Features of the financial analysis of the leasing company. Analysis of the commercial activities of leasing companies
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 a part of the global economy, leasing appeared in our country as well. With the active introduction of leasing, by virtue of its inherent capabilities, it can be a powerful impetus for the technical re-equipment of production, the restructuring of the Russian economy, and the saturation of the market with high-quality goods.
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Introduction
The concept of leasing, the level of its development in the Republic of Belarus
1.1 Economic content, objects and subjects of leasing transactions
Analysis of financing the investment activities of organizations with the help of leasing on the example of PUE "ASB Leasing"
2.1 Brief description of the leasing organization, its place in the leasing services market
2.3 Evaluation of the effective activity of the leasing organization
Ways to improve leasing in the Republic of Belarus
1 Ways to improve the regulatory framework for leasing in the Republic of Belarus
2 Reserves for increasing the efficiency of leasing in an organization
Conclusion
List of used literature
Annex A. Dynamics of the structure of sources of financing of leasing operations for 2011 and 2012
Appendix B. Annual Reporting of PUE "ASB Leasing" for 2011-2012
financing investment leasing deal
Introduction
In the context of complex structural adjustment, the economy of our country is in constant search for capital inflows. Leasing is one of the types of investment income that is popular in Europe and is emerging in our country. From the point of view of civil law, it contains a whole range of elements inherent in such institutions of law as a lease agreement, an agency agreement, with an option (the right to choose) to purchase, it can develop into a sale and purchase relationship on an installment plan. It can also be considered as a kind of professional loan.
At the same time, determining the nature of leasing at the legislative level is important for law enforcement practice, since, depending on the approaches to it, various government agencies will depend, for example, tax incentives, choice of remedies.
Until the beginning of the 1960s, leasing in foreign countries mainly affected retail companies, which often rented their premises. Leasing has exploded in popularity over the past three decades. Instead of borrowing money to buy a computer, reactor, or satellite, a company can lease it. Air and rail companies lease a huge amount of equipment, and various shops also have buildings and warehouses. Even utilities and household services have turned to leasing, as it is becoming increasingly difficult for them to take out money on credit.
The relevance of the development of leasing in Belarus is primarily due to the unfavorable state of the equipment fleet (a significant proportion of obsolete equipment, low efficiency of its use, lack of spare parts, etc.). One of the solutions to these problems can be leasing, which combines elements of foreign trade, credit and investment operations.
In Belarus, with the help of leasing operations, such problems are solved as the renewal of the means of production of enterprises of all forms of ownership; targeted lending and acquisition of fixed assets; development of the most efficient lines of production through the system of concluding leasing contracts; acceleration of privatization through leasing. However, at present there are practically no fundamental scientific work on the problems of effective organization of leasing activities and a special legislative framework for leasing transactions. This circumstance, as well as the ever-increasing role of leasing in the republic, objectively necessitates the study of these issues and the development on this basis of specific measures that contribute to increasing the efficiency of using leasing in the Republic of Belarus. This is the relevance of this topic. thesis.
The object of the thesis is PUE "ASB Leasing" in Minsk.
The subject of the thesis is leasing.
The purpose of the thesis is to characterize the essence of leasing, the level of its development in the Republic of Belarus, assess the effectiveness of leasing activities on the example of the leasing organization under study, develop ways to improve leasing in the Republic of Belarus.
To achieve this goal, it is necessary to solve the following tasks:
Give an analytical review of the literature on the research topic:
essence of leasing;
objects and subjects of leasing transactions;
types and characteristics of leasing.
Conduct an analysis of the results of the activity of the leasing organization under study and its place in the leasing services market; to analyze the dynamics, composition and structure of leasing transactions; to calculate the assessment of the effective activity of the organization;
Develop directions for improving the legal framework in the Republic of Belarus;
Determine the reserves for increasing the efficiency of leasing in the organization.
When performing the work, the following methods were used: analysis and synthesis, induction and deduction, comparison.
Methodological basis for writing a thesis, the works of Belarusian and foreign scientists were used, and the practical basis was the data of the annual reporting of the enterprise under study - PUE "ASB Leasing".
1. The concept of leasing, the level of its development in the Republic of Belarus
1 Economic content, objects and subjects of leasing transactions
Leasing as a financial product is a relatively new phenomenon for the modern Belarusian economy.
Theoretical problems associated with the lack of generally accepted terminology in the field of leasing (especially international) have a negative impact on the processes of its development and use in Belarusian practice. This circumstance is repeatedly noted by both the heads of enterprises and specialists in the field of leasing relations, consultants, analysts, etc.
In Belarusian practice, the term "leasing" is interpreted and used in different ways so far. There is also an ambiguity of views on its role in the system of economic relations between market entities.
Very often, leasing is completely identified with a long-term lease. Others believe that leasing is only one form of long-term lease, or identify leasing relationships with hired or contractual relationships. In the literature, a leasing scheme is sometimes considered as a "non-monetary form of credit" or a way of lending to entrepreneurial activities.
In some cases, leasing is interpreted as a "hidden form of sale and purchase of means of production", "a form of managing someone else's property on behalf of the principal", "the right to use property from its owner", a form of property relations, etc.
The term "leasing" (English leasing) means "rent". When renting, a lessor and a lessee enter into a contractual relationship regarding the delivery of property for temporary possession and use for a certain fee.
As you know, these relations in Belarusian practice arose long ago.
The use of the term "leasing" was associated with the need to highlight a special type of lease - financial.
Under a leasing agreement, the lessor undertakes to acquire ownership of the property indicated by the lessee from the seller specified by him and provide the lessee with this property for a fee for temporary possession and use for business purposes. In this case, the choice of the seller and the acquired property is carried out by the tenant.
Leasing is an agreement between the owner of the property (lessor) and the tenant on the transfer of property for use for a specified period at a fixed rent paid annually, quarterly or monthly.
Leasing is also interpreted as a type of investment activity for the acquisition of property and its transfer on the basis of an agreement to legal entities and less often to individuals for a specified period, for a certain fee and in accordance with the conditions set forth in the agreement, with the right to redeem the property by the lessee.
The subject of leasing 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. However, land plots and other natural objects, as well as property that is prohibited by law for own circulation or for which a special procedure for circulation has been established, cannot be the subject of leasing.
In terms of economic content, leasing is associated with direct investment. Thanks to leasing, enterprises have the opportunity to use the necessary means of production without large capital investments.
The word "leasing" is a Russian transcription of the corresponding English term "lease", which means "rent".
Lease is the letting of property into temporary possession and use for a certain fee. As a rule, the landlord rented out his own property, which he currently did not need, reimbursing through rent payments the costs incurred and making a profit.
The essence of the leasing operation is as follows. A potential lessee who does not have free financial resources applies to a leasing company with a business proposal to conclude a leasing transaction. According to this transaction, the lessee chooses the seller who has the required property, and the lessor acquires it and transfers it to the lessee for temporary possession and use for a fee specified in the leasing agreement. At the end of the contract, depending on its terms, the property is returned to the lessor or becomes the property of the lessee.
The composition of the participants in the transaction is reduced to two if the seller and the lessor, or the seller and the lessee are one and the same person. In the case of the implementation of an expensive project, the number of participants in the transaction increases. This, as a rule, occurs due to the attraction by the lessor to the transaction of new sources of financial resources (banks, insurance companies, investment funds, etc.).
From the point of view of property relations, a leasing transaction consists of two interrelated components:
sales relations;
relations related to the temporary use of property.
These relations can be implemented using two types of contract:
purchase and sale;
If the leasing agreement provides for the sale of property after the expiration of the term of the agreement, then the relationship for the temporary use of the property passes into a sale and purchase relationship. Only now - between the lessor and the user of the property.
All elements of the leasing process are closely related.
So, relations for the temporary use of property (leasing agreement) arise only after the implementation of the sale and purchase agreement.
It turns out that the execution of one contract gives impetus to the emergence of the next transaction, and the participants in the leasing process closely interact with each other at different stages.
At the first stage, the equipment manufacturer and the future lessor, concluding a sales contract, act as a seller and a buyer. At the same time, the user of the property, not legally participating in the sale and purchase agreement, is an active participant in this transaction, choosing equipment and a specific supplier. All technical issues related to the implementation of the sale and purchase agreement (completeness, terms and place of delivery, warranty obligations, acceptance procedure, etc.) are resolved between the manufacturer (supplier and lessee), the lessor is responsible for financial security of the transaction.
At the second stage, the buyer of the property rents it out for temporary use, acting as a lessor. However, the relationship under the second contract is not closed between the user and the lessor. The seller of the property, although he concluded a contract of sale with the lessor, is responsible for the quality of the equipment to the user.
If we evaluate the importance and the dominant role of the individual components of the complex of leasing relations, then, of course, the decisive ones are the relations for the transfer of property for temporary use. The relationship of buying and selling property plays a secondary role.
In leasing, the owner of the property, transferring it for a certain period for temporary use, receives it back within the prescribed period, and receives a commission for the service provided. There are elements of credit relations. Only the participants in the transaction operate not with cash, but with property (fixed capital). In this regard, leasing is sometimes qualified as a commodity loan to fixed assets.
To implement a leasing agreement, the lessor must have enough own free financial resources or he must have access to "cheap" money. In the conditions of our country, such objects can be banks and other credit institutions or subsidiary leasing companies created with the participation of financial structures.
A leasing transaction can be concluded in respect of any non-consumable items, including enterprises and other property complexes, buildings, structures, equipment, vehicles and other movable and immovable property that can be used for business activities.
From this definition it clearly follows that the subject of a leasing agreement cannot be:
firstly, current assets of the enterprise, since the definition of “non-consumable” does not fit them;
secondly, such a type of non-current assets as intangible assets, since they do not have a material, i.e., material form.
It follows that the subject of leasing may be the means of labor, which are classified by the current legislation as fixed assets. However, there is also a certain limitation here: land plots and other natural objects, as well as property that is prohibited by law for free circulation or for which a special procedure for circulation has been established, cannot be the subject of leasing.
Depending on the object of leasing, one should distinguish between:
leasing of movable property (equipment leasing);
real estate leasing.
The revaluation of property leased is carried out by the legal entity on whose balance sheet this property is recorded. The cost of land plots and nature management facilities is not subject to revaluation.
At least three subjects are involved in the economic relations of leasing:
property owner (lessor) - a person who specifically acquires property for its temporary use;
user of property (lessee) - a person who receives property for temporary use for entrepreneurial activity (to produce products or provide services with the help of a leased asset), and therefore have an income;
the seller (supplier, manufacturer) of the property - the seller of the object of leasing, enters into a sale and purchase relationship with a leasing company.
Financial leasing firms, as a rule, do not limit their activities to any particular product range. These firms can also provide loans, conduct transactions with securities etc.
Along with the provision of services directly on leasing, firms can also provide certain types of additional services in a complex, for example, various services for servicing machinery and equipment, design services, taking responsibility for paying taxes, consulting on the use of machinery and equipment, etc.
The lessor can be a legal entity engaged in leasing activities, that is, leasing under an agreement property specially acquired for this purpose, or a citizen engaged in entrepreneurial activities without forming a legal entity and registered as an individual entrepreneur.
The following can act as a legal entity:
banks and other credit institutions whose charter provides for leasing activities, leasing companies - financial, specializing only in financing transactions (payment for property), or universal, providing not only financial services, but also other services related to the implementation of leasing operations, for example, Maintenance, training, consultations, etc.;
any company whose constituent documents provide for leasing activities, which has a license and a sufficient amount of financial resources.
Gradually, along with a quantitative increase in leasing companies, increased competition, and changes in the market conditions for leasing services, there is a further complication of relations between leasing entities.
Entities with new functions and economic interests appear on the leasing services market:
brokerage leasing companies, whose services are very diverse. At first, their functions are limited to bringing together a potential consumer (future lessee), a manufacturer, and the leasing company itself, i.e. the brokerage firm participates in leasing, facilitating the transaction between the lessor and the lessee. However, often a brokerage leasing company becomes an agent of both the manufacturer of property and the potential lessee, choosing the necessary equipment for him and the optimal terms of the contract;
manufacturers directly. Industrial companies that produce equipment have become actively involved in leasing, mainly in order to promote their goods to the markets. To carry out the leasing of produced property, these enterprises often use their sales divisions and create specialized branches that deal only with leasing;
intermediary trading companies (dealers, agents, distributors).
Leasing services are sometimes offered by firms that are not officially leasing and carry out leasing as an addition to their core business. As a rule, such firms carry out leasing operations along with the direct sale of machinery and equipment;
investment companies, insurance companies and others, including state-owned ones, having funds for investment, providing services provided for by their charter and participating in leasing schemes. Insurance companies usually provide insurance coverage for the leased asset and related risks associated with the use of the leased asset;
funding organizations. In modern conditions, the financial support of leasing companies is becoming more complicated due to growing competition and changing conditions. Such forms of leasing activity appear when the lessor himself is forced to use borrowed funds to purchase equipment, which he intends to lease out in the future. As a source of funds, borrowed funds provided by various credit organizations (including banks) can be used. In this case, special credit relations arise between the lessor and the financing organization, which determine the success of the leasing company in the market. This is due to the fact that the leasing company must not only acquire funds (property leased out), but also finance its daily working capital, and often other operations with financial assets;
shareholder group. In large-scale transactions, the lessor uses the services of various financing organizations, to take into account the interests of which there is a practice of creating various special funds (corporations, trusts, etc.) - a single donor of financial resources. Such an organization becomes one of the subjects of leasing, since its functions are reduced to providing financial resources (in part or in full) to the lessor for the purchase of equipment intended for leasing.
The lessee can be a legal entity in any organizational and legal form, carrying out entrepreneurial activities, or a citizen engaged in entrepreneurial activities without forming a legal entity and registered as an individual entrepreneur, receiving property for use under a leasing agreement.
The seller of leasing property may be a manufacturer, trade Organization or other legal entity or citizen selling property.
The emergence of complex leasing schemes and the complication of leasing relations allows the participation of a large number of entities on the side of lenders, lessors, suppliers, as well as through the inclusion in the transaction of various intermediaries, insurance and trust companies, etc., which interact with each other in accordance with the provisions current legislative and regulatory acts, as well as contracts of sale and purchase concluded between them and, in fact, leasing, insurance, agreements on the provision of a credit line, etc.
Economic relations arising between the parties to the leasing agreement are manifested through the following functions:
production and supply - acquisition for temporary use of the necessary property;
financial and economic - more appropriate use of available financial resources and savings through leasing tax benefits.
Since relations under a leasing agreement are a type of credit relations, they are implemented on the basis of three principles: 1) repayment, 2) payment and 3) urgency.
1.2 Types of leasing, their characteristics
Leasing can be classified:
by the number of participants in the transaction;
type of property; market sector;
the form of leasing payments;
volume of service;
the useful life of the property and related depreciation conditions.
There are two types of leasing:
internal, when the lessor, lessee and seller (supplier) are residents of the Republic of Belarus;
international, when the lessor or lessee is a non-resident of the Republic of Belarus.
