The role of banks in organizing project financing. Project financing

How to find investments to implement a business project? There is a “classic” option - applying for a loan from a commercial bank. You can try contacting a specialized investment or venture fund. But there is another, no less promising scenario - using project financing. What is this format of interaction between an investor and an entrepreneur?

Definition of the term

What is project finance? According to a common interpretation among Russian experts, this is the direction of borrowed funds in favor of objects, implying subsequent self-sufficiency. How is project financing fundamentally different, for example, from lending?

First of all, a mechanism for distributing risks among those participating in the project. Another important criterion that determines the essence of this phenomenon is that the repayment of loans is supposed to come from a specific source, namely the proceeds generated by the project. Additional investment resources, as a rule, are not considered.

With a loan, you can de facto pay the bank any way you like. This can be either revenue or a completely third-party source. This is unprincipled. However, if project financing of investment projects is carried out, then it is important for those who invest that the object pays for itself.

Benefits of project financing

The phenomenon in question is considered quite new for Russia. Russian market players have been actively using the opportunities provided by project financing for about 20 years, and Western companies for about 30-40. What are the advantages of this form of finding a source of funds?

Firstly, it is targeted. This is its advantage over traditional lending. If we compare this phenomenon with venture investments, then the degree of risk is, as a rule, incomparable, or even reduced to a minimum. A venture investor can invest in a completely unsuccessful project. “Minefields” of project financing, as a rule, are not so heavily “stuffed” with explosive elements. Business within the framework of this model of relationships between entrepreneurs and investors, as a rule, is conducted within a predictable framework, where there is room for rational calculation and adequate forecasting.

Peculiarities

What are the features of project financing? First of all, the main generator of revenue is, as a rule, not revolutionary technologies, but those that have already been successfully tested somewhere. This attracts many investors. Also, the number of those who are willing to invest in the project, as well as those who share responsibility, is usually much larger than with venture and loan agreements.

National significance

How important is project financing in Russia from the point of view of the development of certain market segments? Experts believe that the role of this investment institution can be quite large for our country. According to some researchers, the growth potential of the Russian economy largely depends on the development of progressive forms of lending, which, on the one hand, would allow a reasonable degree of burden for borrowers, and on the other hand, would guarantee a certain result for investors.

Industry specifics

Which industries most often use this method of financing? Experts believe that project financing is best compatible with strategically important segments of the Russian economy - mining, energy, construction, especially in areas related to federal road infrastructure.

Project characteristics

Despite the fact that among world economists there are no common approaches to determining the typical characteristics of projects, the funding of which is carried out through the mechanisms in question, some experts still identify several criteria.

Firstly, long-term borrowing - about 10-20 years. With banking and venture capital raising options, these terms are usually several times shorter.

Secondly, in project financing, mechanisms for diversifying credit risks are used. Such as, for example, government guarantees, insurance, attracting large investors represented by federal and international banking structures.

Third, as a rule, various consulting structures (offered by the investor or the funding object) are involved in participation in projects, which are able to provide an expert assessment of the prospects of the financed business model and increase its efficiency.

Agreement conditions

The principles of project financing involve the conclusion of agreements between investors and entrepreneurs, the content of which may be completely non-standard. The structure of the agreement and the legally established mechanisms for the rights, obligations and responsibilities of the parties can vary greatly depending on the specific project. At the same time, there is still a set of characteristics recognized by a number of experts that are common to most business models within the framework of project finance. Let's list them.

• The main subject of the agreement is a loan.
• The parties to the transaction are the “project organizer” and the investor (“lender”).
• The source of loan repayment is fixed - the proceeds from the project.
• Responsibility for risks is distributed between the project organizer and the investor.
• The use of mechanisms for redistributing loan responsibilities is present, although some experts believe that more often it has limitations.
• The right to receive a share of the proceeds is proportional to the amount of payments from each investor.
• A mechanism is provided for the redistribution of shares in the project between investors in accordance with the estimated volumes of risks.

Investments for nothing?

In some cases, forms of project financing allow that the subject of the agreement will include not only loan funds, but also sponsorship funds (which do not imply repayment obligations on the part of the funding object). Experts call the case when the subject of the agreement between an investor and an entrepreneur includes only a loan, “project lending.”

Definition of responsibility

Let's consider the nuance regarding point number 4 in the list that we compiled above. Typically, there are three main options here.

According to the first, the borrower is in principle released from the obligation to repay the loan funds. There is no so-called “recourse” - a requirement to compensate the borrower for losses. In this sense, the pattern of interaction between an entrepreneur and an investor is close to a venture one. This takes into account not only financial risks, but also, for example, political ones. Typically, the loan terms for this type of agreement are quite strict.

The second option - “regression” is fully borne by the borrower. This option is very close to a classic loan from a bank.

But in this case, the borrower can receive investments on quite comfortable terms.

The third scenario is that responsibility is distributed in approximately equal proportions between the borrower and the lender.

In order to count on a fair balance of obligations, an entrepreneur attracting investment needs to develop a model that will convince the partner that the resources needed to implement the project are sufficiently diversified and the likelihood of losses is low.

Regression by agreement

In some cases, options are allowed to determine the responsibility of the parties, when the entrepreneur receives some additional preferences not related to the project in exchange for recourse - full or expressed in prevailing proportions. This could be, for example, entry into the authorized capital of an investor company without connection to the implementation of the current project.

That is, relatively speaking, if the current business idea cannot be implemented and will bring losses, then the investor’s next project, if profitable, will bring revenue to the entrepreneur. Another option: the funding object accepts full recourse, but agrees with the lender that if difficulties arise, the loan can be repaid on preferential terms - on a flexible schedule, with a revision of the interest rate, etc.

Profitability dictates terms

The most rarely practiced option is the first. It is applicable in those areas where profitability is practically guaranteed (oil industry, export of other popular types of raw materials, metals0. Basically, the recourse is completely shifted to the entrepreneur. At the same time, it is usually more profitable than a conventional bank loan due to the lower rate and, as We have already said that there are benefits when repaying the loan.

Also, the borrower may agree to a full recourse if the project clearly does not look profitable, or analytics have shown that the market is not as promising as the investor wants.

Also, the lender can only agree to this option if the project lacks additional guarantees - from the state or from large banks.

Another possible scenario is that an entrepreneur agrees to complete recourse if the interest rate on conventional bank loans is too high for him.

Financial instruments

What financial and legal instruments are used to fund projects? Experts identify the following types of them.

• A lending agreement (usually if the loan source is a commercial bank) for project financing.
• Agreement for the supply of materials or equipment. This option is common in cases where, for example, project financing of construction is carried out.
• An agreement to provide certain resources for rent or lease.

In some cases, other documents may be attached to the agreement. This may be an agreement on insurance of certain risks.

Project requirements

What are the requirements for projects applying for funding under the scheme in question? Let us list those that often appear in expert sources.

Firstly, the project must be accompanied by documentation that contains a detailed economic justification for the business idea. If we are talking about a relatively standardized industry, for example, construction, then an appropriate estimate (which can also be analyzed by an investor or bank) of project financing is drawn up.

Secondly, the market where the project is expected to be implemented must have significant capital intensity. Financing of business ideas that imply work in new, untested segments is carried out within the framework of the model in question quite rarely.

Third, the production base (or its potential) of the project is studied. Even if the idea is sufficiently good, and the market is sufficiently capital-intensive, the enterprise must have the resources to implement the plan. The investor must also ensure their sufficiency.

State format

In Russia, the state takes an active part in project financing. There is a special institution whose activities are carried out in this area. This is the Federal Center for Project Finance. This organization, based on information published in industry catalogs, is engaged in consulting activities.

The competence of this structure includes projects implemented at the regional and municipal level. The FCPB participates in their preparation with the subsequent attraction of extra-budgetary funding sources. The department is mainly interested in the development of social infrastructure, the transport system, utility resources, as well as the energy industry in Russia. Also, the priorities of the FCPB are the comprehensive development of those territories where infrastructure problems are systemic in nature.

In a number of cases, the Federal Center for Project Finance conducts specialized financial and economic examinations and helps companies find economic justifications in preparation for various investment rounds. One of the main forms of FCPB activities is public-private partnership, or PPP. Among the areas where it is used intensively is heat supply. The Federal Center for Project Finance appeared quite a long time ago, in 1995. FCPB is a subsidiary of Vnesheconombank, all shares of the center belong to this credit organization.

The fact that project financing in our country is extremely poorly developed and the great potential of this mechanism remains practically unused has been repeatedly noted at various discussion platforms. Alexey answers NBJ’s questions about why this is happening and what should be done to improve the situation in this matter SAVRASKIN, CEO of Sprout Force Capital, which specializes in attracting financing to enterprises and projects in the real sector of the economy.

NBJ: Alexey, in your line of work you interact both with entrepreneurs - applicants for financing, and with the investment banking community. What are the statistics of successful projects that received funding?

A. SAVRASKIN: I can only provide unofficial data arising from the practice of our work. It's no secret that banking criteria for selecting projects are quite strict - on average, from the flow of applications, from 10% to 35% are accepted for consideration. The degree of loyalty of bankers depends on the current situation in the market: macroeconomic indicators, the policy of the Central Bank of the Russian Federation, the position of the banks themselves that provide financing, as well as a number of other factors. But even with such a strict selection of applications, only two out of ten real business projects financed by banks are successful, the rest are either unprofitable or teetering on the brink of life and death. Quite often we hear the opinion of business owners that there is no project financing as an institution in Russia at all.

NBJ: What is the reason for this situation? It turns out that even a fairly strict system for selecting applications for funding does not ensure a high-quality flow of projects.

A. SAVRASKIN: Your question already contains the answer. The project selection system used by Russian banks is not capable of ensuring a high-quality flow of projects. Historically, this system has remained virtually unchanged over the past 40 years. It is based on an assessment of the credit history and current financial condition of the project initiator, as well as the market in which he plans to operate. Of course, there are many more criteria, but these are the main ones. The assumption is based on them: since the dynamics of the company’s financial indicators have improved over the past three years, this will continue to happen; Once the project initiator manages to provide confirmation of guarantees for the sale of future products, this will provide a revenue base. On this basis, it is concluded that, overall, this is a good project.

NBJ: Everything seems logical. But why then does this approach not work?

A. SAVRASKIN: At one time it was justified because the linearity and duration of the processes were different, but now the world has changed a lot. Dynamics and cyclicality have increased, leaving no trace of the previous linearity, and this dictates a change in player strategies. The traditional evaluation system, which relies only on retrospective indicators, does not allow predicting the future of the project. A good financial “yesterday” does not in any way guarantee a successful “tomorrow” even for very stable businesses. Failure to take this factor into account leads to dramatic consequences. A clear confirmation is the “collapse” of large holding players, which we regularly observe in different markets.

NBJ: Confirmation of guarantees for the sale of future products also cannot be an argument for project financing?

A. SAVRASKIN: Absolutely right. Product sales guarantees that banks require for project financing are not de facto such. A businessman I know from Canada, who had experience dealing with Russian banks, once remarked that the people working there are certainly professionals in their field, but “they look at the world very strangely.” Explain, he asked me: the investment phase of an industrial project lasts on average two to three years, do they really not understand that during this time the situation will definitely “float away”? Why ask for product sales guarantees? Even if I “draw” them and bring them such a document, it is unlikely that it will guarantee that the world will not change during this time. Despite a certain amount of irony, the Canadian’s words have a practical meaning.

NBJ: So the problem is in inertia of thinking, in psychology?

A. SAVRASKIN: Yes, we are just used to a certain order of things. Here it is appropriate to quote Nassim Taleb, a famous American economist and expert in the field of the influence of random and unpredictable events on the global economy and stock trading. His approaches are very consonant with me. Taleb says that those who want to survive and develop successfully in the modern world need to change the paradigm of thinking and approaches to collecting information for decision-making: “In a primitive environment, the tangible is always important. Our attention, by the will of our biology, is directed not to the important, but to the tangible, and the important is often discreet, intangible. Our emotional apparatus is tuned to perceive linear causality. But modern reality rarely spoils us with sustainable linear progress that gives us a sense of satisfaction.” The problems of bank project financing can also be viewed from this angle.

But the root of the problem lies even deeper. The project selection system does not exist on its own. It operates within a larger system called a bank, whose primary purpose for existing is to preserve capital. Please note - not the implementation of business projects, not the creation of new enterprises, but the avoidance of losses. It would seem that there is nothing wrong with this. Not losing your money is a normal desire of the bank, which supposedly should not interfere with the other party to the transaction, the entrepreneur, from implementing his project. But this is only at first glance…

NBJ: How is it really?

