Credit and leasing: a way to compare based on the effective rate. Leasing or credit: how to make the right choice Consolidated leasing margin

UDC 657.3 BBK 65.052

BALANCED PERFORMANCE SYSTEM OF A LEASING COMPANY

Yu.N. Ivanova, L.A. Zhukova

Saint Petersburg State University

Service and Economics (SPbGUSE) 191015, St. Petersburg, st. Kavalergardskaya, 7, lit. BUT

AT life cycle any organization in the process of its functioning, there comes a moment when, having reached a certain scale of activity and stability in its industry, the management decides to develop and achieve strategic development goals aimed at consolidating and maintaining the achieved results and positions in the market.

One of the most effective ways solution to this problem -development balanced system BSC indicators (English Balanced Score Card, BSC), which is a tool for strategic and operational management of the company's activities based on measuring and evaluating its effectiveness on a set of optimally selected financial and non-financial indicators.

SSP appeared in the late 80's - early 90's. In a study of 12 companies, Harvard Economics professors Robert Kaplan and David Norton found that companies are too focused on financial indicators. To achieve the set values ​​in short term company management reduces ongoing costs for training, marketing and customer service, which in long term negatively affects the overall financial position. As a solution to this problem, the BSC concept was developed, which received worldwide recognition after the publication of the article "The Balanced Scorecard: Measures that drive performance" in the Harvard Business Review magazine.

The BSC in the classic version contains 4 projections, which are strategically important aspects of the company's activities:

Finance;

Clients;

Internal business processes;

Staff.

In order to link the strategic goals of the company with the current business processes and daily activities of employees at each level of management, as well as to continuously monitor the implementation of a single strategy, it is necessary to develop key

performance indicators - KPIs (eng. Key Performance Indicators, KPI) - indicators of achieving goals, and establish causal relationships and mutual influence factors between them.

The main principle of the BSC is the principle of measurability. BSC management is carried out by defining goals, the degree of achievability of which is expressed as a set of indicators. For each indicator, a range of acceptable values ​​is specified. The control of the indicator being within the established boundaries determines the correctness (or error) of the path chosen to achieve the set goals.

Here are just some indicators of achieving the company's goals (by projections):

Financial indicators:

Gross income (sales income);

Gross margin(or gross profit);

Net profit;

Profit as a percentage of sales revenue;

Profit per employee;

Profitability equity(ROE);

Return on investment (ROI);

Economic Value Added (EVA).

Customer indicators:

The market share occupied by the company;

Growth of sales due to the existing customer base;

Growth of sales due to new customers;

Customer Satisfaction Index.

Indicators of internal business processes:

Resource costs: time (cycle, duration,

performance: sales per employee; profit per employee; the number of operations performed by one employee) and material;

Expenses for training, training and advanced training of employees;

Efficiency of resource use per unit of output: equipment utilization rates, resource utilization rates, raw materials and materials;

Administrative (overhead) expenses;

Personnel indicators:

Staff turnover;

Average length of service in the company;

absenteeism rate;

Value added per worker;

Employee satisfaction.

The BSC concept presents the financial component (indicators in the "Finance" projection) as the ultimate goal for measuring the degree of implementation of the company's strategy. Here are some of the company's strategic goals:

Purpose of the company from the point of view of the owner Strategic goals of the company

Company - investment project Increasing profitability or return on investment (R01)

The company is an asset for resale An increase in its market value with a view to sale

The company is a source of income for the owner Balanced growth, profit, free cash flow

The company is a manufacturer within the holding Production required to build the production chain of the holding

Each strategic goal of the company's activity implies a different financial strategy and financial goals. Provided that the company operates on a free market and there are no prerequisites for the termination of operations, the ultimate financial goal will be balanced growth and profit maximization. A company can maximize profits first by selling more (growth strategy) and secondly by spending less (cost minimization strategy). As a rule, regardless of the model that the company uses, in order to management accounting it all comes down to identifying the main performance indicators of the company, setting the planned values ​​of a particular indicator, promptly recording the results achieved and identifying deviations.

Most of indicators in the projections "Clients", "Internal business processes", "Personnel" are non-financial indicators and are not contained in the standard financial reporting. Therefore, it is not surprising that investors in making investment decisions assign an increasing role to management reporting.

Particular attention is paid to management reporting at enterprises specializing in the field of financial leasing, which is also called leasing. This is due both to the complex and ambiguous content reflected by the term “leasing” and to differences in legal and reporting systems. different countries. In our country, this problem is especially acute, which is primarily due to the lack of a separate PBU regulating lease relations, and, as a result, a significant distortion of the economic essence of financial lease and its reflection in financial statements. The quality and reliability of information presented in the financial statements of domestic leasing companies leads to the loss of its main purpose - the need

for users.

