԔԔԏ | Ԑ,ԓԎԐ |
| Financial liabilities | Ԑԕԏ,ԖԗԒ | ԐԕԖ,ԏԐԖ |
| Trade payables | ԖԐ,Ԑԑԗ | Ԕԗ,Ԓԑԏ |
| Liabilities to affiliated companies | ԓԑ | Ԗԗ |
| Contract Liabilities | ԏԒ,ԎԔԓ | ԏԓ,ԐԑԒ |
| Other liabilities | ԑԓ,ԕԓԏ | ԑԎ,ԏԏԗ |
| Total current liabilities and provisions | ԒԏԐ,Ԓԑԓ | ԒԎԐ,ԒԎԑ |
| Total equity and liabilities ԏ,ԐԗԐ,ԓԓԖ |
ԏ,ԐԏԖ,ԑԓԑ |
| Hԏ | Hԏ | |
|---|---|---|
| in EUR thou. | ԐԎԐԑ | ԐԎԐԐ |
| Operating activities | ||
| Consolidated profit | Ԓ,ԑԕԖ | Ԓ,ԕԒԗ |
| Income taxes recognised in income statement | Ԑ,ԑԐԑ | Ԑ,ԏԒԓ |
| Income taxes received / paid (net) | -Ԑ,ԗԏԏ | -Ԑ,ԓԐԔ |
| Financial result recognised in income statementԏ | Ԓ,ԕԒԒ | ԏ,ԓԖԎ |
| Interest received | ԑ,ԓԐԔ | ԏԏԖ |
| Interest paid | -ԓ,ԕԏԖ | -ԑ,ԗԑԕ |
| Depreciation and amortisation | ԖԔ,ԗԐԐ | ԖԒ,Ԓԏԏ |
| Income from disposal of fixed assets | -ԐԎ,ԖԓԖ | -ԐԐ,ԒԖԖ |
| Other (non-)cash expenses and income | -ԑ,ԏԑԔ | -ԓ,ԗԗԗ |
| Gross Cash flow | Ԕԗ,ԐԕԎ | ԓԖ,Ԏԓԓ |
| Proceeds from disposal of assets | ԏԑԗ,ԒԏԒ | ԏԑԕ,ԑԎԐ |
| thereof leasing assets | ԏԑԖ,ԖԓԖ | ԏԑԔ,ԒԖԏ |
| thereof fixed assets | ԓԓԔ | ԖԐԏ |
| Payments for investments in lease assets | -Ԑԕԕ,ԔԖԗ | -ԏԓԐ,ԕԓԒ |
| Change in inventories | Ԓ,ԒԖԑ | ԓ,ԑԗԑ |
| Change in trade receivables | Ԓ,ԕԐԕ | -Ԓ,ԓԐԒ |
| Change in trade payables | ԏԐ,ԖԎԕ | -Ԕ,ԑԓԔ |
| Change in other net assets | Ԗ,ԕԎԏ | -ԑ,ԓԑԏ |
| Net cash flows from/used in operating activities | -ԑԖ,ԐԖԕ | ԑԑ,ԓԖԓ |
| Investing activities | ||
| Payments for investments in intangible assets and equipment | -ԓ,ԒԓԔ | -Ԑ,ԕԓԔ |
| Auszahlungen für den Erwerb von Tochterunternehmen, abzgl. erworbener Zahlungsmittel | ||
| Net cash flows used in investing activities | -ԓ,ԒԓԔ | -Ԑ,ԕԓԔ |
| Financing activities | ||
| Proceeds from bank loans (incl. ABS-transaction)Ԑ | ԏԕԎ,ԎԎԎ | ԑԒԎ,ԎԎԎ |
| Payments made for redemptions of bonds, borrower´s note loans and bank loans (incl. ABS-transaction)ԑ | -ԏԐԔ,Ԑԗԑ | -ԑԖԑ,ԐԎԏ |
| Payments made for redemption of/payments received from taken-out short-term financial liabilitiesԒ,ԓ | -Ԑ,ԓԎԎ | ԏԓ,ԒԎԎ |
| Net cash flows used in/from financing activities | Ԓԏ,ԐԎԕ | -Ԑԕ,ԖԎԏ |
| Net change in cash and cash equivalents | -Ԑ,ԓԑԔ | ԑ,ԎԐԖ |
| Effect of exchange rate changes on cash and cash equivalents | -ԑ | ԐԎ |
| Cash and cash equivalents at ԏ Jan.Ԕ | ԓ,ԏԔԖ | -Ԓԏԕ |
| Cash and cash equivalents at ԑԎ Jun. | Ԑ,ԔԐԗ | Ԑ,Ԕԑԏ |
Excluding income from investments.
2 Proceeds from bank loans (incl. ABS transaction) include proceeds from financing of affiliated companies in the amount of EUR 170,000 thousand (H1 2022: EUR 340,000 thousand).
Payments for redemption of bond, promissory note loan and bank loan (incl. ABS transaction) include payments for redemption of financing of affiliated companies in the amount of EUR 50,000 thousand (H1 2022: EUR 50,000 thousand).
Includes proceeds from borrowing from affiliated companies in the of EUR 60,000 thousand (H1 2022: EUR 80,000 thousand) and redemptions of financing from affiliated companies in the amount of EUR 50,000 thousand (H1 2022: EUR 80,000 thousand).
Short-term borrowings with a maturity period of up to three months and quick turnover.
