1、2008 Annual Report | i i 2008 2008 - 2008 2009-2012 - . Fleet-online, Statement of the team leaders Rules of game 2008 European and Ukrainian Leasing leagues Our victories in 2008 Premier league player Major achievements of 2008 Victory Strategy in 2009-2012 Our big team Customers Partners Staff Vic
2、tory technologies Risk management Managing new technologies Fair play Products. Financial and operating leasing Service and Fleet-online, additional products Regional play Auditors report 04 08 12 16 20 28 32 34 STATEMENT OF THE TEAM LEADERS 4 | 2008 Annual Report | i i STATEMENT OF THE TEAM LEADERS
3、 2008 , . , Euroventures Ukraine Fund II. , . , 2008 . , , , -. . . 2008 , , 101 . . , , , - . 31 2008 . , , . , . . , 2008 , . , , 2009 The year 2008 became a year of positive changes for Euro Leasing when it strengthened its position of the leading leasing company in Ukraine. Euroventures Ukraine
4、Fund II was involved as a member of the company in line with the chosen strategy of foreign capital attraction. The responsibility of the new investor includes facilita- tion of Euro Leasing entry to the external credit markets, involving the Funds work experience in successful fulfillment of a numb
5、er of investment projects. An important fact about the company activity is that Euro Leasing with dignity coped with the situation that emerged in the second half of 2008 in Ukrainian economy. It was possible because of the high professionalism level of employees, firm fulfillment of obliga- tions t
6、o stakeholders, chosen company development strategy and balanced risk management policy. The company acts in the most prospective transport leasing market segment leasing with the full range of after-sales services for the corporate sector. Rightly chosen segment and high quality of the services pro
7、vided allowed the company to become the market leader and confirm its high reputation of a reliable partner in short term. In December 2008, in view of the Ukrainian leasing market pros- pects and the leading positions of Euro Leasing at the market, the General Meeting of Participants made decision
8、to increase the com- panys statutory fund up to UAH 101 mln. During the accounting period the Euro Leasing management regu- larly informed the General Meeting of Participants on the situation at the company, on its part, the General Meeting of Participants performed continuous monitoring of the comp
9、any management, which allowed to perform functions in accordance with the Statute and law without any limitations. The General Meeting of Partici- pants was given copies of annual financial reports of Euro Leasing and the management report as of December 31, 2008. The General Meeting of Participants
10、 as the superior body of the company agrees with the results, received from the auditors, and approves annual financial reports. On behalf of the General Meeting of Participants I would like to ex- press gratitude to the management and employees for their fruitful collaboration. Our joint activity g
11、ave significant results and made substantial contribution to development of leasing in Ukraine. I am sure that the positive results of the year 2008 will create back- ground for the future development of the company to the benefit of the company participants, customers and partners. Kyiv, Ukraine, F
12、ebruary 2009 Representative of the General Meeting of Participants of Euro Leasing LLC Head of the Board of Atoll Holding CJSC Oleh Boyaryn A word from the General Meeting of Participants representative 6 | 2008 Annual Report | i i 2008 , , , . 2008 : , ; , ; , . , . . , , , 2008 . . 2008 , , 101 .
13、. , . 2009 , . , , , . , , 2009 The year 2008 for our team as well as for the economy of Ukraine started as the year of hopes to achieve new goals and ended as the year of the greatest challenge in the whole history. In the fourth quarter of 2008, for the first time of its existence Euro Leasing tea
14、m encountered the problems opposite to the problems it usually encountered before: not to enlarge the leasing portfolio, but opti- mize it; not to look for new members of the team, but optimize the number of the members in view of long-term nature of the external challenges; dialogue with clients no
15、t about fleet enlargement, but about restructuring of businesses in order to fulfil long-term obliga- tions under the leasing agreements. During the year the company significantly enlarged the fleet, having strengthened its positions as one of three leaders of the Ukrainian transport leasing market.
