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activitate. In timp ce dezvoltarea imobiliara
cunoaste o evolutie negativa, contractele de
sale & lease back dedicate zonei imobiliare
au reprezentat o sursa alternativa pentru acei
finantatori care au avut incredere si know-how
in a supravietui in aceste vremuri dificile din
punct de vedere macroeconomic. In consecinta,
dinamica acestui sector ar trebui sa fie analizata
mai mult caz cu caz si nu din perspectiva unei
analize de nisa.
In acest sens, cifrele de la H1 2012 comparate
cu cele de la H1 2011, arata o crestere de
la 1% la 57% in privinta ponderii finantarii
hotelurilor, in timp ce ponderea finantarii
cladirilor rezidentiale a crescut de la 5% la 6%.
In contrast cu aceasta, s-au înregistrat scăderi
in pondere ale finanţărilor cladirilor industriale
de la 40% la 5%, ale terenurilor de la 31% la
16%, a categoriei retail-outlet de la 5% la 1% şi
a finanţării clădirilor de birouri clasa A, B şi C
de la 18% la 15%.
Datorita stimulentelor fiscale oferite de
legislatia romaneasca in principal finantatorilor
care sunt organizati ca agenti economici,
clienţii persoane juridice au atras cea mai mare
pondere (90%) din totalul finanţărilor, urmaţi
de persoanele fizice (10%) şi de sectorul public
(0%). Este interesant de mentionat faptul ca
sectorul public nu are inca experienta utilizarii
leasingului ca sursa de finantare, chiar daca
legislatia parteneriatului public privat a fost
armonizata cu respectiva Directiva europeana.
Penetrarea leasingului in PIB-ul Romaniei
indica o tendinta pozitiva in timpul perioadei
premergatoare crizei si una negativa dupa
criza financiara. Astfel, daca in 2008, primul
an de declin pentru aceasta piata, indicele de
penetrare este de 3,52%, in 2011 acelasi indice
a atins nivelul de 0,99%. Cauza este una foarte
transparenta si nu constituie un secret: criza
financiara atat la nivel european, cat si la nivel
local. Acest indice indica faptul ca piata de
leasing din Romania este una emergenta care
a supravietuit mediului macroeconomic foarte
dificil la nivel european si acest fapt ne da
field of activity. While the development of the
real estate is on a negative evolution, the sale
and lease back contracts dedicated to the real
estate area, represented an alternative source
of financing for those lessors that have proven
confidence and know-how in surviving these
difficult macroeconomic times. Consequently,
the dynamics of this sector should be analysed
much more on a case by case basis and not as a
niche analysis.
Thus, the figures of H12012 compared to H1
2011, show an increasing from 1% to 57%
related to the financing of the hotels in terms
of weight, while the financing of the residential
buildings weight increased from 5% to 6%.
On the contrary, the financing of the industrial
buildings decreased from 40% to 5%, land
financing from 31% to 16%, retail-outlet from
5% to 1% and the financing of the offices areas
class A, B and C from 18% to 15%.
Due to fiscal incentives offered by the Romanian
legislation mainly to lessors that are organized
as economic agents, the legal clients attracted
the largest part (90%) of the total financings,
followed by the individuals (10%). It is
interesting to mention that the public sector
has no experience yet in using leasing as a
source of financing, even if the public private
partnership legislation has been harmonized
with the respective European Directive.
The leasing penetration into Romanian GDP
shows a positive trend during the pre-crisis
period and a negative one after the financial
crisis. Thus, if in 2008, the first year of decline
for this market, the penetration index is at
3.52% in 2011 this index has reached the level
of 0.99%. The cause is very transparent and not
a secret: the financial crisis both at the European
and local level. This index indicates that the
Romanian leasing market is an emerging
one that has survived over the very difficult
macroeconomic environment at the European
level and that promises confidence in future
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