歐洲租賃指數(shù)（2016Q4）：歐洲租賃行業(yè)2016年保持堅(jiān)挺

?

本文是由零壹融資租賃研究中心翻譯整理自歐洲租賃協(xié)會(huì)網(wǎng)站。

The Leaseurope Index is a unique survey that tracks key performance indicators of a sample of 23 European lessors on a quarterly basis. This fourth quarter of 2016 survey is the?twenty-fourth?edition.?

歐洲租賃(Leaseurope)指數(shù)是一個(gè)以23個(gè)歐洲租賃公司為樣本，跟蹤每季度關(guān)鍵業(yè)績(jī)指標(biāo)的權(quán)威調(diào)研結(jié)果。以下是2016年第四季度(下稱"2016Q4")的調(diào)研報(bào)告節(jié)選，這份報(bào)告是歐洲租賃指數(shù)系列調(diào)研報(bào)告的第24版。

The weighted average ratios for Q4 2016 weakened considerably compared to the same quarter of 2015. This was largely a result of extreme values in a small part of the sample and therefore does not reflect general market trends. When looking at the medians, the performance of the ‘typical’ leasing company improved across all indicators in Q4 2016 compared to the same period of 2015. On an annual basis, most ratios also improved in 2016, with the exception of a stable RoA and declining RoE. Due to the large variation in results by company in Q4 2016, with some exceptional outliers, the median figures represent a more consistent estimate of market trends than the weighted average ratios.

2016Q4的加權(quán)平均比率相比2015Q4有一定幅度的下降。這主要受樣本的小部分極值影響，并不能反映總體市場(chǎng)趨勢(shì)。從中位數(shù)來(lái)看，與2015Q相比，大部分租賃公司2016Q4的業(yè)績(jī)指標(biāo)都有所改善。從年度數(shù)據(jù)來(lái)看，除資產(chǎn)收益率(RoA)維持穩(wěn)定和凈資產(chǎn)收益率(RoE)有所下降以外，2016年大多數(shù)數(shù)據(jù)都有所改善。由于2016Q4租賃公司業(yè)績(jī)差距很大，并且出現(xiàn)了一些特殊的異常值，因此中位數(shù)比加權(quán)平均比率能更加準(zhǔn)確的反映市場(chǎng)趨勢(shì)。

Total new leasing volumes reported by the sample of firms increased by 4.3% in comparison to the same quarter a year ago, growing to over €27 billion, while the whole of 2016 saw double digit growth of 10.3% compared to 2015. The portfolio of outstanding contracts in the sample grew by 2.5% in 2016 while risk-weighted assets remained relatively stable (0.6%).

樣本公司新增租賃業(yè)務(wù)總額同比增長(zhǎng)了4.3％，達(dá)到了270億歐元以上。2016年全年新增業(yè)務(wù)總額同比增長(zhǎng)了10.3%。在風(fēng)險(xiǎn)加權(quán)資產(chǎn)保持相對(duì)穩(wěn)定在0.6%的情況下，2016年樣本公司的未償清合同總額增長(zhǎng)了2.5％。

利潤(rùn)和盈利能力

In Q4 2016 large loan loss provisions in an isolated portion of the sample heavily influenced aggregate profit not just for the quarter but for the full year 2016 as well. Despite this, the median profitability ratio increased to 43.4% in Q4 2016, rising by over four percentage points on the comparable figure of Q4 2015 (39.0%). The profitability ratio in 2016 experienced a similar rise to 45.4% compared to 41.5% in 2015. As we can see from the figure, median leasing profitability figures have been consistently on the rise for the last four years.

在2016Q4，樣本企業(yè)中一部分企業(yè)的大量貸款損失準(zhǔn)備金顯著影響了本季度和2016年全年的企業(yè)總利潤(rùn)。盡管如此，2016Q4的盈利能力比率(profitability ratio)中位數(shù)上升至43.4％，同比上升了4個(gè)百分點(diǎn)。2016全年的盈利能力比率出現(xiàn)小幅上漲，從去年同期的41.5%上升至45.4％從圖中可以看出，過(guò)去四年租賃企業(yè)盈利能力比率中位數(shù)一直在上升。

收入，支出和成本收入比

Average operating income continued its consistent growth in Q4 2016 compared to the same period a year ago, increasing by 2.2%. Average operating expenses during that period increased by a much larger amount of 7.2%. However, when looking at the median values as opposed to the weighted average, the cost/income ratio actually fell from 49.8% in the fourth quarter of 2015 to 48.4% in Q4 2016. For 2016 overall, the median cost income ratio fell by half a percentage point to 44.9% from 45.4% in 2015.

租賃企業(yè)平均營(yíng)業(yè)收入在2016Q4持續(xù)增長(zhǎng)，增長(zhǎng)幅度為2.2％。 這期間的平均營(yíng)業(yè)費(fèi)用則出現(xiàn)了更大幅增加，增加了7.2％。然而，從中位數(shù)值而不是加權(quán)平均數(shù)來(lái)看，成本收入比率(cost/income ratio)實(shí)際上從2015年第四季度的49.8％下降到了2016Q4的48.4％。2016年全年，成本收入比率的中位數(shù)從2015年的45.4％下降了半個(gè)百分點(diǎn)至44.9％。

貸款損失準(zhǔn)備金和風(fēng)險(xiǎn)成本

While loan loss provisions increased markedly in Q4 2016 compared to Q4 2015 (by 116%), as mentioned before this was due to some extreme outlier values. When looking at the median cost of risk ratio, the typical leasing company experienced an improvement in Q4 2016 and 2016 overall. Both Q4 2016 and total 2016 figures fell from 0.3% in the previous period to 0.2%.

