Contract volume of UniCredit Leasing Slovakia down by 40.2% y/y in 2009.

By bne IntelliNews February 25, 2010
Total volume of leasing contracts by UniCredit Leasing Slovakia amounted to EUR 219.7mn in 2009, falling by 40.2% y/y, the company reported. It explained that the crisis was the main factor for the negative developments and its main effect was channelled through a decline in business investments and higher prudence of financial institutions in the risk assessment. UniCredit Leasing also commented that payment discipline deteriorated notably, which also had an unfavourable impact on its financial performance. Financing of movable assets generated the majority 86.5% of the total contract volume for the year but dropped by 44.2% y/y, including a 31.1% y/y contraction of car leasing. The car scrapping scheme, introduced last year, was found to have only a small effect on demand for car leasing. In contrast, leasing of immovable assets was up by 10.6% y/y and reached EUR 29.7mn in 2009. UniCredit Leasing stated that the market was unlikely to recover in 2010 and projected that it would either stagnate or continue to contract at a slowing pace. A possible stimuli could come from a considered allowing of VAT deduction for passenger cars but it was not expected to have a significant effect on leasing. The company noted that its financial performance this year should remain similar to 2009.

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