Purchasing an aircraft is a fairly costly process, and it is not always possible to obtain a loan if a purchase is necessary. Leasing may be the way out of this situation.

Dear readers! The article talks about typical ways to resolve legal issues, but each case is individual. If you want to know how solve exactly your problem- contact a consultant:

APPLICATIONS AND CALLS ARE ACCEPTED 24/7 and 7 days a week.

It's fast and FOR FREE!

Such a product has its positive and negative features - it is best to familiarize yourself with them in advance.

What are the types

The leasing process has a number of subtleties and important differences from a conventional loan. It is important to deal with these in advance. It is also worth noting that leasing is more profitable in the short term than a regular loan.

But it is worth noting that if it is necessary to carry out the redemption process in the future, the cost of leasing increases sharply.

In turn, the loan necessarily implies that at the end of the contract the vessel will be returned to the client.

It is worth noting that applying for a loan is somewhat easier due to the abundance of different design options.

In turn, leasing is provided by a fairly limited number of companies. Moreover, most of them are located in Moscow.

It has many similarities to a regular lending agreement. But there are many distinctive points. An important advantage is the absence of the need to pay an advance in many companies.

The cost of an aircraft in the case of leasing is slightly more expensive than a regular bank loan.

Especially if the monthly payment is actually for the rental of the vehicle, but the redemption is paid separately. The format of the transaction resembles a conventional loan.

Payments are made according to a special schedule, which is usually attached to the drawn up agreement.

Today, leasing refers to a special product for renting fixed assets - it means lending for the purchase of fixed assets. The essence of leasing is quite simple. The company itself that provides such services is called leasing.

An enterprise acting as a lessor purchases an aircraft at its own expense and then provides the vehicle for the use of the recipient of the service under long-term lease conditions.

All such programs can be divided into separate categories:

• with the right of redemption;
• without the right of redemption.

In the second case, the most ordinary lease is usually meant. But in this case, servicing is usually carried out precisely at the expense of the recipient of the product using the vehicle.

It is important to note that after the expiration of the agreement, the rights to the property are lost. The vessel is transferred to the use of the lessor.

In the second case, when drawing up an agreement with the right to repurchase, at the end of the agreement the recipient has the right to repurchase at the residual value. There are quite a few different leasing options.

Payment of the residual value can be fully or partially included in monthly payments. The registration process implies the opportunity to avoid many of the difficulties associated with lending.

Quite a lot of different companies are working in this direction today. Including Sberbank. When choosing a lessor, you need to be as careful as possible.

Otherwise, certain troubles and difficulties may arise. It is understood that failure to pay the lease may affect your credit history. Many banks work with leasing programs.

Where can I get it in Russia

The main difficulty in obtaining leasing is now not only the collection of a certain list of documents, but also the choice of the company to which the application will take place.

Today there are the following credit companies that have proven themselves on the positive side:

In addition to the proposals indicated above, there are also other alternative companies. The maximum amount depends on a combination of factors.

When choosing a company in which the leasing process will be carried out, it is necessary to focus primarily on the reputation of a particular company, as well as on the conditions that they offer. Moreover, many companies have a certain specialization.

When a certain type of equipment is purchased. This moment It is also best to disassemble it first.

Moreover, some companies offer leasing for a large number of similar equipment at once. Such a solution will be extremely beneficial for taxi companies.

For example, when opening in big city new carrier. In this case, contacting the Alfa Leasing company would be a beneficial solution. This enterprise is a subsidiary of Alfa Bank.

Required documents

The list of documents required in a particular case may again differ slightly. In this case, everything depends on many different factors. First of all, it depends on the legal status of the specific recipient of this service.

Most often, legal entities apply for this program. They need the following:

• certificate of registration as a tax payer in the territory Russian Federation;
• company registration certificate;
• an order regarding the appointment of the head of the enterprise, as well as the chief accountant - if any;
• a duly certified copy of the passport of the head of the enterprise;
• certified copy of financial statements:
  • Form No. 1 – balance sheet for those working in the tax regime on the OSN;
  • tax return for the last few months - for enterprises operating under a simplified taxation scheme.
• original certificate with information about the bank account to which all transfers are made.

In the case of individual entrepreneurs, everything is usually somewhat simpler. To draw up a leasing agreement, you will need to prepare the following documents:

• – it is drawn up in writing (it is on the basis of this that the leasing itself is provided);
• a copy of all completed IP pages;
• a certificate confirming the registration of the entrepreneur in the Unified State Register of Entrepreneurs;
• certificate of tax registration in a specific region;
• for the last tax period.

Recently, many leasing companies have been working with individuals as well. The list of documents is similar to the list required for individual entrepreneurs.

But it would be best to clarify information about all the necessary documents in advance with the company providing such leasing.

Requirements

Leasing cargo planes for individuals without a down payment it is possible to apply only if certain important conditions regarding receipt are met.

Moreover, such conditions may differ slightly depending on the requirements of the leasing company, as well as the type of equipment and other important points.

At the same time, it will be possible to identify a list of basic conditions - which apply in all cases - without any exceptions.

These conditions include:

• the conditions regarding the availability of a certain profit have been met;
• all necessary documents have been provided;
• have a positive credit history;
• the type of equipment that should be purchased is suitable for the operating concept of a particular enterprise.

It is important to note that in addition to general conditions, there may be various other, quite specific ones. You must first familiarize yourself with all such points. This will allow you to avoid many difficulties and problematic issues.

The list of documents required to draw up a leasing agreement may vary significantly, depending on many different factors.

To the lessee

An aircraft leasing agreement has certain features. First of all, this concerns the very possibility of financing such an acquisition. There is a wide range of conditions that must be met.

First of all, they are installed to the recipient of such a lease:

• having a permanent source of income;
• registration on the territory of the Russian Federation;
• absence of negative points in the credit history.

To an aircraft

Certain requirements are also established for aircraft that are transferred into ownership for a certain period of time. They are individual in each case.

But there are a number of points that are standard for all cases:

• “age” – no more than 10 years;
• proper technical condition;
• no damage;
• availability of all necessary documents.

Good technical condition will be a serious advantage. Payments must be made after the transaction has been completed.

The cost is determined in each case individually - in accordance with the law and the agreements reached. Activities are determined separately in each case.

Why is leasing an aircraft more profitable?

Leasing itself has many different features and distinctive features. Preliminary familiarization with these will help you avoid many difficulties.

The main nuances of using this product include:

• the amount of monthly payments is slightly less than for lending;
• may simply not provide for the repurchase of equipment after the end of the agreement;
• leasing conditions in different companies may differ significantly - therefore, before purchasing any specific product, it is worth carefully comparing all available options;
• A late lease payment can cause quite serious troubles, including damage to your credit history.

Today there are all kinds of specialized companies providing consulting services in this area. Perhaps, in the absence of experience, it is worth turning to them.

Subtleties of design

There is a specialized regulatory document that defines the leasing registration regime. As well as basic requirements for the contract and the process of using the program itself.

Such a regulatory document is dated October 29, 1998 “On financial lease”.

Knowledge of all regulatory documents will allow you to avoid many difficulties and problematic issues. And also independently monitor compliance with your rights.

