Unaudited financial results for first six months ending June 30, 2008
Moscow, September 30, 2008 Today OJSC VTB-Leasing announced its unaudited financial results based on IFRS financial statements for the first half of 2008 (up to June 30, 2008).
Consolidated leasing portfolio including leasing transactions of OJSC `VTB-Leasing` and its subsidiaries grew to over US$ 7.2 billion by end of H1 2008.
Structure of the leasing portfolio in H1 2008 had the following key segments:
Subsidiaries and regional companies of OJSC `VTB-Leasing` during H1 2008 have signed deals for a total amount of US$ 74.6 million.
In June 2008 Standard & Poor`s, an international ratings agency, confirmed the BBB+ rating for OJSC `VTB-Leasing` thus confirming the high level of the Company`s reliability.
According to a study published by LEASEUROPE, a European federation of national leasing associations, OJSC `VTB-Leasing` has moved up to the 21st position in the Top-100 ranking of European leasing companies (based on the results of 2007). A year ago based on the results of 2006 the Company was in the 42nd place.
In first half 2008 the Federal Service for Financial Markets has registered a prospectus of a bond issue by JSC `VTB-Leasing Finance` for the total amount of 30 billion rubles. This prospectus will be used in H2 2008 currently the Company has scheduled issuance of 5 series of bonds with maturities of 7 years.
Mr. Andrey Konoplev, General Director and Board member of OJSC `VTB-Leasing`, said: `We are continuously developing and expanding our business. In a global economic crisis environment the Company is meticulously fulfilling all its existing obligations. Results of H1 2008 give us reasons to state that OJSC `VTB-Leasing` is a driving force behind the development of the Russian leasing market, providing a full range of leasing services with a high level of professionalism`.