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 THE ALTA LAR 100 FOR YEAR-­‐END 2013 -­‐ REPORT SUMMARY The Leasing Industry keeps going in Latin America without relying on Brazil The profile of the leasing industry in 2013-­‐2014 is evidence that business models have changed and that the industry has been transformed while it achieved maturity The Alta Group, the leading global consulting firm focused in the equipment leasing and financing industry, in October 2014 released its annual report that ranks the 100 largest equipment leasing companies in Latin America. The report, issued since 2004, is the region’s main and most reliable source of information about the equipment leasing industry. This article highlights important observations about the performance of the equipment leasing and financing industry in Latin America. In general terms, leasing portfolios in the region at the end of 2013 totaled an estimated US$ 67.9 billion, representing a reduction of 1.03% compared with the end of 2012 (US$ 68.2 billion). However, in fairness to the region, the industry grew an average of 16.25% between year-­‐end 2012 and year-­‐end 2013 if one excludes the weight of Brazil in the performance of the leasing industry. Brazil’s reported portfolio value decreased more than 40%, a combination of real deterioration of the leasing industry and a great reduction in transparency due to the Brazilian Central Bank’s relaxation of reporting guidelines. A key feature of the leasing industry shows the increasing participation of operating lessors and renting companies in the rankings. This is a good indication of the industry reaching maturity as it differentiates itself from other equipment financing alternatives, and indicates that business models are focusing ever more on asset/equipment management. Total estimated new business in Latin America in 2013 was valued at US$ 22.2 billion. 1 Country Performances Table 1 shows the general performance of the leasing industry per country: Country Sum of 2013 Portfolio USD(000) Number of companies Sum of 2012 Portfolio USD(000) Change Estimated Volume Colombia $15,341,409.59 339 $14,581,866.91 5.21% $5,620,164.98 Chile $15,246,887.59 19 $12,090,575.89 26.11% $7,186,503.66 Brazil $12,438,601.62 55 $20,840,961.59 -­‐40.32% $(1,455,372.77) Mexico $10,269,470.38 84 $8,304,999.96 23.65% $4,732,803.74 Peru $8,094,368.28 17 $8,786,552.14 -­‐7.88% $2,236,666.86 Argentina $4,237,402.70 47 $1,772,747.57 139.03% $3,055,570.99 Puerto Rico $1,539,665.00 32 $1,407,843.00 9.36% $601,103.00 Costa Rica $424,106.00 5 $364,001.00 16.51% $181,438.67 Venezuela $232,121.85 16 $329,324.71 -­‐29.52% $12,572.04 $69,034.03 3 $51,536.56 33.95% $34,676.32 Bolivia Ecuador Grand Total $56,597.88 10 $61,411.40 -­‐7.84% $15,656.94 $67,949,664.92 627 $68,591,820.74 -­‐0.94% $22,221,784.42 Table 1: Leasing Portfolio per country in thousands of United States Dollars. Sources: Central Banks, Published financial statements and reports from companies While Brazil’s industry has continued its downward spiral, it is worthwhile to compare this with the phenomenal growth of equipment leasing in Argentina. The decline in Brazil is explained by the virtual paralysis of the banks’ business model for leasing, combined with the sluggish state of the economy. Still, the leasing industry enjoys a favorable legal and tax environment in regards to income tax, and uncertainty in regards to a municipal tax. It is the second tax (ISS or tax over services) that became the key deterrent to the growth of the leasing