Today, February 18, the State Duma of the Russian Federation adopted in the second reading the draft...
Chercher
In 2016, State Transport Leasing Company and Russian Railways OJSC signed a cooperation agreement. Please tell us how this agreement is being implemented? Going active work by search the best solution . Russian Railways have one of the better conditions to raise funds and actively use it. We understand perfectly well that the company does not want to, cannot and does not intend to overpay. At the same time, I hope that the work we started in 2016 will lead to the first transactions in 2018. STLC is also collaborating with the Federal Passenger Company to find the optimal solution for updating the passenger fleet. We discuss with colleagues big program
, which will include many transactions and which will last more than one year. It will allow you to update any fleet that is needed - be it double-decker or any other cars. In addition, we are cooperating with the Ministry of Transport in terms of financing the renewal of the electric train fleet of commuter transportation operators.
- Is it possible that the state will solve the problem of updating suburban rolling stock through the State Transport Leasing Company? At a hearing on the issue of organizing suburban transportation in the Federation Council, the State Transport Leasing Company proposed an option on how it would be possible to launch a rolling stock renewal program using a leasing mechanism. We presented various financing mechanisms that were previously discussed with the Ministry of Transport. STLC has experience in implementing such projects. Our company has already served as a guide and implementation of state support in providing air ambulance transportation throughout the Russian Federation. We understand how to do it. There are different proposals for suburban transportation: how to purchase, how to finance, on whose balance sheet the fleet and infrastructure should be kept - the property of JSC Russian Railways or the regions. STLC believes that the program for updating the fleet of suburban electric trains should be based on the fact that suburban passenger companies will have money for new electric trains. At the same time, it is obvious that the passenger flow of operators is different. We have been implementing the program for 2 years with the most in this segment – TsPPK, we are their largest partner in financing the acquisition of rolling stock. We have thoroughly studied the economics of CPPC, taking into account the fact that rolling stock is mainly leased from JSC Russian Railways; we understand how the economics of suburban passenger companies will change under the leasing load. It is important to understand how much money will be required. Because if there is no money, it will be impossible to renew the electric train fleet. And in this case, government subsidies will be required to purchase new cars for all commuter companies.
- In addition to the future state program, is it possible for STLC to cooperate with suburban companies in the near future?
STLC is gradually reducing the share of the leasing portfolio in the rolling stock segment - from 54% in 2012 to 27% in 2016. Will this trend continue at the end of 2017 and in 2018?
The share of rolling stock is significantly influenced by our activity in other areas. We can buy a lot of cars, but if we buy airplanes, helicopters, build ships and make other investments in transport infrastructure at a much faster pace, the share may not change, or even fall. Today the trend has changed. The share of rolling stock has increased from 27% at the end of last year. In 2016 and 2017, we were focused on acquiring new rolling stock and gave preference to the innovative fleet, purchasing about a third of all innovative cars produced. But there is a need for different types of products in the market. We try to buy a new fleet, but we take into account what is in demand by the client. Returning to the share of rolling stock - it will grow. We generally try to balance so that our main industry groups are aircraft, cargo and passenger carriages, cargo and, perhaps in the future, passenger ships - balanced among themselves. Of course, I would like to have a perfect picture. We also have assets in the sector of energy efficiency programs in transport. We are also exploring other industries that might be of interest to us. For example, energy.
- Is the railway infrastructure in the field of vision of the State Transport Leasing Company?
And we are looking at the railway infrastructure. This also applies to the traction stock. We strive for balance. But the economic and technological situation in each segment is different. Each segment has its own cycle of disposal of old Vehicle. As a result, growth rates are not uniform. Over the past three years, our aviation business has been actively developing. Its pace was the highest, although it did not always correspond to the leasing market as a whole.
- What will be the share of railway leasing in the future?
