_STRONG COMPANY STRONG RUSSIA

Transcription

URALSIB Leasing
24 Timura Frunze St.
Moscow 119021
Tel.: 7 (495) 785 12 12
_STRONG
COMPANY
STRONG
RUSSIA
annual
report
2008
_STRONG
COMPANY
STRONG
RUSSIA
annual
report
2008
annual report 2008
”
Leasing is an advanced investment tool
to encourage the upgrade of Russia’s real
economy sector
strong company — strong russia
_Contents
_Facts and figures
04
_Key Financing Indicators
06
_Rankings
08
_Statement by the Chair of the Board of Directors
10
_Statement by the Chair of the Executive Board
12
_Strategy 2009
14
_URALSIB Leasing and Russia’s Lease Market
16
_Company Profile
Ownership and Shareholders
Mission and Corporate Values
Personnel Policy and Corporate Culture
Regional Network
Customer Base
History
28
28
30
31
32
34
36
_Corporate Governance
38
_Borrowings and Liquidity Management
44
_Risk Management
46
_Management’s Discussion and Analysis
50
_Auditor’s Report
54
_Financial Statements
55
_Regional Coverage
60
_Contacts
62
annual report 2008
3
annual report 2008
-st
_Facts
and figures
1 RANKED
_URALSIB LEASING SALES VOLUME, RUB M
AMONG RUSSIA’S LARGEST LEASING
COMPANIES (EXPERT RA, ROSLEASING)
2006
2007
2008
New business volumes
15,903
34,125
46,645
Lease portfolio
18,446
36,042
57,755
2006
2007
2008
157
359
407
29
66
72
New lease agreements
3,789
5,424
6,189
Customer base
2,613
4,089
5,571
А+
_OPERATING INDICATORS
Employees
Branches/Rep offices
_RATINGS
Fitch Ratings
February
2009
B+
Foreign and national currency IDR at B+
and short-term foreign currency IDR at B
Expert RA /
risk management
October
2008
A.rm
Best risk management
Expert RA /
financial stability
January
2009
A+
High financial stability
HIGH FINANCIAL STABILITY
(EXPERT RA)
A.rm
HIGH RISK MANAGEMENT
LEVEL (EXPERT RA)
4
strong company – strong russia
B+
FITCH RATINGS AFFIRMED URALSIB
LEASING’S CREDIT RATING AT ‘B+’
URALSIB Leasing New Business in 2006–2008.
RUB M
50,000
72
46,645
40,000
34,125
30,000
20,000
15,903
10,000
2006
2007
2008
IN 2008, URALSIB LEASING ESTABLISHED
6 NEW OFFICES IN RUSSIA TO EXPAND IT'S
REGIONAL NETWORK UP TO 72 OFFICES
А+
URALSIB Leasing Lease Portfolio in 2006–2008.
RUB M
60,000
57,755
40,000
36,042
20,000
RELIABILITY OF SERIES 03, 04,
AND 05 BONDS OF URALSIB LEASING
RATED AT A+ (EXPERT RA)
annual report 2008
18,446
2006
2007
5
2008
annual report 2008
_Key Financing
Indicators
1.33
URALSIB Leasing Assets, Breakdown by Currency
(IFRS as at 31 December 2008), %
BN
IN 2006–2008, URALSIB LEASING’S
EXTERNAL BORROWINGS (LESS FINANCING
PROVIDED BY URALSIB FINANCIAL
CORPORATION) TOTALLED USD 1.33 BILLION
58
19
RUR
USD
18.83
BN
EUR
24
IN 2008, URALSIB LEASING REPAID RUB
18.83 BILLION OF LOANS (INCLUDING
INTEREST AND COUPON)
URALSIB Leasing Liabilities, Breakdown by Currency
(IFRS as at 31 December 2008), %
BEST DEAL 2008
44
23
RUR
USD
EUR
33
THE LOAN AGREEMENT BETWEEN BANK
URALSIB, URALSIB LEASING, AND CREDIT
SUISSE TO FINANCE SUPPLIES OF LIFTING
EQUIPMENT PRODUCED BY KONECRANES
(FINLAND) IS NAMED THE DEAL OF THE YEAR
BY EUROMONEY’S TRADE FINANCE MAGAZINE
6
600
M
IN 2008, THE ACTUAL EXTERNAL
BORROWINGS EXCLUDING OPENED
BUT UNDRAWN CREDIT LINES REACHED
USD 600 M
Average Cost of URALSIB Leasing Funding,
2007–2008, %
10
10.8
BN
9.4
9.1
8.7
8.4
8
6
4
2
FROM JANUARY 01, 2009 TO MAY 01,
2009 URALSIB LEASING REDEEMED
(INCLUDING EARLY REDEMPTION)
RUB 10.8 BILLION IN DEBT (EXCLUDING
INTEREST AND COUPON PAYMENTS), CLN
OF RUB 2.5 BILLION INCLUDED
ST
1
Q1 2007
2007
Q1 2008
2008
Breakdown of URALSIB Leasing External Funding
by Source, 2006–2008
750
204
214
500
92
182
132
250
132
207
120
URALSIB LEASING IS THE ONLY RUSSIAN
LEASING COMPANY WHOSE BONDS ARE
INCLUDED IN MICEX A1 QUOTATION LIST
AND THE LOMBARD LIST OF THE BANK
OF RUSSIA
annual report 2008
2006
2007
Bonds
Foreign loans
Trade and export
finance
Domestic loans
7
2008
annual report 2008
_Rankings
_Regions
Top 5 Russian Leasing Companies in 2008,
RUB M, NET OF VAT RosLeasing
45,000
39,529
38,077
30,000
st
27,080
20,536
19,091
1 RANKED
15,000
URALSIB
Leasing
Ilyushin
Finance
RosAgroLeasing
GazTechLeasing
Europlan
BY NEW BUSINESS VOLUME IN THE VOLGA,
SIBERIAN, AND URALS FEDERAL DISTRICTS
nd
2 RANKED
Top-5 Russian Leasing Companies in 2008,
RUB M EXPERT RA
50,000
46,645
38,077
36,472
37,500
BY NEW BUSINESS VOLUME IN MOSCOW
AND ST. PETERSBURG
24,232
25,000
22,578
nd
12,500
URALSIB
Leasing
Ilyushin
Finance
VTB
Leasing
GazTechLeasing
Europlan
2 RANKED
BY NEW BUSINESS VOLUME IN THE SOUTHERN
FEDERAL DISTRICT
8
_Segments
th
st
1 RANKED
IN AGRICULTURAL, REAL ESTATE,
AND CONSTRUCTION EQUIPMENT SEGMENTS
nd
2 RANKED
4 RANKED
IN TRUCK SEGMENT
th
5 RANKED
IN ROAD CONSTRUCTION, RAIL
AND ROLLING STOCK, AND AIRCRAFT
SEGMENTS
IN BUSES AND MICRO
BUSES SEGMENT
rd
3 RANKED
IN PASSENGER CAR SEGMENT
annual report 2008
9
annual report 2008
_Statement by the Chair of the Board of Directors
Today Russia’s economy will have to go through
the new challenges of time resulting from structural
changes both in the national and global economies.
In these adverse conditions URALSIB Leasing’s strives to
strengthen and support Russian enterprises, forming
the basis to capture business opportunities, and promote smooth cooperation of public and private sectors.
Over the recent years, Russia’s lease market has been
growing rapidly to become the 5th largest among European countries by early last year and enter the global Top10 largest national lease markets.
Starting September 2008, the Russian lease market has
come to a standstill with only few transactions concluded. Unlike expert forecasts, lease market saw no uptrend later on. The crisis affected most leasing operators
and identified their weaknesses, including asset and liability management, risk management, bad asset management.
We have to acknowledge that 2008 was a difficult year for
URALSIB Leasing. We had to reconsider risks in certain
segments and cease funding of some industries. New
business plans were adjusted to reflect the declining
business volumes, our regional expansion being suspended.
However, we have seen some bright sides. In 2008,
URALSIB Leasing increased investment into key sectors
of the national economy and showed above average
growth rate. Our new business increased by 36% y-o-y
and amounted to RUB 46.6 billion.
In spite of tight market conditions and increased provisioning expenses, URALSIB Leasing ended the year
gaining profit. In 2008, net profit decreased to RUB
568.7 million y-o-y (down from RUB 660.9 million).
URALSIB Leasing ranked first among the largest leasing companies in 2008, was recognized to be the leader
in some key Russian lease market segments, and was
named the first largest leasing company in three Federal
Districts (EXPERT RA).
Leasing in Russia’s GDP, %
RosLeasing
Top rankings show improved operational excellence together with high agencies’ ratings. ‘B+’ credit rating assigned by Fitch Ratings was supplemented by high rates
of EXPERT RA: ‘A+’ for financial stability and ‘A.rm’ for
risk management.
4
3.01
3
3
2
1.73
1.49
1
2006
Actual
2007
The Company’s achievements were recognized by the
professional business community. URALSIB Leasing
won The III Finance Russia 2008 National Award in finance and insurance in The Best Russian Leasing Company of 2008 category. Besides, the loan structured by
URALSIB Leasing and BANK URALSIB was named the
Deal of the Year by the Trade Finance Magazine.
2008
Forecasted
10
Andrey Donskikh
Chair of the Board
of Directors
Recognition by the business community and acknowledgement of our reputation are key performance drivers of URALSIB Leasing. The goals reached in 2008 motivate our management to set new ambitious targets and
maximize the value of our key asset, which is confidence
of our partners and impeccable business reputation.
Our success in funding is worth mentioning as a special
achievement. Through a wide range of instruments, including loans from Russian and foreign banks, bonded
debt, trade and export finance, the Company raised significant funds: in 2008, the actual raised external funding amounted to USD 600 million (excluding opened
but undrawn credit lines).
annual report 2008
In conclusion, I would like to note that high business efficiency tested by current economic hardships proves
URALSIB Leasing’s ability to navigate the storm in Russia’s economy. I wish all our shareholders, customers,
partners, and employees further success and prosperity.
Andrey Donskikh
Chair of the Board
of Directors
11
annual report 2008
_Statement by the Chair of the Executive Board
In 2008, URALSIB Leasing demonstrated persistent
growth and gained leading positions in Russia’s lease
market.
Our shareholders and financial partners appreciate our
strengthened market positions along with a more reliable risk management and control. Our achievements,
impeccable reputation, and efficiency have become notable drivers of developing large-scale real sector and
SMEs funding solutions.
In 2008, URALSIB Leasing met strong growth strategic
objectives and started implementing efficiency and cost
management strategy. The next strategic step to be made
in 2009 will be aimed at business consolidation, enhanced business process efficiency, talent pool, and external funding.
Now we can affirm that URALSIB Leasing took full advantage of business opportunities for strong growth to
become the leader in EXPERT RA’s general rating of
leasing companies. Our market share amounted to 6.4%
far exceeding the earlier target of 5.7%.
