Initially, the impact of the epidemic was mainly of organisational importance, as the Company’s management was forced to take quick remedial actions related to the restrictions on the employees’ relocating and the general order to stay at home. All processes have been stabilised in the new work mode, without any negative impact on operational continuity.
However, the events related to the COVID-19 outbreak were negatively reflected in the dynamics of new sales in 2020. The Company was most affected by the problem in the second quarter of 2020, as was the case in the leasing industry as a whole. From the third quarter onwards, the situation very quickly began to improve and finally, in the second half of the year, the realised results of new sales were already slightly different from those achieved in the corresponding period of 2019. Summing up the entire year 2020, the Company concluded almost 15.5 thousand new contracts for the amount of PLN 1,975,034 thousand, which represented a decrease of 15% compared to 2019.
During the economic lockdown (March-May), the possibility to defer instalments for up to 6 months was introduced into the offer for existing customers. The Company, together with the Bank, applied the EBA guidelines in this regard. The impact of exposures with applied moratoria at the peak (June 2020) reached a maximum of 16% of the balance sheet value of the portfolio. By 31 December 2020, all moratoria had been terminated and the negative impact in terms of repayment difficulties among the customers who benefited from this solution is very limited.
Despite the circumstances related to the pandemic, the value of the Company’s assets at the end of 2020 increased by 17% compared to 2019.