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Leasing Portfolio in Bulgaria 2019

2019 Leasing Portfolio Highlights Bulgaria2019 is yet another year since 2015, in which we note an increase in the leasing portfolio in Bulgaria. In 2019, the increase is by BGN 255 million or 6.31% on an annual basis. The total lease receivables (leasing portfolio) permanently holding above BGN 4 billion and reaching BGN 4.293 billion. This level is still behind the record BGN 5.8 billion in 2008, but the increase itself is encouraging.

Leasing portfolio in Bulgaria 2019

The increase in the leasing portfolio continues from the first quarter of 2016 for the thirteenth consecutive quarter. At the same time, the growth rate of the leasing portfolio in Bulgaria slightly slows down in 2019 on an annual basis.

The financial lease portfolio continues to dominate, accounting for 94.92% of the total leasing portfolio. The operating lease portfolio barely exceeds 5% of total lease receivables.

The growth of the leasing portfolio in Bulgaria in 2019 is due exclusively to the growth of the financial lease portfolio (an increase of BGN 262 million or 6.89% y/y), at the expense of the shrinking operating lease portfolio (a decrease of BGN 7.7 million or 3.42%).

Asset structure of the leasing portfolio in Bulgaria in 2019

The dynamics of the asset segments of the financial lease portfolio are also highly diversified. The secondary segments “Computer Equipment”, “Real Estate” and “Others” recorded a double-digit decline, with the “Real Estate” segment shrinking for the eighth consecutive year with as much as 31.76% y/y or by BGN 80 million. On the other hand, the leading segments of “Passenger Cars” and “Machines and Equipment” registered double-digit growth of 12.83% and 11.38% respectively. These are also the driving segments of the annual growth of the total leasing portfolio in Bulgaria in 2019. Only the leasing portfolio of the asset segment “Commercial Vehicles” increased more moderately by BGN 83 million or 6.64% y/y.

The decline in the operating leasing portfolio is ubiquitous, with the “Commercial Vehicles” segment being the only one recording an increase of BGN 874 thousand or 3.1% y/y. The shrinking of the operating lease portfolio is a new phenomenon for the last 6 years and is most likely due to the new IFRS 16 operating lease accounting rules, which are in force since the beginning of 2019.

The structure of the leasing portfolio of Bulgaria 2019 is dominated by vehicles (cars and commercial vehicles), which already occupy as much as 74% of receivables or BGN 2.9 billion. This is 2% more than at the end of 2018. The “Machines and Equipment” segment ranks third with 20% or BGN 766m. The remaining 6% of the total leasing portfolio is split among the secondary segments.

The biggest growth in 2019 is registered with the financial leasing portfolio of “Cars” and “Machines and Equipment”, which mark an increase of 12.83% and 11.38% accordingly. The biggest decline is registered with the operational leasing portfolio of “Machines and Equipment” which shrunk from BGN 305 million last year to just BGN 33 million at the end of 2019, or a decrease of 89% y/y.

 

Data used:

Read other articles for the development of the Bulgarian leasing market in 2019:

 

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