industry, a decision reflective of the poor risk management attitudes of the Brazilian financial system. The leasing industry in Brazil also exhibits lack of motivation to innovate or differentiate their offerings. The dominant players ended up being the banks. Lessors (such as the companies affiliated with Itau, the largest Brazilian bank) consolidated their market presence by acquiring the former auto financing captives of Fiat, Ford, and other companies. But their offerings were no different than massive full payout leases, which are commodities. As a result of this commoditization, motor vehicle financing is being moved from the leasing units of banking groups into their credit arms. The banks are not losing the business. Lessors keep paying the tab. Argentina’s growth, by contrast, is the combination of very enthusiastic leadership in the leasing industry, with a favorable tax environment. Despite the challenging events that led the government of Argentina to default, the private sector, and in particular the leasing 2 industry, showed the importance of investing in capital goods. Gross capital formation grew over 23% year-­‐to-­‐year in Argentina and the leasing industry played an important role in the country. In the current Alta LAR 100 report, Colombia rises up the list to become the country hosting the largest leasing industry in Latin America. What is the main reason for this? Colombia was the only country that has complete information available, which enabled Alta to assemble data for all 339 companies involved in leasing, most of them in the business of operating leases. Despite this methodological warning, the clear conclusion is that the leasing industry in Colombia has emerged as a very innovative and growing market. In fact, the largest leasing company in Latin America is, again, a Colombian lessor, namely Leasing Bancolombia. Chile jumped to the second position due to phenomenal growth in the housing leasing market and impressive gains by individual companies such as Tanner. However, recent shifts in economic policy in Chile, including a recently enacted tax reform, lead Alta to be cautious about the Chilean leasing industry’s potential for future growth. Mexico is experiencing interesting changes. Despite financial and tax reforms recently enacted that were expected to slow down the leasing industry, the country showed a 23.65% year-­‐to-­‐year growth reflective of a stronger investment in capital goods and new foreign investment coming into the industry. This is overshadowing the slow market exit of a number of players that cannot cope with new regulatory requirements and changes in tax rules. Leasing portfolio values in Peru, Venezuela, and Ecuador decreased. Venezuela’s situation is the result of a very distressed economy. Peru’s decline was led by the reduction of mining sector output and investments, and a generalized slow down of the economy. Ecuador seems unconcerned about innovation in the leasing business since finance leases lost their tax advantage. Here, the absent elements that are needed for growth are innovation and leadership. Bolivia, with only three leasing companies, showed important growth. This is a good indication about the quality of Bolivian leaders in the leasing industry. Countries in Central America and the Caribbean are still reluctant to produce meaningful statistics about their size, volume, and performance. Again, there are a few exceptions, notably Costa Rica, and these exceptions are becoming leaders in the sub region. Figure 1 shows the calculation of new originations (under the column of “Volume”). These calculations are based upon experienced observation of equipment leasing companies’ portfolios, and in some limited cases, by direct reports from the companies. Therefore, as an estimate, it must be taken as an approximation but not as a representation of total accuracy. 