Post on 14-Oct-2014
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European LeasingEuropean LeasingState of the Market
Jean-Marc MignereyCEO, SG Equipment FinanceLeaseurope Board Memberp
Hamburg 2010
Global Leasing Markets in 2009Global Leasing Markets in 2009Canada
CFLA
Leaseurope209 bil€
Japan
JLA
CFLA
20 bil€-32%-20%
US
ELFA
124 €
38 bil€
Chi-19%
124 bil€
Brazil
China
CLBA
29 bil€
-10%
ABEL
11 bil€Australia
AELA & AFLA
29 bil€0%
New equipment leasing volumes (Leaseurope volumes include real estate)ELFA figures do not include passenger car leasingAELA figures are for FY 2009Source: Leaseurope 2009 Annual Survey, local leasing associations, Leaseurope estimates
10 bil€
The European Leasing MarketResults from Leaseurope’s 2009 Annual Enquiry
NEW VOLUMESTotal Real Estate Movables
209 €bilL A l S 209 €bil 25 €bil 185 €bilLeaseurope Annual Survey
231 €bilEstimated TOTAL Market
Total Real Estate MovablesOUTSTANDINGS
686 €bil 211 €bil 475 €bilLeaseurope Annual Survey
725 €bilEstimated TOTAL Market 725 €bil
Source: Leaseurope estimates, Leaseurope 2009 Annual Survey of European Leasing29 member associations in 24 countries reporting, figures include hire purchase products when reported by member associations
The European Leasing MarketEvolution of the European leasing marketNew business, annual % change (1995 – 2009)
New volumes % 2008/9
New business, annual % change (1995 2009)
25%
30.0%
15 3% 14 8%16.5%
-31.0%5%
15%
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
15.3% 14.8%16.5%
12.4%
€
-32.5%
-32.3%
25%
-15%
-5% 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
-8.7%-0.7% - €100 bil
Movables
-35%
-25%
Total New Volumes Real Estate
Growth rates calculated based on a homogenous sample of members reporting from year to year Growth rates not adjusted for exchange rate fluctuations. When adjusted for exchange rates, total new leasing volumes decreased by 30.3% from ’08 to ’09.Source: Leaseurope Annual Surveys
The European Leasing MarketEvolution of the European leasing marketNew business, annual % change
25%
New business, annual % change
CAGR(1995-2009)
5%
15%
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
3.8%
(1995-2009)
25%
-15%
-5% 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
5.8%
5.4%
-35%
-25%
Total New Volumes Real Estate Movables
CAGR calculated for the 18 associations reporting from ’95-’09Growth rates calculated based on a homogenous sample of members reporting from year to yearGrowth rates not adjusted for exchange rate fluctuationsSource: Leaseurope Annual Surveys
The European Leasing MarketEvolution of new business by countryNew vol, annual % change (2009/2008)
15 t 25%
New vol, annual % change (2009/2008)
-25 to - 35%
-15 to - 25%
35 t 50%
NANA- 50% and lower-35 to - 50%
NANA
Source: Leaseurope 2009 Annual SurveyGrowth rates are not adjusted for exchange rate fluctuationsNote: AT domestic leasing business decreased by 23%
European Car Leasing and RentalLeaseurope’s weight in the car sector (2009)
Cars financed/purchased
5 500 900704 4004 796 500units
Total ST rentalLeasing
Cars financed/purchased
5 500 9000 004 796 500
new carsbusiness use
76%61%
of which:
Portfolio/fleet
871077€ (bil)
business use 61%
14 211 500546 500unitsTotal ST rentalLeasing
Portfolio/fleet
13 665 000
Based on figures reported in the 2009 Annual Survey & Leaseurope estimates; includes figures from short term rental associations
14 211 500546 50013 665 000
