PJSC «GTLK»

PJSC «GTLK»

Type	Public Joint Stock Company
ISIN	🆔
Industry	leasing
Founded 📆	2001
Founder 👔
Headquarters 🏙️	Legal address: Office 100, 73 Respubliki Street, Salekhard, Yamal-Nenets Autonomous Area. Actual address: Building 1, 31a Leningradsky prospekt, Moscow, 125284.
Area served 🗺️
Key people	S.N. Khramagin – CEO, Y.M. Medvedev – Chairman of the Board of Directors.
Members
Number of employees
Subsidiaries	GTLK Europe DAC [1]
🌐 Website	Official GTLK website
📇 Address
📞 telephone

State Transport Leasing Company (PJSC "STLC") — one of the largest leasing companies in Russia. The company offers leasing of aircraft, water and railway transport, energy efficient passenger transport, roadwork and specialized technical equipment for the organizations involved in Russian transport industry, as well as exercises investment activities in order to ensure the development of Russian transport industry.

The company’s sole shareholder is the Russian Ministry of Transport.

As of August 8, 2017, GTLK held the largest leasing portfolio within Russia, with a value exceeding RUB 803 bn.

GTLK has double B category credit ratings from three leading international rating agencies and also has «A+(RU)» rating on a national scale from ACRA.

Goals and tasks of STLC

• Implementation of state support for the transport industry

Company's goal is to distribute leasing programs in segments meaningful to the development of the transport industry of the country and in need of state support (non-commercial leasing programs, programs/projects with state involvement). These segments show the underdevelopment of market mechanisms used for renewal of manufacturing assets, low ROI and unattractiveness for private investors. Also, within the framework of the implementation of state support for the transport industry STLC ensures the realization of transit potential of Russian Federation and develops transport infrastructure projects using leasing mechanism.

• Attraction of extra-budgetary investments

The company uses co-financing mechanism for projects and programs applying equity capital, resources, received from equity capital investments, and other attracted funds. The goal of STLC is to implement systematic approach for attracting extra-budgetary investments, which consists of using new instruments for financing leasing programs, expanding geography of borrowing, and constant cooperation with rating agencies in order to receive or approve credit rating in order to improve terms of borrowing.

• Support for Russian transport engineering

The goal is to create and develop the demand for products of Russian engineering as a part of state priorities aiming to provide import substitution. PJSC «STLC» provides support to domestic manufacturers, creates demand for domestic transport machinery, stimulates import substitution, and contributes to the export development of high tech domestic products by consolidating procurement with prepayment mechanism.

• Increase in company's financial attractiveness and operational efficiency

Company's goal is to increase its value in the interest of the owner – Russian Federation. To achieve this task STLC increases efficiency of operating processes, improves management systems and asset quality while remaining a leader in key segments of the transport leasing market.

Main activities

• Aircraft transport

- Leasing of aircraft (long-range and regional planes, helicopters). As of 30.06.2018 the aircraft park consists of 172 aircraft of different types.

• Water transport

- Leasing of sea and river vessels (oil tankers, bulk carriers, cargo-passenger ferries, etc.) as well as waterfront equipment. As of 30.06.2018 the water transport park consists of 81 vessels of different types.

• Railway transport

- Leasing of low-sided cars, tank-cars, hoppers, platforms, covered trucks, grain carriers and other car types. Implementation of passenger rolling stock leasing programs. As of 30.06.2018 car park consists of 65 000 units.

• Other

- Leasing of passenger transport (buses and urban electric transport, gas engine vehicles)

- Leasing of maintenance and road construction vehicles, commercial transport and other specialized machinery

- Leasing of equipment for small heat power engineering, chemical manufacturing, mechanical engineering and other

- Development of transport and logistics complexes

STLC in numbers

• No. 1 in water transport leasing in 2017 (86%);
• No. 1 in railway transport leasing in 2017 (32%);
• No. 1 in aircraft transport leasing in 2017 (23%);
• No. 1 in total new volume of business in 2017 (RUB 142 bn);
• Equity capital of STLC is formed by the Russian Government in the form of monetary contributions for the realization of state programs supporting domestic transport industry and is equal to RUB 68.8 bn;
• The total amount of investments by STLC into the Russian transport industry between 2009 and 2017 exceeds RUB 440 bn with the budget investment multiplier effect of 1:5;
• The total volume of the portfolio of STLC grew from RUB 1,7 bn in 2009 to RUB 535 bn as of December 31, 2017, while the annual volume of new business increased from RUB 1 bn to RUB 157 bn;
• As of December 31, 2017 company's assets exceeded RUB 340 bn (According to IFRS);

Programs of STLC

Aircraft transport leasing

• Development of operational SSJ100 leasing

- Starting 2015 STLC is implementing a project stimulating the sales of SSJ100 aircraft using the mechanism of operating leasing. 36 units of SSJ100 have been purchased for realization.

- Under the program of extra-budgetary investments, a major international syndicated loan worth RUB 43 bn was attracted for the development of the domestic aircraft engineering.

• Support for domestic aircraft engineering and small aviation

- STLC is a part of a localization project of Let L-410 manufacturing – 5 such aircraft have been leased to Russian regional aviation companies.

- In 2017 STLC had additional capitalization of RUB 1 bn for acquiring and leasing 5 more Let L-410 aircraft in 2018.

