due to a more stringent acceptance policy. Athlon Car Lease saw a rise in the number of car lease
contracts but its second-hand car sales were slow. Good risk management is traditionally one of
De Lage Landen's spearheads and this pays off when economic conditions get worse. Where possible,
De Lage Landen will tighten its risk management even further.
Customer-focused organisation
Clients are satisfied with De Lage Landen's services. The desired high customer satisfaction was
recognised in 2008 when Leasing Life Asset Finance, the leading international magazine for asset
finance, presented De Lage Landen with the 'Vendor Lessor of the Year Award'. According to a survey
by Incompany, De Lage Landen was the most customer-focused business finance provider in the
Netherlands. Clients rated De Lage Landen with a score of 7.2 (6.8), with particularly high scores for
the items knowledge, service and result. A survey by Fleliview showed a slight decline in the general
satisfaction among car lease clients with Athlon Car Lease, with a score of 7.2 (7.5).
Stronger position in Europe; further development of Athlon Car Lease
In its expansion abroad, De Lage Landen follows its internationally operating clients - and it also follows
Rabobank. The position in Europe was expanded further, particularly in the Central and Eastern European
region. In Flungary, Siemens Leasing and Siemens Finance were acquired in 2008.The Budapest branch
has since been operating as the regional head office for Central and Eastern Europe. From there, both
the car leasing activities and the vendor-finance activities in the region will be developed further.
The year 2008 also saw the start of the sale of vendor-finance products in Portugal. In addition, the
activities in Russia were boosted by the expansion of the joint venture, named Cargobull Finance, with
trailer manufacturer Schmitz Cargobull.
In the Netherlands, the integration of Athlon Car Lease and Translease was finalised. Their merged
activities will continue under the Athlon Car Lease brand, which is the second player in the Dutch car
lease market. Since 2008, Athlon Car Lease also operates in Portugal.
Increased collaboration between De Lage Landen and Rabobank International
The collaboration with Rabobank International was strengthened further. The collaboration agreement
with the Polish Bank BGZ, which had been signed in 2007, resulted in positive developments in 2008.
Together with this bank, De Lage Landen set up lease company BGZ Leasing, which serves clients of
Bank BGZ and the Dutch clients of Rabobank. In the United States, De Lage Landen and Rabobank
International collaborate in transaction structuring. In Belgium, the UK and Germany, De Lage Landen
offers lease and factoring products to Dutch clients of local Rabobanks, while Rabobank International
takes care of the payment transactions involved. In combination with the specific financing solutions
offered by Vendor Finance to food agri clients, the collaboration with Rabobank International
contributed to the increase in the portfolio share of food agri.
Specialist in consumer credits and factoring
De Lage Landen is the specialist in consumer credits and factoring products within Rabobank Group.
In the Netherlands, Consumer Finance grants consumer credits through the local Rabobanks and through
the Freo label, an Internet solution that enables clients to take out loans online. De Lage Landen works
closely with the local Rabobanks in the sale of personal loans, continuous credit and student loans.
In addition, De Lage Landen supports Rabobank Group with its Factoring unit. Using this unit's
expertise, Rabobank offers factoring products related to working-capital financing to the small and
medium-sized enterprises sector and the corporate market. With its expertise, De Lage Landen supports
the local Rabobanks in business acquisitions and in financing fast-growing enterprises or trading
companies with seasonal peaks by advance financing of their debtor portfolios. Factoring showed
strong growth, with an increased number of clients and a broader range of products and services.
Increase in food agri contributes to loan portfolio growth
De Lage Landen's loan portfolio increased by 13% in 2008, to EUR 23.3 (20.7) billion. Around 2 percentage
points of growth was due to the appreciation of the US dollar. The 16% growth of the food agri
portfolio increased the food agri share of the total loan portfolio by 1% percentage point, to 20%.
The number of lease cars in the portfolio increased by 6% to 211,000 (199,000"). The car lease portfolio
increased by 6%, to EUR 2.8 (2.7) billion. The consumer loan portfolio was stable, at EUR 0.9 (0.9) billion.
11) The number of lease contracts at year-end 2007 has been restated.These numbers no longer include fuel contracts.
46
Rabobank Group Annual Report 2008
