The Leaseurope Index is a unique survey that tracks key performance indicators of a sample of 23 European lessors on a quarterly basis. This Q3 2016 is the twenty-third edition of the survey.
欧洲租赁指数是一个独特的调查，以23家欧洲租赁公司为样本，跟踪其季度性的关键绩效指标。2016年第三季度指数是第23次调查。
The weighted average ratios for Q3 2016 have weakened compared to the same period of last year, with the exception of cost/income remaining stable. As was seen in the previous quarter of 2016, ratios continued to deteriorate albeit from historically high levels in 2015.
2016年第三季度除了成本收入比仍稳定之外，加权平均比率较去年同期有所下滑。与上一季度一样，加权平均比率在2015年达到历史高位后持续恶化。
Total new leasing volumes reported by the sample of companies increased by 8.6% in comparison to Q3 2015, reaching over €24 billion. While the portfolio of outstanding contracts increased by 3.2%, risk-weighted assets (RWAs) grew at a higher rate of 4.3%.
样本企业的新增业务总量相较2015年第三季度上涨8.6%，达到240亿欧元。合同未完结的投资组合上涨3.2%，风险权重上涨明显，达4.3%。
Profit & profitability
利润和盈利能力
Aggregate total pre-tax profit decreased by 6.3% in the third quarter, the second consecutive decline in profit observed in 2016 (see table 1). As a result, the weighted average ratio for profitability decreased from 44.7% this time last year to 41.9% in Q3 2016 (see table 3). It should be noted, however, that there is a large degree of variation in performance within the aggregate results with only a small minority of companies experiencing losses in the quarter (see table 4). As such, median profitability (which measures the performance of the ‘typical’ firm) rose from 43.7% in Q3 2015 to 48.6% in Q3 2016.
样本公司第三季度税前利润总额下滑6.3%，这是2016年以来税前利润总额连续第二次下滑（见表1）。因此，2016年第三季度加权平均盈利能力比率从去年同期的44.7%降至41.9%（见表3）。但值得注意的是，在总体结果中，公司盈利能力变化较大，本季度中只有小部分公司亏损（见表4）。因此，平均盈利能力从2015年第三季度的43.7%升至2016年第三季度的48.6%。
Income, expenses & cost/income
收入、支出和成本收益比
Operating income remained stable in Q3 2016 (compared to the same period a year ago), increasing by 0.7%, while operating expenses rose slightly, by 0.9%. Consequently, the average cost/income ratio also remained stable at 45.2% in Q3 2016, which is still at a relatively low level compared to previous years.
2016年第三季度营业收入仍然稳定（相较去年同期）上涨0.7%，营业支出也稍上涨0.9%。因此，2016年第三季度平均成本收益比比较稳定，达45.2%，这与前几年相比仍处于将对较低水平。
Loan loss provision & cost of risk
贷款损失准备与风险成本
Loan loss provisions increased for the second consecutive period in 2016, growing by 32.7% in the third quarter. While remaining low by historical standards, the average annualised cost of risk grew in Q3 2016 as a result, reaching 0.54%. A small number of firms in the sample are having a large impact in the third quarter, with the median value at a lower level of 0.30%.
2016年第三季度贷款损失准备上涨32.7%，这是2016年连续第二次上涨，但仍保持在历史低位，因此，2016年第三季度平均年风险成本上涨，达0.54%。由于平均年风险成本中值在0.30%，少部分样本公司在第三季度受很大影响。
Return on Assets (RoA) and Return on Equity (RoE) indicators
RoA和RoE指数
RoA and RoE1 continued the trend already seen in other indicators, declining to 1.7% and 170, respectively. These figures remain relatively high by historical standards but continue to be pressured by increasing loan loss provisions.
RoA和RoE下降的趋势已从其他指数中显现出来，二者分别降至1.7%和170。这些数据仍停留在历史较高水平，但贷款损失准备金提高的压力下呈下降趋势。
Peter Hupfeld, CEO at Nordea Finance, commented that: “Over recent months the financial KPIs tracked by Leaseurope have been under pressure, however they remain at good levels compared to previous years. While the Eurozone has witnessed weak bank profitability and low nominal growth, European lessors’ overall new business volumes continue to perform well. Despite some economic headwinds, including muted corporate investment, we are cautiously optimistic that our industry can continue to outperform the market.”
Nordea Finance的CEO，Peter Hupfeld评论认为：“欧洲租赁协会追踪的近几个月融资关键指标承受下滑压力，但相较于去年，仍处于较好水平。虽然欧元区银行盈利能力疲软，低名义增长，欧洲租赁公司整体新增业务量业绩持续良好。尽管企业投资趋缓等经济逆风存在，我们仍坚信租赁业能够跑赢市场”。
资料来源：欧洲租赁协会
