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February 11, 2014updated 12 Apr 2017 3:59pm

LeasePlan profits jump 35%

Fleet leasing and management company LeasePlan has revealed net profits for 2013 were €326m, up 35% on the €241m recorded in 2012.

By Jonathan Minter

Fleet leasing and management company LeasePlan has revealed net profits for 2013 were €326m, up 35% on the €241m recorded in 2012.

According to LeasePlan, profits were helped by a combination of risk mitigation measures, improvements in various European second-hand car markets caused by the lack of young used cars, and a further relaxation on financial markets with decreasing spreads.

Despite the rise in profits, total assets dipped slightly, from €19.5bn to €19.1bn, which the company said was mainly the result of currency effects and a trend in certain fleets towards the purchase of cheaper vehicles.

The total number of cars in LeasePlan’s fleet rose slightly over the course of the year, from 1.35m to 1.37m. Staff numbers also increased, from 6,296 to 6,571, mostly due to acquisitions.

In October, LeasePlan was able to buy back 85% or US$500m (€366.75m) of Dutch government backed bonds due to mature in June 2014, and intends to repay the total remaining bonds by May.

Overall bank retail deposits remained stable at €4.2bn year end, up from €4.0bn in 2012.

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