Fleet giant LeasePlan has reported a €123m net profit
for the first half of 2012.

The figure represents a €13m year-on year
decrease in profit for the company. LeasePlan attributes the
difference to one-off post-employment benefits, as well as a unique
special income event during H1 2011, which brought in €30m on
the back of a settlement with tax authorities regarding indirect
taxes (VAT). Despite these factors, a spokesperson for LeasePlan
said profit level for 2012 “remains consistent” when compared to
the same period in 2011.

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While acknowledging that the claim made in previous reports that
LeasePlan had “return[ed] to pre-crisis performance” had been premature, the
spokesperson argued that “LeasePlan’s results over the
past years have proven to be rather crisis-proof”.

Vahid Daemi, LeasePlan chief executive, said: “In the face of
economic, political and regulatory changes and challenges across
the world and in particular the eurozone, LeasePlan continues to
perform well and absorb the unpredictable effects of the global
market.”

Leaseplan, which operates in 30 countries worldwide, also
reported a reduction in fleet size by 1,000 units in H1 2012,
compared to a 3,000 vehicle growth in the first half of 2011. The
company claims the loss is due to the recession occurring in
several countries in which LeasePlan operates.

The company’s interim results revealed that net interest income
level performed well, driven by an increase in the lease portfolio
to €14.9bn despite the loss of 1,000 vehicles from the fleet. The
value of the average lease written by the company has also
increased.

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Elsewhere in the interim report, a spokesperson stipulated that
the downgrading of LeasePlan’s long-term debt and deposit ratings
to Baa2 was a reflection of “the overall negative sentiment towards
the banking industry as a whole.” Despite this perspective, early
2012 saw LeasePlan conclude two senior unsecured debt capital
market transactions of €500m and €700m respectively.

Leaseplan posted
a €225m profit in 2011.