Depending on the number of participants (subjects) of the transaction, there are:
bilateral leasing transactions (direct leasing), in which the supplier of property and the lessor act as one person;
multilateral leasing transactions, in which the property is leased not by the supplier, but by a financial intermediary, which is the leasing company. The classic version of this type of transaction is a tripartite one (supplier - lessor - lessee).
By type of property are distinguished:
leasing of movable property (working machines and equipment for various industries, computer and office equipment, vehicles, etc.);
real estate leasing ( industrial buildings and buildings).
In turn, international leasing can be:
export;
imported.
Depending on the form of leasing payments, there are:
leasing with a cash payment, in which payments are made in cash;
leasing with compensation payment (or so-called back-to-back leasing), in which the lessee settles with the lessor in goods, as a rule, produced on the leased property, or by providing counter services;
leasing with a mixed payment, in which part of the payment comes in cash, and the other in the form of goods or services.
According to the object of servicing the transferred property, leasing is divided into:
clean (dry);
Net (dry) leasing is a relationship in which all maintenance of the property is undertaken by the lessee. Therefore, in this case, the cost of equipment maintenance is not included in the lease payments.
Wet leasing involves mandatory maintenance of equipment, its repair, insurance and other operations for which the lessor is responsible. In addition to these services, at the request of the lessee, the lessor can take on the responsibility for training qualified personnel, marketing, supply of raw materials, etc.
The main types of leasing recognized worldwide are:
financial leasing;
operating lease.
The main criteria for such a distinction are the period of use of the equipment, the depreciation conditions associated with it (payback period), and the mechanism for distributing risks associated with the accidental loss or damage to the leased property.
Operational (operational) leasing is characterized by the fact that the term of the leasing agreement is significantly shorter than the standard service life of the property, and the lease payments do not cover the full cost of the property. Therefore, the lessor is forced to lease it for temporary use several times, and for him the risk of recovering the residual value of the leased object increases in the absence of demand for it. In this regard, ceteris paribus, the amount of lease payments in operational leasing is much higher than in financial leasing.
Financial leasing refers to an economic relationship in which substantially all the risks and rewards associated with owning property can be transferred (or not transferred) at the end of the contract.
Financial leasing is an operation for the special acquisition of property into ownership with its subsequent delivery for temporary possession and use for a period approaching in duration to the operating life and depreciation of all or most of the value of the property.
Lease payments during an inseparable leasing period provide the lessor with a return on the value of the property and a return on invested capital. Financial leasing is preceded by the following actions of potential customers. First, the lessee company selects the equipment it needs and negotiates with the manufacturer about the price and delivery time, although the contract for the purchase of equipment will be signed not by the lessee, but by the future lessor-bank or leasing company. Further, the lessee completes the coordination of the purchase of the necessary equipment from the supplier company with the lessor. Simultaneously with the purchase of equipment, the lessee signs a leasing agreement with the lessor. One of the conditions of such an agreement is the obligation of the lessee to bear the costs of full depreciation of the investments made by the lessor in the purchase of equipment, as well as to reimburse the underdepreciated balance at a rate close to what the lessee would have to pay for a targeted bank loan if the equipment was purchased using a loan.
During the term of the contract, the lessor recovers the entire value of the property at the expense of lease payments and receives profit from the leasing transaction.
Financial leasing has several different types, which have received an independent name.
Classical financial leasing is characterized by a tripartite relationship and reimbursement of the full value of the property.
At the request of the lessee, the lessor purchases the necessary equipment from the supplier and leases it to the lessee, reimbursing its financial costs and making a profit through lease payments.
Classic financial leasing is also characterized by the following features:
the participation of the seller (supplier) of the property (the seller knows what property is being acquired for leasing);
the acquisition of property by the lessee into ownership specifically for leasing (taking into account the interests of the potential lessee);
delivery of property directly to the user (lessee), who accepts it, and the resulting quality claims are made by the lessee of the seller of the property.
Provided that the lessee pays the full amount of lease payments stipulated by the agreement, as a rule, the subject of leasing becomes the property of the lessee.
In world practice, the so-called real, true leasing includes an option to purchase equipment at a nominal price after the expiration of the contract. Often, reservations are made to allow the purchase of equipment before the end of the contract at a purchase price that includes the residual share of the estimated purchase price, interest on the agreed date, costs.
Return lease is a kind of bilateral leasing transaction. Its idea is as follows.
An enterprise that has equipment, but lacks funds for production activities, sells its property to a leasing company, which, in turn, leases it to the same enterprise.
Thus, the company has money that it can direct, for example, to replenish working capital. The contract is drawn up in such a way that after the expiration of its validity, the company has the right to buy out the equipment, restoring the right of ownership to it. Under this scheme, entire enterprises can also be leased, and the supplier and the lessee are the same legal entity. This type of leasing will primarily be of interest to business entities experiencing financial difficulties. It is profitable for such enterprises to sell the property of a leasing company,
simultaneously conclude a leasing agreement with her and continue to use the property.
Leverage (credit, share, separate) leasing, or leasing with additional attraction of funds is the most difficult, as it is associated with
multi-channel financing and is used, as a rule, for the implementation of expensive projects.
A distinctive feature of this type of leasing is that the lessor, when buying equipment, pays out of his own funds not its entire amount, but only a part of it. The rest of the amount he borrows from one or more creditors. At the same time, the leasing company continues to enjoy all tax benefits, which are calculated from the full value of the property.
Another feature of this type of leasing is that the lessor takes out a loan on certain conditions, which are not very typical for domestic financial and credit relations.
The loan is taken without the right to sue the lessor's assets.
Therefore, as a rule, the lessor arranges for the benefit of creditors a pledge on property until the loan is repaid and cedes to them the right to receive part of the lease payments to repay the loan.
Thus, the main risk under the transaction is borne by creditors: banks, insurance companies, investment funds or other financial institutions, and only leasing payments and leased property serve as collateral for repayment of the loan. In the West, more than 80% of all leasing transactions are built on the basis of leverage leasing.
Leasing assistance in sales is the sale of property using leasing on the basis of a special agreement concluded between the supplier (seller) of the property and the leasing company. These agreements take various forms.
Subleasing is a special type of relationship that arises in connection with the assignment of the rights to use the subject of leasing to a third party, which is formalized by a subleasing agreement. In case of subleasing, the person carrying out subleasing accepts the object of leasing from the lessor under the leasing agreement and transfers it for temporary use to the lessee under the subleasing agreement.
Often leasing is not carried out directly, but through an intermediary.
There is a main lessor who, through an intermediary, as
as a rule, also a leasing company, leases the equipment to the lessee. At the same time, the agreement provides that in the event of temporary insolvency or bankruptcy of the intermediary, lease payments must go to the main lessor.
Such transactions are called "subleasing".
In Belarusian practice, the term “operational leasing” (“leasing with incomplete payback”, “service leasing”) is used to define actions as a result of which a company purchases property in order to transfer it to a user in accordance with an agreement for a certain period, the duration of which is less than the standard the service life of the property, i.e. only partial depreciation of property occurs over the period of the contract.
Operational leasing is understood as an economic relationship in which all the risks and losses inherent in the owner of the property are mainly borne by the owner of the property, who leases this property for temporary use.
Business entities usually use this form of acquiring the property they need in case of a short-term need for it: in world practice it is widely used in transport, construction, agriculture, as well as in areas where equipment with a high obsolescence rate is used.
It is obvious that a company that rents property for temporary use for a period less than its standard service life, acquiring it in ownership, focuses on multiple transactions, as a rule, with different consumers.
The high rates of payments in this case compared to the value of the property are explained by the following:
the income of the lessor is largely dependent on changes in market conditions and, therefore, he does not have a guarantee of cost recovery;
responsibilities for maintenance, repair, insurance, etc. lie with the owner.
By its nature, operational leasing is extremely close to traditional leasing.
The term of the contract corresponds to the short term of the lease of the property. This is an important condition for the user, as it insures him in case of unforeseen obsolescence of equipment, and also makes it possible to get rid of the rented property in a timely manner if the need for it has passed.
There are many common features between financial leasing and operational leasing, however, there are certain differences, which are as follows:
In the financial leasing agreement, along with the lessor and the lessee, an additional participant is included - the seller of the leased property, which is absent in operational leasing.
In financial leasing, an active role is assigned to the lessee, which is not typical for operational leasing.
The preferential right to choose the property and its manufacturer (seller) belongs to the user. In addition, the lessor is obliged to notify the seller of the property that it is being acquired specifically for leasing it.
With operational leasing, the seller of the property does not play an independent role, or he is simply absent.
In contrast to operational leasing, in financial leasing, the lessee is endowed with the rights and obligations inherent in
the buyer. The lessor has only the obligation to pay for the property and the right to terminate the contract of sale with the seller.
Risks are distributed differently in operational and financial leasing agreements related to shortcomings found in property. And under an operating lease agreement, the lessor is responsible
before the tenant for all shortcomings that prevent the use of the property. Under a financial lease agreement, the lessor is not liable
before the user for the shortcomings of the transferred property, as well as for the harm caused to the life, health of citizens in the process of use
the object of leasing, as well as the property of the user and third parties. Also, the lessor is completely free from the performance of warranty obligations related to the detection of defects in the object of the leasing transaction. This obligation is assigned to the manufacturer (supplier) of the property, and the lessee directly addresses him with
requirement to remedy deficiencies.
Despite the fact that the lessor in the financial lease agreement in
during the entire term of the contract remains the owner of the object of the leasing transaction, the lessee assumes the obligations associated with
ownership (risk of accidental death, maintenance). Since the risk of accidental loss of property lies with
here on the user, he is obliged to fulfill all financial obligations to the lessor. With operational leasing, all the risks
remain with the landlord, therefore, if the property turns out to be unusable
condition for reasons beyond the control of the tenant, the latter may
demand early termination of the contract. Accordingly, upon termination of obligations, the obligation to pay rent ceases.
When terminating a financial lease agreement on demand
the lessor before the expiration of its term, if the user of the property has violated the terms of the contract, or at the request of the lessee, the latter is also obliged to continue to make lease payments or repay them
the total amount stipulated by the contract, and in some cases
pay a penalty.
More briefly and more clearly, the main differences between financial and operational leasing are reflected in table 1.1.
Table 1.1 - Main differences between financial and operational leasing
Financial leasingOperating leasing12Long-term agreementShort-term agreement2 Depreciation of the full or most of the cost of equipment during the initial term of the agreement2 Partial depreciation of property during the initial term of the agreement, repeated lease of property for temporary use - lease3 No obligations of the owner (lessor) to provide any additional services3 Participation of the owner in maintenance of property (equipment), its repair, insurance Close connection with banking capital4 Frequent use by equipment manufacturers, trading companies and their subsidiaries Note - Source: own development based on
1.3 Development of leasing in the Republic of Belarus
Leasing came to Belarus in 1991 along with the first market changes. It developed as an initiative "from below" and until recently had no state support. In parallel, the formation of domestic and international leasing took place.
The first Belarusian leasing companies appeared under the banks, the circle of their clients was limited to the same banks and a very small number of other organizations that were able to evaluate the effectiveness of leasing and take advantage of it. Already at the first stages of their development, leasing companies felt the need to combine their efforts to introduce leasing into the Belarusian market - a completely new and unfamiliar form of investment for the vast majority of enterprises. Therefore, in 1993, companies such as Priorleasing, Dukat-Leasing, Lotos and other initiators of leasing in Belarus established the Belarusian Union of Lessors. Thanks to her propaganda work, leasing was talked about on the radio, articles began to appear in the press explaining the essence of leasing, highlighting the first results obtained in the republic.
This organization became the initiator in the formation of the regulatory framework for leasing in Belarus. The experience accumulated by leasing companies served as practical material for the development of the first normative document for leasing, both in Belarus and in the CIS: Guidelines"On the procedure for accounting for leasing operations". They came out in April 1994.
From this period, leasing in Belarus began to develop actively. Independent leasing companies appear, and since 1996, leasing companies have been organized at factories producing cars, tractors, and machine tools. ("MAZcontractleasing", MTZ-leasing, First Industrial Leasing Company and others). Currently, there are more than 40 leasing companies in the republic.
Currently, the leasing form of investment is about 1% of the total investment in the country. Structure of leasing objects: 45% - computers and office equipment, 34% - industrial equipment, 10% - cars, 11% - other equipment.
The Belarusian Union of Lessors has close contacts with lessors in Russia, Ukraine, Poland, and Latvia. On October 4, 1996, the Belarusian Union was admitted to LEASEUROPA. At the end of 1997, the Belarusian Union of Lessors, together with the Russian and Ukrainian associations, acted as the founder of the SNG-Leasing confederation, designed to coordinate the leasing movement in the CIS countries.
In parallel with domestic leasing, international leasing also developed. Starting from 1991, road trains began to arrive in the republic in the form of leasing. They were transferred to Belarusian auto enterprises by leasing companies of manufacturing plants Mercedes, Renault, and then Volvo, MAN, Iveco, Scania, DAF. To date, all European manufacturers of tractors and semi-trailers are represented on the Belarusian market, supplying vehicles on lease. In fact, a new industry has been formed - international transportation, based mainly on leasing equipment. Currently, there are more than 4.5 thousand units of rolling stock in leasing.
Since 1994, European companies have been leasing woodworking machines and light industry equipment. Most of these transactions are directly related to the organization of joint ventures or foreign ventures. A foreign investor, having contributed the minimum amount of the authorized capital, imports the main part of the investments into the republic in the form of leasing. Or, by leasing modern equipment, a foreign enterprise enters into an agreement with the same lessee enterprise for the performance of certain work on leasing equipment from give-and-take raw materials. The modern regulatory framework for leasing has developed in several stages. As noted, in the spring of 1994, Guidelines for the management of accounting leasing operations.
the year was the next stage in the normative development of leasing. In the spring, the Regulations on leasing in the territory of the Republic of Belarus are adopted. In autumn - new Guidelines for accounting of leasing operations, corresponding to the adopted Regulations on leasing. The free form of depreciation on the leasing object is officially recognized.
End of 1997 beginning of 1998 - the last stage in the development of regulations. If the previous two stages were initiated by the Belarusian Union of Lessors, then the last stage began with the Decree of the President of the Republic of Belarus No. 587 of November 13, 1997 "On Leasing", which established that:
in case of customs clearance of leasing objects in the customs regime of free circulation, at the request of the interested person, an installment plan for payment of customs payments, except for customs clearance fees, is provided for the entire duration of the leasing agreement, but not more than five years;
lessors-non-residents of the Republic of Belarus are guaranteed an unhindered transfer abroad of leasing payments in foreign currency after paying taxes, fees and other obligatory payments in accordance with the legislation of the Republic of Belarus.
In the same document, the President of the Republic gives a decree to the Council of Ministers before January 1, 1998 to develop and approve the regulation on leasing, as well as measures to develop leasing in the republic, and within three months to ensure that legislative acts are brought into line with this Decree.
