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Equipment Leasing Market Report 2003

  • ID: 35049
  • January 2003
  • Region: United Kingdom
  • Key Note Ltd
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Expenditure on equipment leasing in the UK increased by an estimated 4.9% in 2002, to £27.44bn. Since 1998, the market has grown in value by 13.3%. Over the same period, total gross domestic fixed capital formation (Gdfcf) increased by an estimated 10.6% and business investment by an estimated 10.1%.

Despite the many advantages that leasing offers to the wide range of industries and institutions that make use of this service, growth rates could be improved by more positive tax benefits for lessees, which would make leasing more attractive to potential customers. In recent years, the Inland Revenue has reduced the tax benefits to lessors and lessees, and this has depressed the value of business obtained.

Most UK lessors are subsidiaries of domestic and foreign banks, but also operating in the leasing market are the financial subsidiaries of large manufacturers, e.g. General Electric Co. (US), which are funded by the parent companies, and the financial subsidiaries of motor manufacturers that are dedicated to providing finance for fleet buyers of their cars and trucks. In addition, there are independent operators, which obtain their funds from the money markets. These READ MORE >

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TABLE OF CONTENTS:
<BR>
<BR>Executive Summary 1
<BR>
<BR>1. Market Definition 7
<BR>
<BR>REPORT COVERAGE 7
<BR>DEFINITION OF A LEASE 7
<BR>MARKET SECTORS 8
<BR>Types of Lease 8
<BR>Finance Leases 8
<BR>Operating Leases 8
<BR>Contract Hire 9
<BR>Hire Purchase 9
<BR>MARKET TRENDS 9
<BR>MARKET POSITION 10
<BR>The UK 10
<BR>The National Economy 10
<BR>Table 1: Gross Domestic Product at Current and Constant 1995 Prices (£m), 1998-2002 10
<BR>Total Investment in Fixed Assets 11
<BR>Table 2: Gross Domestic Fixed Capital Formation at Current and Constant 1995 Prices (£m), 1998-2002 11
<BR>Business Investment 12
<BR>Table 3: Investment in Machinery and Equipment at Current Prices (£m and %), 1998-2002 12
<BR>Business Investment and Gross Domestic Fixed Capital Formation 13
<BR>Table 4: Business Investment at Current Prices (£m and %), 1998-2002 13
<BR>Overseas 14
<BR>
<BR>2. Market Size 15
<BR>
<BR>THE TOTAL MARKET 15
<BR>Table 5: Estimated Market Size for Asset Finance in the UK by Value at Current Prices (£m), 1998-2002 15
<BR>Business and Lease Investment 16
<BR>Table 6: Gross Domestic Fixed Capital Formation, Business Investment and Total Asset Finance by Value at Current Prices (£m and %), 1998-2002 16
<BR>MARKET SECTORS 17
<BR>By Type of Asset 17
<BR>Table 7: The Value of New Business in Assets Financed by FLA Members by Sector (£m), 1997-2001 17
<BR>Cars 18
<BR>Equipment 19
<BR>Plant and Machinery 19
<BR>Commercial Vehicles 19
<BR>Aircraft, Ships and Rolling Stock 20
<BR>Property 20
<BR>Other 20
<BR>International Assets 20
<BR>By Industry Sector 20
<BR>Table 8: The Value of New Business in Assets Financed by FLA Members by Industry Sector (£m), 1997-2001 21
<BR>
<BR>3. Industry Background 22
<BR>
<BR>HISTORICAL BACKGROUND 22
<BR>The Leasing Industry 22
<BR>Finance & Leasing Association Members 22
<BR>NUMBER OF COMPANIES 23
<BR>Table 9: Number of UK VAT-Based Enterprises Engaged in Financial Leasing by Turnover Sizeband (£000), 2002 23
<BR>REGIONAL VARIATIONS IN THE MARKETPLACE 24
<BR>DISTRIBUTION 24
<BR>HOW ROBUST IS THE MARKET? 24
<BR>LEGISLATION 25
<BR>Accounting Standards 25
<BR>Tax Legislation 25
<BR>KEY TRADE ASSOCIATIONS 25
<BR>British Vehicle Rental and Leasing Association Ltd 25
<BR>Finance & Leasing Association 26
<BR>Leaseurope 26
<BR>
<BR>4. Competitor Analysis 27
<BR>
<BR>THE MARKETPLACE 27
<BR>MARKET LEADERS 28
<BR>Abbey National Treasury Services PLC 28
<BR>Company Structure 28
<BR>Current and Future Developments 28
<BR>Financial Results 28
<BR>Bank of Scotland Structured Asset Finance Ltd 28
<BR>Company Structure 28
<BR>Current and Future Developments 28