In accordance with Chapter 34 of the Civil Code of the Russian Federation, financial lease (leasing) is one of the types of lease legal relations. Article 665 of the Civil Code of the Russian Federation defines a financial lease as follows: “Under a financial lease agreement (leasing agreement), the lessor undertakes to acquire ownership of the property specified by the lessee from a seller specified by him and provide the lessee with this property for a fee for temporary possession and use. In this case, the lessor is not responsible for the choice of the subject of lease and the seller.

Article 2 of the Federal Law “On Financial Leasing (Leasing)” uses the following basic concepts:

- “leasing is a combination of economic and legal relations arising in connection with the implementation of a leasing agreement, including the acquisition of a leased asset;

Leasing agreement - an agreement according to which the lessor (hereinafter referred to as the lessor) undertakes to acquire ownership of the property indicated by the lessee (hereinafter referred to as the lessee) from a seller determined by him and provide this property to the lessee for a fee for temporary possession and use. The leasing agreement may provide that the choice of the seller and the acquired property is carried out by the lessor;

Leasing activity - a type of investment activity for the acquisition of property and its transfer to leasing.

According to international practice, leasing is one of the types of lease relations, which is characterized by the following: a) the lessee does not acquire ownership of the leased object; b) the risks and benefits of using the leased asset lie with the lessee; c) payment is made in installments and (usually) covers the fair value of the leased asset and the lessor's required rate of return.

In world practice, there are two main types of lease: operating and financial1 - "operating lease" and "financial lease". In Anglo-Saxon law, a financial lease, in broad sense, is treated as a leasing transaction in which the full cost of the fixed asset is paid over the lease term. Thus, a finance lease generally means the acquisition of a fixed asset or an intangible asset, i.e.

1 At the same time, the international concept of "operating lease" is identical to the Russian term "lease", and the international concept of "financial lease" corresponds to the Russian terms "financial lease" and "leasing".

is an alternative form of financing. In contrast, an operating lease is used to acquire the right to use a facility for a specified period of time without acquiring the facility itself; therefore, under a lease, the lessee avoids most of the risks associated with owning a fixed asset or intangible asset.

The reflection of a finance lease in accordance with IFRS requires the accountant to apply two ideas of the Standards, which are practically not implemented in domestic practice. This is the principle of the priority of content over form and discounting.

Under IAS 17 Leases, a finance lease is defined as a lease that transfers substantially all the risks and rewards incidental to ownership of an asset from the lessor to the lessee. The transfer of an asset to a lessee is treated by the lessor in the same way as its disposal.

The procedure for measuring and recognizing a finance lease by a lessor as defined by IAS 17 is based on the content of a series of key concepts: "gross investment in rent", "net investment in rent" and "unearned financial income».

Gross investment in a lease refers to the aggregate minimum lease payments due to a lessor under a contract, as well as the residual value of the leased item (whether guaranteed or not guaranteed by the lessee).

The net investment in leases is the gross investment discounted at the rate of interest implied by the contract (or the market rate, if higher). Essentially, the net investment is the fair value of the leased asset to the lessor, taking into account its initial direct costs.

The difference between gross and net investment is the financial income of the lessor. At the start of the lease term, this is income not yet earned by the landlord.

The fact that an asset is transferred to a financial lease implies:

a) either write-off (decapitalization) of the carrying amount of the leased asset with simultaneous recognition of the difference between the fair value of the transferred asset and its carrying amount as financial result current period,

2 IFRS - International Standards financial statements (English International Financial Reporting Standards (IFRS) or International Accounting Standards (IAS) - current editions)

b) or a reflection of the fact of granting a credit (loan) to the lessor in the event of the acquisition of a leased object specifically for this lessee.

However, in both cases, unearned finance income from finance lease operations must be recognized as received over the entire period of the contract.

AT Russian practice property transferred on lease is reflected in accounting as a part of profitable investments in tangible assets in accordance with the Regulation on accounting"Accounting for fixed assets" RAS 6/01. The formation of accounting entries for the reflection of income and expenses on financial leasing operations depends on whose balance sheet the property transferred to leasing is taken into account. A financial lease (leasing) agreement can be concluded in two types:

Leased property is recorded on the lessee's balance sheet;

Leased property is recorded on the lessor's balance sheet.

The dual approach to the reflection in accounting of income and

expenses on operations that have a single economic content, violates the comparability of financial indicators.

In our opinion, in order to level this situation in leasing companies in order to maintain internal management accounting, it is necessary to develop an accounting policy based on a single methodological basis. The approach proposed by IFRS (IAS 17) seems more logical, which is more consistent with the requirement proclaimed in paragraph 6 of PBU 1/2008 “ Accounting policy organization": "reflection in accounting of the facts economic activity based not so much on their legal form how many of them economic content and economic conditions (requirement of priority of content over form).

