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Operating Leasing
   Fleet Leasing
Content
             •   Leasing
                 • Operating
                 • Financial

             •   Fleet leasing
                 • Add-In products

             •   Comparative Advantages
                 • Administration
                 • Financial
                 • Comparison

             •   PT. Surya NordFinans
                 • Financial Standing

             •   Clients

             •   Sample Documentation
19/11/2009                                2
Leasing
             • Operating Leasing in Indonesia is handled
              as a rental.

               • Depreciation made in the books of the Lessor.

               • No transfer of title.

               • Operating expenses as;
                  •   Insurance,
                  •   Road-tax,
                  •   Maintenance and repairs,
                  •   Replacement vehicle

                 are included in the Lease Fee.

19/11/2009                                                       3
Leasing

             • Financial Leasing, in Indonesia, is the
              equivalent of Hire Purchase in other countries.

               • Title is transferred to the user on delivery.

               • Operating expenses are for the user.

               • Depreciation of the asset is made by the Lessee.

               • Collection issues are prevalent.



19/11/2009                                                          4
Fleet Leasing
             • A Group of Vehicles – a Fleet – is provided to the
               Lessee.

                • The composition of Brands and Models is determined by the
                  Lessee.

                • The Fleet is serviced and maintained by the Lessor.

                • No other charges than Petrol and direct driving charges
                  (driver) are paid by the Lessee.

                • The Lessee undertakes not handle the vehicle with ‘normal
                  care’

             • The Lessee is buying ‘Transportation’, not a vehicle.

19/11/2009                                                                    5
Add-In Products
             • Insurance – Paid and administered by the
               Lessor.

             • Road Tax – Paid and administered by the
               Lessor.

             • Normal Service and Maintenance - Paid and
               administered by the Lessor.

             • Tyres – Included in Lease Fee.

             • Replacement Vehicle - Paid and administered
               by the Lessor.
19/11/2009                                                   6
Comparative Advantages



              • Administration

              • Financial

              • Comparison



19/11/2009                            7
Administration
             •   Simple Administration
                  • One invoice per month
                  • Service and maintenance handled by the Lessor
                  • Insurance and Road Tax handled by Lessor

             •   No staff time for ‘vehicle issues’.

             •   Outside parties / tax inspectors do not discuss depreciation
                 issues or other matter pertaining to assets as it is Operating
                 Expenses for the company.

             •   Expertise with respect to vehicle values (at sale and purchase)
                 provided by the Lessor.

             •   Timely transportation ensured for the user.




19/11/2009                                                                         8
Financial

             • Fixed price for the duration of the Lease
               simplifies budgets and planning.
             • Normal repairs and maintenance
               included in the price.
             • No significant cash outlay up-front.
             • Tax issues resolved from the beginning.
             • Utilisation of ‘untaxed money’ for
               payment of Lease Fee.



19/11/2009                                                 9
Comparison
             • A purchase of a vehicle drains cash flow from the
               corporation.

             • A Toyota Kijang Innova costs IDR 182.4 million to buy.
                • With the assumption of:
                   •   Lease Interest rate of 18.5%,
                   •   Three year utilisation,
                   •   One lease payment as deposit to Lessor,
                   •   User’s Pay back time requirement three and a half (3.5) years;


             • Net saving, on a Net Present Value calculation, is
               IDR 81.5 million over the period.


19/11/2009                                                                              10
Company                     PT. Company
                                                                                                    Company                     PT. Company
             Product                     T oyota Kijang Innva 2.0 G Man

             NPV Purchase                     IDR 142,855,266       Saving                          Product                     T oyota Kijang Innva 2.0 G Man
             NPV Lease                          IDR 61,300,454      IDR 81,554,812         57.09%
             Lease Fee (excluding VAT)           IDR 5,700,000

             Lease Interest                           18.50%
                                                                                                    Lease Fee (excluding VAT)          IDR 5,700,000

             Tenor                                        3.0 Years                                 Lease Interest                           18.50%
             1 Monthly Lease Payment                      36 Payments
                                                                                                    Tenor                                        3.0 Years
             Deposit                                       1 Payments
                                               IDR 6,271,000 incl VAT 10 %
                                                                                                    1 Monthly Lease Payment                      36 Payments
             Residual Value                   109,440,000.00
                                                                                                    Deposit                                       1 Payments
             Including                                                                                                                IDR 6,271,000 incl VAT 10 %
             Insurance                            x                                                 Residual Value                   109,440,000.00
             Maintenance                          x                     IDR 4,377,600 per year
             Tyres                                x
             Road Tax                             x                                                 Including
             Replacement Vehicle                  x                                                 Insurance                            x
                                                                                                    Maintenance                          x
                                                                                                    Tyres                                x
                                                                                                    Road Tax                             x
                                                                                                    Replacement Vehicle                  x




19/11/2009                                                                                                                                                          11
PT. Surya NordFinans
             • PT. Surya NordFinans was acquired by the
               Surya Group in 2001.

