Management of the leasing process. Risk management of a leasing company Methods for effective management of leasing activities in leasing companies through the implementation of comprehensive management accounting systems
Leasing companies can be grouped according to two principles.
The first provides for the division of lessors into six groups depending on their founders:
Banks (domestic and foreign). Indeed, a leasing company can shorten and significantly simplify its path to financial resources if its founder is a bank, which, in turn, is interested in a reliable borrower, which is the leasing company. Typically, banks not only finance the activities of subsidiary leasing companies, but also refer them to potential lessees from among their clients who apply to the bank for a loan. On the other hand, banks are interested in expanding the range of banking services they provide, which include leasing operations. Banks are also interested in minimizing taxation when purchasing the equipment they need, that is, they are interested in acting as lessees. Those banks that managed, during privatization or later, to acquire stakes in companies of interest to them, are also interested in minimizing the costs of technical re-equipment and modernization of these enterprises of production structures (enterprises, financial and industrial groups);
State government bodies. In this case, budget funds are largely used, which are provided to lessors at a cost of ½ or ¼ of the Central Bank refinancing rate. At the same time, the founders may require the participation of the leasing company in projects that are not always economically profitable for it;
Insurance companies that are interested in expanding the leasing business, as this allows them to significantly increase the volume of various types of insurance;
Individuals;
Other founders.
In the activities of leasing companies, one way or another, the incentives for their creation are manifested. The size of leasing projects, their number, the frequency of concluding leasing agreements directly depend on the amount of equity capital, and even more on the amount of the lender’s assets, the ability of the bank not only to provide the necessary loan itself, but also to act as an organizer of a syndicated loan, an authorized representative of Western lenders or a guarantor of the leasing transactions.
In accordance with the areas of activity of the leasing company and the approximate scheme of its work, it is advisable to create the following departments: marketing research; analysis and project financing of leasing transactions; warranty service for projects; contractual legal work and examination; technical supervision; audit and assessment of property; accounting and settlement operations. Expanding the activities of a leasing company will affect the number of staff and hired specialists and an increase in operating costs.
According to the Eurolease Association, in 2000, among 1,059 European lessors, 29% of their number were so-called independent leasing companies, that is, companies that were not established by banks or equipment manufacturers; 14% are captive companies established by equipment manufacturers; 37% are leasing companies established by banks and owned by them; 17% are lessors with banking status or banks directly.
The second principle involves dividing leasing companies into specialized (highly specialized) and universal.
Specialized leasing companies usually deal with one type of product (passenger cars, computers, containers, etc.) or with goods of one group of standard types - construction equipment, communications and telecommunications equipment, printing equipment, medical, etc.
In some cases, specialized leasing companies have their own fleet of vehicles or equipment stock and provide them to the lessee at the request of the client. At the same time, lessors themselves carry out maintenance and ensure that the goods are maintained in normal operating condition.
The development of the leasing services market indicates that lessors are striving to occupy their niche in it. The consequence of this is the fact that the level of specialization of leasing companies is gradually increasing.
Universal leasing companies rent out (leasing) various types of machinery and equipment. They give the lessee the right to choose the supplier of the equipment he needs, place an order and accept the object of the transaction. Maintenance and repairs are carried out by the supplier or the lessee himself. In this case, the lessor, as the owner, has the right to inspect the property and check its completeness. After putting the facility into operation, the lessor is required to sign a protocol for acceptance of the facility. If the acceptance protocol contains a list of deficiencies discovered during acceptance, the lessor must instruct the supplier to eliminate them within a certain period.
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Introduction Chapter 1. Methodological foundations of the leasing business 1.1. The essence of leasing 1.2. Leasing business in Russia 1.3. Foreign experience in leasing activities Chapter 2. Study of management of a leasing company using the example of KhZ LLC 2.1. Company management structure and organizational and economic characteristics 2.2. Plan for leasing operations 2.3. Concept and calculations of leasing payments in LLC "HZ" 2.4. Leasing efficiency 2.5. Risk analysis in leasing activities Chapter 3. Improving the management of leasing activities of the company LLC "HZ" 3.1. Improving the company's financial services sales policy 3.2. Motivation of employees of LLC "HZ" Conclusion List of used literature Application |
Introduction.
Every entrepreneur, starting his business, must clearly understand the future need for financial, material, labor and intellectual resources, the sources of their acquisition, and also be able to clearly calculate the efficiency of using resources in the process of the company’s operation. This is explained by the fact that in the modern economy it is the firm that produces the bulk of goods and services that satisfy human needs.
In a market economy, entrepreneurs will not be able to achieve sustainable success if they do not clearly and effectively plan their activities, constantly collect and accumulate information both about the state of target markets, the position of competitors in them, and about their own prospects and opportunities.
With all the variety of forms of entrepreneurship, there are key provisions that apply in almost all areas of commercial activity and for different companies. Let's consider some of them - inherent in creating a leasing company.
Leasing as a special form of entrepreneurial activity, widespread abroad, is currently being developed in Russia. In the countries of the European Community, leasing accounts for up to 40% of total investment, in the economies of Southeast Asia - up to 80%. In Russia this share does not exceed 8.2%. It is obvious that, taking into account the advantages of leasing compared to other sources of investment, its participation in the reproduction process must be increased. This is what the Russian Federation’s Medium-Term Socio-Economic Development Program (2006-2008) aims at, which provides for “the use of the leasing mechanism as an effective tool for interaction between the state and business...”. The priority of using leasing is confirmed by its inclusion in the implementation of national projects as a guarantor of investment and control over the targeted use of budget funds. Leasing activity is characterized by high rates of industry growth, which in recent years have outpaced the dynamics of development of the main sectors of the financial system and the country's economy as a whole; increased competition between leasing companies, diversification and expansion of the scope of their activities. These and other trends objectively require improving the organizational structure of management of leasing companies as subjects of the service market, bringing it into line with new opportunities and realities of the leasing business.
If actively implemented, leasing, due to its inherent capabilities, can be a powerful impetus for the technical re-equipment of production, structural restructuring of the Russian economy, and saturation of the market with high-quality goods. Today, the leasing business is one of the most complex types of entrepreneurial activity. It involves lease relations, elements of secured credit financing, debt settlements and other financial mechanisms. The leasing company is distinguished by a large number of analytical services, strong marketing and legal support. Constant interaction with banking institutions, insurance companies and regional authorities.
