Evaluation of the performance of a leasing company. Assessment of the financial condition of the borrower - leasing company (Shatalova E.P.)
Introduction
1. Theoretical aspect of studying the commercial activities of leasing companies
1.1. Leasing as an economic category
1.2. Specifics of organizing processes of leasing companies
2. Analysis of the commercial activities of a leasing company using the example of Alfa-Leasing LLC
2.1. Company characteristics
2.2. Analysis of the company's commercial activities
3. Recommendations for improving the commercial activities of a leasing company
Conclusion
Bibliography
Application
Russia's inclusion in global economic processes requires increasing its competitiveness, both in the domestic and international markets.
The level of competitiveness of Russian companies depends entirely on the pace of organization of new production facilities that meet current and future market needs, using the latest achievements of science and technology and, therefore, is closely related to the renewal of fixed assets of enterprises, their modernization in the new technological basis and ultimately depends on the provision of enterprises with equipment in the required quantity and range. Activation investment activities in the real sector of the economy and its efficiency remain one of the main problems in Russia. Own funds to implement the majority investment projects Even large enterprises clearly do not have enough, and even more so for small and medium-sized enterprises.
The necessary transformations in industry are largely limited not only by the ability of enterprises to use borrowed funds, the lack of capital, and its leakage abroad, but also by the low efficiency of project implementation and the lack of strict control over the intended use of funds.
For the successful development of investment processes in industry, the forms of investment existing in Russia must be actively supplemented by financial mechanisms that ensure the consolidation of cash flows in the real sector of the economy and their efficiency. One of these instruments is leasing. In countries with market economies, leasing has been developing successfully for a long time; at present, it is possible to evaluate some Russian experience in this direction. Examples of contracts similar in nature to leasing can already be found in ancient history, although, of course, leasing developed as a modern financial instrument in the second half of the 20th century, spreading from the USA to other countries.
Leasing activity is a complex socio-economic phenomenon that performs a number of important tasks in the formation and development of the main sectors of the country’s economy and contributes to the activation of investment processes. In countries with market economies, a significant part of all investments are investments related to leasing. Any business entity turns to leasing, regardless of the field of activity, form of ownership, size, level of development, financial situation. On the other hand, legal and individuals actively invest free financial resources in the creation of leasing schemes.
Leasing is one of the most common types of activity, its scale is increasing every year. This is explained primarily by the fact that, in the context of the rapid development of new types of technology and the change of its generations, the use of the potential opportunities of leasing transactions makes it possible to quickly update the technical base of production and systematically make investments.
A large number of monographs and articles in periodicals are devoted to the formation of leasing relations in the Russian economy. Theoretical and methodological basis leasing organizations were considered in the scientific works of domestic scientists: V.D. Gazman, T.G. Filosofova, L.N. Prilutsky, N.M. Vasiliev, S.N. Katyrina, L.N. Lepe, A.V. Goremykina, V.M. Dzhukha, S.L. Kovyneva, T.A. Kraseva, Yu.N. Lapygina, E.M. Chetyrkina, E.V. Sokolskikh, M.I. Leshchenko, E.N. Chekmareva and others, as well as foreign authors.
The object of research is commercial activity.
The subject of the study is the commercial activities of leasing companies.
Object of observation – Alfa-Leasing LLC
The purpose of the work is to analyze the commercial activities of leasing companies.
Tasks:
1. Consider leasing as an economic category.
2. Study the specifics of organizing processes of leasing companies.
3. Conduct an analysis of the commercial activities of a leasing company using the example of Alfa-Leasing LLC.
4. Formulate recommendations for improving the commercial activities of a leasing company.
1. Antoshina, O.A. Risks of economic activity of a leasing company / O.A. Antoshina // Management economic systems: electronic scientific journal. – 2014. – No. 5 (65). – P. 18.
2. Bazhenova, V.I. Assessing the liquidity and solvency of a leasing company / V.I. Bazhenova // Innovative development of the economy. – 2012. – No. 5 (11). – pp. 74-78.
3. Volodin, A. A. Financial management (enterprise finance): Textbook / A. A. Volodin. – M.: Infra-M, 2006. – 685 p.
4. Gazman, V. D. Leasing: financing and securitization: textbook. manual for universities / V. D. Gazman. – M.: Publishing house. House of the Higher School of Economics, 2011. – 469 p.
5. Gordienko, T. Formation financial structure leasing company / T. Gordienko // Bulletin of the Kyiv National Trade and Economic University. – 2009. – No. 3 (65). – pp. 61-68.
6. Goremykin, V.A. Leasing: Textbook / V.A. Goremykin. – M.: Filin, 2009. – 944 p.
7. Dmitriev A. Modern development of leasing activities in Russian Federation/ A. Dmitriev, A. Kleimenov // Transport business of Russia. – 2013. – No. 1. – P. 155-157.
8. Zmanovskaya, M.A. Comprehensive assessment of the efficiency of clusters for leasing companies / M.A. Zmanovskaya // Science and modernity. – 2011. – No. 13-3. – pp. 133-138.
9. Ibragimov, Kh.A. Management accounting in leasing companies / Kh.A. Ibragimov // Bulletin of the Dagestan State University. – 2011. – No. 5. – P. 153-157.
10. Ivanova, Yu.N. Balanced scorecard of a leasing company / Yu.N. Ivanova, L.A. Zhukova // Theory and practice of service: economics, social sphere, technology. – 2011. – No. 2 (8). – pp. 133-141.
11. Kachanova A.A. Trends in the development of leasing activities in Russia / A.A. Kachanova, A.V. Alekseeva // Nauka-Rastudent. – 2014. – No. 5 (05). – P. 6.
12. Kerina E.N. Leasing activity in the Russian Federation: factors determining the cost of leasing / E.N. Kerina, E.V. Chikishev // Proceedings of Bratsk State University. Series: Natural and engineering sciences. – 2013. – T. 2. – P. 89-92.
13. Kirillov, A.A. Legal basis of leasing: educational and practical work. allowance / A.A. Krillovs. – M.: Justitsinform, 2009. – 112 p.
14. Kovalev, V.V. Leasing: financial, accounting, analytical and legal aspects: educational and practical. allowance / V.V. Kovalev. – M.: Prospekt, 2011. – 448 p.
15. Mishin, A.Yu. Improving business processes as a key factor in the success of Russian leasing companies / A.Yu. Mishin // Management Sciences in modern Russia. – 2014. – T. 2. – No. 2. – P. 410-413.
16. Nikitina, M.Yu. The effectiveness of creating a leasing company under the conditions of the Customs Union / M.Yu. Nikitina // Economics and management: analysis of trends and development prospects. – 2012. – No. 2-1. – pp. 141-144.
17. Patsanov, S.V. Development of the branch network of a leasing company as the main way to conquer regional markets for leasing services / S.V. Patsanov // News of the Volgograd State Technical University. – 2009. – T. 5. – No. 9. – P. 68-70.
18. Prosvetov, G.I. Leasing: tasks and solutions: Educational and methodological manual/ G.I. Prosvetov. – M.: Alfa-Press, 2008. – 160 p.
19. Smekalov, P. V. Organization of accounting and analysis of leasing operations at agricultural enterprises: tutorial/ P. V. Smekalov, E. Ch. Tsydenova, S. V. Smolyaninov. – St. Petersburg: Prospekt Nauki, 2010. – 208 p.
20. Lists of the largest leasing companies // Expert-online [Electronic resource] URL: http://www.raexpert.ru/ratings/leasing/ (access date 12.23.4)
21. Trifonova, E.M. Composition of cash flows of a leasing company / E.M. Trifonova // Modern economics: problems, trends, prospects. – 2011. – No. 4. – P. 36-40.
22. Filosofova, T.G. Leasing: textbook. manual for university students studying economics and management / T.G. Filosofova. – 3rd ed., revised. and additional – M.: UNITY-DANA, 2008. – 191 p.
23. Khizirieva, D.I. Advantages and distinctive features of a leasing transaction / D.I. Khizirieva // Law and Economics. – 2009. – No. 8. – P. 30-36.