December 1997, a new Regulation on leasing came into force as a fundamental document. Based on it, the Methodology for Accounting for Leasing Operations, the rules for calculating depreciation for leasing objects, and for currency and customs regulation were revised.
The new Regulation establishes uniform rules for conducting both international and domestic leasing operations. Three aspects of leasing are regulated:
As a type of activity;
As a type of agreement between the lessor and the lessee;
As a project that includes not only the leasing agreement itself, but also the sale and purchase agreement between the lessor and the seller of the leasing object, the insurance agreement for the leasing object, the lessor’s lending agreement for this transaction, guarantee agreements, pledges and other contractual relations.
In this regard, the Regulation defines the leasing activity, the leasing agreement, and sets out the rules for conducting a leasing project.
As an object of leasing in Belarus, there can be any movable and immovable property that, according to the established classification, is classified as fixed assets, as well as software and working tools that ensure the functioning of leased fixed assets. It is further emphasized that the object of leasing cannot be property used for personal (family) or household needs, land plots. It follows from this that the adopted Regulation does not apply to household leasing.
The lessee can be a legal entity. so is the entrepreneur. An individual does not have the right to be a lessee.
Only a legal entity can be a lessor. This requirement applies to both Belarusian and foreign lessors.
Leasing is not a licensed activity.
The current regulatory framework for leasing in Belarus applies to operational and financial leasing and is built for these types of transactions according to uniform rules. Small but significant differences exist in the customs clearance of leasing objects.
According to the Leasing Regulations, the minimum term of a leasing agreement is at least 12 months.
Leasing differs from other forms of lease in the Republic of Belarus by a number of fundamental features.
Leasing in Belarus as a way to upgrade fixed production assets is in demand by enterprises whose main activity is investment projects, in the case when the enterprise does not have enough own funds for their implementation. To a greater extent, this side of leasing in Belarus is of interest to small and medium-sized businesses.
In addition, large enterprises, whose profit margins are quite high, become active participants in leasing agreements in Belarus. In this case, leasing in Belarus acts as a tool to optimize taxation and the possibility of using free depreciation. Leasing in Belarus is not in demand by individual entrepreneurs paying a single state tax, as well as organizations paying tax under a simplified scheme.
Thus, leasing in Belarus is more focused on the development and optimization of large businesses, as well as small and medium-sized businesses seeking to grow and expand.
With the introduction of mandatory statistical reporting Form 1-leasing, it became possible to officially evaluate the performance of Belarusian leasing companies.
As the main quantitative indicators, or indicators of the development of leasing and its significance in the country's economy, it is customary to use two indicators: the share of leasing in gross domestic product and the share of leasing in investments in fixed capital. In assessing the share of leasing, it is customary to use the total volume of new business - an indicator that is used in research in accordance with the methodology of the European Federation of National Leasing Associations.
Growth in comparable prices in 2011 compared to 2008 was 30%, 2012 to 2011 - 38%. The cost of leased facilities in 2008 amounted to 1.1% of GDP and 5.2% of investments in fixed capital, in 2011 - 1.1% and 4.9%, respectively, in 2012 - 1, 3% and 5.3%.
The share of leasing in gross domestic product and investment is a kind of indicator of economic growth. The highest share of leasing in the gross domestic product is observed in developing countries, where there is a greater need for the renewal of fixed assets and a favorable investment climate has been created. Conversely, the share of leasing in gross domestic product falls in countries that have achieved some economic stabilization or where the economy is in recession. In Europe, the maximum level of this indicator is observed in Estonia (5.17%), and the weighted average level for 50 countries is 1.67%, in economically developed countries this figure is about 2%.
The share of leasing in investments in fixed capital characterizes, first of all, the state of the legislative framework and the development of the leasing infrastructure. The contribution of leasing to investments in fixed assets in 2011 was 5.3% in Belarus and 7.6% in Russia. The highest level of leasing presence in investments is observed in the USA - 30%, and the average level of this indicator in European countries is 17%.
Analyzing the share of leasing in the gross domestic product and investments and comparing it with similar indicators in Russia and European countries, we can draw the following conclusions:
the level of development of leasing in Belarus is significantly lower than in developed European countries, but is commensurate with the level of development in Russia. True, leasing has been developing in Europe for more than 50 years, and in Belarus - a little over 15;
the growth rate of the leasing market in Belarus is significantly higher than in European countries, but behind the Russian ones. The leasing market of European countries has reached its stabilization and is growing at a rate commensurate with the growth of economies.
In Russia, on the contrary, in 2012 the growth of key indicators was the largest in recent years. To a large extent, the growth is due to the growth in the liquidity of Russian banks, which led to the active placement of free funds by them, including leasing. The developed infrastructure of leasing and the awareness of clients about this type of service also influence the growth of the market. And most importantly - at a rate significantly exceeding the growth of gross domestic product, the client base grew, small and medium-sized businesses - the main consumers of leasing services.
In Belarus, on the contrary, there was a lack of credit resources. Loaded with government programs, banks are increasingly refusing to lend to leasing companies. According to a survey by the Ministry of Statistics and Analysis, among the lessees in 2012, 72% of the recipients of leasing services were enterprises of private and mixed ownership. The lack of growth in the client base - small and medium-sized enterprises - was not compensated by either relatively favorable legislation or a developed leasing infrastructure.
Unlike Russia, which shows a steady growth in leasing, Belarus experienced a temporary decline in 2012 in terms of leasing in terms of gross domestic product and investments in fixed capital. The sustainable development of leasing depends very much on the legislative and tax policy of the state, freedom of access to resources, and the growth of the client base. So in 2012, some Belarusian banks, primarily Belarusbank and Priorbank OJSC, decided to refrain from lending to third-party leasing companies. Many lessors were forced to transfer their accounts for servicing to other banks. We believe this was one of the main reasons for the decrease in the share of leasing in the total volume of investments in fixed assets in 2012.
One of the main indicators of the stability of the leasing market in the country is the size of the leasing portfolio, which is determined based on the amount of unpaid debt, i.e. the amount of those payments under existing leasing agreements that lessees still have to pay to leasing companies. The assessment of the market by the size of the leasing portfolio is considered by some researchers to be more balanced in comparison with the assessment by the value of new concluded and financed contracts, since indicators associated with market fluctuations are smoothed out.
World practice of leasing development shows that in developed countries the volume of the leasing portfolio of lessors is 2.5-4 times higher than the volume of new business. This usually implies the stability of the development of the leasing market, its predictability and the progressive increase in volumes.
In the Republic of Belarus, the closest indicator corresponding to the size of the leasing portfolio is the value of unpaid equipment at the beginning or end of the year. The ratio of the cost of unpaid equipment at the end of the year to the cost of equipment leased during the year was 1.77 in 2008, 2 in 2011, and 2.15 in 2012.
According to this indicator, the domestic leasing market is gradually approaching world standards. In Russia, the volume of the leasing portfolio is commensurate with the volume of new business. However, new business in Belarus has stagnated at 5.3% of fixed capital investment, compared to the European average of 17%. Thus, the ratio of the leasing portfolio to the volume of new business at the level of 2.15 rather indicates a slowdown in the pace of market development.
For the study period 2008-2012. the structure of the volumes of leased objects has also undergone changes depending on the form of ownership of the lessor. The share of state-owned lessors decreased from 4% in 2008 to 0.3% in 2012. On the other hand, the share of lessors of private and mixed forms of ownership increased slightly from 95% to 96.2%, while the share of lessors of foreign forms of ownership increased over 3 years from 1% to 3.5%.
It can be predicted that the share of foreign-owned leasing companies will grow at a faster pace every year. The events of the past two years have led to this conclusion. Parex Leasing, Raiffeisen Leasing, PECO Bell Leasing and other foreign companies entered the Belarusian market. Several large Russian leasing companies are recruiting for their Belarusian subsidiaries.
However, the decrease in the share of state-owned lessors can be considered conditional. After all, a joint-stock company is considered private even if there is a state share of 99.9%. It is no coincidence that among private lessors, the share of joint-stock companies with state participation increased from 45% in 2008 to 68% in 2012. We believe that enterprises with state ownership and foreign enterprises will be the main competitors in the leasing market in the coming years.
Real estate objects in new business in 2012 amounted to 6%, while in Russia - about 1% of the total volume of transactions, and in developed European countries - up to 17%.
In Belarus, leasing has developed quite confidently and progressively in recent years. True, in the crisis year of 2011, some decline was recorded. Volumes fell by one-third, forcing about 10 percent of operators to cease operations.
The reason for this decline was the fact that in 2011 the macroeconomic situation compared to 2008 was characterized by a decrease in business and investment activity, a slowdown in the growth of household incomes, a deterioration in the foreign trade balance and an increase in the country's external debt against the backdrop of a slowdown in inflationary processes. The economic situation of many enterprises in 2011 was worse than in 2008.
However, in 2012, the companies that remained afloat, as they say, won back recent losses. Last year, this segment of the market grew by 30-40%.
The recovery of positions is connected with the growth of the economy, which resumed both in Belarus and in neighboring Russia. Opportunities for financing have also expanded - banks have increased liquidity. The factor of deferred demand also had an effect - earlier, many potential customers postponed the acquisition of property until better times.
In 2012, the trend of concentration of the leasing business in the hands of the largest players, which had been outlined earlier, continued.
In terms of the volume of new transactions, there were four companies that control about 42% of the segment. Structures established by large state-owned banks came to the fore.
Centripetal tendencies are also observed in the territorial distribution. In recent years, more than 95% of the leasing market has been concentrated in Minsk. By the way, in the same Russia, this figure for Moscow is less than 40%.
According to the results of 2012, the organizations that “guessed” with the most demanded products achieved the greatest success - for the share of cars
and equipment accounts for 64% of all leasing transactions. The second position is occupied by vehicles, mainly trucks - 27%, the third - real estate, which accounts for 8%.
The main object of leasing in the Belarusian market is real estate, then - machinery and equipment, in Russia - railway, passenger and freight transport. If equipment leasing has been consistently popular for at least the last
three years, then the rapid growth of interest in real estate and, at the same time, the reduction in the segment of passenger cars are signs of the times. In comparison with lending, the acquisition of real estate in leasing has a number of economic advantages. In the first case, the costs of servicing the loan affect the price increase. Accordingly, tax payments from the value of the object are paid with an increasing coefficient throughout the entire term of the loan. With leasing, everything happens exactly the opposite: interest is put on costs, and accelerated depreciation reduces the value of the object. In addition, the leasing scheme allows not to freeze money at the construction stage. It is enough to pay only an initial payment in the range of 10-30%. At the same time, it should be noted that the development of the segment is hampered by the fear of some enterprises to finance real estate leasing due to the high cost of transactions, which increases the risk of non-payment.
The reduction in leasing of passenger vehicles in our country is associated with the general stagnation of the market for new cars. This is due to recent problems with customs duties, as well as the bitter experience of operators.
Many of them got burned due to the disproportionately large share of vehicles in the company's portfolio.
Of the universal problems that hinder the quantitative growth of transactions, two can be distinguished - a weak client base, as well as a lack of
financing for a period close to the useful life of the facilities, i.e. for 5-7 years.
The above difficulties, of course, hinder the development of leasing. However, positive trends cannot be overlooked. During 2003-2012. the total value of the leased property increased by 8.3 times (from 122.7 million to 1.02 billion euros). This made it possible to increase the leasing share of investments in fixed assets to 7%. The results achieved have significantly increased the financial stability of specialized organizations. Over the past 5 years, they have increased their own capital by more than five times.
The main increase in the volume of new business in Russia comes from rail transport, in Belarus such a leasing object is not even considered. The growth in the volume of vehicles in the total mass of leasing objects in Belarus is most likely due to the fact that foreign leasing companies consider them the most liquid.
The popularity of leasing in Belarus is explained by the conditions created for its development. And, of course, the opportunities that this direction gives. So, enterprises can get the necessary property for use without diverting their own funds.
During the term of the contract, depreciation of the object is allowed up to 99% of the original cost. Business entities have the right
save on taxes. In particular, the leasing payment (without VAT) is fully charged to the cost of production or services. The standard contract is calculated for a longer period than when obtaining a loan. The use of the acquired object as the main collateral for the transaction allows you not to provide your own property as collateral. During the acquisition of property, transportation, insurance registration, state registration and other actions are carried out by leasing companies.
In order to upgrade physically and morally obsolete equipment and introduce advanced technologies, the development of investment leasing is promising. It is also important to promote the products of domestic producers to foreign markets on the terms of leasing.
Throughout the world, export leasing is considered to be a very effective mechanism for finding new foreign consumers. Despite the relative youth, in Belarus, he also managed to prove his effectiveness, especially in mechanical engineering. Among the manufacturers whose goods were sent abroad in 2012 under the rights of financial lease are the Minsk Tractor Plant, Gomselmash, MAZ, BelAZ, etc. It is assumed that by 2015 about 30% of the products produced by enterprises of the Ministry of Industry will be on the
leasing conditions.
According to foreign experts, the share of leasing in GDP and investments is a kind of indicator of economic growth. The highest share of leasing in GDP is observed in developing countries, where there is a high need for the renewal of fixed assets and a favorable investment climate has been created. Conversely, the share of leasing in GDP falls in countries that have achieved some economic stabilization or where the economy is in recession. In Europe, the maximum level of this indicator is observed in Estonia (slightly more than 5%), and the weighted average level for 50 countries is about 1.7% (in economically developed countries, its value is slightly higher). Thus, the level of development of leasing in the Republic lagged behind the average European level [Levkovich, p. 76].
To assess the degree of development of leasing in the Republic of Belarus, let's turn to world experience, which defines six stages of leasing development. As a rule, the leasing markets of most developing countries are in the first three stages.
At the fifth stage of development are the markets of Germany, Great Britain, Japan.
The oldest leasing market is now in the sixth stage - in the United States of America.
By all indications, the Belarusian leasing market is at the third stage of development. The speed of its further development depends on many factors, the main of which is the desire and ability of the state to develop market relations in the country, since leasing is one of the investment mechanisms of a market economy.
Today in Belarus there is a mandatory sale to the state of 30% of the foreign exchange earnings of enterprises, with the exception of funds intended for leasing payments to foreign lessors. Thus, if the lessee works in the foreign market and has foreign exchange earnings, then he will be able to freely pay leasing foreign currency payments. If he does not have his own currency, then he must acquire it on a general basis in the Belarusian foreign exchange market. This circumstance must be taken into account by foreign lessors when choosing potential lessees.
When considering the structure of lessors, it can be stated that at present less than 50 specialized leasing companies and about 20 Belarusian banks actively carry out leasing operations.
As a positive trend, we can name the gradual refusal of banks from active participation in leasing projects as a lessor. So, if in the first years of the XXI century. banks occupied more than 60% of the leasing services market in terms of the volume of property leased, by now their share has decreased to 23.4%.