3 Figure 1: How new volume was originated in the region Multinational Groups active in the leasing industry in Latin America Table 2 shows the main multinational groups active in Latin America. Economic Portfolio US$ (000) Conglomerate 2013 Itau $7,365,990.09 Bancolombia $5,512,411.37 BBVA $5,455,255.14 Santander $4,118,646.93 GrupoAval $3,689,414.31 Salfacorp $3,221,126.31 Credicorp $3,073,369.00 Citibank $2,658,229.32 Bradesco $2,390,299.33 Davivienda $2,264,992.98 Scotiabank $2,093,370.46 Caterpillar $1,314,399.20 IBM $962,005.85 4 Grupo Safra Hewlett Packard CIT Group $476,374.76 $468,311.74 $327,021.30 CSI Leasing $310,952.59 Volkswagen $209,714.25 Table 2: Leasing Portfolio by Group Some of these groups are underestimated due to the fact that their data was not available in full. GE Capital, IBM Global Financing, and Caterpillar Financial are the most remarkable examples of this. CSI did not supply data for many of the countries where it operates, in particular those in Central America. The aforementioned notwithstanding, it is clear that the “multilatinas” are still leading the industry, which means that the most active multinational groups are from within the region, namely Itau, Bancolombia, and GrupoAval. In the case of Itau, the reduction of its size in Brazil was offset by the growth induced by the acquisition of Corpbanca, which led to consolidation of both groups. The European groups show a mixed performance: Santander grew as well as BBVA but HSBC declined in the region. Canadian Scotiabank is showing consistent progress. The presence of multinationals with U.S. headquarters has declined dramatically. Perhaps the most outstanding downfall is the exit of CIT Group from the markets in Colombia, Chile, and Argentina, followed by its announced exit from Mexico and Brazil. Another interesting feature is that four of the Alta LAR 100 are government owned. These are: Banco del Estado (Chile), Leasing Bancoldex (Colombia), Banco Nacion (Argentina), and Banco Provincia (Buenos Aires Province). Additionally, an emerging development to note is the increased investment by Chinese companies through the acquisition of two banks that are part of the Alta LAR 100 ranking. These banks are the Industrial and Commercial Bank of China of Argentina (f.k.a. Standard Bank), ranked No.64, and the China Construction Bank, which acquired the Brazilian banking group BicBanco, whereby the leasing company is ranked as No.74. The Alta LAR 100 list corresponding to the closing of 2013 Table 3 lists the Alta LAR 100 ranking of the largest leasing companies in Latin America, corresponding to the year-­‐end of 2013. A large number of operating leasing and renting companies are now populating the list, evidence of the move of the Latin American market away from the pure full payout 5 business model to an asset based financing business model. Some other observations are highlighted in the full report that will be available for sale at www.thealtaconferencias.com. RANK 2012 RANK 2013 Company COUNTRY 2013 Portfolio USD(000) Chg % 13/12 5,187,600.75 2013 PortafolioUSD(
