News and Press Releases

25 April 2012

OJSC VTB Leasing Announces 2011 Results

OJSC VTB Leasing announced its unaudited IFRS financial results as of December 31, 2011


• Revenue from core operations was 11.9 bn rubles;

• 2011 annual net income (under IFRS) was 1.8 bn rubles;

• Net interest income was 3.1 bn rubles;

• Company’s capital was 10.5 bn rubles;

• Assets at year-end 2011 were 177.9 bn rubles.

Net investment in leasing as of December 31, 2011 was 129.9 bn rubles. This is 62% more than on December 31, 2010. Consolidated leasing portfolio (amount of clients’ liabilities under leasing agreements less leasing payments already received) including transactions entered into by OJSC VTB Leasing, its subsidiaries and LC TCL (Leasing company TransCreditLeasing) as of year-end 2011 was 326.8 bn rubles. New business volume in 2011 was 212.9 bn rubles; amount of leasing payments received was 114.7 bn rubles.

In the consolidated leasing portfolio structure of VTB Leasing and LC TCL (at year-end 2011) the following key sectors were mentioned:

• railroad transportation equipment (rolling stock) – with share in total portfolio of 66.4% (216.9 bn rubles)

• aircraft and aviation equipment – 17.9% (58.6 bn rubles);

• Oil production and oil refining equipment, machine-building equipment and equipment for power generation sector – 7.4% (24.4 bn rubles);

• Motor vehicles and road construction equipment – 4.2% (13.7 bn rubles)

• Real estate – 2.4% (7.8 bn rubles).

In 2011 VTB Leasing signed a loan agreement with UniCredit to finance acquisition of Italian-manufactured machinery and equipment for subsequent leasing out to its customers. The amount of the loan facility is €50 mn; the facility is guaranteed by SACE, Italian export credit agency. The structure of this transaction is unique across all CIS countries; the transaction was made possible by high evaluation of financial stability of VTB Leasing (and Group VTB as a whole) by the Italian partners.

In 2011 a decision was made (within the framework of the project to integrate businesses of Group VTB and OJSC TransCreditBank, TCB) to jointly present financial statements of OJSC VTB Leasing and Group of leasing companies TransCreditLeasing to ratings agencies. The companies are presently working on methods of interaction and application of common approaches to financing their clients. According to the adopted plan, full integration of TCB into Group VTB will be completed by year-end 2013.

Mr. A. Yu. Konoplev, General Director of OJSC VTB Leasing, said the following:

“Summing up the results of our operations in 2011 we should note that our company continued its active development; we retain our leadership position in the Russian leasing services market. In the near-term future we expect to see powerful synergies arising from our interaction with TCL Group of leasing companies within the framework of Group VTB. This cooperation allows us to increase the quality and expand the range of services we offer, to expand significantly our customer base and to strengthen the company’s positions in the domestic leasing market”.

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