This trend is consistent with the development patterns of leasing in other European countries. Thus, in almost all member countries of the European association Leasueurope, the share of active bank operations is less than 25% of the total volume of leasing operations (with the exception of France, Ireland and Spain), but at the same time, in 2/3 of them, the leasing services market is controlled by the banking sector. through subsidiary leasing companies (the share of the banking sector - the banks themselves and their subsidiary leasing companies - in the leasing services market exceeds 60%).
Nevertheless, the presence of banks in the leasing services market is still significant. A bank loan is the main source of refinancing for leasing companies. Nevertheless, it should be noted that in the long run, the importance of bank lending in the structure of refinancing of leasing companies is declining, as is the share of Belarusian banks in lending to leasing companies.
As in previous years, such leasing companies as RESO-BelLeasing JLLC (65.3% in the refinancing structure), Raiffeisen-Leasing JLLC (61.4%) and the West- Leasing” (58.5%). JLLC "Intellect-Leasing" (22.8%) and the "Mobile Leasing" group (16.4%) also receive certain resources from foreign partners. Nevertheless, the share of foreign investment in leasing activities is rapidly declining.
Appendix A shows a comparative description of the shares of financing sources of leasing organizations in 2003 and 2012.
World practice defines as a normal ratio of the volume of the leasing portfolio of lessors with the volume of new business in the range of 2.5-4. This circumstance most often implies the stability of the development of the leasing market, its predictability and a progressive increase in volumes. In 2012, the ratio of 1.62 was typical for the leasing services market of the Republic of Belarus, which may indicate shorter terms of leasing projects implemented by domestic lessors.
As a positive trend, one can note the increase in the financial stability of leasing companies, which over the past 6 years have been able to increase their participation in leasing projects with their own capital by 5 times.
In general, it should be noted that if during the 90s. of the last century, leasing companies were intermediaries between creditor banks and lessees, but at present their participation in leasing projects brings real returns to all parties to the transaction.
An analysis of the concentration of operators in the leasing services market of the Republic of Belarus shows that, on the one hand, the competitive environment in the market has increased (the Herfindahl-Hirschman monopolization indicator in the segment of leasing companies - that is, excluding bank operations, was 988.8, which is significantly lower than the level of 1996 when this figure was 2,023.2), and on the other hand, clear-cut market leaders emerged, whose transaction volumes are significantly ahead of the average market values (the gap between the largest market operators, occupying 25% of its volume, in 2012 is at the level 30 times, while in 2003 - only 9.1 times). It should also be noted the stabilization of competition in the segment of leasing companies.
Thus, competition in the Belarusian leasing services market is tougher than in countries such as Estonia, Finland, Denmark, Slovenia, Morocco, Norway, Ireland, Portugal and Spain, where the value of the Herfindahl-Hirschman index exceeds 1,000, but at the same time significantly inferior to the most highly competitive markets of France, Germany and Italy, where the value of this indicator does not exceed 400 .
The competition existing in the market encourages leasing companies to complicate the offered products. So, in recent years, operational leasing transactions have begun to appear in the practice of Belarusian leasing companies. Despite the fact that its share in the leasing portfolio as of January 1, 2011 does not exceed 0.1%, the very fact of its existence may indicate that leasing relations in the Republic of Belarus have entered a new stage of development. It should also be noted a significant share of leaseback transactions, which may indicate the partial use of leasing in order to replenish working capital.
An additional feature of the Belarusian leasing market is that almost all domestic leasing companies can be classified as small companies. Thus, the average number of employees is 13.1 people (which, nevertheless, is more than 10.5 people in 2003) - the leasing companies of Slovenia and France have the same character. Promagroleasing OJSC, WestLeasing Group and ASB Leasing Private Unitary Enterprise have employees of 20 or more people.
The average employee of a leasing company brings in an average of 225.3 million rubles. volume of new business per year, concluding less than 2 contracts in 3 months for a total amount of about 2.2 billion rubles. per year, which indicates the relative unloaded specialists in the leasing services market. At the same time, it should be noted that there has been a trend towards an increase in profit per employee with a simultaneous reduction in the number of contracts concluded by one employee.
Also, almost all leasing companies in the Republic of Belarus are universal, i.e. at the request of the client, they can supply equipment or real estate of any kind on a leasing basis.
Analyzing the geography of registration of lessors, one should note the heterogeneity of their distribution across regions, which is characteristic of our country. At the same time, the concentration of leasing companies in the metropolitan region increased compared to previous years against the backdrop of a deterioration in the leasing services market. Thus, over 95% of the total volume of leasing operations falls on the city of Minsk.
Nevertheless, despite some inconvenience for lessees from the regions associated with the need to travel to Minsk and the lengthening of the procedure for concluding a transaction, technically capital leasing companies are able to implement leasing projects in all settlements of the country.
A characteristic feature of the domestic leasing services market continues to be its low transparency: not all market participants are ready to provide reliable information about themselves, and I am increasing my transparency for investors and clients. The motives for such a decision are mainly two circumstances: the unwillingness to be in the lower part of the rating due to the small volume of leasing operations and the unwillingness to draw attention to the activities of the enterprise.
Despite the numerous advantages of leasing (the possibility of attributing the entire lease payment to the cost, accelerated depreciation of the leased asset, quick execution of a leasing transaction, etc.), it is still not very common among Belarusian legal entities. The share of liabilities under leasing agreements in investments in fixed assets does not exceed 5-6%, which, however, is not inferior to the level of Poland or the Czech Republic. It is planned that by 2015 this figure will increase to about 8%.
Even highly liquid objects, such as cars and equipment, the purchase of which leasing companies are most interested in financing, are rarely bought on lease. Less than a quarter of cars sold to legal entities are purchased on lease. On the other hand, back in 2011 such deals were rare.
In 2012 80% of purchases of commercial real estate through the agency were carried out by companies at their own expense, another 20% - with the involvement of credit resources, while real estate was not bought on lease at all.
The main reason for the small spread of the practice of updating fixed assets using leasing can be called the low awareness of businesses, especially small ones, about the benefits of this financial instrument.
Another reason is that often leasing companies - often themselves dependent on debt financing - are forced to apply to the bank with a package of documents from a potential lessee. The bank reviews its financial condition and business plan and makes a decision on lending to a leasing company to finance a specific project. This procedure takes a long time and enterprises do not want to wait and leave the leasing operator, preferring a bank loan. In his opinion, banks should be ready to evaluate not a specific client, but a leasing company, because Ultimately, she bears the risk. Then the banks will have a wide agent network in the form of leasing companies.
In this regard, lessors are more mobile if they do not depend on bank financing, for example, those who have powerful parent structures or are financed by manufacturers whose products are leased out.
Increasing awareness of leasing opportunities, expanding funding sources and the emergence of new leasing programs against the background of increased business activity will contribute to the growth of this market.
In 2011 we can expect some changes in the structure of the leasing portfolio of operators. Before the crisis, cars accounted for almost half of the total volume of leasing objects (in value terms). However, during the economic crisis, when the position of international road carriers, which did not have the opportunity to renew their fleet, deteriorated sharply, the share of cars dropped to 25%. The pent-up demand will spill over into the market in 2011-12 and part of it will be met through leasing. Some leasing companies express their intention to lease technological equipment, which is a less liquid object. Depreciation of fixed assets in Belarus exceeds 50%. In such a situation, the key to the success and competitiveness of Belarusian goods is the technical re-equipment of manufacturers, which can be carried out using leasing.
In Belarus, both in the banking circle and in the business environment, the understanding of the essence of leasing differs from the meaning embedded in the English word leasing . Leasing is often not perceived as an independent financing tool and one of the types of investment activities. In the understanding of the majority of the business community, leasing companies are just intermediaries between banks and their clients - they are engaged in processing a package of documents for banks and for this they receive a fee in the form of the difference between the cost of leasing and bank interest. The meaning of the concept of "leasing" - the provision of an item at the choice and order of the client for his use in exchange for a stream of payments - is lost in practice.
As a result, many entrepreneurs try to avoid "intermediaries", preferring an accessible and understandable way of financing - a loan or purchase for their own savings. This is one of the reasons for the underdevelopment of the Belarusian leasing market. The size of the entire Belarusian leasing market is comparable to the size of the portfolios of the leading leasing companies in Russia. What is the root cause of such a limited and erroneous understanding of leasing, which hinders its development in Belarus? In my opinion, these are problems with funding sources. For subsidiaries of foreign companies and banks, the source of funding is mainly the funds of parent structures. For other organizations - mainly bank loans.
Moreover, banks usually believe that their risks are lower if they lend to leasing companies. by deal : the leasing company finds a client and an object that he would like to purchase, collects data on the financial condition of the potential lessee and the parameters of the planned transaction and sends this package of documents to the bank. And he, after studying the papers, decides to provide the leasing company with resources for the implementation of this transaction or to refuse financing. This not only limits the autonomy of lessors in the formation of a client portfolio and reduces the stability of the business (what if the bank refuses a loan tomorrow?), but also deprives them of promptness in making decisions. And the latter quality is important for the end client, especially in the current situation of high inflation, when every day of additional approval of the transaction can lead to a significant increase in the value of the acquired property.
Deal the format of financing is still acceptable when it comes to the implementation of large projects, i.e. when objects worth from hundreds of thousands to millions of dollars are leased. Then you can prepare a deal for several months - it will still be profitable enough to ensure the stable life of the leasing company. However, the implementation of such transactions is associated with high risks. More than half of Belarusian leasing companies have a portfolio of less than $5 million. If one major lessee defaults or has difficulty making payments, the leasing company will be well on the way to bankruptcy within a few months.
Therefore, such a development can be considered more acceptable for the Belarusian leasing business, in which companies acquire and lease objects of low value - less than 5% of their leasing portfolio. The lower the concentration of the portfolio on individual lessees, the more stable the leasing business.
Given the turnover of domestic leasing companies, it can be argued that it would be beneficial for them to work with small and medium-sized businesses. However, a certain mobility in decision-making and transactions is needed here, therefore piecework consideration of applications by banks is unacceptable. Therefore, it is necessary either to refuse cooperation with small and medium-sized businesses, or to look for alternative sources of funding.
It is worth recognizing that there are not as many of them as in the West. In Belarus, such financial institutions as pensions, investment funds and other organizations that accumulate financial flows and look for where to send them with the best ratio of reliability and profitability have not received proper development. In addition, in Belarus there are some restrictions on the investment of funds of insurance companies. Thus, leasing organizations are deprived of a significant number of potential sources of funding.
However, they are. Today, Belarusian leasing companies are striving to obtain credit lines from banks. Within the allocated amounts, they can conduct transactions that correspond to the parameters agreed in advance with the bank, without agreeing on each of them. This gives independence in handling funds and makes the business more predictable, since leasing companies understand the amount of available financing over a certain time horizon.
Some leasing organizations have experience in developing such a credit line. In practice, the leasing organization initially agrees with the bank on the terms of leasing transactions that were planned to be financed from the credit line. The agreements relate to the financial condition of potential lessees, the cost of leasing objects (the maximum allowable value was stipulated), the types of objects leased and a number of other parameters, allowing the financing bank to plan in advance the quality of the loan portfolio.
If the lessee complies with the agreed requirements, the leasing organization enters into an agreement, provides the bank with interim collateral - for example, an insurance policy or a fixed asset owned by the leasing organization, and after the transfer of ownership of the leased asset - the asset that is the subject of financing. The use of a peculiar turnovers allows you to technologically develop the resources of the credit line while observing the conditions of security throughout the entire transaction.
Such cooperation is also beneficial for banks. In fact, in the person of a leasing company, they get a partner for organizing small transactions, which is not inherent in banks.
The more diversified the portfolio of the leasing company, the more stable the bank's loan portfolio. In addition, partnership with a leasing company allows the bank to increase its own client base, as A common practice is to open accounts for clients of a leasing company with the bank that finances it.
In addition, leasing companies are the owners of the leased property, and in the event of a client's insolvency, they are able to quickly terminate the contract and sell or transfer the asset to another client. A bank lending a transaction for the purchase of an asset on its own, in a similar situation, will have to spend time foreclosure on the subject of collateral.
Do not forget that banks are very overregulated, and leasing companies do not have a specialized regulator that would bring them requirements for the amount of capital or overdue debt. Leasing companies operate in the same field as banks that issue long-term investment loans, but are exempted, for example, from the requirements for creating reserves. This expands the scope for activity, but limits the risks to the terms of financing agreed with the bank.
Such a format of cooperation between banks and leasing companies was impossible in the 90s - the time of the formation of the leasing market in the Republic of Belarus due to the low level of development of participating leasing companies, unskilled management and, as a result, unacceptable risks for banking institutions. Over the past 5-10 years, a circle of professional leasing companies has formed on the Belarusian market, the level of development of which allows implementing modern financing programs and using technological financial instruments, significantly reducing the burden on banks when concluding transactions and minimizing risks.
Bond borrowing is one of the most technologically advanced financing formats. In our country, this tool was developed in 2008. and proved to be a convenient mechanism for attracting financing among a wide range of borrowers. As with lending, the issue can be secured by an insurance policy, leasing objects belonging to the lessor.
A bank can also become a bondholder. Thus, he will also finance the leasing company, however, the leasing object will not be pledged to him directly, but will become security for the issue. This form of cooperation has its advantages - the bank is relieved of the additional burden in the form of inspection and registration of collateral. In addition, if desired, the bank can sell bonds on the secondary market, and there will be no need to withdraw the object from the pledge and re-register it, as would be the case in the case of refinancing the loan. It is also important that the loan cannot be partially refinanced, while the bondholder can sell any part of them.
So far, Belarusian investors - especially the non-banking sector - are not very familiar with the mechanism of bonded loans in practice, and therefore they are cautious about this financial instrument. But, undoubtedly, it will attract more and more attention, which will reduce the dependence of leasing companies on banks. In our opinion, this may take from 5 to 10 years.
So far, leasing companies are neither intermediaries between banks and clients, nor competitors of banks: as a rule, they cannot offer a rate lower than that of banks. But in the face of a leasing company, it is beneficial for the bank to get a stable partner who will properly manage its funds, and for the client - an outsourced employee who will prepare and conduct the transaction.
In my opinion, this cooperation between banks and leasing companies can be made even more profitable. For example, it is possible to simplify refinancing for leasing companies. Here it is appropriate to recall the Western practice of selling the assets of leasing companies. In Western Europe and the United States, specialized leasing companies create pools of uniform agreements in the amount of $100-200 million - for example, car leasing agreements - securitize debt obligations - and sell them to various investors - the same pension or investment funds. The introduction of such a practice in Belarus for pools of 10-50 billion would allow leasing companies to simplify the attraction of new financing and stimulate the development of the industry.
In practice, the implementation of this scenario in Belarus is complicated not only by the lack of institutions ready to buy out the long-term obligations of lessees, but also by the difficulty in forming packages of uniform agreements - after all, the market is not so large. Although, for the banking sector, liquid high-yield instruments would be an attractive option for temporary placement of liquidity.