A. SAVRASKIN: Between the motivations of the project initiator and the bank, there is a visible or invisible contradiction, a conflict of interests. For example, banks, wanting to increase the borrower’s liability in project financing, require a personal guarantee, although in most cases it is unlikely to compensate for losses in the event of a billion-dollar project default. Whoever came up with such rules expected that a person would try his best to make his project successful, since the risks of failure for him would be catastrophic (he could lose everything, including the roof over his head). In addition, there is also a preventive measure included here - no one will steal. Entrepreneurs have their own logic in this regard. Some of them, before agreeing to such financing conditions, ask the question: how much money needs to be withdrawn from the project to third parties in order to cover the possible loss of personal property in favor of the bank in case of default? Others, not wanting to jeopardize the well-being of their family, completely refuse to lend on such terms. Thus, the bank’s focus on avoiding losses often prevents truly promising or even breakthrough projects from being realized. If you “compress” all the reasons for banks’ losses in project financing into one, then you can see the law of equilibrium in action - those who are initially focused on not losing are doomed to lose.

NBJ: In your logic, banks look like some kind of “stranglers” of projects and ideas. Do bankers really not understand this, or do they still realize it, but for some reason do not want to change the rules of the game?

A. SAVRASKIN: In a sense, the second assumption is correct, but this is not malicious intent, but the law of their existence, as I said above. I wouldn't blame the banks alone. It takes two to dance tango: the problem is that the market cannot offer banks a stream of quality projects that they could consider as a ready-made and attractive investment product. After all, what is the specificity of project financing? The fact is that it is by design. If we omit a set of standard definitions, then, in essence, a project is a potential unfolding over time, which should be realized, turning into a directed flow of energy, and it should be enough to achieve the set goals. But, as they say, “a rare bird will fly to the middle of the Dnieper,” because this very potential must first be created and done correctly and accurately, and then it must be competently deployed into the stream. And this, if you like, is an art: we are talking about creating such a project architecture in which it will be, in principle, feasible and capable of achieving the goals for which it was conceived in the most effective way.

This is the task of professionals, who, unfortunately, are almost non-existent in our country. Numerous intermediaries and consultants, the so-called “packagers” of projects, are capable, at best, of only structuring the material that falls into their hands. We do not yet have an industry of “production projects” suitable for financing as such. The banks themselves cannot and should not do this, so they try, using the usual patterns, to select projects whose potential is initially excessive, that is, capable of covering losses associated with errors and miscalculations, which usually take place at the project design stage and “climb out.” » at the implementation stage. As a result, projects of large businesses are mainly financed, while a lot of really interesting entrepreneurial plans of a smaller caliber are left behind. One way or another, the reality is that banks in Russia are not development institutions and are unlikely to become one in the existing coordinate system, because in this case we will develop at a snail’s pace.

NBJ: In fact, there are a lot of enterprises that need funds for the next leap in development. What to do to meet this demand?

A. SAVRASKIN: We need institutions, tools, mechanisms that are capable of being fast, flexible and assessing the situation from other positions. More specifically, firstly, all interested parties should change their perspective on the essence and nature of the project and, finally, realize that it is impossible to predict the future (project feasibility and its success) by looking into the past. Secondly, in order to find something lively and promising, it is better to abandon the analysis of unnecessary information, change the selection criteria and the methodology for evaluating projects. It is initially extremely difficult for bank employees to do this, since they are dominated by the requirements of the Central Bank. It is very important for entrepreneurs to understand that their problem is not always solved through bank project financing. Most often, it is one of the final phases of work on the architecture for solving their problem.

It is obvious that a certain “third link” is needed, capable of creating solutions that reconcile the so-called conflict of interests of banks and businesses, uniting and creating a balance of their positions. Therefore, thirdly, both parties to project financing transactions need to stop doing their own thing and realize that working with investment projects is a separate area of ​​activity. To avoid time and money losses (and time is an even more important resource in project financing than money), it is better to involve professionals for these purposes. There are still only a few players working in the unique niche of “business project architect,” but they are the ones who can ensure the connection between supply and demand in the field of project financing.

A. SAVRASKIN: We won’t be able to give a detailed story during the interview, so I advise those who are interested to go to our company’s website. In answer to your question, I will say the following: since we talked about the project selection system, I think it makes sense to mention the tool used in our practice. We call it “determining the feasibility potential of a project,” and its main difference from the traditional assessment system is that it is focused not on the past, but on the future. To get an idea of ​​the potential of the project, its feasibility and the possibility of successful implementation, we, as it were, complete the vision of the project to 3D perception, that is, we examine it in dimensions that the traditional assessment system cannot “reach”. The proposed technology helps the project initiator identify errors in its current architecture and correct it, as well as get an idea of ​​the variability of possible scenarios for organizing financing and implementing the project. For the bank, such research provides an additional piece of information to make a more accurate decision regarding the project it is considering. This also allows him to obtain information that he will not be able to see in the documents provided to him by the project owner in accordance with the established regulations.

NBJ: Do you use any Western technologies?

A. SAVRASKIN: These are our Russian-made technologies. We are generally a smart and talented nation, rich in brilliant ideas and developments. Another question is that they are often assembled by foreigners, and then sold to us under the guise of “Western technology.” With all due respect to foreign auditors and consultants, they will never be able to dig deep enough to understand the “mysterious Russian soul”, and therefore, they will not be able to understand the true reasons for what is happening to us.

Rice. 3.3. Types of Project Finance
Project financing with full recourse to the borrower (recourse is a reverse demand for compensation, return of the amount paid). This is the most common form of project financing and is preferred due to the speed and ease of obtaining the necessary funds to finance the project, as well as the lower cost of this form of financing compared to others.
Financing with full recourse of creditors' claims to the borrower is used in the following cases:
provision of funds for financing low-profit projects of national importance, non-self-financing projects (creation of infrastructure, etc.), which have the ability to repay loans from other income of the borrower;
provision of funds in the form of an export credit, since many specialized agencies for providing export credits have the ability to assume project risks without additional third-party guarantees, but agree to provide funds only in this form;
insufficient reliability of guarantees issued for the project, although they cover all project risks;
providing funds for small projects that are sensitive to even small increases in costs (may be linked to arranging other forms of project finance).
Project financing with limited recourse to the borrower. This is the most common form, in which, during the development of the possibility of financing a project, all risks associated with its implementation are assessed. They will be distributed between the parties in such a way that the latter can assume the risks that depend on them.
The advantage of this type of project financing is the moderate price of financing and the maximum distribution of project risks for the borrower. Parties who are interested in implementing the project assume commercial obligations instead of issuing guarantees, which is also a definite advantage.
One of the types of project financing with limited recourse to the borrower is financing that does not affect the balance sheet of organizations. The use of such financing has a lesser impact on the borrower's financial position and balance sheet than previous types, which explains its popularity. The borrower must provide only certain guarantees and partially pledge its assets. In addition, the borrower can benefit from the following additional benefits:
the ability to attract funds that cannot be obtained from conventional sources;
with the correct distribution of risks for the project, favorable conditions for the provision of loans are ensured;
payment obligations to creditors do not place a burden on the borrower;
Good organization of project financing can improve the borrower's reputation and make it easier to raise funds in the future.
Project financing without recourse to the borrower. In this case, the lender does not have any guarantees from the borrower and assumes almost all the risks associated with the implementation of the project. This form of project financing is the most expensive for the borrower, as the lender expects to receive adequate compensation for the high degree of risk.
The lender can assume a small part of the project risks if it is possible to develop an appropriate system of obligations of the parties involved in the project. This applies to issues of supply, transportation, sales, insurance, etc. In this case, the borrower has certain advantages, since he does not incur the costs of raising funds and his credit rating gives him the opportunity to raise funds for other needs.
As a rule, creditors have to provide certain benefits: participation in the authorized capital, concluding long-term contracts, a flexible loan repayment schedule, etc.
This form of financing is used quite rarely due to its great complexity, significant time spent on creating a system of commercial obligations, and large financial costs (for attracting specialists, paying for consulting services, etc.).
Without recourse to the borrower, projects that have high profitability and ensure the production of competitive products and, above all, projects related to the extraction and processing of minerals are financed. In order for lenders to consider the risk of investing in a project acceptable, the following conditions must be created:
the use of proven technology that allows us to produce competitive products;
the ability to assess the risk of construction, ramping up to design capacity and the risks associated with the operation of the financed enterprise;
the final product must have a sufficiently large sales market and be easily sold, since only in this case can price risks be determined;
agreements with suppliers of raw materials and components, if necessary;
agreement with energy suppliers with the establishment of marginal (maximum) prices;
political stability in the country.
One of the possible options for the composition of the main participants in investment projects is presented in Fig. 3.4.
The implementation of many projects becomes possible as a result of attracting an experienced financial consultant who presents the project in accordance with the requirements of international standards, facilitating the selection of potential investors and lenders. Both consultants and lenders, such as a bank or other financial institution, can take on this role. Project implementation work usually includes the following stages:
preliminary study of the viability of the project;
development of a project implementation plan;
organization of financing;
control over the implementation of the loan agreement.

Preliminary study of project viability.
Consultation and a project viability analysis are conducted prior to presenting the project to investors to determine whether the project is worth further investment of time and money and whether the cash flow generated will be sufficient to cover all costs and generate an average target profit. The main tasks of a financial consultant are:
assessment of the main goals of the project founders;
verification of plans and deadlines for their implementation by the founders;
searching for reasoned answers to possible questions from investors;
proposing alternative ways to achieve set goals.
At this stage, a feasibility study is carried out, which includes the following sections.
1. General information on the project:
the design, main goals and advantages of the project;
history of the project development, indicating previously carried out studies and conclusions drawn from them;
main parameters of the project, type and range of products, capacity, timing of the project;
information about the main shareholders (name, address, nature of activity, range of products, total assets, annual sales volume and its dynamics in recent years, etc.).