000) 5,011,259.00 1 1 Leasing Bancolombia Cfc Colombia 16 2 Banco Itaucard S/A Arrendamento Mercantil Brazil 3,611,956.39 1,281,039.46 182.0% 26 3 3 4 Leasing Inmobiliario Columbus (Unidad Leasing Habitacional) Chile 3,221,126.31 675,178 377.1% Banco Credito del Peru Peru 3,073,369.00 3,468,106.77 -­‐11.4% 5 5 Banco Santander Chile Chile 2,566,133.96 2,677,571 -­‐4.2% 6 6 Banco Occidente (Leasing Portfolio) Colombia 2,499,751.62 2,609,979.88 -­‐4.2% 7 7 Banco de Chile Chile 2,299,852.32 2,326,541 -­‐1.1% 4 8 Bradesco Leasing S/A Arrendamento Mercantil Brazil 2,229,157.12 3,077,718.93 -­‐27.6% 24 9 Corpbanca Chile 2,130,574.41 715,006 198.0% 13 10 Davivienda (Leasing Portfolio) Colombia 1,930,961.80 1,410,058.17 36.9% 9 11 BBVA -­‐Banco Continental Peru 1,499,029.29 1,795,570.95 2.2% 12 12 Scotiabank Peru 1,418,017.35 1,454,514.68 12.9% 17 13 Popular Auto Puerto Rico 1,400,003.00 1,257,055.00 11.4% 11 14 BCI -­‐ Credito e Inversiones Chile 1,385,367.18 1,468,495 -­‐5.7% 10 15 Helm Leasing S.A. Merged Into Helm Bank Colombia 1,350,296.99 1,478,194.41 -­‐8.7% 14 16 Caterpillar Mexico Mexico 1,314,399.20 1,343,226.70 -­‐2.1% 8 17 Brazil 1,177,486.75 2,017,332.89 -­‐41.6% 49 18 Santander Brasil Arrendamento Mercantil, merging Santander Leasing BBVA -­‐ Bancomer Mexico 1,176,445.10 291,431.12 303.7% 22 19 Banco IBM S/A Arrendamento Mercantil Brazil 962,005.85 760,466.37 26.5% 29 20 BBVA Leasing Cfc Merged Into Bbva Bank Colombia Colombia 814,167.19 650,110.70 25.2% 25 21 Banco del Estado Chile 776,503.17 689,924 12.5% 19 22 Interbank Peru 767,957.28 835,324.22 15.2% 23 23 Banco de Bogota (Leasing Portfolio) Colombia 760,210.10 743,372.58 2.3% 20 24 BBVA Chile Chile 760,153.69 820,061 -­‐7.3% 27 25 Banorte Mexico 730,213.16 667,185.76 9.4% 43 26 Unifin Mexico 676,382.29 392,183.62 72.5% 32 27 Navistar Mexico 668,103.93 546,913.30 22.2% 57 28 BBVA Banco Frances Argentina 634,191.39 225,942.04 180.7% 36 29 Inbursa Mexico 620,366.90 474,349.89 30.8% 21 30 Cia. de Arrendamento Mercantil RCI, f.k.a. Renault do BRAZIL Brazil 586,319.24 763,692.31 -­‐23.2% 47 31 Facileasing -­‐ BBVA Leasing Mexico 571,268.47 353,881.44 61.4% 42 33 Banregio Mexico 500,875.42 397,797.64 25.9% 35 34 Banco Security Chile 493,961.41 478,185 3.3% 38 35 Banco Bice Chile 477,849.57 463,414 3.1% 40 36 Paccar Arrendadora Mexico 469,197.65 414,434.75 13.2% 31 37 HP Financial Services Arrendamento Merc. S/A Brazil 468,311.74 604,107.12 -­‐22.5% 3.5% 6 41 38 Banco Interamericano de Finanzas Peru 448,036.01 403,974.34 16.3% 68 39 Banco de Galicia y Buenos Aires Argentina 434,421.49 173,959.46 149.7% 28 40 HSBC Bank BRAZIL S/A Arrendamento Mercantil Brazil 410,849.25 659,874.33 -­‐37.7% 39 41 ScotiabankSudamericano Chile 405,503.13 433,634 -­‐6.5% 18 42 BV Leasing Arrendamento Mercantil S/A Brazil 401,279.16 897,152.88 -­‐55.3% 46 43 Leasing Bolivar S.A. Colombia 334,031.18 363,523.03 -­‐8.1% 44 44 Safra Leasing S/A Arrendamento Mercantil Brazil 333,318.58 382,650.77 -­‐12.9% 83 45 Banco Patagonia S.A. Argentina 328,266.42 129,560.63 153.4% 50 46 Renting Colombia S.A. Colombia 324,810.62 260,478.09 24.7% 85 47 Banco de la Nacion Argentina Argentina 323,500.47 124,079.73 160.7% 74 48 Banco COMAFI Argentina 319,775.12 152,188.73 110.1% 422 49 Internacional Azteca Mexico 306,188.53 0.0% 86 50 Banco Supervielle Argentina 291,669.22 120,952.83 141.1% 48 51 Leasing Corficolombiana Colombia 289,420.17 336,590.35 -­‐14.0% 92 52 HSBC Bank Argentina S.A. Argentina 281,371.78 112,401.60 150.3% 60 53 Red MultibancaColpatria (Leasing Portfolio) Colombia 269,849.98 214,371.35 25.9% 52 54 SKC Rental Chile 267,000.00 243,000 0.0% 51 55 Santander Peru Peru 237,875.72 