To purchase fixed assets, an enterprise does not have to spend its own working capital. In this case, it is more advisable to use external sources of financing.

Based on the essence of the transaction, the company can use both financial and operational leasing. To make a choice in favor of one of them, you should clearly understand how they differ from each other.

Concepts

Leasing is comfortable view contractual relationships, providing for the acquisition by the lessor (lessor) and the subsequent transfer by him of property (leasing object) for use to the person who leases it (lessee), on the basis and on the conditions specified in the contract. According to the terms of the contract, the lessee has the right to purchase the leased object.

As a rule, in addition to the tenant and the lessor, two more parties are involved in the transaction - the equipment seller (the company that sells the leased object to the lessor) and the insurer (the insurance company that insures the leased object, as well as possible risks in the transaction). According to the law, choice the seller (as well as the leased object itself) is carried out by the lessee.

In accordance with the Civil Code of the Russian Federation and Law No. 164-FZ “On Leasing,” leasing objects can be any non-consumable things, with the exception of natural objects and plots of land, intangible assets and leasing objects, the leasing of which is prohibited at the legislative level, or for which it is established special order appeals.

Legal entities, in the case of acquiring a leased object on lease, are provided with tax benefits. In particular, unlike a loan, leasing payments are included in the gross expenses of the enterprise.

It is worth noting that this advantage not available for individual entrepreneurs who use a simplified taxation system, and for individuals.

Types of financial and operational leasing

IN current legislation Only two main forms of leasing are defined - international and domestic. However, in practice there are several types of leasing relationships.

To identify them, you should refer to the leasing agreement. Based on its conditions, the most widely used division of leasing by type of operation is financial and operational leasing.

Financial leasing is the most common type of leasing relationship. In accordance with its terms, the lessor acquires in his name the property specified by the lessee and transfers it under the terms of the contract to the temporary disposal of the lessee. The choice of the seller of the leased object is carried out by the lessee.

This type of leasing agreement provides for the conclusion of a contract for a period commensurate with the period of full depreciation of the leased object.

After making the payments stipulated by the contract to the lessor, the leased object becomes the property of the lessee (purchased at the residual value). It is used for the purpose of acquiring the leased object into the ownership of the lessee.

Operational leasing does not provide for the purchase of the leased object by the lessee. At the end of the contract operational leasing the leased object is returned to the lessor. Due to the fact that the leased object is not purchased for lease to a specific tenant, as a rule, it is already owned by the lessor.

In accordance with the specifics of operational leasing, the same leased object can be leased more than once. The contract term is less than the term beneficial use leasing object.

In essence, it is a type of lease. It is used for short periods of equipment rental, in which the duration life cycle the leased object is significantly longer than the contractual lease period.

Based on the terms of the contract, leasing is also divided according to the following classification criteria:

Video: What is it

Features and Distinctive Features

Each type of leasing relationship has its own characteristics and distinctive features.

Financial leasing can be determined by the following characteristic features:

• the leased object is purchased specifically for the transaction;
• the choice of the leasing object and the seller is the right of the tenant;
• at the end of the contract, the leased object is purchased by the lessee from the lessor at the residual book value;
• the seller knows that he is selling the property to lease it;
• the leased object is delivered to the lessee;
• in case of delivery of goods poor quality all negotiations with the seller are carried out by the tenant;
• From the moment of signing the acceptance certificate of the leasing object for operation, the safety of the leasing object is the responsibility of the lessee.

Thus, classic financial leasing is characterized by the participation of three parties in the transaction and compensation to the lessor of the full cost of the leased object/

The scheme itself is as follows: one person, at the request of another, acquires ownership and gives the acquired property for operation to another person, for which he receives remuneration in the form of leasing payments.

Operating leasing can be distinguished according to the following contract terms:

• the lessor is not going to cover the costs of acquiring the leased object through payments provided for in the contract under one leasing agreement;
• the leasing period is significantly shorter physical wear and tear leasing object;
• the leasing agreement can be terminated by the lessee at any time;
• the main part of the risk of loss of the leased object or its damage lies with the lessor;
• the cost of operating leasing is higher than financial leasing, because it takes into account the various risks that the lessor bears, because it does not have a full guarantee of cost recovery;
• the object of leasing is highly liquid property, usually popular car models or common equipment;
• As a rule, with operational leasing, the costs of insuring the leased object, maintenance and repairs are carried out by the lessors themselves;
• At the end of the contract, the leased object is usually returned to the lessor.

To summarize, operating leasing differs from financial leasing in that it is essentially a long-term lease, in contrast to financial leasing, the purpose of which is to obtain targeted financing.