In this regard, it would be rational to return to the discussion of the issue of individuals' access to the leasing instrument. Russia has already done this by amending its legislation. Following its example would allow the introduction of consumer leasing, which is widely used in developing economies and allows stimulating demand for domestic goods and effectively developing the financial system of Belarus.
Conclusion: In this chapter, the concept of leasing, objects and subjects of leasing were considered. The main types of leasing were considered: financial and operational leasing and international leasing. Financial leasing is more common in the Republic of Belarus. The level of development of the leasing services market in the Republic of Belarus was also considered. Analyzing the performance indicators of leasing organizations in the Republic of Belarus, we can say that leasing is not sufficiently developed compared to the market of leasing services in the Russian Federation, and even more so in Western countries.
2. Analysis of financing the investment activities of organizations with the help of leasing on the example of PUE "ASB Leasing"
1 Brief description of the leasing organization, its place in the leasing services market
The founder and owner of the property of the enterprise is the Open Joint Stock Company Savings Bank Belarusbank.
PUE "ASB Leasing" is a universal leasing company that provides its clients with financial leasing services for industrial and commercial equipment, special equipment, vehicles and real estate.
The company has been operating since 2004. During this time, PUE "ASB Leasing" has implemented more than 3,500 projects for a total of 1.3 trillion. rubles, long-term partnerships have been established with lessees, manufacturers and suppliers of leasing objects. During the entire period of activity, the enterprise demonstrates a positive trend in the main financial indicators and today it confidently occupies a position in the top three leading leasing companies in the Republic of Belarus.
The main activities of PUE "ASB Leasing" are:
equipment leasing;
leasing of special equipment;
vehicle leasing;
real estate leasing.
The advantages of PUE "ASB Leasing" are:
Competitive cost of leasing services - PUE "ASB Leasing" works on the principle of "open lessor" and does not use hidden commissions and payments in its work.
An integrated approach to the implementation of a leasing transaction - the company provides lessees with a full range of services related to a leasing transaction - from insurance to customs clearance of leasing objects.
Individual approach - employees of the company carefully study the needs of each lessee and offer best option realization of the leasing transaction.
The creation by the bank of its own leasing company was dictated by the constant growth in demand and the need to of the bank's clients and other Belarusian enterprises for investment products, one of which is leasing, as well as the need to ensure control over the stable and safe implementation of programs for the development of the material and technical base. A significant share (about 80%) of leasing investments directed by the bank at a time development of its own material and technical base is carried out using the services of PUE "ASB Leasing".
All resources and financial flows of the leasing enterprise are constantly in the system of JSC "JSSB Belarusbank".
In parallel with the implementation of banking investment programs, the company consistently develops leasing operations and provides services to lessees, among which the clients of JSC "JSSB Belarusbank" prevail. Thanks to the universalism of the enterprise, its reliability and flexible policy, a certain stable client base has been formed today, which allows the leasing company to ensure financial stability and gradually develop. PUE "ASB Leasing" satisfies the demand of customers for the purchase and renewal of technological equipment dovaniya, real estate, vehicles, computer equipment. At the same time, leasing objects from both Belarusian and foreign suppliers, with settlements in Belarusian rubles and in foreign currency. Throughout the entire period of work, the economic indicators of the enterprise have a positive trend. A full payback of the bank's investments in the creation of the enterprise was ensured. The amount of retained (net) profit for 2.5 years of operation amounted to 0.6 billion rubles.
Troubled debt on lease payments no recipients.
The main capital of a leasing company is currently the accumulated experience and the development of mechanisms for the implementation of various types of leasing transactions:
with real estate, vehicles, technological equipment and computer equipment;
with settlements in Belarusian rubles and in foreign currency;
with the acquisition of fixed assets from Belarusian manufacturers and suppliers from near and far abroad;
with customs clearance and statistical declaration of goods;
with financing at the expense of loans from Belarusian banks, own funds and loans from foreign banks using trade finance instruments in settlements;
taking into account the objects of leasing on the balance sheet of the lessee and on the balance sheet of the lessor, etc.
The main strategic goal of PUE "ASB Leasing" is the creation of a powerful, universal with a stable and extensive client base, strengthening its positions and occupying a significant share of the Belarusian leasing services market, entering foreign markets.
The enterprise also sees its task in assisting the bank in the development and expansion of its client base, in optimizing the bank's customer service in the direction of the enterprise's activities, in maintaining and further further improvement in the quality and structure of the bank's credit investments, in the growth of the effectiveness of the bank's investments in the creation of an enterprise.
For clients, the activity of the enterprise is aimed at updating and technical re-equipment of the active part of the fixed production assets of Belarusian business entities, stimulating sales of domestic producers through leasing. This improves the quality and the competitiveness of products manufactured by Belarusian enterprises (goods, works, services), strengthens their position in the domestic and foreign markets, and also provides Belarusian producers with up to An additional way to finance sales.
Through its activities, the enterprise contributes at the micro level to improving the financial performance of the company. efficiency of each specific client enterprise, at the macro level - to improve the indicators of the country's economy, contributing to the achievement of the goals of socio-economic development set by the state. To achieve these goals, the company plans to perform the following main tasks in the medium term: . Ensuring the financial stability of the operation through the growth of its own resource base and the positive dynamics of the economic performance of the enterprise. . Growth in the volume of financial and economic activity both by attracting new external and internal sources of financial and economic activity, both by attracting new external and internal sources of investment financing, and by developing the organizational structure.
Improvement and optimization of technology for the provision of services aimed at unifying business processes, minimizing risks and reducing costs for the implementation of leasing projects.
Strengthening the material and technical base and human resources.
The enterprise continues to stimulate the development of small and medium-sized businesses, within the framework of which projects have been implemented that provide for:
production of products for export;
increase in volumes of services rendered to the population;
production of import-substituting consumer goods;
creation of new jobs.
Priority in the selection of projects and clients is determined taking into account the solvency of legal entities and individual entrepreneurs, the liquidity of leasing objects, the prospects for the development of mutually beneficial cooperation cooperation with the enterprise and the bank.
In order to expand and diversify the sources of financing for leasing projects, along with credit funds, Belarusbank attracts loans from other banks, uses enterprise funds (profit, value added tax). When implementing leasing projects related to the import of leasing objects and attracting bank credit resources for this, their financing is mainly carried out at the expense of foreign credit lines, using trade finance instruments in settlements under foreign economic contracts.
Today, the provision of leasing services to enterprises located territorially in the city of Minsk and the Minsk region is carried out directly in the PUE "ASB Leasing". To do this, the lessee applies to the unitary enterprise with an application for the acquisition of property on lease and submits the necessary documents (for the choice of the object of leasing and the supplier, legal, financial, etc.). In order to speed up the collection and processing of documents, their prompt consideration for enterprises located outside the city of Minsk and the Minsk region, a model has been introduced for providing leasing services through PUE "ASB Leasing" with the participation of a network of institutions of JSC "ASB Belarusbank" as points of sale. These enterprises submit the necessary package of documents to the territorial office of JSC "JSSB Belarusbank" at the place of their location or settlement and cash services. In the future, after consideration of the documents in the territorial office of the bank, making appropriate decisions and sending them to PUE "ASB Leasing", a leasing transaction is carried out.
Thanks to the versatility of the enterprise, its reliability and flexible policy, a stable client base has been formed today, which allows us to ensure financial stability and development of the enterprise. The main clients include OJSC "ASB Belarusbank", CJSC "Trustbank", OJSC "Bank Processing Center", UE "BelTA", Republican Unitary Enterprise "Minsk Printing Factory" of the state sign, UE "Minoblsoyuzpechat", UE "Minskagrotrans", GPO "Minskstroy ", LLC "Skorynina", LLC "DS PMK-4", OJSC "Minsk Poultry Farm named after N.K. Krupskaya" and others. We are implementing the main share of leasing projects with JSC "ASB Belarusbank", related to the investment of the bank's own material and technical base. In this direction, more than 10 thousand units of various machinery and equipment, from printers and computers to armored vehicles, buildings and structures. in the system of JSC "ASB Belarusbank". In parallel with the implementation of the investment program of the bank, the company consistently develops and provides leasing operations to third-party lessee organizations, among which the clients of JSC "ASB Belarusbank" predominate, as well as subsidiaries of the bank, such as PUE "ASB Gorodets" , PUE "ASB Teterino", PE "ASB United Directorate for Reconstruction and Construction", JSC "Elitparket". The leasing company satisfies the demand of customers for the purchase and renewal of technological equipment, real estate, vehicles, computer equipment.
Throughout the entire period of work, the economic indicators of the enterprise have a positive trend. During the period of work of PUE "ASB Leasing" more than 2,000 projects have been implemented for a total amount of over 200 billion Belarusian rubles. The amount of net assets and equity capital of the enterprise increased from Br66.1 million to Br5.1 billion due to the profits received and the increase in the authorized capital. This result was achieved thanks to the well-coordinated and professional work the entire team of the enterprise. Its structure includes a department for processing transactions, a legal IT service, and accounting. The average age of the company's employees is 30-35 years. The personnel policy of the enterprise provides for the involvement of predominantly young, enterprising employees with higher specialized education and work experience in banking system.
Organizational structure enterprises of PUE "ASB Leasing" is presented in fig. 2.1.
Figure 2.1 - Organizational structure of management of PUE "ASB Leasing"
Note - Source: own development based on .
The enterprise PUE "ASB Leasing" takes the second place in the rating of leasing companies for 2012 (Appendix B). The rating score was 602. The leasing portfolio is 314,913 million rubles, and the volume of leasing payments amounted to 78,495 million rubles.
As you can see, PUE "ASB Leasing" occupies one of the dominant positions in the leasing services market.
At the same time, competition has increased significantly in all segments of the leasing services market. Many Belarusian banking institutions and some foreign financial institutions create new and intensively develop specialized leasing companies operating in the Belarusian market.
In this regard, the management of the enterprise is required to constantly develop the business, develop new areas and types of operations, and improve the technology for providing services.
2.2 Analysis of the dynamics, composition and structure of leasing transactions
The main objects of leasing at the enterprise are machinery, vehicles, real estate and "other objects".
On fig. Table 2.1 shows the structure of leasing transactions for 2011 for PUE "ASB Leasing".
Figure 2.2 - Structure of leasing transactions for 2011 PUE "ASB Leasing"
On fig. 2.2 shows the structure of leasing transactions for 2012 for PUE "ASB Leasing".
Figure 2.3 - Structure of leasing transactions for 2012 PUE "ASB Leasing"
Note - Source: own development.
Also in Figure 2.4 we will show the dynamics of changes in the structure of leasing transactions for 2011-2012.
Figure 2.4 - Dynamics of leasing transactions for 2011-2012 PUE "ASB Leasing"
Note - Source: own development.
If in 2004 agricultural equipment was the main type of leasing object, then in the first half of 2007 33% was real estate leasing, 18% - road construction equipment, 15% - industrial equipment.
During the crisis of 2008-2011, when there was a serious decline in international freight traffic, the demand for the purchase of cars as fixed assets naturally fell. Moreover, the fall was very significant. For example, if in 2007 motor vehicles accounted for 49-50% of acquired leasing objects, then in 2008 this volume decreased to 27%, that is, almost by half. In 2011, it remained at the level of 25-26% of all leasing objects.
In the same years, the volume of acquired real estate and machinery increased proportionately.
True, by 2012, the crisis had smoothed out a bit, and the percentage of vehicles began to grow. Accordingly, the shares that accounted for real estate and equipment shrank. So, as you can see, everything depends very much on the economy: on the development of industry and motor transport.
Consider the structure of leasing transactions by sectors of the national economy for 2011-2012 in Table 2.1.
Table 2.1 - The structure of leasing transactions by sectors of the national economy PUE "ASB Leasing" for 2011-2012
Отрасли2011 г.Структура, %2012 г.Структура, %Транспорт144038.7625069855.60Финансовые учреждения12122173.699406820.86Строительство32041.957293716.18Жилищно-коммунальное хозяйство20821.2787051.93Пищевая промышленность38292.3377251.71Сельское хозяйство26671.6249861.11Торговля и ресторанная деятельность79974.8635480.79Печатная промышленность23381.4226940.60Прочее67634.1155571.23Итого :164504100450918100 Note - Source: own development based on Appendix B.
In 2011, transactions with financial institutions accounted for the main share, and in 2012, transactions with transport organizations accounted for the main share.
It is very difficult to give a forecast for 2011. Of course, we can assume an increase in the share of machinery, which will be the clear leader. It will be, but not too significant.
Today we have a very high demand for this segment. It is obvious.
In our country, there is a consistently high demand for machinery, and it does not matter for which sector of the national economy this equipment is needed. The objects of this segment always "compete" with cars and vehicles. I think they will be number one this year.
The share of construction equipment, compared with last year, I think, will decrease by two to four times.
At the same time, the share of vehicles for international freight transport should increase. In real estate, in my opinion, we should expect a decrease in the number of transactions. This is the segment that will suffer the most losses. The real estate market is at a standstill, and leasing companies are not ready to take risks with real estate financing.
It should be noted that there has recently been a serious decline in interest in leased construction equipment. This is due to the stagnation in the construction industry and the uncertainty in the real estate market, which led to an estimated five-fold drop in sales of construction equipment.
Today, it is necessary to more carefully analyze the risks of such transactions, primarily the liquidity of the leased real estate. Caution lessors associated with the fact that the value of real estate, and therefore its liquidity, falling due to uncertainty in the market.
3 Evaluation of the effective activity of the leasing organization
When determining the economic efficiency of leasing, different indicators can be used.
According to the existing general approaches, the following are distinguished as such:
the ratio of gross income received from leasing to capital investments, i.e. coefficient of absolute efficiency;
the reduced costs of leasing and the coefficient of comparative efficiency of alternative investment options (payback period for additional funds);
the total profit and the level of profitability of the bank (the payback period for leased equipment or capital investments).
Based on the characteristics of the leasing process, taking into account its innovativeness, the most adequate indicator is the payback indicator and, as a result, indicators of profitability and profitability.
Assessing the actual effectiveness of innovative investment through leasing, as well as choosing and economically justifying design and planning solutions, it is advisable, in my opinion, to use general indicators of increasing net profit (NPL) and the level of profitability of leasing operations (Rl):
Npl \u003d Npl 2 - Npl1, (2.1)
Рl = Рl2-Рl1, (2.2)
where Npl 1 and Npl2 - net profit received by the bank on leasing and on an alternative method of investment investment, reduced to one time period;
Rl 1 and Rl2 - the overall level of profitability achieved by these two investment options.
Thus, the preferred option will be the investment operation, which provides the maximum possible increase in the profitability of the bank. Conversely, an investment option that does not contribute to its increase is economically inefficient. Moreover, the choice of a specific option occurs in the conditions of the existence of a variety of alternatives.
An alternative basis for choosing a leasing activity efficiency option involves linking the future result of this operation with the main goals of its implementation: either this is an increase in net profit, or a maximum payback period with maximum profitability, or a reduction in current costs, or the solution of social programs of various levels.