Rice. 3.4. Project finance participants and their functions

2. Market analysis containing conclusions about:
capacity of existing international and domestic markets (volumes of demand, supply in the past and forecast for the future);
the dynamics of world, domestic wholesale and retail prices, markups and tax discounts provided to wholesale and retail traders, the presence of excise taxes and subsidies in domestic prices;
possible conditions for the sale of goods for cash, on credit, against a guarantee;
transport components, advertising, service;
domestic and foreign manufacturers, their production capacities and scale of production, the quality of manufactured goods, the main problems of development;
the relationship between foreign firms and domestic producers in the domestic market;
the share of the relevant industry or service in the national economy, tax benefits;
national (local) specifications regarding standards and production when carrying out marketing work;
requirements of international standards for products.
3. Analysis of technological possibilities, including justification of the selected technological process in order to convince shareholders, banks and other financiers that the proposed technology is the most efficient and economical. In this case, the following are analyzed:
world technologies and technological processes suitable for the implementation of the project;
costs of acquiring technology, their share in the total investment costs of the project, methods of reimbursement (through royalty payments or through dividends);
compliance of technology with environmental protection requirements of the state and local administrative authorities.
4. Location of the enterprise (site selection), containing conclusions about the suitability of the selected site for the implementation of the project, taking into account the results of engineering surveys, studies of economic and geographical factors, as well as the following information:
quantitative and qualitative assessment of the location of the enterprise, the size of the land plot alienated for the main and auxiliary production;
valuation of alienated land, form of payments (acquisition of ownership, lease, etc.);
requirements of local legislation on environmental protection and a possible increase in the cost of the project in connection with this;
taking into account the availability of raw materials and other material resources, the proximity of sales markets;
description of the expected impact of the project on increasing employment, development of the transport network, environmental pollution, etc.
5. Material factors of production, including:
specific cost indicators;
quality of material factors of production;
continuity of supply;
main local and foreign suppliers.
6. Labor resources, broken down by category (workers and employees, local and foreign) and identifying the total costs of paying for them, including training.
7. Timing of the project, including such stages as:
identification of investment and other factors for project implementation;
preparation of a preliminary feasibility study;
final negotiations and signing of contracts;
preparation of design and estimate documentation;
construction;
commissioning;
power development;
reaching design capacity.
In the case of developing an innovative project, in addition to the stated schedule, an additional schedule is calculated, characterizing not only the organizational, but also the technological stages of the project, which can be divided into phases:
technology development;
production of laboratory samples;
production of a pilot industrial sample;
development of a technical project;
preparation of design estimates for launch into mass production;
construction;
commissioning;
reaching design capacity.
8. Accounting for taxes and deductions. When preparing a feasibility study, the following taxes and deductions should be taken into account:
income tax;
tax on dividends;
taxes on the import of equipment, raw materials and supplies;
customs duties on export;
local taxes;
mandatory sale of foreign currency;
value added tax in rubles and hard currency on the balance of currency after its mandatory sale;
payments for special and pension insurance;
insurance of fixed capital and inventories;
property tax;
contributions to the reserve fund;
contributions to the development fund;
contributions to special funds;
contributions to the fund for social and cultural events;
contributions to the material incentive fund.
9. Financial and economic assessment of the project. This section can be divided into two parts: informational and analytical. The first part should contain initial information for efficiency calculations, presented in the form of tables. The second part, being a derivative of the first part, consists of tables characterizing the movement of funds, profits, assets, liabilities, as well as economic performance indicators obtained on their basis.
Development of a project implementation plan.
The planning stage covers the process from preliminary consultations and preliminary studies of the viability of the project to the organization of its financing. at this stage, an assessment of all indicators and risks for the project is carried out with an analysis of possible ways of developing economic, political and other situations. The role of the consultant is reduced to predicting the impact on the viability of the project of factors such as interest rates on loans, credit and currency risks, inflation rates, etc. His task also includes determining the best ways to organize financing and mobilize the necessary borrowed funds. This stage ends with negotiations with suppliers, contractors and other project participants.
Organization of project financing.
After completion of the first two stages of the project, the consultant prepares, formalizes and presents his proposals for organizing a project financing scheme to potential lenders. He, as a third party, provides information about the founders and key officials who will participate in the implementation of the project. One of his main tasks at this stage is to create an image of highly qualified, experienced, responsible founders who are capable of successfully implementing the project. In his proposals, the consultant, as a rule, lists all guarantors, in addition to the founders, interested in implementing the project. Stakeholders may be suppliers (manufacturers) of equipment and materials, consumers of final products, contractors, and government organizations.
The choice of the country in which the project is planned to be implemented is justified, the construction estimate and the timing of putting the facility into operation, as well as interest on the construction loan, if necessary, are discussed in detail with the lenders. At this stage of project development, the expected cash flow guaranteed by the project is analyzed in detail, and the directions for spending funds are also considered (creation of various funds, covering costs, paying interest on the principal debt, etc.). It also explains the assumptions used in the calculations and justifies the size of the authorized capital (when creating joint stock companies) and working capital. after discussing all issues and adopting the necessary amendments, the financing scheme is approved and agreements on the provision of the required funds are signed.
Monitoring the implementation of the loan agreement.
After organizing project financing, the role of the credit administration and financial consultant is reduced to monitoring the implementation of loan agreements in terms of both targeted spending of funds and timely repayment of the loan. If, during the implementation of a project, problems arise related to receiving revenue in different currencies, the consultant provides assistance in its conversion, placement, and insurance of currency risks.
The role of consultants is usually performed by banking institutions, investment firms, financial services companies or specialist advisory firms. When choosing a financial consultant, project founders are usually guided by the following criteria:
reputation of the institution;
market position;
experience in the area where the project is planned to be implemented;
existing experience of working with this consultant;
work experience in other countries;
the possibility of a financial consultant participating in the project as a lender or guarantor.
As a rule, banking institutions most fully meet all these criteria, which explains their dominance in this sector of the financial services market. One of the services provided by banks is a special type of project financing, which is an analysis of the project proposed by the client, bringing it to a level that allows organizing financing, conducting negotiations to identify possible lenders and selling the latter a developed version of the project with its findings and conclusions. The development of such financing projects by first-class banks is considered by lenders as an additional guarantee of the viability of the project. In this regard, such a package partially covers the bank’s expenses for developing the project and the amount at which the bank estimates its guarantee in the form of developing and offering the project to creditors.
One of the indispensable conditions for the implementation of the project is the correct choice of lenders. After two stages of project development, the founders draw up a list of potential lenders and investors. Sources of loans can be:
government of the country;
commercial banks;
financial companies;
investment companies;
leasing companies;
Insurance companies;
international financial organizations;
private individuals.
The main source of loans is usually commercial banks. Before negotiating with a banking institution, the borrower needs to evaluate its capabilities. If the project requires the investment of significant funds, then the bank must be able to provide at least part of such funds. As a rule, the organizers of investment projects try to establish relationships with a banking institution that has experience in financing projects. The bank should be interested in continuing cooperation within the project and, in addition to loans, provide the client with other services.
Along with banks, other financial institutions may also participate in the financing of investment projects. In this case, the role of banks is reduced to elaborating various options for the presented project, organizing its financing, developing risk distribution schemes for the project, etc.
For its part, the bank carefully analyzes the project proposed for financing, based on the following requirements that it must satisfy:
a thorough and professional analysis of the economic and financial viability of the project;
satisfactory financial position, qualifications and intentions of the founders;
there is a need for products or services that will be offered to the market as a result of the project;
stable political situation in the host country;
fame of the founders and those who stand behind them, etc.
During the development and implementation of a project, various risks may arise, which, as shown in /44/, can be divided into technical, financial, marketing, political, legal, environmental and risks of project participants. The risk structure is shown in table. 3.1.

Justification of a financing strategy for an investment project involves the selection of financing methods, identification of sources of investment financing and their structure.

Investment project financing method acts as a way to attract investment resources in order to ensure the financial feasibility of the project.

The following can be considered as methods of financing investment projects:

• self-financing, i.e. investing only from your own funds;
• corporatization, as well as other forms of equity financing;
• credit financing (investment loans from banks, bond issues);
• leasing;
• budget financing;
• mixed financing based on various combinations of the considered methods;
• project financing.

In the economic literature, there are different views on the composition of methods for financing investment projects. One of the main disagreements is related to the understanding of the term “project financing”. With all the variety of interpretations of this term, we can distinguish its broad and narrow interpretations:

In a broad definition, project financing is understood as a set of forms and methods of financial support for the implementation of an investment project. Project financing is considered as a way to mobilize various sources of financing and integrated use of different methods of financing specific investment projects; as financing that has a strictly targeted use of funds for the needs of the implementation of an investment project;

In a narrow definition, project financing acts as a method of financing investment projects, characterized by a special way of ensuring return on investments, which is based solely or mainly on cash income generated by the investment project, as well as the optimal distribution of all risks associated with the project between the parties involved in its implementation .

In the following presentation, we will proceed from a narrow interpretation of project financing as one of the methods of financing investment projects.

Sources of financing for investment projects are funds used as investment resources. They are divided into internal (equity capital) and external (attracted and borrowed capital).

A general description of investment financing sources was given in Chapter. 3. Here we will consider the main types of these sources in relation to the tasks of financing real investment projects.

Internal financing (self-financing) is provided at the expense of the enterprise planning to implement the investment project. It involves the use of own funds - authorized (share) capital, as well as the flow of funds generated during the activities of the enterprise, primarily net profit and depreciation charges. At the same time, the formation of funds intended for the implementation of the investment project must be strictly targeted, which is achieved, in particular, by allocating an independent budget for the investment project.

Self-financing can only be used to implement small investment projects. Capital-intensive investment projects, as a rule, are financed from not only internal, but also external sources.

External funding provides for the use of external sources: funds from financial institutions, non-financial companies, the population, the state, foreign investors, as well as additional contributions of monetary resources from the founders of the enterprise. It is carried out by mobilizing attracted (equity financing) and borrowed (credit financing) funds.

Each of the used sources of financing has certain advantages and disadvantages (Table 9.1). Therefore, the implementation of any investment project requires justification of the financing strategy, analysis of alternative methods and sources of financing, and careful development of the financing scheme.

The adopted financing scheme should provide:

• a sufficient amount of investment to implement the investment project as a whole and at each step of the billing period;
• optimization of the structure of investment financing sources;
• reduction of capital costs and risk of an investment project.

Corporatization (as well as shares and other contributions to the authorized capital) provides for equity financing of investment projects. Equity financing of investment projects can be carried out in the following main forms:

• carrying out an additional issue of shares of an operating enterprise, which is a joint-stock company in its organizational and legal form, for the purpose of financial support for the implementation of the investment project;
• attracting additional funds (investment contributions, deposits, shares) from the founders of an operating enterprise for the implementation of an investment project;
• creation of a new enterprise designed specifically for the implementation of an investment project.

Additional issue of shares is used for the implementation of large-scale investment projects, investment development programs, industry or regional diversification of investment activities. The use of this method mainly for financing large investment projects is explained by the fact that the costs associated with the issue are covered only by significant volumes of attracted resources.

Attracting investment resources within the framework of shareholder financing can be carried out through an additional issue of ordinary and preferred shares. In accordance with Russian legislation, the par value of issued preference shares must be no more than 25% of the authorized capital of the joint-stock company. It is believed that the issue of preferred shares as a form of equity financing is a more expensive source of financing investment projects than the issue of ordinary shares, since the payment of dividends to shareholders is mandatory for preferred shares. At the same time, ordinary shares, unlike preferred shares, give their owners more rights to participate in management, including the ability to control the strictly targeted use of funds to finance an investment project.

The main advantages of corporatization as a method of financing investment projects include the following:

• payments for the use of allocated resources are not unconditional, but are made depending on the financial result of the joint-stock company;
• the use of attracted investment resources has a significant scale and is not limited in time;
• the issue of shares makes it possible to ensure the formation of the required amount of financial resources at the beginning of the implementation of the investment project, as well as to defer the payment of dividends until the period when the investment project begins to generate income;
• shareholders can exercise control over the targeted use of funds for the implementation of the investment project.

However, this method of financing investment projects has a number of significant limitations. Thus, a joint stock company receives investment resources upon completion of the placement of shares, and this requires time, additional expenses, evidence of the financial stability of the enterprise, information transparency, etc. The procedure for additional issue of shares is associated with registration, listing, and significant operating costs. When going through the issue procedure, issuing companies incur costs for paying for the services of professional securities market participants who perform the functions of an underwriter and investment consultant, as well as for registering the issue. In accordance with Russian legislation, the issuer is charged a fee for state registration of the issue of issue-grade securities placed by subscription - 0.2% of the nominal amount of the issue, but not more than 100,000 thousand rubles.

It should also be taken into account that the issue of shares may not always be placed in full. In addition, after the issue of shares, the company must pay dividends, periodically send reports to its shareholders, etc.

Additional issue of shares leads to an increase in the company's share capital. The adoption of a decision on an additional issue may lead to the dilution of the participation interests of previous shareholders in the authorized capital and a decrease in their income, although in accordance with Russian legislation, former shareholders have a preemptive right to purchase newly placed shares. A joint stock company that intends to finance an investment project through an additional issue of shares must develop an effective strategy for increasing liquidity and the value of shares, which involves increasing the degree of financial transparency and information openness of the issuer, expanding and developing activities, increasing capitalization, improving financial condition and improving the image.

For companies of other organizational and legal forms, raising additional funds intended for the implementation of an investment project is carried out through investment contributions, deposits, shares of founders or invited third-party co-founders in the authorized capital. This method of financing is characterized by lower transaction costs than an additional issue of shares, but at the same time, more limited amounts of financing.

The creation of a new enterprise designed specifically for the implementation of an investment project is one of the methods of targeted equity financing. It can be used by private entrepreneurs who are establishing an enterprise to implement their investment projects and need to attract partner capital; large diversified companies organizing a new enterprise, including on the basis of their structural divisions, to implement projects to expand production, reconstruct and re-equip production, reengineer business processes, develop fundamentally new products and new technologies; enterprises in difficult financial condition, which are developing anti-crisis investment projects for the purpose of financial recovery, etc.

Financial support for an investment project in these cases is carried out through contributions from third-party co-founders to the formation of the authorized capital of a new enterprise, the separation or establishment by the parent company of specialized project companies - subsidiaries, the creation of new enterprises by transferring to them part of the assets of existing enterprises.

One of the forms of financing investment projects by creating a new enterprise designed specifically for the implementation of an investment project is venture financing. The concept of “venture capital” (from English. venture- risk) means risk capital, invested primarily in new areas of activity associated with high risk. Venture financing allows you to raise funds for the initial stages of implementing investment projects of an innovative nature (development and development of new types of products and technological processes), characterized by increased risks, but at the same time the possibility of a significant increase in the value of enterprises created to implement these projects. In this respect, venture investment differs from financing (by purchasing an additional issue of shares, shares, etc.) of existing enterprises, shares of which can be acquired for the purpose of further resale.

Venture financing involves raising funds for the authorized capital of an enterprise from investors who initially intend to sell their share in the enterprise after its value increases during the implementation of the investment project. Income associated with the further functioning of the created enterprise will be received by those persons who purchase its share from the venture investor.

