Management Report Appendices Governance
Consolidated Financial Company Financial
increase in the portfolio and due to higher restructuring costs.
Depreciation remained almost stable at EUR 27 (2017:28) million.
Impairment Charges on Financial Assets Remained
Impairment charges on financial assets for the Leasing segment
remained stable at EUR 105 (2017:106) million in 2018,
corresponding with 34 (2017:36) basis points of the average loan
portfolio, well below the long-term average of 58 basis points. As
DLL's lease portfolio is spread over more than 30 countries and 8
industries, the associated credit risk is geographically diverse and
well balanced across all industry sectors. In 2018, there were no
new significant individual default cases.
Income Tax Increased by EUR 165 Million
Income tax in the Leasing segment increased from minus
EUR 66 million to EUR 99 million. The 2017 results were heavily
impacted by tax reform in the United States, which resulted in a
significant one-off tax benefit.
Lease Portfolio Increased by 9%
The lease portfolio increased to EUR 33.5 (2017: 30.8) billion. DLL
supports manufacturers, distributors, and end-user clients within
the Lood Agri sector, both internationally and domestically. In
2018, DLL's Lood Agri share of the portfolio increased to
EUR 12.8 (2017:11.8) billion; representing 38% (2017: 38%) of the
DLL portfolio. The growth of the Lood Agri portfolio was most
notable in Europe and Australia.
Annual Report 2018 - Appendices