In recent years, such a form of providing foreign economic services as renting (leasing) aircraft has become widespread. This form of activity involves both obtaining aircraft for rent and leasing them. The company (company) leasing the property - the lessor - can also be the recipient of the lease - the tenant. In a broad sense, a lease is an agreement to hire a specific property. In this case, the lessor remains the owner of the property. The tenant receives the right to use the property for a certain period with payment of rent.

The lessee most often are airlines that do not have a sufficient number of their own aircraft fleet. Airlines with excess capacity lease aircraft to other airlines. However, there are companies that specialize only in aircraft rental (leasing companies).

Leasing agreements allow airlines to operate aircraft without paying upfront payments and without major capital expenditures to purchase these aircraft. At the same time, lessors are guaranteed security of ownership of aircraft and significant profits based on a combination of tax benefits, interest on investments and as a result of a possible actual increase in the residual value of aircraft upon expiration of the lease term,

At the same time, leasing has its disadvantages, for example, the limited ownership of aircraft by specific airlines, the increase in financial costs and, accordingly, operating costs (depending on the specific leasing conditions).

There are different types of leasing agreements, but they are essentially derived from two main types: finance leases (or capital leases) and operating leases.

Finance lease. Under a finance lease, which typically lasts 10-20 years, aircraft equipment comes under the full control of the lessee airline, with the cost of the equipment being paid in agreed installments over the entire lease term. After the end of the lease period and full payment of the rent, the aircraft may become the property of the lessee with or without payment of the residual value (depending on the terms of the lease). Under a finance lease, the profits and risks of ownership and operation are transferred to the lessee. Finance lease liabilities are included as long-term debt in the carrier's balance sheets. At the same time, finance leases enable lessors to calculate risk based on residual value rather than on the creditworthiness of the airline. As a result, finance leases are widely used in a number of markets, particularly in the US, where tax advantages allow financing to be made using sources such as banks, insurance and leasing companies. A type of financial leasing or capital lease is the so-called “weighted lease” (“liveragelease”), in which three parties participate in the transaction: the lessor, the lessee and the lender. In this case, long-term financing is provided by lenders. In a "weighted lease" deal, the airline essentially purchases the aircraft in installments, paying the cost over the entire lease. Initially, the airline pays 10-20% of the cost of the aircraft, and the remaining 80-90% in installments in equal installments until the end of the lease period. Moreover, if a leasing company is involved in this transaction, it assumes the responsibility of the lessee/subcontractor. In this case, the lender receives a stable interest rate on the borrowed capital. The main benefit of the lessee airline is that it pays only net rent for the use of aircraft. Cross-border leasing provides significant advantages in tax benefits, since the tenant is subject to domestic tax legislation,

As an example of financial leasing under “weighted lease”, one can cite the lease by Aeroflot - Russian Airlines of five A-310 Airbuses produced by the Western European consortium Airbus Industry with the participation of the banking corporation Credit Lyonnais, with a lease term of 10 years, after which these aircraft become the property of the airline.

However, it should be noted that financial forms of lease have recently faced more and more difficulties associated with tightening financial policies around the world and new tax legislation in many lender countries, such as Japan, the USA and Western Europe.

Operating lease. Under an operating lease, the tenant simply uses the property he leases (usually for a relatively short period of time, not exceeding seven years). Cross-border leasing (overseas), in addition to expanding aircraft financing opportunities, provides significant tax benefits. While finance leases are included as long-term debt in the airline's balance sheet accounts, operating leases are not included in these accounts, which is important for an airline that has a sufficient level of debt.

Operating leases are attractive to carriers not only from a balance sheet perspective, but also due to the high degree of flexibility they provide regarding fleet planning. A significant increase in their use over the past 10 years has been facilitated by the emergence of specialized leasing companies, the largest of which are Ansett World Aviation Services (Australia), GATH-Credit Lyonnais France), Guinness Pete Aviation (Ireland), International Leasing Corporation" (USA).

In addition to the above-mentioned professional leasing companies, the joint-stock leasing airline ALAC was also created in Russia.” The scope of its activities, in addition to leasing aircraft to domestic and foreign legal entities or individuals, also included export and import on the basis of leasing of aircraft transferred to the jurisdiction of ALAK, as well as the provision of aviation and related services to passengers and clients domestically and internationally. markets.

Operating leasing companies play an important role in the air transport industry, acting as intermediaries between lessee airlines, financial institutions, aircraft manufacturers, and other airlines that have excess aircraft fleet and lease them to leasing companies.

Operating lease companies provide a wide range of services, including aircraft maintenance and repair, marketing, financial advice, and more. They can obtain and provide favorable financing terms for the acquisition of aircraft based on their own assets, as well as favorable prices on aircraft as a result of their wholesale purchase from manufacturers, as well as good organization of sales and re-selling.

In recent years, leasing companies specializing in operational leasing have also offered new types of services, such as access to the manufacturer's order portfolio and their delivery schedule, reserving the full capacity of the manufacturers. Currently, orders from leasing companies account for about 20% of the total production of new aircraft and this share is expected to increase significantly over the next decade.

and using the aircraft only for the purpose of transporting passengers, cargo and mail in accordance with IATA regulations.

In Article 8 the conditions for maintenance, repair, inspection and maintaining the airworthiness of the aircraft are determined.

In Article 9 the risk of loss or damage to aircraft or engines is determined.

In Article 10 the conditions of insurance against loss or damage, the limits of compensation for damage, as well as the conditions for exemption from liability are determined.

In Article 11 the consequences of failure to fulfill the obligations of each of the parties to the agreement, the conditions for filing claims and lawsuits are determined.

In Article 12 the conditions for sublease and transfer of rights by agreement to third parties are determined.

In Article 13 the conditions of jurisdiction are determined, as well as in the courts of which country possible disputes under the terms of the agreement will be considered.

In article 14 stipulates the conditions for the return of the leased property after the end of the lease period.

The annexes to the agreement define the specific details of the aircraft being leased, its serial number, airworthiness periods, inspection terms and conditions.

Short-term rental (chartering) of aircraft. Short-term rental (chartering) of aircraft is carried out under contracts concluded for a certain period: year, quarter, month, season. In international practice, short-term rentals fall under the definition of “time charter” and are carried out on the basis of a charter agreement. A charter agreement between Russian airlines and foreign charterers or charterers is a foreign economic transaction, and legislation on foreign trade and other types of foreign economic activity applies to it.

The freight price is determined, as a rule, on the basis of the cost of a flight hour for each type of aircraft, multiplied by the minimum agreed upon flight hours per month or in total for the period of charter.

The primary responsibility of the charterer is to provide the capacity of the aircraft and maintain it during the entire term of the contract in a condition fit for use for the purposes provided for in the contract. An essential element of the contract is the determination of the type of aircraft provided, the maximum number of seats offered for the transportation of passengers, containers for the transportation of baggage, cargo and mail. Thus, under a charter agreement, the charterer undertakes to provide capacity for a specific type of aircraft.