Our customer policy will be mainly focused on SMEs and
promising state-supported companies. The product
strategy will be focused on popular standard solutions
with scoring decision-making methods based on centralised underwriting process.
In Q4 2008, URALSIB Leasing adjusted the strategy and
key business processes to meet the challenges of the
global financial crisis. We made a reasoned decision to
reduce and even to suspend funding of certain industries. The adjusted new business volume targets were set
at 78% of the estimates early in the year.
Solutions for SMEs will include short and long-term
agreements for lease-purchase of trucks and special machinery. In 2009, corporate solutions will focus on developing and launching the new ‘Vehicle Operating
Lease‘ solution, including establishment of required infrastructure and offering pilot leases.
Our modified approach to risk assessment caused
changes in key lease terms, including increased down
payment and reduced periods of lease agreements. The
interest rates were adjusted to reflect funding cost
changes.
I am convinced that the Company’s reputation of a reliable financial partner, our skilled and experienced personnel, robust regional network, and diversified lease
portfolio will help us battle through adverse market conditions. We develop our lease operations to support domestic producers, contribute to integration of regional
economies, and form basis for Russia’s strong economic
position.
To modify and upgrade risk management practices,
URALSIB Leasing established centralised and regional
risk management departments and a credit committee.
12
Oleg Litovkin
Chair of the Executive
Board
On behalf of the Executive Board of URALSIB Leasing
I would like to express our gratitude to customers and
partners for their confidence that helps us achieve the
goals established. I wish you every success and hope to
continue our mutually beneficial cooperation.
Oleg Litovkin
Chair of the Executive
Board
URALSIB Leasing Market Share
in 2006–2008, % EXPERT RA
7.5
6.4
5.7
5
3.9
3.4
2.5
2006
Actual
annual report 2008
13
2007
Target
2008
annual report 2008
_ Strategy 2009
The 2009 product strategy of URALSIB Leasing will be focused on the most promising and least risk-bearing market segments.
_ACCUMULATED LIQUIDITY
URALSIB Leasing gains advanced liquidity through accumulating lease payments, including liquidity provisioning based on clear lease balances exceeding debt service amounts.
RETAIL LEASES. URALSIB Leasing offers SMEs ‘Passenger
Car Lease‘ solution (standard lease terms and requirements, leases provided within the unvaried limits, no approval of the Credit Committee, prompt decision-making and simple paperwork).
_FINANCING AND REFINANCING OF LEASES
In 2009, URALSIB Leasing will finance new leases
mainly through trade/target finance.
In 2009, priority external funding sources will include:
International trade finance;
Product Strategy
In 2009, URALSIB Leasing will focus on retail leasing of assets with maximum liquidity and on more stringent requirements to the lessee’s business standing. Besides, the
Company will move to risk-based pricing and develop new
promotion programs together with vehicle manufacturers.
RENTAL SOLUTIONS. URALSIB Leasing is ready to offer
SMEs short and long-term rental solutions with purchase
possibility of trucks and special machinery.
CORPORATE LEASING. URALSIB Leasing’s cooperation with
large corporate customers will be focused mainly on Russia’s strategically important and state-supported companies. Leases will be offered under trade finance terms.
OPERATING LEASE. URALSIB Leasing intends to offer its
corporate customers the ‘Vehicle Operating Lease‘ solution, including establishment of required infrastructure and closing pilot leases in 2009.
External
funding
In 2009, URALSIB Leasing will have the following key liquidity management tasks:
_CURRENT DEBT SERVICING
In 2009, URALSIB Leasing’s priority will be the servicing of its debt to external lenders. The adopted financial policy provides for loans and other liabilities to be
mainly repaid with the Company’s current assets.
Bonds and notes;
Direct loans of Russian and foreign banks;
Syndicated loan facilities.
Regional
strategy
URALSIB Leasing operates on the national scale. In 2009, the
Company’s regional strategy is aimed at enhanced efficiency of its regional network through capability building, improvement of customer service functions and
optimization of operating expenses.
Risk
management
A key development area for URALSIB Leasing in crisis
conditions is further improvement of its risk management practices, with key targets for 2009 to include:
Establishment of a centralised underwriting process;
Adjustment of lessee’s risk evaluation methods to
introduce more stringent requirements to lessees’ financial position and sustainability.
14
Bad asset management
URALSIB Leasing's key tasks are current financial crisis conditions and decreasing solvency of lessees. Bad asset
management is focused on the following areas:
Arrangements with lessees to repay outstanding
debt and comply with established payment schedules;
Foreclosure of assets followed by their sale/lease if
the Company sees no opportunity for the lessee to comply with the payment schedule or restructure debt;
Analysis and restructuring of lease agreements with
large corporate clients;
Arrangements with collection agencies;
Outsourcing of legal advisory services.
For corporate leases, bad asset management is focused
on improving lessees’ payment discipline, enhancing
collaterals under lease agreements and increasing the
interest rate for restructured leases.
For retail leases, bad asset management strategy is focused on ensuring the lessee’s compliance with the payment schedule as well as foreclosure and prompt sale of
the foreclosed assets.
Foreclosed asset management
URALSIB Leasing forecloses assets of insolvent lessees with
subsequent sale/lease of these assets. To ensure safety of
the foreclosed assets, the Company:
Establishes procedures for transportation, storage,
repair and assessment of the foreclosed assets;
Partnership
A top priority for the Company’s development is relations with
producers and suppliers of lease assets, dealers, and insurers. In 2009, cooperation with producers of lease assets will be focused on joint vehicle lease and foreclosure
of URALSIB Leasing’s assets through vendor channels.
Vendor channels will allow the Company to ensure safety of the assets, their proper technical condition, and
significantly reduce sale periods.
Trains employees on asset sale/rental practices;
Develops new sales and lease channels, including
electronic channels, vendors, etc.
annual report 2008
15
annual report 2008
Russian Lease Market Trends
in 2006–2008, RUB BN
EXPERT RA
1,200
998
900
_URALSIB Leasing
and Russia’s Lease Market
720
600
400
300
2006
Market changes
In 2008, the Russian lease market showed negative
growth, with the new business volume down by 27.8% to
USD 720 billion. The aggregate portfolio of leasing companies increased by 13.5% to reach USD 1,390 billion.
In early 2008, market changes were positive; however, by
Q4 2008 the lease market significantly weakened. The
decline in new leasing business volumes was accompanied by downturn in solvent demand resulting in short
and long-term solvency assessment problems. This was
followed by reduction of product offerings and transfer
from the buyer’s market to the seller’s market. Leases
were provided only to the most reliable and predictable
companies.
2007
2008
The downturn affected most lease segments except for
vehicle, aircraft, real property, and agricultural machinery.
Demand for lease services diversifyes geographically;
while the new business volumes reduced in Moscow and
St. Petersburg, business in all other Federal Districts expanded.
In 2008, URALSIB Leasing’s total sales grew by 1/3 to
reach RUB 46.64 billion. The Company’s market share
totalled 6.4% (against 3.4% in 2007), i. e. almost doubled yea-on-year.
To ensure return on investments, the leasing companies
that stayed on the market had to change their product
terms by increasing down payments along with interest
rates, reducing lease periods, and tightening the requirements to lessees’ managerial and financial statements.
_URALSIB LEASING NEW BUSINESS BY SEGMENT, QUANTITY, AND VALUE, 2006–2008
2006
Vehicles
Rail and rolling stock
Equipment
Real estate
Air and sea craft
TOTAL
2007
Lease value,
RUB m
Number
of lease
agreements
Lease value,
RUB m
Number
of lease
agreements
8,065
2,114
4,527
1,393
71
16,171
2,377
15
425
11
5
2,833
19,537
3,193
7,460
3,569
365
34,125
4,659
24
721
13
7
5,424
16
2008
Lease value,
RUB m
21,777
7,270
9,714
7,367
515
46,644
Number
of lease
agreements
5,199
24
924
40
2
6,189
сильная россия
_RUSSIA
_URALSIB
annual report 2008
17
annual report 2008
Top 10 Largest Market Segments
in New Business, EXPERT RA
New Business in Russian Lease Market, 2008, %
EXPERT RA
Trucks
16.38%
44
4
Vehicles
Rail and rolling
stock
13.48%
Aircrafts
13.38%
13
Machinery
13
Real estate
Passenger
cars
9.11%
Air and sea craft
25
Construction
machinery
8.58%
Road construction
machinery
URALSIB Leasing Lease Portfolio, 2007, %
3.95%
Agricultural
machinery
3.87%
1 50
12
Power-generating
machinery
3.62%
Buildings
and structures
3.60%
Engineering &
metal processing
equipment
3.18%
Vehicles
Machinery
15
Real property
Air and sea craft
22
0
6
12
18
URALSIB Leasing Lease Portfolio, 2008, %
1 35
Vehicles
_LARGEST RUSSIAN LEASING COMPANIES
IN 2008 EXPERT RA
Machinery
20
New business volume,
RUB m
1
2
3
4
5
6
7
URALSIB Leasing
Ilyushin Finance
VTB-Leasing
GazTechLeasing
Europlan
Nomos-Leasing
Inpromleasing
46,645
38,077
36,472
24,232
22,578
15,884
14,729
8
9
10
RTK-LEASING
Scania Leasing
TransCreditLeasing
13,596
11,849
11,630
Real property
23
21
Air and sea craft
18
_Vehicle and special
machinery lease
2009 Forecast
Experts forecast revival of the lease market in H2 2009.
Downturn restraints (potential growth drivers) are:
Lower devaluation expectations;
State lease programs and targeted support;
Effecting big ticket leases suspended due to the crisis;
Growing number of liquid asset leases (vehicle
leases);
Implementation of retail leases in liquid segments
such as vehicle lease.
The financial crisis caused the lease share to go down
from 3% to 1.7% of the GDP and from 14.1% to 6.6% of
the total capital investments. There is a significant divergence between these changes and overloaded production capacities coupled with notable deterioration
of the assets.
Since the lease market has high potential it may
promptly re-gain former growth rates upon recovery of
the funding sources.
In 2008, vehicle lease enjoyed the most favorable market
conditions. Lease of trucks, passenger cars, special machinery, and agricultural equipment increased by ¼ to
reach 44% of the new business. In absolute figures, the
decrease was minor and the segment volume amounted
to RUB 320 billion.
Trucks lease is conventionally the largest in the vehicle
segment and reached 37% last year. Passenger cars account for 20% and construction machinery for 19% of
lease volumes.
Trucks leases also account for the largest share in all new
lease volumes, thus, exceeding all other lease assets and
the rail and rolling stock lease volumes. This market is
led by companies affiliated with manufacturers (Scania
Leasing, KAMAZ Leasing), single-product companies
(Europlan), and multi-product leasing operators
(URALSIB Leasing, NOMOS-Leasing). The trucks market share of URALSIB Leasing went up by 1.2% to 5.7%
y-o-y.
The downturn in the new vehicle lease business was restrained by passenger car leases increased by 14%. This
market is led by single-product companies (Europlan,
Carcade), companies with large regional networks
(URALSIB Leasing), and state-supported companies
(GazTechLeasing). URALSIB Leasing’s passenger car
market share went down by 0.2% to 5% y-o-y.