Although back in the early 60s, leasing in foreign countries mainly affected retail companies, which often rented their premises. But over the past three decades, leasing has exploded in popularity; Instead of borrowing money to buy a computer, car, boat or satellite, a company can lease it.
The relevance of the development of leasing in Russia, including the formation of a leasing market, is determined primarily by the unfavorable state of the equipment fleet: the proportion of obsolete equipment is significant, the efficiency of its use is low, there is no provision of spare parts, etc. One of the options for solving these problems may be leasing, which combines all elements of foreign trade, credit and investment operations.
The transition to a market economy has posed a number of problems for industrial enterprises, the main one of which is the following: how to establish themselves in conditions of increasing competition, shrinking sales markets due to low product prices and insolvency, difficulties in finding suppliers of raw materials and materials and limited financial resources.
Currently, most Russian enterprises are experiencing a shortage of working capital. They cannot update their fixed assets, introduce scientific and technological progress and are forced to take out loans. There are different types of lending: mortgage, secured by securities, secured by consignments of goods, real estate. However, if an enterprise needs to update its fixed assets, it is more profitable to lease equipment. At the same time, the cost savings of the enterprise compared to a conventional loan for the purchase of fixed assets reaches 10% of the cost of equipment over the entire leasing period, which usually ranges from one to five years. The current economic situation in Russia, according to experts, favors leasing. The leasing form reconciles the contradictions between an enterprise that does not have the funds for modernization, and a bank that is reluctant to provide a loan to this enterprise, since it does not have sufficient guarantees for the return of invested funds. The leasing operation is beneficial to everyone involved: one party receives a loan, which is repaid in stages, and the necessary equipment; the other side is a guarantee of loan repayment, since the leased object is the property of the lessor or the bank financing the leasing operation until the last payment is received.
The topic of my course work that I have chosen is very relevant. The problem of new investments in the real sector of the economy is very acute today. One of the ways out of this situation - in the widespread use of new financial instruments for industrial investment - is leasing.
Financial leasing satisfies the need for the most scarce type of borrowed capital - long-term credit. Fixed assets transferred under financial leasing are included in the tenant's fixed assets. The main goal of managing financial leasing from the standpoint of attracting borrowed capital is to minimize the flow of payments for servicing each operation. The process of managing financial leasing at an enterprise is carried out according to the following main stages.
Financial leasing (rent) is a business transaction involving the acquisition by the lessor, at the request of the tenant, of fixed assets with their further transfer to the use of the tenant for a period not exceeding the period of their full depreciation with the obligatory subsequent transfer of ownership of these fixed assets to the tenant. Financial leasing is considered as one of the types of financial credit. Fixed assets transferred under financial leasing are included in the tenant's fixed assets.
Credit relations of financial leasing are characterized by multidimensionality, manifested in a fairly wide range.
1. Financial leasing satisfies the need for the most scarce type of borrowed capital - long-term credit. At the present stage, long-term bank lending to enterprises has been reduced to a minimum. This is a serious obstacle to the implementation of investment activities by enterprises related to the renewal and expansion of the composition of their non-current assets. The use of financial leasing for these purposes makes it possible to satisfy the enterprise’s needs in attracting long-term credit.
2. Financial leasing provides the full scope of satisfying the specific target needs of the enterprise for borrowed funds. The use of financial leasing for the specific purposes of updating and expanding the composition of the active part of operating non-current assets allows the enterprise to completely eliminate other forms of financing this process at the expense of both equity and borrowed capital, and reduces the enterprise’s dependence on bank lending.
3. Financial leasing automatically forms full collateral for the loan, which reduces the cost of attracting it. The form of such loan security is the leased asset itself. An additional form of loan security is mandatory insurance of the leased asset by the lessee (renter) in favor of the lessor (lissor). A decrease in the level of credit risk of the lessor (and, accordingly, its risk premium) creates the prerequisites for a corresponding reduction in the cost of attracting an enterprise to this type of financial loan (in comparison with a bank loan).
4. Financial leasing provides “tax shield” coverage of the entire volume of the attracted loan. Leasing payments, which ensure amortization of the entire amount of the principal debt on the borrowed loan, are included in the costs of the enterprise and accordingly reduce the amount of its taxable profit. For a bank loan, a similar “tax shield” applies only to payments for servicing the loan, and not to the amount of the principal debt on it. In addition, a certain system of tax benefits also applies to the lessor.
5. Financial leasing provides a wider range of forms of payments related to debt service. Unlike a bank loan, where debt service and return of the principal amount are carried out in the form of cash payments, financial leasing provides for the possibility of making such payments in other forms, for example, in the form of deliveries of products produced with the participation of leased assets.
6. Financial leasing provides greater flexibility in the timing of payments related to debt service. In contrast to the traditional practice of servicing and repaying a bank loan, financial leasing provides an enterprise with the opportunity to make lease payments according to a much wider range of schemes, taking into account the nature of use of the leased asset, the period of its use, etc. In this regard, financial leasing is a more preferable credit instrument for an enterprise.
7. Financial leasing is characterized by a more simplified procedure for obtaining a loan compared to banking. As evidenced by modern domestic and foreign experience, in the case of a leasing agreement, the amount of time spent and the list of financial documentation required for submission is significantly lower than when drawing up an agreement with a bank for the provision of a long-term financial loan. This is largely facilitated by the strictly targeted use of the loan received and its reliable security during financial leasing.
8. Financial leasing ensures a reduction in the cost of the loan due to the liquidation value of the leased asset. Since in financial leasing, after the completion of the leasing period, the corresponding asset is transferred into the ownership of the lessee, then after its full depreciation, he has the opportunity to sell it at its liquidation value. The amount of the loan under the leasing agreement is conditionally reduced by the amount of this liquidation value (reduced by discounting to the present value).
9. Financial leasing does not require the formation of a principal debt repayment fund at the enterprise due to the gradual depreciation of it. Since in financial leasing, servicing of the principal debt and its depreciation are carried out simultaneously (i.e., included in the leasing payments as a whole), with the end of the leasing period, the cost of the principal debt on the leased asset is reduced to zero. This saves the company from the need to divert its own financial resources to form a sinking fund.
