Asset Finance Europe 50 • 2020 Asset Finance Europe 50 • 2020 5

Ranking of Europe’s top 50 asset finance providers

ASSET Fastest growing companies identified FINANCE Expert commentary from industry leaders EUROPE 50 2020

ADAPTING TO CHANGE IN A NEW LEASING LANDSCAPE How Europe’s largest leasing companies performed as they entered a year that would change the world

Sponsored by Published by

 ABOUT ALFA Alfa has been delivering systems and consultancy services including leases/loans, originations and servicing. An end- to the global asset finance industry since 1990. to-end solution with integrated workflow and automated processing using business rules, the opportunities that Alfa Our best practice methodologies and specialised knowledge Systems presents to asset finance companies are clear and of asset finance mean that we deliver the largest system compelling. implementations and most complex business change projects. With an excellent delivery history over three We know that no one project is like another. Gaining a decades in the industry, Alfa's track record is unrivalled. competitive advantage in the modern marketplace demands fresh innovation every time. We work to understand Alfa Systems, our class-leading technology platform, your business completely, then align our implementation is at the heart of some of the world's largest asset methodology with your business practices. We work with you finance companies. Key to the business case for each to shape the solution that fills all the gaps. implementation is Alfa Systems' ability to consolidate multiple client systems on a single platform. Alfa Systems supports With over 30 current clients and 26 countries served, Alfa both retail and corporate business for auto, equipment, has offices all over Europe, Asia-Pacific and the Americas. wholesale and dealer finance on a multijurisdictional basis, For more information, visit alfasystems.com.

ACKNOWLEDGEMENTS Data and table compilation: Futureproof Asset Finance Policy Viewpoint contributors: Andrew Denton, CEO, Alfa Nick Leader, CEO, Acquis Insurance Management your asset finance. Tim Boag, group managing director, business finance, Aldermore Neil Davies, CEO, Close Brothers Commercial Frank Vang-Jensen, president and group CEO, Nordea Jop van der Sluis, head of asset-based finance, Rabobank NL Jochen Jehmlich, CEO, Societe Generale Equipment Finance

Unify, connect and adapt Alfa Systems can perform - in one versatile platform. as a point or end-to-end solution. Integrate Alfa ASSET FINANCE INTERNATIONAL Systems into your existing Publisher: Edward Peck Asset Finance International Ltd. stack, or consolidate all your Editor: John Maslen 39 Manor Way, systems on our single platform. Consulting editor: Brian Rogerson London SE3 9XG Commercial manager: Jane Smith UNITED KINGDOM Telephone: +44 (0) 207 617 7830 For future sponsorship and commercial enquiries, www.assetfinanceinternational.com contact Jane Smith, commercial manager.  07771 796773  [email protected]

© Asset Finance International, 2020, All rights reserved. No part of this publication may be reproduced or used in any form or by any means – graphic; electronic; or mechanical, including photocopying, recording, taping or information storage and retrieval systems – without the written permission from the publishers. The number one software choice for asset finance companies, worldwide.

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20191107_210x297_3mm_IAFN.indd 1 07/11/2019 12:12 a***s

4 ASSET FINANCE EUROPE 50 • 2020 ASSET FINANCE EUROPE 50 • 2020 5

Contents Foreword

Foreword 5 Welcome to the fourth Asset Finance Europe 50, the superior publication that sets out who's who in the world of European Introduction 6 leasing.

AFE50 Methodology 8 In our industry it seems we're always going through some Company selection 8 fundamental change that we need to be ready for, or react to, and usually it's so serious we'll all be left behind if we don't act. This How we measure firm size 8 year that has been truer than ever. The effects of today's world ANDREW DENTON Estimation methods 10 situation go far beyond business, and we'll all be dealing with the Chief Executive Officer Exchange rates 12 consequences for months and years to come. Alfa

Other limitations 12 Of course, this report is about results in 2019, before the AFE50 Tables 13 pandemic was a reality, and the successes of the major players are once again there for all to see. I'd like to congratulate all of Asset Finance Europe 50 14 the performers you'll see in the report and especially, as always, Asset Finance Europe 50 (estimates and assumptions) 16 our own valued clients who have the Alfa Systems platform at the Asset Finance Europe 50 (A-Z) 18 centre of their strategy. We'll continue to support them through all the challenges thrown their way. AFE50 Analysis 19 But this time next year, although the bottom line will be markedly Strong growth for AFE50 before pandemic 20 different, I don't think we'll see such a different overall story. And AFE50 – total lease receivables 21 the reason for that is: those companies who are on top of their AFE50 top 10 companies 21 game, and stay there, do so by being ready for anything; by adapting, taking opportunities, reducing risk and always having AFE50 by sector 21 somewhere to go when the landscape shifts. Each and every one Changes in European balance of power 22 has an aptitude for maximising the business they do, in a lasting way. AFE50 by country of parent business head office 23 Finally I'd like to mention Gavin Wraith-Carter, who we lost this year. Power players drive AFE50 growth 24 Gavin encapsulated all the qualities set out above and more. Many In-depth knowledge delivers long-term returns 26 have lost a friend and we have all lost one of our industry’s most progressive and far-sighted leaders. SGEF maintains leadership with focus on partnership and innovation 30 I hope you enjoy the report, and I wish you a fine holiday season Employees hailed as heroes of 2020 as asset finance industry 32 and a very positive 2021. prepares to rebuild the European economy Andrew Denton Your input 36 Chief Executive Officer Alfa