Cash and cash equivalents as at 1 January 2022 consist of bank balances (EUR 1,655 thousand) and bank overdrafts (EUR −2,072 thousand).
| Equity | ||||||
|---|---|---|---|---|---|---|
| attributable to | ||||||
| Subscribed | Capital | Other | shareholders | Minority | ||
| in EUR thou. | capital | reserves | reserves | of Allane SE | interests | Total equity |
| Ԏԏ. Jan. ԐԎԐԑ | ԐԎ,ԔԏԐ | ԏԑԓ,ԎԒԓ | ԕԐ,ԑԕԎ | ԐԐԖ,ԎԐԖ | ԕ,ԐԒԏ | Ԑԑԓ,ԐԔԖ |
| Consolidated profit | - | - | Ԓ,ԑԕԖ | Ԓ,ԑԕԖ | - | Ԓ,ԑԕԖ |
| Other comprehensive income | - | - | ԖԎ | ԖԎ | -Ԑ,ԐԑԖ | -Ԑ,ԏԓԖ |
| Dividends paid | - | - | -ԏ,Ԗԓԓ | -ԏ,Ԗԓԓ | - | -ԏ,Ԗԓԓ |
| ԑԎ Jun. ԐԎԐԑ | ԐԎ,ԔԏԐ | ԏԑԓ,ԎԒԓ | ԕԒ,ԗԕԐ | ԐԑԎ,ԔԐԗ | ԓ,ԎԎԑ | Ԑԑԓ,ԔԑԐ |
Consolidated statement of changes in equity
| Equity attributable to |
||||||
|---|---|---|---|---|---|---|
| in EUR thou. | Subscribed capital |
Capital reserves |
Other reserves |
shareholders of Allane SE |
Minority interests |
Total equity |
| Ԏԏ. Jan. ԐԎԐԐ | ԐԎ,ԔԏԐ | ԏԑԓ,ԎԒԓ | Ԕԑ,ԕԗԒ | Ԑԏԗ,ԒԓԐ | ԕԒԎ | ԐԐԎ,ԏԗԐ |
| Consolidated profit | - | - | Ԓ,ԕԒԗ | Ԓ,ԕԒԗ | - | Ԓ,ԕԒԗ |
| Other comprehensive income | - | - | ԓԎԖ | ԓԎԖ | Ԓ,ԎԐԔ | Ԓ,ԓԑԓ |
| Dividends paid | - | - | -ԏ,Ԑԑԕ | -ԏ,Ԑԑԕ | - | -ԏ,Ԑԑԕ |
| ԑԎ. Jun. ԐԎԐԐ | ԐԎ,ԔԏԐ | ԏԑԓ,ԎԒԓ | Ԕԕ,Ԗԏԓ | ԐԐԑ,ԒԕԐ | Ԓ,ԕԔԕ | ԐԐԖ,Ԑԑԗ |
Allane SE, Pullach im Isartal, is a European Stock Corporation (Societas Europea) and the parent company of the Allane Mobility Group. The Company's registered office is at Dr.-Carl-v.-Linde-Str. 2, 82049 Pullach im Isartal/Germany and it is registered in the Commercial Register of Munich Local Court under docket number HRB 227195. The Company has been established for an indefinite period.
The consolidated financial statements of the Allane Mobility Group as at 31 December 2022 were prepared in accordance with International Financial Reporting Standards (IFRS), as adopted by the EU and effective at that date.
The interim financial statements as at 30 June 2023 have been prepared in accordance with International Accounting Standard (IAS) 34 'Interim Financial Reporting'. The accounting policies adopted in the preparation of the IFRS interim consolidated financial statements are consistent with those used in the preparation of the audited and disclosed IFRS consolidated financial statements as at 31 December 2022. The effects of new accounting standards to be applied are explained in more detail in the following chapters.
In accordance with IAS 34 'Interim Financial Reporting', the interim financial report includes a consolidated income statement and statement of comprehensive income, a consolidated balance sheet, a consolidated cash flow statement, a consolidated statement of changes in equity and these condensed notes. In addition, the IFRS interim consolidated financial statements should be read in conjunction with the IFRS consolidated financial statements as at 31 December 2022 and the notes contained therein.
The preparation of interim consolidated financial statements requires management to make assumptions and estimates that affect the reported amounts of assets, liabilities and provisions, as well as of income and expenses. Actual amounts may differ from these estimates. A detailed description of the accounting principles, consolidation methods and accounting policies used is published in the notes to the IFRS consolidated financial statements as at 31 December 2022.
The results presented in the interim financial reports do not necessarily indicate the results of future reporting periods or of the full financial year.
The above paragraphs are particularly important given the background of the Russia-Ukraine war and the recent monetary policy of the European Central Bank. Allane SE continues to see increased uncertainties associated with the ongoing war in Ukraine in relation to estimates and discretionary decisions in connection with assets and liabilities. However, the war in Ukraine is not expected to have any significant negative impact for the results of operations, financial position or net assets of the Group.
The interim consolidated financial statements were prepared and published in euros (EUR).
The accompanying interim consolidated financial statements as of 30 June 2023 have not been audited or reviewed.
The Managing Board authorized the condensed interim consolidated financial statements for issue on 24 August 2023.
Due to rounding, it is possible that individual figures presented in the interim financial statements may not add up exactly to the totals shown and half-year figures listed may not follow from adding up the individual quarterly figures. Furthermore, the percentage figures presented may not exactly reflect the absolute figures they relate to.