The listed credit aspects of financial leasing define it as a fairly attractive credit instrument in the process of an enterprise attracting borrowed capital to ensure its economic development.
The main goal of managing financial leasing from the standpoint of attracting borrowed capital by an enterprise is minimizing the flow of payments for servicing each leasing operation.
The process of managing financial leasing at an enterprise is carried out according to the following main stages:
- Selecting a financial leasing object
- Selecting the type of financial leasing
- Agreeing with the lessor on the terms of the leasing operation
- Assessing the effectiveness of a leasing operation
- Organization of control over timely implementation of leasing payments
1. Selection of the object of financial leasing. This choice is determined by the need to update or expand the composition of the enterprise’s operating non-current assets, taking into account the assessment of the innovative qualities of their individual alternative types.
2. Selecting the type of financial leasing. This choice is based on the classification of types of financial leasing and assessment of the following main factors:
- country of origin of the products that are the object of financial leasing;
- market value of the financial leasing object;
- development of the infrastructure of the regional leasing market;
- the established practice of carrying out leasing operations on similar leased objects;
- the possibility of effective use by the lessee of the asset that is the object of leasing.
In the process of choosing the type of financial leasing, the mechanism for acquiring the leased asset is taken into account, which comes down to three alternative options:
- The lessee enterprise independently selects the leasing object it needs and the specific manufacturer- the seller of the property, and the lessor, having paid its cost, transfers this property for the use of the lessee on the terms of financial leasing (this scheme is fundamentally applicable to leaseback);
- the lessee enterprise entrusts the selection of the leasing object it needs to its potential lessor, which, after its acquisition, transfers it to the enterprise on financial leasing terms (this scheme is most often used in external leasing);
- The lessor gives the lessee the authority of its agent to order the proposed leased object from its manufacturer and, after payment, transfers the property acquired by him to the lessee on the terms of financial leasing (this scheme is most often used in domestic leasing).
Thus, the process of selecting the type of financial leasing is usually combined with the process of selecting a potential lessor.
3. Agreeing with the lessor on the terms of the leasing transaction. This is the most critical stage of financial leasing management, which largely determines the effectiveness of the upcoming leasing operation.
4. Assessing the effectiveness of the leasing operation. This assessment is based on a comparison of total payment flows for different forms of asset financing.
The efficiency of cash flows (payment streams) is compared in present value for the following main decision options: acquisition of assets into ownership using one’s own financial resources; acquisition of ownership assets through a long-term bank loan; rental (leasing) of assets.
- The basis of the cash flow of acquiring an asset into ownership at the expense of one’s own financial resources are the costs of its purchase, i.e. market price of the asset. These expenses are incurred when purchasing the asset and therefore do not require adjustment to present value.
- The basis of the cash flow of acquiring ownership of an asset through a long-term bank loan constitute the interest for using the loan and its total amount to be returned upon repayment. The total amount of this cash flow in present value is calculated using the following formula:
WPC N = ∑ t=1 n [PC * (1 - N P) / (1 + i) t ] + SK / (1 + i) n
where DPC N is the amount of cash flow on a long-term bank loan, reduced to the present value; PK is the amount of interest paid for the loan in accordance with its annual rate; SK is the amount of the loan received, subject to repayment at the end of the loan period; N P is the tax rate on profit expressed as a decimal fraction; i is the annual interest rate for a long-term loan, expressed as a decimal fraction; n is the number of intervals at which interest payments are calculated in the overall stipulated period of time.
- The basis of the cash flow of the lease (leasing) of the asset consist of an advance lease payment (if it is stipulated by the terms of the leasing agreement) and regular lease payments (rent) for the use of the asset. The total amount of this cash flow in present value is calculated using the following formula:
DPL N = AP L + ∑ t=1 n [LP * (1 - N P) / (1 + i) t ]
where DPL N is the amount of cash flow for leasing (renting) an asset, reduced to its present value; AP L - the amount of the advance lease payment provided for by the terms of the leasing agreement; LP is the annual amount of regular leasing payment for the use of the leased asset.
In the calculation algorithms for the sum of cash flows of all types given above, the value of the asset is provided for complete write-off at the end of its useful life. If, after the intended period of use of an asset leased under financial leasing or acquired into ownership, it has a liquidation value, its projected amount is deducted from cash flow. The calculation of this deductible amount of salvage value is carried out using the following formula:
DP LS = LS / (1 + i) n
where DP LS is the additional cash flow due to the sale of the asset at its liquidation value (after the stipulated period of its use), reduced to the present value; LP is the projected liquidation value of the asset (after the stipulated period of its use).
Example. Compare the efficiency of financing an asset under the following conditions: asset cost - $60 thousand; asset service life - 5 years; the advance leasing payment is provided in the amount of 5% and amounts to 3 thousand dollars; the regular leasing payment for the use of the asset is $20 thousand per year; the liquidation value of the asset after the intended period of its use is projected in the amount of 10 thousand dollars; the income tax rate is 30%; The average interest rate on a long-term bank loan is 15% per year.
Based on the above data, the present value of the cash flow will be:
- when purchasing an asset using your own financial resources:
DPS N = 60.0 - 10.0 / (1 + 0.15) 5 = 60.0 - 5.0 = 55.0 thousand dollars.
- when acquiring ownership of an asset through a long-term bank loan:
WPC N = 9 * (1 - 0.3) / (1 + 0.15) 1 +... + 9 * (1 - 0.3) / (1 + 0.15) 5 + 60 / (1 + 0.15) 5 - 10 / (1 + 0.15) 5 = 5.5+4.8+4.1+3.6+3.1+29.9-5 = 46.0 thousand dollars
- when renting (leasing) an asset:
DPL N = 3.0 + 20 * (1 - 0.3) / (1 + 0.15) 1 + ... + 20 * (1 - 0.3) / (1 + 0.15) 5 - 10 / (1 + 0.15) 5 = 3.0+12.2+10.6+9.2+8.0+7.0-5.0 = 45.0 thousand dollars
Comparing the calculation results, you can see that the lowest is the real cost of cash flow during leasing:
45,0 < 46,0 < 55,0.
This means that the most effective form of financing this asset is its rental under financial leasing terms.
