Analysis of the activities of leasing companies. Analysis and evaluation of leasing activities of leasing companies in Belarus Features of the analysis of leasing companies

Objects, tasks and sources of analysis information

1.2. Analysis of the formation of a lease payment

1.3. Analysis of the effectiveness of leasing operations

Settlement section

List of sources used

Theoretical section

Introduction

Today, leasing is becoming increasingly popular both as a way to acquire expensive assets (allows you to get the necessary equipment, vehicles, real estate without a one-time diversion of large financial resources or in their absence), and as a way to sell manufactured products (allows you to increase sales in an increasingly competitive environment) . A preliminary analysis of the planned leasing operations shows whether it is expedient to use this form of asset acquisition or sales promotion, and thus is a necessary condition for making managerial decisions.
Currently, a large number of leasing companies operate in the leasing services market, the number of which is constantly growing. These companies are able to set in motion the released production capacity and significantly meet the needs of industrial and commercial enterprises in the use of equipment (property). Moreover, with a shortage of financial resources, these structures are able to help many enterprises survive by providing technological equipment for their production, i.e. lay the foundations for overcoming the crisis and future economic recovery.

Objects, tasks and sources of analysis information

Objects of analysis of leasing activity:
- Estimation of the value of the leased property
- Formation of leasing payment, factors of its change
- Leasing efficiency indicators, factors of its change
The objectives of the analysis of leasing activities are:

study of the content of leasing agreements;

substantiation of lease payment calculations;

determination of the effectiveness of leasing from the lessor and the lessee.
Sources of information in the analysis of leasing
activities are leasing agreements, the balance sheet asset item “Profitable Investments in Material Values”, the accounting data of leasing operations carried out in accordance with the Regulations on leasing in the territory of the Republic of Belarus, approved by the Resolution of the Council of Ministers of the Republic of Belarus dated December 31, 1997 No. 1769.
Leasing- this is a complex of economic relations between legally independent persons regarding the lease of fixed assets of production or goods for long-term use, as well as financing, the acquisition of movable and immovable leased property. The leasing company actually lends to the tenant, therefore, along with the term "leasing", the concept of "credit - rent" is sometimes used. Unlike a sales contract, under which the ownership of the goods passes from the seller to the buyer, in leasing the ownership of the leased item remains with the lessor for the entire period of the contract, and the lessee acquires it only for temporary use for the purpose of production use.
The object of leasing can be any movable and immovable property related to fixed assets, as well as software and working tools that ensure the functioning of the leased fixed assets. The object of leasing cannot be property used for personal (family) or household needs, land plots, other natural objects, as well as other property in accordance with the law. The objects of the leasing transaction are not destroyed in the production cycle.
The subjects of leasing are the lessor, the lessee, the manufacturer of the leasing object. lessor(lessor) is a business entity that is the owner of the object of leasing and provides it for rent. A specialized leasing organization (firm) can act as a lessor. Leasing companies can be subsidiaries of commercial banks and large industrial enterprises.
Lessee(lessee) - a party negotiating with the lessor on the lease, endowed with the right to own, use the object of leasing within the limits established by the leasing agreement. The user (tenant) can be all business entities. As manufacturer of the leased object enterprises, organizations and other business entities engaged in the production or sale of inventory items act. These are the so-called suppliers of transaction objects.
Lessors, lessees, suppliers are direct subjects of a leasing transaction. Indirect participants in the transaction may be banks lending to the lessor and acting as guarantors of transactions, insurance companies, brokerage and other intermediary firms.
The purpose of leasing is to promote the development of scientific and technological progress, expand the possibilities for strengthening and developing the material and technical base of organizations, their technical re-equipment, and expanding cooperation between domestic and foreign enterprises. Leasing does not supplant traditional forms of financing and lending to fixed assets, but is their addition.
For a manufacturer (supplier), leasing means accelerating the sale of products, bringing them to the consumer, receiving payment; for a lender (leasing company) - a source of income in the form of amounts from the sale of leased property to the lessee and various commissions for services. The lessor is usually insured against risk, since in order to pay off obligations he can take away property, lease it to another person or sell it.
The main advantages of leasing:

the ability to use the leasing object without significant initial investment. The client pays only the amount of the advance, if it is provided for by the contract, and the remaining payments are made periodically during the entire term of the contract;

at the end of the leasing agreement, the lessee has the opportunity to redeem the leasing object at a small residual value;

lease payments are included in the cost of products (works, services), which reduces taxable income;

financing using leasing improves financial flows, leaving credit lines free;

property acquired under a leasing agreement is collateral for a leasing transaction, therefore, unlike a loan, an enterprise, as a rule, does not need to assume additional collateral obligations;

the object of leasing during the term of the contract is not subject to revaluation;

the lessee independently chooses the object of leasing and the seller of equipment, takes part in all stages of the transaction between the lessor and the seller;

allows you to avoid losses associated with obsolescence of machines, equipment, use the latest achievements of scientific and technological progress in production;

preserves (maintains) the liquidity of the balance sheet. With leasing, unlike a bank loan, there is practically no increase in the tenant's obligations (decrease in liquidity) when acquiring machinery, equipment and other property;

The conclusion of a leasing agreement is also possible in case of financial difficulties, since the amount of the leasing fee is relatively small in relation to the amount of the entire leasing transaction. Payments are made not at a time, but in installments at the agreed time;

the risk of loss or damage to the leased property usually lies with the owner, i.e. the lessor, and maintenance and repair of equipment (machines, mechanisms) can also be carried out by the lessor;

enables small businesses to use expensive equipment;

the lease payment is paid after the equipment is installed and has reached the appropriate performance.

Leasing is expedient only if it is equally beneficial to both the lessor and the lessee. This circumstance requires careful development of leasing conditions in relation to each specific case.

1.2. Analysis of the formation of a lease payment

For the use of the object of leasing, the lessor collects from the user lease payments(rent), the amount of which is determined by the contract.
The leasing payment is formed taking into account the cost of the leasing object and the leasing rate. Leasing rate(percent) takes into account the payment for monetary resources - loan interest attracted by the lessor for the transaction; income of the lessor for the services rendered; the amount of his expenses. When establishing a lease payment, the term of the contract, the frequency and method of repayment of the payment, the possible payment of a risk premium to the lessor, and the increase in the price of the leased object are also important.
A short contract term results in a relatively high lease payment and a high cost burden on the lessee. Longer contract periods relatively reduce the size of one payment and increase the risk of the lessor, since he must control fluctuations in the price of the leased object and the creditworthiness of the lessee.
The classification of lease payments can be made according to the following criteria (Table 13.1).

Table 13.1.

Classification of lease payments

Leasing with cash payment - leasing, in which all payments are made in cash. In case of a compensation payment, payments are made by deliveries of products manufactured on the equipment that is the object of a leasing transaction, or in the form of a counter service. Leasing with a mixed payment - a combination of cash and compensation, i.e. along with cash payments, payments in goods and services are allowed.

At the conclusion of the contract, fixed payments can be established. In this case, when calculating the rent, depreciation deductions from the value of the leased asset, interest rate for the use of borrowed funds, VAT, commissions to the lessor, payment for its additional services, etc. are taken into account.

Advance payments imply that the lessee provides an advance to the lessor at the time of signing the agreement in the amount established by the parties, and after putting the leased object into operation periodically pays lease payments (minus the advance payment). This type of leasing payment is currently very often used by large industrial enterprises to sell their expensive products, which the consumer cannot pay immediately due to lack of funds.

Payment of leasing payments can be made according to the proportional method, with stepped intervals, progressive and degressive methods. The proportional schedule fee is the same and unchanged throughout the contract term. The progress of payment with stepped intervals is usually associated with schedules of uneven receipt of income, for example, in seasonal enterprises. During the season, the share of the payment is high, and outside the season it is reduced or even not taken, and therefore lessors rarely agree to such a payment schedule. With a progressive schedule, the payment increases in proportion to the growth of income. Progressive payment mitigates for the lessee the increase in costs in the initial phase. This form is used by lessees who are just entering the market or want to increase their share of their presence in it. The degressive course of payment of lease payments is characterized by the fact that part of the costs of leasing is shifted forward. This form is preferable for highly liquid, financially stable lessees, which, in turn, significantly reduces the risk for the lessor.

At the end of the contract, the lessee has the opportunity to:

redeem the leased object at the residual value;

conclude a new leasing agreement for the same object
leasing (usually for a shorter period and at a reduced rate)
or to a new, more advanced technique;

3) return the leased asset to the lessor in the same physical form.

Rice. 2. Formation of the lease payment

In order to ensure the sale of manufactured products, many organizations enter into leasing agreements with consumers of their products, in which one of the main conditions is the payment by the lessee of a fixed advance payment in the amount of 10 to 40% of the initial cost of the leasing object. The remaining part of the cost is paid by the lessee (consumer) of the products within the period specified in the leasing contract, taking into account all potential components of the lease payment.
It should be especially noted that in practice the amount of leasing payments is never equal to the costs of conducting a leasing operation with the lessee. The latter, as a rule, are higher by the amount of customs duties and payments, unforeseen expenses for installation, installation of equipment, which must be taken into account when calculating the effectiveness of leasing from the lessee.

1.3 Analysis of the effectiveness of leasing operations

The effectiveness of a leasing operation is determined by the lessee and the lessor.

