In its Annual Report 2012, the company said that its performance over the last year showed the strengths of its global operations. Profits for the year were up 7.4% from €224.7m to €241m.

The company said its profit numbers were positively influenced by a turnaround in results of vehicles sold. In the Chairman’s Statement, Vahid Daemi said: ‘The losses we witnessed on the relatively high number of contract terminations during the crisis years, on leases that were originated before the 2008 debt crisis (and therefore created at higher residual values), are coming to an end.’

However, he added that in absolute terms, however, the strongest contributors to profit continue to be generated by LeasePlan’s core business model components of management fees, damage risk retention, and lease services.

The company also reported an overall increase in funded, managed, and total fleet numbers, with the latter up from 1.33 million in 2011 to 1.35 million in 2012, of which 1.06 million are in the mature markets, 221,900 in developing markets and 61,865 in the emerging markets.

Mr Daemi said: ‘Like others we continued to manage the significant challenges faced in much, though not all, of Western Europe. The fact that we seized the opportunities to extend the breadth of our geographical operations in years past continues to ensure healthy financial results today, as the strong performance in a number of countries helped to balance what was a more challenging, though still profitable, year in other regions. It is our geographical diversity that continues to underpin our performance, even through these tougher times.’

He added: ‘In terms of geographical expansion, the LeasePlan Russia start-up continued to take shape throughout 2012 and will open its doors to clients in 2013. Our expansion into Russia increases our footprint in Eastern Europe, and provides our international clients with yet more opportunities to streamline their fleet operations.’

The company also said that the agreement to acquire the Italian fleet and leasing arm of BBVA’s business, announced late in the year and finalised in February 2013, provides LeasePlan with a growth opportunity to instantly increase its presence in the Italian market and provide its clients there with further economies of scale.

In his outlook for 2013, Mr Daemi said: ‘LeasePlan anticipates a similarly mixed year ahead in terms of the global economy and market conditions. We foresee continued challenges in certain regions, with potentially more encouraging market conditions in other areas as well as expansion into new markets.

‘As we celebrate our 50th year in existence we remain optimistic about the strength of our organisation. In terms of performance, our primary sources of strength continue to lie in the global reach and scale of our business, a diversified funding approach, our robust client focus and the expertise and commitment that exists in our people across the world.’

The full LeasePlan Annual Report 2012 is available by clicking here.