The construction machinery market is led by multi-product leasing companies (URALSIB Leasing), companies
representing natural monopolies (TGI-Leasing), and
companies with foreign ownership (Deutsche Leasing
Vostok).
The construction machinery market share of URALSIB
Leasing went up by 4.4% to 9.8% y-o-y.
Vehicle and special machinery lease accounts for 6.8%
(5.6% in 2007) of the Company’s business in 2008 with the
new business volumes having reached RUB 21.8 billion. Vehicle leases account for 46.7% of the total sales where trucks
account for 31.1%, construction machinery – 28%, cars –
annual report 2008
19
annual report 2008
Vehicle and Special Machinery Lease Market
Trends in 2006–2008, RUB BN, EXPERT RA
400,000
348,141
316,800
300,000
15.2%, passenger cars – 11.3%, special-purpose, road construction, and agricultural machinery – 14.3% of lease volumes.
200,000
136,406
Leasing operators’ involvement in the vehicle lease segment is explained by liquidity of lease assets, growth of the
vehicle lease market, notable depreciation of the vehicle
fleet, reduction in the banking lease volumes, strong demand from the mass segment – SMEs.
100,000
2006
2007
2008
In 2008, large sales of vehicle leases by URALSIB Leasing
resulted from a package of measures, including:
Popular ‘Lease-a-Car’ solution for SMEs;
Joint program to provide additional services for
URALSIB Leasing customers in cooperation with the Russian Automobile Partnership (RAP) ;
Top 5 in Truck Segment,
RUB BN, Эксперт РА
10,000
Stronger vendor cooperation;
9,405
8,370
7,500
Regional network expansion.
6,942
6,678
5,000
4,210
2,500
Scania
Leasing
KAMAZ
Leasing
Europlan
URALSIB
Leasing
URALSIB Leasing offers vehicle lease retail and corporate
solutions. Increase in sales resulted from developing the
best customer solutions and vendor programs with vehicle
producers. At present, the Company operates under agreements with GAZ, URAL, Daimler-Benz, BMW, General Motors (Saab, Opel, Chevrolet, Cadillac, Hummer), Volkswagen, Peugeot, Land Rover, and Jaguar.
NOMOSLeasing
Top 5 in Construction Machinery Segment,
RUB BN, EXPERT RA
7,500
6,109
5,000
4,680
3,018
2,500
2,115
1,876
URALSIB
Leasing
TGI-Leasing Deutsche
Leasing
Vostok
InterLeasing
GazTechLeasing
20
Top 5 in Agricultural Segment,
RUB BN, EXPERT RA
2,500
2,053
2,000
1,500
1,000
874
763
665
500
412
URALSIB
Leasing
Avangard
Leasing
GlavLeasing
RMB
Leasing
GazTechLeasing
Top 5 in Road Construction Segment,
RUB BN, EXPERT RA
2,500
2,352
2,118
2,000
1,500
1,246
1,243
1,072
1,000
500
Element
Leasing
Scania
Leasing
NOMOS
Leasing
Europlan
GazTechLeasing
Top 5 in Bus Segment,
RUB BN, EXPERT RA
_FOLLOWING 2008, URALSIB LEASING TOOK THE LEAD IN VEHICLE AND SPECIAL MACHINERY SEGMENT BY NEW BUSINESS
VOLUMES (EXPERT RA):
1st in the construction and special machinery
segment;
4,000
3,197
3,000
2,463
1st in the agricultural equipment segment;
2,000
1,406
2nd in the bus and micro-bus segment;
1,363
1,000
616
GazTechLeasing
annual report 2008
URALSIB
Leasing
VTBLeasing
YarKamp
Leasing
3rd in the passenger car segment.
Element
Leasing
21
annual report 2008
Equipment Lease Market Trends
in 2006–2008, RUB M, EXPERT RA
450,000
329,340
300,000
157,464
150,000 143,100
_Equipment lease
2006
Equipment lease is the 2nd largest new business following
the vehicle lease. In 2008, equipment lease sales dropped to RUB 157 billion.
Equipment lease outstripping fall rates are mainly explained by:
Decrease in demand for products of ‘lease consuming’ industries: power and oil production;
2007
2008
Equipment Segment Breakdown, 2008, %
EXPERT RA
3
Adjustment of investment upgrade programs in crisis conditions;
3
22
2 1 43
Other — 43
4
Geological
surveying — 13
6
Shift of demand from expensive imported machinery to Russian equipment.
Packaging — 8
6
Lifting
and warehouse — 7
7
Equipment lease accounts for 30.3% of the Company’s
new business.
8
13
Power generating — 6
Most leases deal with power-generating, oil production
and refining machinery. In 2008, these leases accounted
for 16.6% of the new business vs. 32.4% in 2007. The
lease volume decreased 3 times to RUB 36.2 billion.
Trade — 6
Metallurgy — 4
High concentration segments, such as power and communications lease markets, proved to be the most sensitive to changing market conditions. Power-generating
machinery leases are dominated by Business Alliance
with its 39% share in the power equipment lease market.
Communications equipment lease market is dominated
by RTK Leasing (the subsidiary of OAO Svyazinvest). Its
share in the communications equipment lease market
amounts to 56%.
Forestry
and woodworking — 3
Food (including
refrigerating) — 3
Car repair
and car service — 2
Engineering
and metalworking — 2
Printing — 2
Banking — 1
22
In 2008, the fastest growing equipment lease markets
were those with demand supported by SMEs, i. e. leases
of trade, storage, printing, packaging, and food processing equipment.
Following 2008, URALSIB Leasing’s share in the equipment lease market grew 2.6 times to reach 6% (2.3% in
2007).
Equipment lease accounts for 20.8%, or RUB 13.3 billion of the Company’s new business.
URALSIB Leasing offers retail and corporate solutions
in the equipment lease segment. Integrated solutions
for corporate leases are based on trade finance, including coverage by export credit agencies (EDC, ONDD,
Eximbank USA, Euler Hermes).
_IN 2008, URALSIB LEASING TOOK THE LEAD IN EQUIPMENT
LEASE SEGMENT BY NEW BUSINESS VOLUMES (EXPERT RA):
1st in the geological surveying segment;
2nd in the metallurgical equipment segment;
3rd in the trade equipment segment.
”
In 2008, the fastest growing equipment lease
markets were those with demand supported
by SMEs.
annual report 2008
23
annual report 2008
_Rail and rolling stock lease
In 2008, rail and rolling stock leases amounted to RUB 97.1
billion, i. e. decreased 2.5 times y-o-y. Rail and rolling
stock leases lost top positions in the new business and
fell from 24.4% to 13.5%.
Decline in new rail and rolling stock leases is mainly due
to:
Drop in goods and passenger turnover;
Changes in the Russian Railways’ policy of rail and
rolling stock renovation through leases that used to account for 30% of the rail and rolling stock segment;
Decrease in rail and rolling stock market prices.
Rail and Rolling Stock Lease Market Trends
300,000
243,399
200,000
105,322
Most of rail and rolling stock leases were provided in Q1
2008. Rail car prices increased in Q2 2008, resulting in
lower profitability of rail and rolling stock leases and decreased new business volumes in this segment. By Q3
2008, with peak prices, the number of new rail and
rolling stock leases had significantly reduced.
In Q4 2008, the prices of different rail car types fell by
20–40%. Certain lease assets were still in demand, with
tank rail cars being the most popular item. This kind of
rail and rolling stock leases remained popular due to unchanged Russian rouble lease rates.
As at January 1, 2009, JSC Russian Railways accounted
for 38%, it’s subsidiaries – for 22%, private market players – 40% of the total rail and rolling stock.
97,099
100,000
2006
2007
2008
Top 5 in Rail and Rolling Stock Segment, RUB BN,
EXPERT RA
12,000
9 871
9,871
9,628
9,251
9,000
7,522
7,270
Brunswick
Rail
Leasing
URALSIB
Leasing
6,000
3,000
Inprom
Leasing
ORGRES
Leasing
24
Trans
Credit
Leasing
_IN 2008, URALSIB LEASING WAS THE 5TH LARGEST COMPANY BY NEW LEASE VOLUMES IN THE RAIL AND ROLLING
STOCK SEGMENT. The Company’s market share grew by
5.5% y-o-y to 7.5%. Rail and rolling stock accounts for
15.6% of URALSIB Leasing’s new business. In 2008,
lease sales went up 1.5 times to reach RUB 7.3 billion,
most leases financed in early 2008 with the rail and
rolling stock prices still far from their peak values.
annual report 2008
25
annual report 2008
_Aircraft lease
In 2008, aircraft lease was one of the few growing segments.
Aircraft lease volumes grew 1.6 times to RUB 96 billion.
In spite of different negative changes resulting from the
reduction of air turnover and carriers’ bankruptcies, this
segment demonstrated substantial growth mainly owing
to:
State support of civil aviation;
Exports of aircrafts to developing markets;
Notable deterioration of domestic aircraft fleet.
Aircraft leases grew by 13.4% against 5.9% in 2007 in the
Company’s new business.
The aircraft lease market is one of the most concentrated
markets. In 2008, state-owned Ilyushin Finance Co. accounted for over 40% of new aircraft leases.
In 2008, aircraft lease sales of URALSIB Leasing
amounted to RUB 730 million. The Company’s aircraft
leases account for about 1% (the 5th largest company)
of the new business volume.
Top 5 in Aircraft Segment, RUB BN,
EXPERT RA
40,000
38,077
30,237
30,000
20,000
10,000
5,795
Ilyushin
Finance
VTBLeasing
26
Utair
Leasing
1,077
515
RB
Leasing
URALSIB
Leasing
_Real estate lease
In 2008, real estate leases amounted to RUB 26 billion.
Lease volumes in the segment grew 1.7 times y-o-y. Real
estate leases went up to 3.6% of new business vs. 1.5% in
2007.
In 2008, the key real estate lease growth driver was strong
demand for office, trade, and storage facilities in H1
2008.
URALSIB Leasing offers retail and corporate solutions
in the real estate segment. In 2007, URALSIB Leasing
was the first to develop and introduce its new SME retail
solution, Real Estate Express Lease.
In 2008, the Company leased shopping centres, office
and storage premises jointly with a number of developing and construction companies.
Real Estate Lease Market Trends
14,963
20,000
10,664
10,000
In 2008, real estate volumes of URALSIB Leasing went
up 4 times to reach 46% (24.4% in 2007). Real estate
leases account for 15.8% or RUB 7.3 billion of the Company’s new business.
_IN 2008, URALSIB LEASING TOOK THE LEAD IN BUILDINGS
AND STRUCTURES LEASE SEGMENT BY NEW BUSINESS VOLUMES (EXPERT RA).
