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1International Forum Leasing in CEE Prague, 2 - 3 February 2012
Country Focus - Czech Republic Mrs. Jirina TAPSIKOVA, CLFA
Overview of the Czech leasing market:
1. State of development
2. Particularities
3. Macroeconomic role
4. Perspective
2International Forum Leasing in CEE Prague, 2 - 3 February 2012
Country Focus - Czech Republic Mrs. Jirina TAPSIKOVA, CLFA
1. State of development
phases of development volumes customers commodities consolidation role of CLFA
3International Forum Leasing in CEE Prague, 2 - 3 February 2012
Country Focus - Czech Republic Mrs. Jirina TAPSIKOVA, CLFA
Phases of development of leasing market
1. Start – up purpose of leasing – full financing of lesse’s investment full-payout leases depreciation tax benefits transfer of asset risks absence of basic regulation of leasing
Czech leasing market early nineties
2. Growing competition differentiation in lease products elaboration of service aspects of leasing reducing cost of the lease gradual introduction of leasing regulation
Czech leasing market at the turn of the century
4International Forum Leasing in CEE Prague, 2 - 3 February 2012
Country Focus - Czech Republic Mrs. Jirina TAPSIKOVA, CLFA
3. Operating phase stark contrast to medium-term loans non full-payout leases lessors assume a significant amount of residual asset risks transfer of tax benefits to lessee operating leases leasing regulation elaboratedCzech leasing market at present
4. Elaborated lease patterns tailoring leases to specific needs of lessees frequently large value contracts inclusion of leasing in overall project financing packages innovative arrangements for cheaper funding, security and equity stake in
leasing Future of the Czech leasing market
5International Forum Leasing in CEE Prague, 2 - 3 February 2012
Country Focus - Czech Republic Mrs. Jirina TAPSIKOVA, CLFA
6,5 16 17 28 3246
63 63,575 84,5
96 97 99,3 96,6 100,5 106,4122,7
95,5
44,2 47
0,7 0,4 0,6 0,7 0,3 0,4 1,2 4,4 5,6 4,4 5,8 9,1 9,4 11,8 12,6 11,2 11,9 11,6 3,2 2,10
20
40
60
80
100
120
140
1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Development of leasing volumes of members of the Czech Leasing and Finance Association (bln. CZK)
Real Estate Equipment* 2008 – change in taxation regime of leasing (longer terms of
leasing, elimination of shorter depreciation in leasing)
*
6International Forum Leasing in CEE Prague, 2 - 3 February 2012
Country Focus - Czech Republic Mrs. Jirina TAPSIKOVA, CLFA
Equipment leased by members of the Czech Leasing and Finance Association in 2010
according to sector of lessee´s activity
3,0%
37,5%
2,5%
51,8%
5,2%
consumers agriculture industry, constructionservice private sector service public sector
7International Forum Leasing in CEE Prague, 2 - 3 February 2012
Country Focus - Czech Republic Mrs. Jirina TAPSIKOVA, CLFA
Equipment leased by members of the Czech Leasing and Finance Association in 2010
analysis by type of asset
25,5%
1,6%
1,2%
0,1%4,2%1,4%
5,0%2,8%
21,4% 18,5%
18,3%
cars - 25,5 % trucks - 18,5 %motorcycles - 0,1 % light commercial vehicles - 4,2 %buses - 1,4 % other heavy commercial vehicles - 1,6 %ships, aircraft - 5,0 % computers, office equipment - 2,8 % machinery, industrial equipment - 21,4 % fotovoltaic equipment - 18,3 %others - 1,2 %
8International Forum Leasing in CEE Prague, 2 - 3 February 2012
Country Focus - Czech Republic Mrs. Jirina TAPSIKOVA, CLFA
Consolidation
Share of leaders on the market:
top three top fifteen
2000 44 % 87 %
2005 41 % 80 %
2010 29 % 83 %
a really concentrated leasing market
9International Forum Leasing in CEE Prague, 2 - 3 February 2012
Country Focus - Czech Republic Mrs. Jirina TAPSIKOVA, CLFA
Consolidation 90 % of the volume of all assets on lease in books of 15 companies 8 leaders (of top 15) – bank subsidiaries 4 leaders (of top 15) – captives mostly subsidiaries of pan-European banks/lessors
10International Forum Leasing in CEE Prague, 2 - 3 February 2012
Country Focus - Czech Republic Mrs. Jirina TAPSIKOVA, CLFA
Czech Leasing and Finance Association established 1991 59 members, out of it – 40 providers of leasing (2010) aims:
efforts towards creation of economic and legal conditions conductive for leasing coordination and promotion of common interests of members
activities: dialogue with state authorities (lobbying) cooperation with non-governmental interest groupings dissemination of information on leasing gathering and processing information for members (a fortnight bulletin, WEB) analyses of selected problems of leasing (expert committees) prevention of crime in leasing ethical code of conduct arbitration in leasing leasing statistics contacts with other leasing markets and/or associations (LEASEUROPE) etc.