The aircraft must be in good working order, filled with the required amount of fuel, equipped with radio signaling equipment, meet airworthiness standards and other technical requirements for this type of aircraft. The aircraft must be provided with flight technical personnel trained for flights, operation and maintenance of aircraft of the corresponding type . When transporting passengers, flight attendants are also included in the flight technical personnel. The charterer is obliged to provide the chartered aircraft within the time limits specified in the contract. In the interests of flight safety, the charterer has the right to reschedule or cancel the departure, make landings during the flight, make stops, make necessary repairs, change the route or quantity! load accepted on board in accordance with the terms of the contract. The charterer can exercise these rights without any compensation, including without compensation for losses to the charterer in the presence of force majeure circumstances (meteorological conditions that do not allow the aircraft to fly or force it to fly to an alternate airfield not provided for by the flight schedule; actions or orders of the authorities ; military actions; other circumstances causing the suspension or restriction of flights in whole or in part, such as strikes; cases of mechanical failure, aircraft accidents that were not the fault of the charterer).

When concluding a charter agreement, the charterer specifies the country or region, as well as the points of transportation and accepts obligations to comply with the established rules, procedure and guarantee of payment.

The charterer is obliged to provide the established minimum flight hours for the period of chartering the aircraft. The charterer may provide the capacity of the aircraft chartered by him to other persons (for sublease) only with the consent of

freighter. The parties to the charter agreement are responsible for non-fulfillment or improper fulfillment of the contract that occurred through their fault. The burden of proving the absence of guilt lies with the party that violated the obligations.

Often, when chartering or leasing aircraft, a situation arises when an air transportation agreement is concluded by one enterprise (airline), and actually transported by another. For example, one airline, having concluded a contract for transportation, charters an aircraft from another airline. The first in this case is the charterer, and the second is the charterer, who does not have an agreement with the client, but who actually carries out the transportation. To avoid a situation where the liability of such an actual carrier was not limited by the provisions of the Warsaw Convention, in addition to it, the Guadalajara Convention was adopted in 1961 to unify certain rules relating to international air transport carried out by a person other than the contracting carrier. The Guadalajara Convention extends the provisions of the 1929 Warsaw Convention and the 1955 Hague Protocol to the actual carrier.

Leasing on VT (Aviation leasing)

Aviation leasing is a type of leasing, the subject of which are aircraft, as well as the accompanying infrastructure and equipment.

Leasing companies, manufacturers and airlines use several different schemes for the supply of aircraft on lease. The main ones are two: operational and financial leasing.

Operational leasing is used for relatively short aircraft lease periods. During operating leasing, aircraft equipment is not fully depreciated during the lease period and, upon expiration of the lease term, can be leased out again or returned to the lessor. In Russia, the delivery period for aircraft under operating lease is, as a rule, no more than seven, sometimes ten years. Basic financial terms of operating leasing provide for monthly payment by the customer of leasing payments, the amount of which is set depending on the leasing term. After the end of the leasing period, the aircraft is returned to the lessor.

Financial leasing is an operation for the special purchase of an aircraft from the manufacturer into the ownership of a leasing company with the subsequent delivery of it to the airline for temporary possession and use for a period approaching in duration the service life and depreciation of its entire cost. In Russia, aircraft are supplied to airlines under financial leasing, usually for a period of 15 years. At the end of the leasing period, ownership of the aircraft is transferred to the customer airline. Additionally, the airline pays the costs of aircraft maintenance and insurance. At the same time, during the financial leasing period, the airline has the right to purchase the aircraft at an agreed price.

The development of leasing as a new investment mechanism and the main contradictions in its understanding.

Translated from English, leasing means “rent”. From an economic point of view, leasing can be defined as a complex of organizational and economic relations associated with the transfer to the lessee for use of property (equipment, equipment, machinery) acquired by the lessor from the manufacturer (seller).

The current stage of development of leasing relations is associated with the spread of leasing in Western Europe and Japan, and then throughout the world.

Leasing arose due to the emergence of business entities who felt the need for a specific element of fixed assets or intangible assets to implement an investment project, while experiencing a shortage of financial resources for self-financing and sufficient collateral to obtain a loan.

Various forms of attracting resources to entrepreneurial activity arose as a result of the need to use convenient schemes for the acquisition of expensive equipment, therefore these schemes complement each other to a greater extent than act as competitors.

In table 3 presents the prerequisites for the emergence of legal structures.

Based on data from the International Finance Corporation and the State Statistics Committee of Russia, a graph has been constructed reflecting changes in the volume of the leasing market in Russia for the period 1998-2003. (Fig. 4).

Leasing is a relatively new type of activity in the changing economy of Russia, therefore, an analysis of the state and prospects for its development is reflected in the works of domestic economists of the last decade, and the very concept of “leasing” is interpreted by them quite ambiguously, which indicates differences in approaches to its essence.

In the works of Russian economists, scientists and Russian legal legislation, six interpretations of the concept of leasing can be distinguished:

1st opinion: leasing is an economic category built on

implementation of property relations;

• 2_e opinion: leasing is a special type of business activity associated with attracting investments;
• 3_e opinion: leasing is a special property relationship that arises when transferring property for temporary use;
• 4_e opinion: leasing is a long-term rental;
• 5_e opinion: Leasing is an investment mechanism similar to installment purchase;
• 6_e opinion: Leasing is an investment operation similar to a credit transaction.

Various definitions of leasing take into account certain forms of manifestation of this economic mechanism. Attempts to formulate the concept of “leasing” from the point of view of one of the participants in the leasing operation lead to the substitution of the concept of leasing as such in the specific form of its application. For an equipment supplier, leasing can be considered as an effective form of marketing its goods, for a lessee - as a capital-saving form of investment financing, for a lessor - as a type of entrepreneurial activity.

Thus, leasing needs to be considered from the perspective of systemic relationships between all participants in the leasing operations.

Legal structures similar to leasing are purchase with own funds, lease, bank loan, commercial loan and assignment. The main similarities and fundamental differences between the above-mentioned legal structures and leasing are presented in Table. 5.

When analyzing the similarities and differences presented in Table 5. financial instruments with leasing, it becomes obvious that the economic essence of the leasing transaction gives the emerging trilateral partnership a new qualitative characteristic that cannot be taken into account by existing traditional legal structures. Thus, leasing relations correspond to a fundamentally new type of legal relationship, which determines the unique role and place of leasing in the economy.

A classic leasing operation can be represented in Fig. 6.

Its essence lies in the fact that a potential 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 can choose a seller who has the required property, and the lessor acquires ownership of it and transfers it to the lessee in temporary possession and use on a paid basis. The value of the property is determined by agreement between the lessee and the seller, but should not exceed the market value. At the end of the contract, depending on its terms, the property is either returned to the lessor, or becomes the property of the lessee, or is used under the same conditions by extending the leasing agreement.

For leasing, you can distinguish your mission, which is different from the missions of similar legal institutions. The mission of leasing is to facilitate the functioning of a competitive market where resources are scarce and other forms of financing are unavailable or ineffective by bringing available limited resources to points of economic growth.

Thus, having examined the theoretical aspects of leasing relations, we can say that leasing is a financial and credit operation consisting of a complex of multilateral relations of legal entities and/or individuals that arise regarding the transfer of property for temporary or permanent use on a paid basis. This definition fully reveals the economic meaning of leasing in that it simultaneously includes elements of a credit operation, a trade transaction, investment and rental forms of activity, which are closely combined and interact with each other.