Thus, the development of key financial indicators of the activities of leasing companies affects the basics of accounting and financial reporting. We believe that the elimination of methodological discrepancies on the reflection in management accounting of operations with property transferred to leasing is necessary condition for the successful implementation of the BSC in the management of a leasing company.

To implement the BSC in the management of a leasing company, it is necessary to develop financial and non-financial indicators (indicators). All indicators participating in the BSC must be connected by a causal chain that describes a single strategy. Peculiarity

financial performance in that they reflect the "final destination" in the company's strategy. We have formulated financial indicators that can serve as a measure of the degree to which a leasing company achieves strategic goals in the projection "Finance":

1. Income from sales.

Income from core activities (sales income) is income received in the form of leasing margin, income from the sale of leased items, remuneration under agency agreements, etc. This indicator can be formed on the basis of both accounting and management accounting data. However, the planning of this indicator in strategic goals should be based on management reporting information, namely:

Sales volume - the cost of property leased;

The volume of new business is the total value of leasing contracts concluded during the reporting period.

The volume of new business is a larger indicator, as includes the volume of sales in monetary units and the appreciation of the leasing agreement (lease margin, interest on the loan and the cost of additional services such as expenses for insurance and registration of the object of leasing, property tax and other taxes related to the type of the object of leasing);

Portfolio indicators are the main indicators characterizing the activity of a leasing company. They should be clearly interconnected with non-financial indicators in the "Clients" projection.

Gross portfolio - the amount of lease payments stipulated by the current agreements, which will be received from lessees after the reporting date.

The net portfolio is the sum of the client's principal debt under a single lease agreement. Portfolio indicators are dynamic, and therefore, when calculating the gross portfolio for one reporting date, different values ​​can be obtained at different points in time. This is obtained by signing additional agreements with clients adjusting certain components of the contract.

Underpayments is the size of the absolute amount of underpayments in relation to the size of the portfolio.

Actually this indicator shows what amount of leasing payments was not received in the total amount of leasing payments. If we consider this indicator from a strategic point of view, then, if there is a certain level of underpayments, the company incurs losses caused by

delay in cash payments, firstly, because money tends to lose its value over time, and secondly, these funds could be directed by the company to expand its business. If you stabilize and keep the indicator at a certain level, then it is possible to predict cash flows, adjusting possible losses, and also on the basis of this indicator, it is possible to predict the receipt of income in the form of penalties and fines.

2. Indicators of financial result (profitability).

The main indicators of this section, as in a company of any other field of activity, are the indicators of the income statement: gross profit, net profit. In the BSC, not absolute, but relative financial indicators are more actively used, namely: profit as a percentage of sales income; profit per worker.

At strategic planning and the development of KPIs, a special place is given to the establishment of current and prospective parameters - benchmarks of leasing activities, which can be influenced by the company itself.

Such reference parameters for leasing transactions can be:

The cost of the leased asset;

The amount of the advance payment;

Effective interest rate;

The term of the lease agreement;

Postponement of delivery of the subject of leasing;

Leasing margin;

Type of leasing calculation: equal or decreasing payments;

Type of leasing object (leasing segments - cars, trucks, construction equipment).

When choosing the benchmark parameters for leasing transactions, it is necessary to take into account not only profitability, but also the level of risk. Thus, the company needs to determine the parameters of leasing transactions based on the minimum risk at the maximum level of profitability.

LITERATURE

1. Civil Code Russian Federation. Parts 1,2,3 and 4. - M .: Eksmo, 2011.

2. the federal law“On financial lease (leasing)”. Moscow: Omega-L, 2010.

3. Nemirovsky I.B., Starozhukova I.A. Budgeting. From strategy to budget - step by step guide. M.: I.D. Williams LLC, 2006.

4. All provisions on accounting: current, adopted, projects for reform. M.: Eksmo, 2010. (Russian legislation. Accounting normative literature).

5. Kaplan R.S., Norton D.P. The Balanced Scorecard: Measures That Drive Peformance // Harvard Business Review. January - February. 1992.

The volume of new business in January-September 2017 amounted to about 710 billion rubles, which is 58% higher than in the same period last year (see Chart 1). It should be noted that in the third quarter of this year, the value of property leased / leased reached 285 billion rubles, which is 63% higher than in July-September last year. According to a survey of leasing companies, an increase in the volume of the leasing business over the first 9 months of 2017 was shown by two-thirds of the respondents, who together account for more than 90% of the market in terms of the volume of the leasing business. At the same time, not a single lessor from the top 20 was characterized by a negative dynamics in the volume of new business. The reason for such an active growth of the market was the execution government programs on subsidizing leasing / renting of certain types of transport against the background of the implementation of pent-up demand from customers. The operation of state programs of preferential leasing provided support, first of all, to transport segments, whose share in the volume of new business in 9 months of 2017 reached about 78% against 72% a year earlier.

