The trend over the 2009−13 period can be seen in the combined annual growth rate (CAGR), which is as follows:

• Denmark +5.62%

• Finland +2.59%

• Norway +11.25%

• Sweden +12.16%

Nordic countries, leasing new business volume (€ million)
Note: No data available for Finland for 2014
Source: 2009-2013 Leaseurope; 2014 Asset Finance International

Commenting specifically on the prospects for the leasing market in Norway, Anne-Lise Løfsgaard, managing director of the Association of Norwegian Finance Houses (FINFO) (pictured above), provided an assessment that could reasonably be applied to the Nordic region as a whole. She said: “Continued uncertainty regarding the developments of the Norwegian economy will, most likely, contribute to low growth in companies’ investments the coming year. Looking further ahead, low interest and increased demand will probably result in an increased growth in company investments.”

She continued: “The member companies view the time coming with moderate optimism,” but added: “The uncertainty in the world economy affects the Norwegian economy and industries that traditionally finance assets through leasing. Signals from business and industry imply that the member companies do not expect an increase in the financed volume in 2015.”

In the smaller and less mature markets in the Baltic States, overall growth since 2009 has been spectacular, although new business volumes (NBV) in both Estonia and Lithuania declined in 2013 and, according to the Bank of Estonia, fell a further 4% in Estonia in 2014. Like Finland, these economies are bound to be influenced by Russia’s decline, and all are now members of the eurozone, but these factors have had less effect on the leasing sectors.

The period trend, as shown by the CAGRs, is as follows:

• Estonia: +23.51%

• Latvia: +27.30%

• Lithuania: +28.84%

Baltic States, leasing new business volume (€ million)
Source: National leasing associations

An example of the potential in the Baltic leasing markets can be seen in the results reported by one of the region’s major lessors. UniCredit Leasing generated €7.478 million profit in the Baltic States in 2014, three times more than the year before, and total revenue grew 36.7% last year to €12.53 million. The company's Baltic leasing portfolio expanded by 33% in 2014 to €417.95 million at the year-end.

UniCredit Leasing CEO Jevgenijs Belezjaks commented: “This result was achieved by increasing the company’s market share in Latvia to 21.7% in the car lease segment and 30.5% in the industrial lease segment, as well as a successful business strategy in Lithuania and Estonia.”