Determining the financial viability of a leasing operation is an important factor for the parties involved in the transaction. The criteria for evaluating the effectiveness of a leasing operation for a lessee are:

the percentage paid by the lessee to the lessor for financing the leasing operation (financing rate);

the total amount paid under the leasing contract (price of the leasing transaction) compared to alternative financing options for the acquisition of an object, such as a bank loan;

the rate of profit received by the lessee from the operation of the leasing object;

payback period of leasing;

a complex system of indicators used in evaluating the effectiveness of capital investments.

Determining the percentage (rate) of financing a leasing operation.
The lessee, having calculated the percentage (rate) of financing that he will have to pay to the lessor for financing the leasing operation, can compare it, for example, with the interest paid upon obtaining a loan, and thus determine whether it is profitable for him to sign a leasing contract or is it better to buy equipment on credit.
The percentage (rate) of financing can be determined by the formula

pf \u003d 0.5 (C 1 - C 0) / (EP-A)

where PF is the percentage of financing of the leasing operation (financing rate, %); EP - annual leasing payments; A - annual depreciation of machinery and equipment (sum of annual depreciation charges); C 0 - the initial cost of machinery and equipment; C 1

residual value of machinery and equipment after the expiration of the leasing contract.

Comparison of the total amount paid by the lessee to the lessor under a leasing contract with the price of acquiring machines for cash or on credit shows the profitability of the transaction for the lessee. In this case, it is necessary to take into account the tax incentives and investment incentives that may be provided to the participants in the transaction.

The determination of the total price of the leasing operation Ts l subject to the subsequent repurchase of equipment at the residual value is made according to the formula

C D \u003d (EP-L) T + C 1 + N P,

where N p - mandatory tax payments; T - lease term, years; L - benefits received by the lessee (tax, etc.), or discounts provided by the lessor.
Similarly, you can determine the total price of cars purchased on credit:

C K \u003d C 0 + P-L + N P,

where C k - the total price when buying cars on credit; P 0 - the initial cost of cars when buying for cash; P - payments for the use of the loan; L - benefits received by the buyer of cars on credit (tax, etc.), or discounts provided by the seller.
Calculation of the average annual rates of return for leasing from the lessee N ml1 is made according to the formula

N pl1 \u003d P r / (EP + p) * 100%,

where Pr - annual profit received by the lessee from the use of the leased object; n - other costs of the lessee associated with the operation of the leasing object.
The lease payback period for the lessee enterprise is determined by the ratio of the amount of lease payments to the average annual amount of additional net profit from the use of leased funds. The increase in profit due to the use of leasing equipment can be determined by multiplying:
a) the actual amount of profit per unit weight issued-
products on leasing equipment;
b) leasing costs to the actual level of profitability
ty costs of the enterprise;
in) the level of cost reduction per unit of production,
produced on leasing equipment, for the actual
sales of this product.
The effect can be not only economic, but also social, expressed in facilitating and improving the working conditions of employees of the enterprise.
When evaluating the effectiveness of leasing operations with a lessee, it is possible, as in evaluating the effectiveness of capital investments, to use a system of private and general indicators, such as an increase in the volume of production, an increase in its quality and competitiveness, an increase in labor productivity, profit, profitability, production and capital, a reduction in payback period, etc.
The effectiveness of leasing from the lessor is also assessed using indicators of profitability and the payback period of investments in leasing operations. The profitability of leasing activities is determined by the ratio of net profit to leasing costs in general and for each contract. The payback period for leasing costs from the lessor can be determined by dividing them by the average annual amount of net profit from leasing activities. Leasing costs from the lessor include: the cost of acquiring fixed assets from manufacturers, the amount of interest on bank loans (if the purchase was made at their expense), insurance premiums for insuring leased property, the cost of guaranteed maintenance of leased assets, staff salaries and other costs. The net profit of the lessor consists of its income as part of the lease payment minus statutory taxes. The degree of risk is also analyzed based on the study of the solvency of tenants and the accuracy of fulfilling contractual obligations under previous contracts.
In the process of leasing analysis, it is necessary to compare the performance indicators of leasing according to the report with the indicators under the contract, identify deviations and determine them, and also take them into account when concluding further leasing transactions.

Conclusion
Leasing is the whole complex of emerging property relations related to the transfer of property for temporary use on the basis of its acquisition and subsequent lease. The organization of the leasing process is carried out taking into account priority areas. Preference is given primarily to the type of equipment (property) that ensures the production of high-quality goods and the development of an efficient service sector.
It should be noted that the leasing process is carried out, as a rule, in three stages. First, preparatory work is carried out to conclude legal agreements (contracts). At the second stage of the leasing process, the leasing transaction is legally fixed in three- and bilateral agreements. The third stage of the leasing process covers the period of use of equipment (property);
When allocating types of leasing, they proceed, first of all, from the signs of classification. Such features include: the composition of the participants in the transaction, the type of property transferred to the lease, the degree of its payback, the terms of depreciation, the volume of services, the market sector where operations are carried out, the attitude to tax and depreciation benefits, the nature of lease payments. One of the most complex types of leasing is a separate leasing, or leasing partially financed by the lessor.
It should be borne in mind that the functions of leasing are also distinguished. The financial function of leasing is most clearly expressed, since leasing is a form of investment in fixed assets. The production function of leasing is the prompt and flexible solution of the lessee's production tasks through temporary use, rather than the acquisition of machinery and equipment in the property.
At present, in the Republic of Belarus, there is a need to form a secondary market for technological equipment using leasing. This would create conditions for the use of leasing operations in the sale of both uninstalled equipment and equipment with a short service life. That would give a great opportunity to produce various goods and services of high quality to small businesses, as well as to meet the needs of consumers as much as possible. In the presence of a set of measures for state support, it is possible to form an infrastructure that, with the help of leasing, would provide, on preferential terms, the use of technological equipment for the development of production and its re-equipment.

Settlement section

Task number 1. (Option 10)

Determine the influence of factors on the change in the volume of output by methods of chain substitutions and absolute differences.
Build an analytical table. Draw conclusions based on factor analysis.

№	Indicators	Plan	Fact	Deviations
1	Average number of employees, people	121	119	-3
2	Average number of days worked by one employee per year, days	226	224	-2
3	Average day length, hour	7,8	7,7	-0,1
4	Hourly output, rub.	1620	1680	+60

Method of chain substitutions.

VP o \u003d 121 * 226 * 7.8 * 1620 \u003d 345544056
VP condition1 \u003d 119 * 226 * 7.8 * 1620 \u003d 339832584
VP conv2 \u003d 119 * 224 * 7.8 * 1620 \u003d 336825216
VP conditional3 \u003d 119 * 224 * 7.7 * 1620 \u003d 332506944
VP 1 \u003d 119 * 224 * 7.7 * 1680 \u003d 344822016
? VP total = -722040
? VP chr \u003d -5711472
? VP d \u003d -3007368
? VP pd \u003d -4318272
? VP hv \u003d 12315072

Absolute difference method.

? VP=VP 1 / VP 0
? VP chr = ? PR * D 0 * PR 0 * CV 0 \u003d -5711472
? VP d \u003d CH 1 *? D * Send 0 * CV 0 \u003d -3007368
? VP prd \u003d CH 1 * D 1 *? PrD*FV 0 = -4318272
? VP hv \u003d CR 1 * D 1 * PrD 1 *? PV=12315072
Conclusions.
By reducing the number of employees by 3 people, output will decrease by 5,711,472 rubles.
By reducing the average number of days worked by one employee per year, output will be reduced by 2 days by 3,007,368 rubles.
By reducing the average working day by 10 minutes, output will decrease by 4,318,272 rubles.
Due to the increase in hourly output by 60 rubles, output will increase by 12,315,072 rubles.

Task number 2. (Option 0)

Carry out a factorial analysis of profits using chain substitutions for the following data. Missing data in the table must be calculated.

Product type	Sales volume (pcs.)		Structural output (%)		Price (thousand rubles)		Variable costs for 1 unit. products (thousand rubles)		Fixed costs for all sales
Product type	Plan	Fact	Plan	Fact	Plan	Fact	Plan	Fact	Plan	Fact
BUT	10455	12546	51	68	10	12	5,6	6,4	15728	22314
B	10045	5904	49	32	6,2	7,4	3,7	4	9912	8836
TOTAL	20500	18450	100	100	16,2	19,4	9,3	10,4	25640	31150