I think that the railway segment as a whole in the leasing market will not return to the colossal dominance it had in 2012. And this will be correct, because this is not a monomarket. I can say for sure that for STLC the railway segment is one of the key ones. We believe that it is one of the least risky, because the carriage does not require complex Maintenance, the depot network is quite developed. In order to maintain the carriage in proper technical condition, you just need desire and money. The clients we work with successfully cope with these tasks.
In 2017, deals were concluded to purchase freight cars for record amounts. What does this fact mean? What has changed in the market and in macroeconomics in general?
Indeed, negative trends in the market have stopped, and the rate of return for freight rolling stock operators has increased. To explain why the trend has changed, it is necessary to recall the previous situation. The profitability crisis in operating freight rolling stock began even before the general economic downturn. The daily rate of return began to decline in 2012 under the influence of two narrow-profile factors: overproduction of railcars and dumping by operators with a low-cost fleet. As a result, in 2014 and early 2015, rental rates were at the level of the cost of operating the park. I would also like to note the role of financial institutions. IN Lately they were actively criticized for allegedly creating a bubble of new cars. I can say that in most cases major transactions were justified - specific contracts for the transportation of goods were financed. At the end of 2015, the Ministry of Transport issued an order banning the operation of cars with extended service life from January 1, 2016, and within two years it went out of circulation. a large number of gondola cars. This process will last another 2-3 years. In 2016, the volume of transportation began to increase, including the main cargo for gondola cars - coal. There was a great need for carriages. In addition, pent-up demand had an impact. And now we see how the resulting deficit is being filled. This applies primarily to gondola cars, grain carriers and platforms. In general, investors were able to compensate for the losses they suffered during the period of falling rates.
- What allowed companies to enter into long-term deals in 2017?
Wagon leasing started with five-year deals. Then it became clear to the market that this was an investment in an asset with a long term life cycle- based on the level of profitability over 5 years, the carriage cannot be repaid. There is no such level of margin in this business. Therefore, the market quickly moved to the 10-year standard. Our company currently uses the 15-year standard. We understand that during this time the carriage must pay for itself. Its residual value at the end of the 15th year should be no more than 25%. The innovative carriage has another 17 years of service life left. The classic gondola car is 7 years old. But this is only one side of the business process - the need on the part of operator companies. On the other hand, the operating conditions of leasing companies have changed. It became possible to borrow money for longer periods. Today we have deals that finance leasing projects for the entire period of validity. In addition, over the past years, confidence in large financial companies. If we talk about STLC, during this time it has changed a lot and has become the largest in Russia. The company was able to obtain ratings one step lower than Russia's sovereign rating. STLC is an active issuer of public debt. We can attract borrowed capital for a period of 15 years.
- Was this opportunity influenced not only by changes in cargo transportation, but also in macroeconomics?
We see that the economy is recovering. There have also been changes in financial markets. This is a fairly serious reduction in the key rate. It fell by more than 2 times from a maximum of 17% per annum at the turn of 2014–2015. Now it has dropped even below the level it was at before the increase.
- Can we expect new long-term contracts in 2018 and with whom?
Of course, in 2018, STLC plans to enter into long-term contracts. We conclude such deals when we see that it is not a spot deal and that the client has an economically justified cargo base. This suggests that the cargo operator plans well. On the other hand, long-term contracts provide a stable load for the transport engineering industry. In this part, we, a state-owned company, are implementing our function of supporting the domestic mechanical engineering industry for a long period.
- Could the situation with a significant surplus of the park repeat itself?
We see the balanced position of the car manufacturers. They see and understand the price they had to pay for the records set in 2012. They are not increasing volumes as much as they could. Moreover, in their forecasts they include a drop in demand for the car.
- And they factor this risk into the current price?
