IRNAPRIL-MAY 2015
20
ERA/
IRN
RENTALTRACKER
Lower
Same
Higher
Balanceof opinion
Q1-15
+30.5%
45.2%
40.2%
14.6%
Q1-15
+13.4%
35.4%
42.6%
22.0%
FIGURE 3
Europe: Fleet investment
THISYEAR
NEXTYEAR
Q1/13
Q1/13
Q1/14
Q1/14
Q3/13
Q3/13
Q2/13
Q2/13
Q3/14
Q3/14
Q1/15
Q1/15
Q4/14
Q4/14
Q2/14
Q2/14
Q4/13
Q4/13
in the June issue of
IRN
– said: “It’s a pleasure to
have the time to fill in these questionnaires now the
market haspickedup!”
In summary, these are the pan-European headline
numbers from the first quarter of 2015 (all figures
expressed as percentages, some totals may not
equal 100%due to rounding):
■
Business conditions now: better 35.9%, same
47.6%, worse 16.5%, balance 19.4% (Q42014: 8.4)
■
Compared to a year ago: 37.8, 39.8. 22.4, 15.3
(18.8)
■
Full year compared to previous year: 51.5, 35.1,
13.4, 38.1 (37.0)
■
Forecast, year fromnow: 60.2, 31.6, 8.2, 52.0 (29.5)
■
Timeutilisation: 34.6, 44.4, 21.0, 13.6 (21.6)
■
Fleet investment this year: 35.4, 42.7, 22.0, 13.4
(6.4)
■
Fleet investment next year: 45.1, 40.2, 14.6, 30.5
(10.6)
■
Employment intentions: 31.0, 59.8, 9.2, 21.8 (13.9)
If Europe’s rental market in 2014 was the tale
of a north-south divide, this is reflected in the
respondents’ views of current business conditions,
though lessmarkedly that onemight have imagined.
Confidence
By far themost optimisticwere theNordic countries.
Nearly three-quarters of respondents felt that
business conditions were improving and only 9%
believed theyweregettingworse.
The confidence inNordic economieswas borne out
by activity during the quarter that included a €40
million deal for Ramirent as part of a prestigious
construction contract in Stockholm, and the recent
acquisitionof Rent City inKarlstadbyStavdal.
Germany was similar, with more than 90% split
equally between “improving” and “stable”. The UK,
despite a quarter that concluded with the start of
General Election campaigning, was more cautious,
withonly30% saying conditionsweregettingbetter.
In fact, the UK - historically one of the strongest
performers both in terms of rental business and
completing the survey - was one of the countries
with fewer responses this quarter, which gives the
confidence shown elsewhere in Europe greater
significance still.
Further towards the equator, half of Spanish
companies saidbusinesswas gettingbetter, perhaps
an inevitable conclusion given the downturn in
recent years.
However, despite similar conditions, France was
themost pessimisticcountry in the survey, with50%
in the “deteriorating” campandonly6%prepared to
suggest the corner hadbeen turned.
Of Italian respondents, 40% said conditions were
improving. Italy was the only major country where
no one believed business was getting worse - a
distinction shared by multinational companies, who
wereequally split between “improving” and “stable”.
The only country with no respondents who felt
business conditions were improving was Russia,
thoughas in the final quarterof 2014 thiswasa small
sample sizeand shouldbe treatedwith caution.
It was probably not surprising in the light of the
above that theNordiccountrieshad thebestopening
quarter compared to 2014 aswell. Indeed, theNordic
countrieswere theonlygroupwithmore thanhalf of
DoesEurope’snorth-southdivide reallyexist?
TABLE 2
BALANCEOFOPINIONONBUSINESS
CONDITIONS (ENDQ1, 2015)
(previousquarter inbrackets)
Nordic
64%
(51%)
Multinational
50%
(-34%)
Italy
40%
(TBC)
Spain
38%
(20%)
Germany
36%
(-13%)
UK/Ireland
20%
(50%)
All Europe
19%
(8%)
France
-44%
(-62%)
NOTE: Balanceof opinion=proportion seeing
improvement – proportion seeingworsening
conditions.
0
0
20
20
40
40
60
60
80
80
100
100
PERCENTAGEREPORTINGQ1 2015
GROWTHVSQ1 2014
(previousquarter inbrackets)
Multinationals
83%
(8%)
Nordic
64%
(32%)
UK
60%
(77%)
Italy
56%
(29%)
Spain
38%
(40%)
All Europe
38%
(40%)
Germany
30%
(57%)
France
0%
(23%)
PERCENTAGEWHICHWILLEMPLOY
MORE INQ22015
(previousquarter inbrackets)
UK/Ireland
70%
(65%)
Nordic
50%
(20%)
Multinational
46%
(18%)
Germany
44%
(14%)
All Europe
31%
(31%)
Spain
13%
(24%)
France
8%
(23%)
Italy
0%
(14%)
PERCENTAGEWITH INCREASING
UTILISATION INQ1 2015
(previousquarter inbrackets)
Nordic
70%
(51%)
Spain
50%
(50%)
Italy
43%
(14%)
Germany
38%
(83%)
All Europe
35%
(41%)
Multinational
30%
(18%)
UK/Ireland
30%
(81%)
France
0%
(18%)
PERCENTAGEEXPECTTO INCREASE
INVESTMENTBY >10% IN2015
(previousquarter opinion inbrackets)
Nordic
60%
(80%)
Germany
50%
(29%)
Multinational
44%
(
20%)
UK/Ireland
40%
(48%)
Spain
38%
(25%)
All Europe
35%
(31%)
Italy
29%
(14%)
France
0%
(18%)
0
0
20
20
40
40
60
60
80
80
100
100
How countries differ on key
indicators in the survey (all
figures in percentages)