Comparative conditions for financing the purchase of new equipment

As an example, let's look at the terms of leasing new technology for operational and financial leasing:

*-calculation is carried out based on the mileage of leased vehicles;

**-down payment = 20%.

As can be seen from this example, it is profitable to take out equipment on operational leasing for short periods and for specific contract work.

If financial leasing was used for such purposes, the equipment would have to be purchased at its residual value, and the costs would be significantly higher due to significant wear and tear and increased costs due to the need for expensive maintenance.

Pros and cons

So, if we compare financial and operational leasing, then the main pre-object leasing terms of operational leasing include the following conditions:

• operation of the necessary expensive machinery or equipment for a short period of time without the need to purchase the leased object from the lessor;
• replacement of the leased object if necessary;
• return of the leased object to the lessor at any time.

The pre-objective leases of financial leasing are:

• selection of the leased object and seller by the tenant;
• more low cost leasing;
• the possibility of repurchase of the leased object by the lessee after payment of all payments stipulated by the contract at the residual value.

In order for an enterprise to choose the most profitable leasing option, the feasibility of further use of the leased object is decisive. To make a final decision, you should compare the terms of operational and financial leasing in terms of the term, amount and frequency of payments provided for in the agreement, and only then make a choice.

The type of Leasing you choose depends on key characteristics transactions (from the cost of the service to the nuances of taxation of the transaction).

In this article we will look at the features of operational leasing, its advantages and disadvantages, and to make it easier for you to navigate the different types of this service, we have prepared comparison table financial and operational leasing.

What is operational leasing: its use in foreign trade, the subject of leasing

The economic essence of Operational is very close to classical rent. It provides for the transfer of the right to use the Leased Subject by the owner of the property (Lessor) to the lessee (Lessee).

The period of such transfer is less than the period of full depreciation of the property, with its obligatory return to the owner after the lease agreement expires.

Features:

• Short- or medium-term transaction (no longer than the economic life of the property)
• Often used during the implementation of one-time projects: for example, construction.
• The rate for calculating lease payments is higher than.

Correlation of Operating leasing by division according to other criteria:

• Direct leasing. The transaction is two-sided: the owner (owner) of the property independently leases the equipment.
• With incomplete payback (partial payment): at the end of the Leasing Agreement, a significant part of the cost of the property is not depreciated.
• Full: The contract includes a set of additional services. For example, renting a luxury car with included service, information support on the road, tow truck, etc.

After the expiration of the Agreement, the Lessee has a pre-emptive right:

• redeem the property at its actual residual value;
• extend the lease with revised terms;
• just return it to the Lessor.

Participants in operational (operational) leasing:

1. Lessee- an enterprise using leased property.
2. Lessor— A bank or a specialized company that transfers real estate/equipment/machinery/transport for temporary use to the Lessee. Owner of the property.
3. Salesman(it is often absent in this type of transaction) - the manufacturer or supplier who sells the property.

The subject of operational leasing can be very different property:

• equipment: commercial, industrial;
• machinery: agricultural, loading;
• motor transport: passenger cars, trucks;
• real estate: workshop, office, retail space.

But general characteristics they still have them, and these signs are determined by the essence of the operation and the interests of the Lessor:

1. Typical areas of application of Leasing property.
   Equipment/machinery/transport should be of interest to the widest possible range of potential Lessees, because during its service life it is expected that the property will be repeatedly transferred for use to different enterprises.
   Thus, you need to understand that highly specialized equipment for the production of unique products, analogues of which in the territory Russian Federation no (or a competitor is located at the other end of the country, and the theoretical delivery of the leased item to it will cost more than the price of a new one) it will not be possible to take an Operating lease. In such a situation, only Financial will be available to you.
2. The longest service life of the Leased Item and its insignificant susceptibility to accelerated wear.
   When choosing between machines with similar characteristics, but from different manufacturing plants (a world-famous German manufacturer and a young Chinese company), the Lessor will prefer to deal with a proven “master of the machine tool industry” - its products are guaranteed to last the entire period according to the technical passport with minimal risk of irreversible damage. And it will be much easier to find a new tenant for it...

Operating leasing is not the purchase of property, but temporary use.

Operating lease agreement: what to pay special attention to

The risks of the Lessee in Operational leasing are relatively small - you do not buy the property, but only use it temporarily.