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25. Shakhovskaya, L.S. Marketing tools for increasing the competitiveness of a leasing company / L.S. Shakhovskaya, S.V. Patsanov // Bulletin of Volgograd State University. Episode 3: Economics. Ecology. – 2008. – No. 2. – P. 69-73.
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Course work
Discipline: Enterprise Economics
Topic: “Analysis of commercial activities of leasing companies”
Completed:
2nd year student
groups 99006
Faculty of Economics
D.S. Shibukhov
Checked:
Molodtsova K.A.
Kazan 2010
Introduction
2. Improving the mechanism of leasing transactions in commercial banks
2.1 Analysis of existing practice and organization of contractual work in financial leasing operations
2.2 Analysis of the main stages of leasing transactions during the crisis economy in Russia
2.3 Financial methods state support for the development of leasing activities of commercial banks
3. Improving the methodology for calculating payments for leasing transactions in the investment activities of commercial banks in Russia
3.1 Analysis of current payment calculations for leasing transactions
Introduction
The Russian economy is going through a period of deep crisis, a characteristic feature of which is the release of a large number of the economically active population from the defense industry, science, culture and education. The restructuring of the domestic economy is accompanied by the creation of new enterprises and the liquidation of a large number of unprofitable industries, which means an increase in unemployment among the working-age population.
On the other hand, there is an acute shortage of goods and services on the market, both mass and specific, offered at reasonable prices. In order for them to eventually appear, only organizational measures are necessary.
Thus, the prerequisites have now been created for the emergence and development of new enterprises and new businesses.
To organize the successful functioning of a new enterprise, at least the following conditions are necessary:
Constructive business idea;
Effective leadership (management);
A financial basis that is inseparable from other components of a business.
The simplest and most reliable option for creating a financial base is the funds of business owners invested in the enterprise in one form or another. But the problem is that beginning businessmen, as a rule, have insufficient capital. In world practice, this problem is solved in different ways. But the essence remains the same. Someone (an investment fund, a bank, the state) with money must agree to start a new (and therefore especially risky) business together with a novice entrepreneur. The incentive for private investors is usually the prospect of high profits, and for government agencies it is the provision of employment or the social significance of the project. In modern conditions, it turns out that practically the only publicly available source of financial resources is commercial Bank, if he is interested in working with a start-up business. Such interest can appear only when, on the one hand, a project is proposed for investment that is acceptable from the point of view of profitability, and on the other hand, a commercial bank has appropriate financial resources, which, as a rule, should be long-term. An additional incentive for a bank to assist a start-up business may be the desire to “grow” a good client who, over time, will use a wide range of banking services. In an environment where competition between commercial banks is becoming increasingly intense, this factor is important.
Of course, a situation is also possible when, within the framework of its policy, a commercial bank, in principle, does not work with small developing businesses, focusing on a large, stable client.
It seems that objective economic conditions are such that the emergence and development of new enterprises is inevitable. Commercial banks, being the main available source of financial resources today, are interested in cooperating with new businesses.
At the same time, the market is unstable, there is no objective operational information about its activities, legislation and the tax system are imperfect, inflation is unpredictable, entrepreneurs have insufficient experience in working and planning in market conditions, there is a shortage of qualified consultants who could help a novice entrepreneur plan his business, high growth crime is not a complete list of factors that impede the normal development of market relations in the country's economy.
It should be noted that a fundamental feature of a new business, from the point of view of assessing banking risks, is the inability to apply traditional methods of assessing creditworthiness based on “historical material”: financial statements for past periods, information about the client’s reputation, etc. For a new business, the basis for assessing the borrower’s ability to fulfill its loan obligations (creditworthiness) is the business project it proposes. Accordingly, methods for assessing creditworthiness include methods used to analyze business plans, since the project proposed for lending must be based on an effective business idea, formalized in the form of a good business plan. Its presence is a necessary condition began consideration of a loan application to organize a new business.
The current level of scientific and technological progress requires new approaches to solving investment policy problems. In the process of replacing means of production with machines and machines of new generations, introducing advanced complex technologies, the need arises to use adequate, innovative methods of financing that meet new conditions. At the same time, the main requirements for financing were the simplicity and low cost of replacing equipment and a guarantee against investment risks.1
Leasing meets these needs to the greatest extent. Constantly improving and transforming, leasing has combined many effective forms and methods of investment and, in essence, has turned out to be not only one of the most interesting consequences of scientific and technological revolution, but also the most important means of its implementation. The insufficient number of leasing operations in Russia indicates the lack of modern investment methods and our unpreparedness to enter a full-fledged market economy focused on the development of production.
The purpose of this course work is to reveal the advantages of leasing as a promising area of activity for commercial banks, organizations and financial institutions and to give an idea of the basics of this activity. The tasks set in the work are subordinated to achieving the goal: consideration economic essence leasing; development of recommendations and proposals for the development of leasing relations in our country; identification and assessment of the most effective directions for introducing leasing into the Russian economy. The subject of consideration is leasing relations of commercial banks with economic entities management, varieties of their manifestation.
The current economic situation in the country is now characterized as extremely contradictory. On the one hand, the consumer market is saturated with goods, the stock and bond market has begun to function, the share of services has increased significantly, which reflects the positive development of trade, financial institutions, and the banking sector, which are vital for the normal functioning of a market economy. In addition, currency and stock markets began to form.
On the other hand, the gross domestic product, which deeply affects primarily the investment sphere. To increase production, it is necessary to constantly increase working capital, the sources of which, given the high level of inflation, which was the main problem until recently, are practically absent. The result is a decline in production and an increase in the number of insolvent enterprises. The main debtor has become the state itself, which does not pay for ordered products and services on time and does not fulfill budget obligations.
commercial bank economy leasing
1. The role of financial leasing in the investment activities of Russian commercial banks
1.1 Evolution of the mechanism of participation of Russian banks in leasing operations
An analysis of existing practice has shown that the following groups of lessors are present on the Russian leasing market today:
commercial leasing companies - subsidiaries of large banks: RG-Leasing (Sberbank), Promstroy - leasing (Promstroybank), Leasingbusiness (Mosbusinessbank), Inkomleasing (Inkombank);
commercial leasing companies created on an industry or production basis (Aeroleasing, Lukoil-leasing);
semi-commercial leasing companies created with the participation of state or municipal bodies (Agropromleasing, Moscow Leasing Company, Likostroy), financed from the relevant budgets;
leasing companies created by trading companies and other leasing companies that have no connection with banking, industrial or government resources (Crate-leasing, Petroleasing);
foreign companies - suppliers of equipment, vehicles and technologies (IVECO, Scania, DAF).
Leasing companies created by banks are focused on providing standard leasing services to a wide range of clients, which does not exclude, on the other hand, primary servicing of clients of the “own” bank. Typically, banks not only finance activities subsidiaries, but also actively supply them with clients from among those who apply directly to the bank for a loan to purchase fixed assets. Naturally, the companies that are part of the structure of large banks are themselves the largest on the market, having a large portfolio of orders, similar to Western ones, and therefore the most modern methods work, qualified personnel.
Leasing companies created by state and municipal structures are strictly focused on leasing transactions with certain types of clients. The terms of leasing transactions offered by these companies, which usually use preferential budget financing, are more attractive to clients compared to the terms offered by commercial leasing companies, but the availability of their services is severely limited. Often, for such companies, the issue of efficiency or at least reliability of the leasing projects being implemented is not as pressing as for commercial leasing companies.
Industry leasing companies focus on servicing enterprises in a specific industry. As of the beginning of 1996, almost all existing such companies were not operating. In many ways, “industry” leasing companies focus on government support. Other leasing companies, subsidiaries of various trading houses, manufacturing companies, and those created by private individuals also do not operate. Without access to sufficient financial resources, these companies do not enter into leasing transactions. A number of foreign manufacturing companies (this mainly concerns the heavy-duty vehicle market) use leasing as a tool for marketing their products. Leasing transactions concluded by them usually provide for participation Russian bank, acceptable to a foreign company issuing a guarantee for its client, the ultimate lessee.