It should be noted that due to state programs to subsidize leasing / rent, primarily domestic aircraft and vehicles, the market grew by 160 billion rubles, which is about 23% of new business. Thus, the growth of the leasing market, excluding government support programs, according to our estimates, would be about 53%.

The fact that the leasing market has moved from recovery to growth is confirmed not only by the positive dynamics of the volume of new business, but also by the fact that for the first time since the pre-crisis 2013, the number of employees of leasing companies began to grow. According to RAEX (Expert RA) estimates based on the results of the survey, as of October 1, 2017, the number of employees of leasing companies is at least 11,300 people, which is 15% more than a year earlier (see Chart 2).

The amount of new leasing agreements in January-September 2017 amounted to more than 1.1 trillion rubles against 680 billion rubles a year earlier, and the volume of the leasing portfolio reached 3.3 trillion rubles as of October 1, 2017 (see Table 1). The volume of payments received in the first three quarters of 2017 amounted to 680 billion rubles, which is slightly more than last year. The average ratio of lease payments received to the portfolio as of October 1, 2017 was 43% against 44.2% as of October 1, 2016. The average portfolio turnover of companies specializing in retail segments remained at the level of the previous year (about 46-47%), however, for lessors working with large and expensive equipment, this indicator decreased from 30 to 23%. The reason for the decrease in this level was the active growth in the last two years of transactions with operational leasing, in which lease payments are unevenly distributed, and the bulk of the debt falls at the end of the contractual terms. In addition, a number of major players had problem clients in their portfolios, whose non-payment led to a drop in the flow of leasing payments. In this regard, during 2016–2017, contracts with problem clients were terminated, which led to a short-term drawdown in the size of the portfolio of individual leasing companies.

Table 1. Leasing Market Development Indicators

Indicators	9 months 2014	2014	9 months 2015	2015	9 months 2016	2016	9 months 2017
Volume of new business (property value), billion rubles	522	680	385	545	450	742	710
	-10,4	-13,2	-26,2	-19,9	16,9	36,1	57,8
Amount of new leasing agreements, billion rubles	754	1 000	590	830	680	1150	1 140
Growth rates (period to period), %	-19,8	-23,1	-21,8	-17	15,3	38,6	67,6
Concentration on the top 10 companies in the amount of new contracts, %	61	66	68	66	62	62	68
Retail index, % 1	45	44	45	44	50	45	48
Volume of lease payments received, billion rubles	550	690	465	750	670	790	680
Amount of financed funds, billion rubles	505	660	400	590	550	740	635
Aggregate portfolio of leasing companies, billion rubles	2 950	3 200	2 950	3 100	2 900	3 200	3 300
Russia's GDP (in current prices, according to Rosstat), billion rubles	57 277	79 200	60 393	83 233	61 967	86 044	64 912,3
Share of leasing in GDP, %	0,9	0,9	0,6	0,7	0,7	0,9	1,1

Source:

The retail index, calculated as the sum of the shares of retail segments, in the volume of new business decreased from 50% in January-September 2016 to 48% compared to the same period of the current year. The decrease in the index was due to a significant increase in the volume of new business in large segments, which led to an increase in the average amount of a leasing agreement from 6.2 million rubles to 8.8 million rubles. At the same time, the number of leasing agreements concluded during 9 months of 2017, according to the agency's estimates, amounted to at least 130 thousand (see Chart 3).

The volume of financed funds for 9 months of 2017 increased by 15% compared to the same period last year. In addition to the increase in funding sources, there have been structural changes. Thus, over the period under review, the share of bank loans in the structure of financed funds decreased by 4 percentage points, to 56.6%, however, loans still remain the key source of financing for leasing transactions. During the first 9 months of 2017, it is noted that lessors began to rely more on advance payments, the share of which is 14.4% (+2.2 percentage points compared to the same period last year), while the share of own funds, on the contrary decreased by 2.5 percentage points to 10.6%. The share of bonds in the structure of financed funds reached 10.5%, it should be taken into account that this level is largely provided by the company "GTLK", which actively uses bond issues to finance the leasing business. Excluding STLC, the share of bonds in the sources of financing leasing transactions for 9 months of 2017 would have amounted to 4.3%, which is slightly higher than last year's level (see Chart 4).