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URSULA VON DER LEYEN European Commission President Ursula von der European Commission President Introduction Leyen said: “The European Union is undertaking a green and digital transformation. The European all those who contributed to this year’s report and Welcome to the fourth edition of the Asset Finance Europe 50 (AFE50) rankings survey published by Green Deal, and the NextGenerationEU recovery and supported the intensive data gathering exercise. Asset Finance International and Asset Finance Policy. resilience facility, will shape the social, economic, and We would also like to extend our thanks to our ecological architecture of the continent for decades sponsor, Alfa, and advertisers who made this latest The AFE50 is the unique European annual ranking The top 50 companies listed in the AFE50 represent to come. survey of business equipment and fleet lessors that around 85% of the wider industry, suggesting total edition possible. Their dedication to supporting this provides an objective overview of all parts of the business equipment and vehicle lease receivables “Implementation of the European Green Deal and research reflects their commitment to ensuring the European leasing market. of around £371 billion. the Coronavirus recovery are two sides of the same prosperity of the global asset finance industry. coin. Europe has the potential to emerge from the This year’s report provides exclusive insight on the The AFE50 is not designed to provide precise data The survey is based on audited and publicly current crisis to become a fairer, more prosperous, shape of this vital industry and includes a split by but it does offer a complete and fully transparent available annual accounts to ensure it is accurate more sustainable and more resilient society.” and compliant with competition law and regulations. lessor, by type of lessor and by country of ownership. picture of the European business equipment and Already the pandemic has driven acceptance of The AFE50 survey provides important insights into Next year’s report is likely to show a vastly different vehicle leasing industry, updated annually, that is the need for rapid expansion of digitalisation in the the European business equipment and vehicle picture, as finance companies across Europe freely available to all Asset Finance International’s industry. leasing industry; if it is leased to a European manage the fall-out from the global pandemic, readers. business by one of the top 50 European lessors, we with customers postponing payments and cutting Companies have invested heavily in cloud-based It is important to use the data with care. Known aim to include it in our report. investment plans. services to cope with a remote workforce, while limitations of the data are listed. We will publish The 2020 survey (based on the latest published Analysts expect 2021 to be a difficult year as automated processes have supported some updates online if errors or omissions are identified financial accounts, usually with December 2019 Europe copes with the economic fall-out from the providers as they managed a vast number of or notified to us. customer enquiries and forbearance requests that year-ends), provides in-depth insights into the state crisis while national governments recoup some If we have missed any lessors from this year’s listing, arrived at the start of the pandemic. of the industry just before it entered one of the most of the massive stimulus investment that was we would be happy to hear from them and add their challenging periods in its history, as the COVID-19 introduced to protect jobs and businesses. Over the next year, the rapid pace of change in data to the next edition. We will welcome any other crisis disrupted the global economy. However, there are also significant opportunities the industry is likely to continue to alter the asset feedback and support in making the AFE50 a key The research shows that the industry was for growth as Europe rebuilds its future around the finance market as it adapts to a very different part of the European leasing industry for years to performing strongly before the crisis hit, with total Green Deal, a commitment to decarbonising the economic landscape, reshaped by the pandemic come. and also Brexit. business equipment and vehicle lease receivables economy, which will see hundreds of billions of Should you have any comments, queries or of €314 billion, up 5.2% compared to 2018. The euros invested in environmentally-friendly projects The team at Asset Finance International and Asset amendments relating to this year's report, please previous year showed an increase of around 5.9%. and also in technologies to drive digitalisation. Finance Policy would like to extend their thanks to email [email protected]

  8 ASSET FINANCE EUROPE 50 • 2020 ASSET FINANCE EUROPE 50 • 2020 9

AFE 50 Methodology

Company selection We aim to include the top 50 providers of business equipment and fleet leases in Europe based on their published accounts or those of their parent companies. We include leasing companies based in Europe or elsewhere in the world, based on the level of their European business only. The AFE50 is as complete as possible but excludes lessors that do not make public sufficient information to allow us to estimate the size of their European leasing business. We may also have missed lessors by mistake and would be happy to hear from such firms and add them to the next edition. How we measure firm size The rankings are based on the lessor’s net investment in equipment and vehicle leasing by businesses. It includes all contracts classified as leases under the national or international accounting rules used by the lessors. With Acquis, leased equipment has never felt so loved

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  10 ASSET FINANCE EUROPE 50 • 2020 ASSET FINANCE EUROPE 50 • 2020 11

For finance leases, we show the present value of total receivables the notes to the accounts, together with the business strategy of the less unearned (deferred) income and impairments. For operating lessor, as below: leases, we show the undiscounted minimum contracted future ll100% relevant leases: For lessors with only relevant leases, or lease payments. providing a clear split enabling us to select only relevant leases. For aviation lessors, where minimum contracted future operating lease payments are not shown, we assume receivables match ll90% relevant leases: For lessors stating that their leases are the net book value of the assets used for operating leases. This is ‘mainly’ (or similar) for equipment and vehicles. based on information from aviation lessors where both figures are ll80% relevant leases: For lessors where there is likely to be some available. property or consumer leasing but there is nothing to indicate it is The tables exclude assets under construction for use in leases substantial. where there is no lease receivable yet recognised for accounting ll60% relevant leases: For lessors where there are indications that purposes. They include securitised leases if these remain on the property or consumer leasing is substantial. lessor’s balance sheet. llOther: Where specific numbers are available from accounts.

Estimation methods Our starting assumption in all cases was that 80% of the business For most the AFE 50 it was necessary to make two main is relevant and we then looked for clear reasons to vary this higher estimates, which are important to consider when using the results: or lower. We adjust our estimates each year based on the latest information available from annual reports and other sources. (i) Percent of total business in Europe Most of the listed businesses report their total investment in leasing, but do not split this by geographical area. Instead, they provide a geographical breakdown for their overall business (e.g. total lending for banks, or total units sold for captives). We have used the Europe percentage from these breakdowns as a proxy for the split of the leasing part of the business. ACTIVELY, PRACTICALLY, In some cases, the geographical breakdown grouped Europe with some other areas, for example ‘Europe, Middle East and Africa’. In those cases, we assumed that Europe was 90% of the total for that WE’LL HELP BUSINESSES geographical category. This approach could understate the leasing books of some firms. It seems likely, for example, that banks will choose to serve their THRIVE AGAIN ‘core’ banking customers in their home markets with leasing options, but possibly not customers in other geographical regions.

(ii) Percent of leases that are business equipment and vehicle leasing We continue to support SMEs through the good and the challenging times. For many leasing businesses, we needed to estimate how much of their total reported investment in leasing is for equipment and Find out more. vehicles used by businesses (‘relevant leases’ i.e. not real estate www.closeasset.co.uk leases, or leases used by consumers). To do this we reviewed

Close Brothers Asset Finance is a trading style of Close Brothers Limited. Close Brothers Limited is registered in  England and Wales (Company Number 00195626) and its registered office is 10 Crown Place, London, EC2A 4FT.  12 ASSET FINANCE EUROPE 50 • 2020 ASSET FINANCE EUROPE 50 • 2020 13

Exchange rates All figures are converted to Euros using constant exchange rates as at 1 January 2020.