25,920
30,000
2006
2007
2008
Top 5 in Real Estate Segment, RUB BN,
EXPERT RA
8,000
7,367
6,000
3,936
4,000
2,000
1,428
URALSIB
Leasing
annual report 2008
Alliance
Region
Leasing
27
GazTechLeasing
1,038
972
CenterCapital
TGILeasing
annual report 2008
_Company Profile
_Ownership and shareholders
URALSIB Leasing is owned by JSC URALSIB Bank
(87.6%) and Damita Enterprises Limited (12.4%).
Damita Enterprises Limited is an affiliate of URALSIB
Financial Corporation.
The Company’s beneficiary is Nikolay Tsvetkov, President of URALSIB Financial Corporation.
URALSIB Leasing Ownership
URALSIB Financial
Corporation
JSC URALSIB Bank
Damita Enterprises
Limited
87.6%
12.4%
LLC URALSIB Leasing Company
28
_RUSSIA
_URALSIB
annual report 2008
29
annual report 2008
_Mission and corporate values
Mission
URALSIB Leasing’s mission is to develop the real sector
of Russia’s economy, stimulate business activity, increase
competitiveness and innovative potential of Russian enterprises, and serve an example of efficient and customer-oriented business.
Vision
URALSIB Leasing in 2010 is a sustainable and profit-generating enterprise operating on the national scale. It is
among the Top 5 Russian leasing operators by sales volume and among Top 3 companies by regional expansion. It has well-established partnership sales channels,
popular standard solutions (90% of sales), reliable reputation and a professional team.
Corporate values
Excellent performance
Strong business reputation
Customer confidence
Social responsibility and partnership
Innovation
Uniform corporate culture
Personnel
Corporate unity
30
_Personnel policy and corporate culture
Personnel is the key competitive advantage of URALSIB
Leasing, so attention is paid to team building and promotion of corporate culture.
Uniform corporate culture stimulating comprehensive
team development and oriented to URALSIB Leasing’s
strategic goals is based on the following initiatives:
STAFF POLICY. Staff management policy is aimed at
every employee to unfold their skills and knowledge and
ensuring URALSIB Leasing’s stability.
HEALTH AND SOCIAL POLICY. URALSIB Leasing pays
much attention to a healthy life style of employees. In
2008, the Company rented sports halls, organized
healthy life-style awareness events, and initiated ‘Give
Up and Win’ anti-tobacco program. URALSIB Leasing
employees take part in corporate sports competitions.
The social policy is oriented to social partnership between URALSIB Leasing and its employees. It involves:
Friendly environments in offices;
Healthy life-style;
MOTIVATION. URALSIB Leasing motivates its employees by combining corporate and individual targets and
is aimed at developing a result-oriented approach to
bonus payments. The Company widely uses non-financial recognition of its employees.
TEAM BUILDING AND CAPABILITY BUILDING. URALSIB
Leasing uses both distance and full-time approaches to
training employees. URALSIB Leasing has developed
training programs on retail and corporate lease solutions and risk management. Emphasis is laid on development of professional competence in lease solution
sales and administrative skills.
Social programs.
URALSIB Leasing considers its employees to be the
strategic resource and competitive advantage and creates an environment for their professional and individual growth.
New employees are offered guidance and hands-on
training in the best branch offices, so they are effectively
involved in the team work of URALSIB Leasing.
Team building plays a significant role in the Company’s
development. URALSIB Leasing branch managers and
top officers take part in regular regional conferences
and team building events.
annual report 2008
31
annual report 2008
_Regional network
URALSIB Leasing operates in all Russian Federal Districts.
The regional network comprises 72 branches (71 branch
offices in Russian regions and a subsidiary in Azerbaijan).
Large regional sales volumes of URALSIB Leasing are
due to:
Consistent lease portfolio diversification;
Lower competition on regional markets;
The regional network of URALSIB Leasing is the largest
among leasing companies in Russia (EXPERT RA).
In 2008, the Company established 6 new branches. The
regional business of URALSIB Leasing accounted for
64.3% of new lease volumes with network sales amounting to RUB 25.2 billion in 2008.
URALSIB Leasing’s staff expanded from 359 to 407. To
increase branch performance, the Company developed
employee training, certification, and motivation programs.
Expansion of URALSIB Leasing regional
network, 2006-2008
Developing operations of regional SMEs.
The Volga (17.4%) and Siberian (13%) Federal Districts
account for the company’s maximum sales volumes.
The Company’s subsidiary, NIKoil Leasing Company, incorporated in 2007 in Azerbaijan was recognized on the
national scale. At the year end this company won the
UGUR National Azerbaijan Award for contribution to
development of small and medium enterprises. New
business volumes of NIKoil Leasing amounted to RUB
350.6 million.
_AS OF THE YEAR END, URALSIB LEASING TOOK THE LEAD IN
THE FOLLOWING FEDERAL DISTRICTS (EXPERT RA) IN TERMS OF
SALES:
1st in the Volga Federal District;
1st in the Siberian Federal District;
72
75
2nd in the Southern Federal District;
66
2nd in Moscow and St. Petersburg.
50
29
25
2006
2007
2008
32
Top 5 Leasing Companies in Moscow, RUB M,
EXPERT RA
Top 5 Leasing Companies in St. Petersburg,
RUB M, EXPERT RA
30,000
6,000
24,330
20,000
4,921
4,000
16,632
10,000
4,436
2,000
9,785
4,271
8,785
3,189
5,917
Ilyushin
Finance
URALSIB
Leasing
Orgres
Leasing
Trans
Credit
Leasing
1,937
RG
Leasing
Inter
Leasing
URALSIB
Leasing
NOMOS
Leasing
Severnaya Globus
Venetsiya Leasing
Top 5 Leasing Companies in Volga Federal
District, RUB M, EXPERT RA
Top 5 Leasing Companies in Siberian Federal
9,000
7,500
8,132
6,000
6,097
5,000
5,532
4,467
5,188
3,824
3,049
3,702
3,650
3,000
2,500
URALSIB
Leasing
KAMAZ
Leasing
Europlan
Brunswick
Rail
Leasing
CenterCapital
2,264
URALSIB
Leasing
Alliance
Region
Leasing
Delta
Leasing
Siberian
Leasing
Company
Top 5 Leasing Companies in Southern Federal
6,000
5,251
4,474
4,000
2,776
2,441
2,000
1,748
Business
Alliance
annual report 2008
URALSIB
Leasing
Europlan
GazTechLeasing
Carcade
33
TransCreditLeasing
annual report 2008
_Customer base
In 2008, demand for URALSIB Leasing services significantly increased. The lessee base grew by 36.2% y-o-y. The number of customers rose to 5,571.
The new business of URALSIB Leasing is well-balanced
in terms of customer segments with large businesses and
SMEs accounting for 50% of new leases each.
In 2008, URALSIB Leasing closed 6,189 leases, (a 14.1%
increase y-o-y). The average lease price grew by 20% to
RUB 7.5 million.
Top 10 largest customers account for 30.7% of the Company’s lease portfolio. In 2008, high concentration of
the Company’s lease portfolio is related to big ticket
deals in capital-intensive machinery, rail and rolling
stock, and commercial property.
Funding under lease agreements with related parties is
close to zero. Such deals are just sporadic.
In 2008, URALSIB Leasing was the 2nd largest Company
by new lease volumes with small enterprises (EXPERT
RA).
”
URALSIB Leasing’s new business
is well-balanced in terms of customer
segments.
34
Industry Breakdown of URALSIB Leasing Lease
Portfolio as at January 01, 2009, %
URALSIB Leasing’s New Business
by Region in 2006–2008,
RUB BN
2.31 1.66 1.31 1.25 1.20 1.07 1.05
20.71
Moscow
3,899
9,495
3.10
3.13
3.30
16,632
19.63
3.54
5.47
Central FD
(Moscow excluded)
1,297
3,362
4,433
St. Petersburg
1,363
3,321
4,436
6.90
North-Western FD
(St. Petersburg
excluded)
12.82
11.54
826
1,457
739
Volga FD
Buildings and structures—20.71
Process equipment—3.10
Rail and rolling
stock—19.63
Agricultural machinery—2.31
Construction and road construction machinery, including wheeled construction
machinery—12.82
Power-generating
machinery—1.66
4,362
6,651
8,132
Siberian FD
1,777
4,086
6,097
Urals FD
1,275
2,401
1,112
Southern FD
1,062
3,315
4,474
Aircrafts—1.31
Trucks—11.54
Other—6.90
Trade equipment—1.25
Passenger cars—5.47
Lifting and warehouse
equipment—1.20
Food processing
(including refrigerating)
equipment—3.54
Metallurgical
equipment—1.07
Buses
and micro-buses—3,30
Forestry and woodworking
equipment—1.05
Far Eastern FD
42
38
238
0
6 000
12 000
18 000
2006
Surveying and mining
equipment—3.13
2007
2008
Customer Base of URALSIB Leasing,
2006–2008
New Leases of URALSIB Leasing,
2006–2008
6,000
7,500
5,571
6,189
4,089
5,424
4,000
5,000
2,613
3,789
2,000
2,500
2006
annual report 2008
2007
2008
2006
35
2007
2008
annual report 2008
_URALSIB Leasing History
2009
Reliability of Series 03, 04, and 05 bonded loans of
URALSIB Leasing is rated at ‘A+’ (EXPERT RA).
Financial stability of URALSIB Leasing is rated at
‘A+’ (EXPERT RA).
URALSIB Leasing announces redemption of RUB
2.5 billion CLN (Credit Linked Notes).
The loan agreement between BANK URALSIB,
URALSIB Leasing, and Credit Suisse to finance supplies
of lifting equipment produced by Konecranes (Finland)
is named the Deal of the Year 2008 by Euromoney’s
Trade Finance Magazine.
Fitch Ratings affirms URALSIB Leasing’s international credit rating at ‘B+’.
Bayerische Landesbank extends a EUR 6.9 million
loan.
URALSIB Leasing’s bonds of Series 03 and 04 are
included into the Lombard list of RF Central Bank.
URALSIB Leasing announces placement of RUB
6.5 billion bonds of Series 03, 04, and 05.
2008
URALSIB Leasing ranked first among the largest
Russian leasing companies in terms of new business volumes in 2008.
Russian leasing companies in terms of new business volumes in 9 months of 2008 (EXPERT RA).
Russian leasing companies in terms of new business volumes in 6 months of 2008 (EXPERT RA).
URALSIB Leasing ranked 52nd among Europe’s
TOP 100 leasing companies in terms of new business volumes in 2007 (LEASEUROPE).
URALSIB Leasing gains the best A.rm risk management quality position (EXPERT RA).
included into MICEX A1 quotation list.
included into the Lombard list of RF Central Bank.
URALSIB Leasing announces the placement of
bonds of Series 02 with the total value of RUB 5 billion.
URALSIB Leasing Company wins the annual national Finance Russia award in The Best Russian Leasing Company of 2008 category.
NIKoil-Leasing (the subsidiary of URALSIB Leasing operating in Azerbaijan) wins the UGUR National
Azerbaijan Award in Contribution to Development of
Small and Medium Enterprises category.
Number of regional branches: 72.