雖然2016Q4的貸款損失準(zhǔn)備金同比有著高達(dá)116%的顯著上升，但這主要由某些極端的異常值所引起的。 參考風(fēng)險(xiǎn)成本比率(cost of risk ratio)的中位數(shù)我們可以發(fā)現(xiàn)，主要租賃公司2016Q4和2016全年的數(shù)據(jù)均同比有所改善：2016Q4和2016年全年數(shù)據(jù)均從以前的0.3％下降至0.2％。?

資產(chǎn)收益率(RoA)和凈資產(chǎn)收益率(RoE)指標(biāo)

Median RoA and RoE 1 figures grew in Q4 2016 compared to Q4 2015, reaching 1.6% and an index value of 110, respectively. Over the full year, RoA remained stable at 2.1% in 2016 and RoE fell slightly to 121 (compared to 128 in 2015).

2016Q4 RoA和RoE中位數(shù)均同比有所增加。RoA中位數(shù)達(dá)到了1.6％，RoE中位數(shù)為110。2016年全年，RoA 中位數(shù)穩(wěn)定在了2.1％，RoE中位數(shù)為 121，相比2015年的128略有下降。?

Marie-Christine Ducholet, CEO of Société Générale Equipment Finance, commented that, “While the second half of 2016 was more challenging for European leasing companies than the first, our industry finished the year in a solid position. For the most part, European lessors recorded encouraging growth in both new business volumes and in their portfolios. There was also a notably resilient performance in profitability and return on equity for the typical leasing company, despite increased competition and a squeeze on margins. Our industry goes into 2017 facing a generally favourable economic climate. As the European Commission has pointed out in its Winter Economic Forecast, all EU economies are forecast to grow in 20172. In addition, our industry can benefit from an expected pickup in activity in the real economy resulting from the Investment Plan for Europe as well as continued low financing costs. European lessors weathered the storm well in 2016, we are confident 2017 will bring more opportunities for development.’

法國(guó)興業(yè)設(shè)備融資公司首席執(zhí)行官迪紹萊(Marie-Christine Ducholet)評(píng)論道：“盡管對(duì)歐洲租賃公司來(lái)說(shuō)2016年下半年比上半年更為艱難，但我們的行業(yè)在今年依舊保持堅(jiān)挺。在大多數(shù)情況下，歐洲租賃公司的新業(yè)務(wù)量和產(chǎn)品數(shù)量都呈現(xiàn)出讓人振奮的增長(zhǎng)。雖然面臨競(jìng)爭(zhēng)加劇、利潤(rùn)率下滑的不利局面，但租賃公司的盈利能力和資本回報(bào)率在顯著回升。我們的行業(yè)在2017年將會(huì)面臨全面改善的經(jīng)濟(jì)環(huán)境，正如歐洲委員會(huì)在其“冬季經(jīng)濟(jì)預(yù)測(cè)”中指出的那樣，預(yù)計(jì)所有歐盟經(jīng)濟(jì)體將有所增長(zhǎng)。此外，我們的行業(yè)可以從歐洲投資計(jì)劃對(duì)實(shí)體經(jīng)濟(jì)帶來(lái)的提振和持續(xù)的低融資成本中受益。歐洲租賃公司在2016年經(jīng)受住了暴風(fēng)雨的考驗(yàn)，我們相信在2017將迎來(lái)更多的發(fā)展機(jī)遇。

以下為本文相關(guān)圖表：??

2016年季度數(shù)據(jù)

年度數(shù)據(jù)(2012～2016)

2016年關(guān)鍵指標(biāo)中位數(shù)

2015年關(guān)鍵指標(biāo)中位數(shù)

財(cái)務(wù)指標(biāo)增長(zhǎng)率(2015~2016)

新增業(yè)務(wù)量(2015Q1~2016Q4)

盈利能力比率(2012~2016)

成本收入比率(2012～2016)

風(fēng)險(xiǎn)成本比率(2012~2016)

資產(chǎn)回報(bào)率(2012~2016)

凈資產(chǎn)回報(bào)率(2012~2016)

2016年第四季度關(guān)鍵指標(biāo)的四分位數(shù)

?

閱讀更多融資租賃相關(guān)內(nèi)容，點(diǎn)擊零壹租賃

生成海報(bào)

免責(zé)聲明：本網(wǎng)站內(nèi)容主要來(lái)自原創(chuàng)、合作伙伴供稿和第三方自媒體作者投稿，凡在本網(wǎng)站出現(xiàn)的信息，均僅供參考。本網(wǎng)站將盡力確保所提供信息的準(zhǔn)確性及可靠性，但不保證有關(guān)資料的準(zhǔn)確性及可靠性，讀者在使用前請(qǐng)進(jìn)一步核實(shí)，并對(duì)任何自主決定的行為負(fù)責(zé)。本網(wǎng)站對(duì)有關(guān)資料所引致的錯(cuò)誤、不確或遺漏，概不負(fù)任何法律責(zé)任。任何單位或個(gè)人認(rèn)為本網(wǎng)站中的網(wǎng)頁(yè)或鏈接內(nèi)容可能涉嫌侵犯其知識(shí)產(chǎn)權(quán)或存在不實(shí)內(nèi)容時(shí)，應(yīng)及時(shí)向本網(wǎng)站提出書面權(quán)利通知或不實(shí)情況說(shuō)明，并提供身份證明、權(quán)屬證明及詳細(xì)侵權(quán)或不實(shí)情況證明。本網(wǎng)站在收到上述法律文件后，將會(huì)依法盡快聯(lián)系相關(guān)文章源頭核實(shí)，溝通刪除相關(guān)內(nèi)容或斷開相關(guān)鏈接。