Meeting yesterday with First Deputy Prime Minister Viktor Zubkov, Rosagroleasing's Board of Directors confirmed the company's key activity rates and budget for 2011. Its leasing portfolio is expected to grow by 15% in 2011, and due to the expected growth of concluded lease agreements by 60% and lower interest rates on accrued debt, the company's net profit is expected to grow by 60%.
During the meeting, the first deputy prime minister paid special attention to fulfilling state requirements for the development and regulation of agricultural production, raw materials and foodstuffs over the period of 2008-2012, as established for 2011 in agreements on leasing technology, equipment and pedigree cattle.
As part of the state programme, Rosagroleasing will provide agricultural producers with 30,000 head of pedigree cattle and the equipment necessary for maintaining 65,000 cattle. The transfer of 3 billion roubles into charter capital from the federal budget in December of the coming year will facilitate the execution of this agreement, as well as measures undertaken by the company's management to increase the accessibility of federal leasing, including the displacement of intermediary companies in acquiring technology and equipment in favour of a direct relationship with manufacturers.
"It is essential that improving the accessibility of agricultural leasing become a top company priority for next year," Viktor Zubkov emphasised.
In 2011, the company will also take measures to reduce and restructure expired debts by revising previously concluded lease agreements.