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The Far Eastern leasing market overtakes the average Russian indicators in terms of growth
According to the project of the mega-regulator, regional leasing companies must increase their fixed capital to at least 20 million rubles and enter the register formed by the Central Bank of Russia. Changes in the regulations are forcing to take a closer look at the Far Eastern leasing market - how much can the new requirements of the Central Bank to increase the share capital of leasing companies affect the Far Eastern business, focused on small transactions? The main niches, players, the largest projects are in EastRussia analytics.
According to experts, the leasing market in the Far East is actually divided in half between federal and regional companies, although many of them are created for specific transactions of an affiliate business with them. A number of them - with a fixed capital of several hundred million rubles, others cost the original 10 thousand rubles, or 200 thousand rubles. Small lessors believe that in the end they will be forced to leave.
At the same time, the major market players are unanimous in their opinion that those who worked honestly and thought about tomorrow would have no difficulty in replenishing the leasing “baby” to 20 million rubles. Although mergers are possible in this market. According to the bill promoted by the Central Bank, companies with assets up to 500 million rubles have equity capital of no less than this amount, while for companies with assets over 500 million rubles capital requirements will be up to 70 million rubles.
As Tatyana Bravina, general director of the SLC Republic of Sakha (Yakutia) remarks, the Bank of Russia’s requirements are quite adequate today, the fixed capital confirms the reliability of the lessor and its solvency in a difficult situation to customers, shareholders or creditors.
According to Igor Popov, director of the Primorsky branch of Sberbank-Leasing, the weight of the real average bill in the leasing market of the Far Eastern Federal District amounts to four to five million rubles. As a result, 20 million rubles - this is tentatively speaking - the sum of five average transactions, in fact, one can form their own capital in 20 million rubles. Increasing equity capital is the call of the Central Bank to develop more advanced approaches to managing its risks, the abandonment of transactions regarding affiliation to friendly business structures. Of course, in this case schemes of related companies and holding companies will be revealed.
Subjects in the market
According to Expert RA, in Russia last year the volume of new leasing business reached a record level of 1,3 trillion rubles ($ 20,3 billion). Eight years ago, a similar figure was equal to 730 billion rubles, which was equivalent to $ 24 billion. The amount of new leasing transactions, in turn, was almost at the level of two trillion rubles (1,6 trillion rubles - in 2017 year). As a result, the portfolio of leasing companies in Russia by 1 in January 2019 amounted to 4,3 trillion rubles (1 trillion rubles, or $ 36,29 billion by the end of 2010 of the year).
The largest lessors of the country, which also have strong positions in the Far East, have traditionally remained the State Transport Leasing Company (GTLK) and banking companies: Sberbank Leasing, VTB Leasing, VEB Leasing, and Independent - Baltic Leasing, LC Europlan , "Element Leasing."
A number of EastRussia experts state a serious growth in volumes (at the level of 20-25%) on new leasing transactions in the Far East, which is higher than in Russia as a whole (the average for the Russian Federation is 19,6%). At the same time, the share of new deals in the DFO on the Russian leasing market decreased from 3,5 to 3,3% (according to Expert RA, for 2018 a year). But in any case, according to a number of estimates, this figure in real terms can be approximately 60 billion rubles.
The terms of executing leasing transactions increased on average to four years. A number of lessors are ready to provide deals for the 10-year period. As EastRussia found out, the bulk of transactions in the Far East are in the area of financial leasing (the purchase of an object at its residual value after the end of the contract). Operational leasing, providing for the use of additional services - fleet maintenance and insurance, has not yet gained popularity.
At the end of last year, the list of 100 of the largest leasing companies was included, and in some cases overtook the "feds", a business that initially had a residence permit only in the DFO (according to the ranking created by Expert RA). Thus, Siemens Finance occupies the ninth place in terms of the volume of new business with an amount of 38,9 billion rubles. Under this brand, the Far East Delta Leasing Company began working in 2011. The universal leasing company (ULK) turned out to be in the 23 place - 9,4 billion rubles. Today, ULK has changed its main legal address from Khabarovsk to Moscow (according to SPARK).
