Leasing is a type of rental that has elements of borrowing operations, which makes it similar to a loan.

In Russia, leasing relations are regulated by the Law “On Leasing” and the Civil Code of the Russian Federation. The Law “On Leasing” interprets it as a type of investment activity for the acquisition of property and its transfer on the basis of a leasing agreement to individuals or legal entities for a specified period, for a certain fee and in accordance with the conditions established by the agreement, with the right to purchase the property by the lessee.

The main difference between leasing and traditional rent is that three parties are directly involved in it:

1. lessor (lessor) - an individual or legal entity that acquires ownership of property and transfers it for temporary possession and use to the lessee for a fee and on the terms agreed upon in the contract;

2. lessee (tenant) – an individual or legal entity accepting property for use in accordance with
with a leasing agreement;

3. seller (supplier) – an individual or legal entity,
selling property to the lessor that is the subject of
leasing talk.

In addition to them, the following usually take part in a leasing transaction:

1. banks (or other credit institutions) providing loans to the lessor for the purchase of equipment;

2. insurance companies that insure the lessor's property.

World experience in organizing leasing operations shows that the following can act as a lessor:

Banks that create leasing services in their structures;

Specialized leasing companies;

Leasing companies created by enterprises producing machinery and equipment;

Leasing companies organized by companies engaged in
supply and maintenance of equipment.

In Russia, leasing companies and citizens registered as individual entrepreneurs can carry out leasing activities after receiving the appropriate license. Leasing companies are created in the form of commercial organizations and carry out business activities by leasing property. In accordance with Russian legislation subject of leasing there may be enterprises and other property complexes, buildings, structures, equipment, vehicles and other movable and immovable property that can be used for business purposes.

In terms of its economic content, leasing refers to direct investment. In the process of leasing activities, the lessor bears costs associated with the acquisition and transfer of property to the lessee, as well as costs caused by the need to create conditions for the normal use of the property leased. The lessor's investment costs include:

– cost of acquiring property,

– costs of its transportation and installation,

- property tax,

– cost of customs clearance and payment of customs duties,

– costs of insurance against all types of risk,

– expenses for paying interest for the use of borrowed funds,

– the cost of registering the leased asset and the costs of transferring it to the lessee,

– costs of creating reserves for the purpose of capital repairs of property, as well as costs of its maintenance and servicing.

In addition, the lessor may provide additional services, the cost of which is included in investment costs.

In addition to costs, the total amount of the leasing agreement includes the lessor's remuneration, which, in turn, includes payment for services for the implementation of the leasing transaction and a percentage for the use of the lessor's own funds aimed at purchasing the leased property. The lessor's remuneration is his income. Profit is calculated as the difference between the lessor's income and its expenses for core activities. In order to ensure the attractiveness of leasing activities, the level of profit should not be lower than the bank interest rate.

The lessee, at his own expense, carries out maintenance of the leased equipment and its current repairs. Responsibilities for carrying out major repairs lie with the lessor. However, the agreement may also provide for other options for the distribution of functions for repair maintenance of the leased asset. Upon termination of the contract, the lessee returns the property to the lessor, if this is provided for in the leasing agreement,

In Russia, financial leasing, or leasing with full payback, is most widespread. financial leasing - this is a type of leasing in which the lessor (lessor), on behalf of the lessee (lessee), acquires ownership of the property stipulated by the contract from a specific seller and provides it to the lessee for temporary possession and use for a fee.

During the term of the financial leasing agreement, the property is almost completely depreciated, and the lessor, through leasing payments, returns its cost or most of it. A common practice is to enter into leasing agreements for a period ranging from 70 to 80% of the depreciation period.

Property transferred for a long term becomes morally and physically obsolete and is of no interest to leasing companies. Therefore, upon expiration of the contract, the leased asset becomes the property of the lessee, unless otherwise provided by the contract. The property may become the property of the lessee before the end of the term, provided that the lessee pays the entire amount stipulated by the agreement. Thus, with this type of leasing, new equipment specially purchased by the leasing company (and not equipment that was in use by the lessor) is usually leased for use in order to transfer it for use to the lessee.

According to civil law, the object of financial leasing can be any temporarily vacant property, except for land plots and natural objects. Most often, high-tech equipment is transferred under financial leasing. In conditions of rapid scientific and technological progress, thanks to leasing, enterprises have the opportunity to quickly and with minimal investment risk replace obsolete equipment.

The scheme of leasing relations is presented in Fig. 2.

The leasing agreement specifies: characteristics of the property that is the object of leasing; the volume of transferred property rights; name of the place and procedure for transferring the leased asset; contract time; the procedure for balance sheet accounting of the leased asset; conditions for maintaining and repairing property; the total amount of the leasing agreement and the amount of the lessor's remuneration; payment schedule; terms of insurance of the leased item; a list of additional services provided by the lessor on the basis of a comprehensive leasing agreement.

When leasing movable property, the contract is drawn up in writing; when leasing real estate, it is subject to registration in the unified state register. In addition to the leasing agreement, mandatory contracts include a purchase and sale agreement. Related agreements include an agreement to attract funds, a pledge agreement, a guarantee agreement, a surety agreement, etc.

Rice. 2 – Scheme of leasing relations

After determining the total amount of the leasing agreement, the method of payment of contributions is agreed upon and a schedule for making leasing payments is drawn up. If the financial position of the lessee is sufficiently stable, then a reduction in the amount of contributions towards the end of the leasing period may be envisaged. The degressive form of payments reduces the risk of the lessor, who already at the initial stage, through leasing payments, returns most of the cost of the property. The leasing payment schedule may provide for an increase in payments towards the end of the leasing term. The progressive form of making contributions is most attractive for newly created and small enterprises with limited financial capabilities.

Leasing provides benefits to all participants in the leasing transaction. The manufacturer is expanding the sales market for its products by establishing long-term relationships with leasing companies. In other words, leasing is an effective means of selling products. This is especially true in an unstable economic situation, when many enterprises do not have the opportunity to simultaneously withdraw large funds from circulation to purchase equipment. The potential of leasing as a way to sell complex and expensive equipment is quite high.

The lessee company simultaneously solves two problems: the acquisition and financing of equipment and its use without mobilizing large financial resources and without attracting loans, which allows maintaining the ratio of own and borrowed funds without the risk of compromising the financial stability of the enterprise. When organizing new production facilities, leasing makes it possible to create the necessary equipment fleet without large initial investments. Therefore, leasing operations are most popular among small and medium-sized enterprises.

In some cases, leasing can be more expensive than a bank loan. At the same time, the advantage of leasing operations compared to a loan is the possibility of establishing more flexible payment terms. Therefore, when purchasing equipment and choosing a method of financing it, it is necessary to take into account the size of leasing payments and the schedule for their payment. The terms of leasing payments specified in the contract must be adapted to the payback period of investments.

Leasing companies have the opportunity to better study the equipment market, establish permanent relationships with its manufacturers and purchase equipment at lower prices compared to market prices. This is in the interests of both the landlord and the tenant. An important point is that leasing payments are included in the cost of products produced by the lessee, which can significantly reduce taxable profit and the amount of taxes paid.

The conditions for accepting leased property onto the balance sheet of the lessor or lessee are determined by agreement between the parties to the leasing agreement. As a rule, property leased is on the balance sheet of the lessor, who retains ownership of it with all the ensuing responsibilities. He also calculates depreciation charges. Russian legislation provides for the use of accelerated depreciation by using the straight-line method of accrual for property leased. In this case, the established depreciation rate increases by an acceleration factor not exceeding 3.

Leasing companies receive the necessary income from leasing property at a lower level of risk compared to conventional lending. Thus, in the event of bankruptcy of the lessee or failure to make lease payments, the lessor can sell the property and compensate for its losses. At the same time, in conditions of inflation, leasing operations of a long-term nature become unprofitable for lessors, despite the fairly high level of security of the financial and credit resources used in the transaction.