This approach makes it possible to more correctly orient the efforts of participants in a leasing transaction, to justify the introduction of innovations through leasing, which helps to increase the efficiency of the main economic activity user of bank leasing services.
In addition, the concept of economic efficiency of leasing operations must be considered from the perspective of not only a commercial bank, but also the user of this type of credit transaction. Since the economic efficiency of the transaction and for the bank itself largely depends on the effectiveness of leasing from the point of view of the lessee.
Consider in table 2.2 the main performance indicators of the enterprise for 2004-9 months of 2011.
Table 2.2 - Key performance indicators of the leasing organization PUE "ASB Leasing" for 2004-9 months of 2011
Indicatmonths 2011Портфель, млрд. руб.22,356,683,2108,3124,8194,4575823Собственный капитал, млрд. руб.0,070,340,631,182,15,914,226,9Объем нового бизнеса, млрд. руб.24,243,545,555,362,5119,3520427Количество реализованных проектов (шт.)250400550480320380740410Примечание -
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Course work
By discipline: Economics of the enterprise
Topic: "Analysis of the commercial activities of leasing companies"
Completed:
2nd year student
group 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 of state support for the development of leasing activities of commercial banks
3. Improving the methodology for calculating payments for leasing operations in the investment activities of commercial banks in Russia
3.1 Analysis of current payment calculations for leasing operations
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 elimination 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, both mass-produced and specific, offered at affordable prices on the market. In order for them to eventually appear, only organizational measures are needed.
Thus, the prerequisites for the emergence and development of new enterprises, new business have now been created.
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 the business.
The easiest and most reliable way to create financial base- this is the funds of business owners invested in the enterprise in one form or another. But the problem is that start-up businessmen have, as a rule, insufficient capital. In world practice, this problem is solved in different ways. But the essence remains the same. Someone (investment fund, bank, state) with money must agree to start a new (and therefore especially risky) business with a budding entrepreneur. In this case, the incentive motive for private investors is usually the prospect of high profits, and for government agencies - 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 a commercial bank, if it is interested in working with a start-up business. Such interest can appear only when, on the one hand, a project is offered for investment that is acceptable in terms 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 help a start-up business may be the desire to “grow” a good client for themselves, who, over time, will use a wide range of banking services. In an environment where competition between commercial banks is becoming more 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 a small developing business, focusing on a large, stable client.
It seems that the objective economic conditions are developing in such a way that the emergence and development of new enterprises is inevitable. Commercial banks, being by far the main available source of financial resources, are interested in cooperating with new business.
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 - not a complete list of factors that impede the normal development of market relations in the country's economy.
It should be noted that the fundamental feature of the 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 reporting for past periods, information about the reputation of the client, etc. For a new business, the basis for assessing the ability of the borrower to fulfill its obligations under the loan (creditworthiness) is the proposed business project. Accordingly, creditworthiness assessment methods include methods used to analyze business plans, since the project proposed for lending should be based on an effective business idea, designed in the form of a good business plan. Its presence is necessary condition began consideration of a loan application for the organization of a new business.
The current level of scientific and technological progress requires new approaches to solving the problems of investment policy. In the process of replacing the means of production with machines and machine tools of new generations, the introduction of advanced complex technologies, there is a need to use adequate non-ordinary methods of financing that meet the new conditions. At the same time, the main requirements for financing were the simplicity and cheapness of equipment replacement, a guarantee against investment risks.1
Leasing meets these needs to the greatest extent. Constantly improving and transforming, leasing combined many effective forms and methods of investment and, in fact, turned out to be not only one of the most interesting consequences of the 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 the achievement of the goal: consideration economic essence leasing; development of recommendations and proposals for the development of leasing relations in our country; identification and evaluation of the most effective directions for introducing leasing into the Russian economy. The subject of consideration is the leasing relations of commercial banks with economic entities, 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 began 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, the currency and stock markets began to take shape.
On the other hand, the gross domestic product which deeply affects, first of all, the investment sphere. For the growth of production, it is necessary to constantly increase working capital, the sources of which, with a high level of inflation, which was the main problem until recently, are practically absent. The result is a decline in production, an increase in the number of insolvent enterprises. The main debtor was the state itself, which did not pay for the ordered products and services in a timely manner, and did not fulfill its budgetary 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 the basis of industry or production (Aeroleasing, Lukoil-leasing);
semi-commercial leasing companies established with the participation of state or municipal authorities (Agropromleasing, Moscow Leasing Company, Likostroy), financed from the relevant budgets;
leasing companies established by trading companies and other leasing companies that have no connection with banking, industrial or government resources (Crate Leasing, Petroleasing);
foreign firms - suppliers of equipment, vehicles and technologies (IVECO, Scania, DAF).
Leasing companies established by banks are oriented towards providing standard leasing services to a wide range of clients, which does not exclude, on the other hand, the preferential servicing of clients of the “own” bank. Usually, banks not only finance the activities of subsidiaries, but also actively supply them with customers 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 in 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 the implementation of leasing transactions with certain types of customers. The terms of leasing transactions offered by these companies, and they usually use concessional budget financing, are more attractive to clients than those offered by commercial leasing companies, but the availability of their services is very limited. Often, such companies face the issue of efficiency or at least the reliability of ongoing leasing projects is not as acute as for commercial leasing companies.
Industry leasing companies focus on servicing enterprises in a particular industry. As of the beginning of 1996, practically all existing such companies were not operating. In many ways, "industry" leasing companies are guided by state support. Other leasing companies, subsidiaries of various trading houses, manufacturing firms, as well as those created by private individuals, do not operate either. Without access to sufficient financial resources, these companies do not enter into leasing deals. A number of foreign manufacturers (mainly in the heavy-duty vehicle market) use leasing as a marketing tool for their products. Leasing deals they conclude usually involve a Russian bank acceptable to a foreign firm that issues a guarantee for its client, the end lessee.
A number of leasing companies, along with leasing itself, use in their activities the mechanism of buying and selling property by installments. Despite the fact that, in essence, the definitions of leasing as a type of activity and the leasing agreement as a subtype of a lease agreement, such operations have nothing to do with leasing, they nevertheless correspond to the “simplified” understanding of leasing by clients as a transaction in which:
a) the lender finances the acquisition by the borrower of some property;
b) financing is carried out not in cash, but in kind;
c) the financed property is a security for the transaction through the retention of the creditor's ownership right to it:
d) the borrower makes periodic payments that repay as funds invested by the lender on initial stage transactions that 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 a mechanism for issuing guarantees in favor of leasing companies (usually foreign ones). Such activity is also not leasing, however, in relation to these market entities, there is an opinion that they are “engaged in leasing”.
The leasing process is carried out, as a rule, 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 that, 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, an order sent to the Equipment Supplier by the Lessor, a loan agreement concluded by the Lessor (Leasing Company) with the Bank on providing a loan for leasing transactions.
At the second stage of the leasing process, the leasing transaction is legally fixed in tripartite and bilateral agreements. At the same time, the following are drawn up: a contract for the sale of equipment (property) for leasing, an act of acceptance into operation, a leasing agreement, an agreement for the maintenance of equipment (property) transferred to leasing.
The third stage of the leasing process covers the period of use of equipment (property). At the same time, accounting and reporting on all leasing operations are maintained, leasing payments are made to the Lessor, and after the expiration of the leasing period, the further use of equipment (property) is registered.
The main document of a leasing transaction, which reflects the main relationships, is a leasing agreement. It is concluded between the Lessor and the Lessee, where it is indicated 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 act of acceptance of the equipment (property) as the object of the transaction into operation and is valid for the period specified in it. 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 registration of the act of acceptance of equipment (property) for operation, the Lessor shall not be liable to the Lessee, since the last choice of equipment (property) was carried out independently.
During the operation of the equipment (property), the Lessee is called upon to use it in accordance with the recommendations and technical instructions of the Supplier, keep it in working condition, perform the necessary maintenance, current repairs, and all this at its own expense.
All risks arising during the operation of equipment (property) and associated with destruction, loss, premature wear, damage or damage, regardless of the damage caused, the Lessee assumes.
As a rule, the total amount of leasing payments includes: the amount that reimburses the cost of leasing equipment (property), payment to the Lessor for use, credit resources for its acquisition under a leasing agreement, commission fee to the Lessor, payment for insurance of leasing equipment (property), if it was insured by the Lessor, payment for additional services to the Lessor provided for by the agreement, the amount of tax on leasing equipment (property), for the purchase of vehicles that are the subject of the leasing agreement, other expenses of the Lessor provided for by the agreement.
The entire amount of leasing payments from the Lessee is attributed to the cost of their products (works, services). The amount of expenses 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 charged to the Lessor within the coefficients established by the current legislation of the Russian Federation.
Comparison of options for obtaining a loan directly and through leasing shows that it is obvious and financially beneficial. In addition, since the funds for leasing 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. At the same time, customs duties and taxes on leasing equipment (property) are not charged if the leasing agreement provides for its return after the expiration of the leasing period. If the contract provides for the subsequent transfer of ownership of the leasing equipment (property) to the Russian party (or vice versa), at the end of the contract, customs duties and taxes on leasing equipment are levied.
Leasing payments are made: cash payments, compensatory goods, services, etc., as well as mixed, when payments in goods and services are allowed with cash payments. Payments with an advance (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 installments.
You can also use the calculation option, which is based on a certain percentage of the volume of sales of products manufactured on leasing equipment, established in the agreement, of the amount of profit received.
Payments, as a rule, are made according to the schedule agreed by the parties, which is attached to the leasing agreement and may have a monthly, quarterly or annual frequency. Lump sum payments in the form of an advance are made in combination with periodic contributions, if they are stipulated in the agreement of the parties.
Depending on the financial condition of the Lessee, the agreement may stipulate the procedure for paying leasing payments in equal shares, with increasing or decreasing amounts, depending on the stability of the financial position of the Lessee.
Leasing (financial) operations can be carried out only if the Lessor has an appropriate license. In the absence of it, these transactions are subject to accounting in the manner prescribed by the current legislation of the Russian Federation, based on the content of the contract (transactions for the lease of property, purchase and sale transactions).
The strategy and tactics of planning the activities of an enterprise in a market environment is built on the basis of a business plan, which is a comprehensive feasibility study and organizational justification for achieving the goals set. As a rule, a business plan is formed with the participation of specialists in marketing, sales, supply, organization of production, a lawyer and a financial economist. The latter, based on the information contained in all sections of the business plan, evaluates the necessary resources, costs, expected financial results and the efficiency of the enterprise with the chosen financial strategy.
The advantages of leasing over other investment methods are that an entrepreneur can start a business with only a part (about 1/3) of the funds needed to purchase premises and equipment (property). Enterprises are provided not with funds, control over the reasonable expenditure of which is not always possible, but directly with the means of production necessary for updating and expanding 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, in connection with which international leasing is becoming more widespread.
However, the successful development of leasing in Russia is hindered by a number of circumstances:
there is not enough start-up capital for the organization of leasing companies, since they must purchase equipment (property) from the manufacturer for the full cost and transfer it to the Lessee;
double imposition of value added tax, which is levied on the equipment (property) purchased by the Lessor. At the same time, its value, as well as interest payments for the loan taken by the Lessor for the purchase of equipment (property), are transferred to leasing payments. According to the existing procedure, value added tax is additionally charged on lease payments, i.e. for the same product, it is charged twice (in the draft federal law on leasing, it is provided once);
lack of infrastructure for 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;
the absence of a leasing information support system that would ensure the availability of constantly updated and accessible information about 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 the adopted regulatory legal acts and their systematic adjustment, taking into account constant monitoring of the validity of the system of regulatory and legislative documents, identifying provisions that impede the development of leasing and their timely elimination.
The main objectives of the Fund for Assistance to the Development of Leasing in the Russian Federation are:
participation in the development and implementation public policy and government programs in the field of leasing in Russia;
creation of optimal conditions for the development of competition in various areas of production through financial support for leasing projects aimed at the development of entrepreneurship, small business and the production of competitive products;
implementation, together with state, public and other organizations, of expertise and competitive selection of innovative 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 of 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, lend 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 firms 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 in the period of formation and development needs state support, the need for which is due to the economic situation in the country - inflation, high stakes refinancing, low solvency of potential Lessees.
The scheme of financial leasing is simple. The Bank finances the purchase of equipment by the leasing company. She leases it to an enterprise that does not have sufficient funds to acquire it or simply does not consider it necessary to buy something expensive for permanent use. The lessee of the equipment (lessee) can take 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 its gradual redemption into its 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 activity of enterprises with the legal support of this type of financial activity, since it is reliable legislation that guarantees successful economic activity. The legal uncertainty of relations between partners in leasing transactions has long held back the development of this promising method of financing production costs for the renewal and replacement of fixed assets of enterprises.
According to the Law, the subject of leasing 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).
Important for determining the circle of participants (subjects) of leasing relations is that they can be both residents and non-residents of the Russian Federation.
A special place in the law is occupied by the rules 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.
In order to carry out leasing activities in accordance with the procedure 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 the leasing activities of both leasing companies and citizens registered as individual entrepreneurs are carried out only on the basis of permits (licenses) obtained in accordance with the procedure established by the legislation of the Russian Federation. This provision of the Law is imperative, i.e. obligatory.
The Law introduces norms on the forms, types and types of leasing, defines the concepts of domestic and international leasing, long-term, medium-term and short-term leasing.
Long-term leasing is a 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 absent earlier in Russian legislation,
The main types of leasing, as specified in the Law, are financial, returnable and operational.
Return leasing is a type of financial leasing, in which the seller (supplier) of the leased asset simultaneously acts as a lessee.
Operational leasing is a type of leasing in which the lessor purchases property at his own risk and transfers it to the lessee as the subject of leasing for a certain fee, for a certain period and under certain conditions for temporary possession and use.
Features of possession, use and disposal of the subject of leasing are the conditions for the transfer of ownership of the subject of leasing to the lessee (financial leasing) and the return of the subject of leasing to the lessor (operational leasing).
In the process of leasing activity, 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 in the process of using the leased asset by the lessee, namely: the acquisition of intellectual property rights (know-how) from third parties , license rights, rights to trademarks etc.); acquisition from third parties of inventory items required during the installation (installation supervision) and commissioning works; implementation of installation (installation supervision) and commissioning works in relation to the subject of leasing, personnel training; post-warranty maintenance and repair of the subject of leasing, etc. The list, volume and cost of additional services must be specified in the leasing agreement.
A special type of relationship in the implementation of leasing activities is subleasing - a type of relationship in which the rights to use the subject of leasing are assigned to a third party. These relations must be formalized by a subleasing agreement. The basis for transferring the subject of leasing to subleasing is the written consent of the lessor.
The law defines the concept of international subleasing. Its distinguishing feature is the transfer of the leased asset across the customs border of the Russian Federation only for the duration of the subleasing agreement.
