欧洲租赁指数（2016Q4）：欧洲租赁行业2016年保持坚挺

本文是由零壹融资租赁研究中心翻译整理自欧洲租赁协会网站。

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. 

欧洲租赁(Leaseurope)指数是一个以23个欧洲租赁公司为样本，跟踪每季度关键业绩指标的权威调研结果。以下是2016年第四季度(下称"2016Q4")的调研报告节选，这份报告是欧洲租赁指数系列调研报告的第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的加权平均比率相比2015Q4有一定幅度的下降。这主要受样本的小部分极值影响，并不能反映总体市场趋势。从中位数来看，与2015Q相比，大部分租赁公司2016Q4的业绩指标都有所改善。从年度数据来看，除资产收益率(RoA)维持稳定和净资产收益率(RoE)有所下降以外，2016年大多数数据都有所改善。由于2016Q4租赁公司业绩差距很大，并且出现了一些特殊的异常值，因此中位数比加权平均比率能更加准确的反映市场趋势。

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%).

样本公司新增租赁业务总额同比增长了4.3％，达到了270亿欧元以上。2016年全年新增业务总额同比增长了10.3%。在风险加权资产保持相对稳定在0.6%的情况下，2016年样本公司的未偿清合同总额增长了2.5％。

利润和盈利能力

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，样本企业中一部分企业的大量贷款损失准备金显著影响了本季度和2016年全年的企业总利润。尽管如此，2016Q4的盈利能力比率(profitability ratio)中位数上升至43.4％，同比上升了4个百分点。2016全年的盈利能力比率出现小幅上涨，从去年同期的41.5%上升至45.4％从图中可以看出，过去四年租赁企业盈利能力比率中位数一直在上升。

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.

租赁企业平均营业收入在2016Q4持续增长，增长幅度为2.2％。 这期间的平均营业费用则出现了更大幅增加，增加了7.2％。然而，从中位数值而不是加权平均数来看，成本收入比率(cost/income ratio)实际上从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数从2015年的45.4％下降了半个百分点至44.9％。

贷款损失准备金和风险成本

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%.

虽然2016Q4的贷款损失准备金同比有着高达116%的显著上升，但这主要由某些极端的异常值所引起的。 参考风险成本比率(cost of risk ratio)的中位数我们可以发现，主要租赁公司2016Q4和2016全年的数据均同比有所改善：2016Q4和2016年全年数据均从以前的0.3％下降至0.2％。 

资产收益率(RoA)和净资产收益率(RoE)指标

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中位数均同比有所增加。RoA中位数达到了1.6％，RoE中位数为110。2016年全年，RoA 中位数稳定在了2.1％，RoE中位数为 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.’

法国兴业设备融资公司首席执行官迪绍莱(Marie-Christine Ducholet)评论道：“尽管对欧洲租赁公司来说2016年下半年比上半年更为艰难，但我们的行业在今年依旧保持坚挺。在大多数情况下，欧洲租赁公司的新业务量和产品数量都呈现出让人振奋的增长。虽然面临竞争加剧、利润率下滑的不利局面，但租赁公司的盈利能力和资本回报率在显著回升。我们的行业在2017年将会面临全面改善的经济环境，正如欧洲委员会在其“冬季经济预测”中指出的那样，预计所有欧盟经济体将有所增长。此外，我们的行业可以从欧洲投资计划对实体经济带来的提振和持续的低融资成本中受益。欧洲租赁公司在2016年经受住了暴风雨的考验，我们相信在2017将迎来更多的发展机遇。

以下为本文相关图表：​ 

2016年季度数据

年度数据(2012～2016)

2016年关键指标中位数

2015年关键指标中位数

财务指标增长率(2015~2016)

新增业务量(2015Q1~2016Q4)

盈利能力比率(2012~2016)

成本收入比率(2012～2016)

风险成本比率(2012~2016)

资产回报率(2012~2016)

净资产回报率(2012~2016)

2016年第四季度关键指标的四分位数

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