Solution:
P = ;
P plan = ;
P plan \u003d (20500 * 0.51 * (10-5.6) -15728) + (20500 * 0.49 * (6.2-3.7) -9912) \u003d 30274 + 15200.5 \u003d 45474.5 thousand roubles.
Pusl. 1 = ;
Pusl. 1 = (18450*0.51*(10-5.6)-15728)+(18450*0.49*(6.2-3.7)-9912)= 25673.8+12689.25= 38363, 05 thousand rubles
Pusl. 2= ;
Pusl. 2 \u003d (18450 * 0.68 * (10-5.6) -15728) + (18450 * 0.32 * (6.2-3.7) -9912) \u003d 39474.4 + 4848 \u003d 44322.4 thousand .rub.
Pusl. 3= ;
Pusl. 3 \u003d (18450 * 0.68 * (12-5.6) -15728) + (18450 * 0.32 * (7.4-3.7) -9912) \u003d 64566.4 + 11932.8 \u003d 76499, 2 thousand rubles
Pusl. 4= ;
Pusl. 4 \u003d (18450 * 0.68 * (12-6.4) -15728) + (18450 * 0.32 * (7.4-4) -9912) \u003d 54529.6 + 10161.6 \u003d 64691.2 thousand .rub.
P fact = ;
Pfact \u003d (18450 * 0.68 * (12-6.4) -22314) + (18450 * 0.32 * (7.4-4) -8836) \u003d 47943.6 + 11237.6 \u003d 59181.2 thousand .rub.
Oprod .gen. = Pusl. 1 - P plan;
Oprod .gen. = 38363.05-45474.5 = -7111.45 thousand rubles.
Oud. = Pusl. 2 - Push. one ;
Oud. \u003d 44322.4-38363.05 \u003d 5959.35 thousand rubles.
C = Pusl. 3 - Push. 2;
C = 76499.2-44322.4 = 32176.8 thousand rubles.
Zper. = Pusl. 4 - Push. 3;
Zper. = 64691.2-76499.2 = -11808 thousand rubles.
Zpost .. \u003d P fact - Pusl. four ;
Zpost .. \u003d 59181.2-64691.2 \u003d -5510 thousand rubles.
obsh. \u003d P fact - P plan;
obsh. = 59181.2-45474.5 = 13706.7 thousand rubles.
obsh. = Podgen. + C + Zper + Zconst.
obsh. = -711.45 + 5959.35 + 32176.8-11808- 5510 \u003d 13706.7 thousand rubles.
Conclusion: factorial analysis of profits for two types of products revealed that the total profit increased by 13,706.7 thousand rubles. Profit growth was due to the following indicators: an increase in sales by 7111.45 thousand rubles, an increase in the product structure by 5959.35 thousand rubles, an increase in prices by 32176.8 thousand rubles, a reduction in variable costs by 11808 thousand rubles. rub., reduction of fixed costs by 5510 thousand rubles.

Task number 3.
Based on the balance sheet, conduct an analysis in accordance with the instructions for analyzing and monitoring the financial condition and solvency of business entities.
Analysis.

To analyze and control the financial condition and solvency of the enterprise, we calculate the current liquidity ratio (K1) at the end of the reporting period, the ratio of own working capital (K2) at the end of the reporting period, the ratio of financial liabilities assets.
The current liquidity ratio (K1) at the end of the reporting period is calculated according to formula (1) as the ratio of the total of section II of the balance sheet asset to the total of section V of the liabilities of the balance sheet minus line 640 "Reserves for future expenses":
K1 =
where II A - the result of section II of the asset of the balance sheet (line 290);
V P - the result of section V of the liability of the balance sheet (line 690).
K1 = =0,87
etc.................

Sergey Kalinin Credit Analyst, Risk Management Department

Daniil Amambaev Credit Analyst, Risk Management Department
Group of companies "REGION"

Information and analytical magazine "Territory of Leasing" No. 2 for 2013

Leasing companies entered the Russian bond market for the first time in 2001. RTK-Leasing, a captive company OJSC Rostelecom, which held a leading position in the market at that time, acted as a pioneer, whose financial performance was better than the industry average. The company managed to place by open subscription a bond issue in the amount of 500 million rubles.

The current state of the bond market of leasing companies

Since 2001, there has been a noticeable increase in the volume of the bond market of leasing companies (Fig. 1)

However, comparing the levels of development of the leasing business in Russia and the market for debt securities of companies in this segment, we can confidently state the insufficiency of the latter.

The share of funds received from the placement of bonds in the total resource base of leasing companies is about 5%. In the markets of the USA, Canada, Western Europe, this figure is much higher - 12-15%.

Today, Russia has 70 issues of debt securities of leasing companies in circulation, and since the birth of this market, 32 issues have been redeemed in our country, 6 issues have been canceled, and the issuer has defaulted on another four.

Another quantitative aspect is also important: only 5% of the total number of operating leasing companies decided to issue bonds. Among them, 80% of the volume of placed securities falls on VEB-Leasing, VTB Leasing, TransFin-M and URALSIB Leasing Company, the remaining 20% - on another 10 companies (Fig. 2). The average maturity of issues is 5.1 years.

Key aspects of issuing debt securities by leasing companies

The primary and probably most significant purpose of issuing debt by leasing companies is to increase flexibility and agility. In the case of loan financing, leasing payments must be strictly synchronized with the repayment of the principal debt of the loan and interest, and the terms for transactions should be comparable with funding. When entering organized debt markets, the need for synchronization disappears.

The company, having received 3–5-year resources from a bond placement, has a certain “freedom” in choosing the term of the contract, as well as approaches to assessing the credit intensity and solvency of a potential lessee, since there is no need for the project to be evaluated by the bank lending the deal. This reduces the period of consideration of the project and the adoption of a decision on it.

An important aspect is the cost of resources. On credit funds, it is often higher than the yield on bonds. Thus, leasing companies have the opportunity to either increase marginal income or place more profitable offers on the market, not to mention the fact that more expensive loans can be refinanced with the resources from bonded loans. Another degree of freedom is that the leased property will not be burdened with bank collateral.

Difficulties for leasing companies to enter the public debt market

But there are a number of significant obstacles on the way of a leasing company to the market of public loans. First, the preparation of a bond issue requires certain knowledge, skills, qualified specialists and administrative resources. Secondly, when entering the public debt market, it is necessary to demonstrate a high degree of transparency, disclosing not only reporting data, but also the volume and quality of the leasing portfolio, which is often one of the main deterrents.

In addition, when evaluating a company, potential investors do not ignore the indicators of the level of equity and the volume of the leasing portfolio, the quality of risk management, the direction of the business, and the position in the industry.

Leasing company valuation standards

Due to the complex specifics of the business, it is more problematic to objectively evaluate a leasing company than other participants in the debt market. And if the qualitative indicators of its activities are more or less “available” to investors, then certain difficulties arise with quantitative ones.

First of all, this is due to the imperfection in regulating the reflection of current activities in reporting documents. Difficulties in valuation arise due to the fact that there are several different types of leasing, respectively, and a variety in the way leasing transactions are displayed in the company's financial statements under IFRS, GAAP (USA) and especially RAS. IFRS and RAS have qualitative differences both in terms of the disclosure of financial information of leasing companies and in the financial and settlement system.

In the RAS standard, the structure of balance sheet items is determined in accordance with the terms of the leasing agreement and the asset's balance holder, which can be both the lessor and the lessee. In fact, the balance sheet according to Russian standards does not reflect what is happening and does not give a real picture of the company's activities in this market. The main problem of leasing companies' reports under RAS is the failure to disclose the structure of the leasing portfolio, its credit and market quality, liquidity and the volume of overdue payments. It should be noted that there is no separate PBU that would regulate accounting in leasing companies.

As far as IFRS is concerned, the IAS 17 “Leases” standard fully provides the necessary data. Unlike RAS, property leased can only be reflected on the balance sheet of the lessee. The structure of international reporting allows you to see a wide range of indicators. So, for example, in the composition of the assets of a leasing company, one can single out the item “Net investment in leasing” (NIL), which shows the present value of future lease payments. The financial statements disclose information about the credit quality of the portfolio, receivables and past due payments. Reporting based on international standards is more informative and allows a more objective assessment of the company.

However, only 24 companies in Russia prepare audited financial statements in accordance with IFRS standards, and only eight leading companies in this business publish them. The unpopularity of IFRS reporting is due to the reluctance to disclose the real financial condition of companies and the additional costs associated with its preparation. At the same time, this behavior of Russian leasing companies is largely due to the fact that today they are focused mainly on credit resources of the domestic market.

However, in the near future, serious progress in this matter is possible. In accordance with the Plan of the Ministry of Finance of the Russian Federation for the development of accounting and reporting in our country for 2012-2015. a number of Russian accounting rules (PBU) will be replaced by new federal accounting standards developed on the basis of international standards. This reform will affect all Russian organizations, including leasing companies. According to clause 6 of this document, the full transfer of individual reporting to IFRS should be completed by 2015–2016.

Nevertheless, even in the current situation, it is possible to objectively evaluate the activities of a leasing company. This requires a detailed analysis of market and credit risks of a reliably disclosed leasing portfolio. However, in practice, the provision of this information is a rare “event”.

Leasing company evaluation criteria

In this regard, we have identified a group of financial indicators that you should pay attention to when analyzing a leasing company in order to purchase its bonds. They can also be used when considering the issue of lending.

These indicators include:

The level (sufficiency) of own capital - is calculated similarly to bank H1. Leasing activity is in many respects similar to banking and is built on the principle of "raising resources at lower rates, placing them at higher rates." It is logical to assume that the equity ratio not only reflects the scale of the business and the seriousness of shareholders' intentions to develop it, but also the ability to cover obligations in the event of a default on assets at risk (NIL). Speaking about the level of sufficiency, we note that the banking regulator (the Bank of Russia) sets the bar for credit institutions at least 10%, while the Basel 3 standard provides for at least 8% without taking into account the reserve.
Coverage of short- and long-term financial obligations, taking into account the cost of resources, with leasing payments (leasing portfolio). The indicator normalized by terms will be more informative, but the possibility of ranking will arise in the case of disclosure of data on the cash flow (CF) of the company or qualitatively deciphered IFRS statements. When calculating it, it is necessary to take into account various nuances, for example, VAT on acquired assets or the amount of advances received from lessees, etc. From our practice, the minimum value of the indicator is about 1.07.
The portfolio arrears rate is the share of overdue payments in the total portfolio. Due to the constant change in the volume of the leasing portfolio, this indicator should be considered in dynamics. The data of the studies of analytical agencies used by us indicate that the range of values of the “out of crisis” level of delinquency is from 0.5 to 3% of the total portfolio, in a crisis it expands to 9%. The indicator usually reaches the upper limit in the post-crisis period. It is at this time that the portfolio contains the maximum number of non-payers, and its growth due to new business does not occur.