The European Leasing MarketLeased assetsTotal new volumes per asset category, %
7%Real estate
20092008
35%6%
10%38%Machines & equip
CVs
Real estate11%
35%
12%Cars
ICT11%
16% 18%Big/other
19%18%
54% AutomotiveSource: Leaseurope 2009 Annual Survey
Figures shown in pie charts may not add to 100% due to rounding
The European Leasing MarketEuropean leasing volumes per asset categoryAnnual % change (2009/2008)
0%
5%Machinery ICT
5%Real Estate Movables
CVs Cars Big/otherAnnual % change (2009/2008)
-15%
-10%
-5%
5%
0%
5%Total
10%
-5%
0%
-25%
-20%
15%
-18.7%
30%
-15%
-10%
-5%
-20%
-15%
-10%
-26.7%
-36.8%
-30%
-35%
-40%-25%
-20%
32 3%-35%
-25%
-31.0%-32.5%
-30%
-35% -38.5% -41.1%-32.3%
Growth rates are calculated based on a homogenous sample of members reporting from year to year & are not adjusted for exchange rate fluctuationsSource: 2009 Leaseurope Annual Survey
The European Leasing MarketRegional performance by movable asset categoryNew business growth - annual % change (2009/2008)
0%
CEE MED. UK IT BE,NLAT,CHNordic DE FR
30%
-20%
-10%
26%-22%
27%-20%-25%
28% 26%
-50%
-40%
-30%
-49%
-26%
52%
-27% -30%-30% -32% -32%
-28% -26%
-40%
-60%
50% -49% -52%
-58% -56%
Growth rates are calculated based on a homogenous sample of members reporting & are not adjusted for exchange rate fluctuationsSource: Leaseurope 2009 Annual Survey
Machines & Equip VehiclesICT Big/Other
The European Leasing MarketRegional performance – automotive sectorNew business growth - annual % change (2009/2008)
NordicCEE MED. UKIT DE FRBE,NLAT,CH
0%
-20%
-10%
0%
-19%-16%
-40%
-30%
45%-38% -39% -37% -37%
-31%-25%
-38%-28%
-26% -25% -23%19%
-60%
-50%
Commercial Vehicles Passenger Cars-62%
-45%-56%
Growth rates are calculated based on a homogenous sample of members reporting & are not adjusted for exchange rate fluctuationsSource: Leaseurope 2009 Annual Survey
The European Leasing MarketLeasing clientsNew movables leasing volumes by client sector (2009)
3.3%Other
17 0%
BusinessesConsumers
17.0%
Public sector
% movable leasing volumes
76.3%3.4%
Source: Leaseurope 2009 Annual Survey
The European Leasing MarketThe European Leasing MarketLeasing clientsNew movables leasing volumes by sector & cluster(2009)
90%100%
50%60%70%80%
10%20%30%40%50%
0%10%
DE UK FR IT MED. CEE NordicBE,NLAT,CH
Source: Leaseurope 2009 Annual Survey
Businesses Consumers Public Other
European Leasing PenetrationEvolution of leasing penetration in Europe20 countries (1999-2009)
20%
25% 22%18%
15%
20%16%
12%
5%
10% 7%3%
T t l V l R l E t t M bl
0%1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Total Volumes Real Estate MovablesLease penetration is the share of total investment (excluding residential real estate) financed by leasing Calculated as new leasing volumes / gross fixed capital formation for the 20 associations reporting from ’99-’09Source: Leaseurope, Eurostat (GFCF)
European Leasing PenetrationWhy is lease penetration falling ?Leasing vs investment growth (excl real estate)
15%
g g ( )Annual % change
0%
5%
10%
-15%
-10%
-5% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
-30%
-25%
-20%
-35%Leasing (excl RE) Investment (excl RE)
Source: Leaseurope, Eurostat, Commission Spring Forecast, Global Insight
European InvestmentWhy is lease penetration falling ?Total vs public investment (2001-2015, Western Europe)Annual % change
20%
5%
10%
15%
-5%
0%
5%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Total Investment Public Investment-15%