In addition to financial leasing, other modifications of it, such as operational and leaseback leasing, have become widespread in the world. Depending on the characteristics of the transaction, the number of participants, the degree of return on property, the volume of services provided, etc., leasing operations can be divided into types (Fig. 3). This division is quite arbitrary, since one transaction may contain signs of different types of leasing.

Introduction

Market transformations in the Russian economy, the need to accelerate scientific and technological progress, the rise of various sectors of the economy, including the military-industrial complex in the conditions of a sharp limitation of financial resources, all this requires the search and implementation of new methods for updating fixed assets. One of these non-traditional and quite effective financial instruments is leasing, which is an alternative to traditional forms of investment.

Currently, many Russian enterprises face a serious problem of finding and attracting long-term investments to expand production, acquire modern equipment and introduce new technologies.

Leasing today is one of the most effective ways to invest in equipment and production development, and the purchase of equipment or vehicles under a leasing agreement is a more profitable form of investment compared to direct purchase and purchase using credit resources.

In a situation where the possibilities of obtaining investment loans are limited, leasing is one of the most accessible and effective ways to finance production development.

Leasing is a unique investment tool that helps improve the competitiveness of Russian industry, directly stimulates the process of replacing imported products with high-quality domestic analogues, increasing employment, and increasing income of private businesses and the state.

The peculiarity of leasing is that it is a way of implementing property relations, expressing a certain state of productive forces and production relations, with which it is in close relationship. Leasing, on the one hand, contributes to the establishment of private ownership of the means of production, and on the other hand, it leads to overcoming it, a change of owner and user. When executing a lease, you can always buy back the leased property. Thus, leasing is not only a tool for the circulation and renewal of fixed assets, but also for their acquisition.

This work will consist of two parts. The first, abstract, will consider the concept of leasing, its features, types, advantages and disadvantages, as well as methods for calculating leasing payments. In the second, calculation, it is supposed to calculate the coefficients in accordance with the task.

Leasing as a form of investment activity

Leasing activity belongs to the category of real investments, that is, the investment of capital in the production of any product. At the same time, the leasing company, as a subject of investment activity (investor), makes investments in other enterprises in the form of providing ownership and use of fixed assets, intangible assets and other leased property.

The economic meaning of leasing as an investment activity is to invest capital in lessee enterprises and charge a fee for this, which is the income of the leasing company. The interpretation of leasing as a special type of investment activity makes it easy to determine both the amount of investment and the income of the leasing company, which in turn allows you to comply with the accounting rules established in Russia and clearly determine the tax base. The amount of investment in lessee enterprises is nothing more than the amount of expenses associated with the acquisition of leased property, which were incurred by the lessor both before the agreement on the transfer of property for possession and use, and after.

The lessor's income is his remuneration - the amount of money provided for in the leasing agreement in excess of the reimbursement of investment costs (expenses). It includes: payment for services related to the leasing transaction; interest on the use of the lessor's own funds aimed at purchasing the leased asset and (or) performing additional services, if their provision is provided for in the leasing agreement.

Thus, the lessor’s income does not mean the entire amount of lease payments or the difference between the amount of lease payments and the cost of the leased property (as defined earlier), but only his remuneration, determined in addition to investment costs. The lessor's costs include investment costs (costs) and expenses for the lessor's core activities, and profit is understood as "the difference between the lessor's income and its expenses for the lessor's core activities."

INTRODUCTION………………………………………………………………………………..3

1. theoretical aspects of leasing as an investment method……………………………………………………………………………….7

1.1. Concept, types and economic essence of leasing………………………….7

1.2. Reasons for the development of leasing as an investment method…………………19

1.3. Advantages of leasing as an investment method…………………….…24

2. Leasing management system as a method of investing in AUPNP and workover works of OAO TATNEFT…………………28

2.1. Brief description of the activities of AUPNP and workover works of OAO TATNEFT..28

2.2. Condition of operational equipment at main facilities.

capital repairs of wells……………………………………………………35

2.3. Analysis of movement and technical condition of equipment………………..40

2.4. Calculation of leasing payments according to the methodology used in AUPNP and workover of OAO Tatneft………………………………………………………………………………………...52

3. WAYS TO IMPROVE LEASING IN AUPNP AND KRS OF JSC TATNEFT AS AN INVESTMENT METHOD......................................... ….66

3.1. The benefits of purchasing equipment through leasing compared to

loan……………………………………………………………………………………….66

Conclusion…………………………………………………………………………………..…83

LIST OF REFERENCES………………………………..90

APPLICATION

INTRODUCTION

The transformation under the influence of scientific and technological progress in the sphere of production and circulation, profound changes in the economic conditions of business, necessitate the search and implementation of non-traditional methods for the economy of our country for updating the material and technical base and modifying fixed assets of subjects of various forms of ownership. One such method is leasing.

Until the early 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, car, boat or satellite, a company can lease it.

The transition to a market economy in Russia has confronted industrial enterprises with a number of problems, the main ones being: adaptation to the unusual conditions of increasing competition, a reduction in the sales market due to high prices for manufactured products and the problem of non-payments, the difficulty of finding suppliers of raw materials and materials and limited financial resources. At the same time, to ensure the survival of an enterprise, modern production must have a number of special qualities: great flexibility, the ability to quickly change the assortment.

Production that is unable to re-adjust and adapt to the demands of real conditions, often of small groups of consumers, is doomed to bankruptcy; technology becomes so complex that it requires the introduction of new forms of control, organization and division of labor. The current planning based on the principle of “from what has been achieved” is unacceptable, since a sharp increase in the competitiveness of products is necessary; the structure of product costs changes, while due to difficulties with suppliers of raw materials, the share of material costs associated with sales increases; A big problem is increasing the efficiency of the enterprise's sales activities. More than ever, special attention should be paid to accelerating the turnover of working capital, reducing excess inventories, and selling products as quickly as possible.

The Russian economy should be able to develop dynamically on the basis of its own internal resources, perception of progressive achievements of science, strong and organic inclusion in world economic relations while ensuring economic invulnerability and environmental safety. For such a restructuring of Russia's industry, investments are needed, which are currently sorely lacking. Therefore, along with traditional forms of investment, its special form is also of interest - leasing, which, due to its inherent capabilities, can become an impetus for technical re-equipment, the creation of the necessary capacities of industrial enterprises and the structural restructuring of the economy as a whole.

Based on the importance of this mechanism as a special form of investment in entrepreneurial activity associated with the acquisition of property and its transfer for use under an agreement to individuals or legal entities for a certain period and for a certain fee, the Russian Government has adopted a number of resolutions promoting the development of leasing activities.

The measures taken by the Government of Russia, federal executive authorities and executive authorities of the constituent entities of the Federation to develop leasing have significantly expanded the possibilities of its use.

Currently, a large number of leasing companies operate in the Russian leasing services market, the number of which is constantly growing. These companies are able to set in motion the released production capacity and significantly satisfy the needs of industrial and commercial enterprises in the use of equipment (property). Moreover, with a shortage of financial resources, these structures can help many enterprises survive by providing technological equipment for their production, i.e. lay the foundations for overcoming the crisis and future economic recovery.

The relevance of this topic lies in the fact that leasing is of great importance for enterprises and for the Russian economy as a whole, because With the help of leasing, an enterprise can purchase expensive equipment for carrying out production activities, which allows it to develop dynamically in the absence of its own funds.

The purpose of this thesis is to identify ways to improve leasing and develop recommendations that will help improve leasing as an investment method and its effectiveness.

To achieve this goal, it is necessary to solve the following tasks:

Consider the concept, types and economic essence of leasing;

Consider the reasons for the development of leasing as an investment method;

Consider the advantages of leasing as an investment method;

Give a brief description of the AUPNP and workover works of OAO TATNEFT;

Study the condition of operational equipment at the main well workover sites;

Conduct an analysis of the movement and technical condition of equipment in the UPNP and workover stations of OAO Tatneft;

Conduct calculation of leasing payments according to the methodology used in AUPNP and workover of OAO Tatneft;

Consider the benefits of purchasing equipment through leasing versus a loan in AUPNP and workover of OJSC Tatneft;

The subject of this thesis is leasing as an investment method.

