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

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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)是一個以23個歐洲租賃公司為樣本，跟蹤每季度關(guān)鍵業(yè)績指標的權(quán)威調(diào)研結(jié)果。以下是2016年第四季度(下稱"2016Q4")的調(diào)研報告節(jié)選，這份報告是歐洲租賃指數(shù)系列調(diào)研報告的第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趨勢。從中位數(shù)來看，與2015Q相比，大部分租賃公司2016Q4的業(yè)績指標都有所改善。從年度數(shù)據(jù)來看，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)平均比率能更加準確的反映市場趨勢。

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)總額同比增長了4.3％，達到了270億歐元以上。2016年全年新增業(yè)務(wù)總額同比增長了10.3%。在風險加權(quán)資產(chǎn)保持相對穩(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了2.5％。

利潤和盈利能力

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)的大量貸款損失準備金顯著影響了本季度和2016年全年的企業(yè)總利潤。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個百分點。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)平均營業(yè)收入在2016Q4持續(xù)增長，增長幅度為2.2％。 這期間的平均營業(yè)費用則出現(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)來看，成本收入比率(cost/income ratio)實際上從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％下降了半個百分點至44.9％。

貸款損失準備金和風險成本

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的貸款損失準備金同比有著高達116%的顯著上升，但這主要由某些極端的異常值所引起的。 參考風險成本比率(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

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.’

法國興業(yè)設(shè)備融資公司首席執(zhí)行官迪紹萊(Marie-Christine Ducholet)評論道：“盡管對歐洲租賃公司來說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。雖然面臨競爭加劇、利潤率下滑的不利局面，但租賃公司的盈利能力和資本回報率在顯著回升。我們的行業(yè)在2017年將會面臨全面改善的經(jīng)濟環(huán)境，正如歐洲委員會在其“冬季經(jīng)濟預(yù)測”中指出的那樣，預(yù)計所有歐盟經(jīng)濟體將有所增長。此外，我們的行業(yè)可以從歐洲投資計劃對實體經(jīng)濟帶來的提振和持續(xù)的低融資成本中受益。歐洲租賃公司在2016年經(jīng)受住了暴風雨的考驗，我們相信在2017將迎來更多的發(fā)展機遇。

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)鍵指標中位數(shù)

2015年關(guān)鍵指標中位數(shù)

財務(wù)指標增長率(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)

風險成本比率(2012~2016)

資產(chǎn)回報率(2012~2016)

凈資產(chǎn)回報率(2012~2016)

2016年第四季度關(guān)鍵指標的四分位數(shù)

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