A number of leasing companies, along with leasing itself, use in their activities the mechanism of buying and selling property in installments. Despite the fact that, in essence, the definitions of leasing as a type of activity and a leasing agreement as a subtype of a rental agreement, such operations have nothing to do with leasing, they nevertheless correspond to a “simplified” understanding of leasing on the part of clients as a transaction in which:
a) the lender finances the borrower’s acquisition of some property;
b) financing is provided not in cash, but in kind;
c) the financed property serves as security for the transaction through the preservation of the creditor’s ownership rights to it:
d) the borrower makes periodic payments that reimburse both the funds invested by the lender on initial stage transactions that also generate income.
It should be noted that a number of banks (East-West, Russian Credit, Mezhprombank) have chosen to participate in leasing transactions not through a subsidiary leasing company, but through the mechanism of issuing guarantees in favor of leasing companies (usually foreign). Such activity is also not leasing, however, with regard to these market entities, there is an opinion that they are “engaged in leasing.”
The leasing process is usually carried out in three stages. First, preparatory work is carried out to conclude legal agreements (contracts). This is preceded by a detailed study of all the conditions and features of each transaction. After which the following are drawn up: an application received by the Lessor from the future Lessee, a conclusion on the solvency of the Lessee and the effectiveness of the leasing project, a purchase order sent to the equipment supplier by the Lessor, loan agreement, concluded by the Lessor (leasing Company) with the Bank to provide a loan for leasing transactions.
At the second stage of the leasing process, the leasing transaction is legally consolidated in three- and bilateral agreements. In this case, the following are drawn up: a contract for the purchase and sale of equipment (property) on lease, an act of acceptance for operation, a leasing agreement, an agreement for Maintenance leased equipment (property).
The third stage of the leasing process covers the period of use of the equipment (property). At the same time, accounting and reporting are maintained for all leasing operations, leasing payments are paid to the Lessor, and upon expiration of the leasing period, further use of the equipment (property) is formalized.
The main document of the leasing transaction, which reflects the main relationships, is the leasing agreement. It is concluded between the Lessor and the Lessee, which indicates that the Lessee is provided with equipment (property) for use for production operation. The leasing agreement comes into force from the moment of signing the acceptance certificate for equipment (property) as the object of the transaction into operation and is valid for the period specified therein. The acceptance certificate is drawn up by the Lessee and signed by all parties, participants in the leasing transaction, i.e. Lessor, Lessee and Supplier - manufacturer.
After drawing up the acceptance certificate for equipment (property) for operation, the Lessor is not responsible to the Lessee, since the last choice of equipment (property) was made independently.
During the operation of the equipment (property), the Lessee is called upon to use it in accordance with the recommendations and technical instructions Supplier, keep it in working order, perform the necessary maintenance, Maintenance and all this at your own expense.
All risks arising during the operation of equipment (property) and associated with destruction, loss, premature wear, deterioration or damage, regardless of the damage caused, are assumed by the Lessee.
As a rule, the total amount of lease payments includes: the amount that reimburses the cost of the leased equipment (property), payment to the Lessor for use, credit resources for its acquisition under the leasing agreement, commission to the Lessor, payment for insurance of the leased equipment (property), if it was insured by the Lessor, payment for additional services to the Lessor provided for in the agreement, the amount of tax on leasing equipment (property), for the purchase of vehicles that are the subject of the leasing agreement, other costs of the Lessor provided for by the agreement.
The entire amount of leasing payments from the Lessee is included in the cost of the products (works, services) produced by him. The amount of costs for the use of loans used to finance leasing transactions is attributed by the Lessor to the cost of leasing services. Leasing equipment (property) is recorded on the Lessor's balance sheet at cost, and depreciation of leasing equipment (property) is also calculated within the limits of the coefficients established by the current legislation of the Russian Federation.
A comparison of the options for obtaining a loan directly and through leasing shows that it is obvious and financially beneficial. In addition, since leasing funds are on the balance sheet of the Lessor, the Lessee has additional opportunities to attract borrowed funds.
International leasing is carried out by Russian Lessors and Lessees in the form of import and export leasing. In this case, customs duties and taxes on leasing equipment (property) are not charged if the leasing agreement provides for its return upon expiration of the leasing period. If the agreement provides for the subsequent transfer of ownership of the leased equipment (property) to the Russian side (or vice versa), at the end of the agreement, customs duties and taxes on the leased equipment are levied.
Leasing payments are made: cash payments, compensation goods, services, etc., as well as mixed payments, when payments in goods and services are allowed with cash payments. Payments with an advance payment (deposit) are used, when the Lessee makes an advance payment to the Lessor at the time of execution of the agreement, and then, after putting the equipment (property) into operation, pays the remaining amount of the lease payment in agreed shares.
You can also use a calculation option that is based on a certain percentage established in the agreement of the volume of sales of products produced on leased equipment, of the amount of profit received.
Payments are usually made according to a schedule agreed upon by the parties, which is attached to the leasing agreement and may be monthly, quarterly or annual. One-time payments in the form of an advance are made in combination with periodic installments, if they are specified in the agreement of the parties.
Depending on the financial condition of the Lessee, the agreement may stipulate the procedure for paying lease payments in equal shares, with increasing or decreasing amounts, depending on the stability of the financial situation of the Lessee.
Leasing (financial) operations can only be carried out if the Lessor has an appropriate license. In the absence of it, these transactions must be reflected in accounting in the manner prescribed by the current legislation of the Russian Federation, based on the content of the agreement (transactions for leasing property, purchase and sale transactions).
The strategy and tactics for planning the activities of an enterprise in market conditions are built on the basis of a business plan, which is a comprehensive feasibility and organizational justification of ways to achieve the set goals. As a rule, a business plan is formed with the participation of specialists in marketing, sales, supply, production organization, a lawyer and an economist-financier. The latter, based on the information contained in all sections of the business plan, estimates the necessary resources, costs, expected financial results and the efficiency of the enterprise with the chosen financial strategy.
The advantages of leasing compared to other investment methods are that an entrepreneur can start a business with only a part (approximately 1/3) of the funds necessary to purchase premises and equipment (property). Enterprises are not provided with funds, control over the reasonable expenditure of which is not always possible, but directly with the means of production necessary to update and expand the production apparatus. At the same time, leasing stimulates the accumulation of funds from private investors, including the population, whose deposits in banks as of December 1, 1995 amounted to 65.0 trillion. rub.
Leasing has a high potential for economic cooperation with foreign countries, and therefore international leasing is becoming increasingly widespread.
However, the successful development of leasing in Russia is hampered by a number of circumstances:
there is not enough start-up capital to organize leasing companies, since they must purchase equipment (property) from the manufacturer at full cost and transfer it to the Lessee;
double taxation of value added tax, which is levied on equipment (property) purchased by the Lessor. At the same time, its value, as well as interest payments for the loan taken by the Lessor to purchase equipment (property), is transferred to lease payments. According to the existing procedure, value added tax is additionally charged on leasing payments, i.e. for the same product it is charged twice (the draft federal law on leasing provides for it once);
lack of infrastructure of the leasing market, a developed network of leasing companies, consulting firms that would serve all participants in the leasing market;
insufficient understanding of the essence of leasing, its advantages, both among potential Lessors and entrepreneurs of potential Lessees;
lack of a leasing information support system that would ensure the availability of constantly updated and accessible information on offers of leasing services;
lack of experienced personnel for leasing companies.
Leasing, as a new direction in business activity in Russia, requires constant maintenance of adopted regulatory legal acts and their systematic adjustment, taking into account constant monitoring of the validity of the system of regulatory and legislative documents, identification of provisions that impede the development of leasing and their timely elimination.
The main objectives of the Fund for the Promotion of Leasing Development in the Russian Federation are:
participation in the development and implementation public policy and government programs in the field of leasing in Russia;
creating optimal conditions for the development of competition in various areas of production through financial support for leasing projects aimed at developing entrepreneurship, small business and the production of competitive products;
carrying out, together with state, public and other organizations, the examination and competitive selection of innovation and investment programs, projects and activities related to leasing activities, aimed at solving the problems of promoting the development of leasing in Russia and participating in their investment;
international cooperation in the field of leasing;
participation in the development of legislative and legal acts on the development of leasing in Russia; - participation in the organization and investment in commercial exhibitions, fairs of new equipment and technologies, conferences, symposiums, lectures, seminars on issues related to leasing;
organization of training and advanced training of leasing specialists.