There are other parameters that belong to the auxiliary category, but their weight in the overall assessment is less. Among them we include the return on assets, equity and invested capital, the weighted average cost of borrowed funds, financial leverage. A certain number of criteria can be included in the same group, but our practice shows that they have little effect on the overall assessment.

Approaches to determining the credit intensity of a leasing company

There are several approaches to determining the amount of credit intensity of a leasing company from the point of view of investors in the bond market, namely, setting a limit:

by scale of activity, taking into account revenue, balance sheet currency with subsequent adjustment for credit quality;
by liquidity and portfolio size, the basic principle of which is similar to the principle of limit calculation for the purpose of portfolio securitization;
based on the volume and liquidity of the issuer's debt securities.

But one of the most rational approaches, in our opinion, is to determine the credit intensity limit according to the equity capital adequacy ratio. Thus, we have the opportunity to calculate the amount of investment in the leasing company, by which it will be able to increase its working assets, without going beyond the equity capital adequacy ratio. The next step in this approach is to determine the " risk appetite", i.e. the amount of funds from the received calculated credit intensity limit that the investor is ready to invest in the issuer's bonds, taking into account the market characteristics of the securities (yield, duration, availability of an offer, liquidity) listed above credit quality indicators and, of course, subjective expert opinion.

In Russian legislation, accounting in leasing companies is regulated by the Order of the Ministry of Finance on the reflection in accounting of transactions under a leasing agreement (Order of the MF-RF dated February 17, 1997 No. 15).

Objects, tasks of analysis and sources of information

Leasing is a profitable investment in material values, investments of an organization in a part of property, buildings, paving, equipment and other values that have a material form, provided by the organization for temporary use (temporary possession and use) in order to generate income.

As noted in the form No. 5 "Appendix to the balance sheet" under the item "Profitable investments in tangible assets", profitable investments in tangible assets provided for a fee for temporary possession and use (under lease agreements (leasing), rental, hire) are reflected in order to receiving income.

In section 3 of form No. 5 “Appendix to the balance sheet”, the following are highlighted as objects of profitable investments:

Assets for leasing;

Assets provided under a rental agreement;

Assets provided under a lease agreement.

Objects of the analysis of leasing activity are presented in fig. 14.1.

Fig.14.1. Objects of analysis of leasing activity

The objectives of the analysis of leasing activities are:

substantiation of lease payment calculations;

determination of the effectiveness of leasing from the lessor and the lessee.

To date, the regulatory framework for leasing activities is represented by the UNIDROIT Convention on International Financial Leasing (Ottawa, May 1998).

The sources of information in the analysis of the organization's leasing activities are leasing agreements, the asset balance sheet "Profitable investments in material assets", accounts 02 "Depreciation of fixed assets", 03 "Profitable investments in material assets", 20 "Main production", 45 "Goods shipped ”, 90 “Sale”, etc., section “Profitable Investments in Assets” of Form No. 5 “Appendix to the Balance Sheet”, as well as accounting data for leasing operations carried out in accordance with the Temporary Regulations on Leasing, approved by Decree of the Government of the Russian Federation dated June 29, 1995 No. 633 and Instructions on the reflection in accounting of operations under a leasing agreement.

In the context of a radical change in the conditions of management, there is a practical need to search for non-traditional methods for updating the fixed capital of enterprises. Four negative trends observed in the Republic of Belarus speak in favor of the relevance of this problem:

1. The depreciation of fixed production assets is growing at an alarming rate in the country's industry. At present, it is from 60 to 95%, which is a direct threat to the economic security of the country;

2. there is little activity in investing in fixed assets. At the same time, it should be noted that a large share of investments (up to 40%) goes to the construction and reconstruction of social facilities, which does not take part in the reproduction process.

3. About 60% of all the main technologies used today in the economy of the Republic of Belarus were developed before 1990. Of the 6 thousand defining technologies used in the production of the main types of products, 79% are traditional and only 15.8% are new and 5.2 % - high technologies, and the share of the latter is gradually decreasing;

4. The share of foreign investments in the total amount of investments in the republic is about 4%, which is about 200 US dollars per capita (5 times more in Russia).

Therefore, at this stage of development, it is extremely important to ensure high rates of investment in the renewal of fixed capital, especially in the production of export-oriented goods and services.

One of the promising forms of renewal of fixed capital in enterprises is leasing.

The first Belarusian leasing companies appeared under the banks, the circle of their clients was limited to the same banks and a very small number of other organizations that were able to evaluate the effectiveness of leasing and take advantage of it. Already at the first stages of their development, leasing companies felt the need to combine their efforts to enter the Belarusian leasing market. Therefore, in 1993, companies such as Priorleasing, Dukat-Leasing, Lotos and other initiators of leasing in Belarus established the Belarusian Union of Lessors.

From this period, leasing in Belarus began to develop actively. Independent leasing companies appear, and since 1996, leasing companies have been organized at factories producing cars, tractors, and machine tools. (MAZcontractleasing, MTZ-leasing, First Industrial Leasing Company and others). Currently, there are more than 40 leasing companies in the republic.

Currently, the leasing form of investment is about 1% of the total investment in the country. Structure of leasing objects: 45% - computers and office equipment, 34% - industrial equipment, 10% - cars, 11% - other equipment.

In parallel with domestic leasing, international leasing also developed. Starting from 1991, road trains began to arrive in the republic in the form of leasing. They were transferred to Belarusian auto enterprises by leasing companies of manufacturing plants Mercedes, Renault, and then Volvo, MAN, Iveco, Scania, DAF. To date, all European manufacturers of tractors and semi-trailers are represented on the Belarusian market, supplying vehicles on lease. In fact, a new industry has been formed - international transportation, based mainly on leasing equipment. Currently, more than 4.5 thousand units of rolling stock are leased.

Since 1994, European companies have been leasing woodworking machines and light industry equipment. Most of these transactions are directly related to the organization of joint ventures or foreign ventures. A foreign investor, having contributed the minimum amount of the authorized capital, imports the main part of the investments into the republic in the form of leasing. Or, having transferred modern equipment on lease, a foreign enterprise enters into an agreement with the same lessee enterprise for the performance of certain works on leasing equipment from give-and-take raw materials.

The significant role of leasing in the economic mechanism for the renewal of fixed capital was emphasized in the National Program for Attracting Investments in the Economy of the Republic of Belarus, where the development of leasing was recognized as one of the main means of solving the problems of modernizing production in conditions of limited financial resources. The development of leasing services in Belarus will ensure the inflow of capital into the production sector, create the necessary conditions for the accelerated development of strategically important sectors of the republic.

Considering the economic essence of leasing, it should be noted that although the world practice has accumulated extensive experience in conducting leasing operations, there is still no consensus on its definition. One of the reasons for the ambiguous interpretations of the concept of leasing is the complexity and inconsistency of the relationship between the contracting parties in the process of a leasing transaction. There are several points of view on the essence and origin of leasing. Some consider leasing as a veiled way of buying and selling means of production or the right to use someone else's property, others completely identify it with long-term or medium-term rent, others interpret leasing as a kind of lending to investment projects, and others see leasing as an opportunity to manage someone else's property on behalf of the principal. Such different points of view on the economic essence of leasing are caused by the complex, ambiguous content of leasing operations, the difference in legal systems, accounting and reporting, and taxation in different countries.

Leasing activity- activities related to the acquisition by one legal entity for its own or borrowed funds of a leasing object into ownership and its transfer to another business entity for a period and for a fee for temporary possession and use with or without the right to redeem. Leasing activity in the Republic of Belarus is not licensed.

Leasing- this is a complex of property and economic relations that develop between legally independent persons regarding the transfer of property for temporary use for an appropriate fee, as well as financing the acquisition of movable and immovable leased property. Leasing is considered as an alternative, on the one hand, to investments, and on the other hand, to financing. The leasing company actually lends to the lessee, therefore, along with the term "leasing", the concept of "loan - lease" is sometimes used. Unlike a sales contract, under which the ownership of the goods passes from the seller to the buyer, in leasing the ownership of the object is retained by the lessor for the entire term of the contract, and the lessee acquires it only for temporary use for the purpose of production use.

The peculiarity of leasing in comparison with other forms of renewal of fixed capital is the combination of elements of investment, credit and trade operations. The lessor can purchase the object of leasing at the request and in the interests of the lessee, and the lessee, at the end of the contract, can buy the property at the residual value.

