Cash and Bank Deposits | Debtors | Loans | Tangible Fixed Assets | Other | Tangible Fixed Assets and Other | Total Assets | |
2009 | 0.521260406 | 1.810253813 | 4.360013439 | 31.474788536 | 5.042446977 | 43.209 | |
2010 | 0.290300857 | 1.403776905 | 6.73299052 | 35.620966034 | 4.034854145 | 48.083 | |
2011 | 0.44596146 | 3.242219566 | 7.073155709 | 38.726228201 | 6.393774146 | 55.881 | |
2012 | 1.445073384 | 3.208774132 | 8.81606167 | 43.979820557 | 8.36180467899099 | 65.811534421991 | |
2013 | 1.89895405 | 3.846613071 | 8.765372675 | 47.072671572 | 6.46395757 | 68.047568938 | |
2014 | 3.192711184 | 17.01339328 | 8.559940827 | 77.479895481 | 10.861905446 | 117.107846218 | |
2015 | 4.691374376 | 18.943132218 | 5.563286568 | 99.36956554 | 128.567358702 | ||
2016 | 4.582858421 | 7.15223379 | 14.387269513 | 108.843477518 | 134.965839242 | ||
2017 | 4.862130747 | 7.302876638 | 9.605538846 | 116.918 | 138.68878052 | ||
2018 | 4.22476991 | 6.791322343 | 10.067771446 | 118.967 | 140.051189529 |
Please note: Tangible Fixed Assets have been suppressed from 2015 to 2018 due to confidentiality.
The balance sheet grew by almost 225% between the end of 2009 and the end of 2018. This reflects an annual growth rate of 14%. The largest increase came in 2014, due to new entrants when assets increased by 72%. The industry experienced its lowest growth in 2018, with growth of just 1%. The combined total of tangible fixed assets and other assets grew by 226% over the period, in line with the overall balance sheet, growing by 65% in 2014. In comparison, debtors grew by 342% in 2014, rising from €3.8bn to €17.0bn, the largest recorded rise of any asset class.
Table 3.1 Assets | € billion | |||||
Cash and Bank Deposits | Debtors | Loans | Tangible Fixed Assets | Other | Total Assets | |
2009 | 0.5 | 1.8 | 4.4 | 31.5 | 5.0 | 43.2 |
2010 | 0.3 | 1.4 | 6.7 | 35.6 | 4.0 | 48.1 |
2011 | 0.4 | 3.2 | 7.1 | 38.7 | 6.4 | 55.9 |
2012 | 1.4 | 3.2 | 8.8 | 44.0 | 8.4 | 65.8 |
2013 | 1.9 | 3.8 | 8.8 | 47.1 | 6.5 | 68.0 |
2014 | 3.2 | 17.0 | 8.6 | 77.5 | 10.9 | 117.1 |
2015 | 4.7 | 18.9 | 5.6 | * | * | 128.6 |
2016 | 4.6 | 7.2 | 14.4 | * | * | 135.0 |
2017 | 4.9 | 7.3 | 9.6 | * | * | 138.7 |
2018 | 4.2 | 6.8 | 10.1 | * | * | 140.1 |
*Suppressed for confidentiality reasons. |
Bonds and Notes | Creditors | Equity Investments | Loans | Other | |
2009 | 5.10836679601746 | 3.52500220141713 | 34.706750285017 | 41.5113119778325 | 15.1485687397159 |
2010 | 8.49744563777813 | 2.68888720983171 | 35.3284040942092 | 41.3682858979389 | 12.116977160242 |
2011 | 6.4230785598711 | 2.59076724677397 | 30.5333099351889 | 42.5480740320766 | 17.9047702260894 |
2012 | 5.329643619957 | 2.67139540853168 | 27.7793837421303 | 47.3721892167442 | 16.8473880126369 |
2013 | 5.12749275020602 | 2.7488584714101 | 27.5732332079115 | 50.6519348426685 | 13.8984807278039 |
2014 | 3.0417268187419 | 4.06869118294787 | 23.5530587244562 | 61.3534841017229 | 7.98303917213116 |
2015 | 3.08449214665645 | 9.00250593129899 | 25.8142653466894 | 53.6727728872751 | 8.42596368808005 |
2016 | 4.49221692926137 | 5.57610616079024 | 23.2034070003213 | 60.0064253420918 | 6.72184456753528 |
2017 | 1.33752101768752 | 3.99498052028455 | 24.293070652345 | 63.5922581466694 | 6.78216966301351 |
2018 | 1.43075039194411 | 3.65059859223595 | 21.8571910932757 | 64.1875031360148 | 8.87395678652947 |
In 2009, the industry was financed primarily through loans (41.5%) and equity (34.7%). The new entrants to the market in 2014 raised the proportion of loan-financing from 50.7% to 61.4%. It fell by almost 8% to 53.7% the following year but rebounded to 60% in 2016 and continued to grow.
Equity funding has fallen to less than 22% in 2018 while loans have increased to over 64%. Bonds, notes and other funding have fallen from a combined 20% to 10% during the period. Equity funding fell to its lowest level, 21.9%, in 2018.
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