The object of this thesis is the AUPNP and workover of OJSC Tatneft.

When writing this work, the legislative and regulatory documents governing leasing relations in the Russian Federation were studied, literature: Gazman V.D. “Leasing: theory, practice, comments”, Kraseva T.A. “Basics of leasing”, Olkhovsky R.G. “Method for calculating lease payments”, Goremykin, V.A. “Fundamentals of technology of leasing operations”, as well as economic printed publications “Money and Credit”, “Leasing - Courier”, “Economist”, “Finance”, “Expert”, “Securities Market”, “Consultant”, “Financial Director” , “Leasing Review”, “Accountant Consultant”.

1. theoretical aspects of leasing as an investment method

1.1. Concept, types and economic essence of leasing

Like any complex economic concept, leasing has many definitions. First of all, leasing is a word of English origin, derived from the verb to lease - to take and rent out property for temporary use. The following definition most accurately reflects the essence of the term “leasing”: Leasing is an investment of temporarily free or borrowed financial resources, in which the lessor undertakes to acquire ownership of the property stipulated by the contract from a specific seller and provide this property to the lessee for a fee for temporary use with the right of subsequent ransom.

It is generally accepted that all economic and legal relations associated with leasing belong to a new or recent period in the history of economic relations. However, it is not. Documents indicate that rent (leasing) has been known to man since time immemorial.

Indeed, the idea of ​​leasing is far from new, although the term “leasing” as such has not yet existed. Disclosure of the essence of the leasing transaction goes back to the distant times of Aristotle (384 / 383 - 322 BC). It is he who owns the title of one of the treatises in “Rhetoric”: “Wealth consists in use, and not in the right of ownership.” In other words, it is not necessary to own any property to receive income; it is enough just to have the right to use it and, as a result, receive income.

The first documentary mention of a practically carried out leasing transaction dates back to 1066, when William the Conqueror rented ships from Norman shipowners for the invasion of the British Isles.

In the Middle Ages, rental activity was somewhat limited. Mostly agricultural implements and horses were rented. However, from time to time events occurred that gave rise to unique forms and rental items. Thus, in 1248, a leasing transaction was registered, according to which the knight Bonfils Manganella Gaeta rented armor to participate in the Seventh Crusade. He then paid rent for them, which eventually greatly exceeded the original cost of the ammunition.

In 1572, a legislative act was adopted in Great Britain allowing the use of only real, and not imaginary, leasing, that is, lease agreements signed on reasonable grounds were recognized as legal, since by that time transactions aimed at concealing the true state of affairs - who the owner, who is the owner. This was used as a means of hidden transfer of property, that is, to mislead creditors.

Thus, the original idea of ​​​​the separation of possession and property and the ability to benefit from ownership has been known to law since ancient times.

At the beginning of the 20th century in Great Britain, due to the development of industry and an increase in the production of various types of equipment, the number of goods leased increased. The development of railway transport and the coal industry played a special role in this.

In the United States, there has also been a demand for financing the rental of various types of machinery and equipment. The first recorded lease of personal property appeared in the United States in the early 18th century, when guild members leased horses, wagons and buggies. Subsequently, the growth of leasing activity was determined, as in the UK, by the development of railway transport.

In Russia, the concept of “leasing” was introduced during the Second World War, when in 1941–1945 American equipment was supplied under land lease.

The economic essence of leasing relations (financial lease). Leasing payments: essence, structure, calculation method. Activities of the leasing company CJSC Sberbank-Leasing. The importance of financial, production and resource-saving functions of leasing.

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Non-state educational institution

higher professional education

MOSCOW ACADEMY OF ENTREPRENEURSHIP

under the Moscow Government

PERM BRANCH

Course work

at the course “Finance of Organizations (Enterprises)”

LEASING AS A SPECIAL FORM OF INVESTMENT

Executor:

3rd year student

correspondence department

groups 25/08-З

Fedorov G.O.

Scientific adviser:

Candidate of Economic Sciences, Associate Professor Bayandina V.A.

Permian2011

COHOLDING

INTRODUCTION

1. ECONOMIC ESSENCE OF LEASING RELATIONS

1.1 History of the origin and development of leasing

1.2 Concept, subject and functions of leasing

1.3 Efficiency of leasing projects

1.4 Leasing payments: essence, structure, calculation methodology

1.5 Economic advantages of leasing

2. ACTIVITIES OF THE LEASING COMPANY CJSC “SBERBANK LEASING”

3. FORECASTS FOR LEASING DEVELOPMENT IN RUSSIA FOR 2011

CONCLUSION

BIBLIOGRAPHY

INTRODUCTION

For a steadily growing, balanced economic system, a certain level of savings rate is required. Thus, in the 90s, this figure in Western European countries was 19-21% and in the USA - 17-18%. However, at the stage of formation of the capital and structural foundations of modern economic growth, the rate of accumulation should be significantly higher. In Japan in the first two post-war decades, this figure was 70-75% of GDP. In the newly industrialized countries of East and Southeast Asia, this figure does not fall below 30-35% of GDP. According to experts, in order to overcome instability and put the country on a path of sustainable economic growth (with an average annual rate of about 5% per year), the savings rate at current prices should also be at least 30-36% of GDP.

The relevance of the development of leasing in Russia, including the formation of a leasing market, is determined, first of all, 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. For many enterprises, this is no longer a development problem , but a question of survival, since in the current situation new capital investments often no longer compensate for the natural retirement of fixed assets. 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 (repo operation), 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.

This work is intended to characterize not only the theoretical aspects of leasing, but also its practical application, as well as the problems of its development in Russia.

1. ECONOMICI AM THE ESSENCE OF LEASING RELATIONS

1.1 History of the origin and development of leasing

In the domestic legal and economic literature, the circumstances associated with the emergence of a leasing agreement are assessed differently.

In particular, in the works of economists one can often find references to the fact that Aristotle noted in “Rhetoric” that wealth is not the ownership of property on the basis of property rights, but its (property) use, as undoubted evidence that even then leasing was famous. The English author T. Clarke went even further, arguing that leasing was known long before Aristotle lived: he finds several provisions on leasing in the laws of Hammurabi, passed around 1760 BC. There are also references to the fact that the Roman Empire also did not remain aloof from leasing relations - they were reflected in the Institutes of Justinian.

In one of the books on leasing, there was the following statement: “... the first mention (documentary) of a leasing transaction dates back to 1066, when William the Conqueror rented ships from Norman shipowners for the invasion of the British Isles. This experience was not forgotten, and just two centuries later, in 1248, the first official leasing transaction was registered - the crusaders, preparing for the next campaign, received ammunition in this way.”

However, economists, apparently, see leasing in all historical documents where we are talking about property rental (rent), and moreover, they call leasing any complex of property relations associated with the ownership of a thing on a right other than ownership. It seems that such statements are based on a misunderstanding of the essence of the leasing agreement and its qualifying features, which distinguish leasing as a separate type of lease agreement.

The emergence of leasing legal relations, and with it the introduction into the economic lexicon of the term “leasing” (from the English “to lease”), which means “to rent” or “to rent,” is still more correctly associated with the operations of the Bell telephone company. , whose management in 1877 decided not to sell their telephone sets, but to transfer them on terms similar to the modern understanding of leasing.