Other limitations Considerable effort has been made to ensure the accuracy of the rankings and where possible they have been confirmed with the relevant firms, but some problems are inevitable. Limitations include:

llWe have not attempted to adjust for any differences between IFRS and local accounting standards, although most firms report using IFRS. llSome lessors might have sold or securitised parts of their AFE 50 Tables leasing books, reducing the value of their lease receivables, although in general the securitisation arrangements leave the lease agreements on the lessor’s balance sheet.

llThere may be some inconsistency in how firms report leases, for example a small number of firms include some factoring together with their leases. Where this is evident, we have adjusted the percentage of relevant business accordingly.

  14 ASSET FINANCE EUROPE 50 • 2020 ASSET FINANCE EUROPE 50 • 2020 15 TOP 50 Asset Finance Europe 50 Lease Lease Change Percent Lease Lease Change Percent HQ HQ Rank Name Type receivables receivables 2018-19 change Notes Rank Name Type receivables receivables 2018-19 change Notes country country 2019 (€m*) 2018 (€m*) (€m*) 2018-19 2019 (€m*) 2018 (€m*) (€m*) 2018-19 1 Societe Generale France Bank 31,639 33,102 -1,463 -4% Includes ALD 26 DNB Group Norway Bank 4,729 3,919 810 21% 2 BNP Paribas France Bank 30,029 27,804 2,225 8% Includes Arval 27 LBBW Germany Bank 4,662 4,242 421 10% 3 BMW Germany Auto captive 15,202 14,076 1,126 8% Includes Alphabet 28 ABN Amro Netherlands Bank 4,503 4,186 317 8% 4 Rabobank Netherlands Bank 14,323 13,207 1,116 8% Includes DLL 29 Scania Sweden Captive 4,444 3,767 676 18% 5 Santander Spain Bank 12,884 11,073 1,811 16% 30 KBC Belgium Bank 3,862 3,658 205 6% 6 Credit Agricole France Bank 11,661 10,170 1,491 15% 31 Lloyds UK Bank 3,490 4,408 -919 -21% Includes Lex 7 Unicredit Italy Bank 10,387 11,361 -974 -9% 32 Alba Leasing Italy Independent 3,412 3,286 126 4% 8 Daimler Germany Auto captive 9,913 9,070 843 9% Includes Athlon 33 Intesa Sanpaolo Group Italy Bank 3,104 3,391 -287 -8% 9 LeasePlan Netherlands Independent 9,287 9,611 -324 -3% 34 BOC Aviation Singapore Aviation 3,083 2,825 257 9% 10 RBS UK Bank 9,017 8,250 767 9% Includes Lombard 35 Volvo Sweden Captive 2,714 2,715 -2 0%

11 Credit Mutuel France Bank 8,356 7,986 370 5% 36 Close Brothers UK Bank 2,557 2,443 114 5% 12 Volkswagen Germany Auto captive 8,047 7,044 1,003 14% 37 Nordic Aviation Capital Norway Aviation 2,520 2,448 72 3% 13 AerCap Holdings Netherlands Aviation 7,776 7,508 268 4% 38 Swedbank Sweden Bank 2,490 2,349 141 6% 14 Group BPCE (Natixis) France Bank 7,503 7,414 89 1% 39 Hitachi Capital Japan Independent 2,468 2,248 220 10% 15 ING Netherlands Bank 7,208 6,700 508 8% 40 CHG-Meridian Germany Independent 2,240 1,920 320 17% 16 HSBC UK Bank 6,254 6,248 6 0% 41 Belfius Belgium Bank 2,237 2,176 61 3% 17 Siemens Germany Independent 5,830 5,447 383 7% 42 Erste Group Austria Bank 2,195 1,693 502 30% 18 Avolon Ireland Aviation 5,363 5,108 255 5% Assume NBV = receivables 43 Handlesbanken Sweden Bank 2,099 2,440 -341 -14% 19 Nordea Bank Sweden Bank 5,133 4,800 333 7% 44 Aldermore UK Bank 2,018 2,124 -106 -5% 20 Grenke Germany Independent 5,081 4,227 854 20% 45 Bank of Ireland Ireland Bank 2,000 1,686 314 19% 21 Commerzbank Germany Bank 5,071 4,105 966 24% 46 IBM USA Captive 1,680 1,869 -189 -10% 22 Deutsche Leasing Germany Independent 5,071 4,573 497 11% 47 Angel Trains UK Rail 1,634 1,634 0 0% 2019 not available, 2018 value used 23 AirLease Corp USA Aviation 5,049 4,239 810 19% Assume NBV = receivables 48 DZ Bank Germany Bank 1,384 1,780 -396 -22% 24 RCI France Auto captive 5,003 4,351 652 15% 49 Porterbrook UK Rail 1,187 1,546 -359 -23% 25 SEB Sweden Bank 4,883 4,794 89 2% 50 Banco Sabadell Spain Bank 1,129 1,135 -6 0%

* Adjusted figures. See 'estimates and assumptions' on pages 16 and 17 * Adjusted figures. See 'estimates and assumptions' on pages 16 and 17

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TOP 50 Asset Finance Europe 50 (estimates and assumptions)

2019 2018 Assumed % 2019 2018 Assumed % Assumed % Assumed % Rank Name Currency Exchange rate receivables receivables business leasing Rank Name Currency Exchange rate receivables receivables business leasing in Europe in Europe (m) (m) non-property (m) (m) non-property 1 Societe Generale Euro 1.00 49,436 51,722 80% 80% 26 DNB Group NOK 0.10 57,387 47,559 100% 80%

