Leasing Industry Results in
2013
Polish Leasing Association
Press Conference
22nd Jan. 2014
Konfederacja Lewiatan
ul. Zbyszka Cybulskiego 3
Warszawa
List of Polish Leasing Association Members
Akf leasingPolska S.A.
BGŻ Leasing Sp. z o.o.
BNP Paribas Leasing Solutions
BZ WBK Leasing S.A.
Caterpillar Financial Services Poland Sp. z o.o.
De Lage Landen Leasing Polska S.A.
Deutsche Leasing Polska S.A.
DnB Nord Leasing Sp. z o.o.
Europejski Fundusz Leasingowy S.A.
Getin Leasing S.A.
Handlowy-Leasing Sp. z o. o.
IKB Leasing Polska Sp. z o.o.
ING Lease (Polska) Sp. z o.o.
Masterlease Polska S.A.
Mercedes-Benz Leasing Polska Sp. z o.o.
Millennium Leasing Sp. z o.o.
mLeasing Sp. z o. o.
NOMA 2 Sp. z o.o.
Nordea Finance Polska S.A.
ORIX Polska S.A.
PEKAO Leasing Sp. z o.o.
PKO Leasing S.A.
Polski Związek Wynajmu i Leasingu Pojazdów
Raiffeisen Leasing Polska S.A.
Scania Finance Polska Sp. z o.o.
SG Equipment Leasing Polska Sp. z o.o.
SGB-Trans-Leasing PTL Sp. z o.o.
Siemens Finance Sp. z o.o.
VB Leasing Polska Polska S.A.
VFS Usługi Finansowe Polska Sp. z o.o.
Volkswagen Leasing Polska Sp. z o.o.
Leasing Market
Total number of assets financed by leasing companies
12 239
13 839
I-IX 13 /
I-IX 12
13,1%
4 618
6 882
16 857
20 721
I-XII 13 /
I-XII 12
22,9%
light vehicles
6 955
7 706
10,8%
2 727
3 516
28,9%
9 682
11 222
15,9%
trucks
4 635
5 505
18,8%
1 728
2 841
64,4%
6 363
8 346
31,2%
649
628
-3,3%
163
526
223,2%
812
1 154
42,1%
8 120
392
788
218
8 279
396
507
233
1,9%
3 012
162
132
78
3 232
160
61
80
7,3%
11 132
554
920
295
11 510
556
568
314
3,4%
21 757
23 253
6,9%
750
1 095
45,9%
22 507
24 348
8,2%
I-IX 2012
Vehicles
other vehicles
Machines
IT
Planes, ships, railway
Other movables
Movables – total number
Real Estate
Financing altogether (loans+leasing)
I-IX 2013
1,0%
-35,7%
7,2%
 Value of assets financed in 2013 far above the record result of 2008,
when leasing market amounted to PLN 32.9 billion.
 The accelerating from quarter to quarter growth in the value of
movable assets financed by leasing companies:
 -1.3% YOY for the first quarter ,
 5.8% for the second quarter,
 16.0% for the third quarter,
 30.2% for the fourth quarter of 2013.
 Rather balanced structure of growth of the entire leasing market,
with trucks as the main engine of growth: from 0.1% YOY in the first
quarter to 64.4% in the fourth quarter of 2013.
X-XII 2012 X-XII 2013
8 000 10 416
718
X-XII 13 / XXII 12
49,0%
-1,0%
-53,6%
3,5%
30,2%
536
-25,3%
8 718 10 952
25,6%
I-XII 2012
I-XII 2013
29 758 33 669
1 468
0,4%
-38,2%
6,2%
13,1%
1 630
11,1%
31 226 35 300
13,0%
 Increase within the purchase of trucks owing to the Euro 6 standards
implemented since 1st Jan. 2014. End of recession in the Eurozone
deriving from the growth of export is also an asset.
 The high growth rate for light vehicles under the influence of
increasing number of registrations of new cars (which is related to the
renewal of mass leasing contracts for cars with cargo partition in the
years 2009-2010) and the uncertainty as to the final solutions for the
VAT on the purchase of cars.