In the twentieth century, leasing became widespread in a new capacity - as an institution designed to regulate a special form of investing financial resources (limited, as is known) in the economy, associated with the use of such a method as the acquisition by financial organizations at the request of industrial firms of machinery and equipment with subsequent transfer their last to rent. A powerful impetus to the development of leasing was given by the creation of special leasing companies, for which leasing became not only a means of trade policy, but also a subject of activity. The first company for which leasing operations became the basis of its activities was created only in 1952 in San Francisco by the American company United States Leasing Corp. Somewhat later, US commercial banks began to take part in leasing operations, which received permission from the US Federal Reserve to create subsidiaries to carry out leasing operations.

In the early 60s, American entrepreneurs “transported” leasing across the ocean to Europe, where the first leasing company, Deutsche Leasing GMbH, appeared in 1962 in Dusseldorf. The European leasing market has existed here since 1972.

One of the factors behind the widespread use of leasing is usually the development of railway transport: railway companies, in order to avoid burdensome expenses, sought to purchase locomotives, wagons and other vehicles not for ownership, but only for use. For these purposes, at the initial stage in the United States, a trust structure was used, when the corresponding vehicles were purchased by trust companies and then transferred for use to railway companies. Then, the active interest of companies - vehicle manufacturers in selling their products and financial companies - in profitable investment of capital led to a change in the investment system: financial companies began to purchase vehicles and other equipment needed by transport companies from a certain manufacturer at the request of operating organizations with transfer their last to rent. After some time, technological equipment, cars, sea vessels, aircraft, etc. began to be leased en masse on a leasing basis.

The experience of leasing activities of the USA and England was not used in the USSR. Only during World War II did Soviet citizens become acquainted with the concept of leasing (lend-lease). The United States supplied its allies with weapons and automotive equipment. However, immediately after the war, the word “leasing” disappeared from the Russian lexicon for more than four decades. And only in the early 90s did the Russian government pay attention to leasing as a way to stimulate investment activity.

1.2 Concept, subject and functions of leasing

As follows from the above, leasing has long been widespread in many countries of the world and, above all, in countries with developed market economies. In Russia, the ways and forms of development of leasing relations are just being mastered.

However, in the difficult modern Russian economic conditions, when most enterprises cannot make significant financial investments in renovation processes, the need to develop a leasing business becomes obvious.

Fundamentally important, from the point of view of the theoretical characteristics of leasing, is its definition, the very interpretation of the concept of “leasing”.

First, it is necessary to provide an understanding of this category by most authors of the economic literature on this topic. Leasing, based on the issues of its development discussed above, is understood as a special type of investment of temporarily free or attracted financial resources for the acquisition of property from a specific seller by the lessor (lessor) agreed upon with a specific lessee (tenant) and then provision of this property to this tenant for temporary use for a fee.

A similar definition is given in the Federal Law “On Leasing”. According to Article 2 of this Law, leasing is a type of investment activity for the acquisition of property and its transfer on the basis of a leasing agreement to individuals or legal entities for a certain fee, for a certain period and under certain conditions stipulated by the agreement, with the right to purchase the property by the lessee.

It is easy to see that these definitions represent leasing, first of all, as a special type of investment activity mentioned. At the same time, the content of such type of activity as leasing is often interpreted differently. In particular, leasing is sometimes considered as a unique and promising way of financing production and business activities, sometimes it is identified with long-term lease or one of its forms, which, in turn, comes down to hired, contracting, rental relations, and sometimes leasing is considered simplified , an easier way of buying and selling means of production or the right to use someone else’s property.

Researchers of the essence of leasing relations rightly note that modern interpretations of leasing historically go back to the classical principles of Roman law on the distinction between the concepts of owner and user of property.

According to any economic theory (regardless of ideological and social orientation), property is a relationship regarding appropriation, that is, the acquisition of the means of production and the material wealth created with their help. In its most final form, this kind of appropriation means that the owners (property subjects) have three basic powers, namely, the right to own, use and dispose of a certain thing, subject, their totality, that is, an object of property (it must be emphasized that this concept is reflected Only in Russian law, in Germany, for example, legal scholars distinguish four components of property rights).

The owner, at his own discretion, owns, uses and disposes of the property belonging to him, and can also transfer these rights to third parties.

The right of ownership presupposes real, actual possession of the corresponding object, thing; the right of use determines the possibility of using, exploiting a given item in order to derive benefit from it, one’s own benefit, and the last, the right of disposal, leaves the owner the opportunity to independently, at his own discretion, determine the future fate of the item.

According to the principle of possible delimitation of these powers, the same right of use presupposes the option of applying a given property for the purpose of extracting profit from it by another entity - the user of the property.

It can be concluded that the emergence and very existence of rent and leasing (as a special type of lease) are based precisely on the possibility of dividing the components of ownership into two most important powers: the right to use a thing, that is, to use it in accordance with its intended purpose in order to generate income and other benefits , and the right of ownership itself as the legal dominance of a person over the object of property.

The conclusion that arises as a result of considering this aspect of the leasing application is formulated as follows: leasing is a way of implementing property relations, expressing a certain interaction of productive forces and production relations, with which leasing is closely related.

At the same time, the peculiarity of leasing activity is that, on the one hand, it contributes to the development of private ownership of the means of production, and on the other, it leads to the expansion of its boundaries up to a change of owner and manager. By investing their funds and labor in improving and quantitatively multiplying fixed assets of production, lessees become not only owners, but also owners of such increments. As a result, leasing achieves a solution to the possible problem of duality of jointly used property, which belongs to all jointly operating entrepreneurs together and at the same time to each entrepreneur individually.

The lessee simultaneously performs three roles: entrepreneur, employee and owner. He not only uses the means of production transferred to him, but also owns and disposes of them in a certain way. Moreover, the lessee is the full owner of the separable costs he invested (with the permission of the lessor) in improving the means of production, as well as part of the new funds, at least in the amount of their increase from his own profit during the leasing period.

Consequently, in a broader sense, leasing is an organizational form of entrepreneurial activity that expresses property relations and a special management system based on them.

A leasing agreement is considered by the Civil Code of the Russian Federation (hereinafter referred to as the Civil Code of the Russian Federation) as a separate type of contractual lease obligations. What a leasing agreement has in common with other types of leases is that the property is transferred by the lessor to the lessee for temporary possession and use for a fee.

At the same time, the leasing agreement has certain characteristic features that distinguish it as a separate type of lease agreement.

Firstly, along with the lessor and the tenant, the seller of the property, who is its owner and is not participating in the leasing agreement as a party, also acts as an obligated person under the leasing agreement.

Secondly, under a leasing agreement, unlike general lease provisions, the lessor is not the owner or title holder of the property that is to be leased. Moreover, the lessor is obligated to acquire ownership of this property belonging to another person (the seller). This obligation of the lessor is covered by the content of the obligation arising from the leasing agreement. When purchasing property for a tenant, the landlord must notify the seller that the property is intended to be leased.

Thirdly, an active role, usually unusual in rental relations, belongs to the lessee in the leasing obligation. It is the tenant who determines the seller and indicates the property that must be purchased by the lessor for subsequent lease. Naturally, the lessor is relieved of any responsibility for the choice of the rental item and the seller. An exception to this rule can only be cases when the leasing agreement assigns the responsibility for identifying the seller and selecting the property to the lessor. Article 665 of the Civil Code of the Russian Federation

Fourthly, special in comparison with the general rules on leasing is also the provision set out in the Civil Code of the Russian Federation in the form of a dispositive norm that the transfer of property leased under a leasing agreement to the lessee is carried out not by the lessor, but by the seller of this property. However, responsibility for non-fulfillment or improper fulfillment of this obligation, if the delay is due to circumstances for which the lessor is responsible, rests with the lessor. In this case, the tenant has the right to demand that the landlord terminate the contract and compensate for losses. p. art. 668 of the Civil Code of the Russian Federation From the moment the seller transfers to the lessee the property provided for in the leasing agreement, the risk of accidental loss or accidental damage to the leased property passes to the latter.