2007
URALSIB Leasing enters Top 3 Russian leasing companies. The Company has the highest ratings in construction, road construction, and special machinery,
agriculture, commercial property, and passenger car
market segments.
Fitch Ratings assigns its first ‘B+’ credit rating, outlook stable.
External borrowings exceed USD 652 million.
Number of regional branches: 66.
CIS business development strategy is approved, a
leasing subsidiary is established in Azerbaijan.
36
2006
URALSIB Leasing enters the Top 5 Russian largest
leasing companies and is rated 1st among Russian multiproduct leasing companies (EXPERT RA).
1st largest company in terms of regional coverage
(EXPERT RA).
The Share Capital of URALSIB Leasing is increased
to RUB 2,742 billion.
2005
The branch network development strategy for key
Russian regions is approved.
2002
LLC Capital Leasing Company (later renamed
LLC URALSIB Leasing) consolidated with NIKoil Financial Corporation (later renamed URALSIB Financial Corporation)
2000
LC Capital (Moscow) is incorporated
The 1st lease agreement is made on February
24 (Moscow
1999
Region-Leasing Company (Ufa) is incorporated
24 regional branches established.
The leasing company of YugBank, the largest bank in
the South Federal District, is acquired.
NIKoil-Leasing Company (St. Peterbsurg) is incorporated
2004
URALSIB Leasing forms a holding company by acquiring a 100% stake in LLC Region-Leasing, LLC Region-Leasing-Auto (Ufa), and LLC NIKoil-Leasing (St.
Petersburg).
The companies are re-branded as URALSIB Leasing.
IFRS reporting is introduced, statements are audited by Ernst & Young.
2003
NIKoil Financial Corporation and URALSIB Banking Group merge. The resulting structure includes
LLC Region Leasing group of companies. Teams of leasing companies within URALSIB Financial Corporation
are joined in Central, North-West and Volga Federal Districts.
annual report 2008
37
annual report 2008
_Corporate Governance
_Board of Directors
To ensure competent and efficient management, URALSIB
Leasing focuses on enhancement of corporate governance procedures and internal regulations, performance analysis, and risk management. The Board of Directors, Executive Board, and corporate committees
make the governance according with best international
practices.
The major task of the Board of Directors is to protect
shareholders’ interests, and ensure steady improvement and growth of URALSIB Leasing’s capitalization through:
Clear-cut leasing development strategy;
Controlled implementation of strategic initiatives;
Setting up a corporate governance system;
Successful investment programs;
Setting up a corporate operating structure and
its changes;
Building risk management system;
Sophisticated risk management control policy.
”
The Board of Directors, Executive Board,
and corporate committees make
the governance according with best
international practices.
38
_RUSSIA
_URALSIB
annual report 2008
39
annual report 2008
Andrey Donskikh
Chair of the Board of Directors,
URALSIB Leasing
Alexander Dementiev
Deputy Chair of the Board of Directors, URALSIB Leasing
First Vice-President, URALSIB Financial Corporation
_Degrees in Economics and Finance. Graduate of Plekhanov Institute
of National Economy. Post-doctorate degree in Economics. Over
15 years of experience in banking sector – 10 years in the Credit Bank
of Moscow before joining URALSIB Financial Corporation, including
8 years as the Chair of the Executive Board / President of the Bank.
Works for URALSIB Financial Corporation since 2004, held the First
Vice-President position. Chair of URALSIB Bank Executive Board since
March 2007.
_Graduated from the Bashkir State University, PhD in Philology with the
Moscow State Linguistic University, joined URALSIB Financial
Corporation in 1995. Deputy Chair of URALSIB Bank Executive Board
since 2004. URALSIB FC First Vice-President position, since April 2007.
Heads international banking, investment and private banking, asset
management, corporate bank, and leasing divisions.
Konstantin Vaisman
First Vice-President, URALSIB Financial Corporation
Member of the Board of Directors, URALSIB
Leasing
Alexey Sazonov
Vice-President, URALSIB Financial Corporation
Member of the Board of Directors, URALSIB Leasing
_Graduated from Sergo Ordzhonikidze State University of Management
and Enterprise Management Institute (France), MBA degree (University
of Chicago Booth School of Business, London). Over 15 years of experience in Russia’s banking sector. Held executive positions in three
Russian banks: Toribank, Credit Bank of Moscow, and Roseurobank before joining URALSIB Leasing. Appointed First Vice-President for Strategy
and Finance of URALSIB Financial Corporation in July 2008.
_Graduated from the Moscow State Institute of International Relations
with the Ministry of Foreign Affairs of the Russian Federation, has a
Master degree in Finance (London Business School). Headed risk management in the MDM Bank in 2005–2007. Has a 10-year experience in
the banking sector (including TRUST Investment Bank and VTB). Holds
the Vice-President position in URALSIB Financial Corporation since
November 2007.
40
Elena Guschina
Deputy Chair of the Board of Directors,
URALSIB Leasing
Oleg Litovkin
Chair of the Executive Board, URALSIB Leasing
Chief Executive Officer, URALSIB Leasing
_Graduated from the Kharkov Catering Institute with a degree in
_Graduated with honors from the Omsk State University with a degree in
Economics and Management in Trade and Public Catering. Completed
the Presidential Management Training Program in the Higher School of
Economics majoring in Finance and Credit. Works in leasing since 1997.
Worked at Alfa-Bank in 2003–2005. Joined URALSIB Financial
Corporation in 2005.
Economics and Production Management. Over 15 years of experience in
banking sector. Works at URALSIB Financial Corporation since 1999.
Managed corporate banking as the Deputy Chair of OAO URALSIB
Executive Board.
Audit
Committee
The Audit Committee affiliated with the Board of Directors
is responsible for:
Assessment of applicants for auditor positions in
URALSIB Leasing, assessment of external audit efficiency and recommendations on renewal/termination
of external auditor agreement;
Supervision of accounting policies and reporting
procedures;
Analysis of major legal changes and their influence
on financial and business operations and financial reporting;
Mikhail Treivish
Independent member of the Board of Directors, URALSIB
Leasing
Chair of the Audit Committee, URALSIB Leasing
Performance assessment of corporate procedures
for compliance with the law and Corporate Code of Conduct;
_Graduated from the Applied Mathematics department of the Moscow
Analysis of audit reports made by external regulating bodies and recommendations on legal compliance
essential for financial and business operations;
Aviation Institute. PhD in Economics. Works in factoring sector since
1995 (Rossiyskiy Kredit Bank). Worked for the NIKoil Investment
Banking Group since 1999. Held the Bank’s Executive Director position
since 2002. Chair of the Executive Board of the Uralsib-NIKoil National
Factoring Company (first professional factoring company in Russia renamed the National Factoring Company Bank in 2005) since 2004.
Elected Chair of the Board of Directors of National Factoring Company
Bank in 2009. Member of the Board of Directors of the International
Factors Group (IFG), the oldest international factoring association,
and President of the East-European Division of IFG since October 2004.
Chair of IFG since June 2008.
annual report 2008
Assessment of current internal control and risk management performance, proposals on its enhancement;
Supervision of reporting by the executive bodies
and fairness of such reports.
41
annual report 2008
Credit
Committee
The Credit Committee of the URALSIB Leasing is a collegiate
executive body acting within the authority delegated by
the Board of Directors of URALSIB Leasing. The Credit
Committee is authorized to approve risk-related leasing
and finance products and services.
The Credit Committee reports to the Board of Directors
of URALSIB Leasing. The Credit Committee members
are appointed by the Board of Directors.
_Executive Board
The Executive Board takes key managerial decisions in
URALSIB Leasing.
Key responsibilities of the Executive Board include:
Operationalisation of the Company’s strategy;
Implementation of strategic initiatives;
Implementation of decisions made by the Board of
Directors and shareholders’ meeting;
Approval of the current operating plans;
Achievement of the Company’s targets.
Oleg Litovkin
Chair of the Executive Board, URALSIB Leasing
Chief Executive Officer, URALSIB Leasing
_COMPANY’S OPERATIONS, INVESTOR AND LENDER RELATIONS,
INTERNAL CONTROL, HR MANAGEMENT, RISK MANAGEMENT.
Graduated with honors from the Omsk State University with a degree
in Economics and Production Management. Over 15 years of experience
in banking sector. Works for URALSIB Financial Corporation since 1999.
Managed corporate banking as the Chair of OAO URALSIB Executive
Board.
42
Vyacheslav Arutyunyan
First Deputy CEO, URALSIB Leasing
Corporate Secretary of the Board of Directors, URALSIB Leasing
Denis Teteryatnikov
Executive Director, URALSIB Leasing
__ COMPANY’S DEVELOPMENT STRATEGY, PRODUCT POLICY,
MARKETING AND PR STRATEGY, CORPORATE GOVERNANCE,
LEGAL RISK CONTROL. Graduated from Bauman Moscow State
_REGIONAL SALES AND PROFITS, REGIONAL NETWORK DEVELOPMENT AND QUALITY MANAGEMENT, MANAGEMENT AND SUPERVISION OF FOREIGN SUBSIDIARIES, COMPANY’S DOMESTIC
AND FOREIGN INVESTMENT DEVELOPMENT. Graduated with honors
Technical University. Works in banking sector since 1997. Headed
Department for Services Development (corporate banking) of URALSIB
Bank. First Deputy CEO of URALSIB Leasing since February 2007.
from the Saint Petersburg State University of Economics and Finance.
General Director of the North-Western Leasing Company since 1995.
General Director of OOO Arkadia Management Company since 1998.
Works at URALSIB Financial Corporation since 1999.
Rustam Migranov
Managing Director, URALSIB Leasing
Sergey Smirnov
Chief of Financial Operations and International
Relations, URALSIB Leasing
_SALES VOLUMES AND OPERATIONAL MANAGEMENT OF REGIONAL NETWORK IN VOLGA, URALS, SIBERIAN, AND FAR EASTERN FEDERAL DISTRICTS. Graduated from the State Academy
_BORROWINGS, PELATIONS WITH RUSSIAN AND INTERNATIONAL FINANCIAL INSTITUTIONS. Graduated from the Finance
of Service with a degree in Accounting and Audit. Worked as the Chief
Accountant at the Region Leasing since 2000. General Director of the
Region Leasing (now Ufa URALSIB Leasing) since 2002. Holds the
Deputy CEO position in URALSIB Leasing.
annual report 2008
Academy with the RF Government with a degree in International
Economic Relations. Trained in Midland Bank (London). Works in banking sector since 1987, including 7 years in executive positions. Worked
for several Russian consulting companies as Vice-President and a partner supervising financial operations in 2004–2006. Joined URALSIB
Financial Corporation in 2006.
43
annual report 2008
_Borrowings
and Liquidity Management
Funding
Policy
Borrowings are among URALSIB Leasing’s top priorities to
fund new lease projects. The Company’s funding policy
is aimed at increasing the average loan periods, decreasing costs and diversifying funding sources.