 Stable machinery sector, in the first half of the year adversely
affected by the collapse in the construction sector. In the second half of
the year the improvement of the economic situation was significant for
the result of the increasing importance of machinery, which
encouraged the company to renew the fleet of machines.
Assets financed with leasing
11 982
13 255
I-IX 13 /
I-IX 12
10,6%
4 429
6 352
16 411
19 607
I-XII 13 /
I-XII 12
19,5%
light vehicles
6 908
7 491
8,4%
2 690
3 394
26,2%
9 599
10 886
13,4%
trucks
4 437
5 151
16,1%
1 581
2 441
54,4%
6 018
7 592
26,2%
637
612
-3,9%
157
517
228,8%
794
1 128
42,2%
5 491
382
781
216
5 513
376
496
229
0,4%
2 165
157
56
74
11,3%
7 435
530
911
285
7 678
533
552
304
3,3%
6,3%
1 944
149
130
69
5,4%
6 721
8 804
31,0%
1 025
42,3%
587
521
-11,2%
19 572 20 894
6,8%
7 308
9 325
27,6%
I-IX 2012
Vehicles
other vehicles
Machines
IT
Planes, ships, railway
Other movables
Movables – total number
Real Estate
Leasing altogether
I-IX 2013
18 851 19 869
721
-1,6%
-36,4%
X-XII 2012 X-XII 2013
X-XII 13 / XXII 12
43,4%
5,7%
-57,2%
7,7%
I-XII 2012
I-XII 2013
25 572 28 673
1 307
0,5%
-39,4%
6,6%
12,1%
1 546
18,3%
26 879 30 219
12,4%
Assets financed with loans
I-IX 2012
Vehicles
light vehicles
trucks
other vehicles
Machines
IT
Planes, ships, railway
Other movables
Movables – total number
Real Estate
Loans altogether
I-IX 2013
258
584
47
198
13
214
354
16
2 629
11
7
2
2 765
20
11
4
2 906
3 385
29
2 936
I-IX 13 /
I-IX 12
126,9%
359,3%
78,5%
28,0%
5,2%
91,2%
49,2%
116,8%
10%
I-XII 2013
446
1 114
84
344
18
336
754
25
3 697
24
9
10
3 833
23
16
10
I-XII 13 /
I-XII 12
149,8%
301,8%
118,8%
38,8%
3,7%
-1,7%
78,9%
-5,5%
530
122
399
9
1 067
13
2
8
1 067
3
6
6
16,5%
1 279
1 612
26,0%
4 186
4 996
19,4%
69
135,8%
131
15
-88,7%
160
84
-47,6%
3 454
17,6%
1 410
1 626
15,3%
4 346
5 080
16,9%
Other Machines&Devices 6%
Building Equipment
5%
Food Industry 1%
Machines for
Plastics Production
and Metalwork 7%
Agricultural Machines
Machines 3%
I-XII 2012
37
146
6
Machines for
Printing
X-XII 13 / XXII 12
181,1%
229,3%
173,4%
63,1%
0,0%
-78,3%
187,1%
-30,7%
189
Machines financed with loans
Medical Equipment
X-XII 2012 X-XII 2013
68%
 Assets financed with loans in 2013 constitute 14.4% of the total
leasing companies production , at 13.9% in 2012.
 The growing share of vehicles financed with loan in the structure of
the loan (21.9% in 2013 at 10.3% in 2012) and in the total vehicles
financing (5.4% at 2.6% for 2012).
 Purchase of machinery is still the main type of investment financed
through a loan (75.4% share in 2013), but their share fell from 85.1% in
2012. The loan represents 33.3% of the total machinery production.
 Lower than expected impact of the end of the 2007-2013 EU funds
financial perspective for agricultural machinery financed by a loan: an
increase of 4.1% in 2013, from -1.2% for the fourth quarter.
Company results in 2013 –
New Production in Leasing and Loans
A positive result of market funding in 2013 due to the
improvement comprising the majority of companies in the
industry.
