Deutsche Leasing reported new business volume
down 6 percent to €7.8bn for the year to 30 September 2010, in line
with expectations.
The results show Germany’s largest leasing
company maintaining a strong position in its core markets and
improving from last year in specific asset classes.
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New business from Germany excluding real
estate was €5bn, compared to last year’s €5.2bn. The lessor claimed
that other bank-backed providers of equipment leasing in Germany
suffered an average 14.6 percent drop in new business for the same
period.
New business outside Germany dropped 7 percent
to €1.3bn and, while equipment leasing declined by 7 percent,
improvements were reported for medical equipment, plastics
processing plants and IT, as well as in vendor finance.
Deutsche Leasing will now change its strategy
to focus exclusively on business-to-business activities, after it
began spinning off its consumer car loan business to form a joint
venture with Landesbank Berlin in March 2010.
New ceo Kai
Ostermann said that for the new financial year, business is
ahead of the previous year’s figure, and that capital spending
restraint is easing. “We want to moderately expand our new business
volume in fiscal 2010/11 and thus disproportionately benefit from
the economic recovery,” he said.
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By GlobalDataDeutsche Leasing acquired €2.9bn of new
business through its savings banks cooperation last year. It has
changed the colour of its logo to red, to emphasise its membership
of the Sparkassen Finanz-gruppe network of banks.
The company’s real estate subsidiary Deutsche
Anlagen-Leasing met its target of €1.5 billion in new
business, down 13 percent owing to less being brokered through the
state banks, and the divestment of Amentum Capital. DAL’s
performance was stronger in large property and renewable energy,
with real estate leasing up 10 percent year-on-year.
