May 6, 2020 / 5:46 AM / a month ago

BRIEF-ALD Q1 Operating Result Down At 146.4 Million Euros

May 6 (Reuters) - ALD SA:

* 2019 EUR 0.63 DIVIDEND PER SHARE PROPOSAL MAINTAINED

* Q1 ORGANIC TOTAL FLEET GROWTH + 4.9% VERSUS. END MARCH 2019

* Q1 NET INCOME GROUP SHARE EUR 128.9 MILLION VERSUS EUR 133.8 MILLION YEAR AGO

* ROBUST BUSINESS MODEL WITH MULTI-YEAR CONTRACTS

* END-Q1 COST OF RISK UP EUR 7.4 MILLION VERSUS Q1 2019, INCLUDING A EUR 4.4 MILLION IFRS PROVISION FOR COVID-19 CRISIS RELATED CREDIT RISK

* TOTAL FLEET REACHED 1.78 MILLION VEHICLES AT END OF MARCH 2020

* Q1 OPERATING EXPENSES AT EUR 4.6 MILLION, UP 2.9% VERSUS. Q1 2019

* LEASING CONTRACT MARGIN REACHED EUR 165.1 MILLION AND SERVICES MARGIN EUR 158.0 MILLION IN Q1 2020

* EXPECTS 2020 OPERATING PERFORMANCE TO BE IMPACTED BY ADVERSE ECONOMIC ENVIRONMENT AND HAS WITHDRAWN GUIDANCE FOR YEAR AT END-MARCH

* ALD’S FUNDING NEEDS IN 2020 ARE LIKELY TO BE LIMITED DUE TO CONTRACT DURATION EXTENSIONS AND SLOWER FLEET GROWTH THAN ANTICIPATED

* AN EXCEPTIONAL COVID-19 RELATED EUR 9 MILLION IMPAIRMENT OF USED CAR STOCK WAS RECORDED IN MARCH RESULTS, REFLECTING DELAYS IN SALES AND POTENTIAL REDUCTION IN PRICES OF SECOND HAND CARS

* DIFFICULT AT THIS POINT IN TIME TO PROVIDE AN UPDATE ON ALD’S EXPECTED OPERATIONAL OR FINANCIAL PERFORMANCE IN 2020

* Q1 OPERATING RESULT EUR 146.4 MILLION VERSUS EUR 164.5 MILLION YEAR AGO Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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