Comparative characteristics of leasing and classic rentals are certainly important and useful. However, as the analysis shows, this approach in many ways seems simplified, since in reality leasing has a more complex, largely contradictory nature. Noting its similarity to rent, we have just defined it as a way of investing funds on a repayable basis in fixed capital. By providing elements of fixed capital for a certain period, the lessor receives them back at a set time, that is, the existence of the principles of urgency and repayment is evident. For his service, he receives remuneration in the form of commissions in addition to the costs incurred - thereby ensuring the implementation of the principle of payment. However, the same principles of urgency, repayment and payment are characteristic not only of rental relations, but also of lending to business activities. Based on this, we can conclude that, from the financial side, leasing is considered as a form of lending for the purchase of machinery and equipment, an alternative to a traditional bank loan.

In other words, from the financial side, leasing is a trade loan. It is provided by the seller to the buyer in the form of a deferred payment for the property transferred for use. However, there are also significant differences between loans and leasing, which can be commented on as follows.

According to property relations. After the end of the leasing period, the object (property) remains the property of the lessor, and the user can buy it. With a commercial loan, not only the right to use is transferred, but also the right of ownership of the goods, with only one significant amendment that payment for the goods is deferred.

On the relationship between trade and credit transactions. A credit transaction is conditioned by the act of purchase and sale and exists only because a trade transaction has occurred.

Leasing does not always begin with the purchase of property, since the leasing company may already have it, and does not always end with the sale of property to the user if the leasing transaction is of an operational nature.

According to the form of loan repayment. A commercial loan is provided in goods and is repaid in cash. When leasing, a loan, although provided in a commodity form, can be repaid in the same tangible form or compensated for by counter services, as well as products produced on leased equipment.

The connection between leasing and investment activities has already been described above. Consequently, the most reasonable would be a definition that characterizes leasing in the complex of all its manifestations. This, as shown above, is a whole set of economic relations and transactions arising in connection with the acquisition of property and its subsequent rental for temporary use for a certain fee.

This complex includes such mandatory elements as purchase and sale, rent, and may also include a loan, order, guarantee, insurance, company service, etc.

No less important than the definition of “leasing” itself are its subject and subjects.

In accordance with the Civil Code of the Russian Federation, the subjects of a leasing agreement are the lessor and the lessee of the leased property (Article 665), thereby emphasizing that the leasing agreement is one of the types of rental agreement. The Civil Code of the Russian Federation does not contain any special requirements for the subjects of a leasing agreement, but based on the definition of the concept of this agreement (the leased property is leased to the tenant for business purposes), it can be concluded that the tenant - an individual - must be a citizen registered as an individual entrepreneur.

As for the lessor, the Civil Code of the Russian Federation provided the federal law with the authority to determine the list of types of business activities, the implementation of which requires obtaining a special permit, to decide whether he should have the status of a commercial organization (legal entities) or an individual entrepreneur (individuals). - licenses. Since the Federal Law “On Leasing” provided that the leasing activities of leasing companies, as well as citizens engaged in leasing activities and registered as individual entrepreneurs, are carried out on the basis of permits (licenses) obtained in the manner prescribed by law, today there is no longer any doubt that that only commercial organizations or individual entrepreneurs who have licenses to carry out this type of activity can act as a lessor in a leasing agreement.

The Federal Law “On Leasing” specified the concept of leasing entities (Article 4), establishing that leasing entities are:

lessor - an individual or legal entity who, at the expense of borrowed or own funds, acquires ownership of property during the implementation of a leasing transaction and provides it as a leased asset to the lessee for a certain fee, for a certain period and on certain conditions for temporary possession and use with transfer or without transfer to the lessee of ownership of the leased asset;

lessee - an individual or legal entity who, in accordance with the leasing agreement, is obliged to accept the leased asset for a certain fee, for a certain period and under certain conditions for temporary possession and use in accordance with the leasing agreement;

seller (supplier) - an individual or legal entity who, in accordance with a purchase and sale agreement with the lessor, sells to the lessor within a specified period the property produced (purchased) by him, which is the subject of leasing. The seller (supplier) is obliged to transfer the leased item to the lessor or lessee in accordance with the terms of the purchase and sale agreement.

Any of the leasing entities can be a resident of the Russian Federation, a non-resident of the Russian Federation, as well as a business entity with the participation of a foreign investor, carrying out its activities in accordance with the law.

At the same time, it should be noted that when speaking about the seller (supplier) as a leasing subject, the Federal Law “On Leasing” by the concept of “leasing” does not mean a financial lease (leasing) agreement, but “a type of investment activity for the acquisition of property and transfer it on the basis of a leasing agreement to individuals or legal entities for a certain fee, for a certain period and on certain conditions stipulated by the agreement, with the right to purchase the property by the lessee" (Article 2).

Meanwhile, a financial lease (leasing) agreement is an agreement concluded between the lessor (lessor) and the lessee (lessee). The seller is not a party to this agreement; therefore, he cannot be recognized as the subject of the leasing agreement.

As the main lessors, the Federal Law “On Leasing” (Article 5) recognizes leasing companies (firms), which mean commercial organizations, including non-residents of the Russian Federation, performing the functions of lessors in accordance with their constituent documents and received, in accordance with the legislation, procedure for permission (license) to carry out leasing activities. The specified leasing companies (firms) have the right to attract funds from other legal entities to carry out leasing activities.

The circle of lessors - legal entities is not limited to leasing companies (firms) that have received a special permit (license) to carry out leasing activities. The right to carry out leasing activities may be granted by federal law to certain categories of legal entities operating in the form of commercial organizations endowed with target legal capacity.

For example, directly by virtue of the Federal Law “On Banks and Banking Activities”, credit organizations have the right to carry out leasing operations (clause 6 of part two of Article 5) and for this they do not need to obtain a special license to engage in this type of activity; it is enough to have a general license for carrying out banking operations.

The objects of a financial lease (leasing) agreement can be any unused things used for business activities, with the exception of land plots and other natural objects (Article 666 of the Civil Code of the Russian Federation). The Federal Law "On Leasing" specifies this rule, establishing that the object of leasing can be any non-usable 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 objects of leasing cannot be land plots and other natural objects, as well as property that is prohibited for free circulation by federal laws or for which a special circulation procedure has been established (Article 3).

It should only be noted that property rights under no circumstances can be an independent object of leasing, as provided for by Decree of the President of the Russian Federation of September 17, 1994 No. 1929 “On the development of financial leasing in investment activities,” since they do not belong to the category of things . At the same time, when leasing enterprises, the property rights of the lessor associated with the specified enterprise are transferred to the lessor as part of the corresponding property complex.

In modern Russian conditions, manufacturers of products and property that are leased today have all the advantages and guarantees of the original source. However, due to purely Russian reasons, they do not have the ability to study in detail all regional markets and the ability to ensure constant connections with consumers. Among these reasons:

-considerable distance from many regions;

- significant transportation costs for the delivery of products, and subsequently spare parts;

-severance of traditional interregional (and now interstate) ties;

- customs barriers that arose in connection with this, restrictions on foreign exchange transactions, difficulties with currency conversion, rapidly changing exchange rates in conditions of slow turnover of financial resources.

All this, of course, significantly alienated many manufacturers from the direct consumers of their products and reduced the chances of manufacturers to establish direct leasing relationships with consumers.

In the interpretation of the Law “On Leasing”, there are three types of leasing: financial leasing, leaseback and operational leasing.

Leaseback and operational leasing do not have all the necessary features of a leasing agreement, since they, in particular, do not include the lessor’s obligation to purchase property from a seller identified by the lessee in accordance with the lessee’s instructions.

As for financial leasing, this is a leasing agreement (and not its separate type), according to which the lessor undertakes to acquire ownership of the property specified by the lessee from a certain seller and transfer it to the lessee as a leased item for a certain fee, for a certain period and for certain conditions for temporary possession and use, that is, for rent (clause 3 of article 7 of the Federal Law “On Leasing”).