Modern methods of foreign and domestic approaches to calculating leasing payments.

Financial and economic assessment of investment projects occupies a central place in the process of justification and selection possible options attachments Money. Since leasing is one of the forms of investment activity, well-known and generally accepted economic methods for assessing investments are applicable in the analysis and planning of the leasing process. Over many years, strict rules have been formulated, proven in theory and repeatedly tested in practice, the implementation of which ensures the reliability of the results obtained during economic analysis. Leasing as a method of financing investments has its own characteristics.

Comparing foreign leasing work with domestic leasing methods, three significant disadvantages of the latter are noted:

Firstly, in domestic works there is often no analysis of the external environment - those conditions that justify the correct use of the chosen investment assessment method for leasing analysis. The most commonly used are five main methods for assessing investments, which can be combined into two groups:

• 1. methods based on the application of the discounting concept: method of determining net present value; method for calculating return on investment; method for calculating the internal rate of return;
• 2. methods that do not involve the use of the discounting concept: the method of calculating the payback period of investments and the method of determining the accounting return on investment.

Secondly, the greatest difficulty lies precisely in the formulation of the problem. In foreign literature, the formulation of the problem begins with the selection and justification of a criterion (system of criteria), on which (which) a leasing assessment methodology can subsequently be built.

The characteristics of these criteria are reduced to the following positions:

they must be objective - evaluate unambiguously and avoid controversial assessments; the criteria must be adequate - evaluate exactly what should be evaluated; the criteria must be neutral - equivalent in relation to the objects under study.

Most domestic leasing methods do not consider either the formulation of the problem, much less the choice of criterion for analysis.

Thirdly, the most significant reason for visible differences in methods is the definition of leasing itself. That is, the answer to the question: “What is leasing?” is given in different ways. Apparently, the revision of the history of the issue for market reasons and the underdevelopment of market relations in Russia became the main reasons for the justification of many domestic leasing methods solely on the calculation of rental rates and rental amounts.

Methods of domestic approaches to calculating leasing payments:

• * Methodology for calculating the total amount of lease payments and drawing up a schedule for their payments. Author - E.N. Chekmareva. The technique was published in 1994 in the book by E.N. Chekmareva "Leasing business".
• * Methodological recommendations for calculating leasing payments developed by the Ministry of Economy of the Russian Federation and intended for calculating financial leasing payments. Methodological recommendations were published in 1996.
• * Methods for determining the amount of leasing payments presented in the book by V. A. Goremykin “Fundamentals of the technology of leasing operations”, 2000.
• * Methodology for calculating leasing payments, published by L. Prilutsky in 1996;
• * Improving the methodology of payments for leasing transactions in investment activities, published in 1998 in the book “Financial leasing in an enterprise;
• * Methodology for determining leasing payments in conditions of hyperinflation, published in 1996 by ZAO Moscow Leasing Company;
• * A method for calculating leasing payments that ensures the break-even of the lessor’s activities, proposed by R.G. Olkhovskaya and published in issue 1/2 for 1998 of the Journal Leasing Review" (the method of R.G. Olkhovskaya is mentioned in the article by V.D. Gazman and Yu.A. Rudnev, who developed their own methodology based on the method proposed by R. G. Olkhovskoy);
• * The method of financial rents, presented by L. Prilutsky in the magazine "Leasing Courier";
• * The CAP (cash flow) method presented in the magazine "Leasing Courier";

Methods of foreign approaches to calculating leasing payments:

• * Options for comparative analysis of lease and loan financing, given in Chapter 13 “Rent” of the book “Commercial Banks”; authors: Reed E., Kotter R., Gill E., Smith R... (M.: Progress, 1993).
• * Determination of leasing rates for industrial equipment using economic and mathematical methods. Gutman, E.; Yagil, J. A practical derived lease rate algorithm // Management science. - Providence, 1993. - Vol. 39, N 12. - P. 1544-1551;
• * Methodology for assessing the effectiveness of financing an enterprise through leasing or bank credit. Model of financial decision making. Petrollo, P. Leasing e mutuo: un tentativo di analisi finanziaria finalizzata alla scelta della fonte di finanziamento // Riv. bancaria. - Milano, 1992. - A. 48, N 3. - P. 71-83;
• * On the reasons for concluding leasing agreements by an entrepreneur to finance investments. Analysis based on agency theory. Germany. Huber, B. Okonomische Analyze von Leasingvertragen. Ztschr. fur Wirtschafts- u. Sozialwiss. - B., 1994. - Jg. 114, H. 1. - S. 63-80.

The presented foreign works were written in different countries over a period of more than 40 years. These works have a lot in common and examine similar problems found in the Russian literature. These works are united by a “market approach” to solving leasing problems, and no mention is found in them of the method of calculating leasing payments, so widely known in Russia, which is limited to summing up the lessor’s costs. The basic rules of the “market approach” are presented in Fig. 7.

Compliance with all these rules will provide the opportunity to present the calculation of leasing payments in a form that is logical and understandable to a modern entrepreneur, and will make it possible to identify the advantages of a leasing operation when compared with other investment mechanisms.

Prerequisites and prospects for the use of leasing activities in air transport of the Russian Federation.

Social changes of the late 80s - early 90s. XX century and the transition to market conditions destroyed the old economic relations.

New borders were established between independent states, industries were redistributed, and the structure of most enterprises changed. The centralized distribution system was transformed into a complex system of independent business units that received legal status. The ownership structure has changed fundamentally. The unified transportation structure of the USSR almost instantly divided into several hundred airlines, airports, service enterprises (refueling, catering, etc.). Repair factories became independent. The main market factors that determined the state of civil aviation in Russia for many years are the almost threefold reduction in traffic volumes (the level of air traffic in Russia in 2004 corresponds approximately to the level of traffic in the USSR in 1963-1964) and the increase in air tariffs for air transport, which took place against the backdrop of a fall in the effective demand of the population. Small airlines were becoming unprofitable, and the largest ones did not have the funds to purchase new aircraft.

Every year, several hundred aircraft and helicopters are decommissioned as they reach the end of their service life. With the introduction of Chapter III of the ICAO (ICAO - International Civil Aviation Organization) on April 1, 2002, the access of Russian aircraft to international flights is limited. Of the Russian aircraft, the Tu-134, Tu-154B, Il-86, Yak-40, etc. are subject to the ban.

About 70% of civil aircraft are in the final stage of operation and operate on resources extended beyond the values ​​​​provided by the technical specifications. In table 8. The schedule of write-off of major aircraft in the period 1996-2001 is presented. During 1999-2005 About 300 civilian aircraft are subject to write-off annually. According to the forecast, by 2015 - less than 30%. Reduction in the number of main types of aircraft for the period 2002-2010. shown in Fig. 9.

Today it was officially announced that “the main mechanism for integrated development air transport taking into account the interests of air carriers, developers and manufacturers of aircraft equipment is further development aircraft leasing on the basis of leasing companies created with the participation of the state.” Aviation equipment leasing in Russia began to develop only in the early 90s. XX century, when the first leasing companies were created. Currently, there are about twenty domestic leasing companies engaged in aircraft leasing, these include: commercial leasing, long-term lease

• * “Financial Leasing Company” (FLK), Moscow;
• * “Ilyushin-finance” (IFK), Voronezh;
• * "Aviakor-Leasing", Moscow;
• * "Central Air Leasing Company", Moscow, etc.