2 BNP Paribas Euro 1.00 41,707 38,617 90% 80% 27 LBBW Euro 1.00 5,828 5,302 100% 80%

3 BMW Euro 1.00 42,227 39,100 60% 60% 28 ABN Amro Euro 1.00 6,254 5,814 90% 80%

4 Rabobank Euro 1.00 22,379 20,636 80% 80% 29 Scania SEK 0.10 58,471 49,570 80% 100%

5 Santander Euro 1.00 35,788 30,758 60% 60% 30 KBC Euro 1.00 6,437 6,096 100% 60%

6 Credit Agricole Euro 1.00 11,661 10,170 100% 100% 31 Lloyds GBP 1.18 3,697 4,670 100% 80%

7 Unicredit Euro 1.00 19,235 21,039 90% 60% 32 Alba Leasing Euro 1.00 4,265 4,107 100% 80%

8 Daimler Euro 1.00 49,567 45,350 50% 40% 33 Intesa Sanpaolo Group Euro 1.00 10,345 11,302 100% 30%

9 LeasePlan Euro 1.00 10,319 10,679 90% 100% 34 BOC Aviation U.S. Dollar 0.90 13,700 12,557 25% 100%

10 RBS GBP 1.18 9,434 8,632 90% 90% 35 Volvo SEK 0.10 71,414 71,455 40% 100%

11 Credit Mutuel Euro 1.00 10,445 9,983 100% 80% 36 Close Brothers GBP 1.18 2,167 2,070 100% 100%

12 Volkswagen Euro 1.00 53,647 46,959 50% 30% 37 Nordic Aviation Capital U.S. Dollar 0.90 7,000 6,800 40% 100%

13 AerCap Holdings U.S. Dollar 0.90 28,800 27,807 30% 100% 38 Swedbank SEK 0.10 32,757 30,908 100% 80%

14 Group BPCE (Natixis) Euro 1.00 18,758 18,535 80% 50% 39 Hitachi Capital GBP 1.18 2,092 1,905 100% 100%

15 ING Euro 1.00 10,011 9,306 90% 80% 40 CHG-Meridian Euro 1.00 2,800 2,400 100% 80%

16 HSBC GBP 1.18 13,250 13,238 50% 80% 41 Belfius Euro 1.00 4,143 4,030 90% 60%

17 Siemens Euro 1.00 7,288 6,809 80% 100% 42 Erste Group Euro 1.00 4,389 3,386 100% 50%

18 Avolon U.S. Dollar 0.90 19,863 18,917 30% 100% 43 Handlesbanken SEK 0.10 27,615 32,102 100% 80%

19 Nordea Bank Euro 1.00 6,003 5,614 95% 90% 44 Aldermore GBP 1.18 1,900 2,000 100% 90%

20 Grenke Euro 1.00 5,646 4,697 90% 100% 45 Bank of Ireland Euro 1.00 4,000 3,372 100% 50%

21 Commerzbank Euro 1.00 7,043 5,701 90% 80% 46 IBM U.S. Dollar 0.90 6,224 6,924 30% 100%

22 Deutsche Leasing Euro 1.00 7,923 7,146 80% 80% 47 Angel Trains GBP 1.18 1,385 1,385 100% 100%

23 AirLease Corp U.S. Dollar 0.90 18,700 15,700 100% 30% 48 DZ Bank Euro 1.00 1,538 1,978 90% 100%

24 RCI Euro 1.00 13,897 12,085 90% 40% 49 Porterbrook GBP 1.18 1,006 1,310 100% 100%

25 SEB SEK 0.10 63,456 62,300 90% 90% 50 Banco Sabadell Euro 1.00 2,258 2,269 100% 50%

  18 ASSET FINANCE EUROPE 50 • 2020 ASSET FINANCE EUROPE 50 • 2020 19

TOP 50 Asset Finance Europe 50 (A-Z) Lease Lease HQ HQ Name Rank Type receivables Name Rank Type receivables Country Country 2019 (€m*) 2019 (€m*) ABN Amro 28 Netherlands Bank 4,503 Handlesbanken 43 Sweden Bank 2,099

AerCap Holdings 13 Netherlands Aviation 7,776 Hitachi Capital 39 Japan Independent 2,468

AirLease Corp 23 USA Aviation 5,049 HSBC 16 UK Bank 6,254

Alba Leasing 32 Italy Independent 3,412 IBM 46 USA Captive 1,680

Aldermore 44 UK Bank 2,018 ING 15 Netherlands Bank 7,208 Intesa Sanpaolo Angel Trains 47 UK Rail 1,634 33 Italy Bank 3,104 Group Avolon 18 Ireland Aviation 5,363 KBC 30 Belgium Bank 3,862 Banco Sabadell 50 Spain Bank 1,129 LBBW 27 Germany Bank 4,662 AFE 50 Analysis Bank of Ireland 45 Ireland Bank 2,000 LeasePlan 9 Netherlands Independent 9,287

Belfius 41 Belgium Bank 2,237 Lloyds 31 UK Bank 3,490

BMW 3 Germany Auto captive 15,202 Nordea Bank 19 Sweden Bank 5,133 Nordic Aviation BNP Paribas 2 France Bank 30,029 37 Norway Aviation 2,520 Capital BOC Aviation 34 Singapore Aviation 3,083 Porterbrook 49 UK Rail 1,187

CHG-Meridian 40 Germany Independent 2,240 Rabobank 4 Netherlands Bank 14,323

Close Brothers 36 UK Bank 2,557 RBS 10 UK Bank 9,017

Commerzbank 21 Germany Bank 5,071 RCI 24 France Auto captive 5,003

Credit Agricole 6 France Bank 11,661 Santander 5 Spain Bank 12,884

Credit Mutuel 11 France Bank 8,356 Scania 29 Sweden Captive 4,444

Daimler 8 Germany Auto captive 9,913 SEB 25 Sweden Bank 4,883 Deutsche 22 Germany Independent 5,071 Siemens 17 Germany Independent 5,830 Leasing DNB Group 26 Norway Bank 4,729 Societe Generale 1 France Bank 31,639

DZ Bank 48 Germany Bank 1,384 Swedbank 38 Sweden Bank 2,490

Erste Group 42 Austria Bank 2,195 Unicredit 7 Italy Bank 10,387

Grenke 20 Germany Independent 5,081 Volkswagen 12 Germany Auto captive 8,047 Group BPCE 14 France Bank 7,503 Volvo 35 Sweden Captive 2,714 (Natixis) * Adjusted figures. See 'estimates and assumptions' on pages16 and 17