16、 By common efforts of shareholders and team we doubled the amount of the companys interest-earning assets. The team leaders will remember the year for such notable events as changes in the shareholder structure, such as joining the team by one of the most famous foreign investment funds working in U
17、kraine and conclusion of the first agreement on leasing portfolio selling in Ukraine in spring 2008. Financial stability of the company was proved in autumn of 2008, when the company maintained its investment grade rating, fully and timely fulfilled its obligations under offer of bonds and increase
18、of statutory fund to UAH 101 mln. Work experience in the crisis conditions, increase of capitalization of the company by the shareholders and competitive advantages in service and technological solutions give our team the confidence in future. All of this allows us to increase the companys market sh
19、are in the year 2009 which we hope will be the year of new prospects and opportunities. I am grateful to the customers who trust our company as the trans- port leasing services provider, to our staff for great patience and aspiration of leadership and to our shareholders for support of the company i
20、n necessary moments. Kyiv, Ukraine, February 2009 General Manager Roman Ivanenko A word from the company management 2008 Annual Report | i i | 7 2008 RULES OF GAME 2008 8 | 2008 Annual Report | i i 2008 RULES OF GAME 2008 0,5 1,1 1,7 3,6 20,2 28,5 200420052006200720082009 0 5 10 15 20 25 2008 Annual
21、 Report | i i | 9 , 2004 . . - Leaseurope, 2008 4,5%- 2007 .: 2008 . 780 . . : - 2008 . 28%. , - , - . , , 25 , 16 , 3,5 . . , - 4,3%, - 0,9%. 2007 . 2,4% 15,5% - , 2,7% 13,6%, 2,2% 11,4% ( Global Leasing Report, White Clarke Group). - . , . Owing to dynamic development of the European leasing marke
22、t since the year 2004 it is the leader in the number of new business volumes among all the regions of the world. According to Leaseu- rope research, federation of European leasing companies associa- tion, in 2008, the European market grew by 4.5% as compared to 2007: In 2008, the leasing portfolio w
23、as equal to 780 mlrd. Euro. Contribution of leasing industry to the development of European economy remains significant: average share of leasing operations in the capital investments in 2008 was 28%. Therefore leasing is one of the key tools for the economy development, including devel- opment of s
24、mall and middle businesses in Europe. The Ukrainian leasing market size according to leasing portfolio volume is ten times smaller than the leasing markets of the great- est European countries, for example 25 times smaller than that of Germany, 16 times smaller than market of Italy and 3,5 times sma
25、ller than Austrias market. But the leasing penetration rate into Ukrainian economy is comparable with that in the leading countries of the world. Ukrainian leasing portfolio constitutes about 4.3% of the gross domestic product and about 0.9% of the capital invest- ments. For comparison, the same rat
26、es in Germany in 2007 were 2.4% and 15.5% accordingly, in Austria 2.7% and 13.6%, in Italy 2.2% and 11.4% (according to Global Leasing Report, White Clarke Group). And it should be noted that now the positive growth dynamics of the Ukrainian leasing market is the highest in the Eu- rope. Thus leasin
27、g in Ukraine becomes strategically important for securing of investments in the fixed assets of the enterprises. European and Ukrainian Leasing Leagues Dynamics of leasing portfolio growth in 2003-2008, UAH mlrd. Information: Association Ukrainian Union of Lessors 2003-2008 ., . . : 0,7% 1,2% 1,5%2,
28、7% 9,5% 4,3% 1,7% 0,1% 2003200420052006200720082009 0,3% 0,3% 1,7% 0,6% 0,9% 0,3% 0% 2% 4% 6% 8% 10% 12% 14% 16% / Leasing/Gross Domestic Product / Leasing/Capital Investments , - , - , . - , , . - 2008 . 54,6%. 2008 . -11 - , 90% - , 7 930 . , 15% - 2007 . 31.12.2008 25 000 . , . : , (- ) , , , VAB
29、 ; ( , - ) - , , , ; As concerns sectoral structure of the leasing market, most agree- ments are concluded in the transportation, agriculture and con- struction. Therefore the greatest demand is for such leasing sub- jects as automobiles, commercial and freight transport as well as special-purpose m
30、achines for construction. Share of the transport in the leasing portfolio structure was 54.6% in 2008. In 2008, TOP-11 leasing companies of Ukraine constituting 90% of the transport leasing market leased 7 930 motor cars, which is about 15% more than in 2007. Overall fleet of leasing companies as of
31、 31.12.2008 exceeded 25 000 transport vehicles. Euro Leas- ing has strong competitive position at the transport leasing market being its leader according to the portfolio volume and ranking third according to the fleet size. The most dynamic was the activity of the following companies: Leasing compa
32、nies, created under international banks (leas- ing is one of the obligatory financial products of the group) Unicredit Leasing, Raiffeisen Leasing Aval, Laska Leasing, VAB Leasing; Captive leasing companies of importers or manufacturers of vehicles (leasing is a transport distribution channel or com