Venture investors (individuals and specialized investment companies) invest their funds with the expectation of receiving significant profits. First, with the help of experts, they analyze in detail both the investment project and the activities of the company offering it, financial condition, credit history, quality of management, and the specifics of intellectual property. Particular attention is paid to the degree of innovation of the project, which largely determines the potential for rapid growth of the company.

Venture investments are carried out in the form of acquiring part of the shares of venture enterprises that are not yet listed on stock exchanges, as well as providing loans or in other forms. There are venture financing mechanisms that combine different types of capital: equity, loan, entrepreneurial. However, venture capital generally takes the form of equity capital.

Venture capital usually includes small enterprises whose activities involve a high degree of risk in promoting their products on the market. These are enterprises that develop new types of products or services that are not yet known to the consumer, but have great market potential. In its development, a venture enterprise goes through a number of stages, each of which is characterized by different opportunities and sources of financing.

At the first stage of development of a venture enterprise, when a product prototype is created, minor financial resources are required; At the same time, there is no demand for this product. As a rule, the source of financing at this stage is the own funds of the project initiators, as well as government grants and contributions from individual investors.

The second (starting) stage, at which the organization of a new production takes place, is characterized by a fairly high need for financial resources, while there is still practically no return on the invested funds. The main part of the costs here is associated not so much with the development of product production technology, but with its commercial component (formation of a marketing strategy, market forecasting, etc.). It is this stage that is figuratively called the “valley of death”, since due to lack of financial resources and ineffective management, 70-80% of projects cease to exist. Large companies, as a rule, do not participate in investing in a venture enterprise during this period of its development; The main investors are individuals, the so-called angels or business angels, who invest personal capital in the implementation of risky projects.

The third stage is the early growth stage, when the product begins to be manufactured and marketed. There is a certain profitability, but the capital gain is not significant. At this stage, the venture begins to be of interest to large corporations, banks, and other institutional investors. For venture financing, venture capital firms are created in the form of funds, trusts, limited partnerships, etc. Venture funds are usually formed by selling a successfully operating venture enterprise and creating a fund for a certain period with a certain direction and volume of investment. When creating a fund in the form of a partnership, the organizing firm acts as the main partner; it contributes a small portion of the capital by raising funds from other investors, but is fully responsible for managing the fund. Once the target amount is raised, the venture capital firm closes the subscription for the fund and proceeds to invest it. Having placed one fund, the firm usually moves on to arrange subscriptions for the next fund. The firm may manage several funds at different stages of development, which helps spread and minimize risk.

At the final stage of development of a venture enterprise, venture investors withdraw from the capital of the companies they finance. The most common ways of such an exit are: repurchase of shares by the remaining owners of the financed company, issue of shares through an initial public offering, or takeover of the company by another company. In the United States, successful venture investments usually result in a listing of shares on NASDAQ (the largest stock exchange for trading shares of young innovative companies).

With the development of new technologies and widespread distribution of manufactured products, venture enterprises can achieve high levels of production profitability. With an average rate of return on government securities of 6%, venture investors invest their funds expecting an annual return of 20-25%.

Thus, based on the nature of venture entrepreneurship, venture capital is risky and is rewarded due to the high profitability of the production in which it is invested. Venture capital has a number of other features. These include, in particular, investors' focus on capital gains rather than dividends on invested capital. Since a venture enterprise begins to place its shares on the stock market three to seven years after investment, venture capital has a long waiting period for market realization and the magnitude of its growth is revealed only when the enterprise enters the stock market. Accordingly, the founder's profit, which is the main form of income for venture capital, is realized by investors after the shares of the venture enterprise begin to be quoted on the stock market.

Venture capital is characterized by the distribution of risk between investors and project initiators. In order to minimize risk, venture investors distribute their funds between several projects, while at the same time one project can be financed by a number of investors. Venture investors, as a rule, strive to directly participate in the management of an enterprise and make strategic decisions, since they are directly interested in the effective use of invested funds. Investors control the financial condition of the company and actively contribute to the development of its activities, using their business contacts and experience in the field of management and finance.

The attractiveness of investing capital in venture enterprises is due to the following circumstances:

• acquisition of a stake in a company with likely high profitability;
• ensuring significant capital growth (from 15 to 80% per annum);
• availability of tax benefits.

The volume of venture financing in industrialized countries is growing dynamically. Venture capital is acquiring a decisive role in economic development. This is due to the fact that it was thanks to venture enterprises that it was possible to implement a significant number of developments in the latest areas of industry, to ensure rapid re-equipment and restructuring of production on a modern scientific and technical basis.

The largest volume of venture investments in the world comes from the United States (about $22 billion), followed by Western Europe and the Asia-Pacific region by a significant margin. In Russia, venture capital is in its infancy: there are currently 20 venture funds operating here, managing funds amounting to about $2 billion.

Main forms credit financing These include investment loans from banks and targeted bond loans.

Investment loans from banks act as one of the most effective forms of external financing of investment projects in cases where companies cannot ensure their implementation at the expense of their own funds and the issue of securities. The attractiveness of this form is explained primarily by:

Investment loans are, as a rule, medium- and long-term. The period for attracting an investment loan is comparable to the period for implementing the investment project. In this case, an investment loan may provide for a grace period, i.e. period of deferment of repayment of the principal debt. This condition makes it easier to service the loan, but increases its cost, since interest payments are calculated on the outstanding amount of the debt.

Investment loans in Russian practice are issued, as a rule, in the form of a term loan with a repayment period ranging from three to five years on the basis of drawing up an appropriate loan agreement (agreement). In some cases, the bank opens a credit line to the borrower for this period.

To receive an investment loan, the following conditions must be met:

• preparation of a business plan for an investment project for the creditor bank. The business plan of an investment project serves as a tool for making decisions on lending to the project based on the effectiveness of the project and the possibility of repaying the loan;
• property security for loan repayment. In addition to the business plan of the investment project, appropriate security must be provided in the form of property collateral, guarantees and sureties of third parties, etc. The market value of the property collateral, assessed at the expense of the borrower by independent appraisers, must exceed the loan amount, since in case of failure to comply with the terms of the loan agreement by the borrower, the liquidation value of the collateral may be lower than the market value, which will lead to losses for the creditor bank;
• providing the creditor bank with comprehensive information confirming the stable financial condition and investment creditworthiness of the borrower;
• fulfillment of guarantee obligations - restrictions imposed on the borrower by the lender. In order to minimize the risk of the loan provided, the lender establishes in the loan agreement a number of different restrictive conditions that ensure the preservation of the current financial position of the company (capital expenditure restrictions, restrictions on the payment of dividends and resale of shares, restrictions on obtaining another long-term loan from a new lender, waiver of collateral property to another creditor, a ban on transactions to lease property, etc.);
• ensuring the lender's control over the targeted spending of loan funds intended to finance a specific investment project, for example, opening a special account from which funds are transferred only to pay for the capital and current costs provided for in the business plan of the investment project.

One of the types of term loans used to finance investment projects is loan secured by real estate (mortgage loan).

To finance investment projects the following can be used:

• standard mortgage loans (debt repayment and interest payments are made in equal installments);
• mortgage loans that provide for uneven interest payments (for example, at the initial stage, payments increase at a certain constant rate, and then are paid in constant amounts);
• variable mortgage loans (during the grace period, only interest is paid and the principal amount does not increase);
• mortgage loans with a collateral account (when a loan is issued, a special account is opened into which the borrower deposits a certain amount as a guarantee of payment of contributions at the first stage of the project).

The mortgage lending system provides a mechanism for savings and long-term lending at a low interest rate with installment payments over long periods.

In world practice, various types of mortgage lending systems are used, in particular:

• a system that includes elements of a mortgage and issuing loans secured by a new construction project with the gradual provision of loan amounts;
• a system based on taking out a mortgage on existing real estate and obtaining a loan against it for new construction;
• a system that provides mixed financing, in which, along with a bank loan, additional sources of financing are used (housing certificates, funds from citizens, enterprises, municipalities, etc.);
• a system that involves concluding a contract for the purchase and sale of existing real estate with a deferred transfer of rights to it for the period of new construction.

An important component of mortgage lending is the assessment of the property offered as collateral. In case of insolvency of the borrower, repayment of the debt will occur at the expense of the value of the collateral, therefore the accuracy of the assessment of collateral in mortgage lending is of particular importance. The valuation of real estate is determined by a number of factors, the main of which are: supply and demand for real estate, the usefulness of the object, its geographical location, income from the use of the object.

In the case of long-term and close cooperation between the creditor bank and the borrower to finance an investment project, the bank may open an investment line of credit to the borrower. Investment line of credit represents a legal formalization of the lender’s obligation to the borrower to provide loans (tranches) over a certain period as the borrower’s need arises to finance individual capital costs for the project within the agreed limit. Opening an investment line of credit has a number of advantages for both the borrower and the lender. The benefits for the borrower include a reduction in overhead costs and time loss associated with negotiating and concluding each individual loan agreement, as well as savings on interest servicing for loan amounts exceeding the current financing needs of the investment project. For the lending bank, in addition to reducing the costs associated with processing and servicing loan agreements, the tasks of refinancing (searching for sources) of loan funds are simplified and the risks of loan non-repayment are reduced, since the amounts of individual tranches are less than the loan amount if it is provided at a time. At the same time, the lending bank assumes the risks associated with changes in conditions on the loan capital market, since regardless of the nature of these changes, it is obliged to fulfill its obligations to the borrower and provide him with a loan in full accordance with the credit line agreement.

There are framework (target) and revolving investment credit lines. A framework credit line involves the borrower paying for a number of separate capital costs within one loan contract, implemented over a certain period. A revolving credit line is a series of short- and medium-term credit contracts extended within a specified period; however, the interest rate is typically higher than the rate on a traditional term loan.

Based on the relationship between the start of payments for tranches and the duration of the credit line agreement, the following are distinguished:

• investment credit lines for which the repayment period and interest servicing of tranches at different times relate to one point in time (for example, the term of completion of the credit line);
• investment credit lines for which the repayment period and interest servicing of each individual tranche is less than the term of the credit line agreement. In this case, there may be a time lag between receiving sufficient project revenue and servicing the first tranches. Therefore, when developing a financial scheme for debt servicing, the borrower should provide for sources of payments not related to the project, or increase the amounts of subsequent tranches by the amount of the required payments.

The interest rate on investment loans usually takes into account the risk of the investment project. It can be calculated by increasing the interest rate base (indexed, for example, by a change in the Central Bank refinancing rate) by the risk premium for the project in question.

Targeted bond loans represent the issue by the enterprise initiator of the project of corporate bonds, the proceeds from the placement of which are intended to finance a specific investment project.

The issue and placement of corporate bonds makes it possible to raise funds to finance investment projects on more favorable terms compared to a bank loan:

• the collateral required by banks is not required;
• the issuing enterprise has the opportunity to attract a significant amount of funds on a long-term basis at a lower cost of borrowing, while it receives direct access to the resources of small investors;
• repayment of the principal debt on bonds, in contrast to a traditional bank loan, usually occurs at the end of the loan period, which makes it possible to service the debt at the expense of income generated by the project;
• the bond issue prospectus contains only a general description of the investment project, which eliminates the need to provide creditors with a detailed business plan of the investment project;
• the issuing enterprise is not obliged to provide each of the potential buyers of bonds with internal financial information other than that contained in the prospectus, as well as a report on the progress of the investment project;
• in case of possible complications associated with the implementation of the investment project, the issuing enterprise may repurchase its own bonds, and the repurchase price may be less than the amounts received during the initial placement of bonds;
• due to the fragmentation of bondholders, the likelihood of interference by creditors in the internal activities of the enterprise is minimized;
• the issuing enterprise gets the opportunity to quickly manage debt, regulate risks associated with the issue and circulation of bonds, optimize debt in accordance with changing conditions of the internal and external environment by offering new conditions and using various combinations of debt securities.

At the same time, raising funds by issuing a targeted bond issue imposes a number of requirements on the issuing company. First of all, the issuing company must have a stable financial condition, a sound and rational internal business plan for the investment project, and bear the costs associated with the issue and placement of bonds. As a rule, to go through the complex procedure of issuing bonds, companies resort to the services of professional participants in the securities market - investment companies and banks, whose costs for services reach 1-4% of the issue face value for large volumes of bond issues. In addition, when issuing bonds, which, like shares, are equity securities, issuers pay a fee for state registration of this issue.