<BR>Financial Results 29
<BR>Barclays Asset Finance 29
<BR>Company Structure 29
<BR>Current and Future Developments 29
<BR>Financial Results 29
<BR>DaimlerChrysler Services UK Ltd 29
<BR>Company Structure 29
<BR>Current and Future Developments 29
<BR>Financial Results 30
<BR>FCE Bank PLC 30
<BR>Company Structure 30
<BR>Current and Future Developments 30
<BR>Financial Results 30
<BR>Five Arrows Leasing Group Ltd 30
<BR>Company Structure 30
<BR>Current and Future Developments 30
<BR>Financial Results 31
<BR>GE Capital Equipment Finance Ltd 31
<BR>Company Structure 31
<BR>Current and Future Developments 31
<BR>Financial Results 31
<BR>HSBC Equipment Finance (UK) Ltd 31
<BR>Company Structure 31
<BR>Current and Future Developments 31
<BR>Financial Results 32
<BR>Key Equipment Finance Ltd 32
<BR>Company Structure 32
<BR>Current and Future Developments 32
<BR>Financial Results 32
<BR>Lloyds TSB Asset Finance Division Ltd 32
<BR>Company Structure 32
<BR>Current and Future Developments 32
<BR>Financial Results 32
<BR>Lombard North Central PLC 33
<BR>Company Structure 33
<BR>Current and Future Developments 33
<BR>Financial Results 33
<BR>Rolling-Stock Leasing Companies 33
<BR>Angel Trains Ltd 34
<BR>Porterbrook Leasing Company Ltd 34
<BR>Other Companies 34
<BR>ADVERTISING AND PROMOTION 35
<BR>
<BR>5. Strengths, Weaknesses, Opportunities and Threats 36
<BR>
<BR>STRENGTHS 36
<BR>WEAKNESSES 36
<BR>OPPORTUNITIES 36
<BR>THREATS 37
<BR>
<BR>6. Buying Behaviour 38
<BR>
<BR>UK LEASING 38
<BR>Types of Lease 38
<BR>Finance Leasing 38
<BR>Operating Leasing 38
<BR>Contract Hire 38
<BR>Hire Purchase 38
<BR>Business Investment 39
<BR>Manufacturing 39
<BR>Consumer Expenditure 39
<BR>Public Sector 39
<BR>Construction 39
<BR>Wholesale and Retail 40
<BR>EUROPEAN LEASING 40
<BR>Leading European Leasing Countries 40
<BR>Machinery and Industrial Equipment 40
<BR>Table 10: New Leasing Business in Machinery and Industrial Equipment by Country by Value (*m), 1999-2001 41
<BR>Computers and Business Machines 41
<BR>Table 11: New Leasing Business in Computers and Business Machines by Country by Value (*m), 1999-2001 41
<BR>Road Transport Vehicles 42
<BR>Table 12: New Leasing Business in Road Transport Vehicles by Country by Value (*m), 1999-2001 42
<BR>Cars 42
<BR>Table 13: New Leasing Business in Cars by Country by Value (*m), 1999-2001 43
<BR>Ships, Aircraft and Rolling Stock 43
<BR>Table 14: New Leasing Business in Ships, Aircraft and Rolling Stock by Country by Value (*m), 1999-2001 43
<BR>
<BR>7. Current Issues 45
<BR>
<BR>ECONOMIC GROWTH 45
<BR>ACCOUNTING STANDARDS 45
<BR>ONLINE TRADING 46
<BR>ASSET MANAGEMENT 46
<BR>EUROPEAN LEASING 47
<BR>IMPACT OF THE EURO 48
<BR>
<BR>8. The Global Market 49
<BR>
<BR>THE TOTAL MARKET 49
<BR>Table 15: The World Leasing Market by Region ($bn), 1997-2001 49
<BR>THE WORLD ECONOMY 50
<BR>EUROPE 50
<BR>Table 16: Value of New Equipment Leasing in Europe (*bn), 1997-2001 51
<BR>
<BR>9. Forecasts 52
<BR>
<BR>THE ECONOMY 52
<BR>FORECASTS 2003 TO 2007 52
<BR>Table 17: Forecast Gross Domestic Fixed Capital Formation, Business Investment and Total Assets Finance by Value at Constant 2002 Prices (£m), 2003-2007 53
<BR>FUTURE TRENDS 53
<BR>Plant and Machinery 53
<BR>Computers and Office Equipment 54
<BR>Cars and Trucks 54
<BR>Buses and Coaches 54
<BR>Trains 54
<BR>Ships 55
<BR>Aircraft 55
<BR>
<BR>10. Company Profiles 56
<BR>
<BR>Abbey National TReasury Services Plc 57
<BR>Angel TRains Ltd 59
<BR>Daimlerchrysler Services Uk Ltd 61
<BR>Fce Bank Plc 63
<BR>Ge Capital Equipment Finance Ltd 65
<BR>Lombard North Central PLC 67
<BR>Porterbrook Leasing Company Ltd 69
<BR>Bank Of Scotland Structured Asset Finance Limited 71
<BR>Five Arrows Leasing Group Limited 73
<BR>Key Equipment Finance Limited 75
<BR>Lloyds Tsb Asset Finance Division Limited 77
<BR>Hsbc Equipment Finance (uk) Limited 79
<BR>Hsbc Asset Finance (uk) Limited 81
<BR>
<BR>11. Further Sources 83
<BR>
<BR>Associations 83
<BR>Publications 83
<BR>Directories 84
<BR>Bonnier Information Sources 84
<BR>Government Publications 85

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