External borrowings
and debt servicing
In 2006–2008, URALSIB Leasing borrowed USD 1.33 billion
in external finance (less loans made by URALSIB Financial
Corporation) including USD 0.6 billion in 2008 alone.
External borrowings in 2008 are broken down as follows:
35.8% — USD 214.4 million in Series 02 bonds;
22.1% — USD 132.4 million in direct loans from international banks;
22.0% — USD 131.5 million in international trade & export
finance,
20.1% — USD 120.2 millionin direct loans from Russian banks;
As at December 31, 2008, the Company’s credit portfolio amounted to USD 1.1 billion including:
31% — USD 347.2 million in bonds and CLN;
36% — USD 396 million in loans and borrowings of URALSIB Financial Corporation;
Key achievements in investor and lender relations
2008:
_ PUBLIC BOND ISSUES
RUB 5 billion bonds of Series 02 were issued by the Company in June 2008. The first coupon placement rate was
2.99%, the bonds will mature in 3 years (the issue was arranged by URALSIB Financial Corporation, Gazprombank, and ING Bank N.V).URALSIB Leasing is the only
Russian leasing company which bonds (Series 01 and 02)
were included into МICEX A1 quotation list (quotation
list of the most reliable issuers).
In February and September 2008, the Board of Directors of the Bank of Russia resolved to include into its
Lombard list RUB 2.7 billion bonds of Series 01 and
RUB 5 billion bonds of Series 02 issued by URALSIB
Leasing.
_ TRADE FINANCE
In Q2 2008, URALSIB Leasing obtained a USD 47 million loan from John Deere Credit, financial division of
John Deere, American producer of agricultural machinery, covered by the US EximBank, the official export
credit agency of the United States government. The loan
was used to finance machinery purchase by Russian dealers of John Deere Agricultural.
In September 2008, URALSIB Leasing signed a USD 75
million frame agreement with Sumitomo Mitsui Banking Corporation to provide trade finance for leasing
deals related to equipment import by Russian companies. The deals were covered by leading export credit
agencies.
28% — USD 310 million in direct loans from foreign banks;
4% — USD 48.4 million in loans from Russian banks.
* RUB 2.5 billion CLNs were issued in August 2007. It was the
first international flotation of unsecured credit-linked notes in
the Russian leasing sector (the issue was arranged by ING Bank
N.V and URALSIB Bank). URALSIB Leasing met its obligations
to investors by paying in full the face value and interest on the
notes in January 2009.
In November 2008, URALSIB Leasing and URALSIB
Bank structured a EUR 39 million transaction covered by
Finnvera ECA to finance supplies of import equipment.
The 5-year loan was advanced by Credit Suisse Bank. As
at January 1, 2009, URALSIB LC disbursed EUR 32.9
million. The Trade Finance Magazine recognized it to
be the "Deal of the Year – 2008".
44
_DIRECT INTERNATIONAL LOANS
In Q2 2008, URALSIB Leasing received two USD 69.4
million and USD 29.6 million tranches of the 5-year international syndicated loan. The total received syndicated loan facilities amounted to USD 174 million. The
lead manager was Credit Suisse. The loan was syndicated by Credit Suisse, Nordkap Bank AG, Bayerische Landesbank, and Commerzbank AG and used to refinance
a part of the Company’s portfolio and finance new leases.
In 2008 URALSIB Leasing attracted a USD 58 million
loan facility to finance the rail and rolling stock supply
program for the largest Russian railway operators. The
loan was made by KfW-IPEX, Germany, VTB Austria.
_ DOMESTIC LOANS
Throughout 2008 URALSIB Leasing received loans
from such Russian banks as OAO Sberbank, ZAO International Industrial Bank, ZAO Credit Europa Bank,
Joint-Stock Commercial Bank Absolut Bank, ZAO Unicredit Bank, Joint-Stock Commercial Bank EurofinanceMosnarbank, OAO Khanty-Mansiysk Bank.
_ LOAN SERVICING
In 2008, URALSIB Leasing paid off RUB 18.83 billion
in loans (including interest and coupons).
URALSIB LC External Borrowings
Breakdown, %
20.1 %
_ INTERNATIONAL CREDIT RATING
Fitch Ratings affirmed its ‘B+’ credit rating for URALSIB Leasing, outlook changed to ‘Negative’.
Domestic
loans
22.1 %
Trade
finance
35.8 %
Market
placements
20.0 %
annual report 2008
Foreign
loans
45
annual report 2008
_Risk Management
Liquidity
risk
Interest
risks
Liquidity risk is a risk of eventual loss following the company’s failure to meet its financial obligations in full due
to liquidity shortage.
Interest risk is a risk of eventual loss due to unfavorable
changes in interest rates on assets and liabilities sensitive to such changes.
The Company’s Treasury is responsible for operational
management of liquidity risks aimed at maintaining current, mid-term, and long-term liquidity. The key management tools include daily cash plan, gap reports, gap
limits, and leveled liquid assets portfolios.
Reduced average floating Libor/Euribor rates influenced positively the interest income received under leasing agreements in 2008.
Company’s assets and liabilities are well-balanced by maturity dates, and all the gap limits are followed.
Currency
risks
Currency risk is a risk of eventual loss due to unfavorable
currency rate changes in open currency positions.
The key approach of URALSIB Leasing to interest risks
is to transfer them onto the customer (lessee). Lease
agreements financed through floating rate loans provide
for the parties’ rights and obligations to revise the total
agreement price and lease payments in accordance with
Libor/Euribor changes relative to the interest rate
under the agreement.
In 2008, no lease agreements terms were revised since
the floating rate trend moved down.
To reduce the currency risk, the Company’s Treasury sets
and maintains open currency position limits.
Following Q1 2009, early partial repayment of foreign
currency loans at the beginning of 2009 reduced a short
open currency position in US dollars and euros.
_Breakdown of URALSIB LC Assets and Liabilities by Maturity
As at December 31, 2008 (IFRS), RUB‘000
Balance/ Maturity
Assets
Liabilities
Net total
On call
Under
3 months
3 months
to 1 year
1 to 3 years
3 to 5 years
Over 5 years
587,146
22,198
564,949
10,517,139
8,087,916
2,429,222
9,744,822
8,218,634
1,526,187
12,320,160
14,853,504
(2,533,343)
4,312,309
3,415,283
897,026
3,346,480
2,099,466
1,247,014
46
_RUSSIA
_URALSIB
annual report 2008
47
annual report 2008
Credit risks
Risk description
_Risk of diminution
in value and liquidity
of lease item
_Risk of lease item loss
_Customer default risk
Adjustable Risk
Components
Minimization of losses
related to eventual sale
of lease item
Minimization of expenses
related to property damage
or loss
Minimization of losses related to impairment of
the customer’s financial
standing
_Analysis and projected changes
in the lease item market value
and liquidity
_Repo and remarketing agreements
with suppliers/manufacturers
_Lease item monitoring
_Lease item insurance
_Credit approval system
_Credit policy
_Provisioning system (based on credit
risk assessment)
_Credit risk assessment and forecast
procedures
_Currency risk
_Interest risk
_Liquidity risk
_Residual
value risk
Sensitivity of assets
and liabilities to currency
rate changes
Sensitivity of assets and
liabilities to interest rate
changes
Maturity breakdown of assets
and liabilities
Minimization of losses
related to financial reporting
and tax accounting
_Currency risk control based on Net FX
position
_Borrowings in the lease agreement
currency
_Interest policy control in the launch
phase
_Mirror financing by the counterparty
bank (focus on trade export finance)
_Adjustable contract prices if financed
at floating interest rate
_Regular analysis of Libor/Euribor rate
changes
_Hedging
_Daily payment monitoring under the
Cash plan
_Mid and long-term liquidity control
under the gap report
_Mirror financing by the counterparty
bank (focus on trade export finance)
_Control of payment schedules while
entering into lease agreements
Management Tools
Financial risks
Risk Description
Adjustable Risk
Components
Management tools
Non-financial risks
Risk Description
_Operating risk
_Strategic risk
Adjustable Risk
Components
Compliance of corporate
governance practices with
the business scale
Compliance of lease products
and services with market
demand and expectations
Achievement of business
KPIs
_Business process regulations, job descriptions, and guidelines
_Authorization procedures
_Operating control by the operations
support department
_IT automation of business operations
_Cost control by the budget auditing
service
_Transfer system
_Operating (yearly) business plan and
strategic development plan
_KPI system
Management tools
48
_Breakdown of URALSIB LC Assets and Liabilities by Currency
As at Decemder 31, 2008 (IFRS), RUB‘000
Balance/ Currency
Assets
Liabilities
Net total
RUB
USD
EUR
Total
23,492,764
16,251,651
7,241,113
9,724,080
11,989,293
(2,265,213)
7,611,211
8,456,058
(844,847)
40,828,056
36,697,002
4,131,054
ments (less provisions) with payments overdue for 90
days totaled RUB 2.57 billion.
Credit
risks
BAD ASSETS AND POTENTIAL BAD ASSETS. The Company
regularly monitors credit quality of the assets. An efficient tool to manage bad debt is formation and analysis
of bad/potential bad assets registers.
The definite indicator of a bad asset is a late payment under the lease agreement overdue for over 90
days.
Potential bad assets include lease agreements with
payments overdue for 60 days. After the overdue payment is made, the related lease agreement remains in
the potential bad assets register for the next 30–60 days.
IMPAIRMENT PROVISIONS. URALSIB Leasing follows the
provision policy to determine an individual and joint impairment rate of net lease investments.
Default payments under lease agreements is a basic indicator for the impairment rate of net lease investments
and, consequently, provision amount.
According to corporate managerial practices, any asset
is impaired if the payment is overdue for at least 1 day.
However, the impairment rate is unleveled with respect
to the lease default risk.
Experience shows that the highest impairment risk relates to lease agreements with payments overdue for over
90 days. This group of lease agreements has the maximum provisions. As at January 1, 2009, net lease invest-
”
Although URALSIB Leasing considers lease agreements
with 90 days’ defaults to be at most risk, the Company
takes a conservative approach and sets up provisions for
every asset group including those having no overdue payments. Conservative approach to risk assessment and
provisions is adopted by the Company’s risk managers
who fairly estimate an eventual increase in default payments in the current market environment.
COLLATERAL FAIR VALUE (Lease collaterals). Lease investments are collateralized liabilities: the Company’s financial investments are secured by the title to lease items
(apart from side collaterals such as assets, shares in the
capital, guarantees, and sureties). URALSIB Leasing has
established procedures to determine the acceptability
and amount of collateral and to monitor fair value of the
lease item and side collateral.
As at December 31, 2008, the fair value of lease items
under lease agreements with late payments for over 1 day
(including technical default) totaled RUB 23.8 billion.
The related net lease investments totaled RUB 17.7 billion. As at the end of 2008, the lease items fair value covered the credit risk by 135%.