The price is formed not only by demand. Today it is difficult to force a client to buy something that is not profitable for him. And the cost of production does not matter here. It is clear that in order to produce a car, the plant must incur expenses. Further, in order to recoup the price that a leasing company or operator pays when purchasing a car, it must have a profitability. I can say that those operators with whom we work include a possible reduction in rates in one of the forecast scenarios. First of all, in those segments where the rate has increased significantly. These are gondola cars and grain carriers. On the other hand, there are segments where the rate will only begin to increase in the near future - cement trucks and covered cars. Financial institutions will also likely continue to invest responsibly in new orders. All major players monitor the required fleet indicator. Everyone has their own assessments, but everyone understands that investments may suffer due to the financing of an oversupply of cars. We expect that such risky decisions will not be made by leasing companies or banks.
Forecasts are primarily based on market saturation, on the fact that at the peak of the season the rush demand for rolling stock will be satisfied. And, accordingly, there will be no such offer at which shippers will be ready to take the car at any price. This could happen as early as 2019. Although, on the other hand, this will depend on the volume of cargo transportation and the margin from the sale of cargo that the cargo owner will receive. If prices for the main groups of goods transported by gondola cars do not fall, and transportation volumes increase, then cargo owners will be willing to continue to pay a premium. Because without exporting their goods, they do not have the opportunity to sell them.
- Is this the most likely scenario?
There are different scenarios. There is a scenario that envisages a fall in profitability for a number of groups, primarily gondola cars, already in 2018. But we think that in 2018 the rate has a better chance of stabilizing rather than decreasing. Its decline may begin in 2019. So far, based on the actions of the main players, we do not expect a collapse in rates.
- What will happen in 2-3 years, when the process of writing off the obsolete fleet is completed?
Over the next 2 years, to support and grow volumes, we need to develop the export of our railcars. Today the cost of the Russian innovation park is very competitive foreign markets, but we must understand that in any market strangers are not welcomed with open arms. This is a serious competition.
- Is the task of supporting exports on the agenda of State Transport Leasing Company?
This direction is interesting for STLC. Already now from the point of view customer base GTLK is international company. We actively work with foreign lessees, for example, in aviation. What allows us to reach international level? First of all, this is a product, a quality vehicle.
At the end of 2016, STLC was the leader in terms of the volume of new business in the Russian railway segment with a share of 34%. Will the company retain first place at the end of 2017?
I don’t think we will stop being leaders in 2018. Our colleagues, who also own a fairly large fleet, do not invest as actively. However, there is competition in the market, there are different financial opportunities, there are simply preferences, an established history of relationships. STLC did not have the task of being the number one company in any of the segments. We are solving the state task of transport and infrastructure development.
Amendments are currently being developed the federal law“On financial lease (leasing).” How do you assess the possible impact of these amendments on the market?
We support the idea of regulation, but it is very important to understand what, how and by what means we regulate. Regulation must solve its main tasks - obtaining positive economic effect, that is, an increase in the gross product produced in this market in the real sector of the economy, a decrease in unemployment and, as a consequence, social tension, an increase in budget revenues, an increase in labor productivity, and the prevention of abuses. Since the financial leasing market is an integral part of the country’s economy and is aimed at updating and expanding the country’s production potential, the goal of the reform should be determined by the state’s positive economic results in this particular subject area.
- What uncertainties remain, in your opinion?
Currently, for the transport industry, leasing is a flexible and comprehensive tool that, on the one hand, allows you to promote new products railway engineering, aviation and automotive industries, both in Russian and foreign markets, and on the other hand, provides a stable and understandable channel for investing in the real sector of the economy, aimed at updating production assets, generating gross product. And it is very important, when developing any measures that can significantly affect the leasing market, to calculate the effect of the implementation of these measures, so as not to lose the already established mechanisms that produce positive results throughout the country, especially against the backdrop of the declared import substitution policy. The main risk of the current version of the bill is associated with uncertainty in the reasons, methods and criteria for regulation. With a situation where State Transport Leasing Company and other participants in leasing activities, being in already concluded long-term contracts for a period of more than 10 years and having no room for maneuver, in case of unpredictable changes in regulatory regulation will not be able to predict their financial position. In the process of communication between State Transport Leasing Company and foreign investors in preparation for the placement of the Eurobond issue, as well as with foreign rating agencies Questions are increasingly being asked about the essence and consequences of the ongoing reform for the leasing market. And we feel a certain discomfort among investors when it comes to long-term investments. In this regard, the adoption of a law, which in fact only announces the reform without revealing its full essence, may for a long time stop the influx of investments in leasing, which today amount to hundreds of billions of rubles annually.