256,940.67 19.4% 61 56 CHG Meridian Mexico Mexico 231,970.83 198,473.76 16.9% 70 57 Financiera Bepensa Mexico 230,974.49 167,285.00 38.1% 45 58 BB Leasing S/A Arrendamento Mercantil Brazil 223,587.57 368,047.65 -­‐39.3% 56 59 SGEF S.A. A.M. Brazil 223,524.89 232,029.44 -­‐3.7% 88 60 Banco Credicoop Argentina 223,017.82 115,244.82 93.5% 62 61 CSI Leasing de Mexico Mexico 220,470.64 197,800.51 11.5% 100 62 Banco Financiero Peru 205,689.59 96,319.40 19.2% 58 63 Brazil 204,690.00 217,746.69 -­‐6.0% 104 64 Argentina 189,755.71 88,096.59 115.4% 34 65 Banco Comercial I Trust do BRAZIL S.A -­‐ Banco Mult. (antes CIT BRAZIL Arrendamento Mercantil) INDUSTRIAL AND COMMERCIAL BANK OF CHINA (Antes Standard Bank) ITAUBBA Leasing S/A Brazil 188,462.66 499,773.19 -­‐62.3% 69 66 VePor Mas Mexico 178,227.84 170,955.74 4.3% 422 67 ATC SitiosInfraco S A S Colombia 175,956.22 0.0% 106 68 Banco de la Provincia de Buenos Aires (incl. Provincia Leasing) Argentina 172,309.70 86,527.33 99.1% 73 69 John Deere Credit Mexico 166,573.38 153,083.04 8.8% 33 70 Brazil 161,142.21 503,774.09 -­‐68.0% 422 71 Banco Bradesco Financiamentos (f.k.a. Finasa S/A) -­‐ Carteira Arrendamento Mer. Actinver Mexico 152,499.52 0.0% 77 72 Leasing Bancoldex S.A. Colombia 150,276.72 148,941.72 0.9% 90 73 Tanner Chile 144,365.88 113,910 26.7% 65 74 BIC Arrendamento Mercantil S/A Brazil 143,573.43 187,059.76 -­‐23.2% 71 75 Banco Safra S/A Carteira Arrendamento Mercantil Brazil 143,056.19 164,228.95 -­‐12.9% 115 76 Banco Macro (+Suquia) Argentina 141,117.71 65,437.54 115.7% 113 77 Value Mexico 140,716.16 75,648.55 86.0% 67 78 Banco Popular (Leasing Portfolio) Colombia 140,032.42 184,794.42 -­‐24.2% 129 79 Banco Santander Rio Argentina 137,150.49 41,641.30 229.4% 7 64 80 Banco Finandina (Leasing Portfolio) Colombia 133,249.79 191,704.49 -­‐30.5% 81 81 Water Capital Mexico 131,309.34 133,263.72 -­‐1.5% 148 82 Citibank NA Argentina 129,741.87 25,728.36 404.3% 72 83 Alfa Arrendamento Mercantil S/A Brazil 127,788.62 162,491.22 -­‐21.4% 78 84 Citibank Peru 127,418.72 147,423.13 26.3% 103 85 The Capita Corporation de Mexico Mexico 122,331.29 92,200.42 32.7% 84 86 De Lage Landen (Mexico) Mexico 120,754.66 124,155.06 -­‐2.7% 55 87 Brazil 117,922.53 236,002.56 -­‐50.0% 119 88 Banco Volkswagen (f.k.a. Volkswagen Leasing S/A Arrendamento Mercantil Toyota C.F. de Argentina Argentina 117,452.43 61,421.71 91.2% 123 32 NR Finance Mexico 544,373.97 51,022.39 25.0% 80 89 Brazil 115,043.14 135,375.44 -­‐15.0% 110 90 Mercedes-­‐Benz Leasing antes DaimlerChrysler Leasing Arrendamento Mer. S/A Docuformas Mexico 110,367.51 83,989.70 31.4% 111 91 Financiera Bajio Mexico 105,458.34 78,200.76 34.9% 93 92 ArrendadoraBanamex Mexico 101,216.41 112,353.95 -­‐9.9% 102 93 Corp.Fin.Atlas Mexico 95,972.61 92,825.05 3.4% 96 94 Leaseplan Arrendamento Mercantil S/A Brazil 93,581.76 109,105.32 -­‐14.2% 99 95 ServiciosFinancierosProgreso Chile 91,791.72 97,240 -­‐5.6% 422 96 CSI Latina Arrendamento Mercantil Brazil 90,481.94 0.00 0.0% 89 97 Rabobank Chile Chile 89,144.57 114,646 -­‐22.2% 2 98 Banco Itauleasing Brazil 84,699.63 4,681,966.05 -­‐98.2% 101 99 ATC Sitios De Colombia S.A.S Colombia 84,026.82 95,005.53 -­‐11.6% 137 100 CGM Leasing 83,832.16 37,352.76 124.4% Argentina © The Alta Group Latin American Region, LLC For More Information More information on the Latin American leasing industry is available in The Alta LAR 100 database. To purchase additional information, or make other inquiries, contact: Katrin Förster 954 632 0922 954 370 0493 FAX kforster@thealtagroup.com 8