SALE OF LEASE ITEMS. Sales of lease items in 2008 show that
90% of the equipment, vehicles, and machinery under
the terminated lease agreements were sold in the secondary market with an average 10% discount off the item
fair value. The lease item fair value is calculated by the
Company’s risk managers based on the market estimates
In 2009, the Company’s Credit Policy
is focused on maintaining a liquid and
diversified leasing portfolio and sufficient lease
yields that match accepted credit risk levels
annual report 2008
49
annual report 2008
URALSIB Leasing Net Profit in 2004–2008,
RUB M
750
661
569
_Management’s Discussion
and Analysis
500
250
209
219
2005
2006
135
2004
2007
Net Profit
In 2008, URALSIB Leasing net profit in accordance with
IFRS totaled RUB 568.7 million and went down by RUB
92.2 million (14% y-o-y).
URALSIB Leasing ROAA in 2006–2008,
%
4%
3.5
ROAA & ROAE
3%
Following 2008, return on average assets (ROAA) was
1.72% against 3.50% in 2007; return on average equity
(ROAE) was 14.26% against 18.84% in 2007.
Increase in provisions for bad assets resulted in decreased net income and return on equity and assets.
2.12
2%
1.72
1%
Provisions
In 2008, URALSIB Leasing made additional provisions
for net lease investments in the amount of RUB 1.01 billion. As at December 31, 2008, provisions totaled RUB
1.66 billion. The 59% increase in net lease investments
and fair estimates of relative increase in default payments in the volatile market environment prompted larger provisions. Therefore, the average provisioning rate
increased from 3.09 to 4.87%.
Interest
Income
In 2008, interest income grew by 90.7% and totaled RUB
5.62 billion due to a 75% increase in yearly average income assets and a larger interest margin (21.3% against
19%).
2006
2007
2008
URALSIB Leasing ROAE in 2006-2008,
%
18.84
20%
15%
14.26
11.11
10%
5%
2006
2007
50
2008
2008
_RUSSIA
_URALSIB
annual report 2008
51
annual report 2008
Interest
expense
In 2008, interest expense grew by 111% to RUB 2.4 billion.
Higher growth rates of interest expense, if compared to
interest income, relate to a more leveraged balance resulting from large new business volumes and a 75% increase in the Company’s assets. Interest expense growth
is also due to higher average funding costs (8.7% in 2007
against 9.4% in 2008).
Net Interest
Income
Growth of interest income and interest expense resulted in
net interest income increase by 77% against 2007 totaling RUB 3.1 billion. Net interest margin grew from
11.4% in 2007 to 11.8% in 2008.
Non Interest
Expense
In 2008, non interest expense grew by 101% and totaled RUB
1.4 billion. Labor cost increased by RUB 112.7 million,
or 47%, and totaled RUB 348 million. Labor cost increase is caused by expansion of the Company’s regional network in 2007–2008 (42 new branches opened)
and recruitment for new rep offices. In 2008, total headcount rose from 359 to 407. Administrative and operating expenses increased by RUB 484.5 million against
2007 and totaled RUB 928.4 million primarily due to
lease investments growth resulting in increased leased
property tax.
52
Net Lease
Investments
Net lease investments totaled RUB 32.4 billion (59% yo-y) due to the following reasons:
New business volumes growth by 36%;
Company’s regional network and sales expansion;
Opportunities to borrow on terms favorable for the
Russian lease market;
Higher labor efficiency of the Company’s employees.
Borrowings
Following 2008, borrowings, including bonds issued,
grew by 82% against 2007 and totaled RUB 34.01 billion.
Company’s Equity
(Net Assets)
In 2008, the Company’s equity totaled RUB 4.131 billion against 2007 and grew by RUB 292 million or 8%.
Adequacy of the Company’s equity is reflected in the following figures:
Equity to risk assets ratio is 12.4%.
Equity to total assets ratio is 10.12%.
annual report 2008
53
annual report 2008
_ ZAO KPMG
_Naberezhnaya Tower Complex,
Block C
18 Krasnopresnenskaya Naberezhnaya
Moscow 123317, Russia
_Telephone +7 (495) 937 4477
_Fax +7 (495) 937 4400/99
_Internet www.kpmg.ru
_Independent Auditor’s Report
To the Board of Directors of Uralsib Leasing Group
Report on the Consolidated Financial Statements_
We have audited the accompanying consolidated financial statements of Uralsib Leasing (the “Company”) and its subsidiaries (the
“Group”), which comprise the consolidated balance sheet as at 31 December 2008, and the consolidated statement of income,
consolidated statement of changes in shareholders’ equity and consolidated statement of cash flows for the year then ended, and
a summary of significant accounting policies and other explanatory notes.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance
with International Financial Reporting Standards. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatements,
whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are
reasonable in the circumstances.
Auditors’ Responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit
in accordance with International Standards on Auditing. Those standards require that we comply with relevant ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free of material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements.
The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting principles used and the reasonableness of accounting
estimates made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Opinion
In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position
of the Group as at 31 December 2008, and its consolidated financial performance and its consolidated cash flows for the year then
ended in accordance with International Financial Reporting Standards.
01 April 2009
54
_Consolidated Balance Sheet
December 31
Notes
2008
2007
Assets
Cash and cash equivalents
Trading securities
Loans to customers
Net investments in finance leases
Goodwill
Current tax assets
Deferred tax assets
Other assets
Total assets
5
6
7
8
9
10
10
11
1,270,952
3,364
173,066
32,422,433
137,919
475,495
6,344,827
40,828,056
541,103
3,731
63,332
20,410,116
137,919
87,921
43,781
3,771,894
25,059,797
Liabilities and shareholders’ equity
Borrowed funds
Debt securities issued
Deferred tax Liabilities
Other liabilities
Total liabilities
12
13
10
11
21,330,109
12,683,340
70,149
2,613,404
36,697,002
10,751,630
7,963,021
2,506,549
21,221,200
14
2,742,321
1,388,733
4,131,054
40,828,056
2,742,122
1,096,475
3,838,597
25,059,797
Shareholders’ equity
Share capital
Retained earnings
Total shareholders’ equity
Total liabilities and shareholders’ equity
Signed and authorised for release on behalf of the Board of Directors
Elena A. Guschina
General Director
Anna E. Kalenkova
Chief Accountant
annual report 2008
55
annual report 2008
_Consolidated Statement of Income
Thousands of Russian Rubles
for the year ended 31 December 2008
Notes
Interest income
Finance leases
Due from banks
Loans to customers
Debt securities
Interest expense
Borrowed funds
Debt securities issued
Net interest income
2008
2007
5,602,736
821
10,996
5,486
5,620,039
2,894,659
36,400
16,196
2,947,255
1,622,030
863,644
2,485,674
3,134,365
956,810
220,401
1,177,211
1,770,044
Impairment of interest earning assets
Net interest income after impairment
7,8
1,007,465
2,126,900
200,222
1,569,822
Fee and commission income
Fee and commission expense
Net fee and commission (expense)/income
16
16
52,188
89,775
(37,587)
25,713
24,550
1,163
105,754
(131,010)
70,342
45,086
59,069
(87,168)
47,478
19,379
348,379
928,447
5,106
121,425
1,403,357
235,647
443,927
3,350
12,779
695,703
731,042
162,277
894,661
233,736
568,765
660,925
Trading gains from sale of equipment
Gains less losses from foreign currencies
Other operating revenues
Non interest income
Salaries and employment benefits
Administrative and operating expenses
Depreciation
Other operating expenses
Non interest expense
Income before income tax expense
Income tax expense
Profit for the year
15
15
10
56
_Consolidated Statement of Changes in Equity
Balance as of December 31, 2006
Net profit for the period ended December 31, 2007
Total recognized income and expense for the year
Net profit for the period ended December 31, 2008
Currency translation difference
Total recognized income and expense for the year
Contribution
Dividends paid
annual report 2008
Share
capital
Retained
earnings
Currency
translation
reserve
Net assets
attributable
to participants
2,742,122
435,550
-
3,177,672
-
660,925
-
660,925
660,925
2,742,122
1,096,475
-
3,838,597
-
568,765
-
797
569,562
568,765
797
199
-
(277,304)
-
199
(277,304)
2,742,321
1,387,936
797
4,131,054
57
annual report 2008
_Consolidated Statement of Cash Flows
Notes
Cash flows from operating activities
Interest received
Interest paid
Non interest income received
Operating expenses paid
Cash flows from operating activities before changes in
operating assets and liabilities
2008
2007
5,113,985
(1,870,100)
181,584
(1,388,232)
2,859,762
(961,805)
132,260
(590,693)
2,037,237
1,439,524
Net (increase) decrease in operating assets
Trading securities
Net investments in leases
Deposits in credit institutions
Loans to customers
Other assets
Net (increase) decrease in operating liabilities
Other liabilities
Net cash flows operating activities before income taxes
367
(12,598,375)
(109,734)
(2,572,933)
117,318
(8,919,245)
463,750
24,652
(1,921,844)
106,855
(13,136,583)
74,832
(9,138,388)
Income tax paid
Net cash flows from operating activities
(387,574)
(13,524,157)
(261,014)
(9,399,402)
(8,002)
2,211
(5,791)
(10,019)
195
(9,824)
219,942
(137,204)
(578,974)
25,513,976
(15,551,071)
4,999,050
(270,371)
14,195,348
1,987,308
(3,623,833)
(463,750)
2,668,639
15,173,319
(11,607,571)
2,500,000
2,700,000
9,751,487
541,103
204,132
729,849
64,449
1,270,952
336,971
(5,290)
541,103
Cash flows from investing activities
Purchase of property and equipment
Proceeds from sale of property and equipment
Net cash from investing activities
Cash flows from financing activities
Loans received from legal entities
Loans from legal entities repaid
Loans from Ministry of Finance of Republic Bashkortostan repaid
Promissory notes (repaid)/issued
Borrowed funds from credit institutions
Borrowed funds from credit institutions repaid
Credit linked notes issued
Bonds issued
Dividends paid
Net cash from financing activities
Cash and cash equivalents, beginning
Increase in cash and cash equivalents
Effect of exchange rates changes on cash and cash equivalents
Cash and cash equivalents, ending
5
58
_RUSSIA
_URALSIB
annual report 2008
59
annual report 2008
_Regional Coverage
Central Region
North-West Region
Volga Region
Southern Region
Ural Region
Siberian and Far
Eastern Region
Republic of Azerbaijan
60
annual report 2008
61
annual report 2008
_Contacts
_Central Office
Moscow 119021
Tel.: +7 (495) 785 12 12
Oleg Valerievich Litovkin
_Central Regional Branch
Moscow 119021
Tel.: +7 (495) 785 12 12
Natalia Yurievna Shuvalova
Moscow
Moscow 119021
Tel.: +7 (495) 785 12 12
Alexey Nikolaevich Volnov
Moscow Region
2 Nedelina St.
Odintsovo, Moscow Region
143000
Tel.: +7 (495) 597 83 11
Mikhail Aleksandrovich Zverev
Zhukovsky
33A Keldysha St. 140180
Tel.: +7 (496) 481 05 53
Maxim Anatolievich Havkin
Voronezh
53 Moskovsky Prospekt, Suite
807
Voronezh 394016
Tel.: +7 (4732) 610 595
Vadim Viktorovich Panishev
Ryazan
50 Sobornaya St.
Ryazan 390000
Tel.: +7 (4912) 273 520
Aleksandr Mikhailovich Zhdanov
Bryansk
3g Osoaviakhima Pereulok
Bryansk 241019
Tel.: +7 (4832) 411 620
Vitaly Vasilievich Artemchuk
Vladimir
8 1st Nikholskaya St., Suite 5
Vladimir 600000
Tel.: +7 (4922) 373 197
Igor Aslanovich Koblev
Tver
14A Tverskoy Prospekt
Tver 170100
Tel.: +7 (4822) 331 212
Nikholai Mikhailovich Smirnov
Smolensk
4 Verkhne-Sennaya St., Suite 220
Smolensk 214000
Tel.: +7 (4812) 201 717
Dmitry Stanislavovich Nazarov
Belgorod
1A Sobornaya Ploshad
Belgorod 308600
Tel.: +7 (4722) 336 758
Igor Ivanovich Taranenko
Lipetsk
14 Kommunalnaya Ploshad
Lipetsk 398059
Tel.: +7 (4742) 227 693
Yaroslavl
54 Nekhrasova St.
Yaroslavl 150040
Tel.: +7 (4852) 584 544
Ruslan Rashitovich Samatov
Tula
31a Kaminskogo St.