Victoria Borisevich, the wonderful mistress of a large house in which she is surrounded by three men: her husband Anton, her seven-year-old son Maxim and Alexander, who is only eleven months old.
Institute graduate foreign languages Vika now devotes all her time to her family and raising her sons: they have many common hobbies: from board games like Monopoly and going to the ballet to playing golf together. Three loving and beloved men are not the limit of this sophisticated and truly beautiful woman; in her interview with “Daughters-Mothers,” Victoria said that she dreams of a third son, but is not going to stop at this figure.
It is impossible not to pay attention to Maxim’s wonderful upbringing, which, of course, is the merit of not only his parents, but also the boy himself. Here I would like to use the word “education” in in a broad sense, because first-grader Maxim not only greets strangers correctly, but also happily demonstrates his very good piano playing, who happened to be in the place where our filming took place.
Tell us about your childhood, what was it like? Did you have strict parents?
My parents were strict, but since they worked constantly in Hungary for about four years, I was raised by my grandparents, who were very loyal to everything I did. Therefore, I have the brightest memories of my early childhood: my grandparents worked, and I had fun all day long in the yard, playing football with the boys, climbing on the roofs of garages, for which I was not scolded at all. And when my parents returned from Hungary, everything changed: a different house, a different school, and my parents put a tight rein on me; I had to go to bed at 9 pm until the 10th grade. By the way, I was terribly worried about this - the series “Slave Isaura” began, and I was not allowed to watch this series at all, I even overheard what was happening there, because the plot twists were always discussed in class. Rarely, but it happened - they could hit me with a belt, however, I believe that there is a result of my upbringing, I don’t regret that I was brought up like that.
What were your hobbies?
I was involved in clubs and sports sections: My first class was ballet, but I didn’t study it for long, about a year and a half. Then there was sport - athletics, I met my coach on the street, he immediately invited me to study.
Are you continuing your sports training?
This is no longer athletics (by the way, I haven’t liked running since then), I’ve been going to Word Class for ten years now and, when the weather permits, I work out right on the embankment and play golf.
What is Maxim's hobbies?
My son also plays golf; in general, it’s a family hobby, during summer holiday In France, the three of us always go to play. Maxim is interested in everything! Moreover, he himself always expressed a desire to master one or another sport. For three years now he has loved tennis, for about a year and a half he has loved Thai boxing, he loves swimming, and his son started swimming with a coach when he was four months old. And, of course, music is his great love. What are Anton's hobbies?
Anton is a follower of daily cardio exercises; every morning, in any weather, he runs ten to fifteen km, no matter whether it is summer or winter. My husband also practices boxing and, as I already mentioned, golf. In general, of course, we have a very athletic family. Maxim has already participated in Iron Kid, he really liked it, we are a living example of the slogan: “Mom, dad, I am a sports family”!
How did your mother dress you? And how do you dress Maxim?
My parents dressed me beautifully! They brought all the clothes from Hungary, so I was the most fashionable girl in the yard, and at school, and in the first grade, and in the fifth, and so on... I can perfectly understand my mother: in the Soviet Union there was nothing then, but She had the opportunity to bring me so much beauty (including for growing up), so from childhood and as long as I can remember, I always had to be the center of attention.