At the same time, in the course of its activities, the Fund will be able to provide investment guarantees to leasing entities, provide loans to leasing companies and Lessees, provide consulting services on leasing activities, including the selection of necessary technologies and means of production on legal, investment and other issues of leasing transactions, as well as represent foreign companies when they carry out business contacts with leasing companies and participate in the work of federal authorities when discussing issues related to the development of leasing.
Leasing during the period of formation and development requires state support, the need for which is determined by the economic situation in the country - inflation, high stakes refinancing, low solvency of potential Lessees.
The financial leasing scheme is simple. The bank finances the purchase of equipment by the leasing company. She rents it out to an enterprise that does not have sufficient funds to purchase it or simply does not consider it necessary to buy something expensive for permanent use. The equipment renter (lessee) can rent it for a short period of time and then return the equipment to the leasing company. It can rent for a long time, or it can (and this form is very common) rent equipment with the condition of gradually purchasing it into its own ownership. Thus, for the lessee this is a very flexible form of investment loan.
1.2 Legislative support and development of financial leasing in Russia
We will begin to reveal the possibilities for the development of financial leasing in the investment activities of enterprises with the legal support for this type financial activities, since it is reliable legislation that serves as a guarantee of successful economic activity. The legal uncertainty of relations between partners in leasing transactions has long hampered the development of this promising method of financing production costs for updating and replacing fixed assets of enterprises.
The subject of leasing, according to the Law, can be any non-consumable things, including enterprises and other property complexes, buildings, structures, equipment, vehicles and other movable and immovable property that can be used for business activities.
The Law defines the subjects of leasing. They are the lessor, the lessee and the seller (supplier).
It is important for determining the circle of participants (subjects) of leasing relations that they can be both residents and non-residents of the Russian Federation.
A special place in the law is occupied by regulations on leasing companies. Leasing companies (firms) are commercial organizations (residents or non-residents of the Russian Federation) that perform the functions of lessors in accordance with their constituent documents and have received permits (licenses) to carry out leasing activities in accordance with the procedure established by the legislation of the Russian Federation. It is also important that the founders of leasing companies (firms) can be not only legal entities and individuals (residents and non-residents of the Russian Federation), but also citizens registered as individual entrepreneurs.
To carry out leasing activities in the manner established by the legislation of the Russian Federation, leasing companies have the right to attract funds from legal entities (residents and non-residents of the Russian Federation).
The law establishes that leasing activities of both leasing companies and citizens registered as individual entrepreneurs are carried out only on the basis of permits (licenses) obtained in the manner prescribed by the legislation of the Russian Federation. This provision of the Law is imperative, i.e. compulsory.
The Law introduced rules on the forms, types and types of leasing, defined the concepts of domestic and international leasing, long-term, medium-term and short-term leasing.
Long-term leasing is leasing carried out for three or more years, medium-term - carried out for one and a half to three years, short-term - carried out for less than one and a half years. The main types of leasing given in the Law (long-term, medium-term, short-term) were previously absent in Russian legislation,
The main types of leasing, as specified in the Law, are financial, repayable and operational.
Leaseback is a type of financial leasing in which the seller (supplier) of the leased asset simultaneously acts as a lessee.
Operating leasing is a type of leasing in which the lessor purchases property at his own risk and transfers it to the lessee as a leased asset for a certain fee, for a certain period and under certain conditions for temporary possession and use.
The peculiarities of ownership, use and disposal of the leased asset are the conditions for the transfer of ownership of the leased asset to the lessee (financial leasing) and the return of the leased asset to the lessor (operational leasing).
In the process of leasing activities, transactions are concluded between its participants, the terms of which may include additional services provided by the lessor both before the start of use and during the use of the leased asset by the lessee, namely: the acquisition of intellectual property rights (know-how) from third parties , licensing rights, rights to trademarks etc.); acquisition from third parties of inventory items necessary during the period of installation (assembly supervision) and commissioning work; implementation of installation (supervision) and commissioning work in relation to the leased asset, personnel training; post-warranty maintenance and repair of the leased item, etc. The list, volume and cost of additional services must be specified in the leasing agreement.
A special type of relationship when carrying out leasing activities is subleasing - a type of relationship in which the rights to use the leased asset are transferred to a third party. These relationships must be formalized by a subleasing agreement. The basis for subleasing the leased asset is the written consent of the lessor.
The law defines the concept of international subleasing. Its distinctive feature is the movement of the leased asset across the customs border of the Russian Federation only for the duration of the subleasing agreement.
The leased asset transferred for temporary possession and use to the lessee is the property of the lessor. Under a financial leasing agreement, the leased asset transferred to the lessee, by agreement of the parties, can be recorded on the balance sheet of the lessor or lessee.
The Law establishes norms defining the lessor's right to the undisputed collection of sums of money and the undisputed withdrawal of the leased asset in cases of failure by the lessee to comply with the terms of the agreement, the lessee's subleasing without the consent of the lessor, deterioration in the consumer qualities of the leased asset, if the lessee does not maintain the leased asset in good condition, as well as if the lessee fails to pay the fee for using the leased asset more than two times in a row after the expiration of the payment period established by the contract. The right to indisputably collect sums of money and indisputably confiscate the leased asset is granted to the lessor in cases provided for by the Law, the norms of the Civil Code of the Russian Federation, as well as the agreement.
The leasing agreement must contain essential terms and conditions. They, in particular, are an accurate description of the leased asset, the volume of transferred property rights, the name of the place and an indication of the procedure for transferring the leased asset, an indication of the validity period of the agreement, the procedure for the balance sheet accounting of property, etc.
Financial leasing is one of the most common types of leasing in the world economy. It is a lease with full payment of the value of the property. The period for which property is transferred for temporary use is close in duration to the period of operation and depreciation of all or most of the cost of the property. Financial leasing is based on speed and flexibility, which is why it is popular among clients who demand a wide variety of lease financing objects. This is also facilitated by the use of many different forms of financial leasing, which have received their own name (internal, external, return, direct, separate, revolving, etc.)
A mandatory condition for licensing leasing activities is the requirement that the income from the sale of leasing services from the leasing company is at least 40% of the total income based on the results of business activities for the year. Such a legislative norm is unacceptable for Russian lessors, since many leasing companies are in difficult financial situations. Therefore, in the conditions of the economic crisis, they are forced to engage not only in leasing, but also in other types of economic activities. For example, for commercial banks or enterprises that manufacture equipment intended for leasing, leasing activities become simply impossible.
This requirement for licensing leasing activities should be cancelled. Taking into account the experience of Russian leasing companies, a mandatory condition for licensing should be the very fact of conducting a leasing transaction, regardless of other types of activities of the company or enterprise, and also without taking into account the cost of leasing equipment, the amount of payments, the frequency of leasing transactions, etc. Namely This procedure has been adopted in other areas of business activity. For example, a commercial bank wants to obtain a license to operate with precious metals. When issuing a license, the Central Bank, of course, does not take into account the entire volume of banking operations and the share of operations with precious metals among them.
The current regulations and the draft Law “On Leasing” do not regulate the actions of the lessor in relation to the lessee when he becomes insolvent. In practice, leasing companies use various ways guarantees, primarily bank and surety guarantees.
About leaseback. This is one of the types of financial leasing. The owner - who is also the future tenant - sells his property to a leasing company, thereby receiving the necessary funds. He retains the rights of ownership and use, since a lease agreement is concluded at the same time. The parties to the agreement may provide for the possibility of the tenant purchasing the leased property at the residual value at the end of the lease term.