There are also differences between leasing and commercial credit. First of all, this is due to property relations. In commercial lending, the buyer's right of ownership arises from the moment the thing is transferred. In leasing, the right to use the property is separated from the right to dispose of it. Only in some cases, after the expiration of the leasing period, the right of the lessee to purchase the leasing object and, accordingly, the transfer of ownership of it can be provided. Although a commercial loan, like leasing, involves the relationship of trade and credit transactions, however, in the first case, a credit transaction is conditioned by an act of sale, i.e. it exists because there is a trade deal. With leasing, there is no such close direct relationship. A commercial loan is of a short-term nature, while leasing implies a long-term relationship, although medium-term and short-term transactions are not excluded. Thus, a feature of this stage in the development of leasing in the Republic of Belarus is the predominance of leasing transactions concluded for short periods (3-5) years. Another difference between leasing and commercial credit is that leasing is carried out in a commodity form, and is returned in commodity or cash, while a loan is granted and returned in cash.

Leasing, as an alternative form of lending, increases competition between banks and leasing companies, has a downward effect on loan interest, which, in turn, stimulates the inflow of capital into the manufacturing sector.

Leasing deal- a set of agreements necessary for the implementation of leasing between the lessor, the lessee and the seller (supplier) of the leased asset. The leasing transaction, in addition to the leasing agreement itself, may include an assignment agreement for the selection of an equipment seller and the search for an additional lender, an insurance agreement, an agreement for the delivery, installation and maintenance of equipment and other necessary services. These agreements are concluded both between the participants in the leasing transaction, and with third-party enterprises involved for this.

Object of leasing any movable and immovable property related to fixed assets, as well as software and working tools that ensure the functioning of leased fixed assets can act. The object of leasing cannot be property used for personal (family) or household needs, land plots, other natural objects, as well as other property in accordance with the law.

Subjects leasing are the lessor, the lessee, the manufacturer of the leasing object. The lessor is a business entity that owns the object of leasing and provides it on lease. A specialized leasing organization (firm) can act as a lessor. Leasing companies can be subsidiaries of commercial banks and large industrial enterprises.

Lessee- a party negotiating with the lessor, endowed with the right to own, use the object of leasing within the limits established by the leasing agreement. All business entities can be a user. Enterprises, organizations and other business entities engaged in the production or sale of inventory items act as a manufacturer of a leasing object. These are the so-called suppliers of transaction objects.

Lessors, lessees, manufacturers - suppliers - direct subjects of the leasing transaction. Indirect participants in the transaction there may be banks lending to the lessor and acting as guarantors of transactions, insurance companies, brokerage and other intermediary firms. In large transactions, the number of participants increases to 6 - 7. The composition of participants in a leasing transaction is significantly reduced if the supplier and lessor are the same legal entity. In such cases, leasing issues are dealt with by branches of leasing companies created by manufacturers of goods as subsidiaries, or branches specially created to promote goods to the market through leasing, or special units within manufacturing enterprises (marketing services).

For a manufacturer (supplier), leasing means accelerating the sale of products, bringing them to the consumer, receiving payment; for a lender (leasing company) - a source of income in the form of amounts from the sale of leased property to the lessee and various commissions for services. The lessor is usually insured against risk, since in order to pay off obligations he can take away property, lease it to another person or sell it.

The main advantages of leasing:

Opportunity to use the object of leasing without significant initial investment. The client pays only the amount of the advance, if it is provided for by the contract, and the remaining payments are made periodically during the entire term of the contract;

At the end of the leasing agreement, the lessee has the opportunity to redeem the leasing object at a small residual value;

Leasing payments are included in the cost of products (works, services), which reduces taxable income;

Financing using leasing improves financial flows, leaving credit lines free;

The property acquired under a leasing agreement is collateral for a leasing transaction, therefore, unlike a loan, an enterprise, as a rule, does not need to assume additional collateral obligations;

The object of leasing during the term of the contract is not subject to revaluation;

The lessee independently chooses the object of leasing and the seller of equipment, takes part in all stages of the transaction between the lessor and the seller;

Allows you to avoid losses associated with obsolescence of machines, equipment, use the latest achievements of scientific and technological progress in production;

Preserves (maintains) the liquidity of the balance sheet. With leasing, unlike a bank loan, there is practically no increase in the obligations of the lessee (decrease in liquidity) when purchasing machinery, equipment and other property;

The risk of loss or damage to the leased property usually lies with the owner, i.e. the lessor, and maintenance and repair of equipment (machines, mechanisms) can also be carried out by the lessor;

Enables small businesses to use expensive equipment;

The leasing payment is paid after the equipment is installed and has reached the appropriate performance.

Relations concerning leasing between its subjects are determined by the leasing agreement (contract). Lease agreement - an agreement between the lessor and the lessee on the establishment of rights and obligations regarding the acquisition by the lessor of the ownership of the leased object specified by the lessee from the seller (supplier) determined by the latter and the provision of the leased object to the lessee for a fee in temporary possession and use with or without the right to redeem.

The leasing agreement must include:

Parties to the agreement;

Type of leasing;

The object of a leasing transaction (determination of its qualities according to technical documentation or on individual grounds, the presence of an owner);

The duration of the contract (its beginning and end);

The rights and obligations of the parties, including the limits of the user's rights to the leasing object, obligations to make payments of leasing payments, possible options for owning property at the end of the leasing period, the user's liability for failure to fulfill or improper fulfillment of obligations, including for causing harm to the leasing object; assignment of rights, taking into account the interests of the lessor and other conditions;

Terms of leasing and commission payments: their form, size, method and terms of payment;

Ensuring the fulfillment of obligations (pledge, insurance, guarantee, guarantee);

Termination of the contract.

When carrying out leasing operations, it is impossible not to take into account the risks associated with them, such as the creditworthiness of business entities; change in tax rates, poor-quality use of the object, its damage, accidental destruction, loss, unjustified transfer of the object to a third party, etc. Taking into account the degree and nature of the risk, the contract should stipulate which risks are assigned to the lessor and which - to the lessee, their measures of responsibility. The leasing contract can be terminated early, for example, due to non-payment of payment, etc.

Leasing contracts reflect the typical distribution of interests between the lessor and the lessee. The interest of partners in a contract with partial amortization of leasing without full payment of the costs of acquiring or manufacturing a leasing object (operating leasing) is due to the following circumstances.

For the lessee:

Smaller payments during the main lease time;

Efficiency in changing the object of leasing;

Sometimes unfavorable conditions due to increased risk for the lessor.

For lessor:

Less depreciation during the main lease period;

The risk of non-reimbursement of costs during the entire period of leasing the property;

Less chance of generating income through the sale of property or the extension of the lease term;

Higher fee for leasing an object.

The interests of partners in a contract with full depreciation (financial leasing) are as follows.

Lessee:

Good opportunity to adapt the duration of the contract to the economic life of the object;

No problems in use at the end of the main lease of equipment (purchase, extension of leasing, etc.);

Reduced chances of termination of the contract.

Lessor:

Reimbursement of funds during the main lease term;

Increasing the chances of receiving additional income after the end of the lease term (sale of the object).

Leasing is expedient only if it is equally beneficial to both the lessor and the lessee. This circumstance requires careful development of leasing conditions in relation to each specific case. The process of making a decision on leasing takes place in a certain sequence (in stages), each next stage involves making a decision at the previous stage by both the lessor and the lessee. The conclusion of a leasing contract can be represented as follows:

Lessee	lessor
First stage
Capital investment growth planning	Establishing contact with the lessee
Checking all funding alternatives	Preliminary check of the lessee as a potential partner
Studying the offers of a number of lessors	Answers to lessee's inquiries
Clarifying requests to lessors	Offering several leasing models for a partner
Second phase
Making a decision on the terms of delivery, price, installation costs of the leased object	Providing advice on the object of leasing
	Proposals on the model of formation of the lease payment
Third stage
	Contract drafting and signing
Fourth stage
Checking the received object of leasing	Delivery of the object to the lessee
Confirmation of acceptance of the object (the contract period begins)	Supplier invoice payment
Fifth stage
Contract service	Evaluation of the performance of the leasing contract
Sixth stage
Decision to terminate or extend a contract	Determining the residual value of a lease

Information and financial flows of a leasing transaction are shown in Figure 14.2.

Rice. 14.2. Information and financial flows of a leasing transaction

When determining the duration of a leasing agreement, a number of points are taken into account:

The service life of equipment, buildings, structures, determined by technical and economic data or by law. The term of leasing cannot exceed the period of possible operation of the object of leasing;

Depreciation period of the leasing object, its initial cost;

Dynamics of inflation affecting the price of the leasing object and the amount of leasing payments;

Leasing capital market conditions (demand, supply, payment);

Terms of bank lending, including leasing operations.

If we consider the types of leasing, then their number in international practice reaches 50. Leasing is classified according to various criteria: the composition of participants, the type and degree of payback of the leased property; volume of servicing of the leasing object; market sector; type of funding, etc.

System classification of forms of leasing is presented in table 14.1.

Table 14.1. Classification of forms of leasing

Classification sign	Feature content

By composition of participants	Direct leasing Indirect leasing Leaseback Group leasing
By degree of payback	Financial leasing Operational leasing
By type of leased property	Leasing of movable property Leasing of real estate
By volume of service	Net lease Wet lease
By market sector	Domestic leasing International leasing (export and import, transit)
terms of depreciation	Leasing with standard depreciation Leasing with accelerated depreciation
By the method of replacing the object of leasing	Term lease Revolving lease
By the nature of lease payments	Leasing with cash payment Leasing with reimbursement of payments in goods or services Leasing with mixed payment

With direct leasing, the owner of the property independently leases the object (bilateral transaction); with indirect transfer of property through an intermediary (supplier - lessor - lessee).