The development so far does not reveal any implications, that the Allane Mobility Group underlies seasonal effects with fundamental fluctuations.
New standards and interpretations
Allane SE has implemented all accounting standards adopted by the EU and whose application is mandatory as of 1 January 2023:
These changes did not have any material impact on the net assets, financial position and results of operations of the Allane Mobility Group as of 30 June 2023.
Accounting standards published but not yet endorsed by the European Union:
The above changes are not expected to have a material impact on Allane Mobility Group's reporting.
Since 31 December 2022, there have been no changes in the scope of consolidation of Allane Mobility Group.
Revenue of the Leasing business unit comprises lease income from contractually agreed leasing instalments and other income from leasing business, such as income from the sale of service components such as repairs, fuels, tyres, etc., income from claims settlements and franchise fees. In addition, the Leasing business unit reports sales revenue for used leasing assets under sales revenue generated from the marketing of leased assets.
In the Fleet Management business unit, fleet management revenue materially comprises revenue for service components and contractually agreed service fees. In addition, the Fleet Management business unit reports revenue from the sale of used customer vehicles.
Revenue is broken down as follows:
| Revenue | ||||||
|---|---|---|---|---|---|---|
| Hԏ | Hԏ | Change | QԐ | QԐ | Change | |
| in EUR thou. | ԐԎԐԑ | ԐԎԐԐ | in % | ԐԎԐԑ | ԐԎԐԐ | in % |
| Leasing business unit | ||||||
| Leasing revenue (finance rate) | ԗԕ,ԔԎԑ | ԗԒ,ԕԔԎ | ԑ.Ԏ | ԒԖ,ԖԒԓ | Ԓԕ,Ԏԕԏ | ԑ.Ԗ |
| Other revenue from leasing business | ԕԎ,ԓԖԎ | ԔԖ,ԐԗԖ | ԑ.ԑ | ԑԓ,ԎԗԎ | ԑԓ,ԐԕԖ | -Ԏ.ԓ |
| Sales revenue | ԏԒԕ,ԏԒԔ | ԏԒԎ,ԒԖԎ | Ԓ.ԕ | ԕԒ,ԒԑԎ | Ԕԓ,ԖԔԗ | ԏԑ.Ԏ |
| Total | ԑԏԓ,ԑԐԗ | ԑԎԑ,ԓԑԖ | ԑ.ԗ | ԏԓԖ,ԑԔԓ | ԏԒԖ,ԐԏԖ | Ԕ.Ԗ |
| Fleet Management business unit | ||||||
| Fleet management revenue | Ԑԑ,ԖԑԔ | ԑԎ,ԐԗԐ | -Ԑԏ.ԑ | ԏԏ,Ԓԗԓ | ԏԓ,ԏԓԒ | -ԐԒ.ԏ |
| Sales revenue | ԑԖ,ԔԔԎ | ԑԕ,ԑԖԓ | ԑ.Ԓ | ԏԗ,ԑԗԐ | ԏԖ,Ԏԕԑ | ԕ.ԑ |
| Total | ԔԐ,ԒԗԔ | Ԕԕ,Ԕԕԕ | -ԕ.ԕ | ԑԎ,ԖԖԕ | ԑԑ,ԐԐԕ | -ԕ.Ԏ |
| Group total | ԑԕԕ,ԖԐԓ | ԑԕԏ,Ԑԏԓ | ԏ.Ԗ | ԏԖԗ,Ԑԓԏ | ԏԖԏ,ԒԒԓ | Ԓ.ԑ |
Leasing revenue (finance rate), other revenue from leasing business and fleet management revenue are together referred to as 'operating revenue'. In the reporting period, operating revenue decreased by 0.7% to EUR 192.0 million (H1 2022: EUR 193.3 million). This decline is mainly due to the low number of contracts in the Fleet Management business unit compared to the same period of the previous year and the associated lower fleet management revenues.
| in EUR thou. | Hԏ ԐԎԐԑ |
Hԏ ԐԎԐԐ |
Change in % |
|---|---|---|---|
| Selling expensesԏ | ԏԔԓ,ԏԏԗ | ԏԓԓ,ԒԒԏ | Ԕ.Ԑ |
| Repair, maintenance and reconditioning | ԑԑ,ԓԐԒ | ԑԒ,ԒԔԗ | -Ԑ.ԕ |
| Fuel | ԐԎ,ԖԐԓ | ԐԔ,ԗԓԐ | -ԐԐ.ԕ |
| External rent expenses | ԑ,ԕԏԒ | Ԑ,ԒԎԏ | ԓԒ.ԕ |
| Vehicle licenses | ԑ,ԗԗԓ | Ԑ,ԑԒԖ | ԕԎ.ԏ |
| Insurance | ԑ,Ԕԗԓ | Ԓ,ԐԒԔ | -ԏԑ.Ԏ |
| Taxes and dues | ԏ,ԕԏԑ | ԏ,ԓԑԒ | ԏԏ.ԕ |
| Vehicle return expenses | ԏ,ԒԔԑ | ԏ,Ԓԕԗ | -ԏ.ԏ |
| Transportation | ԏ,Ԓԑԗ | ԏ,ԒԒԖ | -Ԏ.Ԕ |
| Radio license fees | ԕԑԖ | ԕԓԕ | -Ԑ.ԓ |
| Other expenses | Ԑ,ԗԒԏ | ԑ,ԏԓԏ | -Ԕ.ԕ |
| Group total | Ԑԑԗ,ԏԔԔ | ԐԑԒ,ԐԐԔ | Ԑ.ԏ |
Including impairment losses on leased assets held for sale of EUR 168 thousand (H1 2022: Impairment losses EUR 480 thousand)
Expenses related to the sale of leased assets increased compared to the same period previous year, mainly due to the higher book values of the marketed vehicles. The usage-related expenses in connection with existing leased vehicles are declining, especially expenses for fuel and repairs have decreased significantly. Thus, the total of all expenses for fleet and leased assets is slightly above the previous year's level.