• Development of domestic helicopter leasing

- In 2017 STLC leased 10 Mi-8MTV-1 helicopters, 13 Mi-8AMT helicopters, and 6 “Ansat” helicopters equipped with medical modules to Russian aviation companies under preferential terms. STLC is the largest customer of domestic helicopters for medical aviation.

- In 2017 during the HeliRussia-2017 exhibition an agreement between STLC and «Russian Helicopters» holding for the annual supply of up to 64 helicopters (50 Mi-8AMT/MTV-1, 10 “Ansat” and 4 Mi-171A2) between years 2018-2020 was signed.

• Development of Il-114-300 aircraft leasing

- An agreement was signed during the MAKS-2017 confirming the intentions of STLC and SCAC to supply up to 50 Il-114-300 aircraft.

Railway transport leasing

• According to the results of 2017, 16 thousand freight cars were supplied to the lessees.

• In the 1st quarter of 2018 STLC signed leasing contracts for supplying more than 10 thousand innovative cars (8,3 thousand of them – low-sided cars).

• 30 EP2D electric trains with 11-carload composition manufactured by OJSC DMZ were leased to JSC “Central Suburban Passenger Company” (CSPC).

• A deal was reached with JSC “Sverdlovsk suburban company” for leasing 8 new passenger cars with locomotive traction manufactured by JSC “TVZ”.

Water transport leasing

• In a 4-year period STLC placed orders for building 55 vessels using domestic shipyards, including 5 Aframax tankers.

• Vessel construction is carried out at PJSC “Krasnoye Sormovo Shipyard”, LLC "Nevsky Shipyard", CJSC “Nefteflot” and PJSC “Okskaya Shipyard” factories.

• STLC is implementing a development program of the “Vanino-Kholmsk train ferry” to connect Sakhalin Island with the mainland Russia. In 2017 the construction of 2 ferries began at PJSC "Amur Shipyard" in order to replace older vessels.

• Loan agreement worth RUB 4,3 bn received from JSC “Far East Development Fund” was signed in order to co-finance the construction of ferries.

• A contract for construction of 5 Aframax oil tankers was signed between STLC, “Rosneft” and JSC “Zvezda”.

Energy efficient machinery leasing

• As part of the order by the government of Russian Federation “About the regulation of relationships in the field of use for gas motor fuel, including natural gas as motor fuel” STLC launched a pilot of a non-commercial leasing program supplying passenger transport that runs on gas motor fuel.

• STLC uses funds returned by lessees under the non-commercial leasing programs for supplying gas motor fueled passenger transport and electric transport under preferential terms.

• The volume of investments made by STLC into the development of energy efficient machinery market between 2012 and 2018 equals RUB 12,6 bn.

• STLC's procurement volume of energy efficient machinery between 2012 and 2018 equals 1,7 thousand units.

Transport infrastructure development – construction of coal transferring complex “Lavna”

• Coal transferring complex “Lavna” in Murmansk seaport is located in Murmansk region, on the western shore of the southern knee of Kola Bay, in the mouth of Lavna river, in the area of Mezhdurechie village.

• The project suggests the construction of a modern coal transferring port complex using the newest equipment with the power of 18 million ton per year, as well as the construction of non-public railway access tracks from Lavna station to the port complex with the length of 2,3 km.

Effect on the transport infrastructure

• Increased volume of energy coal export by building new overload capacities in Russia.

• Transfer of freight traffic from Baltic ports to Russian.

• Development of new sales markets by increasing the carrying capacity of vessels.

Current project status

• An agreement with the anchor investor, global commodity trader Mercuria Energy Trading SA was signed guaranteeing the loading of cargo base under the contract take-or-pay.

• The construction of the coal transferring complex “Lavna” has started.

GTLK Europe

• GTLK Europe DAC is a subsidiary company created in 2012 in order to develop leasing activities abroad, attract financing from international capital markets and support domestic export. Company's major activities are financial and operational leasing of commercial aircraft and water transport.

• The volume of the leasing portfolio of GTLK Europe DAC exceeds USD 1,8 bn and consists of 51 aircraft and 15 sea vessels as of today.

• GTLK Europe DAC has successfully placed 2 issues of Eurobonds worth USD 1 bn combined with maturity of 5 and 7 years. Major investors were largest institutional investors from Russia, Europe and Asia.

Partners and Clients

Major clients of STLC are transport, logistics and construction companies, municipal transport and communal organizations, regional authorities, Russian and foreign airlines, operators of railway and water transport, etc.

Management

Board of Directors

• Y.M. Medvedev – CJSC «Saint-Petersburg International Mercantile Exchange»;

• S.A. Aristov – State Secretary, Deputy Minister of Transport of the Russian Federation;

• A.I. Boginsky – CEO, JSC «Russian Helicopters»;

• F.A. Borisov – Independent Director;

• O.E. Bocharov – Deputy Minister of Industry and Trade of the Russian Federation;

• V.M. Okulov – Independent Director;

• A.R. Taicher – Independent Director;

• S.N. Khramagin – CEO, PJSC «STLC».

Management

• S.N. Khramagin – CEO;

• A. V. Borisevich – First Deputy CEO;

• D.V. Shaplyko – First Deputy CEO;

• I.Y. Asabin – Deputy CEO – chief of Staff;

• S.G. Bessarabov – Deputy CEO;

• F.M. Martynov – Deputy CEO for Legal Affairs;

• V.P. Dobrovolsky – Deputy CEO;

• A.N. Korolev – Deputy CEO.

External links

• Official STLC website

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