Tula 300000
Tel.: +7 (4872) 251 815
Oleg Ivanovich Fateev
Tambov
16a Derzhavinskaya St., Suite
408
Tambov 392000
Tel.: +7 (4752) 711 061
Andrey Aleksandrovich Lapin
Ivanovo
44 10 Avgusta St.
Ivanovo 153000
Tel.: +7 (495) 785 12 12
_ North-West Regional
Branch Office
_ Volga Regional Branch
Office
St. Petersburg
8A Karla Faberzhe Ploschad
St. Petersburg 195112
Tel.: +7 (812) 335 5823
Aleksey Georgievich Sirota
St. Petersburg
60a/7n Bolshoy Sampsonievsky
Prospekt
St. Petrsburg 194044
Tel.: +7 (812) 335 5824
Denis Vladimirovich Teteryatnikov
Petrozavodsk
10 Kuibysheva St.
Petrozavodsk 185035, Karelia
Tel.: +7 (8142) 672 014
Artur Leonidovich Kotov
Kaliningrad
5 Gendelya St., Suite 5
Kaliningrad 236000
Tel.: +7 (4012) 992 551
Igor Petrovich Borovoi
Kazan
22 Peterburgskaya St.
Kazan 420107
Tel.: +7 (843) 278 87 09
Veliky Novgorod
18 Bol. Sankt-Peterburgskaya St.
Veliky Novgorod 173003
Tel.: +7 (8162) 557 516
Vologda
33 Lermontova St.
Vologda 160000
Tel.: +7 (8172) 211 582
Elena Anatolievna Litvina
Murmansk
18 Sofii Perovskoi St.
Murmansk 183038
Tel.: +7 (812) 335 5823
Cherepovets
57b Sovetsky Prospekt
Cherepovets 162602
Tel.: +7 (812) 335 5823
Ufa
8 Krupskoi St. 450077
Tel.: +7 (3472) 519 534
Airat Maratovich Fatkullin
Izhevsk
270/308 Pushkinskaya St.
Izhevsk 426008
Tel.: +7 (3412) 430 499
Alexey Nikolaevich Popov
Ufa
9 Krupskoi St.
Ufa 450077
Tel.: +7 (3472) 519 534
N. Novgorod
29 Piskunova St.
Nizhni Novgorod 603000
Tel.: +7 (831) 417 50 46
Mikhail Samsonovich Fainstein
Orenburg
3/4/ 33 Mira St.
Orenburg 460021
Tel.: +7 (3532) 777 783
Elena Mikhailovna
Blagoveshenskaya
Samara
247/249 Sadovaya St., Suite
229/111
Samara 443001
Tel.: +7 (846) 337 53 33
Marina Yurievna Salmina
Saratov
11/13 Novouzenskaya St., Suite
211/212
Saratov 410017
Tel.: +7 (8452) 208 767
Yuri Fedorovich Milnichuk
Perm
9 Yakuba Kolosa St.
Perm 614068
Tel.: +7 (3422) 465 335
Anastasiya Yurievna Noskova
Ulianovsk
4 Federatsii St., Suite 46
Ulianovsk 432071
Tel.: +7 (8422) 791 789
Konstantin Yurievich Polyakov
62
Penza
83/17 Moskovskaya St.
Penza 440600,
Tel.: +7 (8412) 553 612
Natalia Nikolaevna Lisovol
Cheboksary
31a Karla Marksa St.
Cheboksary 428000
Tel.: +7 (8352) 628 895
Vladimir Vitalievich Gerasimov
Sterlitamak
1b Mira St.
Sterlitamak 453101
Tel.: +7 (3472) 519 534
Saransk
21 Prospekt Lenina
Saransk 430000
Tel.: +7 (3472) 519 534
Kirov
26 Gorkogo St.
Kirov 610000
Tel: +7 (312) 417 50 46
Ioshkar-Ola
15 Proletarskaya St.
Ioshkar-Ola 424036
Tel: +7 (312) 417 50 46
annual report 2008
_ Southern Regional
Branch Office
Krasnodar
180/1/42, 43 Krasnaya St.
Krasnodar 350020
Tel. +7 (861) 253 47 01
Denis Nikolaevich Drugashov
Krasnodar
180/1 Krasnaya St.
Krasnodar 350000
Tel.: +7 (861) 253 57 13
Stanislav Vitalievich Belitsky
Novorossiisk
7 Engelsa St.
Novorossisk 353905
Tel.: +7 (8617) 645 914
Natalia Yurievna Mayorova
Rostov-on-Don
46 A 14-th Liniya St.
Rostov-on-Don 344019
Tel.: +7 (863) 283 18 78
Olesya Valerievna Vakula
Stavropol
187 Lermontova St. Suite 204,
217
Stavropol 355017
Tel.: +7 (8652) 264 997
Nauruz Seitovich Koichuev
Sochi
2 Morskoy Pereulok, Off. 207
Sochi 354000
Tel.: +7 (8622) 693 738
Volgograd
30/102 Raboche-Krestianskaya
St.
Volgograd 400074
Tel.: +7 (8615) 630 101
Alexey Germanovich Ivanov
Astrakhan
12 Boevaya St.
Astrakhan 414024
Tel.: +7 (8615) 630 101
Aleksey Germanovich Ivanov
Pyatigorsk
119 Kalinina St.
Pyatigorsk 357500
Tel.: +7 (8793) 390 400
Nauruz Seitovich Koichuev
Taganrog
62 Petrovskaya St.
Taganrog 347900
Tel.: +7 (8634) 327 913
Tuapse
3 Gerzena St., Suite 304
Tuapse 352800
Tel.: +7 (8616) 729 219
Anastasiya Petrovna Kononez
_ Urals Regional Branch
Office
Ekaterinburg
33 Belinskogo St.
Ekaterinburg 620075
Tel. +7 (343) 378 49 39
Maksim Valerievich Anisimov
Tymen
59 Chelyuskintsev St,
Tymen 625000
Tel.: +7 (3452) 460 165
Ekaterinburg
15 Rozy Lyuksemburg St., Off.
205
Ekaterinburg 620075
Tel.: +7 (343) 355 66 51
Chelyabinsk
60A Zvillinga St.
Chelyabinsk 454111
Tel.: +7 (351) 267 51 27
Nizhnevartovsk
10B 60 Let Oktyabrya St.
Nizhnevartovsk 628606
Tel.: +7 (3466) 242 670
Fyodor Valentinovich Belov
Surgut
31 Mira St.
Surgut 628400
Tel.: +7 (3462) 777 074
Oleg Pavlovich Mezenin
Kamensk-Uralsky
11a Prospekt Pobedy
Kamensk-Uralsky 623400
Tel.: +7 (343) 378 49 39
Larisa Viktorovna Gartvich
Nizhny Tagil
11 Mira St.
Nizhnii Tagil 622034,
Tel.: +7 (343) 378 49 39
63
annual report 2008
Kurgan
103/1 Sovetskaya St.
Kurgan 640000
Tel.: +7 (343) 378 49 39
Magnitogorsk
85 Prospekt Lenina
Magnitogorsk 455044,
Tel.: +7 (3519) 230 227
_ Siberian/Far Eastern
Regional Branch Office
Omsk
3/1 Prospekt Karla Marksa
Omsk 644024
Tel.: +7 (3812) 321 098
Evgeny Nikholaevich Konovalov
Khabarovsk
23 Istomina St.
Khabarovsk 680000
Tel: +7 (4212) 232 833
Sergey Vladimirovich Vasilyev
Irkutsk
2A Rabochaya St.
Irkutsk 664011
Tel: +7 (3952) 281 707
Konstantin Vladimirovich Makarov
Krasnoyarsk
28 Ketskhoveli St.
Krasnoyarsk 660001
Tel.: +7 (3912) 660 905
Olga Mikhailovna Panova
Omsk
3/1 Prospekt Karla Marksa
Omsk 644024
Tel.: +7 (3812) 534 876
Aleksey Nikolaevich Tsaruk
Novosibirsk
35/1010 Krasnoyarskaya St.
Novosybirsk 630132
Tel.: +7 (383) 218 85 84
Aleksey Vladimirovich Kourov
Barnaul
5 Merzlikina St.
Barnaul 656049
Tel.: +7 (3852) 657 923
Andrey Vladimirovich Momot
Kemerovo
2 Oktyabrsky Prospekt, Off.206
Kemerovo 650099
Tel.: +7 (3842) 524 990
Aleksander Aleksandrovich
Terekhov
Tomsk
11b Prospekt Frunze
Tomsk 634029
Tel.: +7 (3822) 534 698
Dmitry Sergeevich Simontsev
Novokuznetsk
1/11 Nevskogo St.
Novokuznetsk 654000
Tel.: +7 (3843) 722 511
Oleg Mikhailovich Aleksandrov
_ Republic of Azerbaijan
Baku
1 Orudzheva st.
Khatainsky District
Baku АZ 1025
Azerbaidzhan Republic
Tel.: +(994) 12 96 86 08
64
URALSIB Leasing
Moscow 119021
Tel.: 7 (495) 785 12 12
_STRONG
COMPANY
STRONG
RUSSIA
annual
report
2008

_STRONG COMPANY STRONG RUSSIA

Transcription

Similar documents

pdf - HaveSiteWillTravel.com

the fast and the furious

Shop Online at Aarons.com for a Special Big Score Offer

N/A - Louer.com

16 MONTH LEASE SPECIAL

Property Management - HarperPropertyManagement.com

ABARTAenergy ABARTAenergy

luxury office suites with zen garden courtyard

Lesson 4 P6 Leasing a Vehicle 2014.notebook