The largest manufacturers providing their products under direct leasing are such well-known companies as IBM, Hegox, as well as many aviation, shipbuilding and automobile companies. For example, Daimler-Chrysler and BMW, the leaders of the world automobile market, are the founders of a number of leading leasing companies through which they sell their products in many countries of the world.

In large, complex transactions, the number of participants may increase. In group leasing, when leasing large-scale facilities, several companies act as the lessor, including manufacturing firms together with a leasing company or a bank. General leasing entitles the lessee to supplement the list of leased equipment without concluding additional contracts other than the main one.

The essence of the leaseback operation is that the owner of the property sells it to a leasing company, and then takes it on lease, i.e. becomes a lessee. This form of leasing is used in cases where the owner of the property is in need of funds. Such a transaction enables the company to receive funds through the sale of means of production, without stopping their operation. The released funds can be used for new investments or for replenishment of own working capital. Producer leasing (supplier leasing) is an operation in which the lessor finances a manufacturer that performs two functions - the seller of the leasing object and the lessee with the right to sublease. The seller of the equipment becomes a lessee, as in a leaseback, but the property is not used by him, but by other business entities, whom he finds and subleases the object of the transaction to them.

Depending on the characteristics of the leased object, there are leasing of movable and immovable property. Leasing of movable property is the most common. It covers a wide range of objects, such as vehicles, construction equipment, production equipment, mechanisms, devices, means of television and remote communication, computer technology and information processing, licenses, know-how, computer programs, etc. The objects of real estate leasing are administrative and industrial buildings, large shops, garages, etc.

Real estate leasing operations are the most complex due to the rather long term and large amount of the contract. The principle of the transaction can be represented as follows: the acquisition by a leasing company of an industrial facility or participation in its construction for further leasing to enterprises. Considering that the construction takes a long period of time, the tenant under the terms of the contract can make an advance against future lease payments.

Property that has already been in operation can be leased, but not at the initial, but at the estimated cost. This benefits both the supplier and the user. The supplier receives income from property that is still fit but currently idle; the user can be attracted by its relatively low cost.

With a renewable lease there is a periodic replacement of previously leased equipment (machines, mechanisms) with more advanced models. This model can be extended, for example, when leasing computers, where the time before the appearance on the market of new, improved modifications is short.

With operating lease the property is transferred to the lessee for a period significantly less than the standard period of its service. This type of leasing provides compensation to the lessor for the value of the leasing object in the amount of less than 75% of its initial value during the leasing agreement. Upon the expiration of the term of the operational leasing agreement and the payment by the lessee to the lessor of the established amount of payments for the use of property, the object of leasing, as a rule, is subject to return to the lessor.

Operational leasing is a leasing relationship in which the lessor's expenses related to the acquisition and maintenance of the leased property are not covered by leasing payments during one leasing contract. Characteristic features of operational leasing are:

The lessor is forced to lease the leased property for temporary use several times, usually to different users, in order to reimburse all its costs for the acquisition and maintenance of the leased object;

The contract is concluded for a period less than the period of physical wear and tear of the equipment;

The risk of damage, loss of the object of leasing, rapid obsolescence lies with the lessor;

The lessor acquires equipment without knowing the specific lessee; the object of leasing are the most modern and popular machines, equipment;

Leasing companies usually insure the property leased for operational leasing, provide its maintenance and repair.

In operating leasing, the lessor is the investor, bears the risk of return on investment, and the lessee only uses them.

Financial leasing is characterized by the fact that for the lessor the period for which the property is transferred for temporary use coincides in duration with the period of its full depreciation. At the same time, the entire scope of obligations for insurance, maintenance and repair is assigned to the user of the property. During the term of the agreement, the lessor returns to himself at least 75% of the original cost of the property, regardless of whether the transaction is completed by the purchase of the leased object, its return or extension of the lease agreement on other terms.

Characteristics of the features of financial leasing is shown in Figure 14.3.

Rice. 14.3. Characteristics of the features of financial leasing

"Pure" leasing provides that the main responsibilities associated with the operation of equipment and other leased items fall on the lessee. He pays taxes, fees, provides insurance and bears all costs associated with the use of equipment. The lessee is obliged to keep the equipment in working condition, maintain it so that it is in good condition even after the end of the lease term. Full service leasing provides for a full range of services provided by the lessor: maintenance of the leasing property; studies prior to the acquisition of equipment; supply of spare parts for the subject of leasing; operation advice, etc.

Leasing with a partial set of services assumes that the lessor is entrusted with only certain functions for servicing the leased property ("wet leasing"). Typically, such leasing is used in relation to high-precision, the latest equipment, complex machines and mechanisms.

Internal leasing- a financial transaction in which the subjects of leasing are located on the territory of one state, international - a lease agreement for international values, property between leasing subjects located in different countries. We can also talk about international leasing if the subjects of the leasing transaction are located in one country, but at the same time use the material assets of another country, or at least one of the parties builds its activities and has a joint capital with a foreign company.

If a leasing company purchases equipment, machines from a national manufacturer, and then sends them abroad to a foreign user (tenant), then such an operation is called export leasing. Import leasing is a financial transaction in which the manufacturer is located on the territory of a foreign state and leases the object to a non-resident. International transit leasing is a financial transaction in which all subjects of leasing (manufacturer, lessor and user) are located on the territory of different states.

International leasing affects the state of the country's balance of payments. Leasing payments paid to foreign leasing companies increase external costs, and their receipts positively affect the balance of payments. Acquisition of property after the end of the leasing agreement is tantamount to import.

Evaluation of the effectiveness of a leasing company is the ability to rationally use the resources at its disposal. This assessment can give a guide to potential investors and owners on the feasibility of investing in the company.

Efficiency evaluation was carried out according to the following parameters:

- indicators characterizing the overall efficiency of the use of assets involved in the business:
- a) the amount of new leasing agreements - the total value of leasing agreements concluded during the year (including VAT);
- b) return on assets ratio - the ratio of profit to the average value of total assets for the reporting year;
- c) return on capital ratio - the ratio of net profit to equity;
- indicators characterizing the growth dynamics of the business of leasing companies:
- a) business growth rate - the ratio of the leasing portfolio at the end of the year to the value of the leasing portfolio at the beginning of the year;
- b) the growth rate of the volume of new business - the ratio of the amount of new leasing agreements in the analyzed year to the value of the volume of new business in the previous year.

Table 2.3 ? Amount of new lease agreements

	Company name	Million rubles
	ASB Leasing
	Promagroleasing
	VTB Leasing
	Raiffeisen-Leasing
	RESO-Belleasing
	Belbusinessleasing
	WestLeasing
	Activeleasing
	Premierleasing
	StroyInvestLeasing
	Agroleasing
	Micro Leasing
	BPS-leasing

	GrodnoLeasing
	Agrofinance
	BNB Leasing
	Leasing-Belinvest
	Promavtostroyleasing
	Automotive leasing
	AVANGARD LEASING
	Intellect Leasing
	Bug Leasing
	Finprofit
	Astra Leasing
	Terraleasing
	GLOBAL leasing
	open line
	Centroimport
	Dan Invest
	Lida-Service
	SMART Partner
	Unicomleasing
	ALC "LEASING-SERVICE"
	INTERCONSULTLEASING
	Status leasing

	Expert League
In general, by companies

Table 2.4 ? Return on assets ratio

	Company name	Meaning, %

	Agroleasing

	RESO-Belleasing
	Agrofinance
	Terraleasing
	Status leasing
	Astra Leasing
	open line
	Bug Leasing
	Promagroleasing
	Westtransinvest
	GrodnoLeasing
	SMART Partner
	Activeleasing
	Raiffeisen-Leasing
	BNB Leasing
	ALC "LEASING-SERVICE"
	Micro Leasing
	Expert League
	Automotive leasing
	ASB Leasing
	Leasing-Belinvest
	Belbusinessleasing
	StroyInvestLeasing
	Centroimport
	Promavtostroyleasing
	Dan Invest
	Foreign Economic Leasing Company
	Unicomleasing
	Finprofit
	Lida-Service
	AVANGARD LEASING
	Premierleasing
	VTB Leasing
	Intellect Leasing
	BPS-leasing	Value is negative
	INTERCONSULTLEASING	Value is negative
	GLOBAL leasing	Value is negative

Table 2.5 ? Return on equity ratio

	Company name	Meaning, %
	WestLeasing
	Unicomleasing
	VTB Leasing
	Status leasing
	Agroleasing
	Astra Leasing
	Dan Invest
	RESO-Belleasing
	SMART Partner
	StroyInvestLeasing
	GrodnoLeasing
	Foreign Economic Leasing Company

	open line
	Activeleasing
	Raiffeisen-Leasing
	ASB Leasing
	BNB Leasing
	Belbusinessleasing
	Micro Leasing
	Automotive leasing
	ALC "LEASING-SERVICE"
	Terraleasing
	Agrofinance
	Bug Leasing
	Leasing-Belinvest
	Centroimport
	Promavtostroyleasing
	Promagroleasing
	Lida-Service
	AVANGARD LEASING
	Expert League
	Finprofit
	Premierleasing
	Intellect Leasing
	INTERCONSULTLEASING	Value is negative
	BPS-leasing	Value is negative
	GLOBAL leasing	Value is negative

Table 2.6 ? Business growth rate

	Company name	Meaning, %
	Premierleasing
	Belbusinessleasing
	Automotive leasing
	ASB Leasing
	Agroleasing
	Micro Leasing
	Foreign Economic Leasing Company
	StroyInvestLeasing
	GrodnoLeasing
	Terraleasing
	BNB Leasing
	Promagroleasing
	Bug Leasing
	GLOBAL leasing
	Finprofit
	INTERCONSULTLEASING
	BPS-leasing
	Lida-Service
	Raiffeisen-Leasing
	Centroimport
	Dan Invest
	VTB Leasing
	Activeleasing
	open line
	Agroleasing
	WestLeasing
	SMART Partner
	Unicomleasing
	Expert League
	RESO-Belleasing
	Astra Leasing
	ALC "LEASING-SERVICE"
	AVANGARD LEASING
	Intellect Leasing
	Promavtostroyleasing

	Status leasing	The coefficient was not calculated
	Leasing-Belinvest	The coefficient was not calculated

The most dynamically developing companies in 2014 were: Premierleasing OJSC, Belbusinessleasing CJSC, Avtopromleasing LLC, which had a business growth rate ratio of more than 2.