But there are a number of conditions that can turn the deal unprofitable:

1. Cost of services included in Leasing payments. The Lessor has objective reasons to insist on a number of them: for example, the annual technical inspection and repairing equipment will help keep it in working order and rent it out to the next company.
   Others may be unnecessary: ​​for example, information support during foreign trips (especially if the transport is planned to be used only on the territory of the Russian Federation).
2. Procedure for ending the relationship. A characteristic feature of Operational Leasing is the return of the Leased Subject to the owner’s disposal. So please pay attention special attention for a clear indication of the return period and specificity in the description of the sequence of actions performed for this purpose.
3. Availability of the Lessee's right to terminate the agreement if the property turns out to be unfit for use.

The subject of leasing is the most popular movable or immovable property.

Differences between Financial and Operating leasing

In the modern leasing services market, various shapes and contract models. Legislative norms regulating these legal relations also cannot be characterized as the same type. In accordance with one of the accepted classifications, all modern forms leasing is divided into two main groups - operational and financial.

The key characteristics of the deal depend on which type of leasing you choose. This will determine such important points, such as the cost of services, the duration of the contract, the type of taxation of the transaction and much more. What is operational leasing, what is its essence and features, you will learn from this article.

Features of operational leasing

An operating lease is a relationship arising in relation to a specific item (most often construction or automotive equipment), which is transferred for use from one person to another for a specific period.

This period should not exceed deadline exploitation of property.

If we talk about specific characteristic features operating lease, it is worth highlighting the following points:

• In accordance with the terms of the concluded agreement, the leasing period should not exceed the period of operation of the item.
• The owner remains the person who leased the property.
• The subject of the contract should not be purchased at the request of a specific client, and therefore leasing companies are forced to systematically monitor the market in order to identify popular products.
• The leasing agreement is bilateral in nature (rights and obligations arise for both parties to the transaction).
• If the item is unsuitable for use, the tenant has the right to terminate the contract.
• The risk of damage or destruction of property falls on the shoulders of the entity that received it for rent.
• The size of lease payments is significantly higher than when using an instrument such as financial leasing.
• When the agreement expires, the property is returned to the lessor.

The company receives the item for a certain period, after which it undertakes to return it. While the property is in use, monthly payments must be made to the lessor's account. Experts note that the size of the latter is higher than when concluding a financial lease.

Typically, such an agreement is valid for a short period (1-2 years). If you want to enter into a contract for a shorter period, then this will be a rental.

If we consider these contractual relations using the example of car rental, it is worth highlighting the following important points:

Video. Comparison of leasing and credit

Comparison of operational and financial leasing

The main difference between these two agreements is that with the first there is no need for full compensation of the lessor's costs by the second party under the agreement. With finance, there is such an obligation.
Main Features

The participants in such relations are three persons:

• Lessee is the entity that uses the property.
• Lessor is the company that owns the property.
• Seller is the entity that delivered or sold the property.

The object of operational leasing may be:

• commercial or industrial equipment;
• various types of equipment (in particular, loading and agricultural);
• road transport (we are talking about both cars and trucks);
• real estate (office and production premises, retail space and more).

It should be remembered that operating leasing does not imply the acquisition of property. These are contractual relations related to the temporary use of certain objects.

Operational	Financial
This agreement is similar to a long-term lease	This type of relationship can be compared to a long-term loan or installment purchase
The lessee is not obliged to compensate for the costs incurred as a result of the operation of the item.	Responsibilities for maintaining the functional condition of the received property are transferred to the lessee
The contract is for 2 years or less	Usually issued for a period of at least 5 years
The lessee does not need borrowed funds	Requires the involvement of large cash from the outside to cover expenses under the contract
Ownership rights remain with the lessor	Ownership rights arise from the lessee
There is no possibility of repurchase of property	You can pay off the debt and become the owner of the leased asset ahead of schedule
The amount of payments that you will make during the period of use of the property usually does not exceed 90% of the value of the property recorded at the time of conclusion of the contract	The amount of all payments is approximately equal to the market value of the property

What should you pay attention to when concluding a contract?

This transaction is characterized, in particular, by the fact that it minimizes the risks of the lessee. After all, you don’t have to buy the property, you just get it for temporary use.

There are a number of conditions that are important to consider when concluding a contract. These include the following:

• Cost of services. In particular, the lessor has the right to demand an annual technical inspection of the equipment he leased. This will preserve its functionality.
• The procedure for ending contractual relations. The leased item must be returned to its owner after the expiration of the agreement period.
• Possibility to terminate the contract unilaterally. The lessee has this right if the property cannot be used for its intended purpose.

Pros and cons

Leasing should be used if:

• the profit received from the operation of the item does not cover its cost;
• it is possible that during operation the item used will become obsolete;
• the project you are working on is long-term;
• you do not need to overload the company’s balance sheet with non-core assets;
• the item received will be used for a one-time project;
• there is a need to order optional services that are included in the leasing instrument.