11International Forum Leasing in CEE Prague, 2 - 3 February 2012
Country Focus - Czech Republic Mrs. Jirina TAPSIKOVA, CLFA
2. ParticularitiesNo state (banking) supervision liberal and flexible approach of state authorities toward leasing non-deposit taking entities no direct medium for implementing fiscal and monetary policy of the
state (Central Bank) hitherto no major problem in the leasing industry with
macroeconomic consequences conditions for establishing and operating a leasing company the
same as for other ordinary commercial legal entities (entrepreneurial licence)
role of the market respected self-regulation supported elements of indirect regulation
12International Forum Leasing in CEE Prague, 2 - 3 February 2012
Country Focus - Czech Republic Mrs. Jirina TAPSIKOVA, CLFA
2. ParticularitiesLevel of regulation
no “leasing law” civil law
no exact definition of financial leasing (innominate contract) role of general contract terms role of jurisprudence
public law no exact definition of “financial institution” or “leasing company” consolidated supervision of leasing subsidiaries within banking groups elements of reporting to the Central Bank money laundering fair market competition consumer protection environmental protection etc.
13International Forum Leasing in CEE Prague, 2 - 3 February 2012
Country Focus - Czech Republic Mrs. Jirina TAPSIKOVA, CLFA
2. Particularities
Rising role of operating leases on equipment leasing
2000 3,5 %
2005 12 %
2010 25,8 %
Diminishing role of property leases
2000 4,9 %
2005 11,2 %
2010 4,2 %
14International Forum Leasing in CEE Prague, 2 - 3 February 2012
Country Focus - Czech Republic Mrs. Jirina TAPSIKOVA, CLFA
93,4% 93,3% 91,6%88,3%
82,6%
77,3% 76,1%
63,9%
46,1% 47,5%
36,0%37,0%
20,4%
13,0%
10,1%6,0%
2,2% 2,5% 4,0% 4,0%
16,5%16,9%
15,7%10,9%
12,6%11,4%7,7%
4,4%4,2%4,4%
0,0%
10,0%
20,0%
30,0%
40,0%
50,0%
60,0%
70,0%
80,0%
90,0%
100,0%
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010
Financial Leasing
Credits
Operating Leasing
2. Particularities Rising share of credits in portfolio of leasing companies
15International Forum Leasing in CEE Prague, 2 - 3 February 2012
Country Focus - Czech Republic Mrs. Jirina TAPSIKOVA, CLFA
3. Macroeconomic role Contribution to forming and developing market economy
start-ups SMES restructuring of economy innovations support of sales employment
16International Forum Leasing in CEE Prague, 2 - 3 February 2012
Country Focus - Czech Republic Mrs. Jirina TAPSIKOVA, CLFA
3. Macroeconomic role since 1990 - sum of assets leased – 1,6 bl. CZK contribution to GDP
2000 3,8 %
2007 3,7 %
2010 1,4 % financing of one fourth of all investments in equipment financing of new cars through leasing (14,6 % in 2010)
17International Forum Leasing in CEE Prague, 2 - 3 February 2012
Country Focus - Czech Republic Mrs. Jirina TAPSIKOVA, CLFA
4. Perspective
a) Rating of the Czech Republic
Moodys A 1
Standard & Poor´s A
Fitch – IBCA A +
18International Forum Leasing in CEE Prague, 2 - 3 February 2012
Country Focus - Czech Republic Mrs. Jirina TAPSIKOVA, CLFA
b) Economic data crutial for demand GDP 2010 + 2,3 % (3.521 mld. CZK) I/2011 + 2,8 %
II/2011 + 2,2 %III/2011 + 1,2 %
Investments in equipment2008 + 5,5 %2009 - 16,3 %2010 - 3,2 % (377 mld. CZK)
Industrial production11/2011 + 5,4 %
Construction11/2011 - 2,3 %
Retail sales11/2011 +0,5 %
19International Forum Leasing in CEE Prague, 2 - 3 February 2012
Country Focus - Czech Republic Mrs. Jirina TAPSIKOVA, CLFA
Other economic data crutial for demand
Unemployment
12/2011 8,6 %
Inflation
12/2011 2,4 %
20International Forum Leasing in CEE Prague, 2 - 3 February 2012
Country Focus - Czech Republic Mrs. Jirina TAPSIKOVA, CLFA
c) Data reflecting quality of outstandings in leasing credits in default11/2011 - non-financial enterprises 8,1 %
- households 5,1 %insolvencies 2011 - entrepreneurial entities 2.413 (+ 49 %)
- households 10.620 (+ 82 %)
d) Economic data crutial for fundingRepo rate by Central Bank0,75 % (since 7th May 2010)
21International Forum Leasing in CEE Prague, 2 - 3 February 2012
Country Focus - Czech Republic Mrs. Jirina TAPSIKOVA, CLFA
4. Perspective
Major challenges for leasing major changes in direct taxation (2014) new international accounting standard (2013 ?) new Civil Code (2014) Basel III (2012)
22International Forum Leasing in CEE Prague, 2 - 3 February 2012
Country Focus - Czech Republic Mrs. Jirina TAPSIKOVA, CLFA
4. Perspective a stable sector of financial market a consolidated market no major re-financial problems elaborated level of risk management rising role of sofisticated leasing products rising role of credits in non-banking financial services widening regulation an ordinary European leasing market rising volumes in future months
23International Forum Leasing in CEE Prague, 2 - 3 February 2012
Thank you for attention