To the main features of a leasing agreement, which are reflected in the Civil Code of the Russian Federation, the Federal Law “On Leasing” adds two more mandatory conditions. Firstly, the period for which the leased asset is transferred to the lessee must be comparable in duration to the depreciation period of the leased asset or exceed it. Secondly, upon expiration of the lease agreement or before its expiration, subject to payment by the lessee of the full amount stipulated by the lease agreement, the leased asset must become the property of the lessee.

It should be noted that in this part the Federal Law “On Leasing” does not comply with the Civil Code of the Russian Federation. Therefore, if all the signs of leasing provided for by the Civil Code of the Russian Federation are present, an agreement concluded for a period incommensurate with the period of full depreciation of the property, and which does not provide for the acquisition of this property by the lessee, but, on the contrary, its return to the lessor at the end of the lease period, must still qualify as a leasing agreement . And the mentioned provisions of the Federal Law “On Leasing” cannot serve as an obstacle to this.

In addition to types of leasing, the Federal Law “On Leasing” also identifies forms and types of leasing (Article 7). At the same time, the main forms of leasing according to this Law include domestic leasing and international leasing. As noted earlier, these forms of leasing do not have serious legal significance, since international leasing is regulated not by domestic legislation, but by the Convention on International Financial Leasing.

The criterion for dividing leasing into main types is the duration of its validity. According to this criterion, the Federal Law “On Leasing” distinguishes three main types of leasing: long-term leasing (carried out for three or more years); medium-term leasing (carried out for a period of one and a half to three years) and short-term leasing (for a period of less than one and a half years). Perhaps such an operation to differentiate leasing into these three types has some practical significance from the point of view of public law, but from the position of civil law regulation it is devoid of any meaning, especially since the Federal Law “On Leasing” itself does not provides for any specific features in the regulation of leasing depending on its duration.

And finally, the Federal Law “On Leasing” (Article 2) introduces the concept of “leasing transaction”, which means a set of agreements necessary for the implementation of a leasing agreement between the lessor, the lessee and the seller (supplier) of the leased asset. Probably, the legislator wanted to emphasize the inextricable connection between the leasing agreement and the purchase and sale (supply) agreement of leased property, but did this extremely unsuccessfully, using one of the main civil law categories that have very specific meaning and significance. As is known, transactions are recognized as actions of citizens and legal entities aimed at establishing, changing or terminating civil rights and obligations (Article 153 of the Civil Code of the Russian Federation), and every bilateral or multilateral transaction is an agreement (Clause 1 of Article 154 of the Civil Code of the Russian Federation) . And from a practical point of view, the introduction of the concept of “leasing transaction” seems pointless. The Federal Law "On Leasing", as in the previous case, does not contain rules addressed to the so-called leasing transaction.

The essence of leasing, its economic and organizational significance can be revealed in more detail if we provide a detailed description of the functions that this special form of activity and special type of relationship performs in the economy.

In the opinion of most authors, all functions performed by leasing could be divided according to the boundaries of their influence into internal ones, which are reflected at the level of the enterprise using leasing, and external (national economic) functions, which manifest themselves at the general economic level and influence macroeconomic system parameters.

It is advisable to begin characterizing these functions with their first group.

The production function of leasing is to allow the lessee to quickly and flexibly solve its production problems through temporary use rather than the acquisition of ownership of machinery and equipment. Therefore, leasing is most effective for particularly expensive equipment with the greatest risk of obsolescence, as well as for enterprises with a seasonal nature of production.

World experience shows that the rapid development of leasing is initiated by the acceleration of the pace of scientific and technological progress. So, in the late 60s - early 70s. The leasing boom abroad was provoked by a sharply increased demand in the market for electronic computer equipment, which, along with means of transport, became one of the most popular leasing objects at that time. Thus, leasing is one of the most progressive methods of logistics support for production, giving users access to the most advanced technology and allowing them to resolve the contradiction between the need to use such equipment in conditions of increasing competition and its rapid obsolescence.

In addition, leasing allows the lessee to use in its production activities not only any individual equipment, but also entire complete production facilities. At the same time, conditions are created for the introduction of the most advanced technology, its successful assimilation and maintenance at a high technical level. With “wet” leasing, the transfer of equipment for use can be accompanied by the purchase of a certain set of various services for the user: from technical maintenance to insurance services, marketing, provision of raw materials, labor, etc.

The characteristic features of leasing that arise from this function are efficiency and flexibility. From this point of view, as noted, the most effective use of leasing is in sectors of the national economy with a seasonal or mobile nature of work, where efficiency, mobility and flexibility of production are essential factors for the success and efficiency of activity in general.

It is also fair to consider the role of leasing in the rational distribution of resources in an enterprise. Indeed, both the price of resources - factors of production - including the purchase price of fixed capital, and the possible price of their rental (rent) serve to ration scarce resources and contribute to increasing production efficiency. As experts in economic theory note, market price signals show how products and goods should be produced. At the same time, the price market system stimulates the replacement of less efficient factors with more efficient and productive factors of production in a given economic situation.

Leasing affects production efficiency in the same vein. For example, from the lessor’s point of view, he decides the same alternative - either use the equipment and technology offered for leasing by the lessor himself, which is not so effective for a significant number of reasons, or lease it to the lessee user, who will be able to operate it with greater efficiency , and, therefore, only in the form of rent, bring the owner more income than what the owner could receive using this equipment himself. In this sense, the most important resource-saving function of leasing at an enterprise is the rationing of scarce resources, productive assets.

The next leasing function to consider is financial. This function is most clearly expressed, since leasing, according to its definitions given, is a form of investment in fixed assets. With the development of technological progress, the investment needs of the national economy can no longer be fully satisfied only through traditional financing channels, which are budgetary funds, own funds of enterprises and organizations, long-term bank loans and other sources. At the same time, not only is there a shift in priorities in sources, but also the need for fundamentally new channels of financing appears.

Under these conditions, leasing becomes an addition to traditional sources of funds to meet the investment needs of enterprises. In terms of its economic essence, of all the sources listed above, leasing is closest to a long-term bank loan. The expansion of the scope of the leasing business in the future may, although slightly, narrow the scope of long-term lending, but in general will lead to a general increase in the share of borrowed funds in sources of financing and lending of fixed assets.

In modern economic conditions, the main role in leasing belongs to the financial function. The lessee company, turning to leasing for financial reasons, gets the opportunity to use the property it needs without a one-time mobilization of its own funds or a bank loan for these purposes. The exemption of the lessee from a one-time full payment of the cost of the property distinguishes leasing from ordinary sales and purchases and in some cases is considered as its alternative. In addition, leasing provides access to the necessary property even in the presence of any credit restrictions or the impossibility of attracting borrowed funds for these purposes.

Another advantage of leasing is the procedure for making lease payments. Since the timing and amount of payments are determined by mutual agreement between the lessor and the lessee, the leasing agreement they conclude can very flexibly take into account the interests of each of them. For example, based on their financial condition, the lessor and the lessee can agree on a deferment of the first payment, a gradual increase in leasing payments or, conversely, an advance payment, a reduction in the amount of payments by the end of the leasing term, an uneven (“ragged”) payment schedule, and so on. In addition, lease payments can be made from proceeds from the sale of products not only in cash, but also partially or fully in the form of goods or counter services.

The importance of the financial, production and resource-saving functions of leasing for the domestic economy is beyond doubt, as is its sales function. Today, however, it cannot be fully realized. The limited role of leasing as an additional channel for the sale of industrial products is caused by a general drop in the level of production and an imbalance in the market for mechanical and technical products. The sales function of leasing is important, naturally, only if the latter is resorted to in order to expand the circle of consumers and conquer new markets. With the help of leasing, the number of consumers includes those enterprises that either do not have the financial ability to purchase equipment or, due to the nature of the production cycle, do not need permanent ownership of it. In some cases, leasing of individual equipment is considered before purchasing in bulk in order to test samples under specific production conditions.

