Financial results of leasing
Results
Notes to financial results of leasing
in millions of euros
2013
2012
Change
Interest
973
952
2%
Commission
52
63
-17%
Other results
545
442
23%
Total income
1,570
1,457
8%
Staff costs
517
526
-2%
Other administrative expenses
198
223
-11%
Depreciation
49
47
4%
Operating expenses
764
796
-4%
Gross result
806
661
22%
Value adjustments
170
147
16%
Bank tax expense
9
9
Operating profit before taxation
627
505
24%
Taxation
205
138
49%
Net profit
422
367
15%
Bad debt costs (in basis points)
59
53
11%
Ratios
Efficiency ratio
48.7%
54.6%
RAROC
30.6%
27.6%
Balance sheet (in billions of euros)
31-Dec-13
31-Dec-12
Lease portfolio
30.2
29.6
2%
Capital requirements (in billions of euros)
Regulatory capital
1.3
1.3
Economic capital
1.4
1.3
8%
Number of employees (in FTEs)
5,117
5,117
Income up 8%
Total income from the leasing segment rose 8% to EUR 1,570 (1,457) million in 2013. Growth of
the average lease portfolio contributed to the 2% increase in interest income to EUR 973 (952)
million. Commission income fell by EUR 11 million to EUR 52 (63) million, due to a change in
presentation of amounts received. Residual value gains on sales of leased products rose in
comparison to 2012.This contributed to the 23% rise in other income to EUR 545 (442) million.
Operating expenses down 4%
De Lage Landen's total operating expenses fell by EUR 32 million to EUR 764 (796) million in the
reporting year. The staff complement remained unchanged at 5,117 (5,117) FTE. Due in part to
the depreciation of several foreign currencies, staff costs fell by EUR 9 million to EUR 517 (526)
million. The Action project was launched in 2012, with the aim of reducing costs and increasing
organisational efficiency. The effects of this were visible in 2013, in the form of the 11% decline
in other administrative expenses to EUR 198 (223) million. Depreciation and amortisation charges
rose to EUR 49 (47) million, mainly due to higher depreciation of inventory.
Our specialised subsidiaries