Development of leasing in Russia. The transition of our economy to a more flexible market system of economic relations has revealed the need to find ways to realize human and technical potential and its qualitative renewal. Multifaceted mechanisms of leasing relations can greatly help in solving these problems. In our country, leasing operations have so far had an episodic nature and have been used mainly in foreign economic activity. They went through three stages. The first began at the turn of the 60s and 70s and ended at the end of the 80s. At that time, Soviet foreign economic organizations carried out mainly one-time and small-scale transactions related to machine tools, forging, power equipment, aircraft, sea vessels and computer technology, mainly at the initiative of Western firms. Leasing was formulated in the agreements as a lease for a certain period corresponding to the service life of the leased property with retention of ownership rights by the lessor. In our country, individual leasing operations were carried out by such organizations as Avtoexport, Traktorexport, Sudoimport, Aeroflot and Morflot. In 1984, a commercial bank for Northern Europe(“Eirobank”), which is one of the foreign banks, and the French bank Crédit Lyonnais established the Promoliz joint venture, whose activities concentrated on financing the leasing of containers and vehicles. In the second half of the 80s, a set of leasing forms. used by the country's enterprises in the foreign economic sphere has become more diverse. The second stage lasted about two years, starting in the spring, or more precisely from April 1, 1989, when enterprises received the right to enter the foreign market. In this regard, new opportunities for using international leasing have opened up, including on a compensatory basis. The next impetus for the development of leasing was the introduction on January 1, 1991 of new depreciation standards, providing for accelerated depreciation in order to more quickly update fixed assets. Therefore, the volume of equipment purchases by all banks for rental increased from 1.3 million rubles. as of July 1, 1989 to 286 million rubles. as of January 1, 1992, of which 97.5% were accounted for by commercial banks.
In January 1992, the “liberalization” of prices and rampant inflation, which destabilized the entire financial and monetary system of Russia, marked the beginning of the third stage in the development of leasing. The progressive decline in production and an even deeper investment crisis affected the development of leasing. Existing leasing companies began to curtail their activities.
Currently, leasing does not play any significant role in existing financial relations; the scale of activity of organizations involved in leasing is insufficient and does not have a tangible economic effect. This is, of course, due to a number of objective reasons: the absence of a wholesale market for means of production within the country, the underdevelopment of the market for loan capital, instruments for guaranteeing transactions (meaning the inconvertibility of the ruble, shortcomings in the pricing system, low standards depreciation charges and, as a consequence, a long period of formation of funds for renovation, which increases the period of execution of leasing operations and makes them unprofitable for banks), etc. However, perhaps the main reason lies in the fact that leasing has not been brought to the attention of the main business owner link - production enterprise.
We can highlight some prerequisites for the emergence and expansion of leasing relations in our country. As the main factor, we note the existing structure of fixed assets of production. Industry, which for decades worked for itself or for defense, “enriched” our economy with a huge number of low-productivity, but quickly rising in price, machines. According to experts, about 50% of consumers feel the need to attract certain types of machines, equipment, etc. for a period of 1 to 3 years, and 13.5% - for 3-5 years.
Due to emerging imbalances, new technology is not used. At many enterprises, the process of aging of technological equipment is inevitably increasing, and the need to update means of production is becoming more acute. Thus, at machine-building enterprises, equipment with a service life of more than 10 years makes up almost half of the fleet; More than 20 million units of installed equipment (up to 55%) need deep modernization; and about 10 million units (26%) are urgently replaced as they do not correspond to the modern technological level.2
Thus, among the main prerequisites for the intensive development of leasing in Russia are the extremely unfavorable state of the fleet of machinery and equipment, the low efficiency of its use, a large volume of uninstalled equipment, a lack of spare parts and an urgent need for new equipment.
Possible ways to form leasing relations in Russia. In the current conditions of shortage of material assets and resources for commercial banks, it is extremely difficult to develop leasing. So far, in our country only its elements can be used in practical activities. It should also be taken into account that leasing in our country, unlike Western countries, does not originate as an operation within the country. On the contrary, the development of the industry will apparently follow the path of widespread use of international leasing, especially since there is already some practical experience in this area.
The main problem that most enterprises may face during negotiations with Western lessors will be the problem of solvency and the lessor's guarantee against financial risk.
Obtaining equipment from Western lessors through large commercial banks is more likely both due to the greater security of a foreign company against the risk of insolvency of a Russian customer, and due to the new opportunities that open up in this case to enter into complex, multi-stage transactions. The organizational forms of enlarged foreign trade structures, in addition to commercial banks, include joint ventures with a Western partner, trading houses, which, along with a powerful foreign trade company, include manufacturing, insurance, wholesale and retail, warehouse, transport and other enterprises.
The problem of the inconvertibility of the ruble, which also arises when carrying out international leasing operations with the participation of our country, can be resolved by paying for the equipment received under leasing through the supply of goods produced on it, i.e. on the compensatory principle.
At high rates of inflation, commercial banks are afraid of depreciation of their resources and prefer to lend to the short-term needs of enterprises. Commercial banks, which initially included innovative operations among the main directions of their activities, refrain in conditions of instability from lending to construction and equipment of industrial and agricultural enterprises.3
Effective management and reselling of equipment form the basis for the growth of lessors.
The leasing industry is increasingly focused on service and diversification. This was facilitated by tax reform, which forced many commercial banks to change their tax strategy, reorienting it to such economic activities that fall under low tax rates. But the state of the leasing industry in our country will not soon reach foreign levels.
1.3 Leasing as a method of investment in the financial activities of commercial banks
A number of Russian banks (East-West, Russian Credit, Mezhprombank) have chosen to participate in leasing transactions not only through a subsidiary leasing company, but also through the mechanism of issuing guarantees in favor of leasing companies (usually foreign). Such activity is not leasing; however, with regard to these market entities, there is an opinion that they are actively “engaged in leasing.”
The East West Investment Bank has been financing leasing operations for the seventh year. Among its partners in financing equipment leasing contracts from Western European countries to Russia are DeutscheBank, Eurobank (Paris) and Moscow People's Bank (London). The essence of the operations is that the bank’s foreign partner takes into account (i.e. buys at a discount) the bills of the East-West Bank issued against the bills of its clients. The total amount of contracts does not yet exceed 35 million DM (including direct credit investments).
In 1997, the bank established a subsidiary leasing company of the same name, which specializes in the implementation of leasing projects in the motor transport business. It is interesting that just two years ago the bank considered it inappropriate to create a specialized leasing company. Recently, the tendency towards normalization of the regulatory and legislative framework of this area of business has become more noticeable. Two stages of preparing the work of a subsidiary leasing company are planned. First, a pilot project will be launched. If this stage is successful, the company will receive a different status: new shareholders will be invited, among whom may be the bank’s old Russian and Western partners. The bank wants to be ready to fully implement the leasing project by the time the federal law “On Leasing” is adopted, in which the bank’s specialists are also taking part.
Until this time, “East-West” will work according to the old scheme: a leasing contract is concluded by a Western manufacturer, the bank provides guarantees to the supplier for the purchase of vehicles by the Russian buyer, and provides short-term loans to pay customs duties or value added tax.
The International Industrial Bank (IBB) was one of the first in Russia to engage in financial leasing back in 1994. Together with the Russian Academy of Engineering, the bank created the International Institute of Investment Projects, which began to create databases on various regions and enterprises, and based on this information to draw up lending programs.
Together with the largest banks in the Asia-Pacific region, members of the Association of Asian Banks, the Moscow Bank has prepared industrial leasing programs for Kamchatka, Khabarovsk Territory and other regions of the Far East. Together with investment funds Hong Kong and Taiwan are implementing projects for the development of telecommunications in Russia and the re-equipment of some domestic enterprises industry.
ONEXIMBANK carries out leasing operations through Interrosleasing for its clients: RAO Norilsk Nickel, AK Almazy Rossii-Sakha, NK Sidanko, Oktyabrskaya Railway and others for several tens of millions of US dollars.
The Israeli concern Double Contact Groups (DCG) and the leasing company Investment Alliance, a subsidiary of Ekaterinburg Sberbank, have entered into a framework agreement for a total amount of $3 million. According to the General Director of the Russian representative office of Double Contact, Yehuda Amir, it is planned to sign an agreement between the Israeli bank Discont and Ekaterinburg Sberbank, under whose guarantees the project will be financed. The interest rate will not exceed the minimum rate of world banks. Investments will be received, in particular, by the Uktus Dairy Plant (Ekaterinburg), for which equipment for the production of dairy products will be supplied on a turnkey basis under a three-year lease. This is the third project implemented by DCG in the Sverdlovsk region. There is already a dairy plant in Sukhoi Log with a capacity of 6 tons of milk per day, the equipment for which was supplied on a partial loan basis. An agreement to install yoghurt production lines in Krasnoufimsk is currently under implementation. The company intended to conclude a loan agreement in 1997 for the supply of similar equipment to the Sverdlovsk region in the amount of $10 million.