In the current conditions, air carriers can independently make decisions about their development, choice of direction and partners for strategic development. Now the airline has the right to purchase both domestic and Western aircraft based on economic feasibility, subject to compliance with current legislation. Therefore, the constant desire to order foreign aircraft, supported by preferential terms for financing transactions and permission to deviate from current customs legislation, will always be present in this market. The main attractive feature of Western aircraft was and remains the high quality of equipment and an impeccably functioning maintenance and repair system.

The Western aviation industry is capable of offering new aircraft of any type. In addition, there is a huge number of unclaimed aircraft on the Western market (more than 2 thousand units), and competition today is no longer with new aircraft, but with secondary market aircraft that have a market price comparable to the cost of new domestic aircraft. In competition with old foreign-made aircraft, domestic equipment is already losing in terms of economic parameters in the domestic market.

Examples of decisions made in Lately airlines UTair, (Siberia (“Airbus”), KrasAir and Pulkovo (“Boeing”), and a number of other carriers, clearly confirm this conclusion.

Today, a decision has been made to form a united aircraft manufacturing company that could successfully compete with leading foreign aircraft manufacturers. It is assumed that the creation of a unified, centralized management system on a new legal and organizational basis will make it possible to combine the interests of the state and the owners of aircraft assets. The subject of special concern will be the rational use of consolidated private-public resources, optimization of activities through the merger of structures, reduction of competition, closure of unprofitable enterprises, etc. Unfortunately, the previous experience of privatization of aircraft production in Russia has a negative connotation, so the creation of such a structure requires especially careful study.

The TsAGI forecast gives fairly close values ​​for the number of required aircraft. Zhukovsky. Based on these conditions, the main problem becomes to ensure the normal functioning of the established serial production of specific domestic aircraft. It is necessary to use a mechanism for the return of capital investments for projects previously included in the Federal Target Program “Development of Civil Aviation Equipment in Russia in 2002-2010 and for the period until 2015.” First of all, normal serial production of Il-96-300 (15-20 aircraft), Tu-204, Tu-214 (60-70 aircraft), Tu-334 (15-20 aircraft), PS-90A engines should be organized , basic systems and their components for organizing operation and uninterrupted maintenance in Russian airlines.

Basic concepts when drawing up an aviation leasing agreement.

To study leasing in civil aviation, it is first necessary to study the conceptual apparatus of an aviation leasing agreement, which includes:

• * the subject of aviation leasing is civil aviation equipment: aircraft, their on-board equipment and assemblies, engines, simulators, ground-based radar equipment for air traffic control, navigation, landing and communications, as well as ground support equipment for aircraft and ground infrastructure;
• * aviation leasing is a type of activity associated with the acquisition of aviation leasing items at the expense of one’s own or borrowed funds and their transfer to individuals and legal entities on the basis of an aviation leasing agreement for a certain fee, for a certain period and on certain conditions stipulated by the aviation leasing agreement, with right of redemption or without right of redemption;
• * aviation leasing agreement - an agreement under which the lessor undertakes to acquire ownership of the aircraft lease item specified by the lessee and provide the lessee with this aircraft lease item for a fee for temporary possession and use for business purposes with the right of redemption or without the right of redemption.

The aviation leasing agreement contains the following participants:

• 1) the lessor (LD) of aviation leasing items (hereinafter referred to as the lessor) - a leasing company that, at the expense of borrowed or own funds, acquires ownership of aviation leasing items in accordance with a purchase and sale agreement or other agreement and provides them to the lessee for a certain amount payment for a certain period and under certain conditions for temporary possession and use with the right to buy it out by the lessee;
• 2) the lessee (LP) of the aviation leasing items (hereinafter referred to as the lessee) - an individual or entity which has a license to carry out aviation activities and which, in accordance with an aviation leasing agreement, is obliged to accept the object of aviation leasing for temporary possession and use for a certain fee, for a certain period and on certain conditions;
• 3) the seller of aviation leasing items (hereinafter referred to as the seller) is an individual or legal entity, regardless of the organizational and legal form and form of ownership, which, in accordance with the agreement, transfers ownership of the aviation leasing item to the lessor for their subsequent transfer to the lessee.

Leasing transactions for the acquisition of aircraft equipment have complex schemes, covering a large number of leasing entities, but the simplest ones can be presented as follows (Fig. 12.5).

Types of leasing.

There are various types of leasing, but financial and operational leasing are more acceptable for Russian airlines.

Financial leasing is a form of long-term lending by a bank to the leased object (aviation equipment), in which the lessee, by making lease payments, repays the cost of the property and also reimburses the services of the leasing company. A financial leasing agreement is usually concluded for 8-16 years, and at the end of this period, upon full payment of the leasing fee, the leased object becomes the property of the airline.

Operating leasing offers the airline the use of an aircraft for the period specified in the leasing agreement for a set rental fee. At the end of the operational leasing, the leased aircraft does not become the property of the airline, but is returned back to the lessor.

Financial leasing is different in that it does not provide for maintenance of the property by the lessor and does not allow early termination of the contract. Its implementation involves the selection of the necessary equipment by the potential lessee, negotiations with the manufacturer on the price and delivery time, the purchase of equipment by the leasing company and obtaining a bank loan (Fig. 10).

In financial leasing with additional attraction of funds, the issues of collateral, insurance, guarantees and the procedure for acquiring leased property become important. In practice, there are three main options for relations when buying and selling a leased asset:

• * the lessee independently selects the seller and the leased item, and the lessor only pays for the purchase and sale transaction and transfers the right of use to the lessee;
• * the seller is chosen by the lessor, then he is responsible to the lessee for fulfilling the obligations under the purchase and sale agreement for the leased object;
• * the lessor appoints the lessee as its agent for ordering goods from the supplier.

Operational leasing - involves the lessor's ability to rent out his property, which he purchases at his own peril and risk, repeatedly during the standard period of its service.

• 1. The lessee orders the necessary equipment.
• 2. The lessee asks the lessor about the main terms of the leasing agreement, and at the same time provides documents characterizing the financial condition and production capabilities of the lessee (project business plan and other documents).
• 3. Signing a leasing agreement.
• 4. The lessor pays under the purchase and sale agreement for the declared property to its manufacturer or supplies the lessee with previously used equipment. By agreement of the parties, the manufacturer may carry out maintenance and repair of equipment.
• 5. Insurance of the leased object is carried out by one of the parties by agreement.
• 6. The lessee makes lease payments.
• 7. Insurance of the lessee's liability.
• 8. The lessee returns the object of the transaction due to the expiration of the term (leasing agreement).

At the end of the leasing contract, the lessee may be given three options:

• * extend the term of the contract for the same or a different period, but on more favorable terms for the lessee;
• * return the object of the transaction to the lessor;
• * purchase equipment from the lessor at a relatively high residual value, which is primarily beneficial for the leasing company.