The advantages of bonds appear only in the case of significant amounts of borrowing, which only fairly large companies can afford. This is explained not only by significant issue costs and the fact that, with small issue volumes, bonds are not liquid enough. Meanwhile, the high liquidity of corporate bonds is one of the most attractive characteristics for investors. The functioning of the secondary market makes it possible to determine the objective parameters of bond issues that the issuer focuses on when developing the terms of a bond loan, and to identify the objective values ​​of interest rates for attracting and placing monetary resources for issuers with different levels of credit risk.

Developing the terms of a targeted bond loan involves establishing the following basic parameters:

• the volume of borrowing, which is determined by the issuer’s needs in raising funds for the implementation of an investment project, the market’s ability to satisfy these needs at a price that provides the required return for the investor, as well as legal requirements. According to Russian legislation, the nominal value of all bonds must not exceed the amount of the company's authorized capital or the amount of security provided by third parties for the purpose of issuing bonds;
• the borrowing period, which depends on the period of implementation of the investment project, the characteristics of market conditions and legislative restrictions. In the Russian Federation, the maturity of corporate bonds cannot be less than one year;
• the par value of the bond, determined by liquidity requirements and the amount of costs for servicing the bond loan;
• date and price of repayment of the bond loan. The repayment date of the bond loan is determined by the borrowing period, as well as in some cases by additional conditions. The redemption price depends on the type of bond (for coupon securities the redemption price is the par value, discount bonds are redeemed at a discount from the par value), as well as current and future conditions in the securities market;
• form of bond issue (documentary, non-documentary, registered, bearer). When choosing this parameter, the issuer is guided by the amount of costs associated with the circulation of a particular type of bond;
• form of income payment (fixed coupon bonds, floating coupon bonds, discount bonds or zero coupon bonds). The choice of this parameter depends on the characteristics of the financed investment project, as well as market trends. Thus, in conditions of rising interest rates on the financial market during the bond circulation period, the preferred form for the issuer is bonds with a fixed coupon;
• the frequency and size of coupon payments, the establishment of which is based on balancing opposing factors: on the one hand, the amount of expenses for servicing bond debt, on the other hand, the return required by investors. In this case, the degree of creditworthiness of the issuer, which determines the level of credit risk, is of particular importance. The amount of the risk premium depends on the credit rating assigned to the issuer by international or national rating agencies, as well as the credit rating of the country;
• country and currency of borrowing. In relation to the national market, bonds can be internal, which are issued by residents and are usually denominated in national currency, and external, which are placed on foreign markets. External bonds are divided into foreign bonds placed abroad, usually in the currency of the country of placement, and Eurobonds placed outside both the borrower country and the country in whose currency they are denominated;
• additional conditions for issuing bonds, the purpose of which is to minimize the cost of servicing the loan, compensation for risks and other parameters that may reduce the investment attractiveness of bonds. Bonds that provide additional benefits for investors include, in particular: bonds with the right of early call; bonds convertible into shares; secured bonds, the performance of obligations under which is secured by collateral, a special fund or guarantees. In Russia, the placement of bonds without collateral is allowed no earlier than the third year of the company’s existence and subject to proper approval by this time of the company’s two annual balance sheets. Exchange-traded bonds placed at open trading on a stock exchange also do not have collateral.

Leasing(from English lease- lease) is a complex of property relations that arise when the leased object (movable and immovable property) is transferred for temporary use on the basis of its acquisition and long-term lease. Leasing is a type of investment activity in which the lessor (lessor), under a financial lease (leasing) agreement, undertakes to acquire ownership of property from a specific seller and provide it to the lessee (lessee) for a fee for temporary use.

Features of leasing operations compared to traditional rent are as follows:

• the object of the transaction is chosen by the lessee, and not by the lessor, who purchases the equipment at his own expense;
• The leasing period is usually less than the period of physical wear and tear of the equipment;
• at the end of the contract, the lessee can continue the lease at a preferential rate or purchase the leased property at its residual value;
• The role of the lessor is usually a credit and financial institution - a leasing company, a bank.

Leasing has features of both production investment and credit. Its dual nature lies in the fact that, on the one hand, it is a kind of capital investment, since it involves investing in tangible property in order to generate income, and on the other hand, it retains the features of a loan (provided on the basis of payment, urgency, repayment).

Acting as a type of loan for fixed capital, leasing at the same time differs from traditional lending. Leasing is usually considered as a form of lending for the acquisition (use) of movable and immovable property, an alternative to a bank loan. The advantages of leasing over lending are as follows:

• the lessee company can obtain property on lease for the implementation of an investment project without first accumulating a certain amount of its own funds and attracting other external sources;
• leasing may be the only method of financing investment projects implemented by companies that do not yet have a credit history and sufficient assets to secure collateral, as well as companies in difficult financial situations;
• registration of leasing does not require such guarantees as obtaining a bank loan, since the leasing transaction is secured by the leased property;
• the use of leasing increases the commercial efficiency of the investment project, in particular, due to tax benefits and the use of accelerated depreciation, as well as reducing the cost of some work associated with the acquisition of property (for example, participation in the pre-sale preparation of equipment, quality control, installation of equipment, consulting, coordinating and information services, etc.);
• leasing payments are characterized by significant flexibility; they are usually set taking into account the real capabilities and characteristics of a particular lessee;
• If a bank loan for the purchase of equipment is usually issued in the amount of 60-80% of its cost, then leasing provides full financing of capital costs, and does not require the immediate start of leasing payments.

Due to its advantages, leasing has become widespread in the economies of various countries. Thus, the share of leasing in the total volume of investment financing sources is: in the USA about 30%, in Germany - 15.7%, in France, Great Britain, Japan - about 9%, in Russia - 7.1%.

Basic elements of leasing operations: subject of leasing, subjects of leasing, leasing period, services provided under leasing, leasing payments.

Subject leasing can be movable and immovable property with the exception of land plots and other natural objects.

Subjects leasing, depending on its type, may have two or more parties. A classic leasing transaction involves the manufacturer (supplier) of the leased property, the lessor (leasing firms, companies and banks) and the lessee (the enterprise in need of the leased property). However, if large-scale projects are implemented, the number of participants may increase.

Leasing entities can be divided into direct and indirect participants.

Direct participants include:

• leasing firms, companies and banks acting as lessors;
• manufacturing (industrial and agricultural), trade and transport enterprises and the population (lessees);
• suppliers of the transaction objects are manufacturing (industrial) and trading companies.

Indirect participants are:

• commercial and investment banks lending to the lessor and acting as guarantors of transactions;
• Insurance companies;
• brokerage and other intermediary firms.

Leasing companies, based on the nature of their activities, are divided into specialized and universal. Specialized firms, as a rule, deal with one type of product (passenger cars, containers) or with goods of one group of standard types (construction equipment, equipment for textile enterprises). Typically, these companies have their own fleet of machines or a supply of equipment, carry out maintenance themselves and ensure that it is maintained in normal operating condition. Universal leasing companies lease a wide variety of types of machinery and equipment. They provide the tenant with the right to choose the supplier of the equipment he needs, place an order and accept the object of the transaction. Maintenance and repair of the leased item is carried out either by the supplier or by the lessee himself. The lessor, therefore, actually performs the function of a structure that organizes the financing of the transaction.

Leasing companies are mostly subsidiaries or branches of industrial and trading companies, banks and insurance companies. Most often, leasing companies are created with the active financial participation of banks. The introduction of banks into the leasing services market is due to the fact that leasing is a capital-intensive type of business, and banks are the main holders of monetary resources. In addition, leasing services, by their economic nature, are closely related to bank lending and are a kind of alternative to the latter. Competition in the financial market forces banks to expand leasing operations, which gives grounds to classify banks as the first category of entities carrying out leasing operations. At the same time, banks also control independent leasing companies, providing them with loans. By lending to leasing companies, they indirectly finance lessees in the form of a trade loan.

The second category of companies carrying out leasing operations includes industrial and construction companies that use their own products for leasing. The third category of companies carrying out leasing transactions includes various intermediary and trading companies.

The complex of leasing relations in Russian conditions, as a rule, involves:

• purchase and sale agreement between the leasing company and the manufacturer (supplier) for the purchase of equipment, where the manufacturer (supplier) acts as the seller and the leasing company as the buyer;
• a leasing agreement between a leasing company and a lessee, under which the leasing company transfers to the lessee for temporary use equipment purchased from the seller specifically for this purpose. If the leasing agreement involves the sale of property after the expiration of the agreement, then the relationship for temporary use turns into a sale and purchase relationship between the lessor and the lessee, but only after the expiration of the agreement or upon early purchase of the equipment;
• loan agreement. The presence of a loan agreement is typical for leasing companies owned by a bank or part of a banking group or financial corporation.

Leasing term (period)— this is the validity period of the leasing agreement. When determining it, they take into account the service life of the property, the depreciation period, the cycles of the appearance of a more productive or cheaper analogue of the transaction object, inflation rates, and market conditions.

The services provided under leasing include: technical (transportation, installation, adjustment and repair of equipment), advisory and other services.

Amounts and frequency of leasing payments payments determined by the leasing agreement. Usually they include one or more components, calculated at the rates established by the contract from the corresponding base (the base when calculating the individual components of the lease payment is either the initial, or balance sheet, or residual, or the cost of the leased property not reimbursed at the time of payment). The amounts of payments or the procedure for calculating them by steps of the billing period may change.

1) the amount of leasing payments is calculated for the years covered by the leasing agreement;

2) the total amount of leasing payments is calculated for the entire term of the leasing agreement as the sum of payments by year;

3) the amount of leasing contributions is calculated in accordance with the frequency of contributions chosen by the parties, as well as the calculation methods and method of payment agreed upon by them.

Total amount of lease payments ( LP) by year is determined by the formula

Where JSC— the amount of depreciation due to the lessor in the current year; PC— payment for credit resources used by the lessor to purchase property; HF— lessor’s commission; DU— payment to the lessor for additional services provided for in the leasing agreement; VAT— value added tax paid by the lessee on the services of the lessor.

The calculation algorithm is based on the fact that as the debt on the loan received by the lessor to purchase property decreases, the amount of payment for the loans used decreases. If the lessor's commission rate is set as a percentage of the residual value of the property, then the amount of the commission will also decrease.

The methodology provides for the possibility of choosing a method for paying lease payments:

• the fixed total amount method, which involves accruing the total amount of payments in equal installments throughout the entire lease term;
• the advance method, which involves paying the lessor an advance upon concluding a leasing agreement;
• the minimum payment method, according to which the total amount of leasing payments includes the amount of depreciation of the leased property, payment for borrowed funds used by the lessor, commissions and fees for additional services of the lessor.

The terms of the leasing agreement may provide for accelerated depreciation of the leased property. The increasing coefficient to the depreciation rate is established by agreement of the parties in the range from 1 to 3. The increased depreciation rate allows you to reduce taxable profit during the period of its application. After the leased property is repurchased, it is again subject to the usual depreciation procedure.

Expenses for insurance of leased property are borne by the lessor or the lessee, depending on the terms of the agreement. By agreement of the parties, the lessor can assume not only the costs of purchasing leased equipment, but also other costs (additional services) associated with this acquisition, selection of a manufacturer, delivery, payment of customs duties, participation in installation and commissioning, personnel training, etc. P. Otherwise, these costs are borne by the lessee, charged to the cost of fixed assets and depreciated simultaneously with the equipment. Similarly, the lessor, if necessary, can pay for a set of low-value and wearable items supplied with the equipment.

The cost of additional services, by agreement of the parties, may be included in leasing payments. This allows the lessee to enjoy income tax benefits. At the same time, the need to pay value added tax on leasing payments (which is then reimbursed when paying VAT for services sold) increases the lessee’s need for working capital, and the need to pay VAT on purchased equipment (which is then reimbursed when the equipment is put into operation) has a similar effect on the lessor's working capital.

In the most general form, the essence of the leasing transaction is as follows. A lessee who does not have available financial resources approaches a leasing company with a business proposal to conclude a leasing transaction, according to which the lessee selects a seller who has the required property, and the lessor acquires ownership of it and transfers it to the lessee for temporary possession and use for a fee specified in the contract . At the end of the lease agreement, depending on its terms, the lessee can: buy the object of the transaction, but at the residual value; conclude a new agreement; return the object of the transaction to the leasing company.

The organization of leasing operations varies significantly depending on the type of leasing, the entities involved, and the specifics of national legislation. In Russia, it is regulated by Federal Law No. 164-FZ “On Financial Lease (Leasing)” dated October 29, 1998.

Let's consider the most common way to carry out leasing transactions (Fig. 9.4).