With Maxim it’s a separate issue, it’s impossible to get me out of children’s stores, I even joke how lucky we are that we’re not having a girl, otherwise I’d be lost in the store choosing little dresses. Maxim himself really likes to dress like his dad, and since dad wears suits to work every day and tuxedos when going out, his son is happy to wear classic clothes, which I really like, by the way, he even chooses his own bow ties.
Please describe your style now?
Classics and minimalism are the two pillars of my style. As for brands, first of all these are Celine, Stella McCartney and Saint Laurent (I still love the collections that came out under the Yves Saint Laurent brand more).
I also love Russian designers and am very proud of their successes. My latest discovery is Olga Vilshenko, I have a lot of her clothes, which I wear with pleasure and at the same time always receive a huge number of compliments. Moreover, Olga, like Vika Gazinskaya and Evgenia Linovich, is represented on all sites like net-a-porte and Moda Operandi, which is very cool. Well done! I love Terekhov and Chapurin, and if it’s an evening, be it the Cannes Film Festival or events in Moscow, then I choose Yanina Couture (I’ve been friends with Yulia for a long time). For many years I have liked the work of Marusya Ilchenko and Izeta Gadzhieva.
Victoria is wearing a Vika Gazinskaya dress and YSL shoes; Anton is wearing an ARSENICUM suit, a Kitton shirt, and John Lobb shoes; Maxim is wearing a Malib suit and Dior shoes – all from Daniel Boutique.
How do your men rate your appearance?
Men are delighted! For them I am always beautiful, especially for Maxim, I hear compliments every day - his mother is “the most beautiful.” The only thing is that my son can make a remark: “You painted your lips brightly today,” but he will always help in choosing a dress, I like to consult with him. Recently he saw someone and remarked: “Well, like my mother, she walks in men’s shoes,” but I still didn’t understand whether this embarrassed him, or whether he just noticed. Men's boots are one of my favorite elements of my wardrobe, I wear them all the time and love them very much, I hope Maxim doesn’t mind.
How old do you feel?
I wanted to say that at eighteen, sometimes, of course, I feel like I’m still quite a girl, sometimes I even catch myself thinking that it’s time to settle down and behave according to my age and position, but no. In general, I was stuck somewhere around the age of thirty-three, no more.
Do you want more children?
Really want to! God willing, I am for large families - if there is an opportunity and health allows, then of course you need to give birth and raise children. I dream that I will have three sons, I see this beautiful picture - a mother and her football team.
What is unacceptable to you in children's behavior?
I don’t like capricious children, children who are openly rude, despite their age - I often notice that quite decent parents, unfortunately, are not very good at raising their children, either they don’t have enough time, or they don’t have enough time to protect them from the outside world almost impossible.
Is Anton a strict father?
No, absolutely not, in our tandem it is I who plays the role of the evil policeman, sometimes Anton tries, but, to be honest, he doesn’t do it very well.
Can you punish your son?
I can, at first I thought that I wouldn’t be able to do it, but I’ve already done it a couple of times, even with a scarecrow belt.
Can you imagine meeting your son's fiancée?
I think about this, to be honest, I look at my friends whose sons are already dating girls and sometimes I don’t even always understand the reaction of their mothers. Of course, at the moment it seems to me that I will be the one who understands everything... but no matter how it is the other way around (laughs). For now, it’s hard for me to imagine that I will share my child with someone, because now he is 100% mine and only mine.
Do you already have any thoughts about Maxim’s future – preferences in education or profession?
Not yet, my son is very versatile, he is interested in everything he can, and we, accordingly, seize the moment and invest the maximum. Max is studying mathematics, in case he follows in his father’s footsteps somewhere in the field of finance, on the other hand, he is an artist and loves performing on stage, drawing, and loves music, so the last word will definitely be behind him. We had already experienced the desire to be an astronaut, a fireman, like probably all boys, then he decided that he would be an artist, then a musician, and the son was going to draw pictures to accompany his music, and most recently he was determined to become a Muay Thai coach. I don’t know what he will choose in the end, but I’m sure Maxim will have freedom of choice.