According to the survey of leasing companies, the average level of margin 2 of the leasing business for the first 9 months of 2017 was 4.3%, which corresponds to the level of 2014. The return of the margin to the pre-crisis level indicates a decrease in lessors' fears about their clients, leasing companies have begun to include credit risks in the leasing interest to a lesser extent. Companies specializing in construction equipment, cars and trucks showed the highest margin (maximum margin reaches 14%). The lowest difference between the cost of borrowed and placed funds (about 1.5–2%) is typical for companies working with leasing of railway and aircraft equipment. The marginality of the business of lessors owned by foreign owners has fallen over the past three years by 2.3 percentage points, to 3%. As a rule, lessors with foreign structures work with imported equipment, which has risen in price significantly due to the devaluation of the ruble, which forced leasing companies to reduce margins in order to maintain their customer base. It is worth noting the increase in the margin of leasing companies affiliated with Russian banks (+1.4 p.p., to 4.6%), which is largely due to the lag in revising the interest rate on leasing after lowering rates on borrowed loans from the leasing company. Therefore, the reduction in the rate of the Bank of Russia has not yet fully reflected on the cost of leasing.

Dynamics and structure of operational leasing

In January-September 2017, the volume of operating leasing amounted to about 147 billion rubles, which is 263% more results the same period last year. In addition, the volume of operating leasing achieved in 9 months of this year is the highest in the history Russian market leasing. In general, in the first three quarters of 2017, leasing accounted for about 21% of new business, compared to 12% a year earlier (see Chart 6). The share of lease in the leasing portfolio also increased significantly to 17.4% as of October 1, 2017 against 5.3% as of October 1, 2016.

The concentration on the leaders in the new operating leasing business is much higher than in the financial one: for example, the top 3 lessors account for 72% of the market (see table 2), while the share of three largest companies in financial leasing is 37%. The high level of market concentration on a limited range of leasing companies is associated with the specifics of operating leasing, which is more in demand by large clients. This type leasing is in demand by corporate clients, as it allows more flexible management of the transport fleet in conditions of instability and does not oblige to buy property at the end of the contract.

Table 2. Top 10 leaders in terms of operational leasing

№	Company name	New business on operational leasing / rent for 9 months. 2017, million rubles	Share of operational leasing in the new LC business, %	The company's share in the operational leasing market, %
1	SBERBANK LEASING (GK)	55 536	54,5	37,8
2	VEB Leasing	25 677	45,5	17,5
3	State Transport Leasing Company	24 810	27,4	16,9
4	"TransFin-M"	14 269	58,9	9,7
5	"RAIL1520" (GK)	7 841	100	5,3
6	"Transleasing Service"	6 065	100	4,1
7	"Major Leasing"	1 356	18,0	0,9
8	Gazprombank Leasing (GK)	1 055	4,8	0,7
9	"Option-TM"	582	59,2	0,4
10	KAMAZ-LEASING (GK)	329	6,3	0,2

Source: RAEX (Expert RA), according to the results of the LC survey

According to the results of 9 months of 2017, the operating leasing segment is mainly formed by railway and aircraft equipment, these segments together account for about 97% of all leases (see Chart 7). Operleasing support aircraft in 2017, first of all, it provided state subsidies for rental payments. “Without state support to subsidize the lease of domestic aircraft, regional aviation will not be viable. All over the world, one way or another, it is supported by the state. Another issue is that measures state support should not relax manufacturers, who should strive to reduce costs,” notes Vladimir Dobrovolsky, Deputy General Director for work with clients of PJSC STLC.

In an operating lease, the use of the leased asset is limited by the term of the contract, which allows the lessee to quickly replace the equipment in case of obsolescence. In addition, the reduction in interest rates due to the revision of the key rate of the Bank of Russia will help increase the attractiveness of operating leasing. “As the interest rate decreases, the efficiency of leasing increases, as the interest burden on the entire investment decreases,” notes Kirill Tsarev, CEO JSC Sberbank Leasing. – In operational leasing, due to the large balloon payment, the percentage affects more significantly than in financial leasing. And the lower the interest, the more competitive the offer of operational leasing becomes.”

Market leaders

According to the results of 9 months of 2017, Sberbank Leasing JSC became the market leader, increasing the volume of new business by 163%, a year earlier the company was on the third line in the ranking. The second place in terms of the volume of new business in the leasing market is held by PJSC STLC, and the third position in the ranking is occupied by VTB Leasing. As before, there is a high concentration of the market on the largest lessors, which continues to grow. Thus, according to the results of three quarters of 2017, the top 3 leasing companies account for about 37% of new business (35% a year earlier). It is worth noting that the business of the three largest players forms 88% of the aviation segment, 38% of rail leasing and a quarter of the truck leasing market. The share of the top 10 in the volume of new business in January-September of this year increased from 64 to 67%, and the 20 largest lessors already account for 80% against 78% a year earlier.

