The pre-capitalization of the State Transport Leasing Company (GTLK) will continue: by the end of the year, the company will receive about 10 billion rubles from the state to purchase and lease leased SSJ 100 aircraft. Since 2015, GTLK has already received 34 billion rubles. for 36 vehicles and in parallel attracts funds through loans and bonds. The company's financial performance is far from ideal. But, experts say, GTLK primarily serves as a tool to support the advancement of Russian aircraft and its bondholders rely on state guarantees.
GTLK will receive state subsidies of 9.8 billion rubles. for purchase from the "Civil Aircraft Sukhoi" (part of the United Aircraft Corporation) SSJ 100, said in a July 31 draft government decree. Subsidies will be allocated by the end of the year to the structure of the GTLK in the Yamal-Nenets Autonomous District. The main shareholder of GTLK Ministry of Transport, three months after the purchase of ships, will have to capitalize the company for this amount. In total in 2018, the GTLK expected to receive 25 billion rubles from the budget. under SSJ 100, Interfax reported in May referring to the presentation to the issue of the company's bonds, it was noted that the decision on capitalization was approved by the prime minister, the question is being worked out by the government. In GTLK, Kommersant reported that they are already holding meetings with potential lessees, but details of the talks are not disclosed. In the Ministry of Transport, "Kommersant" was not answered.
ГТЛК is engaged in promotion of leasing SSJ 100 from 2015 on behalf of the president. Then through OFZ in its capital the state contributed 30 billion rubles. Later, another 4 billion rubles were allocated. on an advance of delivery of four SSJ 100 (though it was planned, that state means will be more and on 28 planes). The company also attracted a syndicated loan of 43 billion rubles. with the participation of the Bank of China and Intesa. In total, the GTRC transferred 36 aircraft to the lessees. Through the GTRC, the government also supports small aircraft: more than 10 billion rubles have been invested in its capital for the leasing of Mi-8 and Ansat helicopters, L-410 aircraft. Also, GTLK received about 10 billion rubles. under the supply of 444 trolleybuses and two ferries for the line Vanino-Kholmsk.
Attracts GTLK and money from the market. In June, the company placed two issues of exchange-traded bonds for $ 150 million and 10 billion rubles. (see "Kommersant" on June 20), and since the beginning of the year the total amount of borrowings amounted to about 50 billion rubles. In 2017, the company took 40 billion rubles. and $ 170 million (according to IFRS financial statements, in 2017 debt obligations increased by 60% - from 175 billion rubles to 275 billion rubles). However, if in 2015 and 2016 the GTLK received a profit of 59 million rubles. and 80 million rubles. respectively, then in 2017, its loss amounted to 3.9 billion rubles.
The company assures that the loss "technical, one-time nature and will not affect the creditworthiness of the GTLK." It was caused, in particular, by the fact that a significant part of the reserves is connected with accounts receivable for contracts terminated in 2017, which terminate settlements, including in court. The auditor also adjusted the approach to accounting for certain financial instruments. The reporting "reflects the assessment reserve in respect of a financial instrument that has been used since 2012," explained the GTLK without specifying the details.
The executive director of the "Airport" Oleg Panteleev says that the financial indicators demonstrated by the GTLK "are by no means optimistic by the market standards" should not be misleading. The company was created, among other things, to solve the problems of renewing the fleet of regional airlines and supporting sales of domestic aircraft, the expert explains. The leasing conditions provided by it are better than market ones, which can be ensured only through state support. But through GTLK it was possible to start deliveries of SSJ 100 and helicopters, which indicates that the scheme is efficient and can be scaled, Oleg Panteleev believes, and bondholders understand that the state is responsible for GTLK for ensuring fulfillment of obligations.