  20 ASSET FINANCE EUROPE 50 • 2020 ASSET FINANCE EUROPE 50 • 2020 21

Strong growth for AFE50 before pandemic AFE50 – total lease receivables Lease receivables Lease receivables Lease receivables 2019 (€m) 2018 (€m) 2017 (€m) The leasing portfolio of the Asset Finance Europe 50 (AFE50) grew by nearly €16 billion in the year before the pandemic, placing it in a strong position to cope with the crisis. Totals 313,809 298,200 281,600 % change 5.20% 5.90% The combined portfolio of Europe’s biggest asset Together, the two companies account for 20% of finance companies increased by 5.2% in 2019 as the receivables listed within the AFE50. Assumes constant exchange rates, percent receivables in Europe, and percent receivables non-property the value of lease receivables rose €15.7 billion to The ranking of the top 10 companies has reach nearly €314 billion. AFE50 top 10 companies changed slightly year-on-year, with Santander With the top 50 firms accounting for around rising one place to replace UniCredit at number Rank 2019 2018 2017 85% of the market, the total value of business 5, as the Italian bank drops to seventh. Credit 1 Societe Generale Societe Generale Societe Generale equipment and vehicle lease receivables last year Agricole gains a place to reach sixth, while Daimler was an estimated £371 billion. and LeasePlan switch positions for eighth and 2 BNP Paribas BNP Paribas BNP Paribas ninth, with RBS completing the top 10. The robust growth reported by the industry 3 BMW BMW BMW provided a strong base to cope with the COVID-19 The distribution of receivables by type of lessor 4 Rabobank Rabobank Rabobank crisis this year, which has led to unprecedented also remains stable, although captives and challenges facing finance providers and their independents grew at a faster rate. 5 Santander Unicredit Unicredit customers. 6 Bank-owned companies represent two-thirds of Credit Agricole Santander Santander The latest AFE50 table reveals a market where the market and dominate the top of the table, with 7 Unicredit Credit Agricole LeasePlan changing fortunes for individual companies have seven of the top 10 companies and €120 billion 8 Daimler LeasePlan Credit Agricole done little to upset the broad balance of power. in assets. This represents 78% of the portfolio managed by the top 10. 9 LeasePlan Daimler Daimler The top 25 firms account for 78% of the total AFE50 market, which is unchanged from last Together, BNP Paribas, Santander, and Credit 10 RBS RBS RBS year. The share of the top 10 companies remains Agricole accounted for 35% of total growth in at 49%, while the top five firms’ market share AFE50 receivables. AFE50 by sector represents 33% of total receivables, which is also Overall, 37 companies within the AFE50 reported unchanged from last year. Sector 2019 lease Market share 2018 lease Market share Change in growth in their receivables in their latest accounts, receivables (%) receivables (%) receivables However, within the overall figure, there is evidence adding more than €21 billion, which was offset by (€m)* (€m) 2018-19 (%) of a vibrant, competitive market. 12 companies which reported declines totalling Bank 206,805 66% 198,644 67% 4.10% €12 billion; one recorded no change. AFE50 leader Societe Generale saw a 4.4% Captive 8,838 3% 8,352 3% 5.80% decline in its receivables, according to its latest Figures shown for 2018 are based on information accounts, bringing it close to second placed BNP published in 2019 financial accounts. This may Auto captive 38,165 12% 34,540 12% 10.50% Paribas, which grew the value of its portfolio by 8%, include revisions to the previous accounts from Independent 33,390 11% 31,313 11% 6.60% or more than €2.2 billion compared to the previous previous years, so data and rankings for 2018 in Aviation 23,790 8% 22,128 7% 7.50% year. This reduces the gap between their respective this year’s report will not correspond directly to portfolios from €5.3 billion to €1.6 billion. data in the 2018 AFE50 survey. Rail 2,821 1% 3,180 1% -11.30% Total 313,809 100% 298,157 100% 4.10%

*adjusted. See 'estimates and assumptions'

  22 ASSET FINANCE EUROPE 50 • 2020 ASSET FINANCE EUROPE 50 • 2020 23

Changes in European balance of power

While France remains the dominant force when it comes to ownership of AFE50 companies, AFE50 by country of parent business head office there are signs of changing market dynamics at play. 2019 lease % of total 2018 lease % of total % Change Proportion of France is home to three of the top 10 asset Italy, UniCredit recorded a decline of nearly receivables receivables 2018-19 growth 2018-19 finance companies, including Societe Generale, €1 billion, while Intesa Sanpaolo Group reduced (€m) (€m) the AFE50’s biggest company, along with BNP its receivables by nearly 9% to €3.1 billion. The France 94,191 30% 90,827 30% 4% 21% Paribas and Credit Agricole. falls meant that companies headquartered in Germany 62,502 20% 56,484 19% 11% 38% the UK and Italy also reported a slight decline in Companies headquartered in Germany, including Netherlands 43,096 14% 41,212 14% 5% 12% national market share. automotive giants BMW, Daimler, and Volkswagen, UK 26,157 8% 26,654 9% -2% -3% along with industrial and technology giant The changing shape of the market offers an insight Sweden 21,761 7% 20,865 7% 4% 6% Siemens, account for 20% of the market, but they into how the AFE50 could be reshaped in future by Italy 16,902 5% 18,037 6% -6% -7% delivered 38% of receivables growth across the the economic impact of Coronavirus. Europe’s five AFE50, worth more than €6 billion. biggest economies, France, Germany, Italy, Spain and Spain 14,013 4% 12,207 4% 15% 12% the UK, are likely to see the biggest financial impact Ireland 7,363 2% 6,794 2% 8% 4% The Netherlands and Spain both delivered 12% from the pandemic, which will affect dominant of the growth in the AFE50, with a €1.8 billion Norway 7,249 2% 6,367 2% 14% 6% national players in addition to other European rise in the respective portfolios of companies USA 6,729 2% 6,108 2% 10% 4% providers with investments in each country. headquartered in each country. Belgium 6,099 2% 5,834 2% 5% 2% As a clearer economic picture emerges in 2021, Companies headquartered in the UK and Italy Singapore 3,083 1% 2,825 1% 9% 2% there will also be a better understanding of the reported a year-on-year decline. Japan 2,468 1% 2,248 1% 10% 1% financial impact of any Brexit deal on both sides of Austria 2,195 1% 1,693 1% 30% 3% In the UK, this was mainly down to Lloyds, which the Channel and what it means for the long-term recorded a €900 million drop in its portfolio; in performance of the European asset finance market. Total 313,809 298,157 5% 100%

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CHG-Meridian is also pioneering growth in the the secondary market in a second lifecycle. Power players drive AFE50 growth circular economy. As a result, demand for secure data removal is It reported that almost 700,000 IT devices, or also increasing. CHG-Meridian erased 266,000 Growth is the great equaliser in the AFE50, with companies from throughout the table making 95% of all IT hardware and devices returned by assets and devices last year, an increase of 25% their mark when it comes to expanding their portfolio. customers, could be refurbished and brought onto on 2018.