5. Organization of control over the timely implementation of leasing payments. Leasing payments in accordance with the schedule for their implementation are included in the payment calendar developed by the enterprise and are controlled in the process of monitoring its current financial activities.
In the process of managing financial leasing, it should be taken into account that many legal norms regulating it in our country have not yet been established or have not been sufficiently developed. In these conditions, one should focus on international standards for leasing operations with their appropriate adaptation to the economic conditions of our country.
Introduction
An analysis of global experience shows that in recent years leasing operations have become an integral part of the economy in many countries. Currently, 20-25% of investments in developed countries come from leasing operations. The undisputed leader in the global leasing market is the United States. The United States accounts for about 52% of the total leasing volume in the world, 25-30% of investments in equipment are carried out in the form of leasing, and the annual turnover of the leasing market in 2003 was . amounted to 208 billion US dollars. One of the reasons for the rapid development of leasing in the United States was tax incentives: accelerated depreciation and investment tax credits. However, the US Internal Revenue Service carefully ensures that tax benefits are not used as a disguised purchase and sale of property, for which rules are periodically published regulating legal relations arising in the field of leasing.
The form of leasing itself seems to be a kind of compromise between an enterprise, which, as a rule, does not have the funds to modernize and update its equipment fleet, and a bank, which is reluctant to provide loans to this enterprise, since in most cases it does not have sufficient guarantees of return on invested funds. Indeed, in its classic form, leasing is convenient for everyone: both leasing organizations, and banks that are constantly in contact with one or more trustworthy leasing companies, and, naturally, the leasing company itself, which receives its income (margin) for actually performing intermediary transactions between the buyer equipment, the lending bank and the supplier of this property. According to experts, savings for an organization when obtaining property on lease, compared to a conventional loan for the purchase of fixed assets, reaches 10 percent of the cost of the equipment over the entire leasing period.
Leasing is lending to the relationship between lessors and lessees in connection with the operation of technological equipment.
Leasing is a lease agreement that provides for the provision by the lessor (lessor) of equipment, machines, computers, office equipment, vehicles, industrial, commercial and warehouse facilities belonging to him to the lessee (tenant) for exclusive use for a specified period for a certain fee - rent, which includes an interest rate that covers the cost of raising funds by the lessor on the money market, taking into account the required bank profit and depreciation of property.
The lessor and the lessee operate with capital not in monetary form, but in production form, which brings leasing closer to investment.
Leasing operations are equal to credit operations with all the ensuing rights and state regulations. However, leasing differs from a loan in that after the end of its term and payment of the entire stipulated amount of the contract, the leased object remains the property of the lessor (unless the contract provides for the purchase of the leased object at the residual value or transfer into the ownership of the lessee). With a loan, the bank reserves the right of ownership of the object as collateral for the loan.
The problem of new investments in the real sector of the economy is very acute in Russia. Purchasing equipment by enterprises is difficult or simply impossible. Due to their lack of financial resources, obtaining a loan is also problematic, since it requires start-up capital (as a rule, at least 20 percent of the cost of equipment will have to be paid from your own funds), and the loan terms are short - do not exceed 1-2 years.
The way out of this situation lies in the widespread use of new financial instruments for productive investment, one of which is leasing.
Objectives of this work:
. Reveal the theoretical and legislative basis of leasing operations
. Conduct an analysis of leasing operations at Progress M CJSC
. Determine the main ways to improve the management of leasing operations
The object of research in this work was the study of leasing projects at the enterprise.
This thesis consists of an introduction. Conclusions and 2 chapters.
Conclusion
According to Article 2 of the Law “On Financial Lease (Leasing),” leasing is understood as “the set of economic and legal relations arising in connection with the implementation of a leasing agreement, including the acquisition of the leased asset.” Under a leasing agreement, the lessor undertakes to acquire ownership of the property specified by the lessee from a seller identified by him and to provide the lessee with this property for a fee for temporary possession and use.
When concluding an agreement, the parties establish the total amount of leasing payments, the form, method of calculation, frequency and procedure for paying contributions. Payments can be made in cash, compensation form (products or services of the lessee), as well as in a mixed form. In this case, the price of the lessee's products or services is set in accordance with current legislation.
This paper examines the schemes for carrying out leasing operations and analyzes the effectiveness of leasing transactions for the lessor and the lessee.
We have calculated the economic efficiency and proven that leasing transactions are beneficial for both parties.
After the introduction of the leasing system and the purchase of a new production line, the following changes occurred at the enterprise.
The given methodology for determining leasing payments can be considered as the basis for calculating leasing payments, regardless of its type. However, in each specific case, the calculation of leasing payments depends on the features of the leasing agreement and the selected type of leasing payments. In any case, the rent not only covers the lessor's costs associated with the acquisition of leased objects, but also includes profit.
The equipment being replaced has a high wear rate. The TT45 machine served for 7 years out of 12 years according to the standard, and the TP50 machine served for 8 years out of 12 years. Therefore, the residual value (Fost) is Fost.st = 33.7 thousand rubles.
The company expects to sell them for 40 thousand rubles. Let's take Lstar = 40 thousand rubles. Consequently, to introduce new equipment we will need investments in the amount of 151,462 thousand rubles.
Thus, leasing payments will pay off in K / ∆P = 165 / 172.912 = 1.08 years.
The economic effect is equal to 151,462 thousand rubles, which is more than zero, therefore the proposed event is cost-effective, in addition, it will pay off in 1 year.
In this case, in accordance with the provisions provided in the leasing agreement, the lessee is obliged to pay the lessor the closing amount of the transaction.
To conduct leasing activities in Russia, a foreign company is not required to create a representative office or branch, or have a foreign or Russian leasing license (this requirement has been abolished in Russia since February 2005). It enters into a leasing agreement with a Russian enterprise, uses borrowed or own funds on behalf of the lessee to purchase the leased asset and delivers it to the Russian partner. She can buy it both abroad and in Russia, including from the lessee himself.
For the lessor, economic benefit is determined by the formula:
(Ka+Kp+K%+NPk+NI+PZk± D N-Apk+NIpk) > (LP+PZl+Sv-Apl+NIpl).
