Taking into account the rectification of the situation with debtors under leasing agreements and a noticeable increase in the supply of agricultural machinery for the agro-industrial complex, the government allocated 2 billion rubles. to cover losses incurred by Rosagroleasing due to long-standing debts. We are talking about the written off bad debts of the liquidated counterparties of the state-owned company – mainly under the deals concluded in 2003-2009 with regional operators, which until 2010 occupied most of its sales (now the state-owned company has refused subleasing). However, the subsidy will not cover part of the losses – over the past years, the courts also failed to sort out a number of transactions of those years.
Against the background of a significant improvement in Rosgarolizing’s performance, the government decided to provide it with financial support to cover losses from old debts – for this, the White House resorted to a new measure of support for the company, allocating 2 billion rubles. in the form of a contribution to property that does not increase the authorized capital. Note that usually for the sake of preferential leasing, the company will be capitalized almost every year: in 2019, Rosagroleasing was allocated 3 billion rubles, in 2020 – 6 billion rubles. An exception was 2021, when the authorities abandoned the additional capitalization of the state-owned company in favor of supporting manufacturers due to budget cuts. The net profit of the company is used to cover the accumulated losses.
According to the approved rules, the result of the provision of a new subsidy should be a reduction by the end of the year of accumulated losses – only losses incurred under previously concluded leasing agreements and associated with the cancellation of bad debts of counterparties that were liquidated and excluded from the Unified State Register of Legal Entities until January 1, 2021 will be covered at its expense. … As explained to Kommersant in Rosagroleasing, such support is associated, in particular, with the need to reimburse the previously incurred losses of the company in connection with the cancellation of the debt of already liquidated counterparties – mainly on transactions in 2003-2009, which will compensate for some of the losses. In particular, we are talking about regional operators – large leasing companies that, receiving equipment from Rosagroleasing, provided it to local agricultural producers on sublease. The regional operators were supposed to send the payments received from them to the state-owned company.
Until 2010, in the structure of Rosagroleasing’s transactions, the share of contracts with regoperators was estimated at almost 70%.
However, the activities of sub-lessors in the state-owned company are called not problem-free. They often did not send payments to Rosagroleasing, which led to the formation of debts, besides, their work was sometimes accompanied by scandals: in the Lipetsk region and Stavropol Territory, the heads of the regoperators were accused of embezzling billions from the state company. As a result, Rosagroleasing was forced to reduce interaction with regoperators, trying to build up work with end lessees directly – by 2013, the share of subleasing transactions decreased to 13%, and in 2019, after a change of leadership and optimization, the new head of the company, Pavel Kosov, said that Rosagroleasing no longer has regoperators.
Note that the company approached 2019 with an accumulated loss, which, according to PwC auditors, amounted to RUB 47.7 billion. The Accounts Chamber also announced numerous losses – in 2013–2015 alone, a loss of 22.6 billion rubles was received. due to the termination of contracts, the withdrawal of equipment and its sale at a discount, as well as the formation of a reserve for doubtful debts for overdue debts under lease agreements concluded mainly before 2010. A loss was also brought about by the machinations of counterparties with the supply of equipment – back in 2013, Rosagroleasing reported about the investigation of 35 criminal cases under the schemes of 2002-2009, the damage to the company from which was estimated at 39 billion rubles. (see “Kommersant” dated March 10, 2013). One of the high-profile cases is the Masloprodukt case on the fact of fraudulent theft of 1.125 billion rubles. funds of “Rosagroleasing”, the investigation of which lasted right up to 2020 (see “Kommersant” on January 9, 2020), and the courts could not figure out the scheme of theft. By the time the agreements on this case fall in the period 2003-2009, but Rosagroleasing clarifies that these losses will not be covered by the subsidy.
However, the debt situation in the state-owned company has improved in recent years. Rosagroleasing revised its main business processes, including its approaches to dealing with debtors – the collection rate of lease payments exceeded 96% set by the government in the form of KPIs. The subsidy to compensate for losses due to long-standing debts, they add, is aimed primarily at “scaling up financing of new transactions on affordable leasing terms – this will keep the pace of technical modernization of the agro-industrial complex.” It should be noted that since 2019, Rosagroleasing has significantly increased the supply of equipment and technology: in 2018 they were estimated at 15 billion rubles, in 2019 – 25.5 billion rubles, and in 2020 – 38.5 billion rubles. The company plans to end this year with an indicator of 43 billion rubles.