Today, operational leasing is used by business representatives in such industries as agriculture, transport sector, construction and some others.

In any case, a number of negative aspects, which characterize the leasing agreement. These include:

• There are restrictions on use. The lessor has the right to establish any regime for this. In particular, if a car is rented in this way, then the maximum annual mileage is usually fixed.
• Operational leasing services will always be more expensive than financial leasing. After all, payments for additional services are already included here.
• The company providing these services must first purchase the leased item. Only after this the search for the lessee is carried out. Therefore, when concluding a contract, you will have to choose from the available property.

How to make the right choice?

Companies providing leasing services, as a rule, can offer their clients long-term lease of expensive cars and special equipment. First of all, with the help of operational leasing it is possible to improve the image of the organization. Therefore, these services are most often used by representatives of the elite, those organizations in which image is of paramount importance.

If you look from the other side, it is worth noting that operational leasing provides entrepreneurs with the opportunity to use various new products in the field of equipment and technology. The fee for their operation is minimal, because you do not have to buy equipment or machines. Accordingly, ownership rights do not arise.

And, thirdly, operational leasing is relevant in cases where there is a need for one-time use of certain property. For example, you decide to build some kind of building. For this you need special equipment. You will use it throughout the construction period. Then there will be no need for it. Therefore, in such and similar situations, it would be more rational to conclude an operational leasing agreement than to buy special equipment.

Conclusion

Operating leasing is a profitable tool that is used today in the business environment. Thanks to it, you can become the owner of property for a certain period. Even if you can't afford to buy it.

In addition, upon expiration of the operational leasing agreement, the lessee is given the priority right to purchase the leased object. Of course, such issues are resolved on an individual basis. And if necessary, they should be discussed with the lessor. It would be good if this point is reflected in the text of the operating lease agreement.

For modern market characterized by a wide variety of leasing forms, types of contracts and legal norms regulating rental relations. Most forms of leasing come down to two main types: financial and operational.

Financial leasing provides for payments to cover the full depreciation cost of the equipment.

The essence of financial leasing is that the lessee pays the lessor the full cost of the acquired property, or, in other words, its full depreciation. This type requires large capital investments and is carried out mainly in cooperation with banks.

This form of leasing is characterized by the impossibility of terminating the contract during the lease period until the lessor's funds are fully reimbursed. In practice, sometimes such cases occur, but this entails an increase in the cost of the operation.

In this case, the leasing agreement is concluded for a longer period, and the objects of the transaction are usually of high value. In essence, such operations are a type of lending.

With operational leasing, the lessor's expenses are not covered during one term of the leasing contract.

As a rule, the contract in this case is concluded for a shorter period (2-5 years), which is much less than the period of physical wear and tear of the leased equipment.

The risk of loss or damage to the object falls primarily on the lessor. Even if the contract stipulates the tenant's liability, its amount is significantly less than the original price of the property. As a result, rates for this form of lease are significantly higher than in the case of financial leasing.

One more characteristic feature operational leasing - equipment is purchased in advance, and not by order of a specific lessee. This requires the rental company to have excellent knowledge of the used equipment market.

This form of relationship allows the tenant to transfer the risks associated with owning the rental property to the landlord. This is justified if the expected revenues are not able to recoup the original price of the equipment, or if it is required for a short period of time.

The above features make operating leasing convenient for industries such as transport, construction, agriculture and mining.

Operating leasing is leasing that is used for short periods of equipment rental. With an operating lease, the equipment is not fully depreciated over the lease period and can be re-rented or returned to the lessor.