1. Basic forms of regulation of leasing relations
The emergence and rapid spread of the leasing business throughout the world is based on two groups of factors:
- objective- related to the patterns and features of the development of scientific and technological progress and the growth of capital investments in high-tech industries;
- subjective- socio-economic policy of the state and overcoming the psychological barrier by public consciousness, awareness among a wide range of entrepreneurs of the simple fact that an effective business can be built not on one’s own, but on someone else’s borrowed (rented) means of production.
Among objective factors In the development of leasing, the following are essential:
- accelerating the pace of updating equipment and technology and, consequently, reducing the obsolescence of equipment and increasing their separation from the period of complete physical wear and tear;
- the increasing complexity and cost of servicing new equipment, limiting its implementation by the users themselves;
- strengthening the differentiation of products and expanding the need not for permanent, but for temporary use of expensive specialized equipment;
- increasing complexity of the optimal choice of the most effective models (brands) of machines in their increasing range on the capital goods market;
- a progressive shortage of capital in the financial market and the widespread inaccessibility of traditional sources of investment for small and medium-sized businesses.
At the same time, the transformation of leasing into an effective tool for the revival and development of the Russian leasing process by the state and within the framework of specialized organizations involved in the leasing business. The general pattern is that an increase and expansion of benefits leads to an increase in the scale of leasing, while maintaining or introducing restrictions reduces leasing activity.
By 2001, the Russian economy faced the need for widespread renewal and replacement of fixed capital - practically the entire national production fleet of machinery and equipment. An important role in the modernization of plants and factories will be played by financial and other types of leasing, the regulatory framework for which in Russia, one might say, has basically already been formed (schemes 1, 2, 3, 4, 5, 6).
Scheme 1. Forms of state regulation of leasing activities in Russia
Scheme 2. Basic guarantees of leasing activities in Russia
Scheme 3. System of leasing benefits in Russia
Scheme 4. State support for leasing activities
Diagram 5. Features of regulation and support of international leasing
Scheme 6. The right to use the accelerated depreciation mechanism for the leased asset
Accrual method |
The procedure for determining the annual amount of depreciation charges |
Calculation example |
1. Linear |
Based on the original cost of the object and the depreciation rate calculated on the basis of its useful life in equal shares throughout the entire period of use of the object - in equal shares |
The cost of the object is 100 thousand rubles, the useful life is 5 years, the annual depreciation rate is 20%. The annual amount of depreciation deductions is 20 thousand rubles. (100·20:100) |
2. Reduced balance |
Based on the residual value of the object at the beginning of the year and the depreciation rate calculated on the basis of its useful life and the acceleration factor established by the law of the Russian Federation (the depreciation amount decreases in accordance with the decrease in the residual value) |
The cost of the object is 100 thousand rubles, the useful life is 5 years, the annual depreciation is 20%, the acceleration factor is 2. The annual amount of depreciation charges: |
3. Write-off of cost based on the sum of the number of years of useful life |
Based on the initial cost of the object and the annual ratio, where the numerator is the number of years remaining until the end of the object’s service life, and the denominators are the sum of the number of years of the object’s service life (the depreciation period of the object can increase during its repair, modernization or conservation) |
The same object. The sum of the numbers of years of service life of the object = 15 years (1+2+3+4+5). Annual depreciation amount: |
4. Write-off of cost in proportion to the volume of products (works) |
Based on the natural indicator of the volume of production (work) in the reporting period. period and the ratio of the initial cost of the object and the expected volume of products (work) for the entire useful life of it (physical wear and operating mode of the equipment is taken into account - the intensity of its use) |
A car with a carrying capacity of more than 2 tons, a standard mileage of 500 thousand km, costs 100 thousand rubles. During the reporting period, the mileage was 5 thousand km. The annual depreciation amount will be 1 thousand rubles. (5·100:500). |
Diagram 7. Features of methods for calculating depreciation charges on fixed assets
Tax benefits for subjects of leasing relations are provided for:
- tax reduction at a profit by including leasing payments and interest on borrowed funds used in financial leasing transactions;
- exemption from VAT on payments of small enterprises for leasing transactions in full (RF Law of 04/01/96 No. 29);
- reducing the amount of tax payable to the budget by the amount of VAT paid upon the acquisition of fixed assets at the time they were registered;
- exemption of imported technological equipment and spare parts for it from value added tax (list of equipment approved by the State Customs Committee of the Russian Federation dated April 13, 1995 No. 248);
- partial exemption from customs duties for international financial leasing goods temporarily imported into the customs territory of the Russian Federation: for each full and incomplete calendar month, 3% of the amount of customs duties and taxes that would have been payable if the goods had been released for free circulation is paid (indication State Customs Code of the Russian Federation dated April 24, 1994 No. 01-12/328);
- complete exemption from customs duties and taxes for aircraft imported in accordance with the leasing agreement (Order of the Government of the Russian Federation dated May 24, 1995 No. 737-r);
- import imported property into the territory of Russia under financial leasing without issuing a passport for the import transaction (letter of the Central Bank of the Russian Federation and the State Customs Committee of the Russian Federation dated May 28, 1996 No. 285).
2. Organizational forms of leasing management
Depending on the level of division of labor in society and enterprises, the size and type of commercial organizations, the stage of development of leasing and established practice, three main concepts for managing leasing activities can be distinguished: production, marketing and specialized (industry).
In small enterprises where there is no deep division of management functions, all work on the preparation and implementation of leasing operations is concentrated in production departments equipment manufacturing companies, which makes it possible to improve the sales of new equipment, arrange for its repair and maintenance directly at the point of use at the tenants. After all, it is in the production departments that there are qualified personnel with experience in the production and servicing of manufactured equipment. But as the leasing share of manufactured products develops and increases, this organizational form ceases to correspond to the economic interests of both parties and at a certain stage there is a need to move to a new higher level of management.
Separation of management of leasing operations in independent divisions or as part of the marketing service of an enterprise(bank, industrial company) allows you to promote your products on the leasing services market with a large degree of professionalism.
And finally, due to the law of social division of labor, the third stage begins, when leasing activity goes beyond the boundaries of manufacturing enterprises and is concentrated in a special specialized industry, represented by various types leasing companies.
In accordance with specific conditions, the forms of management of leasing activities under consideration exist in time and space simultaneously, in parallel, forming various combinations in relation to any type of leasing. Of course, the management of direct and indirect leasing has significant features (diagrams 8 and 9).