Vice-President of Mosbusinessbank Alexey Ivashchenko said that the bank intends to triple the volume of lending for leasing operations in 1999. Funds will be provided to subsidiary leasing companies supplying Russian market equipment for office premises. In his opinion, lending for leasing operations reduces to zero the risk of non-repayment of investments, since the client receives a commodity loan.
Leasing companies created by banks, for example, commercial leasing companies - subsidiaries of large banks: RG-Leasing (Sberbank), Promstroy - leasing (Promstroybank), Leasingbusiness (Mosbusinessbank), Inkomleasing (Inkombank), are focused on providing standard leasing services to a wide range of clients, which does not exclude, on the other hand, preferential servicing of clients of the “own” bank. Typically, banks not only finance the activities of subsidiaries, but also actively provide them with clients from among those who apply directly to the bank for a loan to purchase fixed assets. Naturally, the companies that are part of the structure of large banks are themselves the largest on the market, having a large portfolio of orders, similar to Western ones, which means the most modern working methods, qualified personnel.
It should be noted here that leasing is not “ banking transaction"in the exact sense of the word. It refers to the so-called “close to banking” form of financing, which can be carried out by commercial and industrial enterprises, but this is primarily done by specialized leasing companies established by various individuals or legal entities (banks, insurance companies, industrial enterprises, public organizations, individuals), although banks play an extremely important and noticeable role in leasing. The participation of banks can be direct (if they directly lease machinery and equipment) and indirect (if they provide loans to leasing companies). Not a single large leasing operation can be completed without the participation of banks.
The popularity of leasing is determined by various purely economic factors that make it profitable for participants in leasing transactions. Among the benefits received by tenants are the following:
cost savings associated with the ability to operate equipment purchased under leasing, essentially on credit, with payment in installments;
making leasing payments from the proceeds received from the operation of equipment;
the ability to quickly update fixed production assets (especially their active part) without significant one-time cash costs and, on this basis, increase the competitiveness of their products;
elimination of inevitable losses arising from the ownership of obsolete equipment (through the use of operational leasing);
no problem of credit guarantees or collateral that arise with a conventional loan;
the possibility of trial operation of fundamentally new, expensive equipment in order to reduce the risk of purchasing equipment that does not meet the conditions of its operation, requires overly highly qualified service personnel, etc.
Unconditional benefits from leasing are also received by enterprises that, due to either the seasonal nature of the work performed, or individual (one-time orders), do not need permanent ownership of equipment.
Enterprises producing material assets (suppliers) are interested in leasing for the following reasons:
under supply contracts under leasing, they receive immediate payment for their products;
in conditions of an economic crisis, accompanied by low effective demand from traditional buyers of their products, they can, through participation in a leasing operation, maintain sales volumes (meaning, for example, those enterprises in traditional sales markets that cannot buy the equipment they need due to lack of Money, but who would be very interested in purchasing it on a leasing basis);
also, through leasing, they can expand the potential circle of users of their products (meaning access to new markets or new groups of buyers);
domestic manufacturing enterprises with the help of leasing (for starters, short-term, operational) can try to reach high competitive markets developed capitalist countries.
The interests of the leasing company (bank) lie in their receipt (as part of rental payments) of interest on the property provided under the terms of a leasing loan, payment for the risk of its obsolescence, as well as the opportunity to rent out this property (operational leasing) several times and receive it ends up being much more than the original cost. In addition, for the lessor (unlike an ordinary lender) there is no problem of ensuring the repayment of the loan, since it is he who owns the ownership rights to the leased object, thus increasing the amount of capital he controls; At the same time, the lessor can reduce the risk of non-repayment of lease payments by drawing up an appropriate insurance contract.
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- Introduction
- 1.1.
Objects, tasks and sources of analysis information
- 1.2. Analysis of the formation of a lease payment
- 1.3. Analysis of the effectiveness of leasing operations
- Conclusion
- Calculation section
- List of sources used
- Theoretical section
Today, leasing is becoming increasingly popular both as a way to acquire expensive assets (allows you to obtain the necessary equipment, vehicles, real estate without the simultaneous diversion of large financial resources or in their absence), and as a way to sell manufactured products (allows you to increase sales in an increasingly competitive environment) . A preliminary analysis of planned leasing operations shows whether it is advisable to resort to this form of acquiring assets or stimulating sales, and is thus a necessary condition for making management decisions.
Currently, there are a large number of leasing companies operating in the leasing services market, the number of which is constantly growing. These companies are able to set in motion the released production capacity and significantly satisfy the needs of industrial and commercial enterprises in the use of equipment (property). Moreover, with a shortage of financial resources, these structures can help many enterprises survive by providing technological equipment for their production, i.e. lay the foundations for overcoming the crisis and future economic recovery.
- Objects, tasks and sources of analysis information
- Valuation of leased property
- Formation of the lease payment, factors of its change
- Indicators of leasing efficiency, factors of its change
The objectives of the analysis of leasing activities are:
- studying the content of leasing agreements;
justification of lease payment calculations;
Sources of information when analyzing leasing
activity are leasing agreements, the balance sheet asset item “Income-generating investments in tangible assets”, accounting data of leasing operations carried out in accordance with the Regulations on leasing on the territory of the Republic of Belarus, approved by Resolution of the Council of Ministers of the Republic of Belarus dated December 31, 1997 No. 1769.
Leasing- this is a complex of economic relations between legally independent persons regarding the lease of fixed assets or goods for long-term use, as well as financing, acquisition of movable and immovable leased property. The leasing company actually lends to the tenant, therefore, along with the term “leasing”, the concept “loan - lease” is sometimes used. Unlike a purchase and sale agreement, under which ownership of the goods passes from the seller to the buyer, when leasing, ownership of the leased item remains with the lessor for the entire term of the contract, and the lessee acquires it only for temporary use for the purpose of production use.
The object of leasing can be any movable and immovable property related to fixed assets, as well as software and working tools that ensure the functioning of leased fixed assets. The object of leasing cannot be property used for personal (family) or household needs, land plots, other natural objects, as well as other property in accordance with the law. Objects of the leasing transaction are not destroyed during the production cycle.
The subjects of leasing are the lessor, the lessee, and the manufacturer of the leased object. Lessor(lessor) is a business entity that is the owner of the leased object and provides it for rent. A specialized leasing organization (firm) can act as a lessor. Leasing companies can be subsidiaries of commercial banks and large industrial enterprises.
Lessee(lessee) - a party agreeing with the lessor on a lease, endowed with the right to own and use the leased object within the limits established by the leasing agreement. The user (tenant) can be all business entities. As manufacturer of the leased object are enterprises, organizations and other business entities engaged in the production or sale of inventory. These are the so-called suppliers of transaction objects.
Lessors, lessees, suppliers are direct subjects of the leasing transaction. Indirect participants in the transaction may be banks that lend to the lessor and act as guarantors of transactions, insurance companies, brokerage and other intermediary firms.
The purpose of leasing is to promote the development of scientific and technological progress, expand opportunities for strengthening and developing the material and technical base of organizations, their technical re-equipment, and expand cooperation between domestic and foreign enterprises. Leasing does not replace traditional forms of financing and lending of fixed assets, but is their addition.
For a manufacturer (supplier), leasing means accelerating the sale of products, bringing them to the consumer, and receiving payment; for the lender (leasing company) - a source of income in the form of amounts from the sale of leased property to the lessee and various types of commissions for services. The lessor is usually insured against risk, since in order to pay off obligations he can take away the property, lease it to another person or sell it.