The object of leasing transferred for temporary possession and use to the lessee is the property of the lessor. Under a financial leasing agreement, the subject of leasing transferred to the lessee, by agreement of the parties, may be accounted for on the balance sheet of the lessor or lessee.
The Law establishes the rules that determine the right of the lessor to the indisputable collection of monetary amounts and the indisputable withdrawal of the leased asset in cases of non-fulfillment by the lessee of the terms of the contract, subleasing by the lessee without the consent of the lessor, deterioration of 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 a fee for the use of the leased asset more than twice in a row after the expiration of the payment period established by the agreement. The right of indisputable collection of sums of money and indisputable withdrawal of the subject of leasing 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 contract.
The lease agreement must contain significant terms and conditions. They, in particular, are an accurate description of the subject of leasing, the amount of property rights transferred, the name of the place and an indication of the procedure for transferring the subject of leasing, an indication of the term of the contract, the procedure for balancing 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 the property is transferred for temporary use approaches in duration the period of operation and depreciation of all or most of the value 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 leasing financing objects. This is also facilitated by the use of many different forms of financial leasing, which have received an independent name (internal, external, returnable, direct, separate, revolving, etc.)
A prerequisite for licensing leasing activities is the requirement that the income from the sale of leasing services from the leasing company amount to at least 40% of the total income based on the results of economic activities for the year. Such a legislative norm is unacceptable for Russian lessors, since many leasing companies are in a difficult financial situation. Therefore, in the conditions of the economic crisis, they are forced to engage not only in leasing, but also in other types of economic activity. For example, for commercial banks or enterprises - manufacturers of equipment intended for leasing, leasing activity becomes simply impossible.
This requirement for licensing leasing activities should be abolished. Taking into account the experience of Russian leasing companies, as a prerequisite for licensing, there should be the very fact of a leasing transaction, regardless of other types of activities of the company or enterprise, and without taking into account the cost of leasing equipment, the amount of payments, the frequency of leasing transactions, etc. Namely this procedure is adopted in other areas of entrepreneurial activity. For example, a commercial bank wants to obtain a license to deal 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, especially bank and guarantee.
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. The rights of possession and use remain with him, since at the same time a lease agreement is concluded. The parties in the agreement may provide for the possibility of the tenant repurchasing 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 the human and technical potential, its qualitative renewal. Multifaceted mechanisms of leasing relations can largely help in solving these problems. In our country, leasing operations have so far had an episodic character and were used mainly in foreign economic activity. They went through three stages. The first one began at the turn of the 60s and 70s and ended in the late 80s. At that time, Soviet foreign economic organizations carried out mostly one-time and small-scale transactions relating to machine tools, press-forging, power equipment, aircraft, ships and computer technology, and mainly at the initiative of Western firms. Leasing was formulated in the agreements as a lease for a fixed period corresponding to the service life of the leased property with the retention of ownership by the lessor. In our country, individual leasing operations were carried out by such organizations as Avtoexport, Tractorexport, Sudoimport, Aeroflot and Morflot. In 1984, a commercial bank for Northern Europe(“Airobank”), which is one of the Soviet foreign banks, and the French bank “Credit Lyonne” established a joint venture “Promoliz”, whose activities focused 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 rather on April 1, 1989, when enterprises received the right to enter foreign market. In this regard, new opportunities have opened up for the use of international leasing, including on a compensatory basis. The next impetus to the development of leasing was the introduction from January 1, 1991 of new depreciation rates, providing for accelerated depreciation for the purpose of faster renewal of fixed assets. Therefore, the volume of purchases of equipment by all banks for leasing increased from 1.3 million rubles. as of July 1, 1989 to 286 million rubles. as of January 1, 1992, of which 97.5% accounted for commercial banks.
In January 1992, the “liberalization” of prices and unbridled 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.
At present, leasing does not play any significant role in existing financial relations; the scale of activities of organizations involved in leasing is insufficient and does not have a tangible national economic effect. This is due, of course, to a number of objective reasons: the lack 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 depreciation rates and, as a result, a long the period of formation of funds for renovation, which increases the term for the 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 main economic link - a manufacturing enterprise.
We can single out some prerequisites for the emergence and expansion of leasing relations in our country. As the main factor, we note the current 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 rapidly 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 the imbalances that arise, new techniques are not used. At many enterprises, the process of aging of technological equipment is inevitably growing, and the need for updating the means of production is becoming more acute. So, at the enterprises of the machine-building complex, 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%) - in urgent replacement as not corresponding 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 amount of uninstalled equipment, a lack of spare parts, and an urgent need for new equipment.
Possible ways of forming leasing relations in Russia. In the current conditions of shortage of material resources and resources for commercial banks, it is extremely difficult to develop leasing. So far, only its elements can be used in practice in our country. It should also be taken into account that leasing in our country, unlike in Western countries, does not originate as an operation within the country. On the contrary, the formation of the industry will, apparently, take place along the path of widespread use of international leasing, especially since there is already some practical experience in this area.
The main problem, which may be faced by most enterprises in the course of negotiations with Western lessors, will be the problem of solvency and the guarantee of the lessor from financial risk.
Obtaining equipment from Western lessors through large commercial banks is more likely both because of the greater security of the foreign company against the risk of insolvency of the Russian customer, and in connection with 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 firm, include manufacturing, insurance, wholesale and retail, warehouse, transport and other enterprises.
The problem of the inconvertibility of the ruble, which also arises when conducting 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., according to the compensatory principle.
With high inflation rates, commercial banks are afraid of the depreciation of their resources and prefer to lend to short-term needs of enterprises. Commercial banks, which initially included innovative operations among their main activities, refrain from lending to the construction and equipping of industrial and agricultural enterprises in conditions of instability.3
Efficient management and resale of equipment form the basis for the growth of lessors.
The leasing industry is increasingly focused on service and diversification. This was facilitated by the tax reform, which forced many commercial banks to change their tax strategy, reorienting it to such economic activity, which falls under low tax rates, but the state of the leasing industry in our country will not soon reach the foreign level.
1.3 Leasing as a method of investing in the financial activities of commercial banks
A number of Russian banks (Vostok-Zapad, Rossiyskiy Kredit, 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 ones). Such activity is not leasing, however, in relation to these market entities, there is an opinion that they are actively “engaged in leasing”.
The investment bank "East West" has been financing leasing operations for the seventh year already. Among his partners in financing leasing contracts for equipment from Western Europe to Russia are DeutscheBank, Eurobank (Paris) and Moscow People's Bank (London). The essence of the operations is that the foreign partner of the bank takes into account (ie buys at a discount) the bills of the Vostok-West bank issued against the bills of its clients. The total amount of contracts so far does not 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 two years ago the bank considered it inexpedient to create a specialized leasing company. Recently, the trend towards the normalization of the regulatory and legislative framework of this business area has become more noticeable. Two stages of preparation of 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 which, perhaps, there will be old Russian and Western partners of the bank. 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 involved.
Until that time, East-West will work according to the old scheme: a leasing contract is concluded by a Western manufacturer, a bank provides guarantees to the supplier for the purchase of vehicles by a Russian buyer, and provides short-term loans to pay customs duties or value added tax.
Back in 1994, one of the first in Russia to engage in financial leasing was the International Industrial Bank (IPB). Together with the Russian Academy of Engineering, the bank created the International Institute for Investment Projects, which began to form databases on various regions and enterprises, and, based on this information, draw up lending programs.
Together with the largest banks in the Asia-Pacific region, members of the Association of Asian Banks, MPB has prepared programs for industrial leasing for Kamchatka, the Khabarovsk Territory and other regions of the Far East. Together with investment funds Hong Kong and Taiwan, projects are underway to develop telecommunications in Russia and re-equip some domestic enterprises industries.
ONEXIMBANK carries out leasing operations through Interrosleasing for its clients: RAO Norilsk Nickel, JSC 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 Investment Alliance leasing company, which is a subsidiary of the Yekaterinburg Sberbank, have entered into a framework agreement for a total of $3 million. Yekaterinburg Sberbank, under the guarantees of which 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 (Yekaterinburg), 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. An agreement on the installation of yogurt production lines in Krasnoufimsk is under implementation. The company intended to conclude in 1997 a loan agreement for the supply of similar equipment to the Sverdlovsk region in the amount of $10 million.
Alexei Ivashchenko, Vice-President of Mosbusinessbank, said that in 1999 the bank intends to triple the volume of lending to leasing operations. The funds will be provided to subsidiary leasing companies supplying office equipment to the Russian market. In his opinion, lending to leasing operations reduces the risk of non-return of investments to zero, since the client receives a commodity loan.
Leasing companies established by banks, such as 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 customer service of the "own" bank. Usually, banks not only finance the activities of subsidiaries, but also actively supply them with customers 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 in the market, having a large portfolio of orders similar to Western ones, which means the most modern working methods and qualified personnel.
It should be noted here that leasing is not a "bank operation" in the exact sense of the word. It refers to the so-called “close to bank” form of financing, which can also be carried out by commercial and industrial enterprises, but primarily 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 prominent 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-scale leasing operation can do 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. Benefits for tenants include:
savings associated with the ability to operate equipment acquired under leasing, essentially on credit, with payment by installments;
making lease 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 possession of obsolete equipment (through the use of operational leasing);
the absence of the problem of credit guarantees or collateral arising from a conventional loan;
the possibility of trial operation of fundamentally new expensive equipment in order to reduce the risk of acquiring equipment that does not meet the conditions of its operation, requiring too high qualification of maintenance 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 to constantly own 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 the conditions of the economic crisis, accompanied by low effective demand of traditional buyers of their products, they can, through participation in a leasing operation, maintain the volume of its sales (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 acquiring it on a leasing basis);
also through leasing, they can expand the potential range 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 a high competitive markets developed capitalist countries.
The interests of the leasing company (bank) are to receive (as part of lease payments) interest on the property provided on the terms of a leasing loan, payment for the risk of its obsolescence, as well as the ability to lease this property (operating leasing) several times and receive for 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 controlled by him; at the same time, the lessor can reduce the risk of non-repayment of lease payments by issuing 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
- Settlement section
- List of sources used
- Theoretical section
Today, leasing is becoming increasingly popular both as a way to acquire expensive assets (allows you to get the necessary equipment, vehicles, real estate without a one-time 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 the planned leasing operations shows whether it is expedient to use this form of asset acquisition or sales promotion, and thus is a necessary condition for making managerial decisions.
Currently, a large number of leasing companies operate 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 meet the needs of industrial and commercial enterprises in the use of equipment (property). Moreover, with a shortage of financial resources, these structures are able to 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
- Estimation of the value of the leased property
- Formation of leasing payment, factors of its change
- Leasing efficiency indicators, factors of its change
The objectives of the analysis of leasing activities are:
- study of the content of leasing agreements;
substantiation of lease payment calculations;
Sources of information in the analysis of leasing
activities are leasing agreements, the balance sheet asset item “Profitable Investments in Material Assets”, the accounting data of leasing operations carried out in accordance with the Regulations on leasing in the territory of the Republic of Belarus, approved by the 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 of production or goods for long-term use, as well as financing, the acquisition of movable and immovable leased property. The leasing company actually lends to the tenant, therefore, along with the term "leasing", the concept of "credit - rent" is sometimes used. Unlike a sales contract, under which the ownership of the goods passes from the seller to the buyer, in leasing the ownership of the leased item remains with the lessor for the entire period 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 the 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. The objects of the leasing transaction are not destroyed in the production cycle.
The subjects of leasing are the lessor, the lessee, the manufacturer of the leasing object. lessor(lessor) is a business entity that is the owner of the object of leasing 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 negotiating with the lessor on the lease, endowed with the right to own, use the object of leasing within the limits established by the leasing agreement. The user (tenant) can be all business entities. As manufacturer of the leased object enterprises, organizations and other business entities engaged in the production or sale of inventory items act. These are the so-called suppliers of transaction objects.
Lessors, lessees, suppliers are direct subjects of a leasing transaction. Indirect participants in the transaction may be banks lending to the lessor and acting 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 the possibilities for strengthening and developing the material and technical base of organizations, their technical re-equipment, and expanding cooperation between domestic and foreign enterprises. Leasing does not supplant traditional forms of financing and lending to fixed assets, but is their addition.
For a manufacturer (supplier), leasing means accelerating the sale of products, bringing them to the consumer, receiving payment; for a lender (leasing company) - a source of income in the form of amounts from the sale of leased property to the lessee and various commissions for services. The lessor is usually insured against risk, since in order to pay off obligations he can take away property, lease it to another person or sell it.
The main advantages of leasing:
- the ability to use the leasing object without significant initial investment. The client pays only the amount of the advance, if it is provided for by the contract, and the remaining payments are made periodically during the entire term of the contract;
at the end of the leasing agreement, the lessee has the opportunity to redeem the leasing object at a small residual value;
lease payments are included in the cost of products (works, services), which reduces taxable income;
financing using leasing improves financial flows, leaving credit lines free;
property acquired under a leasing agreement is collateral for a leasing transaction, therefore, unlike a loan, an enterprise, as a rule, does not need to assume additional collateral obligations;
the object of leasing during the term of the contract is not subject to revaluation;
the lessee independently chooses the object of leasing and the seller of equipment, takes part in all stages of the transaction between the lessor and the seller;
allows you to avoid losses associated with obsolescence of machines, equipment, use the latest achievements of scientific and technological progress in production;
preserves (maintains) the liquidity of the balance sheet. With leasing, unlike a bank loan, there is practically no increase in the tenant's obligations (decrease in liquidity) when acquiring machinery, equipment and other property;
The conclusion of 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 made not at a time, but in installments at the agreed time;
the risk of loss or damage to the 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 paid 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 leasing object and the leasing rate. Leasing rate(percent) takes into account the payment for monetary resources - loan interest attracted by the lessor for the transaction; income of the lessor for the services rendered; the amount of his expenses. When establishing a lease payment, the term of the contract, the frequency and method of repayment of the payment, the possible payment of a risk premium to the lessor, and the increase in the price of the leased object are also important.
A short contract term results in a relatively high lease payment and a high cost burden on the lessee. Longer contract periods 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.
The classification of lease payments can be made according to the following criteria (Table 13.1).
- Table 13.1.
Classification of lease payments
Leasing with cash payment - leasing, in which all payments are made in cash. In case of a compensation payment, payments are made by deliveries of products manufactured on the equipment that is the object of a leasing transaction, or in the form of a counter service. Leasing with a mixed payment - a combination of cash and compensation, i.e. along with cash payments, payments in goods and services are allowed.
At the conclusion of the contract, fixed payments can be established. In this case, when calculating the rent, depreciation deductions from the value of the leased asset, the interest rate for the use of borrowed funds, VAT, commissions to the lessor, payment for its additional services, etc. are taken into account.
Advance payments imply 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 leasing object into operation periodically pays lease payments (minus the advance payment). This type of leasing payment is currently very often used by large industrial enterprises to sell their expensive products, which the consumer cannot pay immediately due to lack of funds.