Table. Top 20 market leaders in the first 9 months of 2017

Place for new business		Company name	RAEX credit rating (Expert RA) as of 06.12.2017	The volume of new business (property value) for 9 months. 2017, million rubles	Growth rate of new business 9 months. 2017 / 9 months 2016, %	The amount of new lease agreements for 9 months. 2017, million rubles	The volume of the leasing portfolio as of 01.10.17, million rubles
01.10.2017	01.10.2016
1	3	SBERBANK LEASING (GK)		101 980	163	132 174	397 241
2	2	State Transport Leasing Company		90 492	55	180 070	490 797
3	1	"VTB Leasing"		67 377	7	104 295	394 295
4	4	VEB Leasing		56 393	115	82 488	344 620
5	5	"LK Europlan"	ruA	42 087	63	n. d.	52 552
6	7

Kirill Kirilin

When forming the schedule of leasing payments, special attention is paid to reflecting the income of the leasing company in the calculation. A clear concept of the lessor's income in Russian leasing practice has not yet been fully established. Different leasing companies may name the income included in the calculations in different ways. In leasing practice, there are such names of income of a leasing company as margin, remuneration, profit, net profit. It is further proposed in this review to call the income of a leasing company included in the calculation of lease payments the margin.

There are two main approaches to the formation of the margin of a leasing company:

1) the lessor includes the net profit of the company in the calculations and adds income tax to it. Also, the leasing company can separately allocate not the entire amount of income tax, but only the amount of the so-called mandatory income tax, calculated on the basis of the costs of the lessor paid from net profit (for example, such costs may be interest on a loan in excess of the norms established by Article 269 of the Tax Code). code of the Russian Federation);

2) margin means “dirty” profit, from which the leasing company pays income tax, but this tax is not taken into account separately in the calculations, but “sits” in the margin.

Theoretically, the margin of a leasing company can also be called the entire amount of the excess of lease payments over the value of the property. It is assumed that with this approach, the margin includes interest on borrowed funds, taxes, other expenses, as well as the income of the lessor itself. However, such an interpretation of the leasing company's margin does not seem correct, since it does not reflect the profitability of the leasing operation.

For any of the above margin formation options, the following methods of calculating the total margin amount can be distinguished:

1. The margin amount is calculated as a certain percentage of the initial cost of the leased property, this amount is not adjusted taking into account the lease term.

2. The amount of the margin is calculated as a certain percentage of the original value of the leased property, this amount is adjusted for the term of the lease (usually multiplied by the number of years the lease agreement lasts).

3. The amount of the margin is calculated as a certain percentage of the balance of the debt on the loan. In this case, a certain value is added to the interest rate on the loan, which forms the margin of the lessor. In this case, the total interest on the loan and the margin is sometimes referred to as the lease interest.

4. The amount of the margin is calculated as a certain percentage of the residual value of the leased property at each moment of the validity of the lease agreement. In this case, the margin depends on the lease term and the calculation algorithm is similar to the property tax calculation algorithm.

5. The amount of the margin is calculated as a certain percentage of the amount of the leasing agreement or of the amount of all expenses of the lessor under the leasing agreement.

6. The margin amount is a fixed amount. Such an algorithm can be used, for example, when leasing similar Vehicle, as well as inexpensive equipment, when the lessor fixes the minimum amount of margin.

In negotiations before signing a lease agreement, the lessor and the lessee usually discuss the margin rate of the leasing company. At the same time, the parties should immediately pay attention to three aspects when discussing this issue:

The leasing company specifies a margin rate that already includes VAT, or a rate without VAT;

The leasing company indicates the margin rate to which income tax is added in the calculations, or the rate that already includes income tax;

What is the basis for margin calculation.

Suppose the parties have agreed that the margin rate does not include VAT on the margin and includes tax on the profits of the leasing company. Let's consider how much the lessor's margin will be at the same absolute rate based on the above methods of calculating it. Let the margin rate be 4%, the term of the leasing agreement is 3 years, the value of the leased asset is 118,000 units with VAT (book value - 100,000 units), the rate of the loan attracted by the lessor is 14% per annum, the loan term is 3 years, the repayment of the loan is made monthly in equal installments (under these conditions, the amount of interest on the loan is 25,468 units). The results of margin calculations are presented in Table No. 1.

Table No. 1 shows that the same margin rate can amount to a different absolute amount of the lessor's income based on various ways margin calculation. You can also notice that all methods of calculating the margin, given in table No. 1, except for the first and fifth, fix the dependence of the margin on the term of the leasing agreement. This can be considered a correct dependence, since the lessor provides services to the lessee during the entire lease term, and not at a specific point in time. The first and fifth methods do not take into account the time factor, while the first method is often more understandable and simple for the lessee and therefore is widely used in practice, the fifth method is somewhat more complicated and is used less frequently.

The lessee will always strive to understand the absolute size of the margin of the leasing company and, if possible, try to reduce it. The leasing company, on the contrary, is always trying to increase its own income. Thus, a certain market level of profitability of leasing operations is formed, at which this financial instrument becomes mutually beneficial for each party.