Do you thinkabout education abroad? This is quite a controversial topic for many families.
When Maxim was only two years old, we already stood in line, wrote to all schools, including Eton and Westminster, and received answers that he would be welcome when he grew up. But now I understand that he has grown up very quickly, he is seven years old, but I am not ready to give him away somewhere at this stage. Here we need to either leave with the whole family, which we cannot do yet, or send him away when he is older. Therefore, I believe that we will most likely receive education here. I believe that the child at least elementary education it must be Russian: Russian literature, the Russian language, which, unfortunately, is instantly forgotten abroad. I would like to give a base in my homeland, and at the age of fourteen I will already be able to think about abroad. Moreover, Maxim loves Moscow very much, he was born here and even has a Muscovite medal, which he is very proud of; when Sasha was born, they were no longer given out.
What is your family's favorite pastime?
These are, of course, joint evenings at home, when we are all together, especially with grandparents, and just playing Board games. We often go to the theater and concerts, Maxim and I literally watched everything: all the children's performances, and I also take him to the ballet at the Bolshoi Theater and even listen to the opera, he really likes art. And sports, we can even play football together.
Are you traveling with a child?
Since he was five years old, we have always taken him with us, without a nanny, and we happily travel together—usually around Europe, but just recently we took him very far away—to Japan. Maxim was delighted, he likes this culture. This summer we will go to France and take little Sasha with us. We have a plan to rent a car and drive around with Maxim from city to city.
PJSC STLC is owned by the Russian Federation. Management is carried out by the Ministry of Transport of the Russian Federation (Resolution of the Government of the Russian Federation No. 93 of February 4, 2009).
COMPANY MANAGEMENT STRUCTURE
Shareholder - Russian Federation(via the Ministry of Transport of the Russian Federation)
Board of Directors:
- M.A. Akimov - General Director joint stock company"Post office" ,
- I.S. Alafinov - First Deputy Minister of Transport of the Russian Federation
- A.I. Boginsky - General Director of the Russian Helicopters joint-stock company
- O.E. Bocharov - Deputy Minister of Industry and Trade of the Russian Federation
- Yu.M. Medvedev - Chairman of the Board of Directors of the Joint Stock Company "St. Petersburg International Commodity and Raw Materials Exchange" (independent director)
- L.R. Nisenboim - Head of the Business Consulting Department of the Autonomous non-profit organization « Analytical center under the Government of the Russian Federation" (independent director)
- V.M. Okulov - Advisor to the President for Civil Aviation of the Public Joint Stock Company "United Aircraft Corporation" (independent director)
- S.N. Khramagin - General Director of the public joint-stock company "State Transport Leasing Company"
MANAGEMENT:
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First Deputy General director of PJSC"GTLK"
“Based on the results of the first half of 2017, STLC became the largest leasing company in Russia, while maintaining its leading position in terms of the volume of new business”
– What significant events occurred in the leasing market in the first half of 2017?
– The most significant event for us was the fact that according to the results of the first half of 2017, STLC became the largest leasing company in Russia, while maintaining its leading position in terms of the volume of new business. The company's business is actively developing, and this is reflected in the corresponding ranking. Of course, we are not going to stop there and are preparing strategic plans for the future. One of priority areas Our company's activity is to develop the export of Russian high-tech products.
If we talk about the leasing market as a whole, we can confidently talk about its recovery after several years of decline. The growth that the market showed last year continued this year. You can also note the issues regarding the introduction of mechanisms for regulating the leasing industry, initiated by the Central Bank. Will this system be launched, what will it be like, what standards will be introduced, will the system of standards be changed? accounting, which are used for accounting leasing operations. All these events have not yet happened, but they will certainly affect the market in the future.
– How, in your opinion, will the leasing market develop in the second half of 2017? Provide reasons that support your expectations.
