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A record year of VB Leasingg
Results of VB Leasing in 2010
The subsequent year of operation of VB Leasing Polska SA confirmed its stable position on the Polish lease market, as the company unceasingly remains one of the leading lease institutions in Poland.
Last year VB Leasing recorded the sales result of 10,782 contracts for the total value of PLN 1,256 million.
- For us, the year 2010 was the time of stability and implementation of policy of building a safe and profitable portfolio. According to our estimates from the beginning of the last year, we achieved the similar results to results from the year 2009 - around 1,2 billion PLN - says Krzysztof Famulski, Member of the Management Board of VB Leasing Poland SA.
The analysis of the sales results achieved over the last three years shows that unlike the market, which dropped by 30% in 2009 and makes up for the losses at present, VB Leasing has recorded the same level of sales value since 2008.
Particular attention should also be paid to the following results:
In the semitrailer/trailer segment the company recorded the best results in this line of business, thus retaining the leadership position with the market share of 12.8%. The results obtained under the Wielton Finance programme (292 contracts signed for the total value of over PLN 26 million) contributed to a significant extent to this achievement.
In financing of heavy transport - exactly tractors - VB Leasing in the end of 2010 obtained the third place on the leasing market in this sector. (the value of provided financing: 201,20 million PLN)
The company obtained also very good sales results in the segments of agricultural machinery (PLN 186.62 million) and medical equipment (PLN 50.88 million; second only to the market leader). Equally important results, concurrently suggesting a renewed growth in new projects, were recorded in the segment of industrial machinery and equipment: machinery for plastics processing and metalworking (increase by 54% as compared to 2009) and for the food industry (increase by 36% as compared to 2009). The total value of all leased machines and equipment increased by 2% in 2010, in relation to the figure recorded in 2009.
The tasks taken on by VB Leasing in the current year include retaining the level of sales reached in the previous year. Furthermore, in the company’s strategy for 2011 a special emphasis will be given to product development, including Marine Leasing and lease offers for agriculture, provision of Car Fleet Management services and acquisition of new suppliers and business partners. Our objective is to further develop the sales network, broaden the offer and increase its availability, and predominantly, improve the customer service standards.
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We did a great job. Summary of VB LEASING’s operations in 2009
In 2009 VB LEASING definitely strengthened its position on the Polish leasing market, ranking fifth among the companies offering cars lease. VB LEASING was the only one, out of the ten largest lease companies in Poland, to maintain its sales at the level reached in 2008.
VB LEASING’s results
The previous year’s sales result of VB LEASING included 11,482 contracts of PLN 1,263 million. Achieving such good results made by the company during the ‘crisis’ year was possible owing to a number of key strategies.
- At a time that’s been difficult for Polish entrepreneurs we decided to be open and make our funds available to the greatest extent possible, – emphasized Krzysztof Famulski, Member of the Management Board of VB Leasing Polska SA. – We introduced changes aimed at making improvements in our processes, procedures, and allowing our new products, to be more easily accessible and attractive from a financial point of view.
The strategy of remaining open to the transport sector and launching the Wielton Finance programme, implemented together with the largest Polish producer of semitrailers and trailers – (Wielton SA), bore fruit at the end of 200; the best results in this line of business in the sale of lease of truck-tractors (PLN 197.06 million) and semitrailers and trailers (PLN 136.22 million).
Despite the difficult situation on the automotive market and the storm sparked by the right to fully deduct VAT upon purchase of vehicles with a cargo barrier, there was an increase in demand for delivery vans of up to 3.5 tons. VB LEASING attained a huge increase of almost 64% in sales as compared to 2008.
The company also obtained very good sales results in the industry sector of agricultural machinery (PLN 168.72 million) and medical equipment (PLN 55.42 million; second position on the market). In 2009 the value of all leased machinery and equipment increased by 12% as compared to the previous year.
Also, financial results were impressive. While pursuing a conservative risk policy, at the end of 2009 VB LEASING earned a net profit of almost PLN 15 million.
Effects of the economic slump
- Our company’s results show that last year not all economic industries experienced a slowdown. However, this does not change the fact that due to the crisis the interest in passenger car leasing flagged in 2009, – noted Krzysztof Famulski. – Across the board all Polish leasing companies have reported a decrease in this segment.
In 2009 the total value of the market for moveable property lease was nearly 30% lower compared to the previous year. Other effects of the economic slump, also exerted on the leasing industry, include a poor customers payment discipline, and the necessity of making changes in credit risk assessment.
- The “old year” was for us a test of our ability to adjust quickly to the new market situation. On the one hand we had to avoid higher risk transactions, and on the other hand we made every effort to seek out as many safe customers as possible, – pointed out Marek Bauer, Member of the Management Board of VB Leasing Polska SA – We also initiated activities aimed at minimizing the effects of the crisis for our lessees and borrowers. For this purpose we offered our customers debt restructuring several times, among other offers.
Standardisation of processes
In 2009 key system solutions were implemented in the company to increase efficiency and improve IT processes. The implementation included front and solution for the sales process, a modern application, (TETA Personel.NET), supporting HR management, and the TETA HRM platform – a place where the employees can monitor their personal and payroll data. The introduction of Business Intelligence was a milestone in the internal development of VB LEASING. The system was implemented to enhance data analysis and had an undeniable impact on our company management strategies.
Plans for 2010
The sales plans of VB LEASING are based on the assumption of moderate growth in 2010.