3 500
60%
3 169
Total number of assets financed in 2013 [PLN mln]
Sales change YOY
3 000
2 589
2 542
49%
2 442
2 500
2 199
26%
2 000
24%
50%
40%
2 174
27%
1 825
1 819
30%
1 810
19%
1 496
1 500
20%
22%
1 000
10%
14%
11%
500
0
Out of 30 companies reporting to the Polish Leasing Association
only 9 recorded negative growth.
8%
15%
0%
-10%
It's different situation than in 2012, when the behavior of the
positive dynamics of the market was driven by a very good sales
results achieved by the selected companies. Then we had six
companies which increased turnover by more than 20% but
among the 33 companies reporting data to the Polish Leasing
Association 23 recorded negative growth of production.
In 2013 we had 8 companies with the dynamics of the
production over 20%, and 14 companies with increases exceeding
10%.
Clearly better results of the top 10 companies on the market –
only one with the dynamics of the production below 10%.
We observe lower results of the companies focused on financing
construction machinery and, slowly, companies focused on service
within the agricultural sector. Good results in 2013 involve
companies financing mainly investments of large companies. This
particularly applies to companies belonging to bank groups that are
the leading players in the banking sector.
Company Results in 2013 –
Value of Active Portfolio
7 000
60%
Total value of active portfolio
6 000
5 000
50%
4 934
4 873
4 869
4 167
40%
4 058
4 000
3 415
30%
3 025
3 000
10%
2 000
change YOY
9%
22%
4%
2 669
5%
2 427
20%
2 176
10%
6%
7%
1 000
7%
6%
0%
1%
0
The increase in the value of leased assets in 2013 with a positive
ratio on the total value of active portfolio of leasing companies.
-10%
Rather aligned dynamics YOY for leasing companies, with a similar
value of the portfolio for the three leading companies in the market.
The share of real estate in the structure of companies has a
significant impact on the total value of the portfolio.
The results of 2013 and the growth of the portfolio to a small
extent affected by exchange rate fluctuations.
The positive impact of the collapse in 2009 on 2013 results of the
leasing market.
Leasing Industry Results in 2013 –
Real Estate
Business structure of real estate leasing market
Hotels and Recreational
Centres
11%
Others
7%
Industrial
Buildings
28%
Business structure of real estate leasing market
BZ WBK
4,1%
EFL
3,23%
SGB
2,1%
Getin
1,06%
Millenium
0,8%
mLeasing
27,9%
BNP Paribas
9,1%
Raiffeisen
9,4%
Office Facilities
29%
Commercial
and Service
Centres
25%
Value of the property leased in 2013 amounted to PLN 1.63 billion,
which constitutes 11.1 % of annual growth.
After a very good first half of the year with the dynamics of 115.2%
YOY, in the third and fourth quarter of 2013 real estate leasing
recorded negative annual dynamics: respectively -39.0% and -25.3%.
The increase in the number of reported contracts in 2013 of 44.9%:
to 271 in relation to 187 reported in 2012.
The lower growth rate of value of financed assets is a derivative of
decline in the average value of the transaction to PLN 4.2 million
compared to PLN 6.6 million recorded in 2012.
Average transaction value is significantly lower compared to previous
years, when in 2004-2009 amounted to PLN 14.8 million.
Pekao
13,4%
PKO Leasing
15,0%
ING
13,9%
Market of real estate financed with leasing remains concentrated,
however, to smaller extent than in 2012. We estimate that in 2013 56%
of new production was performed by four leading companies, at 75
percent. index for 2012
 We can see the polarization of the market towards the companies
oriented on large transactions (mLeasing, Pekao) and the other focused
on agreements concerning smaller transactions. For this reason, the
share of the top four companies in the quantitative structure of the
market in 2013 amounted to 31% at 63% in 2012.
 mLeasing remained the market leader, before PKO Lease and ING.
 Balanced structure of the leasing market (the dominance of
commercial and service centres in 2012).
Currency Structure of New Production on Leasing Market
100%
100%
90%
90%
80%
Currency Structure of New Production- movables
70%
60%
80%
Leasing in PLN
70%
Leasing in PLN
60%
50%
50%
40%
40%
30%
30%
20%
20%
10%
Currency Structure of New Production - real estate
Leasing in Foreign Currency
0%
In 2013, similarly to previous years, in a new production structure for
equipment leasing financing in PLN prevailed.