Thus, the sales function of leasing, which represents it as a way to promote products on the market, emphasizes the positive role of leasing for domestic enterprises.

The national economic functions of leasing are no less indicative. It is important to emphasize here that the financial function among the external functions of leasing is not a repetition of its internal production function. From this point of view, leasing as a special form of investment, which makes this process attractive for all its participants, certainly stimulates investment activity not only at the micro level.

And one last thing. The reproductive function of leasing is not always noted in the specialized literature, despite the fact that the significance of this function seems quite significant. This function can be characterized from the point of view of the reproduction process on a general economic scale: as a result of the use of leasing in the entire chain of relationships between participants in the leasing business, new relationships in property relations are formed, and an effective combination of economic interests of various spheres of national economic turnover is ensured at individual stages of reproduction, all economic subjects participating in the general cycle of production, use, reproduction in general and reproduction of a given product (leasing object) in particular. Based on this, we can conclude that the reproductive function of leasing, as it optimizes the results in each link of the reproduction process, makes this process more dynamic and comprehensive.

1.3 Leasing payments: essence, structure, calculation methodology

leasing financial rent payment

Being the most important responsibility of the lessee, leasing payments represent payment for the normal production use of the object of the transaction (use in a broader sense requires the conclusion of separate agreements).

From this point of view, the rent may include all costs for the services provided by the lessor as provided for in the leasing agreement.

As emphasized above, the leasing payment, like other types of rent for the temporary use of property, is the most important criterion for assessing the profitability of business for the lessor and an equally significant guide to the cost intensity of the activity for the lessee. One party in this case provides a certain service, filling it with material content, the other receives this service. The whole process, as it should be in a market economy, is paid.

Therefore, the question of justifying the structure and size of leasing payments is a matter of principle, and often a key point in most leasing transactions. Here, as noted, the performance of all parties involved in the transaction and the rationality of their use of available resources are assessed.

It is no coincidence, therefore, that the attention that was paid to leasing payments in the key regulatory document of the first years - the Temporary Regulations on Leasing (Section 3 of the Regulations). April 16, 1996 The Ministry of Economy of the Russian Federation approved (after agreement with the Ministry of Finance of the Russian Federation) Methodological recommendations for calculating leasing payments.

According to these recommendations, leasing payments are understood as payments to the lessor made by the lessee for the right granted to him to use the leased property - the subject of the lease. Leasing payments are the mechanism by which the lessor reimburses its financial costs for the purchase of property and receives the desired profit. Based on this, the total amount of lease payments for the entire leasing period should include:

- the amount that reimburses (depreciates) the full (or close to it) cost of the leased property over the entire term of the contract;

- the amount paid to the lessor as compensation for the borrowed funds used by him, for the credit resources used by him to acquire property under a leasing agreement;

-remuneration to the lessor;

-amounts paid for additional services of the lessor, for example, for insurance of leased property, if it was insured by the lessor;

- other costs of the lessor provided for by the leasing agreement, for example, personnel training, maintenance of the leased property, its major repairs, etc.;

- the cost of the property being redeemed, if the contract provides for redemption and the procedure for its implementation.

In addition, leasing payments should take into account the property tax that the lessor will have to pay in cases where the property will be listed on its balance sheet, as well as the tax on the acquisition of vehicles if vehicles will be leased.

In order not to complicate payment calculations, property tax is often taken into account in the lessor's remuneration, and tax on the purchase of vehicles is included in the cost of the property.

The size, method, form and frequency of payment, as well as the method for determining the total amount of lease payments, as already noted, are established in the leasing agreement by agreement of the parties.

Due to the fact that determining the amount of payment and methods for calculating it is indeed the prerogative of the contracting parties themselves, and the methodological materials used in this case (including the methodological recommendations of the Ministry of Economy of the Russian Federation given here) are not mandatory, but advisory in nature, the question of justification of leasing payments is currently debatable.

In particular, the concept of “lessor's costs” is interpreted somewhat differently (or rather, more broadly) than in the specified recommendations by the law “On Leasing,” as well as in the special literature on this issue.

It seems more reasonable to include the concepts of “investment costs” and “current costs” in the structure of leasing payments.

So, for example, according to the Law “On Leasing”, investment costs (expenses) should be understood as the costs and expenses (expenses) of the lessor associated with the acquisition and use of the leased asset by the lessee.

Due to the peculiarities of leasing operations, which often involve the use of borrowed funds (loans), loan servicing costs are especially important as part of investment costs.

The lessor's expenses for servicing the loan used to purchase the property consist of:

- repayment of the principal amount of debt;

-payment of interest on the loan.

Current expenses mean the lessor's expenses during the term of the leasing agreement associated with the implementation of this agreement. These expenses are determined by the functioning of the lessor as a leasing business entity and include the costs of paying for goods, works and services.

In the literature on leasing and in legislation, the above-mentioned expenses of the lessor are referred to as his remuneration.

The lessor's remuneration is the amount of money provided for in the leasing agreement in addition to the reimbursement of leasing costs.

Reward includes:

-payment for organizing a leasing transaction;

- interest on the use of the lessor’s own funds aimed at purchasing the leased asset and/or performing additional services (in case of complex leasing).

Based on the typification of leasing according to the forms of leasing payments, these payments can be made:

- cash (monetary form);

- products and (or) services of the lessee (compensation form);

- cash in combination with the supply of products and (or) provision of services by the lessee (mixed form).

Methods for making leasing payments are established in the contract. Payments can be one-time or periodic. A one-time payment is usually made after the parties sign the acceptance certificate and provides for financing the transaction only during the period of execution by the supplier of the purchase and sale agreement.

The frequency of leasing payments can be set based on any period (year, quarter, month).

The leasing payment schedule indicating specific payment dates is an integral part of the leasing agreement.

The specified periodic payments are:

- equal in size throughout the entire rental period;

-with increasing amounts of contributions;

-with decreasing contributions;

-with a certain down payment (advance or deposit);

- with accelerated payments: the lessee pays off his debt for the most part in the first years of operation of the equipment, when the costs of maintaining the equipment are lower.

The last two types of payments are possible if the lessor (in the first case) or the lessee (in the second case) has a difficult financial situation and it is more profitable for one of them to transfer the largest possible part of the payments either to the earliest possible date, or, conversely, to a later period . And the first payment methods are also dictated by the solvency of the parties. During the period of development by the lessee of the leased property and his lack of sufficient funds, reduced amounts of leasing payments may be provided with their subsequent increase by the end of the leasing agreement. And vice versa, if the financial position of the lessee is stable, he can repay a large part of the total amount of lease payments due to him, by making, for example, an advance.

In the methodological recommendations, these methods are grouped into the following blocks.

The fixed total amount of the lease payment, agreed upon by the parties and paid in accordance with the procedure established by the leasing agreement.

Typically a payment schedule is drawn up indicating that the first lease payment is due on the day of acceptance and then periodically (monthly, quarterly, biannually or annually), with or without separate calls. The leasing agreement may contain a condition on a possible change in leasing payments, for example: when the purchase price of the transaction object is increased before its actual acceptance (including the cost of transportation and installation); when increasing or introducing new government fees or duties levied in connection with the leasing agreement.

Payment with an advance (deposit) assumes that the lessee provides the leasing company with an advance or contribution in a certain amount (usually as a percentage of the purchase price of the leasing transaction object) when signing the contract, and pays the rest after signing the acceptance (commissioning) protocol or from what date -or frequency.

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course work, added 12/25/2014


Legal aspects of leasing activities in Russia. Basic concepts of leasing. Types of leasing transactions and calculation of their effectiveness, advantages and disadvantages of leasing. Practical aspects of concluding a leasing agreement. Leasing payments and the procedure for their calculation.

course work, added 07/19/2010


Leasing as a special area of ​​business activity. Its main features. Objects and subjects of leasing relations. Classification of leasing payments. Features of their formation. Financial profitability and criteria for assessing the effectiveness of leasing operations.