Other operating expenses Other operating expenses are broken down as follows:
| Hԏ | Hԏ | Change | |
|---|---|---|---|
| in EUR thou. | ԐԎԐԑ | ԐԎԐԐ | in % |
| IT expensesԏ | ԓ,ԑԓԑ | Ԕ,Ԓԏԏ | -ԏԔ.ԓ |
| Other selling and marketing expenses | Ԑ,ԔԔԓ | ԏ,ԗԗԒ | ԑԑ.ԕ |
| Audit, legal, advisory costs, and investor relations expenses | Ԑ,ԎԐԗ | ԓ,ԕԏԗ | -ԔԒ.ԓ |
| Other personnel servicesԐ | ԏ,ԔԎԑ | ԏ,Ԑԏԗ | ԑԏ.ԓ |
| Expenses for buildings | ԕԑԏ | ԖԒԑ | -ԏԑ.ԑ |
| Expenses for foreign currency translationԑ | ԓԗԗ | ԒԕԎ | Ԑԕ.Ԑ |
| Miscellaneous expenses | ԏ,Ԗԗԗ | Ԑ,ԕԗԏ | -ԑԏ.ԗ |
| Group total | ԏԒ,Ԗԕԗ | ԏԗ,ԒԒԕ | -Ԑԑ.ԓ |
Other operating expenses decreased mainly as a result of a significant reduction in legal and consulting costs and lower IT expenses following the successful completion of the carve-out.
| Group total | ԖԔ,ԗԐԐ | ԖԒ,Ԓԏԏ | ԑ.Ԏ |
|---|---|---|---|
| Intangible assets | Ԑ,ԕԗԑ | Ԓ,ԓԔԑ | -ԑԖ.Ԗ |
| Property and equipment | Ԑ,Ԕԕԕ | Ԑ,ԔԒԐ | ԏ.ԑ |
| Lease assets | Ԗԏ,Ԓԓԏ | ԕԕ,ԐԎԕ | ԓ.ԓ |
| in EUR thou. | ԐԎԐԑ | ԐԎԐԐ | in % |
| Hԏ | Hԏ | Change |
Depreciation on leased assets increased compared to the same period last year mainly due to the increasing portfolio volume. Depreciation and amortisation include amortisation of right-of-use assets to the amount of EUR 1.3 million (H1 2022: EUR 1.4 million) in property and equipment. The decrease in amortisation of intangible assets is due to the impairment tests carried out in the 2022 financial year and the associated impairment of the assets.
Net finance costs are broken down as follows:
| Group total | -Ԓ,ԕԒԓ | -ԏ,ԓԖԎ |
|---|---|---|
| Other net financial result | ԏԑ | ԏԎԔ |
| Interest and similar expenses for related parties | -Ԓ,ԔԗԔ | -ԏԔԖ |
| Interest and similar expenses | -Ԑԑԑ | -ԏ,Ԕԑԗ |
| Other interest and similar income from related parties | ԏԐ | ԕ |
| Other interest and similar income | ԏԔԎ | ԏԏԒ |
| in EUR thou. | ԐԎԐԑ | ԐԎԐԐ |
| Hԏ | Hԏ |
Interest and similar expenses include interest expenditure from lease liabilities of the Allane Mobility Group as a lessee to the amount of EUR 0.3 million (H1 2022: EUR 0.1 million). The significant increase in interest expenses is due to the high interest rate level for borrowings.
The income tax expense comprises current income taxes amounting to EUR 2.3 million (H1 2022: EUR 2.1 million) as well as deferred taxes of EUR 0.2 million (H1 2022: EUR −0.0 million). Based on the Group's earnings before taxes (EBT), the Group's tax rate in the reporting period is 36.4% (H1 2022: 31.1%).
Earnings per share are broken down as follows:
| Hԏ | Hԏ | |
|---|---|---|
| ԐԎԐԑ | ԐԎԐԐ | |
| Consolidated profit in EUR thou. |
Ԓ,ԑԕԖ | Ԓ,ԕԒԗ |
| Profit attributable to shareholders of Allane SE in EUR thou. |
Ԓ,ԑԕԖ | Ԓ,ԕԒԗ |
| Weighted average number of shares | ԐԎ,Ԕԏԏ,ԓԗԑ | ԐԎ,Ԕԏԏ,ԓԗԑ |
| Earnings per share – basic and diluted in EUR |
Ԏ.Ԑԏ | Ԏ.Ԑԑ |
The weighted average number of shares is calculated based on the proportional number of shares per month, eventually adjusted by the respective number of treasury shares. Earnings per share are calculated by dividing the consolidated profit attributable to Group's shareholders through the weighted average number of ordinary shares outstanding. Financial instruments, that could lead to a dilutive effect, do not exist at the reporting date.