-10%
Total Investment Public Investment
Growth rates are calculated based on EU-15 (excl LU) including NO and CHSource: HIS Global Insight
Lease PenetrationShare of total investment financed by leasing
> 25 % 200912.2%
20% to 25%
25 %
15% to 20%
NANA
10% to 15%< 10 %NANA
Lease penetration is the share of total investment financed by leasing calculated as new leasing volumes / gross fixed capital formation (excluding residential real estate)Source: Leaseurope, Eurostat
Lease PenetrationShare of total investment financed by leasing
> 25 % 2008
20% to 25%
25 %
15% to 20%
15.5%
NANA
10% to 15%< 10 %NANA
Lease penetration is the share of total investment financed by leasing calculated as new leasing volumes / gross fixed capital formation (excluding residential real estate)Source: Leaseurope, Eurostat
Car Leasing & Rental PenetrationLeaseurope passenger cars as % of total car registrations (2009)
60%70%
30%40%50%
60%
25 4%
0%10%
20%30%
E H E K FI V L K G U SI K T T Z R O E E O L S T R
25.4%
SE
CH E DK F LV N UK
BG HU S SK AT P CZ FR NO D BE
RO P ES IT GR
Leasing & ST rental membersLeasing members
Source: Leaseurope estimates based on data collected in its 2009 Annual Survey and ACEA new registration figures
European Market Players2009 Ranking of top players – European activitiesParent & stand alone leasing companies - consolidated figures
1 BNP PARIBAS Equipment Solutions FR 12 4702 SG Equipment Finance FR 8 272
Rank Company name Country Total new business (€ mil)
2 SG Equipment Finance FR 8 2723 Deutsche Leasing DE 8 0474 UniCredit Leasing S.p.A. IT 8 0185 Volkswagen Leasing GmbH DE 6 2906 CREDIT AGRICOLE LEASING FR 6 2257 ING Lease NL 5 9748 De Lage Landen International B.V. NL 5 7399 LBBW Leasing DE 4 32310 Leasint - Centro Leasing Banca "Gruppo ISP" IT 4 31611 Lloyds TSB Asset Finance UK 4 24912 Nordea Finance SE 3 87813 LeasePlan Corporation N.V. NL 3 56214 VR-LEASING AG DE 3 492
Source: Leaseurope 2009 Ranking Survey of Top European Leasing CompaniesCompanies with volumes > 3 billion € granted within Europe are shown here. Extra-European activities are not included. De Lage Landen granted 5.8 billion € new volumes outside of Europe in 2009.
European Market PlayersMarket concentration% of total new volumes reported in 2009 Ranking Survey
2009 Ranking of Top Players Concentration Curve
209 bil€
European Market (2009)
607080
ortin
g
209 bil€New vols
(bil€)% of total
market
T 20
304050
firm
s re
po
Top 20Top 202009 98 46.7%2008 131 39 5%
Top 20
01020
0% 20% 40% 60% 80% 100%
# of
f
78 %78 %Top 10Top 10
55 %55 %
2008 131 39.5%
2009 70 33.3%Top 10
Source: Leaseurope 2009 Ranking Survey of Top European Leasing Companies
0% 20% 40% 60% 80% 100%
% of volumes reported in 2009 Ranking 2008 89 27.0%
The European Leasing MarketDistribution channels% of total new volumes reported in 2009 Ranking Survey
Banks34%
Other2%
Intermediaries11%
Vendors28%
Direct sales25%
Source: Leaseurope 2009 Ranking Survey of Top European Leasing Firms
28%
The European Leasing Market H1 2010
New volumes*H1 2010/09 %+0 3% 94 bil€+0.3%
10 %
0 to 10%
over 10 %
10 to 0%
-25% and lower
-10 to 0%-25 to - 10%
NANA25% and lower
Source: Leaseurope Member Associations*22 member associations reporting; growth rates not adjusted for exchange rate fluctuations
European LeasingEuropean LeasingState of the Market
Jean-Marc MignereyCEO, SG Equipment FinanceLeaseurope Board Memberp
Hamburg 2010