33、- petitive advantage regulation by financial solution accompany- ing the sell of transport) AIS Leasing, Ilta Leasing, Porsche Leasing Ukraine, UkrAvto Leasing; 10 | 2008 Annual Report | i i : , Leasing penetration rate in economy of Ukraine Information: Association “Ukrainian Union of Lessors”, Sta
34、te Statistics Committee of Ukraine 3796 3231 2717 1875 1778 1619 1253 1169 889 642 485 EURO LEASING -* OPTIMA-LEASING* -* VIP RENT* LASKA-LEASING - AIS LEASING RAIFFEISEN LEASING FIRST LEASING COMPANY ILTA LEASING UNICREDIT LEASING PZULK UCAR LEASING ( - ) - , (ALD Automotive), - (AVIS Ukraine). , -
35、 . , , - - . ( ), . , - , - , . Independent leasing companies (leasing is a form of services with simultaneous financing and service maintenance) Euro Leasing, First Leasing Company (ALD Automotive), VIP-Rent (AVIS Ukraine). Independent leasing companies on the motor transport market deal with the t
36、ransport only, that is they are special-purpose com- panies. Now, when efficiency of business becomes a key criterion of the future growth, the specialization strategy is the most advanta- geous as compared to the concept of “versatile leasing company”. Specialization allows achieve high competency
37、and professionalism in managing one-type leasing assets (transport vehicles), which increase effectiveness of a leasing company. It is independent leasing companies, Euro Leasing being one of them, that have most prospects on the transport leasing market and set its development trends, continuously
38、improving and sup- plementing the leasing products portfolio with new solutions and services. 2008 Annual Report | i i | 11 Rating of the biggest leasing companies in Ukraine by the fleet size as of 01.01.2009, transport vehicles Information: AUTO Consulting information and analytics group 01.01.200
39、9 ., . : - AUTO Consulting * (- AVIS Ukraine (300 . ), - Sixt (220 . ), . *Fleet includes fleet of the rent company (VIP-RENT AVIS Ukraine (300 vehicles), Optima-Leasing Sixt (220 vehicles) on the balance of one legal person. 2008 OUR VICTORIES IN 2008 12 | 2008 Annual Report | i i 2008 OUR VICTORIE
40、S IN 2008 - Premier-liga player - . - , , , . 2003 , . - . : . 20:08 2008 . : Euroventures Ukraine Fund II (EVU II). 101 . . 100 . - uaBBB- , - , , , . - , . 2008: Fleet-online 25 Skoda, Ford, Mitsubishi, Volkswagen - , - PR-, - . Euro Leasing is the national leader of Ukrainian transport leasing ma
41、rket. The company owes its success to such factors as profes- sionalism, stability, balanced politics, annual increase of the leasing portfolio and innovation approach to the company development. Euro Leasing was founded in 2003 and is a member of Atoll Hold- ing Group. Mission increase competitiven
42、ess of Ukrainian business with complex transport solutions by Euro Leasing. Values: Professionalism Stability Effectiveness Innovations Strong team Match 20:08 In 2008, the companys activity was aimed to reinforce its position at the market and increase its good reputation. Significant changes happe
43、ned in Euro Leasing during the year: Joining the company by the minority foreign shareholder - Eu- roventures Ukraine Fund II (EVU II). Statutory fund of the company was increased to UAH 101 mln. Credit rating of Euro Leasing public issue bonds of B series for UAH 100 mln were confirmed at uaBBB inv
44、estment level with stable prognosis, which reflects successful experience of Euro Leasing in managing the company, financial stability, ef- ficient risk management system, company dynamic develop- ment. Confirmation of Euro Leasing credit rating guarantees maintaining adequate financial indices, qua
45、lity of assets and position of the company at the market. Main business areas in 2008: Operative and financial leasing Services of customers fleet management - Fleet-online Special offers of leasing products with more than 25 dealers of Skoda, Ford, Mitsubishi and Volkswagen cars Provision of pre-de
46、livery cars and sell of ex-leasing cars New acquisition at the transfer market employees number in- crease by professionals in banking and transport sectors, main- taining high level of motivation and efficiency of the staff Dynamic PR-activity aimed to develop public image of Euro Leasing as the ex
47、pert company at the leasing market of Ukraine. 2008 Annual Report | i i | 13 14 | 2008 Annual Report | i i : - . - . 13,7%. 59%. : : 500 - , 383 . : . : - , - ( ) - . : /: - B 3 241 . . (, ) 2 971 997 . (, ). /: - uaBBB- - - . 2007 ., - - . : 2 . : 50,5 . . 101 . . : - 40 . : - -. : : 18 . 5 000 . -
48、 . - , 3 000 . - V , - 2 000 . V - . : 560 - - . Achieved goals: Leadership at the transport vehicles leasing market according to the leasing portfolio value. Involvement of foreign investor for equity participation. Market share according to the leased cars 13.7%. Increase of loyal dealers number t
49、o 59%. Victories in overall standings: September: Euro Leasing appeared in the rating of 500 richest companies of Ukraine ranking 383. December: Euro Leasing appeared in the list of the most socially responsible companies of the Dnipropetrovsk region. December: Euro Leasing initiated implementation
50、of the Plan of support and stimulation of the economy of Ukraine, sending an open letter to the Government at the press-conference “About ur- gent measures to save economy (leasing market experts)” with Ukrainian Leasing Association. Financial side of medal: January/April/July/October: Payment of co