Rice. 9.4. Technology of the leasing transaction (1-8 - see in the text)

1. Signing a leasing agreement. In order to obtain the necessary equipment, the lessee submits a rental application to the leasing company, which indicates the type of property, its characteristics and period of use, and the supplier (manufacturer). The application also contains data characterizing the production and financial activities of the lessee. After analyzing the information provided, the leasing company makes a decision, brings it to the attention of the lessee, attaching the general conditions of the leasing contract, and at the same time informs the equipment supplier about the leasing company’s intention to purchase the equipment. The lessee, having familiarized himself with the general terms of the leasing agreement, sends the lessor a letter with confirmation of the obligation and a signed copy of the general terms of the agreement, attaching to it an order form for the equipment. This document is drawn up by the supplier company and endorsed by the lessee.

2. Purchase of goods. Having received a copy of the agreement and an order form (an equipment purchase and sale agreement concluded between the supplier and the leasing company, or a delivery order can be used), the lessor signs the order and sends it to the equipment supplier. The owner of the leased property, who retains ownership rights, is the lessor, the recipient of the transaction is the lessee, who does not act as an owner.

3. Delivery of goods. The equipment supplier ships it to the lessee in accordance with the terms of the contract and the lessee's prior warning of the upcoming delivery.

4. Acceptance of goods. Responsibilities for acceptance of equipment rest with the lessee. The supplier, as a rule, carries out installation and commissioning of the transaction object. Upon completion of the work, an acceptance protocol is drawn up, indicating the actual delivery of the equipment, its installation and commissioning without claims to the supplier. The acceptance protocol is signed by all participants in the leasing operation.

5. Bank lending for a leasing operation(if necessary). Typically, a leasing company receives a loan from a bank that took an active part in its creation.

6. Payment for delivery. After signing the acceptance protocol, the lessor pays the cost of the transaction object to the supplier.

7. Payment of lease payments. Payments to the lessor are the basis for the repayment of the received commodity loan. They involve repayment of the cost of the leased property, payment of interest, as well as some other expenses.

8. Repayment of the loan with payment of interest on it. This stage is necessary in the case of attracting a bank loan to finance a leasing transaction.

There are two types of leasing: operational (operational) and financial. The distinction between operational and financial leasing is based on such a criterion as the recoupment of property. In this regard, operational leasing is leasing with incomplete payback, and financial leasing is leasing with full payback.

Operating leasing occurs when property is leased for a period significantly shorter than the depreciation period (usually from two to five years). The object of such leasing is usually equipment with a high rate of obsolescence, equipment required for a short period of time (seasonal work or one-time use); New, untested equipment or equipment requiring special maintenance. With operational leasing, the lessor's expenses associated with the acquisition and maintenance of leased items are not covered by rental payments during one leasing contract. The risk of loss from damage or loss of property lies primarily with the lessor.

financial leasing provides for the payment during the contract period of leasing payments covering the full cost of depreciation of equipment or most of it, additional costs and profit of the lessor. Financial leasing requires large capital expenditures and is carried out in cooperation with banks.

Depending on the specifics of the organization of relations between the lessee and the lessor, direct, indirect and return leasing are distinguished. Direct leasing occurs when the manufacturer or owner of the property himself acts as a lessor, and indirect leasing occurs when leasing is carried out through intermediaries. The essence of leaseback is that a company sells part of its own property to a leasing company and then leases it. Thus, the enterprise, without resorting to a loan, receives additional funds from the sale of its property, the operation of which does not cease. Leaseback is an effective way to improve the financial condition of a company.

According to the methods of provision, fixed-term and renewable leasing are distinguished. At term leasing the contract is concluded for a certain period, and when renewable(rollover) - the leasing agreement is renewed upon expiration of the first term of the agreement.

Depending on the rental object, there are leasing of movable And real estate. The most common form is leasing of movable property.

Based on the scope of service, they are distinguished: pure leasing, in which the maintenance of the transferred property is assumed by the lessee; full service leasing when full servicing of the transaction object is entrusted to the lessor; leasing with a partial set of services, in which the lessor is assigned only certain functions for servicing the leased asset.

Depending on the location of leasing operations, the following are distinguished: internal leasing when all parties to the transaction represent the same country, and external leasing, when one of the parties or all parties belong to different countries, and also if one of the parties is a joint venture. External leasing can be export and import. In export leasing, the foreign country is the lessee, and in import leasing, the lessor is the foreign country.

When choosing leasing as a method of financing an investment project, it is advisable for a potential lessee enterprise to consider alternative options for financing the investment project, involving the acquisition of the same property using its own funds or on credit, taking into account the following circumstances:

• the loan terms included in the calculation must be accessible to the lessee;
• A lessor specializing in leasing certain types of equipment often has the opportunity to purchase equipment at lower prices than a separate enterprise, which will affect the lease payments of the lessee. In this case, the cost of equipment when purchased with your own funds or on credit will be higher than the cost of leasing equipment;
• in a leasing scheme, a number of works (consulting services, searching for a supplier, installation of equipment, etc.) can be performed by the lessor, which leads, as a rule, to a slight increase in the costs of the enterprise, but at the same time a significant reduction in the risk of possible errors and miscalculations, the losses from which are much higher than the additional ones costs;
• Obtaining a loan for the purchase of equipment usually requires the payment of collateral. This means that a comparison of leasing and loan options is permissible only in cases where the enterprise has this opportunity;
• When purchasing property using your own funds or on credit, it is not necessary to insure the equipment. At the same time, leasing agreements, as a rule, provide for insurance of the leased property. This is taken into account in the additional costs of the policyholder and in calculations of his need for working capital (since the terms of insurance and leasing payments may not coincide);
• financing an investment project using leasing may involve various forms of using the lessee’s own funds, including: transfer to the supplier as partial payment for equipment; transfer to the lessor as the first lease payment; contribution to the authorized capital of the lessor company; transfer to the lessor as collateral.

When comparing leasing and alternative options for financing an investment project, it is necessary to take into account not only tax savings and the cost of services, but also bring them to the current value by discounting.

The effectiveness of leasing for the lessee can be determined by calculating net present value, taking into account adjustments for tax benefits and tax payments:

(9.34)

Where I— cost of the leased item; Lt- lease payment in t-th period, E— advance payment; T— value added tax (VAT) rate; r* — discount rate adjusted for VAT rate r* = r (1 — T).

Budget financing investment projects are carried out, as a rule, through financing within the framework of targeted programs and financial support. It provides for the use of budget funds in the following main forms: investments in the authorized capital of existing or newly created enterprises, budget loans (including investment tax credit), provision of guarantees and subsidies.

In Russia, the financing of investment projects within the framework of target programs is associated with the implementation of federal investment programs (Federal Targeted Investment Program, Federal Target Programs), departmental, regional and municipal target investment programs.

Federal target programs are a tool for implementing priority tasks in the field of state, economic, environmental, social and cultural development of the country. They are financed from the federal budget, budgets of the constituent entities of the federation, municipalities and extra-budgetary funds. Priority sectors that require state support for the implementation of investment projects using federal budget funds are determined by the Ministry of Economic Development and Trade and the Ministry of Finance of the Russian Federation in agreement with other federal government bodies. Objects that are primarily of federal importance (construction sites and new construction and technical re-equipment projects for federal government needs) are included in the Federal Targeted Investment Program (FAIP), which determines the volume of public investment by industry and department. The list of objects financed by the FAIP is formed based on the volume of government capital investments allocated for the implementation of federal target programs, as well as for the solution of certain critical socio-economic issues not included in these programs, on the basis of proposals approved by decisions of the President of the Russian Federation or the Government of the Russian Federation. This list is compiled by the Ministry of Economic Development and Trade of the Russian Federation, taking into account proposals from government customers for investment projects, the results of contract tenders and concluded government contracts.

Departmental targeted investment programs provide for the implementation of investment projects that ensure the development of industries and sub-sectors of the economy.

Regional and municipal targeted investment programs are designed to implement priority areas of socio-economic development at the regional and municipal levels, respectively.

Budgetary funds provided for financing investment programs are included in budget expenditures at the appropriate level. The procedure for providing budget investments involves the preparation of a package of documents consisting of a feasibility study of the investment project, design estimates, a plan for the transfer of land and structures, a draft agreement between the relevant executive authority and the investment subject on participation in the latter’s property. Only if the specified documents are available, an investment project can be included in the draft corresponding budget.

The provision of state budget investments to legal entities that are not state unitary enterprises entails the simultaneous emergence of state ownership of a share in the authorized (share) capital of such a legal entity and its property. Objects for production and non-production purposes created with the involvement of budget funds in the equivalent part of the authorized (share) capital and property are transferred to the management of the relevant state property management bodies.

The forms of budget financing of investment projects selected on a competitive basis are determined by the nature of the economic problems being solved within a specific period of the country's development. So, in the mid-90s of the twentieth century. State investment policy measures provided for a transition from non-repayable financing to the provision of budget funds on a repayable and paid basis for the implementation of highly effective and quickly payback investment projects.

The conditions and procedure for competitive selection and financing of investment projects from budget funds were determined by the Methodological Recommendations on the procedure for organizing and conducting competitions for the placement of centralized investment resources.

The placement of centralized investment resources was carried out on a competitive basis in order to increase the efficiency of such placement and attract funds from other investors - domestic and foreign. The competitive procedure determined the stages and conditions for organizing and conducting the competition, the corresponding functions of the federal executive authorities, the Commission for Investment Competitions under the Ministry of Economy of the Russian Federation, the rights and obligations of the organizers and participants of the competition, the basic requirements for competition documentation and competitive proposals of participants, the procedure for considering these proposals, as well as registration of competition results.

The main requirements for investment projects were as follows:

• investment projects related primarily to the development of “growth points” of the economy have the right to participate in the competition for state support;
• the payback period for these projects should not exceed, as a rule, two years;
• investment projects are submitted for competition to the Ministry of Economic Development and Trade of the Russian Federation and must have a business plan, as well as conclusions of the state environmental assessment, state departmental and independent assessment;
• for commercial projects, the competition for which is carried out according to proposals from private investors, the share of the investor’s own funds, formed from profits, depreciation and sale of shares, must be at least 20% of the capital investments provided for the implementation of the project.

Investment projects submitted for the competition were classified into categories:

Decisions on providing state support were made by the Commission on Investment Competitions under the Ministry of Economic Development and Trade of the Russian Federation and sent to the Ministry of Finance of the Russian Federation for inclusion in the draft federal budget for the next financial year. The amount of state support was set depending on the category of the project and could not exceed 50, 40, 30 and 20% of borrowed funds, respectively.

The investor had the right to choose the following forms of financial support from the state in the implementation of projects selected on a competitive basis:

• budget loan - the provision of federal budget funds on a repayable and paid basis to finance the costs of implementing highly effective investment projects with a repayment period of two years with the payment of interest for the use of the provided funds in the amount established from the current discount rate of the Central Bank of the Russian Federation. The conditions for the provision, use, return and payment for the funds provided were stipulated in agreements concluded by the Ministry of Finance of the Russian Federation with authorized commercial banks;
• consolidation in state ownership of part of the shares of the created joint-stock companies, which were sold on the securities market after two years from the beginning of profit from the project (taking into account the payback period), and the direction of proceeds from the sale of these shares to the federal budget;
• provision of state guarantees to reimburse part of the financial resources invested by the investor in the event of failure of the investment project through no fault of the investor.

Similar forms were used to provide financial support for effective investment projects at the regional and municipal levels. Budget loans and subsidies were provided for the implementation of investment projects through their partial financing, in addition, they could be allocated as partial compensation for the payment of interest on investor bank loans attracted for the implementation of the project.

Starting from 2008, in accordance with changes in budget legislation, budget loans can be issued to private investors in the form of targeted foreign loans. A transition is being made to budget financing of investment projects selected on a competitive basis using funds from the Investment Fund of the Russian Federation.

The Investment Fund of the Russian Federation was created to implement investment projects of national importance and carried out on the terms of public-private partnership. The main areas of state support from this fund are related to the modernization of non-profit infrastructure, fixed assets and technologies related to the strategic priorities of the state, the creation and development of the Russian innovation system, and ensuring institutional reforms. The procedure for forming the Investment Fund of the Russian Federation, the forms, mechanisms and conditions for providing state support at the expense of its funds are determined by the Regulations on the Investment Fund of the Russian Federation. Financial support for projects that have passed a competitive selection involves the use of such forms as: co-financing on contractual terms of an investment project with registration of state ownership rights, directing funds to the authorized capital of legal entities, providing state guarantees (this issue is described in more detail in Chapter 21).