After a gradual increase in the share of leasing in foreign currency:
from 16.0% in 2010 to 26.3% in 2012, last year this share stabilized at
an average of 26.4%.
In the case of loan financing, the share of foreign-currency financing
grew from 11.0% in 2012 to 13.9% in 2013.
Leasing in Foreign Currency
10%
0%
Historically real estate leasing was mainly financed in foreign
currency. From 2008 the participation of PLN in the financing of this
segment has been growing. As a result, in 2011, 56% of transactions in
real estate leasing was funded in PLN.
In 2012, this trend was reversed and the share of PLN in financing
real estate transactions fell to 36.9%. Last year the trend was
continued, with the result that the share of PLN in financing real estate
leasing decreased to 33.3%.
Investment Financing–
Leasing vs Investment Credit
100
100%
83,9 bln
90
90%
80
80%
70
70%
60
60%
50
50%
40
40%
30
20
10
0
Investment credits granted to companies by banks [PLN bln]]
Deposits/credits for companies/index
30%
20%
10%
0%
The total value of active portfolio at the end of 2013 in the
The total value of the active portfolio amounting to PLN 64.5
billion (PLN 56.5 billion for movables and PLN 8.0 billion for real
estate) is comparable to the value of the investment in loans
granted by banks to companies (PLN 83.9 billion, as at
30.11.2013). Leasing is still the main, next to credit, the external
source of financing the investments in the economy.
The value of active portfolio in the past 12 months grew of
4.9%, that is the increase of PLN 3.0 billion.
National Bank of Poland data on the money supply (at
30.11.2013) indicate on the progressive improvement of the
lending activity of banks in the area of ​investments. In the past
12 months, the balance of investment loans in banks increased of
Macroeconomic
Surrounding
Determinants of GDP and business investment growth
The level of GDP is the main determinant of business investment growth.
Historical series of revival in Poland:
1) growth of export
2) the growth of industrial production (first in export sector)
3) increase in production on the domestic market due to the revival of domestic demand (including consumption)
The recovery on the leasing market
4) growth of business investment and improvement in the labor market in response to the present demand
Expected sequence of recovery in Poland, by the visible structural problems of the Eurozone, pointed to a
scenario of moderate or rather slow recovery in the Polish economy
Eurozone - the main determinant of economic growth
due to the recovery based on exports
 Poland still directs more than half of foreign sales to the Eurozone.
 The end of economic recession in the Eurozone in the second quarter of 2013, with
quarterly GDP growth of 0.3%.
 Tedious, but gradual improvement of the economic situation in the Eurozone. The revival
focused on industry (because still based on exports ) and low internal demand negatively
affects the service sector .
 In the end, a good business climate index readings (including PMI), are reflected in
November's output growth in the Eurozone by 3.0 % YOY from 4.0% for the economy of
Germany.
 PMI for the manufacturing sector of the Euro area in December at the highest level since
May 2011, mainly due to higher orders and current production. PMI points on the reverse of
the negative trends in the labor market.
 Much better situation in Germany, our main trading partner (25 % of export plus strong
Polish connection with the supply chain of the local industrial sector).
 The main risk factor for growth in the Eurozone is strong economic diversification in the
two largest economies of the Eurozone . The strong recovery in Germany is accompanied by
the deteriorating situation of France.
Foreign Trade Recovery engine of the Polish economy
 The economic recovery in Poland is based on foreign demand, thanks to the good
situation of Germany and significant geographical reorientation of sales trends for
countries outside the Community.
 As a result, this year's export to Germany grow by 4.7 % YOY (at 2.6 % for the
Eurozone , with a greater increase for the last few months), to developing countries
by 15.5 % and to Central and Eastern Europe by 7.9% .
 According to the Central Statistical Office export in the period of Jan.-Nov. 2013
increased by 5.8 % YOY at 0.3 % for import.
 November 2013 - the ninth month in 2013 with a trade surplus.
 In the coming months we expect moderate surplus in foreign trade. The negative
balance might be observed in 2014 , however it will not be as big as in previous years.
