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Press release RA Expert Rating confirms the rating of bonds of ‘Leasing IT-SPV’ LTD at the level uaВВВ-


15/08/2012

On August, 15th, 2012, RA ‘Expert Rating’ has confirmed credit rating of bonds of the leasing company ‘Leasing IT-SPV’ LTD (USREOU 35322510) at the level uaВВВ-. When confirming the credit rating of the Emitter at this level, the analytical service of RA ‘Expert Rating’  was guided by Q2 2012 data on efficiency of management of ‘Leasing IT-SPV’ LTD  lease portfolio and by H1 2012 key performance indicators of PrJSC ‘Leasing IT’.

Table 1

Key indicators of Leasing IT-SPV LTD lease portfolio (UAH, %)

Indicators

April 2012

May 2012

June 2012

April 2011

May 2011

June  2011

Total Q 2 2012

Total Q2 2011

Growth rate

 2011 – 2012

1. Turnovers on the portfolio

 

 

 

 

 

 

 

 

 

Number of transactions per period:

532

619

594

263

268

261

1745

792

120,3%

Volume of transactions per period:

2 541 712,0

2807862,1

3231823,2

1243265,5

1318518,4

1186063

8581397,3

3747846,9

129,0%

Share of households in the total amount of transactions (%)

92,4

98,4

99,7

95,8

96,5

99,2

96,8

97,2

0,3%

Average amount of transaction per period

4777,7

4536,1

5440,8

4727,3

4919,8

4544,3

4918,2

4730,5

4,0%

2. Portfolio parameters

 

 

 

 

 

 

 

 

 

Total indebtedness of portfolio clients

11943980,2

12403233,0

13462859,3

3952255,8

4119772,6

4249556

13462859,3

4249556

216,8%

Share of households in the total indebtedness (%)

98,2

98,0

98,2

97,4

96,9

97,3

98,1

97,2

1,0%

Effective rate, average (%)

123,5

122,8

127,5

121,40

119,75

126,75

124,6

122,6

1,6%

Share of portfolio debt due in excess of 30 days (%)

-

-

-

2,7

4

2,06

-

2,9

-

Share of portfolio debt due in excess of 90 days (%) *

6,6

7,6

8,5

-

-

 

7,6

-

-

Level of write-offs, %

16,0

18,6

19,2

-

-

 

17,9

-

-

* since July 2011 the company calculates NPL (non-performing loans)value  ?90 days; The debt due over 180 days is subject to write-off.

Source: ‘Leasing IT-SPV’ LTD data, calculations by RA ‘Expert Rating’

 

1. In Q2 2012 the Company continues to actively increase the leasing portfolio. The quantity of transactions from April to June, 2012 increased compared vs. same period of 2011 by 120 % and made 1745. The volume of transactions for Q2 2012 grew compared vs. Q2 2011 on UAH 4,8 million and made up UAH 8,6 million. The mean transaction amount grew by 4%.

2. The increase in quantity of leasing transactions caused increase of total clients portfolio debt on UAH 13,46 million as of Q2 2012 end. The mean effective rate on portfolio was 124,6 % per annum. At such level of effective rate the emitter stays out of percentage risks influence area.

3. The level of indebtedness due over 90 days (NPL) was 8,5 %, by the end of Q2 2012 and the (cumulative) level of write-offs  - 19,2 %. Accordingly, the level of write-offs 20%, foreseen by the main scenario of portfolio indicators wasn’t exceeded. At the same time the crisis scenario assumes that the portfolio can resist the level of write-offs higher than 32 %, and when preserving current profitableness – higher than 40 %.

4. The cost of attracted resources in Q2 2012 remains at the level of 2011 end and stays within the limits of 25-28 % per annum, that is due to general increase of resources cost in the market.

5. The current portfolio continues to preserve very high level of diversification - the share of the largest client does not exceed 1% of the portfolio.

Table 2

Consolidated performance indicators of PrJSC Leasing IT and

Leasing IT-SPV LTD (th UAH, %, p.p.)

Indicators

 

H1 2012

 

H1 2011

Change in

2011-2012

Growth rate in 2011-2012

Balance sheet figures:

 

 

 

 

Assets

26 918

16 176

10 742

66,41%

Book value of capital assets

6 323

6 422

-99

-1,54%

Liabilities

17 971

12 541

5 430

43,30%

Shareholder equity

8 947

10 285

-1 338

-13,01%

Authorized capital

3 543

3 543

0

-

Debt for payment of equipment

12 220

8 133

4 087

50,25%

Financial results:

 

 

 

 

Total incomes **

4 708,4

2 216,1

2 492

112,46%

Incl.:

 

Financial incomes:

3 267,6

978,5

2 289

233,94%

Penalties

1 440,8

391,0

1 050

268,49%

Other incomes

-

846,6

-

 

Total costs

4 298,2

1 683,7

2 615

155,28%

incl:

 

Operational costs

2 494,7

923,9

1 571

170,02%

Financial costs

1 803,5

759,8

1 044

137,37%

Profit or loss from operating and financial activities before tax

427,9

532,4

-105

-19,63%

Net income

427,2

532,4

-105

-19,76%

Ratios:

 

 

 

 

Shareholder equity/assets

33,24%

63,58%

-30,34p.p.

 

ROE

4,77%

5,18%

-0,40p.p.

 

ROA

1,59%

3,29%

-1,70p.p.

 

*The consolidated balance and financial indicators consist of indicators of the company-emitter Leasing IT SPV LTD and the company-guarantor of bond issues -PrJSC Leasing IT.

**The key type of Company activity is the financial leasing. In this connection, the interest incomes received from the given activity are regarded by the Company as operational. In the calculation of economic coefficients the given financial incomes are referred to as incomes of operational activity.

Source: PrJSC Leasing IT and Leasing IT SPV LTD data, calculations by RA ‘Expert-rating’

6. The comparative analysis of H1 2012 and H1 2011 consolidated accounts of respectively PrJSC Leasing IT and Leasing IT-SPV LTD has shown growth in assets and liabilities at 66 % and 43 % accordingly. The debt for the equipment leased increased by 50 % that was a consequence of growth of leasing services portfolio. An active expansion of client base entailed growth of expenses, but has already yielded significant result – producing increase of incomes by more than 2 times.

 

Analytical service of RA Expert Rating

Confirmation of ‘Leasing IT-SPV’ LTD (english version) - 15.08.2012

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