ALD IPO Minisite

Company Profile

Guidance & Outlook

ALD’s guidance for 2017 is as follows:

  • Total Fleet is expected to grow around 8% compared to 2016;
  • Gross Operating Income is expected to grow around 8% compared to 2016;
  • Net Income Group Share is expected to grow around 10% compared to 2016;
  • Return on Average Earning Assets is expected to be between 3.5% and 4%, and Return on Equity between 15% and 17%;
  • Leverage and shareholder return targets are consistent with capital generation and total asset growth, with the objective to maintain BBB rating:
    • Maintain Equity / Total Assets ratio stable between 15% and 17%;
    • Target pay-out ratio between 35% and 40%.

ALD’s outlook for 2016-2019 is as follows:

  • Total fleet is expected to grow by 8% – 10% per annum on average;
  • Leasing Contract Margin and Services Margin are expected to grow by 8% – 10% per annum on average throughout the period, with an expected decreasing contribution of Car Sales Result within Gross Operating Income by 2019;
  • Net Income Group Share is expected to grow around 7% per annum on average, this evolution being driven by fleet growth, a strong focus on efficiency, resilient margins and a normalization of the Car Sales Results;
  • Return on Average Earning Assets is expected to be above 3.5% throughout the period, consistent with its performance over the last three years;
  • Leverage and shareholder return targets are consistent with capital generation and total asset growth over the period, with the objective to maintain BBB rating:
    • Maintain Equity / Total Assets ratio stable between 15% and 17%;
    • Target pay-out ratio between 35% and 40%.