Further improvement of the condition of the German economy, the revival in the
whole Eurozone , the low share of Polish export to countries outside the EU (25.1 %
for Jan.-Nov. 2013 ), low labor costs and favorable exchange rate make the main
drivers of export maintained in 2014.
 The growth in export expected at the level of 9-10 % in 2014. Foreign sales will
remain the main driver of the Polish economy.
Gradual improvement of industrial production
 The gradual increase in seasonally adjusted industrial production in 2013 : -1.7 %
YOY in the first quarter, 0.9 % in the second quarter, 3.5 % in the third quarter, 3.8 % in
Oct., 4.4 % in Nov. and 5.2% in Dec
 This proves the sustainability of the recovery in the Polish economy. The total
increase in production for the entire 2013 years of 2.2 %.
 The increasing growth in the industry is mainly based on better results of typically
export industries . Export is the main factor in the growth of industrial production in
Poland.
 Results for December showed more widespread recovery in the industry - growth
was recorded in 30 out of 34 departments. That's the best result in the whole 2013
year (24 in November, 26 in October).
 Rising industrial production related to the improvement of economic conditions in
the industrial sector, which is reflected by PMI .
 PMI indicates that in the first quarter of 2014 production will increase by 7% YOY.
We expect a similar dynamics in the whole 2014. It stems from greater number of new
orders clearly visible in PMI. Average quarterly PMI in the fourth quarter of 2013 equal
to 53.6 points is the highest level since the first quarter of 2011.
 Importantly, PMI clearly indicates that the companies are not afraid of crisis and
perceive the current economic recovery permanent as well as employ new workers in
the face of rising production.
 Construction came out of the recession as indicated by the positive construction
output in December, with -22.9 % for the second quarter of 2013.
Continued gradual improvement on the labor market
The recovery in the industry results in a gradual improvement on the labor
market , which is seen in the data on employment in firms employing more than
10 people and in the data on registered unemployme rate.
 We observe sustained annual upward trend in the growth of employment in
the companies. After last year's drop of employment in May (growth of -1.0%
YOY), monthly employment was growing for 7 months in a row.
 As a result, the annual growth rate of employment was positive in November.
This is the first since August 2012 employment growth YOY, which symbolically
cease the crisis on the labor market. Further improvement in December, with
the dynamics of 0.3 % YOY.
 The increase of employment in companies in the period of seasonal work in
agriculture and construction results in a decrease of the unemployment rate in
terms of seasonal adjustment . It is observed that an increase in orders in the
industrial sector forces companies to gradual increase of the number of
workers.
 The registered unemployment rate in December 2013 amounted to 13.4 %,
which is the same result as in December 2012. Back in February, when we have
a seasonal peak of unemployment, the unemployment rate was of 0.9 pp .
higher than a year earlier. The monthly increase of the unemployment rate by
0.2 pp. in December, indicating a significant decline in unemployment in
seasonally adjusted terms.
 The improvement is observed in regularly decreasing annual change in the
number of registered unemployed.
Drop of consumption in the Polish economy
behind us
 The observed positive changes in Polish industry to be permanent must
be supported by domestic demand reconstruction. Consumer spendings in
fact constitute 60 % of GDP. Currently we record signs of improvement in
domestic demand, which in the future should result in a further
acceleration of production.
 With low inflation, nominal wage growth in firms is reflected in the
increasing dynamics of real wages. Together with increasing employment, it
gives a gradual increase in real wages. That is a growing flow of money that
goes to households.
 Higher income along with improving consumer sentiment reflect into
purchase decisions.
 It is observed in stronger retail sales increases for the last four months
(from 4.2 % in November). These dynamics amounted to 0.4% in the first
quarter and 1.3 % in the second quarter of 2013.
 Owing to consumers , recovery factors , in addition to net exports , are
accompanied by domestic demand. This indicates an acceleration of the
process of transition of the Polish economy from a state in which its
development is dependent on external demand to the state in which its
development is mainly based on domestic demand.