Given the very large difference in the size of the leasing portfolios of the rating participants, when conducting a comparative analysis of the market as a whole for several reporting periods, business growth rates are compared based on the total data on the total leasing portfolio for the corresponding period.

The dynamics of changes in the coefficient of the business growth rate, calculated based on the data of the total leasing portfolio for 2009 - 2015, is visible from table 2.7.

Table 2.7 ? Business growth rates for 2009 - 2015

Analyzing Table 2.7, the business growth rate coefficient in 2014 is slightly higher than in 2013, which allows us to speak about real business growth among professional leasing companies in the market as a whole. 71% of the rating participants had a business growth rate ratio of more than 1 (in 2013, the number of such companies was 62% of the total number of rating participants), which confirms the high activity of market participants in 2014.

Data on the coefficients of the growth rate of the volume of new business for the rating participants are given in Table 2.8.

Table 2.8 ? Growth rate of new business volume

	Company name	Meaning, %
	Belbusinessleasing
	INTERCONSULTLEASING
	Premierleasing
	Automotive leasing
	VTB Leasing
	ASB Leasing
	Agrofinance
	Micro Leasing
	Foreign Economic Leasing Company
	StroyInvestLeasing
	Promagroleasing
	Raiffeisen-Leasing
	BNB Leasing
	WestLeasing
	Finprofit
	GrodnoLeasing
	Agroleasing
	RESO-Belleasing
	Centroimport
	Terraleasing
	Activeleasing
	Bug Leasing
	Lida-Service
	ALC "LEASING-SERVICE"
	Dan Invest
	Expert League
	Astra Leasing
	SMART Partner
	open line
	Intellect Leasing
	Promavtostroyleasing
	Unicomleasing
	AVANGARD LEASING
	BPS-leasing

	GLOBAL leasing
	Status leasing	The coefficient was not calculated
	Leasing-Belinvest	The coefficient was not calculated

Dynamics of change in the rate of growth of the volume of new business, calculated based on the data of the total new business for 2009 - 2015 seen from table 2.9.

Table 2.9 - Coefficients of the growth rate of the volume of new business for 2009 - 2014

As can be seen from Table 2.9, the growth rate of new business in 2014 in the market as a whole increased by 31.4%, which indicates a significant increase in the activity of leasing companies in 2014.

It should be noted that in 2014, in order to unify the methodology used by the Association of Lessors of Belarus for assessing the “Volume of New Business” indicator with international methods, the approaches to determining this indicator were changed. In this study, it was defined as the total value of leased items transferred in the reporting year (excluding VAT), in contrast to rating studies in previous years, when it was defined as the total value of leasing agreements concluded during the year (with VAT).

The highest growth rate of new business in 2014 was shown by Belbusinessleasing CJSC, Interconsultleasing JLLC, Premierleasing OJSC, which had a coefficient of more than 6.

Due to the increase in the number of participants, the total number of companies that had this coefficient less than 1 increased. In 2014, there were 17 of them (in 2013 - 16).

Thus, taking into account a significant increase in the growth rate of the volume of new business, the growth of its total volume in the national currency by 51.3% compared to 2013 and the formed real indicators of the devaluation of the Belarusian ruble in 2014 (9.93% in relation to euro, and 24.6% against the US dollar) one can speak of an increase in the real volume of new business at the end of the year in the leasing market in the segment of professional leasing companies.

Leasing is a type of investment activity that provides an opportunity to acquire modern technologies and modernize production in the absence of sufficient funds. The use of the leasing mechanism provides an effective and cost-effective way to attract investment in the real sector of the economy, an alternative to bank lending.

Modern Russian legislation on leasing consists of the provisions of the "Convention on Interstate Leasing" dated November 25, 1998 (Moscow) of the Civil Code of the Russian Federation and Federal Law No. 164-FZ dated October 29, 1998 "On Financial Lease (Leasing)" (as amended on May 8, 2010) ).

A leasing transaction, in turn, is 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. The rights and obligations of the parties to the leasing agreement are regulated by the leasing agreement. The object of leasing can be any non-consumable things, including enterprises and other property complexes, buildings, structures, equipment, vehicles and other movable and immovable property that can be used for business activities, and cannot be land and other natural objects, as well as property that is prohibited by federal laws for free circulation or for which a special procedure for circulation has been established. *

Leasing payments represent the cost of the leased property divided by the number of payment periods in accordance with the contract, and may include: depreciation, payment for funds raised for the acquisition of leased property, own expenses, lessor’s profit, risk premium, payment for additional services provided for leasing agreement, including insurance, taxes (on property, value added for the provision of services for leasing operations).

There are a number of methods for calculating lease payments. The current "Methodological recommendations for calculating lease payments" of the Ministry of Economy of the Russian Federation dated April 16, 1996 allow several methods for calculating lease payments:

fixed amount method in equal shares during the entire term of the contract;
advance payment method(involves the payment of an initial advance, and then the payment of the remaining part of the cost in the form of fixed payments during the entire term of the contract);
minimum payment method which include depreciation of the leased property for the entire term of the agreement, payment for borrowed funds, commission and payment for additional services of the lessor, as well as the cost of the leased property to be redeemed, if the agreement provides for its redemption.

Before concluding a leasing agreement, it is necessary to calculate all the components of leasing payments, since they are included in fixed costs as part of the cost of products, works or services of the lessee organization, thereby increasing the break-even threshold and, accordingly, reducing sales profit. At the same time, the estimated break-even price of products, works or services, taking into account lease payments, should not be higher than the market average.

The disadvantage of leasing compared to a bank loan is its higher cost. The advantages of leasing over a loan for the lessee organization include the following:

does not require the mobilization of the entire amount of the value of the leased asset at once;
the financial stability of the business is ensured by refusing to increase borrowed funds in the sources of financing;
leasing payments are accounted for as part of the current costs of core activities and are included in the cost of products, works, services, reducing taxable profit;
the lessee organization, instead of the usual warranty period for the use of leased equipment, has its warranty service from the lessor;
has the ability to quickly increase production capacity and increase competitiveness;
provides business insurance against depreciation of rapidly aging equipment and machinery;
is used as an alternative source of financing long-term and short-term liabilities.

When calculating the cost of purchasing equipment on lease the general formula is used

where is the discounted cost of equipment based on leasing payments net of VAT; – initial payment (prepayment) for equipment leasing; – periodic lease payment; t, p- number of the period and term of lease payments (in our example, five years); Сн - tax benefit on profit; R- inflation rate in percent; – discount factor in the period of time

Accounting for lease payments as part of production costs reduces taxable income. Leasing payments include VAT, which the company can later deduct from the budget. However, the amount of VAT paid by the lessee as part of the lease payments is always greater than the VAT paid as part of the cost of equipment, as a result of a higher base for one hundred for leasing than for direct purchase of equipment from a supplier. But since the VAT paid is subject to reimbursement (offset or refund) from the budget, the real expenses of the lessee will be reduced to a greater extent than with direct lending to the borrowing organization.

The cash flow under the leasing scheme for the purchase of equipment consists of the following amounts:

lease payments with VAT + refund of VAT paid as part of lease payments + income tax savings.

When calculating the cost of acquiring equipment based on bank loan the general formula is used:

where is the discounted cost of the equipment; – initial payment (prepayment) for equipment; – periodic loan payment (amount of repayment by periods); t, p– period number and payment term (in our example, five years); – income tax benefit; – depreciation deductions for equipment purchased as property, million rubles; – accrued interest in million rubles during the period t; Comp - the residual value of the equipment; R– inflation rate (coefficient).

The loan is repaid from the company's net profit, and only interest on the loan is included in other financial results. According to the Tax Code of the Russian Federation, interest on loans is expensed without restrictions, if they do not differ by more than 20% from the average level of interest and the debt is not controlled, which reduces the tax base. In addition, when acquiring equipment for ownership at the expense of a loan, an enterprise incurs additional costs for paying property tax, which also, on the one hand, increases the cost of products (works, services), and on the other hand, reduces the taxable base.

In this way, total cash flow of the enterprise related to lending for the purchase of equipment, consists of the following amounts:

equipment cost including VAT + loan amount – debt repayment – - loan interest payment + refund of VAT paid as part of the equipment cost – property tax + income tax savings.