Property and equipment
Property and equipment can be broken down as follows:
| in EUR thou. | ԑԎ Jun. ԐԎԐԑ | ԑԏ Dec. ԐԎԐԐ |
|---|---|---|
| Right of use assets | Ԑԕ,ԔԔԕ | Ԑԏ,ԑԕԕ |
| Operating and office equipment | Ԕ,ԖԔԑ | Ԕ,ԗԏԏ |
| Payments on account of property and equipment | ԏ,ԎԏԔ | ԕԓԕ |
| Group total | ԑԓ,ԓԒԔ | Ԑԗ,ԎԒԓ |
Lease assets increased by EUR 81.0 million to EUR 1.074.2 million (31 December 2022: EUR 993.2 million). In addition to the growing contract portfolio in the Retail Leasing business unit, the increase in leasing assets is due to higher acquisition costs, especially for vehicles in the higher price segment.
Other receivables and assets
Other receivables and assets can be broken down as follows:
| in EUR thou. | ԑԎ Jun. ԐԎԐԑ | ԑԏ Dec. ԐԎԐԐ |
|---|---|---|
| Financial other receivables and assets | ||
| Finance lease receivables | Ԑ,ԏԎԑ | ԏ,Ԗԕԕ |
| Interest rate swap | Ԕ,ԑԗԖ | ԗ,ԐԓԒ |
| Miscellaneous assets | ԕ,ԏԒԒ | ԏԏ,ԑԓԕ |
| Non-financial other receivables and assets | ||
| Other tax receivables | ԗ,ԗԗԏ | Ԕ,Ԓԑԏ |
| Insurance claims | Ԗ,ԒԎԓ | Ԗ,ԖԔԎ |
| Deferred expense | ԓ,ԑԕԎ | Ԓ,ԒԕԒ |
| Group total | ԑԗ,Ԓԏԏ | ԒԐ,Ԑԓԏ |
| thereof current | ԑԏ,ԔԕԔ | ԑԏ,ԖԎԔ |
| thereof non-current | ԕ,ԕԑԓ | ԏԎ,ԒԒԔ |
The subscribed capital of Allane SE as at 30 June 2023 remained unchanged at EUR 20,611,593, divided up into 20,611,593 ordinary bearer shares (31 December 2022: EUR 20,611,593). The shares are no-par value shares with a nominal value of EUR 1.00 per share. At the Annual General Meeting on 30 June 2023, a dividend of EUR 1.9 million was resolved for the 2022 financial year. The payment was made at the beginning of July 2023, which is why the dividend resolved is reported under current financial liabilities as of 30 June 2023.
In accordance with section 4 (4) of the Articles of Association, by resolution of the Annual General Meeting of 1 June 2016, the Company's share capital is conditionally increased by up to a total of EUR 4,122,318.00 (Conditional Capital 2016). The Conditional Capital 2016 serves the purpose of granting shares to the holders and/or creditors of convertible bonds as well as the holders of option rights from option bonds. Further details follow from the aforementioned article of the Articles of Association.
The financial liabilities are broken down as follows:
| Residual term of up to ԏ year | Residual term of ԏ to ԓ years | Residual term of > ԓ years | ||||
|---|---|---|---|---|---|---|
| in EUR thou. | ԑԎ Jun. ԐԎԐԑ | ԑԏ Dec. ԐԎԐԐ | ԑԎ Jun. ԐԎԐԑ | ԑԏ Dec. ԐԎԐԐ | ԑԎ Jun. ԐԎԐԑ | ԑԏ Dec. ԐԎԐԐ |
| Bonds | - | - | - | - | - | - |
| Liabilities to banks | ԐԔԒ,ԖԔԏ | Ԑԕԑ,ԗԑԎ | ԓԔԑ,ԑԑԏ | ԓԏԎ,Ԏԏԓ | - | - |
| Thereof Liabilities to affiliated companies | ԏԑԐ,ԕԎԖ | ԏԏԎ,ԎԎԎ | ԓԎԎ,ԎԎԎ | ԒԎԎ,ԎԎԎ | - | - |
| Lease liabilities | Ԑ,ԓԖԑ | Ԑ,ԐԕԒ | Ԗ,Ԑԓԏ | Ԕ,ԖԒԒ | ԏԕ,ԓԖԑ | ԏԐ,Ԗԓԏ |
| Other liabilities | Ԓ,ԒԓԎ | ԏ,ԗԐԒ | - | - | - | - |
| Thereof Liabilities to affiliated companies | Ԓ,ԑԓԓ | ԏ,ԐԒԐ | - | - | - | - |
| Group total | Ԑԕԏ,ԖԗԒ | ԐԕԖ,ԏԐԖ | ԓԕԏ,ԓԖԑ | ԓԏԔ,Ԗԓԗ | ԏԕ,ԓԖԑ | ԏԐ,Ԗԓԏ |
In particular, refinancing was obtained through credit lines from Santander Consumer Bank AG and an ABS programme.