Leasing margin - 4 percent per annum.

The annuity formula is used to calculate the amount of lease payments.

P \u003d A * I: T / (1 - 1: (1 + I: T) T * P)

R - the amount of lease payments;

A - the cost of the leased property;

P - term of the contract;

And - the rate of leasing interest;

T is the frequency of lease payments.

In accordance with the conditions we are considering, the expenses of the enterprise on financial leasing:

P = $9,883

To determine the amount of the payment adjusted for the value of the residual value, the discount multiplier formula is used, from which:

After adjusting for K (residual value factor), the lease payment would be $9,869.

Thus, the amount of lease payments at 1% residual value of the equipment will be 237,856.

Since the first lease payment is made in advance at the moment the lessee signs the equipment acceptance protocol, that is, not at the end, but at the beginning of the interest period with a quarterly frequency of interest payment, another adjustment is made to the calculation of the payment amount according to the formula:

This correction factor is equal to 0.9217.

This means that the company's expenses are reduced by almost 8 percent due to the term of payment of lease payments.

With this adjustment factor, the total lease payments are $219,310.

According to existing rules the costs of the enterprise for obtaining equipment should also include costs that are identical in direction and amount to the credit scheme for the purchase of equipment.

The company's expenses for customs duties, fees and VAT are taken into account in the mode of agreement with the leasing company that these payments are included in the leasing agreement.

The lessor (leasing company) pays them at the border, and then they are additionally taken into account in leasing payments during the year and paid by the lessee enterprise in excess of the calculated value of the leasing interest on the terms of attracting credit resources for this transaction and receiving the appropriate leasing margin by the lessor. As can be seen, both parties (the leasing company and the lessee) are interested in this scheme.

However, in contrast to the cost of the loan, the appreciation will be made at a factor of 0.04 (lease margin).

The enterprise's expenses on leasing (with payment at the beginning of the quarter), taking into account the costs of customs duties, fees, value added tax, will amount to $279,042.

Payments are made in equal installments at the beginning of each quarter throughout the lease agreement.

Comparison of the expenses of the enterprise when purchasing equipment at the expense of credit funds in comparison with the costs of leasing will be as follows:

326,465: 279,042 = 1.170, i.e. loan costs exceed leasing costs by 17 percent.

Thus, we can conclude that leasing, as a method of long-term investment, can be quite profitable for an enterprise compared to other forms of investment in fixed production assets.

CHAPTER 3. COMPARATIVE ANALYSIS OF THE LEGAL SUPPORT OF INTERNATIONAL AND RUSSIAN LEASING OPERATIONS

3.1. Regulation of leasing relations by Russian legislation

The purpose of the legal chapter is to analyze the legal acts governing relations under an international leasing agreement, as well as to compare international and Russian normative documents and the conclusion of the most significant differences in approaches to the regulation of international leasing. The relevance of this issue is due to the fact that, in accordance with the Constitution of the Russian Federation, international legal acts have the highest legal force and their provisions must be taken into account when developing and concluding an international leasing agreement. To achieve this goal, the following tasks will be solved in this chapter:

1. consider the main legal acts regulating leasing relations in the Russian Federation;

2. to analyze the most significant provisions of the Federal Law "On Financial Leasing (Leasing)";

3. consider the provisions of the UNIDROIT Convention on International Financial Leasing;

4. Based on the comparison, draw conclusions about the difference in approaches to the regulation of leasing relations according to international and domestic regulatory documents.

Currently, civil law regulation of leasing in Russia is carried out by several regulations. First of all, it is the UNIDROIT Convention on International Financial Leasing. Russia acceded to the Convention in accordance with the Federal Law of February 8, 1998 No. 16-FZ "On the Accession of the Russian Federation to the UNIDROIT Convention on International Financial Leasing". The UNIDROIT Convention entered into force for the Russian Federation

The next legal act regulating leasing relations is the Convention of the CIS countries on interstate leasing. This Convention was signed on November 25, 1998, but has not yet been ratified by the State Duma.

The Russian Federation has adopted a number of regulatory documents aimed at regulating leasing:

1. Federal Law of February 8, 1998 No. 16-FZ “On the Accession of the Russian Federation to the UNIDROIT Convention on International Financial Leasing”;

2. The Civil Code of the Russian Federation - defines a leasing agreement as a type of lease agreement. Special norms of the Civil Code of the Russian Federation on leasing are applied together with general provisions about rent and liabilities;

3. Federal Law No. 164-FZ of October 29, 1998 “On Financial Leasing (Leasing)” as amended and supplemented in accordance with Federal Law No. 10-FZ of January 29, 2002 “On Amendments and Additions to the Federal Law "On Leasing" - defines leasing as a form of investment activity; provides a significant amount of customs and tax benefits;

4. Federal Law No. 39-FZ of 25.02.1999 “On investment activities in the Russian Federation carried out in the form of capital investments” (as amended of 02.01.2000 No. 22-FZ);

5. Federal Law No. 160-FZ of July 9, 1999 “On Foreign Investments in the Russian Federation” (as amended and supplemented on March 21, July 25, 2002, December 8, 2003);

6. Decrees of the Government and others regulations governing the use of leasing in certain sectors - establish the procedure for providing state guarantees for leasing operations in certain sectors.

