Vendor finance specialist De Lage Landen (DLL)
has posted a net profit of €112 million for 2009, some 52 percent
down on 2008’s total of €235 million.
The profit decrease came on the back of
portfolio growth, however, with 2009 seeing DLL’s lease book grow
by €400 million to reach €23.7 billion.
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This was partly due to the acquisition of a
216,000 car fleet acquisition in Italy.
This result was in line with DLL’s prediction
of single digit portfolio growth for the year, given to Leasing
Life in February 2009.
“It has been an exceptional year in which our
business model has proven its worth,” CEO Ronald Slaats
commented.
DLL, owned by Netherlands-based cooperative
bank Rabobank, saw strong new business volumes in the Healthcare
and Food & Agriculture lines of its vendor finance unit.
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By GlobalDataNevertheless, the lessor experienced increased
impairment across its vendor business, particularly in its
Transportation and Construction & Industrial business
lines.
New vendor businesses were founded in Chile
and South Africa during the year.
Fred Crawley