With operational leasing, the lessee seeks to avoid or reduce the risks associated with owning property as an owner, as well as to eliminate direct and indirect non-productive costs, which most often arise with the need for repairs or in case of equipment downtime. Therefore, the lessee prefers operational leasing to other forms of purchasing equipment and machinery in cases where:

• * the expected income from the operation of leased equipment does not cover its initial price;
• * the object of the transaction is required by the lessee only for a short period of time (for example, for a period of seasonal work or one-time, intended use);
• * leasing equipment requires special maintenance and/or the lessee does not have its own technical specialists to operate it;
• * the object of a leasing transaction can be either unique new equipment that has not been tested in operation, or equipment that has already been used, perhaps more than once.

A condition for the widespread use of operational leasing is the presence of a market for partially worn-out equipment, as well as the need for secondary leasing of the leased asset for a lower fee.

Operating leasing is also associated with the fact that lessors, as a rule, have a reasonably narrow product specialization, and therefore are able to provide a wide range of technical services.

To distinguish between financial and operational leasing, the following scheme 13 is used.

Leaseback (sale-and-leaseback - sale and leaseback - releasing) is a system of interconnected agreements, in a form of financing close to banking, in which an airline sells aircraft (its property) to a bank or leasing company with the simultaneous conclusion of an agreement O long term rental their former aircraft on leasing terms (Fig. 14).

The lessor can be a bank, an insurance company, a leasing company, or an individual investor. Leaseback is beneficial to both parties, since the lessor includes its profit in the amount of lease payments, and the lessee has the opportunity to attribute lease payments to the cost of production.

In its external form, a leaseback is similar to a mortgage of property, since there is no physical movement of the property sold to the lessor. This type of leasing allows an enterprise to receive a significant amount of money through the sale of property, but at the same time, having concluded a leasing agreement, continue to use it, i.e., increase capital and preserve assets.

Leaseback can be used if the solvency of the airline does not meet the requirements of the lending organization. Leaseback is successfully used to balance the balance due to the sale by the enterprise of aircraft equipment not at book value, but at market value. When the market value exceeds the original cost of the aircraft, this operation allows the airline to bring its balance sheet into line with the market situation, increasing its financial potential.

In order to stabilize the financial position of an enterprise, the use of leaseback is especially important in conditions of reduced business activity.

According to global practice, the development of strategies for the development of leasing projects by airlines and aviation enterprises in order to obtain a positive financial result should be based on the sequential acquisition of aircraft (Fig. 15). That is, if one aircraft purchased under leasing is purchased and after that the airline acquires a second aircraft under leasing, the financial result of operating the two aircraft will be positive.

It is more difficult to lease two aircraft at once (Fig. 16) when there are no purchased aircraft of this type; in this case, lease payments have to be paid twice as much, and the likelihood of making a profit becomes less than with the sequential option.

Example. Let's calculate lease payments from the position of the lessor using the following initial data.

The cost of the aircraft was $118 million including VAT, without VAT - $100 million.

With a depreciation rate for an aircraft of 10%, the minimum leasing period for the lessee is 10 years:

A distinctive feature of the acquisition of aviation equipment on leasing terms is the possibility, enshrined in law, of applying accelerated depreciation up to a coefficient equal to 3. For the presented example, we apply an accelerated depreciation coefficient equal to 2.5, then the depreciation rate will be equal to 25%: At = 10% H 2.5 = 25%.

With the resulting depreciation rate, the depreciation period (write-off) of the aircraft will be 4 years:

T= = = 4 years.

Calculation of the average annual cost of an aircraft is presented in table. 17.

Based on the obtained values ​​of the average annual cost of aircraft, the property tax and margin (income) of the leasing company were calculated in Table. 18.

Since the cost of the aircraft is huge ($100 million excluding VAT) and the lessor does not have available funds in that amount, the leasing company must use borrowed funds in the form of a bank loan to purchase the aircraft. The total amount of interest for the use of borrowed funds for 4 years will be $32.5 million (Table 19).

When summarizing the general results in table. 20, we initially obtain the total costs of the leasing company excluding VAT in the amount of $146.9 million.

Then it is necessary to calculate the value added tax depending on the total costs of the leasing company without VAT, we get $26.44 million and, summing up the two considered values, we calculate the required “Leasing company costs with VAT”, the value of which was $173.34 million for 4 years of leasing .

Thus, the leasing cost of the aircraft exceeded the original one by 1.47 times (173.34/118 = 1.47), which is quite justified by the inclusion in leasing payments of interest for using a bank loan and the lessor’s income (margin).

When calculated using the annuity method, leasing payments per year for the lessee (airline) will be equal to $43.3 million (173.34/4) and, accordingly, per month = $3.61 million, or 93.86 million rubles.

Tax advantages of a leasing transaction.

In accordance with current Russian legislative and regulatory acts, as well as business customs, the most significant economic benefits from the use of leasing include the following:

• 1. The possibility for participants in a leasing operation to use a mechanism for accelerating depreciation of property with a coefficient not exceeding 3 (with linear and non-linear methods of calculating depreciation).
• 2. Possibility of recording the leased asset on the balance sheet of the lessor or lessee by mutual agreement. Having chosen the method of accounting for property on the balance sheet of a leasing company, the organization, financing its capital investments through leasing, does not change the structure of the balance sheet - the ratio of the company's equity and borrowed capital. If an organization has benefits for paying property tax, the method of accounting for property on the balance sheet of the lessee leads to a decrease in the cost of leasing.
• 3. Savings on the enterprise's deductions when paying property tax, the tax base for which, with accelerated depreciation, becomes a rapidly decreasing residual value.
• 4. Attribution of the listed leasing payments to the expenses (cost of production) of the lessee, which allows the taxpayer to reduce deductions for income tax.
• 5. The possibility of the lessor receiving tax benefits based on decisions of governing bodies of the constituent entities of the Federation (within the limits established by federal and regional legislation).
• 6. The lessee (airline), using the property, applies installment payment.
• 7. Leasing has the following advantage over bank lending. For many companies, a source of financing such as bank lending is not available. A number of banks do not finance projects that are being implemented “from scratch” or that do not have sufficient collateral, i.e., high-risk projects.

Many banks refuse to lend to small financing transactions. Since the activities of leasing companies, unlike banks, are not subject to strict regulation, the procedure for leasing equipment is simpler than obtaining a loan. Naturally, the cost of leasing will be higher than when financing less risky projects.

Example. Let's consider how much it is possible to reduce the tax base of a million dollars when purchasing an aircraft on leasing terms using accelerated linear depreciation (coefficient of 2.5) in comparison with the operation of purchasing an aircraft using your own funds.

The aircraft leasing period is 4 years, annual depreciation charges are equal to $25 million. When purchasing an aircraft using your own funds, accelerated depreciation is not applied, therefore, depreciation charges will be carried out for 10 years and amount to $10 million. Table. 21. The calculation of the reduction in income tax due to the use of accelerated depreciation is given.

Let's consider reducing property taxes through the use of accelerated depreciation. Initially, we will calculate the property tax when purchasing an aircraft using our own funds. The duration of the depreciation period is 10 years (Table 22).

In table 23 we will calculate the reduction in property tax when using accelerated depreciation.

From the table Figure 23 shows that by using accelerated depreciation when purchasing an aircraft under leasing, you can save $2.64 million on property taxes over 4 years.