Questions about the law applicable to international transactions are determined in accordance with part three Civil Code: the rights and obligations of the parties in foreign economic transactions are determined by the law of the country chosen by the parties when making a transaction or by virtue of a subsequent agreement. In the absence of an agreement between the parties on the law to be applied, the law of the country where the party that is the lessor (lessor) in the contract is established or has its main place of business.

Federal Law N 164-FZ "On Leasing" defines leasing 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 fee, certain period and on certain conditions stipulated by the agreement, with the right to buy out the property by the lessee". At the same time, a leasing transaction is defined as "a set of agreements necessary for the implementation of a leasing agreement between the lessor, the lessee and the seller (supplier) of the leasing object". At the same time, the Law excludes from the possible list of objects leasing land and other natural objects, as well as property prohibited for free circulation or for which a special procedure for circulation has been established. Thus, leasing is treated as "one of the forms of investment financing".

The analysis of leasing operations ends with an assessment of their economic efficiency. At the same time, the value of the nominal and real, actually received income from leasing operations is determined. Income from them represents the amount of rent actually received from tenants.

Let's remember what is included in the rent:

The amount of depreciation of the leased property;

Income of the lessor for the services provided (leasing margin);

Insurance premium.

It can be seen from this diagram that income from leasing operations is equal to the difference between the amount of actually received rent and the amount of accrued depreciation on the leased property, and the amount of income is equal to the amount of actually received rent. Therefore, to calculate the level of profitability of leasing operations, you can use the following formulas:

Income (from the leasing operation) = the amount of the actual rent received - is divided by the amount of the leased property.

Besides:

Income (from a leasing operation) = the amount of rent actually received - is divided by the amount of leasing property that is on the balance sheet of the bank (with participation in the leasing operation of a banking structure) or an enterprise.

For calculation level of profitability of leasing operations

the following formula is used:

Profitability (of a leasing operation) = Income (from a leasing operation) - divided by the amount of accrued depreciation on the leased property.

Profitability of leasing operations

is equal to the ratio between the amount of income from leasing operations and the amount of property leased:

Profitability of leasing operations =

the amount of income from leasing operations - is divided by the amount of property leased.

A generalizing indicator of the significance of leasing operations in making a profit is the share of income from leasing operations in the total amount of income (Udoh.lize):

Specific gravity income from leasing operations = the amount of income from leasing operations - is divided by the total income of the bank (with participation in the leasing operation of the banking structure), or the enterprise.

In addition, in the process of analyzing leasing operations, such an indicator as the expediency of carrying out these operations is used. The indicator is determined by comparing the share of income (or profit) from leasing operations in the total amount of income (or profit) with the share of leasing operations in the total balance sheet asset. If the value of the contribution of leasing operations to the common business of making a profit is greater than their share in assets, then this indicates a relatively high efficiency these operations.

The analysis of leasing operations is carried out in dynamics, as well as in comparison with the corresponding period of the last year.

Consider the example of a methodology for analyzing the effectiveness of leasing operations.

ANALYSIS OF THE EFFICIENCY OF LEASING OPERATIONS:

Indicators	Base period	Reporting period	Absolute deviations
1. Cost of leased property on the balance sheet at the beginning of the period, thousand rubles
2. Cost of leased property on the balance sheet at the end of the reporting period, thousand rubles
3. Average cost of leased property for the period, thousand thousand rubles (line 1 + line 2): 2
4. Average annual cost of property actually leased, thousand rubles
5. The amount of accrued depreciation on leased property, in total for the period, thousand rubles
6. The amount of rent to be collected from tenants, thousand rubles
7. The amount of rent actually received from tenants, thousand rubles
8. Income from leasing operations, thousand rubles (line 6 - line 5)
9. Profitability of leasing operations (D1), % (p. 6: row. 4)
10. Profitability of leasing operations (D2), % (p. 6: row. 3)
11. Profitability of leasing operations, % ((p. 6 - row. 5) : row. 5)
12. Profitability of leasing operations, % ((p. 6 - row. 5) : row. 4)
13. Income, total, thousand rubles
14. Share of income from leasing operations in total income, % (p. 6: row. 14)
15. The coefficient of completeness of income,% (p. 7: row. 6)
16. Share of profit from leasing operations in income from leasing operations, % (p. 8: row. 6)