Other liabilities are broken down as follows:
| Other liabilities | ||
|---|---|---|
| in EUR thou. | ԑԎ Jun. ԐԎԐԑ | ԑԏ Dec. ԐԎԐԐ |
| Financial other liabilities | ||
| Payroll liabilities | ԐԒԗ | ԑԔԏ |
| Miscellaneous liabilities | ԏԏ,ԐԖԓ | ԏԏ,ԏԐԐ |
| Non-financial other liabilities | ||
| Deferred income | Ԓԑ,ԏԒԖ | ԑԐ,ԔԖԗ |
| Tax liabilities | ԗԕԗ | ԏ,Ԏԏԏ |
| Group total | ԓԓ,ԔԔԎ | Ԓԓ,ԏԖԑ |
| thereof current | ԑԓ,ԕԓԏ | ԑԎ,ԏԏԗ |
| thereof non-current | ԏԗ,ԗԏԎ | ԏԓ,ԎԔԒ |
The deferred income mainly includes deferred income from advance lease payments from lessees. The deferred income from special lease payments is current in the amount of EUR 23.7 million (31 December 2022: EUR 18.0 million) with a remaining term of up to one year and non-current in the amount of EUR 19.4 million (31 December 2022: EUR 14.7 million) with a remaining term of one to five years.
The following table shows the carrying amounts and fair values of the individual financial assets and liabilities for each individual category of financial instruments. The fair values of financial assets and liabilities that are not regularly measured at fair value but for which the fair value is to be disclosed are assigned to the measurement levels of the fair value hierarchy according to IFRS 13 in the following table.
Carrying amounts and fair values by measurement category in accordance with IFRS 9:
| Carrying amount | Fair value | |||||||
|---|---|---|---|---|---|---|---|---|
| IFRS ԗ | Measurement | |||||||
| measurement | basis for fair | |||||||
| in EUR thou. | categoryԏ | value ԑԎ Jun. ԐԎԐԑ | ԑԏ Dec. ԐԎԐԐ | ԑԎ Jun. ԐԎԐԑ | ԑԏ Dec. ԐԎԐԐ | |||
| Non-current assets | ||||||||
| Financial assets | FVTPL | Level ԑ | Ԑԕ | Ԑԕ | Ԑԕ | Ԑԕ | ||
| Finance lease receivables | IFRS ԏԔ | ԏ,ԐԑԒ | ԏ,ԎԗԔ | ԏ,ԐԐԗ | ԏ,ԎԗԒ | |||
| Interest rate derivatives | FVTPL | Level Ԑ | Ԕ,ԑԗԖ | ԗ,ԐԓԒ | Ԕ,ԑԗԖ | ԗ,ԐԓԒ | ||
| Other receivables | AC | ԏԎԑ | ԗԔ | |||||
| Total | ԕ,ԕԔԏ | ԏԎ,Ԓԕԑ | ԕ,Ԕԓԑ | ԏԎ,ԑԕԓ | ||||
| Current assets | ||||||||
| Finance lease receivables | IFRS ԏԔ | ԖԔԗ | ԕԖԏ | ԖԔԔ | ԕԖԏ | |||
| Currency derivatives | FVTPL | Level Ԑ | ԏԑԐ | - | ԏԑԐ | - | ||
| Trade receivables | AC | ԕԕ,ԗԕԎ | ԖԐ,Ԕԗԕ | |||||
| Receivables from related parties | AC | ԏ,Ԏԕԕ | ԔԒԕ | |||||
| Other receivables | AC | Ԕ,ԗԎԗ | ԏԏ,ԐԔԏ | |||||
| Total | ԖԔ,ԗԓԔ | ԗԓ,ԑԖԔ | ԗԗԗ | ԕԖԏ | ||||
| Non-current liabilities | ||||||||
| Liabilities to banks | AC | Level Ԑ | ԓԔԑ,ԑԑԏ | ԓԏԎ,Ԏԏԓ | ԓԑԏ,ԐԑԔ | Ԓԕԑ,ԔԒԕ | ||
| Lease liabilities | IFRS ԏԔ | Ԑԓ,ԖԑԒ | ԏԗ,ԔԗԔ | |||||
| Other financial liabilities | AC | ԒԔԐ | ԑԔԐ | - | - | |||
| Total | ԓԖԗ,ԔԐԕ | ԓԑԎ,Ԏԕԑ | ԓԑԏ,ԐԑԔ | Ԓԕԑ,ԔԒԕ | ||||
| Current liabilities | ||||||||
| Bonds | AC | Level Ԑ | - | - | - | - | ||
| Liabilities to banks | AC | Level Ԑ | ԐԔԒ,ԖԔԏ | Ԑԕԑ,ԗԑԎ | ԐԔԒ,ԕԖԗ | ԐԕԔ,ԒԎԐ | ||
| Lease liabilities | IFRS ԏԔ | Ԑ,ԓԖԑ | Ԑ,ԐԕԒ | |||||
| Liabilities to related parties | AC | Level Ԑ | ԓԑ | Ԗԗ | ||||
| Currency derivatives | FVTPL | Level Ԑ | ԑԔԎ | ԐԏԖ | ԑԔԎ | ԐԏԖ | ||
| Other financial liabilities | AC | Ԓ,ԒԓԎ | ԏ,ԗԐԒ | |||||
| Trade payables | AC | ԖԐ,Ԑԑԗ | Ԕԗ,Ԓԑԏ | |||||
| Other financial liabilitiesԐ | AC | ԏԎ,ԕԏԐ | ԏԎ,ԗԎԑ | |||||
| Total | ԑԔԓ,ԐԓԖ | ԑԓԖ,ԕԔԗ | ԐԔԓ,ԏԓԎ | ԐԕԔ,Ԕԏԗ |
FVTPL - Fair value through profit or loss, AC - At amortised cost
2 The value of other financial liabilities in the previous year included contractual liabilities of EUR 15,233 thousand as at 31 December 2022. In the table above, financial instruments are classified into three levels depending on the measurement basis. Level 1 measurements are based on prices quoted in active markets. Level 2 measurements are based on parameters other than quoted prices that are observable either directly as prices or are indirectly derived from prices. Level 3 measurements are based on models that use parameters that are not based on observable market data, but rather on assumptions. This applies in particular to the accounting treatment of financial assets that are not actively traded. These assets are measured on the basis of the financial information available on the balance sheet date.