Payment of leasing payments can be made according to the proportional method, with stepped intervals, progressive and degressive methods. The proportional schedule fee is the same and unchanged throughout the contract term. The progress of payment with stepped intervals is usually associated with schedules of uneven receipt of income, for example, in seasonal enterprises. During the season, the share of the payment is high, and outside the season it is reduced or even not taken, and therefore lessors rarely agree to such a payment schedule. With a progressive schedule, the payment increases in proportion to the growth of income. Progressive payment mitigates for the lessee the increase in costs in the initial phase. This form is used by lessees who are just entering the market or want to increase their share of their presence in it. The degressive course of payment of lease payments is characterized by the fact that part of the costs of leasing 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)
redeem the leased object at the residual value;
leasing (usually for a shorter period and at a reduced rate)
or to a new, more advanced technique;
3) return the leased asset to the lessor in the same physical form.
Rice. 2. Formation of the lease payment
In order to ensure the sale of manufactured products, many organizations 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 payment in the amount of 10 to 40% of the initial cost of the leasing object. The remaining part of the cost is paid by the lessee (consumer) of the products within 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 conducting a leasing operation with the lessee. The latter, as a rule, are higher by the amount of customs duties and payments, unforeseen expenses for installation, 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 viability of a leasing operation is an important factor for the parties involved in the transaction. The criteria for evaluating the effectiveness of a leasing operation for a 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 (price of the leasing transaction) compared to alternative financing options for the acquisition of the object, for example, with a bank loan;
the rate of profit received by the lessee from the operation of the leasing object;
- payback period of leasing;
Determining the percentage (rate) of financing a leasing operation.
The lessee, having calculated the percentage (rate) of financing, which he will have to pay to the lessor for financing the leasing operation, can compare it, for example, with the interest paid upon obtaining a loan, and thus determine whether it is profitable for him to sign a leasing contract or is it better to buy equipment on credit.
The percentage (rate) of financing can be determined by the formula
pf \u003d 0.5 (C 1 - C 0) / (EP-A)
Comparison of the total amount paid by the lessee to the lessor under a leasing contract with the price of acquiring machines for cash or on credit shows the profitability of the transaction for the lessee. In this case, it is necessary to take into account the tax incentives and investment incentives that may be provided to the participants in the transaction.
The determination of the total price of the leasing operation Ts l subject to the subsequent repurchase of equipment at the residual value is made according to the formula
C D \u003d (EP-L) T + C 1 + N P,
where N p - mandatory tax payments; T - lease 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 \u003d C 0 + P-L + N P,
where C k - the total price when buying cars on credit; P 0 - the initial cost of cars when buying for cash; P - payments for the use of the loan; L - benefits received by the buyer of cars on credit (tax, etc.), or discounts provided by the seller.
Calculation of the average annual rates of return for leasing from the lessee N ml1 is made according to the formula
N pl1 \u003d P r / (EP + p) * 100%,
where Pr - 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 leasing object.
The lease payback period for the lessee enterprise is determined by the ratio of the amount of lease 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) the actual amount of profit per unit weight issued-
products on leasing equipment;
b) leasing costs to the actual level of profitability
ty costs of the enterprise;
in) the level of cost reduction per unit of production,
produced on leasing equipment, for the actual
sales of this product.
The effect can be not only economic, but also social, expressed in facilitating and improving the working conditions of employees of the enterprise.
When evaluating the effectiveness of leasing operations with a lessee, it is possible, as in evaluating the effectiveness of capital investments, to use a system of partial and general indicators, such as an increase in the volume of production, an increase in its quality and competitiveness, an increase in labor productivity, profit, profitability, production and capital, a reduction in payback period, etc.
The effectiveness of leasing from the lessor is also assessed using indicators of profitability and the payback period of 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 acquiring fixed assets from manufacturers, the amount of interest on bank loans (if the purchase was made at their expense), insurance premiums for insuring leased property, the cost of guaranteed maintenance of leased assets, staff salaries and other costs. The net profit of the lessor consists of its income as part of the lease payment minus statutory taxes. The degree of risk is also analyzed based on the study of the solvency of tenants and the accuracy of fulfilling contractual obligations under previous contracts.
In the process of leasing analysis, it is necessary to compare the performance indicators of leasing according to the report with the indicators under the contract, identify deviations and determine them, and also take them into account when concluding further leasing transactions.
Conclusion
Leasing is the whole complex of emerging property relations related to the transfer of property for temporary use on the basis of its acquisition and subsequent lease. The organization of the leasing process is carried out taking into account priority areas. Preference is given primarily to the type of equipment (property) that ensures the production of high-quality goods and the development of an efficient 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 fixed in three- and bilateral agreements. The third stage of the leasing process covers the period of use of equipment (property);
When allocating types of leasing, they proceed, first of all, from the signs of classification. Such features include: the composition of the participants in the transaction, the type of property leased, the degree of its payback, the terms of depreciation, the volume of services, the market sector where operations are carried out, the attitude to tax and depreciation benefits, the nature of lease payments. One of the most complex types of leasing is a separate leasing, or leasing partially financed by the lessor.
It should be borne in mind that the functions of leasing are also distinguished. 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 the prompt and flexible solution of the lessee's production tasks through temporary use, rather than the acquisition of machinery and equipment in the property.
At present, 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 equipment with a short service life. That would give a great opportunity to produce various goods and services of high quality to small businesses, as well as to meet the needs of consumers as much as possible. In the presence of a set of measures for state support, it is possible to form an infrastructure that, with the help of leasing, would provide, on preferential terms, the use of technological equipment for the development of production and its re-equipment.
- Settlement section
- Task number 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 day length, hour | 7,8 | 7,7 | -0,1 |
| 4 | Hourly output, rub. | 1620 | 1680 | +60 |
- Method of chain substitutions.
VP condition1 \u003d 119 * 226 * 7.8 * 1620 \u003d 339832584
VP conv2 \u003d 119 * 224 * 7.8 * 1620 \u003d 336825216
VP conditional3 \u003d 119 * 224 * 7.7 * 1620 \u003d 332506944
VP 1 \u003d 119 * 224 * 7.7 * 1680 \u003d 344822016
? VP total = -722040
? VP chr \u003d -5711472
? VP d \u003d -3007368
? VP pd \u003d -4318272
? VP hv \u003d 12315072
- Absolute difference method.
? VP chr = ? PR * D 0 * PR 0 * CV 0 \u003d -5711472
? VP d \u003d CH 1 *? D * Send 0 * CV 0 \u003d -3007368
? VP prd \u003d CH 1 * D 1 *? PrD*FV 0 = -4318272
? VP hv \u003d CR 1 * D 1 * PrD 1 *? PV=12315072
Findings.
By reducing the number of employees by 3 people, output will decrease by 5,711,472 rubles.
By reducing the average number of days worked by one employee per year, output will be reduced by 2 days by 3,007,368 rubles.
By reducing the average working day by 10 minutes, output will decrease by 4,318,272 rubles.
Due to the increase in hourly output by 60 rubles, output will increase by 12,315,072 rubles.
Task number 2. (Option 0)
Carry out a factorial analysis of profits using chain substitutions for the following data. Missing data in the table must be calculated.
| Product type | Sales volume (pcs.) | Structural output (%) | Price (thousand rubles) | Variable costs for 1 unit. products (thousand rubles) | Fixed costs for all sales | |||||
| Plan | Fact | Plan | Fact | Plan | Fact | Plan | Fact | Plan | Fact | |
| BUT | 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 \u003d (20500 * 0.51 * (10-5.6) -15728) + (20500 * 0.49 * (6.2-3.7) -9912) \u003d 30274 + 15200.5 \u003d 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 rubles
Pusl. 2= ;
Pusl. 2 \u003d (18450 * 0.68 * (10-5.6) -15728) + (18450 * 0.32 * (6.2-3.7) -9912) \u003d 39474.4 + 4848 \u003d 44322.4 thousand .rub.
Pusl. 3= ;
Pusl. 3 \u003d (18450 * 0.68 * (12-5.6) -15728) + (18450 * 0.32 * (7.4-3.7) -9912) \u003d 64566.4 + 11932.8 \u003d 76499, 2 thousand rubles
Pusl. 4= ;
Pusl. 4 \u003d (18450 * 0.68 * (12-6.4) -15728) + (18450 * 0.32 * (7.4-4) -9912) \u003d 54529.6 + 10161.6 \u003d 64691.2 thousand .rub.
P fact = ;
Pfact \u003d (18450 * 0.68 * (12-6.4) -22314) + (18450 * 0.32 * (7.4-4) -8836) \u003d 47943.6 + 11237.6 \u003d 59181.2 thousand .rub.
Oprod .gen. = Pusl. 1 - P plan;
Oprod .gen. = 38363.05-45474.5 = -7111.45 thousand rubles.
Oud. = Pusl. 2 - Push. one ;
Oud. \u003d 44322.4-38363.05 \u003d 5959.35 thousand rubles.
C = Pusl. 3 - Push. 2;
C = 76499.2-44322.4 = 32176.8 thousand rubles.
Zper. = Pusl. 4 - Push. 3;
Zper. = 64691.2-76499.2 = -11808 thousand rubles.
Zpost .. \u003d P fact - Pusl. 4 ;
Zpost .. \u003d 59181.2-64691.2 \u003d -5510 thousand rubles.
obsh. \u003d P fact - P plan;
obsh. = 59181.2-45474.5 = 13706.7 thousand rubles.
obsh. = Podgen. + C + Zper + Zconst.
obsh. = -711.45 + 5959.35 + 32176.8-11808- 5510 \u003d 13706.7 thousand rubles.
Conclusion: factorial analysis of profits for two types of products revealed that the total profit increased by 13,706.7 thousand rubles. Profit growth was due to the following indicators: an increase in sales 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 rubles. rub., decrease fixed costs for 5510 thousand rubles.
Task number 3.
On the basis of the balance sheet, conduct 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 calculate the current liquidity ratio (K1) at the end of the reporting period, the ratio of own working capital (K2) at the end of the reporting period, the ratio of financial liabilities assets.
The current liquidity ratio (K1) at the end of the reporting period is calculated according to formula (1) as the ratio of the total of section II of the balance sheet asset to the total of section V of the liabilities of the balance sheet minus line 640 "Reserves for future expenses":
K1 =
where II A - the result of section II of the asset of the balance sheet (line 290);
V P - the result of section V of the liability of the balance sheet (line 690).
K1 = =0,87
etc.................
When determining the economic efficiency of leasing, different indicators can be used.
According to the existing general approaches, the following are distinguished as such:
The ratio of gross income received from leasing to capital investments, i.e. coefficient of absolute efficiency;
The given costs of leasing and the coefficient of comparative efficiency of alternative investment options (payback period of additional funds);
the total profit and the level of profitability of the bank (the payback period for leased equipment or capital investments).
Based on the characteristics of the leasing process, taking into account its innovativeness, the most adequate indicator is the payback indicator and, as a result, indicators of profitability and profitability.
Assessing the actual effectiveness of innovative investment through leasing, as well as choosing and economically justifying design and planning solutions, it is advisable, in my opinion, to use general indicators of increasing net profit (NPL) and the level of profitability of leasing operations (Rl):
Npl \u003d Npl 2 - Npl1, (2.1)
Рl = Рl2-Рl1, (2.2)
where Npl 1 and Npl2 - net profit received by the bank on leasing and on an alternative method of investment investment, reduced to one time period;
Rl 1 and Rl2 - the overall level of profitability achieved by these two investment options.
Thus, the preferred option will be the investment operation, which provides the maximum possible increase in the profitability of the bank. Conversely, an investment option that does not contribute to its increase is economically inefficient. Moreover, the choice of a specific option occurs in the conditions of the existence of a variety of alternatives.
An alternative basis for choosing a leasing activity efficiency option involves linking the future result of this operation with the main goals of its implementation: either this is an increase in net profit, or a maximum payback period with maximum profitability, or a reduction in current costs, or the solution of social programs of various levels.
This approach makes it possible to more correctly orient the efforts of the participants in the leasing transaction, to justify the introduction of innovations through leasing, which helps to increase the efficiency of the main economic activity of the user of the bank's leasing services.
In addition, the concept of economic efficiency of leasing operations must be considered from the perspective of not only a commercial bank, but also the user of this type of credit transaction. Since the economic efficiency of the transaction and for the bank itself largely depends on the effectiveness of leasing from the point of view of the lessee.
Consider in table 2.2 the main performance indicators of the enterprise for 2004-9 months of 2011.
Table 2.2 - Key performance indicators of the leasing organization PUE "ASB Leasing" for 2004-9 months of 2011
Note - Source: own development based on .
As you can see, there is an upward trend. Although inflationary processes and the depreciation of the Belarusian ruble also play here, which does not make it possible to see a real picture of an increase in 2011. The average volume of transactions is 150 thousand dollars. In 2008-2011, the number of transactions decreased. This happened as a result of the crisis. In 2012, there was a revival in the leasing services market and, as a result, there was an increase in leasing transactions. For 9 months of 2011, the implementation of 410 new leasing transactions led to an increase in the leasing portfolio by 248 billion rubles.
More clearly, the increase in the main indicator of the leasing organization's activity is shown in fig. 2.5 for 2004-2011
Figure 2.5 - Dynamics of the portfolio of PUE "ASB Leasing" for 2004-2011
Note - Source: own development.
Let's analyze the main indicators of profitability of PUE "ASB Leasing" for 2011-2012. in table 2.3.
Table 2.3 - Main indicators of profitability of PUE "ASB Leasing" for 2011-2012
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Indicators |
Absolute change (+,-) |
Growth rate, % |
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Interest income from finance lease |
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Interest expense |
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Other income |
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Gross profit |
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Administrative, commercial and other expenses |
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Profit (loss) before tax |
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Income tax expense |
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Net income (expense) |
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Other comprehensive income |
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|
Total comprehensive income |
Note - Source: own development based on Appendix B.
From the data in Table. 2.3 shows that the growth rate of interest income from finance lease was 34.61%, while the rate of interest expense increased by only 1.49. On the positive side, there is a 3.84% decrease in administrative, commercial and other expenses. The total income for 2012 compared to 2011 increased by 71.5 times. These growth rates are associated with an increase in the number of leasing transactions in 2012 compared to the crisis year of 2011.
Table 2.4 shows the structure of the assets and liabilities of the enterprise.
Table 2.4 - Structure of assets and liabilities of the leasing organization PUE "ASB Leasing" for 2008-2012
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Assets and liabilities |
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FIXED ASSETS |
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fixed assets |
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Net investment in finance lease, long-term |
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CURRENT ASSETS |
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Other accounts receivable |
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Income tax receivable |
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Net investment in finance lease, short-term |
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Cash |
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TOTAL ASSETS |
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Equity |
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Undestributed profits |
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LONG TERM DUTIES |
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Long-term credits and loans |
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Deferred tax liabilities |
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SHORT-TERM LIABILITIES |
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Short-term credits and loans |
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Accounts payable and prepayments received |
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Income tax payable |
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TOTAL EQUITY AND LIABILITIES |