Diagram 8. Organizational forms of direct leasing management
Diagram 9. Organizational structure of indirect leasing management
Further development of organizational forms of leasing management is determined by trends caused by the laws of cooperation and concentration of production.
Cooperation of large financial holders in the form of banks and insurance companies with enterprises producing machinery and equipment, as well as repair enterprises with direct consumers, will help overcome the inevitable difficulties of developing a leasing system for technical equipment in the current difficult conditions. It is possible, for example, to have equity participation of interested parties in the formation of specialized leasing companies with the involvement of the material and technical base of each of the participants and their receipt of profit in proportion to the invested capital.
Increased demand for technical equipment in the conditions of market formation leads to an increase in the volume of transactions carried out by leasing companies. More and more new technical means are being drawn into the orbit of the leasing business. Hence the need arises for the consolidation of companies, their specialization, the creation of legally independent companies, in whose contributions this joint-stock company will have a controlling stake. That is, we are talking about a transition to holding-type companies. It is the use of the holding model of company construction that the management of the BALTLEEZ association considers a promising organizational form.
The functional structure of leasing associations and companies based on holding-type firms will significantly reduce the costs of leasing operations. For example, issues of advertising and publishing may well be the responsibility of the company that holds the controlling stake. The holding company may have a general customer research service. Issues of insurance of leasing transactions can also be resolved at the holding company level, subject to a contract with an insurance company.
New areas of activity of leasing companies will undoubtedly entail a complication of the organizational structure. A general principle emerges here - the organizational structure must be rebuilt taking into account the needs of the market, ensuring progress in the leasing business (Diagram 10).
Diagram 10. Development of organizational forms for managing leasing activities
3. Organization of leasing companies
Depending on the specific conditions in practice, leasing companies of several types are created:
- universal, created by commercial banks;
- specialized, created by large manufacturers of machinery and equipment and leasing part of their products;
- combined, created by large companies specializing in the supply and maintenance of equipment.
Any leasing company needs stable sources of funds for the purchase of leased equipment. Therefore, of the variety of operating leasing companies, the vast majority were created with the participation of commercial banks. A similar path was chosen when creating BALTLIZA: its main founders were one of the largest banks in Russia, the St. Petersburg Industrial Construction Bank, and one of the leaders in the insurance market, Rosgosstrakh. Thus, two problems were solved at once: the formation of a reliable source of financing for leasing operations and, at the same time, their insurance. The use of relatively cheap long-term loans helped BALTLEASE survive in difficult economic conditions. The main result of BALTLISA's five-year work is proof that leasing in Russia can and should be done.
In accordance with current legislation, commercial banks in Russia, along with other operations, can also carry out leasing transactions. There are two main forms of bank participation in the leasing business:
- direct method when the bank itself acts as a lessor, creating a special department or group of specialists in its structure;
- indirect method when the bank establishes an independent leasing company or acts as a creditor to the lessor.
The advantages of leasing activities of banks are expressed in the following areas:
- the presence of real material support for leasing operations;
- expanding the range of its operations and sphere of influence in the region;
- relatively high profitability of leasing operations due to commission payments;
- increasing reliability by investing in the sphere of material production.
A positive aspect of the development of leasing is also the participation in the relevant relations of institutions of leasing companies of large industrial complexes and interaction with regional authorities.
Thus, the Moscow Leasing Company (MLK) was established by the Moscow Small Business Support Fund and operates with the organizational and financial support of the Moscow Government. In the agro-industrial complex, the functions of a lessor are performed by decision of the Government of the Russian Federation by OJSC Rosagrosnab, as well as Akkor-Leasing, the general contractor of the Russian Farmer Foundation, etc.
The activities of the majority of currently operating leasing companies are universal in nature. For example, the Moscow leasing company carries out:
- financial leasing of equipment for small businesses;
- search and promotion of advanced technological processes and equipment, and also analyzes the possibilities of their effective use in Russian conditions;
- examination of projects and technologies, development of recommendations for their rational use in small enterprises;
- consultations on the selection of equipment and supplier;
- selection of optimal leasing conditions;
- Providing teaching materials to newly created leasing companies specializing in small businesses.
This company leases the following types of equipment:
- production and construction equipment;
- mini-bakeries;
- equipment for processing meat, milk, agricultural products;
- woodworking equipment;
- lines for the production of cookies, pasta, breakfast cereals;
- medical and dental equipment;
- darkrooms and mini-printing houses;
- gas stations;
- lines for the production of plastic bottles;
- bottling lines for various drinks;
- packaging equipment.
The largest leasing company, the Baltliz association, registered in mid-1890 in St. Petersburg, has an even more complex composition of leased property. The founders of the association were Lenpromstroybank, Gosstrakh of the USSR, Baltic Shipping Company, NIIMS represented by its St. Petersburg branch. The first leasing operations were associated with the leasing of dry cargo ships to the Baltic Shipping Company. But by the beginning of 1992. the range of equipment leased has expanded significantly. Nowadays it includes not only ships, but also aircraft, industrial equipment, construction equipment, office equipment, and other technical equipment. The largest share in the structure of the association's leasing fleet currently falls on maritime transport. Both public and private cooperative organizations that need certain types of equipment act as consumers of services. The Association builds its work on the basis of using not only its own, but also attracted sources of financing for leasing operations. Currently, Baltliz is exploring leasing opportunities for consumers of agricultural machinery, oil production and refining enterprises, as well as gold mining. A representative office of the association was opened in Moscow.
Most of the leasing companies existing today were created as small enterprises - limited liability partnerships through the pooling of funds of the founders, each of whom made a certain contribution. The feasibility of this legal form was determined based on the tax benefits introduced for small enterprises, as well as the lack of a developed leasing market, which predetermined the relatively small scale of activity in this area at the first stage. But now the transition of leasing enterprises to a joint-stock form of operation, the advantages of which are well known, is being completed.
The Russian Federation Law on Leasing defines leasing companies as commercial organizations (residents and non-residents of the Russian Federation), created in the form of a joint stock company or other organizational and legal forms, performing the functions of lessors in accordance with constituent documents and licenses.