The final readout of the Polish GDP for the third quarter
points on higher economic growth in 2013 and 2014
 The macroeconomic data for Oct., Nov. and Dec. show that GDP growth in
the fourth quarter will amount to 2.5 % YOY, which will give 1.5 % in the whole
2013.
 Structure of GDP for the third quarter showed that the economic recovery
already covers many areas at once. Contribution of net export remains
significant (because it revives the Eurozone), but the importance of domestic
demand is growing.
 First of all, private consumption has accelerated (1.0 % YOY in the third
quarter) and private investment has begun (0.6% YOY in the third quarter).
Both of these areas will ensure the restoration of domestic demand in 2014.
 There are three engines in the economy that are observed now: export,
private consumption and private investment. Till the second quarter of 2013 ,
for 5 quarters , the GDP growth was originating from foreign trade. The fourth
engine - public investment will join in the second half of 2014.
 Balanced structure of GDP indicates the sustainability of economic growth.
In subsequent quarters it will gradually accelerate We expect growth of 3.1 %
throughout 2013.
Companies in better financial condition - in 2014 we
expect a continuation of business investment
We observe a gradual increase in expenditures of large and medium-sized
companies. They rose in real terms by 5.2% YOY in the third quarter of 2013
after 1.7 % in the second quarter, -1.6 % in the first quarter and -10.0 % YOY
in the fourth quarter of 2012.
National Bank of Poland’s survey show a growing concentration of capital
investment among companies , which indicates that the recovery of
investment does not have a universal character. The value of investment is
increasing due to relatively small group of entrepreneurs. Currently, 34.4 %
of companies are increasing expenditures; last year the result reached 35.2
%.
The second quarter of 2013 reported the turning point in the company
investment. We expect that in 2013 the nominal decline in investment in
economy was 1.8%, which resulted from a gradual increase in the business
investment , combined with about 15 per cent . decline in public investment.
With the expected 1.0 % increase in real investment in economy in the
fourth quarter of 2013, the entire decline in expenditure in 2013 amounted
to 0.5%.
In 2014, we expect more widespread revival of investment among
companies, because at 2-3 % of consumption growth, SMEs selling goods on
the domestic market will start to invest.
We forecast that real investment growth in the economy this year would
reach 5.6% , which will result from the acceleration of the launching of the
EU funds from a new perspective, fiscal slack after changes in the pension
funds and the higher expenditures of companies.
Forecast of macroeconomic indicators
Indicator
2013
2014
GDP
1,5%
3,1%
Capital expenditures (nominal)
-1,8%
5,6%
Capital expenditures (in real terms)
-0,5%
5,6%
The registered unemployment rate (at
the end of year)
13,4%
12,9%
Industrial production
2,2%
7,0%
Export
5,5%
9,4%
Polish Leasing Association’s action plan for 2014
1. Monitoring of works on changes in the law:
a. Consumer Credit in order to eliminate doubts as to the scope of
the Act.
b. VAT with regards to the right to deduct VAT on company cars.
c. Bankruptcy and Restructuring Law - comprehensive coverage of
the issues within the Act on Restructuring Law.
d. Environmental Protection Law within the to lease payments to the
(NFEP&WM) and provincial funds.
e. Traffic Law in terms of publicly available data on the vehicles.
2. Initiate public consultation on possible changes to the Civil Code in
respect of lease.
3. Continuing discussions with Ministry of Infrastructure and Development
and the Ministry of Agriculture on the use of leasing in the new perspective
of the EU budget for the years 2014-2020.
Polish Leasing Association’s action plan for 2014
1. Organization of celebration of the 20th anniversary of the Polish Leasing
Association.
a. 1, 2 million of leased assets in use with a value of PLN 64.5 billion.
b. PLN 326 billion of financed investment.
2. Selected activities:
a. Construction of a new website.
b. SMEs Condition Report.
c. Thematic conferences, among others, Leasing in the Civil Code.
d. Bulletin to commemorate the 20th anniversary of the Polish
Leasing Association.