Main advantages of leasing:
- the ability to use the leased asset without significant initial investment. The client pays only the advance amount if it is provided for in the contract, and makes the remaining payments periodically throughout the entire term of the contract;
at the end of the leasing agreement, the lessee has the opportunity to purchase the leased object at a small residual value;
leasing payments are included in the cost of products (works, services), which reduces taxable profit;
financing using leasing improves financial flows, leaving credit lines free;
property acquired under a leasing agreement is collateral for the leasing transaction, therefore, unlike a loan, an enterprise, as a rule, does not need to assume additional collateral obligations;
the leased object is not subject to revaluation during the term of the contract;
the lessee independently selects the leasing object and the equipment seller, takes part in all stages of the transaction between the lessor and the seller;
allows you to avoid losses associated with the obsolescence of machines and equipment, and use the latest achievements of scientific and technological progress in production;
preserves (maintains) balance sheet liquidity. With leasing, unlike a bank loan, there is virtually no increase in the tenant's obligations (decrease in liquidity) when purchasing machinery, equipment and other property;
concluding a leasing agreement is also possible in case of financial difficulties, since the amount of the leasing fee is relatively small in relation to the amount of the entire leasing transaction. Payments are not made at once, but in installments at the agreed time;
the risk of loss or damage to leased property usually lies with the owner, i.e. the lessor, and maintenance and repair of equipment (machines, mechanisms) can also be carried out by the lessor;
enables small businesses to use expensive equipment;
The lease payment is made after the equipment is installed and has reached the appropriate performance.
- 1.2. Analysis of the formation of a lease payment
The leasing payment is formed taking into account the cost of the leased object and the leasing rate. Leasing rate(interest) takes into account the fee for monetary resources - loan interest attracted by the lessor to complete the transaction; the lessor's income for services provided; the amount of his overhead costs. When establishing a lease payment, the term of the contract, the frequency and method of payment repayment, the possible payment of a risk premium to the lessor, and an increase in the price of the leased object are also important.
A short contract period results in a relatively high lease payment amount and a high cost burden for the lessee. Longer contract terms relatively reduce the size of one payment and increase the risk of the lessor, since he must control fluctuations in the price of the leased object and the creditworthiness of the lessee.
Classification of leasing payments can be made according to the following criteria (Table 13.1).
- Table 13.1.
Classification of leasing payments
Leasing with cash payment is a leasing in which all payments are made in cash. With a compensation payment, payments are made in the form of deliveries of products manufactured on the equipment that is the object of the leasing transaction, or in the form of providing a counter service. Leasing with mixed payment is a combination of cash and compensation, i.e. Along with cash payments, payments in goods and services are allowed.
When concluding a contract, fixed payments may be established. In this case, when calculating the rent, depreciation deductions from the cost of the leased object are taken into account, interest rate for the use of borrowed funds, VAT, commissions to the lessor, fees for its additional services, etc.
Advance payments assume that the lessee provides an advance to the lessor at the time of signing the agreement in the amount established by the parties, and after putting the leased object into operation periodically pays lease payments (minus the advance). This type of leasing payment is currently very often used by large industrial enterprises to sell their expensive products, which the consumer cannot pay for immediately due to lack of funds.
Payment of leasing payments can be made according to the proportional method, at stepped intervals, progressive and degressive methods. The prorated payment is the same and constant throughout the contract term. The progression of payments at stepped intervals is usually associated with schedules of uneven income receipts, for example in seasonal enterprises. During the season, the share of payment is high, and outside the season it decreases or is not even taken, and therefore lessors rarely agree to such a payment schedule. With a progressive schedule, the payment increases in proportion to income growth. Progressive payment mitigates the increase in costs in the initial phase for the lessee. This form is used by lessees who are just exploring the market or want to increase the share of their presence in it. The degressive course of leasing payments is characterized by the fact that part of the leasing costs is shifted forward. This form is preferable for highly liquid, financially stable lessees, which, in turn, significantly reduces the risk for the lessor.
At the end of the contract, the lessee has the opportunity to:
- 1)
buy out the leased asset at its residual value;
leasing (usually for a shorter period and at a preferential rate)
or for new, more advanced technology;
3) return the leased asset to the lessor in the same physical form.
Rice. 2. Formation of leasing payment
Many organizations, in order to ensure the sale of manufactured products, enter into leasing agreements with consumers of their products, in which one of the main conditions is the payment by the lessee of a fixed advance amount in the amount of 10 to 40% of the initial cost of the leased object. The remaining part of the cost is paid by the lessee (consumer) of the product during the period specified in the leasing contract, taking into account all potential components of the lease payment.
It should be especially noted that in practice, the amount of leasing payments is never equal to the costs of carrying out a leasing operation with the lessee. The latter, as a rule, are larger in the amount of customs duties and payments, unforeseen costs for installation and installation of equipment, which must be taken into account when calculating the effectiveness of leasing from the lessee.
- 1.3 Analysis of the effectiveness of leasing operations
Determining the financial profitability of a leasing transaction is an important factor for the parties involved in the transaction. The criteria for assessing the effectiveness of a leasing operation for the lessee are:
- the percentage paid by the lessee to the lessor for financing the leasing operation (financing rate);
the total amount paid under the leasing contract (the price of the leasing transaction), compared with alternative options for financing the acquisition of the property, for example, with a bank loan;
the rate of profit received by the lessee from the operation of the leased object;
- leasing payback period;
Determining the percentage (rate) of financing a leasing operation.
The lessee, having calculated the percentage (rate) of financing that he will have to pay to the lessor for financing the leasing operation, can compare it, for example, with the interest paid when receiving a loan, and thus determine whether it is profitable for him to sign a leasing contract or whether it is better to buy equipment on credit.
The percentage (rate) of financing can be determined by the formula
pf = 0.5(C 1 - C 0) / (EP-A)
A comparison of the total amount paid by the lessee to the lessor under the leasing contract with the purchase price of the machines in cash or on credit shows the profitability of the transaction for the lessee. In this case, it is necessary to take into account tax benefits and investment incentives that may be provided to participants in the transaction.
Determination of the total price of the leasing operation Ts l, subject to subsequent repurchase of the equipment at its residual value, is carried out according to the formula
C D = (EP-L)T + C 1 + N P,
where N p - mandatory tax payments; T - leasing term, years; L - benefits received by the lessee (tax, etc.), or discounts provided by the lessor.
Similarly, you can determine the total price of cars purchased on credit:
C K = C 0 + P-L + N P,
where Ts k is the total price when buying cars on credit; C 0 - the initial cost of cars when purchased for cash; P - payments for using the loan; L - benefits received by the buyer of cars on credit (tax, etc.), or discounts provided by the seller.
Calculation of average annual profit rates when leasing from a lessee N ml1 is carried out using the formula
N pl1 = P r /(EP + p)*100%,
where P r is the annual profit received by the lessee from the use of the leased object; n - other costs of the lessee associated with the operation of the leased object.
The leasing payback period for the lessee enterprise is determined by the ratio of the amount of leasing payments to the average annual amount of additional net profit from the use of leased funds. The increase in profit due to the use of leasing equipment can be determined by multiplying:
A) actual amount of profit per share of issued-
new products on leased equipment;
b) leasing costs to the actual level of profitability
ty costs of the enterprise;
V) level of reduction in unit cost of production,
produced on leased equipment, to actual
sales volume of these products.
The effect can be not only economic, but also social, expressed in facilitating and improving the working conditions of the enterprise’s employees.
When assessing the effectiveness of leasing operations with the lessee, it is possible, as when assessing the effectiveness of capital investments, to use a system of private and general indicators, such as an increase in production volume, an increase in its quality and competitiveness, an increase in labor productivity, profit, profitability, production and capital, a reduction payback period, etc.
The effectiveness of leasing from the lessor is also assessed using indicators of profitability and payback period for investments in leasing operations. The profitability of leasing activities is determined by the ratio of net profit to leasing costs in general and for each contract. The payback period for leasing costs from the lessor can be determined by dividing them by the average annual amount of net profit from leasing activities. Leasing costs from the lessor include: the cost of purchasing fixed assets from manufacturers, interest on bank loans (if the purchase was made at their expense), insurance premiums for insuring leased property, costs of guaranteed servicing of leased assets, staff salaries and other costs. The lessor's net profit consists of his income as part of the lease payment minus taxes established by law. The degree of risk is also analyzed based on a study of the solvency of tenants and the accuracy of fulfillment of contractual obligations under previous contracts.