The founders of leasing companies (firms) can be legal entities and (or) citizens (residents or non-residents of the Russian Federation), including individual entrepreneurs.
Consequently, leasing companies, in accordance with the Civil Code of the Russian Federation and the Leasing Law, can have various organizational and legal forms.
Choosing the most appropriate organizational and legal form leasing company (see diagram 11) in each case is carried out taking into account a certain set of factors, including:
Scheme 11. Model for choosing the legal form (OLF) of a leasing company
Scheme 12. Procedure for creating a leasing company in the form of an open joint-stock company
When creating a leasing company, it is necessary to take into account the peculiarities of the construction and functioning of business companies, cooperatives, partnerships and the most common - joint-stock - form of leasing organization (diagrams 12, 13, 15).
Scheme 13. Appointment of management of the leasing company and opening of a bank accountv
The Law of the Russian Federation on joint stock companies establishes the maximum permissible list of management bodies, including:
- General Meeting of Shareholders;
- board of directors (supervisory board);
- sole executive body (general director, board);
- collegial executive body (executive directorate, executive director);
- liquidation and audit commissions;
- The counting commission is a permanent body of the general meeting.
At the same time, the Law provides for the possibility of choosing various options for the formation of management bodies and their combination (Diagram 14).
Option 1
Option 2
Option 3
The first two options, shown in Diagram 14, are characterized by the creation of a strong sole executive body (general director), elected by the general meeting of shareholders. 8 clause 1 art. 48 and paragraph 3 of Art. 49 of the Law).
Scheme 15.
General characteristics of a leasing company in the form of a joint stock company
Characteristics |
JSC - commercial organizations whose authorized capital is divided into a certain number of shares |
|
open (JSC) |
closed (closed joint-stock company) |
|
1. Founders |
One or more individuals and (or) legal entities based on an agreement |
One or more individuals and (or) legal entities |
Is a legal entity |
Is a legal entity |
|
3. Sources of funds |
From free sale of shares to potential buyers |
From the sale of shares to the founders or a predetermined circle of persons. Cannot conduct open subscription for shares. Authorized capital of at least 100 minimum wages |
4. Ownership |
The property belongs to OJSC |
The property belongs to the JSC |
5. Special conditions for liquidation |
Can transform into a limited liability company or a production cooperative |
With an increase in participants above the norm, it will be transformed into an OJSC |
6. Use of property |
To carry out any business activity not prohibited by law or licensed |
For any business activity not prohibited by law or licensed |
7. Number of participants |
Can be created by one person |
May consist of one person |
The maximum term of office of the general director (duration of a fixed-term employment contract) can in this case be up to 5 years (Article 17 of the Labor Code). A decision on early termination of the powers of the general director can only be made by the general meeting of shareholders. At the annual elections of the board of directors, the issue is decided not about the powers of the general director, but about the entry of the current general director into the next composition of the board of directors. The law allows for the possibility of a sole executive body joining the board of directors, but does not necessarily require this.
It is advisable to elect the Chairman of the Board of Directors at a meeting of this body from among its members, as provided for in paragraph 1 of Art. 67 of the Law. He performs coordinating functions in the work of the council. The charter should provide that general meetings and meetings of the board of directors are chaired by the general director, which allows for clause 2 of Art. 67 of the Law. It must be remembered that the Law prohibits combining the functions of the sole executive body and the chairman of the board of directors (clause 2 of Article 66 of the Law).
The difference between the options under consideration is as follows.
Option 1 provides for the presence of two executive bodies. Along with the sole executive body, a collegial body (executive directorate, board) is formed, which is appointed by the board of directors at the proposal of the general director.
The main functions for the current management of the company's affairs are assumed by the executive bodies, with the role of the general director strengthened. The executive body may delegate that part of the powers of the general meeting, the delegation of which is permitted by law. The person performing the functions of the sole executive body is ex officio the chairman of the collegial executive body (Clause 1, Article 63 of the Law). It should be remembered that members of the collegial executive body cannot constitute a majority on the board of directors (Clause 2 of Article 66 of the Law). In the option under consideration, accordingly, there are restrictions on the possibility of a large number of officials from the executive directorate joining this body. The board of directors in this situation becomes more of a supervisory board.
This option corresponds to commercial organizations with a large volume of activity and the presence of large “external” investors. Such shareholders can be represented on the supervisory board and participate in the development of strategic decisions, while the current management of affairs is carried out by executive bodies consisting of professional officials who work in the company permanently. The option allows us to maintain the traditional status of a “strong” CEO.
Option 2. Having a sole executive body, this option is more consistent with joint stock companies created during the privatization process, in which the controlling stake is in the hands of administration officials, that is, the largest shareholders are executive directors.
The option retains the status of a “strong” general director, but involves the abandonment of a collegial executive body, which allows one to bypass the restriction contained in paragraph 2 of Art. 66 of the Law that members of this body cannot constitute a majority on the board of directors. In the proposed scheme, any number of company officials (who, as a rule, are major shareholders) can join the board of directors.
The Board of Directors assumes the functions not only of developing strategic decisions, but also of current operational management. It is delegated those powers of the general meeting, the delegation of which is permitted by law to the board of directors and the executive body. In the option under consideration, we are not talking about a supervisory board, but about a board of actual executive directors.
There is no need to form a special collegial executive body. The General Director can use such a traditional form of developing collective operational decisions as a production meeting of heads of functional services, divisions, workshops, and branches.
In this case, the company's charter should distinguish between two procedures. The first is the election and early termination of powers of members of the board of directors. This falls within the exclusive competence of the general meeting. The second is the appointment and dismissal of members of the board of directors from specific positions in the functional services of the company. The law does not regulate the latter procedure - accordingly, it can be transferred to the competence of the general director. When choosing option 2, you should avoid the common temptation to limit the possibility of only shareholders of the company joining the board of directors.
Option 3. A leasing company can be managed by a hired manager. The General Meeting of Shareholders elects the Board of Directors and its Chairman. The Board of Directors appoints a sole and, if necessary, a collegial executive body.
This option is more suitable for newly established joint stock companies, where one of the founders owns a controlling stake. It is relevant when establishing subsidiaries. The founder does not have the opportunity to deal with operational issues of managing the commercial organization he created, but at the same time wants to ensure fairly strict control over its executive bodies.