The 10 power players of the AFE50 delivered 2020, increased its revenues 20% during 2019, more than €12.2 billion growth to their asset with a portfolio of 292 aircraft provided on leases Fastest growing asset finance companies by€ increase in receivables – 2018-19 finance receivables last year. averaging seven years. Growth AFE50 Company Growth 2018-19 (€m) The companies, including six of the top 10, Over the decade, its leadership team built a ranking position accounted for nearly 60% of the growth recorded leasing business worth more than $50 billion at 1 2 BNP Paribas 2,225 by AFE50 companies, which reached 21 billion the end of 2019, including $22 billion in global € 2 5 Santander 1,811 last year. assets, $27 billion in aircraft orders and $3 billion in managed aircraft. 3 6 Credit Agricole 1,491 This year, BNP Paribas leads the select group, with growth of more than €2.2 billion, the only To recognise the success of smaller companies 4 3 BMW 1,126 company to exceed the €2 billion barrier. Five within the AFE50, we also measure percentage 5 4 Rabobank 1,116 other companies recorded an increase in growth in portfolios. 6 12 Volkswagen 1,003 receivables of more than €1 billion, with most of The fastest growing was Erste Group, which them top 10 players, represented by Santander, recorded a 30% increase in receivables year-on- 7 21 Commerzbank 966 Credit Agricole, BMW and Rabobank. year, with expansion in the Czech Republic and 8 20 Grenke 854 Volkswagen, which is 12th in this year’s report, also Hungary, along with Romania, despite expected 9 8 Daimler 843 reported receivables growth of more than €1 billion. costs following a supreme court decision concerning one of its Romanian subsidiaries. 10 23 AirLease Corp 810 However, several companies from further down the table are also in the listing following strong Since being founded in Austria, it has grown growth in 2019, all of them increasing their to become one of the largest financial services Fastest growing asset finance companies by % increase in receivables – 2018-19 providers in the eastern part of the EU, serving portfolios by more than €800 million. Growth AFE50 Company Growth 2018-19 (%) around 16 million customers. rank position Commerzbank has branches in nearly 50 countries and this year celebrated the 150th Another high growth company from lower down 1 42 Erste Group 30% the AFE50 is CHG-Meridian, which saw lease anniversary of its founding as “Commerz- und 2 21 Commerzbank 24% Disconto-Bank” in Hamburg. originations leap 32% to a new record of €2 billion in 2019 compared to the previous year. 3 26 DNB Group 21% Last year, it gained around 473,000 net private 4 20 Grenke 20% and small business customers in Germany while The manufacturer and bank independent technology manager also increased the proportion also growing corporate business significantly. 5 23 AirLease Corp 19% of international lease origination from outside its Grenke, which operates in 32 countries, saw an home market of Germany to 60%. 6 45 Bank of Ireland 19% 18% leap in new business for its leasing division It reported strong demand for its commercial 7 29 Scania 18% and 26% growth in its factoring arm during a year and technical expertise, particularly around when net profit rose 8% across the business. 8 40 CHG-Meridian 17% providing IT infrastructure for the digital workplace Aircraft leasing company Air Lease Corporation, and home-offices, as well as growth in lifecycle 9 5 Santander 16% which celebrated its 10th anniversary in February management for IT and digital systems. 10 24 RCI 15%

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Largest equipment captives In-depth knowledge delivers long-term returns The top three captive finance providers represent connected vehicles has delivered continued very different industries, from high power to high long-term growth, reaching more than 440,000 The largest asset finance companies in captive, auto captive, independent and rail/aviation use tech, with a combined receivables portfolio of vehicles. Electrification is also reshaping its in-depth specialist knowledge of their industry segments to protect long-term market share. nearly €9 billion. Scania was the only one of the business. More than 40% of its bus sales are now three to increase the size of its receivables this alternatives to diesel. Largest auto captives year, with an increase of €676 million to €4.4 Change is also reshaping IBM; in 2013, cloud billion; Volvo was broadly static while IBM declined The three largest auto captives have total Mobility services are expected to account for a represented only 4% of its revenue, but last year around 10% to €1.7 billion. receivables of €33.2 billion, an increase of nearly larger share of revenues in future years, despite that reached 27%, generating $21.2 billion and €3 billion on the previous year, as market demand the pandemic discouraging demand for shared Scania’s total product deliveries and service sales marking a change in customer asset finance for new cars was growing strongly before the services in the short-term. Subscription services reached all-time high-levels and the number of requirements. pandemic. will allow consumers to access vehicles without a While the bulk of demand is focused on SUVs, there large deposit or long-term financial commitment, while connected technology is allowing is massive investment in new mobility, with electric Largest equipment captives vehicles taking centre stage, as EU legislation delivers manufacturers to offer in-vehicle digital services to 2019 receivables rapidly rising demand at the expense of diesel. create new revenue streams. Position AFE50 Position Company (€m) 1 29 Scania 4,444 Largest auto captives 2 35 Volvo 2,714 2019 receivables Position AFE50 Position Company (€m) 3 46 IBM 1,680 1 3 BMW 15,202

2 8 Daimler 9,913

3 12 Volkswagen 8,047

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Largest independents Largest rail/aviation LeasePlan is one of the world’s largest vehicle 4.0 and how global industry is becoming more Aircraft leasing companies dominate the largest record profits and Air Lease Corporation saw leasing and mobility companies, operating nearly connected, allowing innovative new services to be rail and aviation list, with the top three companies revenues jump 20%. 2 million vehicles, putting it in the frontline of delivered that are going beyond funding assets to reporting €18 billion in receivables, a rise of €1.3 Global air travel has since been paralysed by the changing mobility trends. It is supporting the shift instead providing outcomes. billion year-on-year ahead of what is likely to be the Coronavirus pandemic, leading to an increase towards electrification (demand for plug-in vehicles Grenke supported its strong growth with a focus most challenging year in the industry’s history. in impairments and forbearance and quarterly has doubled in the past year), while also building on digital innovation across its leasing, banking AerCap reported a record year in 2019 as it losses for many in 2020. However, the industry is innovative new mobility services, based around and factoring businesses, citing its ‘digital DNA’ invested heavily in new technology aircraft to meet reporting green shoots of recovery and its long-term Car-as-A-Service. as a key competitive advantage, including a growing global demand. Avalon announced outlook remains positive and focused on growth. Servitisation and mobility is also driving change smartphone app that allows leasing contracts to at Siemens, where key trends relate to Industry be signed digitally.