– I believe that the growth rates established in the first half of 2017 will be maintained. On the one hand, to a certain extent they are influenced by pent-up demand. On the other hand, we see the recovery of the Russian economy. Therefore, we believe that the market will actively grow. But what its industry structure will be in its final form can only be judged by the results of the year.
– What difficulties will leasing companies first encounter when switching to a unified chart of accounts (USC) for non-financial financial institutions? What expenses associated with the transition to the UPS, according to your estimates, will be incurred on average by large (top 20) and small companies? Which type of leasing companies will find it more difficult to adapt to new requirements?
- For major players in the market, reporting on international standards. From the point of view of representativeness, it best reflects the state of business of any leasing company. If a final decision is made on the transition to a unified chart of accounts for non-financial organizations, then, of course, we will implement it. In general, switching to any new system accounting is a complex and costly procedure. In addition, there is a question about how financial institutions lending to leasing companies will work with these reports.
– From which sectors of the economy does the company expect an increase in demand for leasing from clients in connection with the beginning of the recovery of the Russian economy? What types of transport will be most in demand this year?
– STLC does not actively work in all sectors of the market, so I will speak about the expectations of our company specifically. First of all, we expect continued demand in aviation. Our aviation business is actively expanding, both through the implementation of the SSJ-100 aircraft rental development program and through new types aircraft. This includes the supply of helicopters as part of the air ambulance program and the localization program for L-410 aircraft. We also expect quite a lot of activity in the leasing segment of water transport, river-sea class vessels. There is a great need in this industry to renew the fleet, and we see that the demand for new vessels is only growing from year to year. In our opinion, the freight car leasing market will continue to develop. This is due, among other things, to write-offs of railcars – in some segments, 30–40% of the fleet. This process had a very positive impact on the profitability of the freight car leasing segment, because the excess part of the fleet was naturally written off. Some of the written-off cars, of course, should be restored. Future prospects This segment will greatly depend on how actively the construction of new cars will be financed. It should be noted that the market is expecting a consolidated position from financial institutions, aimed primarily at preventing a surplus of railcars. Because in the near future we will not have such a regulatory mechanism as writing off a fleet that has expired. We expect that financial institutions will closely monitor such indicators as the growth and decline of cargo transportation, deficit or surplus of fleet on networks railways. We also believe that leasing of passenger rolling stock will develop in the railway segment. Our company began implementing its first transactions in this segment two years ago, and the volume of business is growing. Growth rates in the passenger rolling stock leasing segment will be high, based on a low base for comparison. This is due to the fact that this type of rolling stock is just beginning to be financed through the leasing mechanism. Perhaps the first projects with traction rolling stock will begin to be implemented. However, we do not expect big deals this year - this is rather a prospect for the coming years.
– What types of railway cars (tanks / hoppers / gondola cars / fitting platforms and so on) are used? most in demand in 2017? What is the current situation with the solvency of railway operators? Should we expect a decrease in the volume of operating leasing in the railway segment this year?
– In 2017, the greatest demand is for the universal fleet, primarily gondola cars. As I already said, in 2016–2017 a large number of cars were written off. And the surplus that was in 2014 and 2015 has today been replaced by a deficit. This allowed the profitability rates of railway operators to increase. It is worth noting that the problems that the market went through in previous years made it possible to carry out a fairly good cleanup in the ranks of operators. Today, the number of companies on the market that deal exclusively with wagon rental has greatly decreased. There are still players who are mainly involved in cargo handling. These are positive changes for lessors, because a company that directly transports goods has both higher profitability and more predictable cash flows, which can be used to pay lease payments. We continue to see surpluses in some rolling stock segments and expect upcoming write-offs to improve the situation. We are talking primarily about oil and gasoline tanks. It is important to note that today the production of new rolling stock is not growing at the same pace as it did in 2011 and 2012, when the car building industry showed an absolute record. Both car manufacturers, operators, and financial institutions are pursuing an extremely balanced policy to increase production rates. Because a number of factories have produced practically nothing in recent years.
