What's important (or potentially significant) events took place on the market since 4 quarter 2008. and in early 2009.? Both the quarter continued the sad trend of the second half of 2008, characterized by a general decline in sales of leasing services on a background of decrease the volume of finance leasing companies and the growth of accounts receivable from lessees. It is obvious that under the influence of external economic and financial situation, these processes will continue. Among the most significant, though certainly not entirely happy event for us, we can mention the tax increase customs duties on import cars and the entry into force of amendments to Chapter 25 of the Tax on the 158-FZ (from 22.07.2008) concerning the abolition of accelerated depreciation, 1 - 3 groups. True, within the context of negative sentiment to evaluate the effect of these changes is difficult, as in the case of an increase in duties on "foreign cars" may be still too early, as in the first quarter of car dealerships typically sell cars last year's edition. And the demand for production cars this year at the new prices, formed in the light of the dollar and import duties, will be understood only in the second quarter of 2009 over the past few months, the leasing market has changed significantly in its structure: a massive outflow of capital from a number of sectors, such as construction, power system, equipment, influenced the degree of activity entered into lease agreements with companies in these industries. To a lesser extent the crisis has affected segment of leasing cars and trucks, but significantly decreased the segment of railway equipment. However, in 2009, the leasing industry can count on support from the state. True, the funds allocated from the budget, will aim at restoring the sector, serving okologosudarstvennye structure - agriculture, utilities, domestic production and other independent leasing company, to a lesser extent feel the support of the state. How has the situation changed with funding in the company? Due to the shortage of ruble liquidity greatly increased rates for ruble credits. From banks reduced lending to the real business because of sharply increased credit risk, which in these conditions it is difficult to assess. Medium-sized banks, to feel, almost completely stopped lending business. Real loans to large banks in the top ten, but they mainly focused on supporting state-owned companies. Nevertheless, we continue to work with our bank partners, primarily with the Savings Bank and Unicredit Bank, which through our company supports small and medium businesses in Russia. How to change customer preferences in the subjects of leasing and contract terms? Customer's interest shifted to cheaper car, the lessee often opts for a more affordable domestic technology; demand democratic Korean cars. Number of leasing deals in the crisis have fallen significantly, and today there is no diversity of flexible leasing programs, among which the client would be difficult to make a choice. Everyone is waiting for the same - the pre-crisis conditions of cooperation and normalization of the economic situation, stabilize the exchange rate. How has the payment discipline of the clients? Accounts receivable, unfortunately, grows. In a crisis, our clients - small and medium-sized businesses - are faced with situations where the proceeds of the planned funds from partners and counterparties are delayed. As a result, lessees are forced to violate its obligations under the lease agreement. In such cases, we try to restructure lease payments to return the client's schedule. But there are other cases where the relationship between the lessor and the client end with the termination of the contract. Inside the company, work in this area is built quite clearly and correctly. In CARCADE have a separate department, whose officers are working in each city presence, a procedure exists for the easy vendikatsii "aimed at preventing potential liabilities for technical reasons, etc. However, CARCADE tries to minimize the risks even at the preparatory stage at the conclusion of the lease agreement by sound credit policies, procedures competent leasing transactions, as well as through the recently introduced system of "fraud-scoring and other tools. What changes occur in the company and the lessee in connection with a change in depreciation rules? Despite the amendments to the Tax Code, concerning the abolition of the existing accelerated depreciation rules (Chapter 25 of the Tax on the 158-FZ of 07.22.2008), no special obstacles either for myself or for the lessee, we do not see. Main financial benefits of leasing - the assignment of lease payments on the costs and savings for income taxes - remains. If the property is recorded on the lessee, then the removal of accelerated depreciation does not entail an increase in property tax. Would also like to point out that the abolition of accelerated depreciation would not affect the benefits associated with obtaining the right to deduction of VAT. VAT payments made over the life of the lease agreement with each lease payment with subsequent reimbursement from the budget. Unfortunately, the position of tax authorities is such that it is necessary to remove accelerated depreciation rates for 1 - 3 depreciation groups for all contracts entered into prior to 2009. In this situation, the lessee does not suffer regardless of whether, on whose balance sheet the leased asset is taken into account, but the lessor will have to increase the current payment of income tax on the lease contracts which are carried on its balance sheet. Our company has decided to absorb these costs themselves. How the company sees its development in 2009? Even in times of crisis plans for our company as always ambitious. The company has set for itself the bar in terms of sales, the achievement of which will require from us a lot of effort and patience. Special attention will be given to work with accounts receivable, as of this indicator depends largely on the reliability and stability of the company. Plans CARCADE still includes the improvement of existing procedures, operations and regulations. During 2009, the company will continue the implementation of leasing programs for small and medium-sized businesses, developed in conjunction with manufacturers and suppliers of cars. Now CARCADE successfully launched a campaign "2:0 in your favor!" by brand vehicles Mitsubishi, Chevrolet, Nissan, Renault. The campaign customers can buy a car with 0% appreciation, that is the price dealership and without evaluating the financial condition of the company. In general, the situation the company sees as an opportunity to strengthen its market position in the segment of car leasing, so now we are making special efforts to improving the efficiency of the sales network as a whole and each individual employee in particular. What changes occur in the company in connection with the devaluation of the ruble? Our company was prepared to exchange rate fluctuations: for several years, we manage currency risk by compliance with the relevant currency of our obligations to our foreign currency assets. Since last autumn, we have to monitor foreign exchange exposure on a daily basis, so we were able to avoid significant losses due to exchange rate differences. Also due to the devaluation of the frequent reference to us asking clients to restructure dollar lease payment schedule. If the customer confirms their ability to pay, we will gladly go to meet him and offer the opportunity to either advance to buy the leased asset or at the request of restructures the payment schedule. What do you think will be the criteria for survival and success of companies in 2009? In a crisis, most importantly, in my opinion - is the ability to make timely decisions and implement them in life, adjusting activities of the organization in a rapidly changing business landscape. Feel confident themselves will be those companies that have learned to properly manage their risks, responding quickly to market changes. Please Describe your company's growth outlook and overall market in 2009 CARCADE Leasing, as a member of the leasing market, will build its policy based on the timing and rate of rise of the industry, which will be apparent in the first half of 2009. But while the degree of uncertainty, unfortunately, is too high, and make predictions for a whole year ahead is difficult. Over the first quarter, I can say that what we expect to fall in the leasing market where some 70% over the same period last year. Most likely, the portfolio of leasing companies will increase the share of transactions with regular clients who have confirmed for the period of cooperation with the lessor its impeccable reputation as a borrower.
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