Polish Vehicle Rental
and Leasing
Association (PZWLP)
Results in 2013
2013 in CFM –
the most important phenomena and events
•
High resistance of CFM industry in Poland to economic slowdown
•
The growth rate increased in each successive quarter of 2013
–
The smallest - the first quarter (0 +%)
–
The biggest - the fourth quarter (3.7%)
•
Significant growth in the second quarter of the year
•
Nearly 70% of the total annual growth generated in the third and fourth quarter of 2013
•
Development of environmental activities and services
•
Full service leasing a dominant form of fleet financing and management
2013 in CFM –
the most important phenomena and events
•
Growth of industry standards
–
In October 2013 PZWLP set new standards on the market - the publication of the "Return of Delivery
Vehicle Guide"
•
–
The long-awaited by the CFM industry in Poland solution
–
Guide created by the experts of PZWLP, DEKRA Poland and SGS Poland
–
Based on the best global standards and experience
Changes in the deduction of VAT on company cars
–
Almost to the end of 2013 the market does not recognize the new shape of the provisions
–
Uncertainty of companies related to the tax regulations in subsequent years (planned derogation)
2013 in CFM –
the most important phenomena and events
•
•
The largest CFM company in Poland now in PZWLP
–
After the third quarter of 2013 there was a change in leadership
–
LeasePlan Fleet Management Poland has the largest fleet (FSL, LS, FM services) in terms of number
One of the most prestigious awards on the fleet market in Poland – Awards of PZWLP – were granted for the
sixth time
–
4 awards in the categories related to security, ecology, quality of service within the mechanical and
panel&paint services
–
Nearly 100 companies nominated for awards
–
Almost 450 nominations in all six editions of the competition
PZWLP Results in 2013
•
PZWLP in 2013 – 17 member companies
–
•
Results provided by all companies
PZWLP after 2013 – in total 116.539 vehicles in leasing and management,
including:
–
FSL
91.067
(FSL – full service leasing)
–
LS
15.407
(LS – leasing service)
–
FM
10.065
(FM – fleet management)
•
Vehicles in FSL constitute 78%
•
The most popular vehicles in PZWLP fleets in 2013:
–
Ford Focus
–
Skoda Octavia
–
Skoda Fabia
–
Toyota Yaris
PZWLP Results in 2013
•
More vehicles in PZWLP fleets within a year
–
Total increase of 11% (11.562 vehicles) in
relation to Q4 2012
–
–
Dynamics of PZWLP fleet growth in 2013 (total
number of FSL, LS and FM vehicles)
118000
The growth generated mainly by FSL and LS
116000
(11.539 vehicles)
114000
FM in stagnation –
112000
the growth of 23 vehciles over a year
IV Q 2013
116539
III Q 2013
112349
110000
108000
–
The growth of the increase dynamics in Q2
106000
–
Almost 70% of annual growth in H2
104000
102000
II Q 2013
108448
IV Q 2012
104977
I Q 2013
105006
IV Q 2012
I Q 2013
100000
98000
II Q 2013
III Q 2013
IV Q 2013
PZWLP Results in 2013
•
Slow introduction of cars with ecological
engines (hybrid & electrical) to fleets (CFM)
•
Ecological car, however, still constitute a
fraction of the whole volume percentage
•
CFM companies offer more ecological
services
•
Further development of ecology in fleets –
need for legal and fiscal stimulation
Type of engine - fleet of PZWLP companies at the
end of the fourth quarter of 2013
Leaders of Fleet Industry
(members of Polish Leasing Association and PZWLP)
Leaders of long-term rental:
1. LeasePlan Fleet Management Polska
22.179 (including FM 3.272) + 10,9% YOY
2. Masterlease
21.440 (including FM 1.197) + 4,4% YOY
3. Arval Polska
15.987 (including FM 615)
- 0,4% YOY
4. Alphabet Polska Fleet Management
12.115 (including FM 274)
+ 7,9% YOY
9.105 (including FM 623)
+ 4,5% YOY
5. Carefleet
Leaders of Fleet Industry
(members of Polish Leasing Association and PZWLP)
Leaders of FSL sector:
1.LeasePlan Fleet Management Polska
18.870
+ 18,7% YOY
2.Arval Polska
15.372
- 1% YOY
3.Masterlease
14.047
+ 2,2% YOY
4.Alphabet Polska Fleet Management
11.160
+ 4,9% YOY
8.482
+ 4,1% YOY
5.Carefleet
Members of Polish Leasing Association and PZWLP –
total numerical representation by product
Based on the results of 18 companies (PZWLP and Masterlease)
• Polish Leasing Association and PZWLP – in total after Q4 2013: 137.979 vehicles
• Growth of 9.9% in relation to Q4 2012 (YOY)
2014 - Forecasts and most important issues for
CFM
•
The effects of the instability of tax regulations associated with the deduction of VAT
on company cars are difficult to predict
•
Development of ecological services for fleets
•
Increase of the participation of Full Service Lease (FSL) on the market of leased
company cars in Poland
–
•
Business will increasingly rely on full outsourcing of the fleet – within financing, management
and administrative&service operation
Building awareness of CFM services in the so-called public sector in Poland
Prognosis for Leasing
Industry
Positive aspects of 2014:
Total assets financed by
leasing companies
20 721
24 139
change
2014/2013
16,5%
11 222
13 299
18,5%
8 346
9 696
16,2%
2013
Vehicles
Delivery Passenger Cars
Trucks
Other vehicles
Machines
IT
Planes, ships, railway
Other movables
Movables – total number
Real Estate
Leasing altogether
2014 (P)
1 154
1 144
-0,8%
11 510
556
568
314
12 691
652
579
355
10,3%
33 669
38 416
14,1%
1 630
1 897
16,3%
35 300
40 312
14,2%
17,3%
1,9%
13,2%
 Continuation of business investments in 2009-2013 at a minimum
required level (low share of firms performing in this period investments in
comparison to the level in the years 2004-2008).
 Gradual improvement of the economic situation in Poland, which,
combined with the already high degree of production capacity, will force
companies to rebuild the machine parks.
 Expected revival of the construction industry, after the 8.9-percent.
decline in 2013.
 2-month window for ‘cargo partition’ in the first quarter of 2014.
 Final VAT provisions beneficial for lease of luxury cars.
 Progressive and based on the export recovery in the Eurozone increase
demand for transport services.
 The expected continuation of growth in the share of loans in financing
fixed assets other than machinery, mainly vehicles.
 Higher demand for used trucks after the implementation of Euro 6.
 Euro 6 will encourage transport companies to renew their stocks.
Negative aspects of 2014:
 Significant purchases of vehicles with Euro 5 norm from the second half
of 2013 will reduce the level of purchases of new cars, especially in the first
half of the year.
 End of 2007-2013 perspective with the EU funds. 2014 will be a transition
year, which will result in lower demand for financing agricultural machinery
with loan (a decrease of 25%) and financing medical equipment (drop of 1520%).
Assets financed with
leasing
19 607
22 515
change
2014/2013
14,8%
1 624
change
2014/2013
45,7%
10 886
12 755
17,2%
Delivery Passenger Cars
336
544
61,9%
7 592
8 680
14,3%
Trucks
754
1 016
34,9%
2013
Vehicles
Delivery Passenger Cars
Trucks
Other vehicles
Machines
IT
Planes, ships, railway
Other movables
Movables – total number
Real Estate
Leasing altogether
Assets financed with
loans
2014 (P)
2013
Vehicles
1 128
1 080
-4,3%
7 678
533
552
304
9 283
620
556
341
20,9%
28 673
33 314
16,2%
Movables – total number
1 546
1 802
16,5%
Real Estate
30 219
35 116
16,2%
Loans altogether
16,3%
0,7%
12,1%
Other vehicles
Machines
IT
Planes, ships, railway
Other movables
2014 (P)
1 114
25
64
154,4%
3 833
23
16
10
3 408
33
23
14
-11,1%
4 996
5 101
2,1%
84
95
12,9%
5 080
5 196
2,3%
40,2%
43,4%
47,5%
ul. Rejtana 17 lok 21,
02-516 Warszawa
tel.: (22) 542 41 36
fax: (22) 542 41 37
E-mail: zpl@leasing.org.pl
www.leasing.org.pl
Thank you for your attention