When designing a leasing transaction, it is necessary to take into account that, in contrast to the scheme for obtaining a commercial loan, interest on the loan paid by the lessor to the bank, property insurance payments and property tax payments (if it is on the lessor’s balance sheet), which are components of the total amount of leasing payments , are subject to VAT. The legislation allows for VAT paid to be accepted for reimbursement.

In the example, the airline will submit 26.44 million rubles for reimbursement. when purchasing aircraft on leasing terms. When purchasing an aircraft at its own expense, the airline will submit $18 million for reimbursement. Thus, the reduction in the tax base in the first case will be 26.44 - 18 = $8.44 million.

To compare the leasing operation and the operation of acquiring an aircraft at the expense of one’s own funds, it is necessary to use the cost of the aircraft and the leasing fee without VAT, respectively, the cost of the aircraft without VAT is $100 million, the leasing fee without VAT is $146.9 million. The excess of the leasing fee is 146.9 - 100 = $46.9 million.

The tax advantage of a leasing transaction over an acquisition using own funds is 14.4 + 2.64 + 8.44 = 25.48 million rubles.

Thus, the excess lease payment will decrease by 25.48 million rubles. and will amount to 46.9 - 25.48 = 21.4 million rubles.

Conclusion: the impact of the reduced tax base during a leasing operation reduces the lease payment to $121.42 million. Thus, the excess over the original cost without VAT ($100 million) is 21.4%

Leasing is a type of financial lease, which differs from a loan in terms of terms, amount, flexible repayment schedule and the ability to purchase goods without collateral.

Dear readers! The article talks about typical ways to resolve legal issues, but each case is individual. If you want to know how solve exactly your problem- contact a consultant:

APPLICATIONS AND CALLS ARE ACCEPTED 24/7 and 7 days a week.

It's fast and FOR FREE!

Companies that work in the field of aviation leasing are very large financial organizations, since very expensive equipment is offered for leasing and the payment of property requires a lot of guarantees and long terms.

Air transport can also be leased by state companies authorized to conduct leasing operations of this scale.

What it is

Wet leasing is leasing that includes the supply of raw materials, technical service, repairs, insurance, and advertising.

A type of wet leasing is aviation leasing, which focuses on the rental of aircraft for private flights.

This is a very convenient type of leasing, since the leasing company bears all the costs of fuel, service and repair of the vessel, taxes and duties associated with flights, insurance, etc. Sometimes leasing companies themselves deal with the supply and transportation of goods.

In 1998, a federal law was adopted giving the right to carry out leasing transactions relating to aviation equipment. Mostly wet leasing is provided by Western companies. 80% of all wet leasing transactions occur in the West.

This is due to the fact that most air transport is produced abroad. Financial organizations in the West are more developed and wealthy than in Russia. Only a fifth of all leasing operations in this area are carried out by Russian lessors.

The most active of them are: VTB Leasing (40% share), Ilyushin Finance and VEB Leasing. However, this is not a complete list of companies leasing aircraft in Russia. Large Russian leasing companies and their conditions for leasing air transport are described below.

This type of leasing is already called wet and is used in the case of leasing expensive special equipment.

Wet leasing is used mainly by companies that manufacture special equipment or are engaged in wholesale sales in the aviation industry. The wet leasing scheme consists of mandatory technical supply services, repairs, and insurance.

In addition to these services, the lessor can prepare qualified personnel, marketing, etc. Financial companies and banking organizations rarely use this type of leasing, because they do not have the necessary technical base.

Video: Aviation Finance

The leasing agreement contains elements of a loan agreement, lease and financing. An example of a leasing agreement can be downloaded from the website of any leasing company.

The subject of a wet leasing agreement can be the supply of raw materials, technical service, repairs, as well as complex specialized supplies.

Aircraft may also be the subject of an agreement in aviation.

Propeller aircraft - can be used in the military industry or among ordinary citizens.:

• Advantages of helicopters purchased on lease Does not require runway
• , since the mechanism is driven in the vertical direction. Any flat area is suitable for takeoff and landing.
• They can easily change direction or hang in the air.
• Savings on the construction of airports and similar premises and auxiliary equipment

Adjustable speed throughout the flight.

Small dimensions, as well as ease of control and landing, make it possible to get to places where airplanes cannot reach, for example, in mountainous areas, some swampy places, among trees and others.

• Helicopters are used in rescue and agricultural construction work. They also help with photo and video shooting.
• Airplanes are divided into two types:

Civil

• Military
• Depending on the size and flight range, there are also:
• Trunk

Aircraft

Local aircraft

Today, aviation leasing is becoming increasingly popular. Unlike a helicopter, airplanes are designed to transport a large number of passengers, large cargo, transport animals, valuable luggage, etc.:

• The most popular aircraft in Russia are: foreign - Boeing, Airbus, domestic - An-158 and MS-21. Mainline vessels can deliver cargo over distances from 1 to 11 thousand km. Civil aviation aircraft can be designed for different numbers of passengers.
• Therefore they are divided
• Lightweight – with a capacity of up to 20 people.

1. Medium – up to 30 people.

Large – 55 passengers. Special air equipment. It is used in a wide variety of fields: economic, agricultural, scientific, medical, for installation, filming, irrigation and much more.

In aviation leasing, you can take property, both new and used, for individuals.

Who provides wet leasing in the aviation sector?

The MKB Leasing company, providing wet leasing, gives customers a large selection of aircraft and equipment.

Here you can buy new and used aircraft for various purposes, equipment for airfields, business class aircraft and helicopters.

The company cooperates with both domestic manufacturers and Western transport suppliers.

The leasing company "PRO Leasing Service" helps its clients find the most favorable leasing conditions, and also provides qualified advice on legal issues of drawing up an agreement and finding convenient financing schemes for quick payment of the entire amount of the leasing agreement. A decision on leasing occurs within 2–3 weeks.

One of the largest financial organizations, leasing company VTB 24, has developed a leasing program for the purchase of small-sized air transport for various purposes.

Basic conditions for leasing aircraft

Advantages

1. Advantages of leasing aircraft:
2. The agreement is valid throughout Russia.
3. You can rent new or used aircraft.
4. Individual repayment schedule for lease payments.
5. Minimum advance payment.
6. When applying for registration, only two documents are required: a financial statement of the enterprise on income and expenses and a copy of the accounting report.
7. Insurance at a high level from leading insurance companies.
8. Providing a personal manager for advice and assistance in arranging leasing.
9. Return leasing of equipment and air transport.

Regulation and control of enterprise finances.

Development competence by 2020

1. For full competitiveness of domestic leasing companies, compliance with the following points is required:
2. Creation of foreign representative companies with full-fledged functions of Western leasing enterprises.
3. Modernization of domestic aircraft models.

• Providing state support in increasing the volume of exports of domestic aviation equipment and transport.
• Cancellation of property duties. Currently, property tax has been abolished only for Russian air transport.
• Expanding subsidies for aircraft owners not only for financial leasing, as is currently practiced, but also for operating leasing.

1. Formation of close cooperation between leading leasing companies.
2. Improving operating leasing schemes, in particular for domestically produced aircraft.
3. Bringing the aviation leasing industry to the international level and creating competitive programs.