Control over the implementation of these projects will be carried out by a state financial institution - the Bank for Development and Foreign Economic Affairs, formed on the basis of Vnesheconombank of the Russian Federation, the Russian Development Bank and Rosexim Bank. The bank must concentrate budgetary sources of investment financing that arose as a result of the formation of new organizational forms (Investment Fund, Venture Fund, etc.). It will support capital-intensive infrastructure projects with a long payback period, finance investment projects in priority sectors of the economy, provide long-term investment loans, participate in the examination of investment projects, syndicated lending, and provide guarantees to commercial banks for loans.

The conditions and procedure for competitive selection and financing of investment projects using funds from regional budgets are developed by the governing bodies of the constituent entities of the Russian Federation and municipalities.

Under project financing In international practice, we understand the financing of investment projects, characterized by a special way of ensuring return on investments, which is based on the investment qualities of the project itself, the income that the created or restructured enterprise will receive in the future. A specific mechanism for project financing includes an analysis of the technical and economic characteristics of an investment project and an assessment of the risks associated with it, and the return on invested funds is based on the project income remaining after covering all costs.

A feature of this form of financing is also the possibility of combining different types of capital: banking, commercial, state, international. Unlike a traditional credit transaction, risk can be dispersed between the participants in the investment project.

Initially, the largest American and Canadian banks were involved in financing investment projects. Currently, this area of ​​activity has been mastered by banks from all developed countries, with leading positions held by banks in the UK, Germany, the Netherlands, France and Japan. International financial institutions, in particular the World Bank and the EBRD, are actively involved in financing investment projects.

Project financing is characterized by a wide range of creditors, which makes it possible to organize consortia, whose interests are represented, as a rule, by the largest financial institutions - agent banks. Funds from international financial markets, specialized export credit agencies, financial, investment, leasing and insurance companies, long-term loans from the International Bank for Reconstruction and Development (IBRD), International Finance Corporation (IFC), and the European Bank for Reconstruction and Development (EBRD) can be used as sources of financing. ), the world's leading investment banks.

Financing capital-intensive projects involves increased risks. As a rule, the ability of individual banks to lend to such projects is limited, and they rarely take on the risks of financing them. It should also be taken into account that the banking laws of various countries, including Russia, establish certain limits for banks on the total credit risks per borrower. Operating within the framework of a risk management system, banks seek to diversify the risks of their investment portfolios using various organizational schemes, within which risk reduction is achieved by distributing them among banks. Depending on the method of constructing such project financing schemes, parallel and sequential financing are distinguished.

Parallel (joint) financing includes two main forms:

• independent parallel financing, when each bank enters into a loan agreement with the borrower and finances its part of the investment project;
• co-financing when a banking consortium (syndicate) is created. The participation of each bank is limited to a certain amount of credit and consortium (syndicate). The bank manager prepares and signs the loan agreement; subsequently, control over the implementation of the loan agreement (and often the implementation of the investment project), the necessary settlement operations, is carried out by a special agent bank from the consortium (syndicate), receiving a commission for this.

At consistent financing The scheme involves a large bank - the initiator of the loan agreement and partner banks. A large bank with significant lending potential, a high reputation, and experienced experts in the field of investment design receives a loan application, evaluates the project, develops a loan agreement and provides a loan. However, even a large bank cannot finance a number of large-scale projects without deteriorating its balance sheet. Therefore, after issuing a loan to an enterprise, the originating bank transfers its claims on the debt to another creditor or creditors, receiving a commission, and removes the receivables from its balance sheet. Another way of transfer of claims by the organizing banks involves the placement of a loan among investors - securitization. The organizing bank sells receivables under the issued loan to trust companies, which issue securities against it and, with the help of investment banks, place securities among investors. Funds received from the borrower to repay the debt are credited to the securities redemption fund. When the deadline arrives, investors present the securities for redemption. Often, the organizing bank continues to service the loan transaction, collecting payments received from the borrower.

Based on the share of risk assumed by the lender, the following types of project financing are distinguished in banking practice:

• with full recourse to the borrower. Recourse means a reverse demand for reimbursement of the provided amount of money presented by one person to another. In project financing with full recourse to the borrower, the bank does not assume the risks associated with the project, limiting its participation to the provision of funds against certain guarantees;
• with limited recourse to the borrower. In limited recourse project financing, the lender partially assumes the project risk;
• without recourse to the borrower. With limited recourse project financing, the lender assumes the entire project risk.

In case of project financing with limited recourse or without recourse to the borrower, the bank, by interfering in the progress of the project, indirectly participates in its management. If, when using these schemes, the bank also invests in the capital of the project company, then there is not only control over the implementation of the project, but also direct participation in its management.

The most widespread in world practice is project financing with full recourse to the borrower. This is due to the fact that this form of financing is characterized by the speed of obtaining the funds necessary for the investor, as well as the lower cost of the loan.

Project financing with full recourse to the borrower is used in the following cases:

• providing funds to finance projects of significant socio-economic importance; low-profit and non-profitable projects;
• allocation of funds in the form of an export loan, since many specialized structures for providing export loans have the ability to take risks without additional guarantees from third parties, but provide a loan only on such conditions;
• providing funds for small projects that are sensitive to even small increases in costs not included in the original estimates.

A fairly common form is project financing with limited recourse to the borrower. With this form of financing, all risks associated with the implementation of the project are distributed among the participants in such a way that the latter can take on the risks that depend on them. For example, the borrower bears all risks associated with the operation of the facility; the contractor takes the risk of completing construction, etc.

Project financing without recourse to the borrower is used very rarely in practice. This form is associated with a complex system of commercial obligations, as well as high costs for attracting specialists to examine investment projects, consulting and other services. Since with project financing without recourse to the borrower, the lender has no guarantees and assumes almost all the risks associated with the implementation of the project, the need to compensate for these risks results in a high cost of financing for the borrower. Projects with high profitability are financed without recourse to the borrower. As a rule, these projects provide for the production of competitive products, such as mining and processing of minerals.

Banks involved in financing investment projects attract experienced specialists in the examination of investment projects or create specialized units for organizing, monitoring and analyzing the implementation of projects.

The bank’s work on project implementation in the most general form includes the following stages:

• preliminary selection of projects;
• evaluation of project proposals;
• Negotiation;
• acceptance of the project for financing;
• control over project implementation;
• retrospective analysis.

Project proposals are selected based on their compliance with certain criteria. General information about the project is preliminary assessed, including information about the type of investment project, its industry and regional affiliation, the amount of funding requested, the degree of development of the project, the availability and quality of guarantees, etc.

After weeding out projects that do not meet the criteria, the selected projects are examined in more detail. Such specific characteristics of the project as its prospects, project risks, financial condition of the borrower, etc. are studied.

Typically banks do not develop a project. They can assist in preparing a package of documents. However, in cases where banks participate in the capital of a project company or provide financial advice while performing the functions of a consulting company, they can also take on the development of the project.

The key stage of the project is the assessment of its investment qualities based on a comprehensive analysis of the feasibility study, business plan and other project documentation. At this stage, project risks are identified, measures to diversify and reduce them are developed, a financing scheme and conditions are selected, the effectiveness of the investment project is assessed and its implementation is managed. Based on the assessment results, a decision is made on the advisability of negotiations.

The subject of negotiations between the bank and the borrower is an agreement on the implementation of an investment project and a loan agreement. The financial terms of the loan agreement, as a rule, involve providing the borrower with a grace period to repay the debt, since with project financing, debt repayment is carried out at the expense of income generated by the project.

The debt repayment scheme may provide for annuity payments, repayment in equal shares of the principal debt with interest on the balance of outstanding debt, lump sum repayment of the principal amount, repayment of debt in the form of a fixed percentage for certain periods of time in the form of a given percentage of net project revenue for a certain period, payment by the borrower only loan interest with conversion of the principal amount into shares at the end of the loan agreement. The last two options (unlike the previous ones) also mean the use of an investment method of financing, which involves the bank participating in profits. The project implementation agreement stipulates the bank's commission associated with its participation in the preparation and implementation of the project.

The need for the bank to control the implementation of the investment project is due to the fact that with project financing, the bank bears significant project risks and, therefore, cannot but interfere in the process of spending allocated funds and in the course of project implementation. The bank’s risk level depends on the adopted project financing scheme, according to which the bank directly or indirectly participates in project management: with full, limited recourse or without recourse to the borrower.

Banks specializing in financing investment projects, upon completion of the project, as a rule, carry out a retrospective analysis, which allows them to summarize the results obtained and determine the effectiveness of the investment project.

For the successful implementation of investment projects in world practice, various combinations of methods of equity and credit financing, guarantees and guarantees are used.

Among the main models of project financing are the following:

• financing for future deliveries of products;
• “build - operate - transfer” (build - operate - transfer - HERE);
• “build - own - operate - transfer” (built - own - operate - transfer - BOOT).

A financing scheme for future deliveries of products is often used when implementing oil, gas and other raw materials projects. It can be classified as a form of financing with limited recourse to the borrower, supported by contracts that provide for unconditional obligations of the buyer such as “take and pay” (take and pay) and “take or pay” (take or pay) with third creditworthy parties. This scheme requires the participation of at least three parties: creditors (banking consortium), a project company (a special company involved in the direct implementation of the investment project), and an intermediary company that is the buyer of the products. An intermediary company may be established by creditors. The mechanism of action of the scheme under consideration is as follows. The banking consortium financing the project provides a loan to the intermediary company, which, in turn, transfers funds to the project company in the form of an advance for the future delivery of a certain quantity of products at a fixed price sufficient to repay the debt. Repayment of loans is linked to the movement of cash flows from the sale of supplied products.

In accordance with the BOT scheme, based on receiving a concession from government agencies, a group of founders creates a special company whose responsibilities include financing and organizing the construction of the facility. After completion of the work, this company receives the right to operate or own the facility. The state can facilitate the implementation of an investment project by concluding a contract for the purchase of an object at a fixed price or an option transaction, or by providing guarantees to the bank lending to the project.

Organizing the financing of an investment project on BOOT terms is somewhat different from the BOT model, since it involves a special company obtaining a license from the state on a franchising basis and combining limited recourse financing with financing of this company under a government guarantee. Under the BOOT scheme, the project company (operating company), acting as a concessionaire, is responsible for the construction, financing, management and maintenance of the investment project for a specified period (20, 30 or more years), after which the project is transferred to the state (or a government-authorized structure ). During the concession period, the project company (operating company) receives income from the operation of the facility, covering the costs of financing the investment project (including the costs of servicing loans), managing and repairing the facility, and making a profit.

When using the BOT and BOOT schemes, project risks are distributed between the participants (a special contractor company, a creditor bank or a group of them and the state), enshrined in a concession agreement or franchise agreement, and the mutual interest of the project participants in its timely and effective implementation is ensured.

The attractiveness of these schemes for the state is due to a number of circumstances:

• the state, playing an important role in the implementation of the project, does not incur costs, which minimizes the impact on its budget;
• after a certain time, stipulated by the concession period or franchising agreement, the state receives ownership of the operating facility;
• using a competitive selection mechanism and switching funding to the private sector due to its higher efficiency allows one to achieve greater results;
• stimulating the influx of high technologies and foreign investment, achieved through the use of these schemes, makes it possible to solve nationally significant economic and social problems.

The use of the considered project financing schemes in Russia can be carried out on the basis of the implementation of production sharing agreements, according to which investors are granted, on a reimbursable basis and for a certain period of time, exclusive rights to search, exploration, production of mineral raw materials and to conduct related work, and the investor carries out the specified work at its own expense and at its own risk. In this case, the agreement determines the conditions and procedure for the division of produced products between the state and the investor.

Project finance can be an effective and efficient financial instrument for long-term investment projects related to capital-intensive sectors of the economy.

conclusions

1. Modern domestic developments in the field of methods for assessing the effectiveness of investments are based on principles widely used in world practice. These include: reviewing the project throughout its entire life cycle; comparability of conditions for comparing different projects (project options); assessing the return on investment based on cash flow indicators associated with the project; taking into account the time factor; the principle of positivity and maximum effect; choice of discount rate; taking into account the presence of different project participants and the divergence of their interests; taking into account the most significant consequences of the project; comparison “with a project” and “without a project”; multi-stage assessment; taking into account the impact of inflation; taking into account the impact of uncertainty and risks; accounting for working capital needs.

2. In accordance with the standard methodology, the following types of investment project efficiency are distinguished: efficiency of the project as a whole; effectiveness of participation in the project. The effectiveness of the project as a whole includes the public (socio-economic) effectiveness of the project and the commercial effectiveness of the project. The effectiveness of participation in the project includes: the effectiveness of enterprise participation in the project; efficiency of investing in company shares; regional and national economic efficiency; industry efficiency; budget efficiency.

