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Financial Performance of JSC VTB Leasing Based on 2007 Annual Reporting

18 April 2008

Moscow, April 18,  2008 - today JSC VTB Leasing, a leading Russian leasing company, announced the results of its operations in 2007 reported under IFRS.

VTB Leasing revenues in 2007 amounted to USD 267.7 mn - or 4.3 times 2006 revenues (USD 62.4 mn). Capital reported under IFRS in 2007 was USD 146.1 mn (in 2006 capital was USD 61.6 mn). Net income for 2007 was USD 77.9 mn (compared to 2006 figure of USD 31.8 mn). The assets of the Company at year-end 2007 were USD 3.46 bn (at year-end 2006 - USD 0.78 bn).

Consolidated leasing portfolio of VTB Leasing (the amount of clients` commitments under leasing contracts less leasing plan payments already made) including leasing contracts signed by VTB Leasing and its subsidiaries at the end of 2007 was USD 6.4 bn (an increase of 5.2 times during the year).

The amounts of new business (client`s commitments to VTB Leasing for contracts signed in 2007) was USD 5.2 bn a" growth of 4.8 times compared to 2006 numbers.
As of 01 January 2008 leasing portfolio of VTB Leasing had the following breakdown:

  • rail transportation (rolling stock) 47.2%. Volume of new business in 2007 was 58.6 bn rubles
  • oil production and refining equipment was 18.7% of the portfolio, volume of new business in 2007 was 27.5 bn rubles.
  • power generation equipment - 9.9%. Volume of new business in 2007 - 11.3 bn rubles
  • Aircraft and aviation equipment - 8.1%. Volume of new business in 2007 - 13.3 bn rubles.
  • 4,3%. Volume of new business in 2007a?"  2.2 bn rubles.

Also the companya?Ts portfolio includes leasing of public utilities equipment (4.2%), machinea?"building equipment (2.7%), telecommunications equipment (2.6%) and road-building equipment (1.5% of the portfolio).

Board of Directors of VTB Leasing approved in 2007 the conceptual regional development program for development of the network of regional offices in Russia and subsidiaries in CIS countries.

In 2007 the company`s Ukrainian subsidiary signed a number of large contracts for delivery of rolling stock (The Ukrainian State Administration of Railroads was one of the customers). Leasing portfolio of Ukrainian subsidiary as of 01.01.2008 was USD 1.4 bn.

JSC VTB Leasing Finans (subsidiary of JSC VTB Leasing) in 2007 placed the debut bond issue for 8.0 bn rubles (bonds have a 7-year maturity). The issue was organized by OJSC Bank VTB and Deutsche Bank.

In 2007 JSC VTB Leasing was awarded attractive international ratings by Standard&Poors (BBB+/??-2/ Stable outlook); in 2007 Fitch Ratings confirmed its high ratings for the company (BBB+/ Stable outlook).

a??In 2007 JSC VTB Leasing was the leader among Russian leasing companies by volume of leasing portfolio and by amount of new business. This indicates the strengthening of our competitive positioning in the Russian leasing services marketa??, said Mr. Anton Borisevich, CEO of VTB Leasing.

In 2007 Expert RA, an authoritative Russian rating agency, recognized JSC VTB Leasing as Russiaa?Ts best leasing company in the "Largest leasing company in Russia in 2007a?? and a??Leader in Rolling Stock Leasinga?? categories.

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