Fabrizio
Marafini, head of Assilea, the Italian leasing association,
introduces the pre- and post-crisis trends in the
market.
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After doubling new business volumes
between 1997 and 2007, leasing in Italy recorded a heavy drop in
2008, mainly because of the financial crisis. The sector was hit in
terms of supply, due to the liquidity crisis, and in terms of
demand, due to the fall in exports and in production output.
Statistics for 2010 show clear
signs of recovery, although the positive trend has not yet
stabilised, and it isn’t spread equally across sectors. Overall,
volumes are now at much more contained levels than those recorded
during the expansion years (2006-2007).
In December 2009, the Italian
market grew on a monthly basis for the first time in a year and a
half. After returning to negative territory in January and February
2010, the market began to grow again in the spring. In the first
eight months of this year, there has been an overall 4% growth both
in terms of number and value of leasing contracts. The recovery has
been led by equipment leasing (up 7.8% in contract numbers and
13.5% in contract value), which benefitted from tax relief
legislation for fixed investments made before 30 June (the
so-called Tremonti Ter government budget).
Real estate leasing for property to
be built, or “in costruendo”, also increased, with a rise of 40% in
the number and value of contracts above €2.5m, partly linked to the
boost in investments in renewable energy.
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By GlobalData
Property is
prominent
Real estate leasing is still the
most important sector in terms of overall volumes in Italy. It
represents about 40% of total new business. Following a boom in
2004-2006, however, the segment began slowing down in 2007 and has
suffered heavily in 2008 and 2009. This year, real estate leasing
is improving, but that is only due to a 27% growth for in
costruendo leasing, mostly for operations above €2.5m.
Since August 2009, the market share
of “in costruendo” leasing has increased by 10% and it now accounts
for half of real estate leasing business overall.
Much better spread is the recovery
in equipment leasing. This ranges from 3% growth for transactions
below €50,000, to 10% for transactions between €50,000 and
€500,000, and 20% for larger transactions.
Renewables
rise
This growth also reflects the wider
use of leasing in the public sector and a strong rise in renewable
energy investments.
In terms of alternative energies,
we estimate leasing penetration for non-residential solar plants to
be 50%, and to reach 10% in the leasing of biomass and thermal
power stations.
Assilea figures for the first half
of 2010 show that the top 20 leasing companies in renewable energy
(those representing 74% of overall new business) have financed more
than €1bn, more than the total amount financed in 2009.
We have also seen a wider use of
leasing in the public sector. Volumes in the first seven months of
2010 are at €300m, again above the total amount for the whole of
last year.
LCVs, HCVs,
cars
Statistics for the first eight
months of 2010 show that the vehicle leasing market has now
stabilised. For the first time in two years we see a growth in new
business in the commercial vehicle segment (both light and heavy
commercial vehicles), as recovery is boosting investments in the
production chain.
On the other hand, car leasing is
still quite weak. However, the number of contracts is increasing in
line with figures for company car registrations. This is because,
following the end of the scrappage scheme, which mostly benefitted
private car leasing, private registrations have decreased, but
companies are investing again in their fleet needs.
See also: Bank-owned leasing
thrives
See also:
Subsidies help to boost
renewables leasing
See also: Italian association Assilea diversifies its
member base
See also:
Vendor channel ready to
rise
See
also: New start
for troubled lessor
See also: UniCredit rewrites rule
book
See also: Top 50 Italian lessors
See also:
News in
brief