3. The cash flow of an investment project is formed by cash receipts (inflows) and payments (outflows) during the implementation of the investment project, which depend on the time of the billing period. It includes cash flows from investing, operating and financing activities.

4. The financial feasibility of an investment project is understood as ensuring such a structure of cash flows in which at each step of the calculation there is a sufficient amount of money to implement the project. Assessment of the effectiveness of investment projects is based on a comparison of cash inflows and outflows associated with its implementation, which involves carrying out a discounting procedure - bringing the values ​​of cash flows at different times to their value at a certain point in time using a discount rate. There are the following discount rates: commercial, project participant, social, budget.

5. The criteria for evaluating investment projects determine the measure of the integral effect obtained as a result of the implementation of the investment project, and also characterize the ratio of expected income from investment investments and the costs of their implementation. They are divided into two groups: those based on accounting estimates and those based on discounting. The first group corresponds to simple or simple methods that involve the use of accounting indicators (net income, return on investment, payback period, profitability indices, maximum cash outflow), the second - complex methods or methods based on discounting, where the criterion indicators are: net present value, profitability indices taking into account discounting, internal rate of return, investment payback period taking into account discounting, maximum cash outflow taking into account discounting.

6. The most important condition for an objective assessment of the effectiveness of investment projects is taking into account uncertainty and risk. Uncertainty is understood as the incompleteness and inaccuracy of information about the conditions for the implementation of a project; risk is the possibility of such conditions arising that will lead to negative consequences for all or individual project participants. In order to assess the sustainability and effectiveness of a project under conditions of uncertainty, methods of integrated sustainability assessment, calculation of break-even levels, and variation of parameters are used.

7. The method of financing an investment project is understood as a method of attracting investment resources in order to ensure the financial feasibility of the project. The main methods of financing investment projects are: self-financing, corporatization, as well as other forms of equity financing; credit financing (investment loans from banks, bond issues); leasing; budget financing; mixed financing (based on various combinations of these methods); project financing.

Until January 1, 2004, in accordance with the Federal Law “On Tax on Transactions with Securities” dated December 12, 1991 No. 2023-I, at the time of submitting documents for registration of the issue of issue-grade securities, issuers were required to pay a tax of 0.8% nominal amount of the issue. From January 1, 2004, in connection with changes made to this Law, tax began to be paid in the amount of 0.2% of the nominal amount of the issue, but not more than 100,000 rubles. On January 1, 2005, the law “On the tax on transactions with securities” lost force due to the adoption of amendments to the Tax Code of the Russian Federation.

In accordance with the Tax Code of the Russian Federation, interest is taken into account in the cost of production for tax purposes if their size is significant, i.e. by no more than 20%, does not deviate from the average level of interest charged on debt obligations issued in the same reporting period on comparable terms. If there are no such obligations during the quarter, the maximum amount of interest recognized as an expense is taken equal to the Central Bank refinancing rate increased by 1.1 times.

Methodological recommendations on the procedure for organizing and conducting competitions for the placement of centralized investment resources (approved by the Ministry of Economy of Russia on February 22, 1996, on March 20, 1996 No. ЕЯ-77, by the Ministry of Finance of Russia on March 12, 1996 No. 07-02-19, by the Ministry of Construction of Russia February 26, 1996 No. VB-11-37/7).

With the development of the project method of doing business throughout the world, the need arose to introduce a fundamentally new mechanism for raising funds, allowing work to be carried out without initially having any cash collateral. Next, let's look at what project financing is and how it differs from other types of raising money in the public and corporate sectors.

Concept of project financing

Project financing is a way of raising funds to ensure long-term financing. It is also called an investment loan. The peculiarity of the method is that the money is issued not against a state or corporate guarantee or against the security of property, but against the cash flow that the project will generate after its completion. From the point of view of traditional lending, this loan looks low-income and risky.

Not everyone is able to obtain government guarantees, and obtaining collateral against cash assets can be difficult due to their high degree of wear and tear and, accordingly, low value. In an investment loan, the main guarantees for lenders can be a license, the development and use of particularly valuable assets, the right to use, and production of products.

In the world, the practice of investment lending is already quite developed, however, for Russia it is still unusual. Most banking organizations will not risk lending funds to a promising but risky startup. However, when a team of well-known professionals is formed, and the initiative itself promises good profits, then the chances of obtaining the necessary capital increase significantly.

Financing instruments for an investment loan can include equity capital (direct investment), letters of credit, bank loans, leasing, and sometimes trade loans. Projects with potentially high returns are in demand, such as the construction of housing, industrial and commercial facilities, the production of a new type of product in demand on the market, the repurposing or modernization of an enterprise.

In order to obtain this type of financing for the implementation of the idea, a project company must be created as a separate legal entity. Money is allocated for the implementation of certain goals, cost items are clearly defined, and the borrower cannot change them at will. If with corporate financing all risks fall on the organizing company, then with an investment loan the risks are divided between the initiator, the lending bank and the borrower.

In Russia, it is very rare that the full amount is allocated for the entire initiative; most often, bankers require that the borrower invest part of their own funds, usually in the amount of 25-40% of the total amount.

In this case, the initial work (FEED, feasibility study, design documentation) is paid by the initiator of the plan, and credit days are connected at the construction stage. After the end of the investment phase, the newly created assets are pledged to the bank against the loan received.

To reduce the likelihood of losses in such risky lending, banks conduct a detailed examination, draw up business plans, feasibility studies, financial models, and marketing research. This forces all parties to delve more deeply into the specifics of the business and understand the processes that occur in it. If we are talking about construction “from scratch” or modernization of an existing facility, then attention is drawn to the availability of a land plot in the property or under a long-term lease. In addition, the organization that will carry out construction and installation work is of great importance.

There are two main forms of funding allocation for this type of initiative support:

• Co-financing. With it, all lenders are united into a single pool (syndicate, consortium), and a single loan agreement is concluded with the borrower.
• Parallel independent financing. In this case, each banking organization provides money for its subproject (part of the overall undertaking), concluding a separate loan agreement with the borrower.

An investment loan is sometimes called “recourse financing,” that is, with a requirement to repay the loan. There are three main forms of funding allocation:

Unlike conventional lending, before making a decision on investment lending, the period for reviewing the submitted application is longer and can range from several months to a year and a half.

Specifics of working with an investment loan

Project financing is based on certain principles that apply to all such cases. The specifics are due to the high degree of risks for the parties, so much attention is paid not only to the company receiving the funds, but also to the idea itself proposed for implementation.

The project is highlighted separately from the main activity of the company, a legal entity is created through which all payments are made. This has its advantages and is necessary for a number of reasons:

• Activities to implement the plan begin “with a clean face.” Removing all manipulations into a separate structure allows you to avoid problems that may be associated with the activities of the main company in the past, for example, with audits of fiscal services for previous periods, invalidation of individual contracts or lawsuits in other areas.
• The project becomes more open and transparent. All payments and planning of financial flows are well monitored; there is no intersection with other financial flows of the company. Transparency increases the perceived value of a project and promotes trust among multiple partners.

All possible risks are carefully examined and measures are taken to reduce them to a minimum in order to attract investors. This work is carried out at the pre-investment stage. After considering potential hazards, each party assumes the portion of risks that it can manage and control as effectively as possible. For example, risks can be distributed as follows:

• give political ones to the involved government body;
• technology to be entrusted to equipment suppliers;
• market transfer to product buyers and their partners through the mechanism of specialized contracts.

Participants in the undertaking provide each other with functional guarantees in the form of “comfort letters” or by concluding a memorandum of understanding or preliminary agreements with buyers. The ideal option is to receive government guarantees on preferential taxation or special conditions for a certain period; this is possible given the social significance of the initiative being implemented.

Financial models, used for an investment loan, are very important for the stability of the implementation of the plan. Modeling is carried out by creating structured pro forma statements that are integrated into calculations of the project's balance sheet, its cash flows and expected profits. Internationally generally accepted financial reporting standards are a good help for this.

The construction of a financial model is based on assumptions regarding the key factors affecting the business made during planning. To do this, specialists must carefully study the features of entrepreneurial processes in the desired area and the relationship with key factors. The more accurately the expected activity of an object is modeled, the more reliable the estimates of its cash flow, which is the basis of the loan, will be.

High-quality management of the implemented initiative directly depends on the professionalism of your own or invited managers, their readiness and ability to properly organize communications between partners and participants in the undertaking, and coordinate their actions. Management must properly set up issues of marketing, finance, logistics, and information exchange.

It is often practiced to involve an experienced financial advisor who can provide analytical, legal and information support for the idea. Most often, help is needed in solving the following problems:

• choosing the best project structure;
• preparation of a business plan, information and investment memorandums;
• organization of necessary examinations (technological and engineering);
• searching for investors and shareholders, organizing negotiations with them;
• measures to reduce costs and maximize the expected price of the object;
• developing ways of interaction between organizers and creditors, resolving current monetary and legal issues;
• regular preparation of progress reports;
• assistance in the development of control, management accounting and personnel management.

Project financing involves the allocation of funds for a long period, which is unusual for Russia, where “short money” is more often used. Rarely does the implementation of a large-scale initiative take 2-3 years; as a rule, the invested money will begin to be returned to the lender in 5-10 years. During this period, only preparatory work, economic calculations and preparation of the plan take a year and a half.

All these activities require considerable investments, which can amount to 10% of the total cost or even more, and they fall on the initiator of the plan. At the same time, investors do not always take these costs into account when drawing up an agreement and require that 25-30% of their money be invested in the venture in order to confirm the seriousness of their intentions.

Roles of process participants

As noted above, in contrast to the case of obtaining a traditional loan, an investment loan is possible only with the involvement of a wide range of participants who distribute risks. These include such organizations.

Financial institutions, allocating funds. Typically, large banking organizations that have the ability to allocate money or other assets with a deferred repayment period are ready for project loans. Banks try to minimize the risk of losses by allocating funds not at once, but in separate tranches according to an approved schedule. If something goes wrong, you can stop the project, avoiding large losses. There is also the opportunity to introduce your own controller into the project, who has the right to stop risky transactions.

Initiator. He is required to have management experience in the relevant field, since his area of ​​responsibility is the operational part and sales performance indicators (KPI). A good name and authority among product buyers is desirable. It is easier to get a loan for already established companies that have decided to expand their business. Bankers' requirements for them are more loyal than for individual clients who just want to start their own business.

Landowner. A common practice is when the owner of a land plot transfers it to a landless initiator for management, receiving in return a share in the project. The cost of a plot directly depends on the location, the availability of roads and railways, the availability of energy resources, and the availability of a building permit.

Technical customer. Such specialized organizations are attracted by banks in cases where complex construction work is required, to which standard options are not applicable. The technical customer carries out the entire range of work:

• engineering (research, approvals, design);
• supply of materials and equipment;
• construction (selection of contractor, construction work, commissioning).

The risks of the technical customer are completing the work on schedule and meeting the budget. He pays for overruns (increasing prices by subcontractors, unaccounted for work) out of his own pocket.

Investor. As a rule, banks do not cover all the needs of the initiators, so an investor is required who will fully or partially cover all financial issues for a share in the business being started. Investors are usually private individuals who do not expect to actively participate in the development of production subsequently. Their interests are most often limited to the desire to profitably resell their share to large players on the market after its value has increased or to receive dividends (passive income) from using the property for its intended purpose. If it concerns the extraction of natural resources, then it is possible to use a mechanism such as an agreement on the division of extracted products.

Advantages and risks of investment lending

Project financing makes it possible to implement a new initiative without being tied to the previous long-term activities of a company or organization. Moreover, unlike many other undertakings, with such support the management system used is of great importance, which automatically makes the project much higher quality and predictable.

In many business plans, marketing and financial justification are placed in the first place, relegating to the background the issues of recruiting and training personnel, establishing a system of interaction, information and organizational support. When considering an application for an investment loan, all aspects of the issue without exception are carefully studied in order to avoid losses that will have nothing to cover.

The main risks in project financing are as follows:

• changes in the political situation that could affect the key parameters of the plan;
• legal issues, in particular, obtaining the necessary permits and licenses;
• errors in economic calculations regarding the level of demand for products and its profitability, which will not allow covering all costs;
• rising prices for raw materials;
• failure to meet deadlines for construction and commissioning of the facility;
• significant excess of the approved estimate.

Russian conditions are not yet able to reliably protect business from external non-economic influence, therefore banking institutions are very reluctant to provide long-term loans without reliable confirmation of highly liquid collateral or government guarantees.