Largest independents Largest rail/aviation 2019 receivables 2019 receivables Position AFE50 position Company Position AFE position Company (€m) (€m) 1 9 LeasePlan 9,287 1 13 AerCap Holdings 7,776

2 17 Siemens 5,830 2 18 Avolon 5,363 3 20 Grenke 5,081 3 23 AirLease Corp 5,049

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How will the asset finance sector We can imagine that sustainable SGEF maintains leadership with focus on in general - and SGEF in particular topics will increase next year in - be impacted? the minds of decision makers. partnership and innovation If companies can afford it (once Firstly, the lockdowns forced us they have recovered from the to rapidly test and improve our crisis), we anticipate an appetite Societe Generale Equipment Finance (SGEF) has retained its leadership position as the largest connectivity and digitalisation to for green assets. The nature of company in this year’s Asset Finance Europe 50. Jochen Jehmlich, the company’s chief executive stay in contact and to be able to our industry positions us well in officer, reviews a momentous year and provides his outlook on the opportunities and challenges work remotely. for 2021. the environmental battle as we are Being part of an international constantly financing new assets. banking player, Societe Generale We are very proud and honoured to be named, In addition, our day-to-day focus has been dealing To support our clients’ energy group, SGEF was at the leading once again, number one in Europe according to with deferral requests, managing governmental transition investments, SGEF has edge in terms of remote working JOCHEN JEHMLICH the Asset Finance Europe 50 ranking. support plans, adapting to compulsory put corporate social responsibility models. CEO, Societe Generale Equipment This leadership position encourages us in our moratoriums, adjusting to more prudent cash Finance (CSR) at the heart of its strategy. management from clients, overcoming delivery No doubt, we will keep ahead role financing the real economy and taking Beyond the importance we all issues, and developing innovative financing and capitalise on it in the ‘new responsibility for supporting sustainable growth in see in the development of CSR activities for the solutions. normal’ context after COVID-19. our clients and vendor partners. benefit of our planet, this will help us attract and Globally, SMEs have been more impacted than In terms of digitalisation, the crisis has shown the retain clients. Showing resilience in a challenging and large corporates this year. need to accelerate our investments and efforts. Our commitment in this field is largely driven by chaotic year In terms of sectors, the biggest impacts were Nowadays, E-signature technology has become interactions with our clients and partners; more Despite the very challenging and chaotic year we observed in the industrial equipment sector, and the new norm; the next step in everyone’s mind is of our discussions relate to energy efficiency, have all been through, Societe Generale Equipment of course in tourism, transport and leisure. the full digitalisation of internal processes. electrification, investments in sustainable Finance (SGEF) has shown strong resilience. The IT sector has performed well, benefiting We are working on it, but are all our clients ready equipment such as photovoltaic, and asset During the various lockdown periods, SGEF has from the traction of some corporates which are for a full digital relationship? Some clients are lifecycle improvement. remained open for business without any single now more favourably looking at leasing payment asking for this kind of model, but sometimes, Of course many other challenges are ahead, day of interruption. We have been able to keep the solutions to manage their liquidity, and of course the customers’ behaviours differ compared to such as the circular economy, new models of same level of service everywhere, whatever the thanks to the acceleration of digital needs. expectations. consumption (usage and bundled offers vs situation in each country where we are present. The medical sector also continued to be dynamic, It remains crucial to identify how clients’ needs ownership), new ways of working and so on. We were able to capitalise on our wide while green initiatives benefited from targeted can be solved through digital solutions to Expectations are high in this field and I think we geographical coverage, reactivity, and mutual subsidies. overcome blocking points and deliver seamless will have to find a way to adopt hybrid models that support from our internal teams. I would like to digital customer journeys. benefit clients, employees and the environment at thank all SGEF employees for their hard work. Strategies for sustainable growth the same time. The emergence of new technologies We also showed alignment between the various in 2021 The global economy is uncertain, as is the future Before the crisis, the pace of change was already stakeholders and a strong partnership approach We cannot predict 2021 without assessing how of the leasing industry, but I am optimistic. with our clients and partners. the COVID-19 crisis will impact our lives in the impressive. It increased even more during the short-term and afterward. crisis, and we could observe the adoption and the SGEF has many strengths; we have shown resilience During the crisis, we have launched the development of new use cases. New assets are during the crisis, we are embracing the digitalisation #StrongerTogether programme to support the This unprecedented crisis has already changed our emerging in this environment and, as lessor, we of our processes, we are accompanying the investment plans of our clients and partners. lives, both in our personal and business spheres. have to know and understand these assets and their environmental transition, and taking responsibility. The objective was to offer flexible financing to help Some trends have been accelerating, such as new specific dynamics. We will need to develop new We are at the heart of the real economy. them convert frozen pipelines into funded deals technologies, environmental consideration, new expertise and asset knowledge in the coming months. We look forward to supporting sustainable growth and stimulate the restart of their businesses. In ways of working and new consumption models, The COVID-19 crisis, which was first a public for our vendors and clients all over the world, total, €1 billion was made available throughout the but what structural changes in our behaviours and health crisis, has also raised awareness around building reliable and trustful relationships and SGEF network. beliefs will remain tomorrow? environmental responsibility. partnerships.