Actual application in Russia

Rapid development of the aviation industry is planned until 2032. According to a study of the Russian market, growth dynamics should be 4.5% on average, which is 1.5% higher than the economic industry.

The total losses of Russian airlines for the first half of 2015 amounted to 28 billion rubles. Airlines' debts to lessors are growing, and this could lead to further problems for both parties.

Photo: Evgeny Biyatov/RIA Novosti

Airplanes for airlines are the main means of production. Since these are expensive assets worth many tens or even hundreds of millions of dollars, many airlines prefer or are forced not to acquire ownership of aircraft, but to lease them, financial or operational.

Financial leasing, with a number of reservations, is an installment sale, while during the leasing period the aircraft remains on the balance sheet of the leasing company, and upon completion it becomes the property of the carrier or is purchased at its residual value. Operating lease, also with a number of reservations, is the lease of an aircraft; at the end of its term, the aircraft continues to remain, as it was, in the ownership of the leasing company.

A financial leasing agreement is usually concluded for 15 years, and an operational leasing agreement for five years. With operating leasing, an airline can reduce its costs by 15-20% because it does not buy the aircraft. In general, this is a more flexible tool that allows airlines to more quickly maneuver their capacity in the event of changes in the market.

And turbulent times have already arrived. Obvious problems for air carriers began a year ago. Previously, in 2012-2013, airlines hoped for demand growth of 12%, but at the end of 2014 they faced the problem of an oversupply of carrying capacity, and the almost two-fold depreciation of the ruble hit the economy of air travel painfully. The total losses of Russian airlines for the first half of 2015 tripled compared to the same period of the previous year and amounted to 28 billion rubles. According to the Russian Association of Air Transport Operators (AEVT), airlines' direct costs increased by 25% during this period, with fuel costs increasing by 17% and leasing payments by 45%. “Lease payments are huge. The operating lease can still be extended, but there is no point in spending money on buying the aircraft,” says the general director of a small airline engaged in regional transportation, who wished to remain anonymous.

In general, relations between air carriers and leasing companies have become more strained. In the spring, seeing the problems of carriers, many lessors agreed to restructure payments, that is, they allowed airlines to fly in debt in order to pay off the debt following a high summer season. However, there are serious suspicions that even during the usually most profitable third quarter, many carriers failed to turn a profit, and the fourth quarter will definitely be unprofitable. As a result, airlines' debts to lessors are increasing, and this may result in further problems.

Operational advantage

“Operating leasing is more common for typical assets, since, for example, a unique object is more difficult to lease, and then return and transfer to someone else. And for cars, railway rolling stock and aircraft, this is a completely normal situation, since each such asset is fully consistent with its type,” says Pavel Piskun, director of the international business development department at Sberbank Leasing.

In the case of aircraft, a certain role is played by the fact that they are operated according to strictly defined and strictly observed rules, the technical condition of the aircraft and all work on it are documented, so that the lessor always has a clear understanding of how his asset is operated, in what condition supported and what its residual value is.

As lessors admit, transactions are becoming more risky these days, and here it is necessary to emphasize the fundamental difference between financial and operational leasing. In the first case, the main risks are concentrated on the lessee. As many large Russian leasing companies said some time ago, “we work only with reliable clients,” but the experience of Transaero Airlines showed that they were mistaken.

Most transactions were concluded under the so-called leaseback scheme (SLB, Sale-Leaseback). In a typical SLB deal, the airline itself orders the aircraft from the manufacturer according to its needs, makes all the advance payments, but when the delivery date approaches, sells the ordered aircraft to the leasing company and leases them from it. The company is usually selected based on the results of a tender - who will offer lower leasing rates. In fact, the role of the leasing company in an SLB transaction is reduced to attracting the cheapest possible long-term loans; leverage in such transactions reaches 90-95%. It is not surprising that the subsidiaries of the largest Russian banks, which had good credit ratings and access to international financial markets, were able to make good progress in competition with foreign leasing companies.

SLB transactions are attractive when the market is stable; moreover, with large volumes of financing, they have a small margin for leasing companies. In this case, a fundamentally important criterion is the financial reliability of the lessee airline, because if the carrier turns out to be insolvent, cannot pay and returns the aircraft to the leasing company, it will have a serious problem finding a new customer, and at that time the aircraft will sit and bring huge losses. Although subsidiaries of leasing companies of Russian banks are accumulating experience in remarketing aircraft on the secondary market, they do not yet have enough of it. However, now, while solving problems with Transaero aircraft, they are gaining this experience at an accelerated pace.

Working under an operating leasing scheme transfers risks from the client’s solvency to the quality and liquidity of the asset, that is, the aircraft. This, of course, places increased demands on the level of competence of the leasing company - market and technical, in order to solve the problem of remarketing the aircraft as quickly as possible.

In Russia, this business model has traditionally been used by the leasing company Ilyushin Finance Co (IFK), which itself buys aircraft for subsequent placement on the market. IFC has a smaller volume of transactions compared to the largest leasing companies, since it works exclusively with aircraft equipment and is the largest in this leasing segment in Russia. The company has its own marketing and technical service specialists. Thanks to this approach, IFC can rely more on aircraft as financial assets, and not just on the reliability of airlines as payers.

"Wet" leasing

Typically, operating leasing refers to the so-called dry leasing - the airline leases an aircraft, but at the same time provides it with its own crew, maintenance and insurance. Another option, “wet” leasing, is still banned in Russia (this is a legacy of the early 1990s, when it was easier to ban than to regulate), but it has become widespread around the world. In this case, the airline leases the aircraft together with the crew; the lessor is also responsible for the technical condition of the aircraft and insurance. This is the most flexible type of leasing, allowing airlines to very quickly, within the season, increase carrying capacity or, conversely, temporarily get rid of excess.

The “wet” leasing scheme can be used to promote the new Russian regional jet Sukhoi Superjet 100 (SSJ 100). Since this is a new product on the market, an interested foreign airline can take a few aircraft from the Russian airline Red Wings and try to operate them under its own conditions on its own. route network. For Red Wings, the aircraft lessor will be IFC, which is promoting the SSJ 100 on the world market.

“Currently there are commercial negotiations on this topic with airlines from Cambodia and Laos, it is necessary to finally agree on the numbers,” says IFC General Director Alexander Rubtsov. — We also met with three or four companies from Iran who want to get the SSJ 100 on a “wet” lease. And if this country opens up for supplies, I think that we will definitely transfer several cars to Iran.”

Another promising area of ​​IFC’s work on the global market is the leasing of the latest Canadian Bombardier CSeries CS300 regional aircraft. “The winner is the one who takes the new generation aircraft, because they provide a qualitative leap in their efficiency,” says Alexander Rubtsov.

During the Dubai Air Show in early November, IFC signed a letter of intent for the leasing of two CS300s, which will be delivered to the customer under financial leasing terms in the second half of 2016. The parties agreed to conclude a firm contract by December 1, 2015, but the name of the customer was not disclosed at the time the issue went to press.

So the changed realities are forcing IFC to develop new types of leasing, in particular “wet”, since this option is the most attractive marketing tool for carriers who can check whether they like the aircraft before ordering more of these machines. Quite a bold step considering that none of the Russian leasing companies have ever done this. But in difficult times we have to invent non-standard approaches.