Actually Far Eastern, and more precisely Primorsky, among the largest 100 remains Taylleasing LLC (previously affiliated with Primsotsbank), having risen in the year from 46 to 39 in the Expert RA rating. Significant results that the company achieved were also noted by its colleagues in the market - 4,1 billion rubles.
Not less interesting players of the Far Eastern market are the Yakut companies Invest-Business Leasing, which has a full-fledged subsidiary in Magadan, and Tuymaada-leasing. In the region, the Republic of Sakha (Yakutia) Radar Complex operates with the support of SME Bank; it logically operates with targeted financing for leasing equipment for small and medium-sized businesses on a preferential basis. Only for lessees of Yakutia, the company is ready to allocate financing in the amount of 500 million rubles, and in general for Russian clients - 1,5 billion rubles. Alliance Leasing and Yakov Semenov continue to operate in Primorye, the latter is primarily engaged in the leasing of ships and is close to Primorye Bank.
The Sakhalin market is interesting because there are a lot of regional (island) leasing companies working there, including Sakhalin Leasing Projects. There are also their giants, one of them is the “Sakhalin Leasing Company of the Fishing Fleet” with an authorized capital of 4,8 billion rubles and the Ministry of Property of the Sakhalin Region as the founder (according to VLSI).
Regional industry specificity in the leasing market of the Far East, according to Igor Popov, is determined simply, it is enough just to look at the industrial map of the region. All mining enterprises, all mining, forestry enterprises, ports use leasing. If we talk about the mass market, then the demand here is the same in all regions of the Far Eastern Federal District, the difference is only in volumes. So, in Kamchatka, construction machinery, equipment for the fishing industry is in demand, there are prospects for the development of transport projects on the Northern Sea Route.
Road construction is actively developing in the Amur Region, which means there is a demand for the leasing of relevant equipment, as well as in the timber and gold mining industries. Sakhalin, which a number of experts call the country's third regional economy, is famous for its large network of contractors and subcontractors, who lease special equipment for a number of projects in the coal, fish and forest industries. Due to the active use of special equipment leasing on the island, modern technologies in road construction are developed.
In the Magadan region, business traditionally leases special equipment needed for gold mining. The so-called "devices" are actively working on the Kolyma highway.
According to estimates of Invest-Business Leasing LLC (Yakutia), the first place in terms of the volume of business was confidently taken by the construction and road-building machinery (50%), and the freight vehicles - in second position (27%). The share of passenger cars accounted for only 5%. In Magadan, the demand for construction equipment is similar, freight transport in the total volume of new deals is 45%, and cars were leased last year only in 2,3% of cases.
Market experts also pay attention to new features. A completely legal leasing field is occupied by subtenants with a powerful financial resource. Against the background of burning contracts signed for federal projects, their number has increased. Such companies as clients turn to leasing companies and issue a certain pool of equipment (4-10 units), then transfer it to sublease to less powerful companies that would not be able to arrange leasing on their own.
But as a whole, from the point of view of Irina Loboda, the director of Yakov Semenov LLC, the development of the Far East really remains one of the important tasks for the state. In the coming years, many large construction projects are planned in the region: the construction and modernization of roads and railways, seaports, the development of small aircraft, and the construction of cultural facilities. As long as the region receives state support and develops, the demand in the segment of construction equipment, commercial transport will be stable.
Director of the Far Eastern Regional Branch of Sberbank Leasing JSC Pavel Verkhovodov agrees with his colleagues: in the Far East, and in the Khabarovsk Territory in particular, the previous few years the market for cargo vehicles and road machinery actively grew, in particular through a fairly powerful subsidy program. Thus, Russian-made wheeled vehicles were subsidized starting from the 2015 year, but, unfortunately, the volume of these subsidies was reduced, this year the subsidy ended in a month. The agreement with Belarus has been postponed for a month, while it is not known whether the preferential leasing program will be resumed. But in the Far East, initially, demand was sharpened for foreign-made special equipment, and in this row, China and Japan are leading.
Today, the reorientation of MUP and PMU from rent to the purchase of equipment on lease is obvious. In Vladivostok, in this way, municipal companies have already acquired snow removal equipment.