Operating leasing today I According to the traditional division noted in any economic dictionary, leasing can be financial and operational (operational). The second case usually includes a type of service in which the term of the leasing agreement is significantly less than the useful life of the leased object, therefore, upon expiration of the contract, the leased object is returned to the lessor and can be re-handed over for operation. The estimated cost of operating leasing services is usually higher than financial leasing. “To put it simply, operational leasing is a long-term lease, financial leasing is a way of purchasing a leased asset, also a kind of long-term lease, but with the obligatory transfer of ownership to the lessee, it is similar to purchasing in installments - Renting is always more expensive than buying, even if you count present value. Renting is convenient for those who prefer to only use it. And leasing is for those who want to buy and receive ownership with tax benefits after use.” Cars are the most predictable asset in terms of value, so operational leasing has received the greatest development when purchasing cars, especially cars. The list of vehicle brands offered for leasing with residual value has expanded many times and now includes all brands officially supplied to Russia. Obviously, the volume of operational leasing is significantly less than the volume of financial leasing, because the majority of consumers of leasing services for motor vehicles are interested in purchasing cars as their own. In other words, we can note two fundamental differences between financial and operational leasing, which analysts constantly talk about. In the first case, the leasing period is comparable to the full depreciation period of the acquired property and the ownership of the leased asset passes to the lessee at the end of the contract. In the case of operational leasing, the leasing term is significantly shorter than the period of use of the leased item and ownership of the item remains with the leasing company upon completion of the contract. It is assumed that the leased asset is leased several times to different clients during its service life. “Operational leasing is an instrument of a higher order than financial leasing. A number of conditions are necessary for its appearance on the market. First of all, this is a developed secondary market for a specific type of property to enable the leasing company to correctly assess risks and the residual value of the asset received back from leasing. Secondly, the costs of current repairs fall on the shoulders of the leasing company, which implies a more complex business process within the leasing company and requires the presence of a comprehensive information system, clear interaction of all services, and additional investments.” Consequently, in small unstable leasing structures, operating leasing cannot arise at all. In practice, operational leasing is convenient for companies that have, or need, a fleet of vehicles and do not have the desire or ability to invest resources in the infrastructure to service it. Such companies receive ready-made cars for use (often with drivers) and do not experience “headaches” regarding current repairs, changing tires, storing tires, undergoing maintenance... Of course, higher leasing payments are paid for such a service compared to financial leasing. Irina Mikhailova, head of the commercial department of the Baltic Leasing Group of Companies, fully shares the unanimous opinion of experts that the predominant leasing option in Russia at the moment is financial. The operational option implies that the property will be returned back to the lessor: this carries significant economic meaning. In leasing payments for operational services, lessors do not include reimbursement of all their investment costs for property, which reduces the volume of these payments and makes operational leasing a cheaper option. In addition, operational leasing, unlike financial leasing, most often includes property maintenance and other additional services related to its operation.

OPERATING leasing is a leasing agreement in which the lessee, at his own request, receives for paid use from the lessor the leased object for a period of at least the period for which 90% of the cost of the leasing object, determined on the day the contract is concluded, is depreciated.

Operating leasing

Operating leasing- these are lease relationships in which the lessor's expenses associated with the acquisition and maintenance of leased items are not covered by rental payments during one leasing contract.

Operating leasing is characterized by the following main features:

the lessor does not expect to recover all of its costs by receiving leasing payments from one lessee;

The leasing agreement is concluded, as a rule, for 2-5 years, which is significantly less deadlines physical wear and tear of the equipment, and can be terminated by the lessee at any time;

the risk of damage or loss of the object of the transaction lies mainly with the lessor. The leasing agreement may provide for a certain liability of the lessee for damage to the property transferred to him, but its amount is significantly less than the original price of the property;

leasing payment rates are usually higher than for financial leasing. This is due to the fact that the lessor, without a full guarantee of cost recovery, is forced to take into account various commercial risks (the risk of not finding a tenant for the entire volume of available equipment, the risk of breakdown of the object of the transaction, the risk of early termination of the contract) by increasing the price of its services;

the object of the transaction is predominantly the most popular types of machinery and equipment.

At operational leasing The leasing company purchases equipment in advance without knowing the specific tenant. Therefore, companies engaged in operational leasing must be well aware of the market conditions for investment goods, both new and used.

In this type of leasing, leasing companies themselves insure the property leased and provide its maintenance and repair.

At the end of the lease agreement, the lessee has the following options for ending it:

Extend the contract term on more favorable terms;

Return the equipment to the lessor;

Buy equipment from the lessor if there is an agreement (option) to purchase at fair market value. Since, when concluding an agreement in advance, it is impossible to accurately determine the residual market value of the transaction object at the end of the leasing contract, this provision requires leasing companies to have a good knowledge of the market conditions for used equipment.

Using operational leasing, the lessee seeks to avoid the risks associated with owning property, for example, obsolescence, a decrease in profitability due to changes in demand for manufactured products, equipment breakdowns, an increase in direct and indirect non-production costs caused by repairs and downtime of equipment, etc.

Therefore, the lessee prefers operating leasing in cases where:

the expected income from the use of leased equipment does not cover its original price;

equipment is required for a short period of time (seasonal work or one-time use);

equipment requires special maintenance;

The object of the transaction is new, untested equipment.

The listed features of operational leasing determined its distribution in such industries as agriculture, transport, mining, construction, and electronic information processing.

Operating leasing is the same long-term lease, only in a modified form. This version of leasing relations balances somewhere between rental (short-term use of property) and financial leasing.

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