- According to our estimates the value of leased moveable property should reach PLN 1,293 million, which, translated into new contracts, should give the figure of about 11,850 contracts, - said Krzysztof Famulski.
In 2010 the company’s strategy will focus in particular on product development, including Marine Leasing and leasing offers for agriculture, Car Fleet Management, and acquisition of new vendors.
- We want this year to be a period of stabilisation, – added Marek Bauer. – Naturally, we will continue to improve our processes and the quality of our after-sales service, however, these changes will be gradual and evolutionary in their nature.
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Results of the company VB Leasing Polska S.A. after the third quarter of 2009.
After the third quarter of 2009 the company VB Leasing Polska S.A. is the fifth ranked leasing company on the Polish market of movables leasing*. Value of the funds provided for leasing at the end of September of this year amounted to PLN 905,6 million.
- The following quarter of this year resulted first of all in further decrease of declining tendency in VB LEASING. Value of the movables given in leasing at the end of September of this year – in comparison to the analogical period of 2008 – is lower approximately by about 8 %. Moreover, our sale in the machines and devices sector is still increasing and decrease in vehicle sector is declining – which is very important for us – stated Krzysztof Famulski, Management Board Member of VB Leasing Polska S.A.
This impresive figures are result of our strategy and changes on the leasing market. Revival of the economy is already visible in increased sales, however it is not the end of crisis yet. Many of Polish enterprises are still attempting to maintain financial liquidity.
- In consideration of the present market situation we are looking for the solutions, which may help our Lessees who have temporary problems with payments – states Marek Bauer, Management Board Member of VB Leasing Polska S.A. – This would usually involve a change of payment schedule, which allows a periodical decrease of leasing installments, extension of the term of leasing agreement or changes of installments for seasonal payments. We have already offered this restructuring three times in this year.
*In accordance with summary of the results published by Rzeczpospolita on 13th October of 2009.
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Good half year in VB Leasing Polska SA
We find the last six months successful – says Marek Bauer, Member of the Management Board, VB Leasing Polska SA. – We ended the first half of this year with 5 295 contracts of almost PLN 573 m. Such a result moved us to the 6th position among 35 leasing companies in the Polish Leasing Association in terms of the value of leased movables.
After the first half of 2009, the leasing industry saw a 40 % decline in the sale of movables on the first half of 2008. In VB LEASING, on the other hand, in Q2 2009 the downward trend decreased almost by half on Q1. Above all, however, it should be noted that after the first half year VB LEASING has the lowest decrease in the turnover value (annual change – 14%) among 10 biggest leasing companies*.
At present, when we are talking about continuing fall in sales in individual segments more frequently, we are particularly pleased with results which show something quite different. – stresses Krzysztof Famulski, Member of the Management Board, VB Leasing Polska SA. – We have such situations in VB LEASING. When comparing with an analogous period in 2008, in the first half of 2009 we saw a 12% increase in the sale of plant and machinery.
The Management Board of VB LEASING perceives the improvement in results as the beginning of changes on the market and a herald of the awaited revival among investors. It also shows that the company is offering tailor-made and attractive financial solutions to Polish entrepreneurs during the crisis.
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The results of VB LEASING in 2008.
The past year was another successful year and proved that the position of
VB Leasing Polska SA on the domestic lease market is strong and stable. In spite of the fact that the end of 2008 brought the significant economic decline on world financial markets, the foundations of VB LEASING remained untouched.
At the end of the last year, the number of concluded agreements equalled 11,787 and the total value of leased fixed assets totalled over PLN 1.27 billion. Such a result means that VB LEASING is still one of the foremost Polish companies offering lease services. In 2008, the portfolio of VB LEASING included such means of transport as motor cars (30.55% of the portfolio), lorries (13.31%), semitrailers and trailers (12.47%). The machinery and equipment constitute 30.94% of all signed agreements; we also leased agricultural machinery (8%), construction machinery (7.21%), and medical equipment (4.97%).
In 2008, as in the previous years, VB LEASING received a number of prestigious awards and distinctions given by the media and specialists in the financial industry. The company was presented for the third time with the following titles: Business Gazelle (Gazela Biznesu) and the Pearl of the Polish Economy (Perła Polskiej Gospodarki) in the category of the Great Pearls (Perły Duże). Special awards won last year by VB LEASING also include the Eagle of the Polish Construction Industry (Orły Polskiego Budownictwa) in the category of the Financial Services for the Construction Industry and the title of the Transparent Company (Przejrzysta Firma) for reliability, fairness and accuracy of published financial statements.
The tasks to be fulfilled by VB LEASING assume the internal development of the organization and the implementation of new IT systems. The diversification of products and services is also our goal in 2009. We will put emphasis on the leasing of motor cars and the services in the scope of Car Fleet Management as well as on the leasing of machinery and equipment dedicated to the selected industries. We also plan to develop the branded programs (KIA Finance). We aim at the further development of the sales network, the extension of the offer and its availability, and - first of all - we are going to improve the standards of client service.
The VB LEASING products are available in 11 branches and 5 agencies located in the biggest Polish cities as well as in the network of Authorized Representatives and cooperating cooperative banks (Spółdzielczy Leasing).
VB LEASING offers the operating and finance lease of movables (including the leasing of motor cars, delivery vans, lorries, fleets, branded products), machinery and equipment (of which: industrial, construction and agricultural machinery and medical equipment), IT and office equipment. In addition, we are one of few companies that offer the lease services to clients who are natural persons and thanks to the cooperation with Immoconsult VB LEASING, our sister company, our offer also includes the leasing of the real property.
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