I would not talk about serious reductions in leasing volumes in the railway segment from the current level, because, in addition to transactions to finance new rolling stock, projects to refinance existing contracts and change lessees will be implemented both this and next year. Formally, these transactions are new business, and they are taken into account in the market. On the other hand, this will not lead to the appearance of new freight cars on the Russian Railways network. Therefore, the industry is unlikely to become a leader, as it was some time ago. And the share of rolling stock that was in 2010–2012, most likely, will not return. However, we do not expect any particular decline in this segment. The end of the cycle of large write-offs of cars, which will end by 2020, will level out the demand for a new fleet, but it will still be built in reasonable quantities.
It must be admitted that the solvency of operators in previous years was generally satisfactory. The question was the level of rates that operators could pay and which clearly did not allow not only to recoup investments, but also to fully service interest payments. The previously produced fleet felt more positive, because with the low cost of this type of car, the leasing payment rate for it was also low and made it possible to fit even into the conditions of low rates of return that were on the market. At the same time, it was impossible to recoup the new rolling stock at those rates. That is, the solvency of operators, we believe, has remained at the same level. But the increased level of profitability allowed leasing companies to receive payments that they did not receive in previous years.
– What products do you think will be in demand by customers in the current environment? Was there any abandonment of existing/introduction of new products?
– I don’t think that the product line of leasing companies has changed much in the past six months. It is unlikely that it will change much next year. The only thing I would like to note is the active growth in the volume of long-term transactions. Transactions with leased items that have a long service life: aircraft, ships, rolling stock, infrastructure. And today, deals with a term of 12 years are no longer uncommon.
– In 2016, in the structure of new business, the largest increase in the share was shown by the segment of sea and river vessels (from 2 to 7%). Will this dynamic continue in 2017? What, in your opinion, is the capacity of the water transport leasing market, given the high degree of wear and tear of the existing fleet?
– In the leasing segment of sea and river vessels, the dynamics will be quite high. We are on the threshold of a fairly large cycle of the need to replace ships produced back in Soviet time. On the one hand, these vessels are expiring their useful life, and on the other hand, the Russian Federation is joining international requirements regulating the condition and environmental parameters of use various types ships. All this suggests that the volume of investment in this segment will only grow in the near future.
– In 2016, the volume of leasing business in the aircraft segment was largely formed by your company’s transactions (about 50% of new business in the aircraft segment). What are the company’s plans for the volume of aircraft transactions for 2017? Are there prerequisites for the development of not only aircraft leasing, but also helicopter leasing in Russia?
– This year we began to actively develop our business in the helicopter segment. At the end of last year, as part of the air ambulance development program, we signed a contract with Russian Helicopters for the purchase of 29 helicopters. To implement this program, STLC was additionally capitalized by 3.8 billion rubles, plus we plan to attract more than 5 billion rubles by the end of 2017 from extra-budgetary sources, similar to the SSJ-100 program. Next year, STLC will be additionally capitalized by another 4.3 billion rubles for the development of helicopter leasing. By implementing this program, we receive applications from all over Russia. This is due to the enormous need for new helicopters, since the current fleet is highly worn out. And the mechanism that was proposed by State Transport Leasing Company was received very favorably by market participants. Therefore, this year all 29 helicopters equipped with medical modules will be transferred to financial leasing to operators.
I think that the growth rate of business in the aviation segment will remain at the same level. The share of aviation in our leasing portfolio continues to remain significant. At the same time, the portfolio is formed through contracts with our key partner - state company Aeroflot, as well as through non-commercial leasing with state support– SSJ-100 leasing development program, L-410 aircraft localization project and helicopter leasing program. These programs will continue next year. At the same time, it must be said that we are actively working to balance our portfolio and are trying to reduce the share of aviation not by reducing the share of business in this segment, but by expanding business volumes in other industries.