The place of the “strong” general director elected by the general meeting in this scheme is taken by the chairman of the board of directors (who, as a rule, is the largest shareholder).
An executive director is essentially a hired manager appointed by the board of directors with an annual renewal of his powers. The need to create a collegial executive body is determined in each case individually.
At general meetings and meetings of the board of directors, in accordance with the charter, the chairman of the board of directors presides.
Current legislation (clause 2 of article 103 of the Civil Code of the Russian Federation and clause 1 of article 64 of the Law) establishes the mandatory creation of a board of directors in companies with more than fifty shareholders. In companies with a smaller number of shareholders, it is possible to do without this management body, the functions of which are carried out by the general meeting of shareholders.
The successful activity of a leasing company is largely determined by the rational construction of its internal organizational structure and the formation of an adequate system of management bodies (diagrams 16, 17, 18).
In addition to the general director, the management structure of a leasing company includes the positions of financial director, director of commercial affairs and director of general affairs.
The competence of the commercial director includes issues of marketing research of the leasing market, commercial intermediary operations, execution of agreements for leasing of technical equipment, study of foreign trade and leasing practice.
An integral part of the commercial service of a leasing company is a staff of experts capable of conducting analysis and preparing conclusions about the technical level, development prospects, consumer properties and market opportunities of the company. Neglect of these analytical services was in most cases the reason for the ineffectiveness of many established leasing companies. It is advisable to include in the competence of the financial director issues related to the financial support of leasing operations, market research for borrowed funds, financial examination of contracts, as well as determining the economic indicators of the leasing company and studying the clientele.
The organizational structure of a leasing company depends on the type of shareholders (banks, insurance companies, private organizations, etc.), the economic sphere of activity (industry, agriculture, trade, etc.), the type of contracts and goods (equipment, transport, mini-factories , real estate, etc.), areas of activity. Therefore, building a company must meet the goals and objectives of it and its founders.
Diagram 16. Organizational structure of a leasing company (Option 1)
As their business activities expand, leasing companies usually create subsidiaries and dependent companies with the rights of a legal entity (Schemes 19 and 20).
Diagram 17. Organizational structure of a leasing company (Option 2)
Diagram 18. General meeting of shareholders in the management system of a leasing company
Scheme 19. Subsidiary leasing companies
Scheme 20.
Options for participation of the main company in a subsidiary
Limits of participation in the authorized capital |
The nature of the influence on the decisions made by “DO” |
|
Little influence without the ability to influence transactions performed |
||
From 5% to 25% |
Minority participation, limited influence |
|
From 25% to 50% |
Blocking minority (25% + 1 share) prevents decisions of the “DO” when 3/4 votes are required |
|
Parity participation |
||
From 50% to 75% |
Simple majority, the ability to influence many decisions “BEFORE” |
|
From 75% to 100% |
Qualified majority, determination of decisions on all issues of the activities of “subsidiaries” |
|
100% of the authorized capital of “DO” |
Full ownership of the organization |
Scheme 21.
Basic parameters of a leasing company in the form of a business company
Characteristics |
Companies are commercial organizations with an authorized capital divided into shares (capital pool) |
|
with limited liability (ХООО) - art. 87-94 Civil Code of the Russian Federation |
with additional responsibility (HODO) - Art. 95 Civil Code of the Russian Federation |
|
I. Founders |
|
One or more persons under an agreement and charter |
Is a legal entity |
Is a legal entity |
|
3. Sources of funds |
Cost of participants' deposits Income received |
Cost of participants' contributions |
4. Ownership |
|
Property belongs to society |
5. Management |
Supreme body - general meeting of participants |
Similar to HOOO |
6. Responsibility |
Participants are not liable for the obligations of the LLC and risk their deposits |
Solidary subsidiary in the same multiple of the value of their contribution for everyone |
7. Creditworthiness |
In the volume of the property of the enterprise no less than the amount of authorized capital established by law |
In the amount of property of the holding and participants in a multiple of the value of each contribution |
8. Profit distribution |
Proportional to deposits |
Proportional to deposits |
9. Relationships between participants |
The right to participate in the management of the activities of a limited liability company, to part of the property after the liquidation of the company, to transfer a share or part thereof to other participants |
Similar to HOOO |
10. Special conditions for reorganization |
By unanimous decision of the participants, it is liquidated or transformed into a JSC or PT |
Similar to HOOO |
11. Number of participants |
One participant possible |
One participant possible |
Scheme 22.
Features of a leasing company in the form of a business partnership (Article 66-85 of the Civil Code of the Russian Federation)
Characteristics |
Partnership - a contractual association of persons for entrepreneurial activities |
|
full (PT) |
on faith (limited partnership) (CT) |
|
1. Founders (participants) |
Individual entrepreneurs and (or) commercial organizations based on an agreement |
General partners - individual entrepreneurs and (or) commercial organizations |
Is a legal entity |
Is a legal entity |
|
3. Sources of funds |
Contributions of participants to the authorized (share) capital without the right to issue shares |
Contributions of general partners and investors in share capital |
4. Ownership |
The property belongs to the partnership |
The property belongs to KT |
5. Management |
Carried out by each participant by common agreement, or on behalf of the PT or on behalf of individual participants |
Carried out by full comrades |
6. Responsibility for obligations |
Full subsidiary joint and several with all your property for 2 years from the time of disposal |
General partners bear full liability with all their property |
7. Creditworthiness |
To the extent of the property of the PT and each (all) participant(s) |
To the extent of the property of the joint venture, and if insufficient - the property of general partners |
8. Distribution of profits and losses |
Proportional to shares in share capital |
In the manner prescribed by the constituent agreement for a share in the share capital |
9. The nature of the relationships between the participants |
Trust relationships under contract (one for all, all for one) The right of each participant to exit, to share profits, information, management of PT |
Trust relationships under the constituent agreement between general partners |
10. Special conditions for liquidation |
When the only participant left in the PT, if he did not transform the PT into a business company within 6 months |
Upon the departure of all investors, if the general partners have not converted CT into PT |
11. Use of property |
In accordance with the purposes and purpose of the property |
|
12. Disposal of property |
With the consent of all participants |
With the consent of full comrades |
13. Number of participants |
At least two |
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