Due to factors that change in the course of time, the reported fair values can only be regarded as indicative of the values actually realisable on the market. The fair values of the financial instruments were calculated based on the market data available at the balance sheet date and methods and assumptions described below.
For all current financial instruments, it was assumed that the carrying amount (amortised cost) is a reasonable approximation of fair value, unless not specified otherwise in the table. The fair values of the finance lease receivables reported as non-current assets and the borrower's note loans, bonds and liabilities to banks were calculated as the present values of the future expected cash flows. Standard market interest rates between 4.4% p.a. and 5.4% p.a. (2022 fiscal year: between 2.7% p.a. and 4.3% p.a.) were used for discounting based on the respective maturities.
Finance lease receivables and lease liabilities are measured in accordance with IFRS 16. Financial assets whose cash flows comprise repayments and interest are allocated to the 'AC' ('At Amortized Cost') category and are measured at amortised cost.
The fair value of interest rate derivatives is determined by discounting the expected future cash flow over the remaining term of the contract using the current yield curves. The fair value of currency derivatives is determined on the basis of valuations of current market parameters of external financial service providers.
The change in the carrying amounts and fair values of Level 3 valuations of financial assets results from valuation effects in the period. Financial assets consist of investments and are valued on the basis of the net asset value. The result recognized in profit or loss resulted from the fair value measurement amounts to EUR 0 thousand (31 December 2022: EUR 0 thousand).
Regrouping within the levels of the evaluation hierarchies did not take place in the reporting period.
Trade receivables consist of lease instalments due immediately or in the short term (operate lease) and receivables due immediately or in the short term from full service, fleet management and vehicle sales. Furthermore, to a significant lower extent, finance lease receivables exist, which are substantially current receivables as well. The Allane Mobility Group expects that any payment difficulties and defaults due to the high level of interest rates and inflation as well as the Russia-Ukraine war, which is still ongoing after one year will only be felt in the medium to long term, if at all. Due to the short-term nature of the receivables portfolio, the Allane Mobility Group do not weight this scenario when determining the expected credit loss. As part of the early warning, monitoring and control measures, we have not yet identified any significant direct impact of the Russia-Ukraine war on our receivables portfolio. The receivables of our business partners are being continuously monitored and, if necessary, we are taking short-term measures to keep our risk position low. An appropriate credit assessment process is in place for new business in the future.
The Allane Mobility Group is active in the two main business units Leasing and Fleet Management. When combined, the revenue from these activities – excluding vehicle sales revenue – is also described as 'operating revenue'.
The segment information for the first six months of 2023 - compared with the first six months of 2022 - is as follows:
| Nach Geschäftsbereich | Leasing | Flottenmanagement | Konsolidierung | Konzern | |||||
|---|---|---|---|---|---|---|---|---|---|
| in Mio. EUR | Hԏ ԐԎԐԑ | Hԏ ԐԎԐԐ | Hԏ ԐԎԐԑ | Hԏ ԐԎԐԐ | Hԏ ԐԎԐԑ | Hԏ ԐԎԐԐ | Hԏ ԐԎԐԑ | Hԏ ԐԎԐԐ | |
| Außenumsatz | ԑԏԓ,ԑ | ԑԎԑ,ԓ | ԔԐ,ԓ | Ԕԕ,ԕ | - | - | ԑԕԕ,Ԗ | ԑԕԏ,Ԑ | |
| Innenumsatz | Ԏ,ԏ | Ԏ,ԏ | Ԏ,Ԏ | - | -Ԏ,ԏ | -Ԏ,ԏ | - | - | |
| Gesamtumsatz | ԑԏԓ,Ԓ | ԑԎԑ,Ԕ | ԔԐ,ԓ | Ԕԕ,ԕ | -Ԏ,ԏ | -Ԏ,ԏ | ԑԕԕ,Ԗ | ԑԕԏ,Ԑ | |