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operations, which has been a valuable test of the Employees hailed as heroes of 2020 as asset finance quality of supply arrangements. industry prepares to rebuild the European economy Nick Leader, chief executive officer of lease insurance services provider Acquis Insurance Boardroom strategies laid the groundwork for a response to this year’s crisis, but employees on the Management, said: “A key highlight during the year frontline ensured successful change; next year skilled staff will be more important than ever. has been the way in which our staff have adapted to home working with such positivity and how we The COVID-19 crisis of the past year has have maintained our very high service levels to our hammered home two fundamental truths about customers, leading to onboarding more new clients the path to success in the asset finance industry. than in any previous year. " Firstly, a company is only as good as the sum Companies throughout the AFE50 have reported of its parts, and secondly, a strong recruitment that their responsive approach has generated new NICK LEADER chief executive officer, Acquis Insurance programme is critical to ensuring long-term growth business during a tough year. Management and customer loyalty. A key factor in delivering this growth is strong A key highlight during the year has been Asset finance leaders have praised their back office relationships, where finance providers have a “ and frontline staff for the critical role they have deep understanding of their clients so they can the way in which our staff have adapted to played in adapting to the Coronavirus crisis. take a long-term view of risk when considering home working with such positivity and how how they can provide support during challenging we have maintained our very high service Thousands of employees throughout Europe economic times. faced the combined challenge of adapting levels to our customers.” NEIL DAVIES to home working while also supporting their chief executive officer, Close Brothers Commercial companies and customers during months of upheaval that reshaped businesses through rapid “What has really impressed me during innovation and change. the pandemic has been the dedication of A mountain of customer enquiries and requests our staff, who have really looked after our for forbearance had to be managed in a compliant customers.” way, with some companies able to streamline their approach because of previous investment in digitalisation; others had to quickly implement looked after our customers – including offering digitalisation and automation processes in restructures – while simultaneously managing to response to the pandemic. increase new business levels, all while many are Amidst all this demand, core business operations working remotely. still had to continue, with some customer “What also struck me was the robustness of segments requiring support to cope with growth our planning. While we didn't expect a global generated by the pandemic, ranging from pandemic, our planning for a downturn left us in manufacturing to transport. a very good position to manage the COVID-19 challenges and everything that came with it.” Neil Davies, chief executive officer of Close Brothers Commercial, part of Close Brothers, said: “What Asset finance companies have also relied has really impressed me during the pandemic has upon third-party suppliers to provide the same been the dedication of our staff, who have really high levels of support to ensure continuity of

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Jop van der Sluis, head of asset-based finance survive. The reality is that some companies may prepare for, such as additional checks and at Rabobank NL, said: “Asset based finance has find themselves in distress once the government documentation on goods as required by both the proven to be an important and reliable source of support schemes are wound up.” UK and the EU. funding for our clients. Companies will also be keeping a close watch on “Our research reveals that many SMEs are “Even in the case of client profiles deteriorating, changing asset values as economies experience generally unprepared for Brexit or are delaying we have still been able to provide (or continue) an expected downturn. plans to address the impact until after the end of attractive financing solutions based on the quality With digitalisation playing an increasingly the transition period. Whilst the delay in preparing of the underlying portfolios and the strength of the important role in the asset finance market, for Brexit is understandable given the ongoing financing structures.” sourcing the right talent will also be a priority. impact of the pandemic, the potential wide-ranging effects of Brexit on many businesses means it is Strong relationships will be vital to asset finance “There will be an increased push across many crucial that SMEs begin to take steps to prepare.” companies over the coming year as the economic industries to digitalise and this will lead to impact of the COVID-19 crisis is felt throughout shortages of expertise and bandwidth, resulting in Although major challenges remain, the JOP VAN DER SLUIS, Europe. companies competing for a smaller pool of talent,” fundamentals of good business that have carried head of asset-based finance, Rabobank NL There will be a “multitude of challenges” Davies added. asset finance companies through this year’s global according to Davies, that will focus the attention of In addition to operational challenges from crisis will continue to be essential to managing the Even in the case of client profiles “ boardrooms throughout 2021. increased delinquencies and defaults, long-term challenges of 2021. deteriorating, we have still been able to This includes the rise of “zombie companies”, trends will continue to reshape the market. Strong customer relationships and high service provide (or continue) attractive financing which are only generating enough cash to survive, The move from ownership to usage-based models levels, driven by loyal, qualified employees, will solutions based on the quality of the underlying potentially through government support. will continue, according to Van der Sluis, while ensure that companies continue to thrive in the portfolios and the strength of the financing Davies said: “These are firms that will need COVID-19 is likely to have a lasting impact on long term. structures.” mobility trends, particularly if many employees additional monitoring and possibly support to Frank Vang-Jensen, president and group chief continue to work from home. executive officer of Nordea, said: “Despite the Finally, for companies that trade across the COVID-19 pandemic, we have continuously Channel, there is the potential for disruption moved in the right direction towards our targets. caused by Brexit, both in trade of physical goods Our customer satisfaction levels are now higher and in financial markets. than before the outbreak and our assessment Research by Aldermore has revealed that 44% of is that we are growing faster than the market in UK small and medium-sized businesses (SMEs) several areas. trade with the EU, but nearly half say they have “We remain committed to delivering on our been so focused on trying to manage the impact financial targets and meeting our key priorities: of COVID-19, they haven’t had the chance to think to optimise operational efficiency, drive income about Brexit. growth initiatives and create great customer Tim Boag, group managing director, business experiences. In doing so, we will continue to finance at Aldermore, said: “Businesses who trade fulfil our responsibility towards our customers, with the EU now face a new set of challenges. employees, and shareholders. This benefits both There are likely to be significant changes to society and our business.”

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Your input

We welcome your views and comments on this year’s AFE50.

Your input will be important in helping to ensure the rankings are as complete, reliable and useful as possible. Please email any comments, queries or clarifications to John Maslen at [email protected]. Corrections and updates will be published on the Asset Finance International website and will be used in the production of the 2021 report.

For future sponsorship and commercial enquiries, contact Jane Smith, commercial manager.  07771 796773  [email protected]

Further resources for the asset finance industry u Comparative analysis of impairments, employee costs and return on assets based on audited publicly available data u Top UK plant, equipment and vehicle lessees database u A to Z of Leasing and Asset Finance (Second edition) u Asset finance brokers directory u FCA reporting and other compliance support including training materials

Over 200 asset finance funder, broker and supplier clients since 2014 Contact Julian Rose to discuss your requirements 07914 071620  [email protected]  A technical paper from Alfa 27/11/2020 10:01 alfasystems.com/ai2

USING MACHINE LEARNING IN THE WILD 2: USING MACHINE PART AI IN EQUIPMENT FINANCE AND AUTO

Featuring a foreword from Blaise Thomson (VocalIQ/Siri) Blaise Thomson from a foreword Featuring the paper today. Download Our latest looking technical to enhance asset providers paper finance AI is for on help We’ll customer serviceefficiency machine learning. through and improve and it is most plus why understand effective, you AI-as-a-Service and where ML pipeline. own your when to develop  AFE50_Ai2_FullPgAd_297x210mm_2.indd 1