Evaluation of the effectiveness of leasing from the standpoint of the recipient and the lessor is different. When analyzing the effectiveness of leasing from the perspective of the lessee organization, both financial savings and the benefits that the lessee provides to the lessee in the form of an increase in products (works, services), improving their quality, competitiveness, increasing labor productivity, profit from sales, profitability.

Let's carry out a comparative analysis of the effectiveness of leasing and a bank loan for the acquisition of fixed assets.

The company needs to purchase production equipment to expand its business activities. The manufacturer offers it at a price of 20 million rubles. To purchase it, you can take a targeted commercial loan for a period of five years at 15% per annum. The leasing company provides similar equipment on lease with a five-year installment plan, the amount of the lease agreement is 30 million rubles. Annual inflation is assumed at the level of 12% throughout all the considered years.

In table. 5.15 presents the results of a comparison of two options for purchasing equipment.

The calculations showed that under the existing conditions, a long-term bank loan is more beneficial for the enterprise: when using it, the cost of equipment is 17.18 million rubles, while leasing costs 17.32 million rubles.

Table 6.15

Comparative analysis of the effectiveness of leasing and a bank loan for the acquisition of fixed assets

Index	Amounts by year (ί)	Total for the entire period
Index		Total for the entire period
First option – purchase of equipment on lease
1.1. Leasing payments (LP), million rubles
1.2. Profit tax relief 20% (Сн = 0.2)
1.3. Net value of leasing, %
1.4. Discount factor at annual inflation of 12% Cd \u003d 1 / (1 +0.12) t
1.5. Discounted cost of equipment based on lease payments (LPD), million rubles (clause 1.3 x clause 1.4)
Second option – purchase of equipment in property using a loan
2.1. Loan repayment amount by years, PC
2.2. Loan debt
2.3. Interest on a loan at a rate of 15% per annum, million rubles, R,
2.4. The total amount of payment for the loan, RUB mln (Rc) (clause 2.1 + clause 2.3)
2.5. Tax relief on interest on a loan, million rubles (p. 2.3 × 0.2)
2.6. Net loan value, million rubles (clause 2.4 - clause 2.5)
2.7. Depreciation deductions for equipment with a useful life of 5 years (equipment cost / 5), A, million rubles
2.8. Tax credit for depreciation (clause 2.7 × 0.2)
2.9. Cost of equipment minus depreciation allowance (clause 2.6 - clause 2.8)
2.5. Discounted cost of equipment at annual inflation of 12%, million rubles, Kd (Section 2.9 x p. 1.4)

When comparing different lending schemes, an important point is the choice of a time period for assessing cash flows. The forecast period should be sufficient to take into account all costs and tax savings from the use of various types of borrowed funds. If during leasing, as a rule, equipment is fully depreciated due to the use of accelerated depreciation, then when acquiring property at the expense of a bank loan, the enterprise continues to write off depreciation charges on equipment, thereby reducing the taxable base after the loan is paid (having tax savings).

Consider analysis of leasing operations on the example of an enterprise. The assessment of the impact of the use of credit and leasing on financial results is based on previous calculations, actual balance sheet data, income statement, forecasts of sales proceeds and cost.

In the current period, the company intends to increase the volume of production and sales by 1.2 million rubles through the use of new equipment, which will amount to 2.7% of the increase in total sales revenue (1.2 / 44.4 × 100%). The total revenue of the current year will be 45.6 million rubles. in the net assessment when using leasing and 45.2 million rubles. when using a loan. In the amount of fixed costs, it is necessary to take into account additional costs associated with lease payments or the use of a loan. Appropriate changes will be made to other expenses and interest payable. In the forecast balance sheet, items related to additional output will be increased as follows:

stocks and VAT - in the volume of the forecast of production growth;
accounts receivable - in the volume of the forecast of sales growth on the terms of a trade credit;
retained earnings due to capitalization of the profit of the reporting year in the amount of 10 million rubles;
short-term liabilities will decrease by the amount of returned short-term loans;
accounts payable will increase by 1 million rubles. under the heading "Advances received".

We will leave the rest of the items that are not related to the changes under consideration at the level of the previous year. Table 5.16.

Table 5.16

Aggregated prognostic financial statements of the enterprise under various equipment acquisition schemes, million rubles

Index	Source of information in reporting (balance line)	During the reporting period	Forecast values

Sales revenue (net) Property tax, including:					(0,4)
from the sale of products on new equipment
Cost of sales, including:	2120 + 2210 + 2220
variable costs
Fixed costs, of which:
Leasing payments	Explanations
Depreciation deductions	Explanations
Revenue from sales
Interest receivable
Percentage to be paid
Other income
other expenses
Current income tax
Net profit
Aggregate balance sheet (forecast) when using leasing
Indicators	Source of information in reporting	At the beginning of the forecast period		At the end of the forecast period
Non-current assets, including:
fixed assets
Current assets, including:
Stocks and VAT				(increased in the volume of the forecast of production growth)
Accounts receivable				(increased in the volume of sales growth forecast on the terms of trade credit)
Short-term financial investments
Cash
BALANCE
Capital and reserves, including:
Undestributed profits				(profit of the reporting year in the amount of 10 million rubles was capitalized)
long term duties
Short-term liabilities, including:
Creditor debt

Thus, based on the preparation of forecasting financial statements of an enterprise with various equipment acquisition schemes, it is possible to obtain more reliable estimates of the appropriateness of choosing a source of financing for long-term investments. So, according to Table. 5.16, the following conclusions can be drawn. Despite the fact that the results of a comparative analysis indicate the profitability of using a commercial loan for the purchase of fixed assets, forecasts show that the option of leasing equipment is more appropriate, as it provides the technical re-equipment of the enterprise and additional output of products (works, services) subject to greater economic profit and also increases the financial stability of the enterprise by increasing its own working capital.

To assess the effectiveness of the use of leasing from the position of the lessee organization, the following indicators are used:

Profitability of leasing, calculated as the ratio of additional income received due to the increase in products (works, services) on leasing equipment to leasing costs:

where - the cost of acquiring equipment on lease (the amount of lease payments); - additional profit due to the increase in products (works, services) on leasing equipment; – profitability of leasing;

The payback period of leasing, calculated as the ratio of the sum of all leasing payments to the average annual amount of additionally received profit on leasing equipment.

To allocate from the total amount of profit of the lessee organization additionally received profit through the use of leasing equipment, methods such as:

1) the product of the amount of profit received for the year and the share of products manufactured on leasing equipment;
2) the product of leasing costs by the actual level of profitability of the enterprise's costs;
3) the product of the reduction in the cost of a unit of production produced on leasing equipment by the actual volume of sales of this product.

Determination of the effectiveness of leasing from the position of the organization-lessor is carried out on the basis of indicators of net profit, profitability and payback period of investments in leasing operations.

The forecast of income (revenue) from a leasing transaction for a lessor is calculated by the formula

where - income (revenue) from leasing, million rubles; – initial investment, million rubles; – periodic lease payments, million rubles; t, p– period number and term of lease payments;

– income tax, million rubles; – depreciation deductions for leasing equipment, million rubles; – residual value of the leasing object, million rubles; R– level of return (discount rate for investments).

The calculation of periodic lease payments is carried out on the basis of an agreement, and the method of their payment depends on the economic condition of the lessee and can be:

linear those. proportionately equal shares. This is a typical flat payout method;
progressive those. small payments are set at the beginning of the contract, which gradually increase as

mastering equipment and increasing the volume of production and sales of products (works, services), which is attractive for start-up entrepreneurs;

degressive those. gradually decreasing payments are used for accelerated payments at the initial stages of leasing, which reduces the risk of the owner of the property and expands the freedom of action of the lessee;
seasonal used in industries with a seasonal nature of production.

To calculate lease payments (LP) for the entire period of the contract, the formula is used

where t, n period number and term of lease payments; – depreciation deductions for leasing equipment, million rubles; - periodic payments on the loan; – commission fee to the lessor for the provision of property under a leasing agreement; - the cost of additional services provided to the lessee; - value added tax paid for the provision of leasing services.

Amount of depreciation deductions for leasing equipment depends on the depreciation method and the classification group of fixed assets. Periodic loan payments represent a gradual return of loans attracted for a leasing transaction, together with interest. The commission fee to the lessor for the provision of property under a leasing agreement may be set as a percentage of its initial value or of the average annual residual value.

Fee for additional services, rendered to the lessee in the accounting year t, calculated by the formula

where T is the period of lease payments; - respectively, the types of expenses of the lessor: travel, transportation, training of personnel to work on leasing equipment, customs clearance and payment of customs fees, tariffs and duties, risk insurance, property tax.

value added tax, paid for the provision of leasing services in the billing period, is calculated by the formula

where t- period of lease payments; – proceeds from the provision of leasing services; – the rate of value added tax in the period of time t.

Profitability of leasing from the lessor is calculated as the ratio of net profit to leasing costs in general and for each contract separately:

where - the cost of leasing operations; - net profit from the sale of leasing services; - profitability of leasing.

Payback period for leasing costs is calculated as the ratio of the sum of all costs of the leasing company to the average annual amount of net profit from leasing operations.

Leasing risks are analyzed based on the study of tenants' solvency and their fulfillment of contractual obligations under previous contracts. In the process of analysis, the performance indicators of leasing, obtained actually and reflected in the contract, are compared, the reasons for deviations are identified, which must be taken into account when concluding subsequent transactions.