| Aufwendungen für Fuhrpark und | |||||||||
| Leasinggegenständeԏ | ԏԖԏ,ԑ | ԏԕԏ,ԕ | ԓԕ,ԗ | ԔԐ,ԕ | -Ԏ,ԏ | -Ԏ,ԏ | Ԑԑԗ,Ԑ | ԐԑԒ,Ԑ | |
| EBITDAԐ | ԗԖ,ԑ | ԗԐ,Ԕ | Ԏ,ԑ | Ԏ,ԑ | -Ԏ,Ԏ | Ԏ,Ԏ | ԗԖ,ԓ | ԗԐ,ԗ | |
| Abschreibungen | ԖԔ,ԗ | ԖԒ,Ԓ | Ԏ,Ԏ | Ԏ,Ԏ | - | - | ԖԔ,ԗ | ԖԒ,Ԓ | |
| EBITԑ | ԏԏ,Ԓ | Ԗ,Ԑ | Ԏ,ԑ | Ԏ,Ԑ | -Ԏ,Ԏ | Ԏ,Ԏ | ԏԏ,Ԕ | Ԗ,ԓ | |
| Finanzergebnis | -Ԓ,ԕ | -ԏ,ԓ | -Ԏ,ԏ | -Ԏ,Ԏ | - | - | -Ԓ,ԕ | -ԏ,Ԕ | |
| EBTԒ | Ԕ,ԕ | Ԕ,ԕ | Ԏ,Ԑ | Ԏ,Ԑ | -Ԏ,Ԏ | Ԏ,Ԏ | Ԕ,ԗ | Ԕ,ԗ | |
| Investitionen | Ԑԗԏ,ԓ | ԏԓԓ,ԕ | Ԏ,Ԏ | Ԏ,Ԏ | -Ԏ,Ԗ | - | ԐԗԎ,ԕ | ԏԓԓ,ԕ | |
| Vermögen | ԏ.ԐԕԒ,ԕ | ԏ.ԏԑԗ,Ԗ | ԑԎ,ԕ | ԑԕ,Ԗ | -ԏԒ,ԏ | -ԏԒ,Ԓ | ԏ.Ԑԗԏ,ԑ | ԏ.ԏԔԑ,Ԑ | |
| Schulden | ԏ.ԎԎԒ,Ԗ | Ԗԕԕ,ԕ | ԐԖ,Ԓ | ԑԓ,Ԓ | -ԏԑ,ԏ | -ԏԒ,ԏ | ԏ.ԎԐԎ,Ԑ | Ԗԗԗ,Ԏ |
In the leasing segment write-downs on lease assets intended for sale are included in the amount of EUR 0.2 million (2022: EUR 0.5 million).
Corresponds to earnings before interest, taxes, depreciation and amortisation (EBITDA).
Corresponds to earnings before interest and taxes (EBIT).
Corresponds to earnings before taxes (EBT).
| By region | Germany International Consolidation |
Group | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| in EUR million | Hԏ ԐԎԐԑ | Hԏ ԐԎԐԐ | Hԏ ԐԎԐԑ | Hԏ ԐԎԐԐ | Hԏ ԐԎԐԑ | Hԏ ԐԎԐԐ | Hԏ ԐԎԐԑ | Hԏ ԐԎԐԐ | ||
| Total revenue | ԑԒԓ.Ԕ | ԑԑԏ.ԗ | ԑԐ.Ԑ | ԑԗ.ԑ | - | - | ԑԕԕ.Ԗ | ԑԕԏ.Ԑ | ||
| Investments | ԐԔԗ.Ԑ | ԏԑԓ.ԑ | Ԑԏ.ԓ | ԐԎ.Ԓ | - | - | ԐԗԎ.ԕ | ԏԓԓ.ԕ | ||
| Assets | ԏ,ԐԖԑ.Ԕ | ԏ,ԏԖԑ.ԏ | ԑԔԐ.ԗ | ԓԐԕ.Ԏ | -ԑԓԓ.Ԑ | -ԓԒԕ.Ԏ | ԏ,Ԑԗԏ.ԑ | ԏ,ԏԔԑ.Ԑ |
There have been no material changes in the nature and amount of Allane Mobility Group's transactions with related parties as of 30 June 2023 compared to those reported as of 31 December 2022, except the following described. For further details please refer to the consolidated financial statements of Allane SE as of 31 December 2022 in the Annual Report 2022 (Notes to the consolidated financial statements '5.4 Related party disclosures').
Allane SE entered into a credit facility agreement with Santander Consumer Bank AG. Of this credit facility, loans in the amount of EUR 630.0 million had been drawn as of 30 June 2023 (31 December 2022: EUR 510.0 million). The loans have a term of up to five years.
During the first six months of 2023, expenses from interest and commitment fees from Santander Consumer Bank AG were recognised in the amount of EUR 4.4 million (31 December 2022: EUR 1.2 million). In addition, Allane SE receive a bonus amount of EUR 1.3 million from Santander Consumer Bank AG for the past performance period 1 May 2021 to 31 December 2022 (31 December 2022: EUR 0.0 million) as part of a bonus agreement that provides bonuses for the lending and leasing business. Furthermore, Allane SE procured leased assets from Hyundai Motor Deutschland GmbH in the amount of EUR 1.8 million (31 December 2022: EUR 3.0 million) during the reporting period. For the 2022 financial year, EUR 1.7 million of the approved dividend of EUR 1.9 million is attributable to Hyundai Capital Bank Europe GmbH (HCBE).
There are no significant events, that would affect the financial position and financial performance of the Group and the Company, have occurred after the end of the second financial quarter 2023.
Responsibility statement in accordance with section 115 (2) of the Wertpapierhandelsgesetz (WpHG – German Securities Trading Act) in conjunction with section 264 (2) and section 289 (1) of the Handelsgesetzbuch (HGB – German Commercial Code)
"To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the interim consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the interim management report of the Group includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group for the remaining months of the financial year."
Pullach im Isartal, 24 August 2023
Allane SE The Managing Board
Allane SE Dr.-Carl-von-Linde-Straße 2 82049 Pullach Germany
Contact Investor Relations Phone +49 89 / 70 80 81610
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