Injury benefit

While in Russia, the official concept of" operating lease " does not exist. But the market for these services has already been formed. Indeed, in the federal law "On financial leasing (leasing) the term" operating lease "is not actually considered to be permitted only financial leasing, says head of marketing" LeasingPromHold Svetlana Kudryashova. However, the transaction Operational leasing is still conclude, as the legal basis for this is a "loophole." By law, the lease agreement does not necessarily imply the transfer of ownership to the lessee at the expiration of the contract and payment of all charges. In paragraph 5 of Article 15 of the Law on financial leasing provide for an obligation the lessee upon expiration of the agreement to return the leased asset, unless otherwise stipulated in the contract or purchase leased the property under a contract of sale. Thus, the legal basis for contract operational leasing there, experts say the company "RTC- Leasing. "lessor (leasing company) may enter into an agreement under which it buys the asset at the direction of the client, but offers property only for a certain period and then gets it back, but either passes it to just rent a new customer, or sells to secondary market. Under an operating lease agreement the tenant uses the property only for a short time interval, resulting in achieved only partial payment of property value. In some cases, operating leases may not give the landlord the possibility of getting to the end of the contract the total value of property due to relatively short time of its operation from the lessee. So now, in the absence of legislation under the operational leasing is understood long-term lease for 2-7 years, explains Svetlana Kudryashova. At the same time the lease does not exceed the period of depreciation of the leased asset and the mechanism of accelerated depreciation does not apply. As a result, all the tax benefits that users rely finance lease, those who decided to contract a simple lease is not assumed. Then, as the savings on tax breaks, which rely in the ordinary lease, may take up to 20% of the subject matter. Although, depending on the needs of the lessee the so-called operating leasing may be more convenient and more profitable than the financial, despite the fact that the client it will cost more, said Svetlana Kudryashova. leasing company with operating lease shall be bound by the logistic and maintenance of vehicles. Because of the relatively high cost of such Services associated with frequent replacement car, inaccessible to most enterprises that are in a financial bind. Thus, operational leasing is intended primarily to service the fleet, or at least a group of several vehicles. Then the cost of paying higher lease payments, offset by the need to create their own enterprises in transport services and pay for the maintenance of the leased asset. Crisis catalyst, however, stepped on his throat, and the Russian economy, including the crisis has created a completely new heavy working conditions. Lessors also felt the impact of the crisis on himself, but not hurry to give up, seeing in the current economic situation both pluses and minuses. "For example, the market operational car leasing, on the one hand, obviously decrease the number of cars purchased by the fall in purchasing power caused by the economic crisis - says Director General of the leasing company ARVAL Sergei Dianin. - On the other hand, the benefits of operating leases have become particularly attractive and relevant. "After all, their own and mobilizing financial resources of the company more efficient use of its core business. Thus, under current conditions operating lease may be considered as an alternative source of financing, experts said. Because operating lease involves flexibility and full outsourcing of financial management and administration of the fleet and all the risks associated with the operation of the vehicle (technical, insurance, risk of future value of the car). Using the service operational leasing, companies can significantly reduce the internal costs associated with maintaining the fleet, says Sergei Dianin. So, the customer provides for an integrated system optimization of fleet management. There is therefore every reason to believe, given the current economic situation in Russia that the number of transactions on the operational leasing market will grow, experts believe. It is inclined to be optimistic on the current state of the market operational leasing and CEO leasing company UralSib Elena Gushchina: "Undoubtedly, the economic crisis gave impetus to the development of an operating lease. This is primarily due to the desire of companies to reduce investment, long-term costs. "Most of these companies have orders for construction and other works ranging from three to six months. Implement capital costs if orders for six months just does not make sense. Therefore, many companies previously purchased equipment in the property or enter into leases, shifting demand towards operational leasing, concludes Helen Gushchina. But the deputy director of the company "VTB-Leasing" Anatoly Voronetskii noted that the crisis not only gives a clear momentum in all areas of the economy, but and reinforces the emphasis on the operational leasing of rolling stock and aircraft, primarily due to the high cost of fixed assets, as well as the demand for reliable, high quality freight and passengers. Currently in Russia the main object of the operational leasing contracts - cars and light commercial vehicles . Given the nature of the situation, as well as the difficulties associated with obtaining credit, operational