             • NordFinans is concentrating its financing
               activities on Operating Leasing of;
               • Vehicles (Fleet Leasing)
               • IT Equipment and Software


             • Client base is primarily international
               corporations


19/11/2009                                                 12
Clients
             •   PT. SKF Indonesia

             •   PT. Chubb Indonesia

             •   PT. ABB Transmission and Distribution

             •   PT. Luxindo Raya

             •   PT. Roche Indonesia

             •   PT. Eka Dharma (Volvo)

             •   PT. Maersk Indonesia

             •   Crown Relocation

             •   Elof Hansson Indonesia
19/11/2009                                               13
Sample Documentation
             •Lease Agreement

               •Schedules
                 •Insurance
                 •Asset Specification
                 •Lease Schedule
                 •Delivery Confirmation


               •Invoice sample




19/11/2009                                14
Lease Agreement - 1




19/11/2009                         15
Lease Agreement - 2




19/11/2009                         16
Lease Agreement - 3




19/11/2009                         17
Insurance - 1




19/11/2009                   18
Insurance - 2




19/11/2009                   19
Insurance - 3




19/11/2009                   20
Schedule 2 – Asset Description




19/11/2009                              21
Schedule 3 – Payment Schedule




19/11/2009                            22
Schedule 4 – Confirmation by Lessee




19/11/2009                                         23
Sample Invoice




19/11/2009                    24

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Leasing Presentation

  • 1. Operating Leasing Fleet Leasing
  • 2. Content • Leasing • Operating • Financial • Fleet leasing • Add-In products • Comparative Advantages • Administration • Financial • Comparison • PT. Surya NordFinans • Financial Standing • Clients • Sample Documentation 19/11/2009 2
  • 3. Leasing • Operating Leasing in Indonesia is handled as a rental. • Depreciation made in the books of the Lessor. • No transfer of title. • Operating expenses as; • Insurance, • Road-tax, • Maintenance and repairs, • Replacement vehicle are included in the Lease Fee. 19/11/2009 3
  • 4. Leasing • Financial Leasing, in Indonesia, is the equivalent of Hire Purchase in other countries. • Title is transferred to the user on delivery. • Operating expenses are for the user. • Depreciation of the asset is made by the Lessee. • Collection issues are prevalent. 19/11/2009 4
  • 5. Fleet Leasing • A Group of Vehicles – a Fleet – is provided to the Lessee. • The composition of Brands and Models is determined by the Lessee. • The Fleet is serviced and maintained by the Lessor. • No other charges than Petrol and direct driving charges (driver) are paid by the Lessee. • The Lessee undertakes not handle the vehicle with ‘normal care’ • The Lessee is buying ‘Transportation’, not a vehicle. 19/11/2009 5
  • 6. Add-In Products • Insurance – Paid and administered by the Lessor. • Road Tax – Paid and administered by the Lessor. • Normal Service and Maintenance - Paid and administered by the Lessor. • Tyres – Included in Lease Fee. • Replacement Vehicle - Paid and administered by the Lessor. 19/11/2009 6
  • 7. Comparative Advantages • Administration • Financial • Comparison 19/11/2009 7
  • 8. Administration • Simple Administration • One invoice per month • Service and maintenance handled by the Lessor • Insurance and Road Tax handled by Lessor • No staff time for ‘vehicle issues’. • Outside parties / tax inspectors do not discuss depreciation issues or other matter pertaining to assets as it is Operating Expenses for the company. • Expertise with respect to vehicle values (at sale and purchase) provided by the Lessor. • Timely transportation ensured for the user. 19/11/2009 8
  • 9. Financial • Fixed price for the duration of the Lease simplifies budgets and planning. • Normal repairs and maintenance included in the price. • No significant cash outlay up-front. • Tax issues resolved from the beginning. • Utilisation of ‘untaxed money’ for payment of Lease Fee. 19/11/2009 9
  • 10. Comparison • A purchase of a vehicle drains cash flow from the corporation. • A Toyota Kijang Innova costs IDR 182.4 million to buy. • With the assumption of: • Lease Interest rate of 18.5%, • Three year utilisation, • One lease payment as deposit to Lessor, • User’s Pay back time requirement three and a half (3.5) years; • Net saving, on a Net Present Value calculation, is IDR 81.5 million over the period. 19/11/2009 10
  • 11. Company PT. Company Company PT. Company Product T oyota Kijang Innva 2.0 G Man NPV Purchase IDR 142,855,266 Saving Product T oyota Kijang Innva 2.0 G Man NPV Lease IDR 61,300,454 IDR 81,554,812 57.09% Lease Fee (excluding VAT) IDR 5,700,000 Lease Interest 18.50% Lease Fee (excluding VAT) IDR 5,700,000 Tenor 3.0 Years Lease Interest 18.50% 1 Monthly Lease Payment 36 Payments Tenor 3.0 Years Deposit 1 Payments IDR 6,271,000 incl VAT 10 % 1 Monthly Lease Payment 36 Payments Residual Value 109,440,000.00 Deposit 1 Payments Including IDR 6,271,000 incl VAT 10 % Insurance x Residual Value 109,440,000.00 Maintenance x IDR 4,377,600 per year Tyres x Road Tax x Including Replacement Vehicle x Insurance x Maintenance x Tyres x Road Tax x Replacement Vehicle x 19/11/2009 11
  • 12. PT. Surya NordFinans • PT. Surya NordFinans was acquired by the Surya Group in 2001. • NordFinans is concentrating its financing activities on Operating Leasing of; • Vehicles (Fleet Leasing) • IT Equipment and Software • Client base is primarily international corporations 19/11/2009 12
  • 13. Clients • PT. SKF Indonesia • PT. Chubb Indonesia • PT. ABB Transmission and Distribution • PT. Luxindo Raya • PT. Roche Indonesia • PT. Eka Dharma (Volvo) • PT. Maersk Indonesia • Crown Relocation • Elof Hansson Indonesia 19/11/2009 13
  • 14. Sample Documentation •Lease Agreement •Schedules •Insurance •Asset Specification •Lease Schedule •Delivery Confirmation •Invoice sample 19/11/2009 14
  • 15. Lease Agreement - 1 19/11/2009 15
  • 16. Lease Agreement - 2 19/11/2009 16
  • 17. Lease Agreement - 3 19/11/2009 17
  • 21. Schedule 2 – Asset Description 19/11/2009 21
  • 22. Schedule 3 – Payment Schedule 19/11/2009 22
  • 23. Schedule 4 – Confirmation by Lessee 19/11/2009 23