Leasing of passenger cars in the Far East initially has a different character than in central Russia. According to Pavel Verkhovodov, Sberbank Leasing accounts for 10%. Due to regional peculiarities, Japanese manufacturers, for example, Toyota, are closer to Far Eastern business, especially in Primorye and on Sakhalin. By the way, due to state subsidies, the South Korean brands Huyndai and KIA became favorites when leasing cars. However, according to experts, the Far East would rather take the car for one million at its own expense, and leasing it for eight million rubles.
According to Olesya Romankova, Director of the Khabarovsk branch of Baltic Leasing, the leasing industry in the Far East is characterized by customer focus on the freight transport segment. In 2018, in the volume of the company's new business in the region, its share was 43%. The second place remains behind the segment of construction and road-building equipment with a share in 20%. Approximately in equal share the third place is occupied by the passenger car segment - 18%.
As the most significant recent transactions in the Khabarovsk branch of the Baltic Leasing Company, they note participation in large investment projects, in particular, in the construction of the Amur GPP, which is to become the second-largest gas processing enterprise in the world. Deals related to the construction of the Vostochny cosmodrome became profitable for the branch.
“It is logical that the contractors working at this facility required a huge amount of modern special equipment, many of them made a choice in favor of leasing and came to us. I note that in this cooperation we see not only the source of income for our company, but also the opportunity to apply and replenish our own competencies. Making out an agreement for financing specialized equipment and equipment, we immerse ourselves in the specifics of the business of our client, ”says Olesya Romankova.
The interlocutors of EastRussia, according to the results of the first quarter of 2019, note a curious result: the seaside leasing market for the first time overtakes Khabarovsk in terms of growth rates. It cannot be said that the psychological name “the capital of the Far East” influenced the business, but the redistribution of budgets for projects did happen - 38% of all lessees, according to some estimates, is located in Primorye.
Director of branch Baltic Leasing in Primorsky Krai Elena Kiseleva, retrospectively comparing bids from customers, notes that demand for maritime business three or four years ago was formed around food, production and construction equipment. In 2018-2019, the first place is behind construction equipment. In many respects, the needs of the construction industry are dictated by the entry of a new law on shared construction, which provides for settlements through escrow accounts. Changes in the legislation have affected the construction business - now developers need to rely more on themselves, they are overgrown with production facilities, so there is a high need for concrete mixers, cranes (prefabricated, self-propelled). Projects associated with the entire infrastructure of the Zvezda plant, with the construction of the Vladivostok-Nakhodka-Vostochny port, have a great influence on demand.
Today, industrial companies are actively obtaining licenses for the development of deposits - sand, stone, rubble. Therefore, according to Elena Kiseleva, there is a growing demand for mining equipment, including for crushing, as well as sorting tapes, dump trucks, and backhoe loaders. In Primorye, applications from coal mining companies are also increasing (including Luchegorsky GOK, Novoshakhtinsk, Poltavsky open-pit mine). China becomes a consumer of coastal coal.
Leasing of commercial real estate is still an exclusive feature of the seaside branch of Baltic Leasing. The mechanisms of interaction with the Fed have already been worked out, both in terms of drawing up contracts and in working with clients.
Medical Leasing - Growth Point
Invest-Business Leasing believes that equipment leasing should become a new growth point in the Far East market. True, the main factors that hinder the development of the industry are the territorial remoteness of leasing companies from official dealers and, in general, the high cost of equipment. Other market players agree with the Yakut colleagues, with an emphasis on medical equipment.
According to Igor Popov, leasing of medical equipment was exempted from paying VAT last year, which is why the number of transactions and their volumes increased in this area. So far, this sphere mainly belongs to state organizations - a large recent pool of orders has become, for example, virtually complete modernization of state clinics of the Sakhalin region. But private business is also gradually starting to enter this field.
At the same time, Elena Kiseleva hopes that the growth of medical equipment leasing will contribute to the formation of a new cluster, including on Russky Island (special conditions for taxation will apply in the cluster for clinics and health centers), and medical tourism in Primorye can become a new growth driver for Far Eastern leasing market.