In the process of leasing analysis, it is necessary to compare leasing performance indicators according to the report with indicators under the contract, establish deviations and determine them, and also take them into account when concluding further leasing transactions.
Conclusion
Leasing is the entire complex of emerging property relations associated with the transfer of property for temporary use on the basis of its acquisition and subsequent rental. The organization of the leasing process is carried out taking into account priority areas. Preference is given, first of all, to the type of equipment (property) that ensures the production of high-quality goods and the development of an effective service sector.
It should be noted that the leasing process is carried out, as a rule, in three stages. First, preparatory work is carried out to conclude legal agreements (contracts). At the second stage of the leasing process, the leasing transaction is legally consolidated in three- and bilateral agreements. The third stage of the leasing process covers the period of use of the equipment (property);
When identifying types of leasing, they proceed, first of all, from classification criteria. These characteristics include: the composition of the participants in the transaction, the type of property leased, the degree of its payback, depreciation conditions, volume of services, the market sector where the operations are carried out, attitude to tax and depreciation benefits, the nature of leasing payments. One of the most complex types of leasing is split leasing, or leasing partially financed by the lessor.
It should be borne in mind that leasing functions also differ. The financial function of leasing is most clearly expressed, since leasing is a form of investment in fixed assets. The production function of leasing is to allow the lessee to quickly and flexibly solve its production problems through temporary use rather than the acquisition of ownership of machinery and equipment.
Currently, in the Republic of Belarus there is a need to form a secondary market for technological equipment using leasing. This would create conditions for the use of leasing operations in the sale of both uninstalled equipment and those with a short service life. This would provide a greater opportunity to produce various high-quality goods and services for small businesses, as well as to maximally satisfy the needs of consumers. If there is a set of government support measures, it is possible to create an infrastructure that, through leasing, would ensure the use of technological equipment on preferential terms for the development of production and its re-equipment.
- Calculation section
- Task No. 1. (Option 10)
Build an analytical table. Draw conclusions based on factor analysis.
| № | Indicators | Plan | Fact | Deviations |
| 1 | Average number of employees, people | 121 | 119 | -3 |
| 2 | Average number of days worked by one employee per year, days | 226 | 224 | -2 |
| 3 | Average length of day, hour | 7,8 | 7,7 | -0,1 |
| 4 | Hourly output, rub. | 1620 | 1680 | +60 |
- Chain substitution method.
VP conv1 =119*226*7.8*1620= 339832584
VP conv2 =119*224*7.8*1620= 336825216
VP conv3 =119*224*7.7*1620= 332506944
VP 1 =119*224*7.7*1680=344822016
? VP total=-722040
? VP chr = -5711472
? VP d = -3007368
? VP dd = -4318272
? VP chv =12315072
- Absolute difference method.
? VP chr = ? CH*D 0 *PrD 0 *CHV 0 =-5711472
? VP d = CR 1 * ? D*PrD 0 *ChV 0 = -3007368
? VP prd = CR 1 * D 1 * ? PrD*ChV 0 = -4318272
? VP chv = CR 1 * D 1 * PrD 1 * ? ChV=12315072
Conclusions.
By reducing the number of employees by 3 people, production output will decrease by 5,711,472 rubles.
By reducing the average number of days worked by one employee per year by 2 days, production output will be reduced by 3,007,368 rubles.
By reducing the average working day by 10 minutes, production output will decrease by 4,318,272 rubles.
By increasing hourly output by 60 rubles, product output will increase by 12,315,072 rubles.
Task No. 2. (Option 0)
Conduct factor analysis of profit using chain substitutions using the following data. Missing data in the table must be calculated.
| Product type | Sales volume (pieces) | Structural products (%) | Price (thousand rubles) | Variable costs per 1 unit. products (thousand rubles) | Fixed costs for the entire sales volume | |||||
| Plan | Fact | Plan | Fact | Plan | Fact | Plan | Fact | Plan | Fact | |
| A | 10455 | 12546 | 51 | 68 | 10 | 12 | 5,6 | 6,4 | 15728 | 22314 |
| B | 10045 | 5904 | 49 | 32 | 6,2 | 7,4 | 3,7 | 4 | 9912 | 8836 |
| TOTAL | 20500 | 18450 | 100 | 100 | 16,2 | 19,4 | 9,3 | 10,4 | 25640 | 31150 |
P = ;
P plan = ;
P plan = (20500*0.51*(10-5.6)-15728)+(20500*0.49*(6.2-3.7)-9912)= 30274+15200.5= 45474.5 thousand roubles.
Pusl. 1 = ;
Pusl. 1 = (18450*0.51*(10-5.6)-15728)+(18450*0.49*(6.2-3.7)-9912)= 25673.8+12689.25= 38363, 05 thousand rub.
Pusl. 2 = ;
Pusl. 2 = (18450*0.68*(10-5.6)-15728)+(18450*0.32*(6.2-3.7)-9912)= 39474.4+4848= 44322.4 thousand .rub.
Pusl. 3 = ;
Pusl. 3 = (18450*0.68*(12-5.6)-15728)+(18450*0.32*(7.4-3.7)-9912)= 64566.4+11932.8= 76499, 2 thousand rubles
Pusl. 4 = ;
Pusl. 4 = (18450*0.68*(12-6.4)-15728)+(18450*0.32*(7.4-4)-9912)= 54529.6+10161.6= 64691.2 thousand .rub.
P fact = ;
Pfact = (18450*0.68*(12-6.4)-22314)+(18450*0.32*(7.4-4)-8836)= 47943.6+11237.6= 59181.2 thousand .rub.
Oprod .general = Pull. 1 – P plan;
Oprod .general = 38363.05-45474.5 = -7111.45 thousand rubles.
Ud. = Pull. 2 - Pull. 1 ;
Ud. = 44322.4-38363.05 = 5959.35 thousand rubles.
C = Pull. 3 - Pull. 2 ;
C = 76499.2-44322.4 = 32176.8 thousand rubles.
Zper. = Pull. 4 - Pull. 3;
Zper. = 64691.2-76499.2= -11808 thousand rubles.
Zpost.. = P fact - Pusl. 4 ;
Zpost.. = 59181.2-64691.2= -5510 thousand rubles.
general = P fact – P plan;
general = 59181.2-45474.5 = 13706.7 thousand rubles.
general = Def.tot. + C + Zper + Zpost.
general = -711.45+5959.35+32176.8-11808- 5510=13706.7 thousand rubles.
Conclusion: during factor analysis of profit for two types of products, it was revealed that total profit increased by 13,706.7 thousand rubles. The profit growth was due to the following indicators: an increase in sales volume by 7111.45 thousand rubles, an increase in the product structure by 5959.35 thousand rubles, an increase in prices by 32176.8 thousand rubles, a reduction in variable costs by 11808 thousand. rub., decrease fixed costs by 5510 thousand rubles.
Task No. 3.
Based on the above balance, carry out an analysis in accordance with the instructions for analyzing and monitoring the financial condition and solvency of business entities.
Analysis.
To analyze and control the financial condition and solvency of the enterprise, we will calculate the current liquidity ratio (K1) at the end of the reporting period, the ratio of the provision of own working capital (K2) at the end of the reporting period, the ratio of the provision of financial liabilities with assets.
The current liquidity ratio (K1) at the end of the reporting period is calculated using formula (1) as the ratio of the total of section II of the asset balance sheet to the total of section V of the liabilities side of the balance sheet minus line 640 “Reserves for future expenses”:
K1 =
where II A is the result of section II of the balance sheet asset (line 290);
V P - the result of section V of the liability side of the balance sheet (line 690).
K1 = =0,87
etc.................
Leasing as a special area of business activity, widespread abroad, is currently being developed in the Russian Federation. For Russia, leasing activity is new. After Russia became part of the world economy, leasing appeared here too. If actively implemented, leasing, due to its inherent capabilities, can be a powerful impetus for the technical re-equipment of production, structural restructuring of the Russian economy, and saturation of the market with high-quality goods.
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