Federal Law #164 dated October 29, 2002 “On financial lease “leasing”.

The essence of leasing is the investment by the lessor of funds for the purchase of property, i.e. leased items, selected by the lessee for the use of this property in entrepreneurial purposes. A leasing operation, in economic essence, is an investment in a bank loan.

Differences between a leasing operation and a commercial loan:

1) A commercial loan is short-term in nature, leasing can be either medium-term or long-term

2) The borrower’s need for a commercial loan is due to the desire to obtain property rights, which he currently cannot pay for. In a leasing transaction, do not seek to obtain ownership rights.

3) Commercial credit involves the relationship of trade and credit transactions

4) There are benefits in the tax code for the lessee on profit.

The subjects of leasing are: the lessor (individual, legal entity) who, at the expense of borrowed or own funds, acquire ownership of the property and provide it as

Lessee is a legal entity or individual who, in accordance with the leasing agreement, is obliged to accept the leased asset for a certain fee for a certain period.

The subject of leasing can be any non-consumable things, including enterprises, other property complexes, buildings, structures, vehicles, equipment, etc., which are used for business activities.

The following cannot be the subject of leasing:

Services, intellectual property, consumable items, land plots and other natural objects, property that is prohibited for free circulation.

Share of leasing in investments in fixed assets

2003 - 5.3% (RUB 3 billion)

Equipment with rapid wear and tear and where there are depreciation benefits are leased.

Types of leasing

By degree of payback:

Financial

Operational

Financial leasing, when the value of the property is returned to the lessor during the term of the contract, that is, the period of full depreciation and the term of the contract completely coincide. In this case, the lessee does not have the right to break the agreement. The lessee can either return the item, buy it back at its residual value, or extend the lease agreement.

Operating leasing involves the transfer of reusable property and is characterized by a short contract duration and incomplete depreciation.

By volume of service:

With a partial set of services

With a full range of services

With pure leasing, all maintenance of the leased asset is assumed by the lessee.

With a partial set, the lessor bears partial servicing of the leased asset.

With a full range of services, maintenance is entirely the responsibility of the lessor.

By composition of participants:

Direct (two-way) including return

Indirect (multilateral)

Subleasing

1) The owner of the property himself delivers the leased asset to the lessee

Returnable

Owner of the leased item -> seller and user at the same time

Multilateral - the company participates in leasing

Subleasing, the leased asset is transferred to the lessee by third parties under a subleasing agreement.

Composition of the leasing payment:

1) Depreciation charges

2) Payment for credit resources

3) Commissions

4) Fee for additional services

6) Customs payments

Аn=A+Pk+Kv+Pdop+VAT+Tpl

Answer #4

Lecture

Investment project, its structure and life cycle. Business plan

An investment project is a justification for the economic feasibility, timing and volume of capital investments, as well as a description of practical actions to implement investments.

Stage 1: pre-investment
At this stage, an idea is generated and primary information is collected. It is considered completed if the investment problem is finally formulated and the time frame of the project is clarified.

Stage 2: investment

3 phases(a, b, c):

a) the purpose of this phase is to consider all risks associated with the project. The cost and revenue parts of the project are checked, all technical documentation is reviewed, and man-made impacts on the environment are analyzed.

b) Making the final decision on the implementation of the investment project; in cases where the decision is positive, a standard set of approvals is carried out. At this stage, a business plan is prepared and a circle of creditors is formed

c) meetings and negotiations, decisions are made to open a credit line.

Stage 3: implementation of the project itself

Answer #6

Business plan

Business plan– a document that describes all the main aspects of the organization’s future commercial activities. Analyzes all the problems that the company may encounter and determines ways to solve these problems.

Purpose a business plan may be obtaining a loan or attracting investments within an existing enterprise or determining the strategic directions and guidelines of the organization itself for the future.

Main sections of a business plan

Introduction(limited to the title): the name of the project itself, the name of the company, ...., phone number of the project developer

Section 1: summary or short description

It is written at the very end of the project. An extremely clear condensed version of the project, no more than 4 pages. All the advantages of the project must be described, maximum attention is paid to: what we are going to accomplish, at what cost (at what cost), how the future product or service differs from competitors’ products, why buyers will want to purchase this particular product. The last page should be devoted to the financial results that you expect to receive from the project

Include in your resume:

• a brief history of the company (description of the current stage of business and the environment in which the business is carried out),
• the product itself: a brief description of what makes the product unique and those distinctive features that set it apart from the competition
• describes the market in which the product will operate (type of market: domestic or international), the existing market capacity, the expected market share that will be covered by your product
• management and personnel (personnel experience in this area)
• financing: required investments in the project, forecasting revenue and net profit for the next 3 years (minimum 3 years), loan repayment period

Section 2: business and its strategy (product description)

The main part of the business plan. It starts with a description of the product or service that you want to offer the buyer and why you conceived the project. It is recommended to reflect:

• what needs is your product designed to satisfy?
• what is special about your product or service and why consumers will differentiate it from competitors’ products and prefer it
• how long will this product be new on this market (rough estimate based on early experience), what patents exist for this product

• Photo of a sample of your product

Section 3: market and marketing strategy

One of the most important sections of a business plan, should be 5-6 pages

Includes:

• Who are the main consumers?
• What is the sales volume currently and in the future (product life cycle)
• Who are the main competitors, their sales volume, marketing strategy, sales income, positive and negative aspects of the competitors’ work, what are the competitors’ products, main characteristics and quality level

The section should reflect:

• Maximum sales volume. The market capacity must be indicated - the planned volume in the first month, six months and year.
• By geographical location
• Total cost of goods
• Assessment of competitors (who is the largest manufacturer of a similar product, if it is possible to indicate their prices and income), assess the level of advertising of competitors

Marketing strategy (3-4 pages)

4 points are indicated:

1. goods distribution scheme: what are the channels for distributing products by segment (how many wholesalers or sellers does the product pass through), means of transportation and storage of goods, how many sellers are on staff, how are personnel selected and hired, are sales at a discount practiced?
2. pricing: selection of pricing method and price setting

pricing methods

• average costs+profit: the simplest, marking up the cost of production)
• marginal cost method: the price is immediately set based on the desired amount of profit; the company needs to calculate at what price levels the sales volumes will be achieved to reimburse gross costs and obtain the target profit
• based on product demand marketing or market assessment method: the price level for products with similar consumer properties is studied and an acceptable price is established
• prestige price method: installed on goods with high unique consumer properties
• setting prices for introducing products to the market: a lower price is set than what is available on the market for similar products

1. advertising: what type of advertising is used, how the advertising budget is determined, measure the Finnish effect of advertising
2. organization of after-sales customer service: describes the types and terms of warranty obligations, indicates the organizations that will serve, and the terms of the money-back guarantee to the client

Section 4: production plan (only for industrial enterprises)

the main objective: prove to investors and partners that the company is able to produce the required quantity of goods within a certain time frame and in the required quality.

Main questions:

• where the goods will be manufactured,
• production capacity and how it will increase from year to year
• where and on what terms will raw materials be purchased?
• prices for raw materials and components and components
• logistics

Section 5: organizational plan (management and decision-making process)

Describes the organizational structure of the enterprise, number of personnel, personnel salaries, job descriptions, personnel training plan

Section 6: legal plan

All legal aspects: form of ownership of the enterprise, structure of basic contracts.

Section 7: finance

Financial plan up to 5 pages. All financial calculations are made as follows: the first year monthly, 2nd and 3rd years quarterly, and then yearly. The business plan itself is developed for a period that exceeds the payback period of the project by 3 years.

For an existing enterprise three forms of financial reporting (balance sheet, profit and loss, cash flow statement), an analysis of financial indicators is provided (analysis of liquidity, profitability, financial stability, business activity)

For a newly created enterprise we need the same three forms of financial reporting, indicators of the effectiveness of the investment project.