leasing of cars can be considered as an alternative to credit and sufficiently attractive financial tool that enables companies to improve working capital management, optimize the movement of funds to avoid capital expenditures, reduce costs and focus its own resources on running their core business, while passing the leasing company all the risks associated with running the fleet. All of these factors may suggest that the demand for the service operational leasing of cars will continue to grow, adds Sergey Dianin. No money turns out, from the crisis, the demand for operational leasing has increased. However, with this change and customer preferences in terms of the leases, said Sergei Dianin. According to his observation, now the majority of the lessees prefer longer terms contract, as in this case the reduced size of the monthly lease payment. However, despite increased demand, the lessor is in no hurry to build up its business at the same rate. "The crisis has made more legible leasing companies - says Elena Gushchina. - In a tough market for scarce resources leasing market was the seller. Nevertheless, we believe that finance the real economy must be at adequate rates, pushing those requirements to lessees that they may meet. "Although it is difficult to achieve during the crisis. It would be strange to deny - the majority of leasing companies, as well as enterprises in other industries , faced a shortage of loan funds, says Elena Gushchina. In this case, according to her observations, now in a better position proved to lessors in the large Russian banks, as well as national leasing companies. This company, for example, can be considered "VTB-Leasing." Through the use of our competitive advantages, primarily the possibility of attracting funding from the parent bank, as well as borrowing on international markets, we can provide the best conditions in the ruble and the monetary area ", - says Anatoly Voronetsky. The fact that under the prevailing economic situation in Russia Many leasing companies are having difficulty attracting funding, confirmed and Sergey Dianin. In his opinion, this is due both to the general lack of liquidity and increased risk. For this reason, leasing companies have high requirements to potential customers in terms of their financial stability and reliability. This makes the process of review and approval of the leasing proposal and the subsequent conclusion of the contract more difficult for a potential lessee. In essence, the lessors have stopped, as well as other market players, financial services, strives to enhance the portfolio and carefully examine each client, choosing the most reliable and stable. Because of the scarcity of resources leveraged leasing companies trying to finance the most reliable clients and small and medium-sized businesses that have proved more resilient in an economic crisis, says Elena Gushchina. For example, in its leasing company also revised the methodology for assessing risks, making them more conservative. "In analyzing the companies place much emphasis on the financial condition, availability of government support, stability, contractors, - says Elena Gushchina. - Increased the size of down payment. If the 2008 rate was an advance of 10%, now is the minimum down payment of 20%. "In operational leasing leasing companies are also interested in reducing risks, experts say. In term of lease for more than three months from the lessee may demand payment of the first and last payment of the deposit. Special equipment and trucks are now often provided only with a driver that eliminates the risk of non-normative wear technology, says Elena Gushchina. Trip prospects Meanwhile, despite an increase in the level of "fault-finding" leasing companies, all interviewed experts agreed that in the Russian market of operating leases are large enough perspective. "This business will undoubtedly continue its development, - says Sergey Dianin. - After several years on the Russian market, operational leasing will continue to serve those companies who first came to this market, moreover, we can expect the arrival of new players from European leasing companies that specialize in providing this service. "Major Russian leasing companies will also offer operating leases in addition to its core products and services. But Elena Gushchina, conversely, expects to gain this market position of Russian leasing companies. As the result of the liquidity crisis, many foreign players in this market will limit the funding of operational leasing in Russia, focusing on Western European markets, experts said. Particular same potential in her opinion, for the development of an operating lease is a sector of road construction. The State has no plans to significantly reduce these costs, so the companies performing contract work, should keep the volume of orders. Will and structure of demand for operating leases: If until 2008 the maximum demand used cars with a package of additional services, now will shift demand towards special equipment and trucks, experts predict. This trend, including due to the fact that ... ... leasing companies will withdraw from defaulters technique. In this case, the leasing company will have two options: sell it at a discount, or transfer the equipment operating lease or rent, said Elena Gushchina. But she notes that the provision of equipment for lease requires complex infrastructure, which will help to minimize operational risks. So only those who have begun to develop such technologies and the formation of the necessary infrastructure before the onset of the crisis, now can take advantage of the opportunities offered by the market.