Problems await lessors – Newspaper Kommersant No. 41 (7486) dated 03/13/2023

Against the backdrop of declining business margins in all sectors of the economy, lessees will more often violate payment discipline, experts are sure. At the same time, leasing companies will be forced to loosen their risk policy against the backdrop of high competition. While the situation with delays in payments does not look critical, however, it may require additional capitalization of individual players.

In 2022, 42% of leasing companies (LCs) tightened the criteria for selecting lessees, 17% increased the amount of advances, and 91% raised the rate, ACRA analysts calculated. The authors of the study are confident that “the probability of realization of credit risks in the next 12-18 months remains.” It is during this period that the consequences of the deterioration in the financial situation of LC clients will most clearly manifest themselves. “And against this background, some industry participants will have a reason to look for capital from outside in the form of injections from owners, current or maybe new,” believes Suren Asaturov, Deputy Director of the ACRA Financial Institutions Ratings Group.

Companies interviewed by Kommersant also talk about the risks of 2023. “There are no hard restructurings in the portfolio yet, but clients have begun to ask for grace periods of up to 30 days more often due to large cash gaps,” says Maxim Kalinkin, CEO of Gazprombank Leasing. In his opinion, further deterioration in the credit quality of customers can be expected: this is influenced by fundamental long-term risks that arose last year and are associated with a decrease in margins and changes in price competition.

“The biggest problems are experienced by companies with a corporate business model, specializing in capital-intensive segments, and a high concentration of the portfolio of lessees,” says Zoya Sovetkina, director of banking ratings at Expert RA. character”. In certain segments, for example, in mass car leasing transactions (the segment was most affected by the crisis, see Kommersant of July 25, 2022), there are signs of an increase in delinquency, she continues.

Some lessees managed to correct the situation. “Several large companies experienced financial difficulties in 2022, but were able to overcome the chains of non-payments and move on to normal debt service,” says Sergey Klyushnikov, CEO of VTB Leasing.

Europlan emphasizes that at the end of 2022, the percentage of outstanding overdue debt over 90 days in the company’s portfolio amounted to only 0.04%. While at the end of 2021 it was equal to 0.29%. “Over the past 12–18 months, our company has not seen any deterioration in the financial situation of clients, or an increase in overdue debt on lease payments,” says Guram Kudryavtsev, general director of Rosbank Leasing.

Changes in the conditions of crisis and redistribution of the market (see “Kommersant” of January 31) and the model of behavior of the leasing companies themselves. A slight increase in delinquency this year can also be expected due to an increase in the risk appetite of lessors against the backdrop of growing competition in the market, says Vyacheslav Spirov, general director of Sberbank Leasing. “For universal companies, a slight increase in delinquency will definitely not lead to problems, since their portfolios are secured by the leased items themselves,” he continues. “Those who have increased risks of concentration on several borrowers or a narrow niche may need to form additional reserves, which will on financial results. Losses may lead to the need for additional capitalization. For example, not so long ago, Rosagroleasing (see “Kommersant” dated January 18), engaged in the agricultural machinery segment, carried out additional capitalization.

Polina Trifonova