In recent years, such a form of providing foreign economic services as aircraft lease (leasing) has become widespread. This form of activity implies both obtaining aircraft for lease and leasing them. The firm (company) that rents out - the lessor, can at the same time be the recipient of the lease - the lessee. In a broad sense, a lease refers to an agreement to rent a specific property. In this case, the lessor remains the owner of the property. The tenant obtains the right to use the property for a specified period with the payment of rent.

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

Leasing agreements allow airlines to operate aircraft without paying advances and without major capital expenditures for the acquisition of these aircraft. At the same time, lessors are guaranteed the security of aircraft ownership and significant profits based on combinations of tax incentives, interest on capital investments and as a result of a possible actual increase in the residual value of aircraft after the lease term expires.

At the same time, leasing has its drawbacks, for example, limited ownership of aircraft to specific airlines, increased financial costs and, accordingly, operating costs (depending on the specific leasing terms).

There are different types of lease 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 is usually 10-20 years, the aircraft is fully managed by the lessee airline, with the cost of the equipment paid in agreed installments over the entire lease term. After the end of the lease term and full payment of the lease payment, the aircraft may become the property of the lessee with or without payment of the residual value (depending on the lease terms). As part of a finance lease, the profits and risks of ownership and operation are transferred to the lessee. The finance lease liability is included as long-term debt in the carrier's balance sheet. At the same time, finance leases enable lessors to calculate risks based on residual value rather than based on the airline's creditworthiness. As such, finance leases are widely used in a number of markets, notably the United States, where tax advantages allow financing from sources such as banks, insurance and leasing companies. A type of finance lease or capital lease is the so-called “weighted lease” (“livelihoods”), in which three parties are involved in the transaction: the lessor, the lessee and the lender. At the same time, long-term financing is provided by lenders. As a result of the transaction on "weighted lease" of aircraft, the airline actually purchases the aircraft in installments with payment of the cost throughout the lease. Initially, the airline pays 10-20% of the cost of aircraft, and the remaining 80-90% in installments in equal installments until the end of the lease term. Moreover, if a leasing company is involved in this transaction, it assumes the responsibility of the lessee / subcontractor. The lender in this case receives a stable interest on the borrowed capital. The main benefit of the renter airline is that it only pays net rent for the use of the aircraft. At the same time, cross-border lease provides significant advantages in tax benefits, since the tenant is subject to domestic tax legislation,

As an example of financial leasing for "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 Credit Lionnae banking corporation, with a lease term of 10 years. after which these aircraft become the property of the airline.

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

Operational lease. In an operating lease, the lessee simply uses the property he leases (usually for a relatively short period of time, not exceeding seven years). Cross-border leases (overseas), in addition to expanding aircraft financing opportunities, provide significant tax incentives. If finance leases are included as long-term debt in the airline's balance sheet accounts, then operating leases are not included in these accounts, which is important for an airline with sufficient debt levels.

Operational leases are attractive to carriers not only in terms of balance sheet accounts, but also because of the high degree of flexibility they provide in terms of 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 Lyonne France), Guinness Pete Aviation (Ireland), International Designs Corporation "(USA).

In addition to the aforementioned professional leasing companies, a joint-stock leasing airline ALAK was also established in Russia. In addition to the leasing of aircraft to domestic and foreign legal entities or individuals, its scope of activity also included export and import on the basis of leasing aircraft transferred to the jurisdiction of ALAC, as well as the provision of aviation and related services to passengers and clientele on the domestic and foreign markets.

Operating lease 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 surplus fleets and in turn lease them to leasing companies.

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

In recent years, leasing companies specializing in operating leases have also offered new types of services, such as access to the manufacturers 'order book and their delivery schedule, fully reserving the manufacturers' capacity. Orders from leasing companies currently account for about 20% of total new aircraft production and this share is expected to increase significantly over the next decade.

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

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

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

Article 10 the conditions of insurance against loss or damage, the limits of compensation for damage, and the conditions for release from liability are determined.

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

Article 12 determines the terms of sublease and transfer of rights by agreement to third parties.

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

Article 14 the conditions for the return of the leased property after the end of the lease term are discussed.

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

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

Freight prices are generally based on the cost of a flight hour for each type of aircraft, multiplied by the agreed minimum hours of flight per month or for the freight period as a whole.

The main obligation of the charterer is to provide the aircraft capacity and maintenance during the entire term of the contract in a condition suitable for use for the purposes stipulated by the contract. An essential element of the contract is the definition of the type of aircraft provided, the maximum number of offered seats for the carriage of passengers, containers for the carriage of baggage, cargo and mail. Thus, under a charter agreement, the charterer undertakes to provide the capacity of an aircraft of a particular type.

The aircraft must be serviceable, refueled with the required amount of fuel, equipped with radio signal equipment, meet airworthiness standards and other technical requirements for this type of aircraft, the aircraft must be provided with flight technical personnel trained for the flight, operation and maintenance of aircraft of the corresponding type ... When carrying passengers, flight attendants are also included in the flight technical personnel. The charterer is obliged to provide the chartered aircraft within the terms specified in the contract. In the interests of flight safety, the charterer has the right to postpone or cancel a flight, make landings during the flight, make stops, make necessary repairs, change the route or number! load taken on board in accordance with the terms of the contract. The charterer can use these rights without any compensation, including without reimbursement of damages to the charterer in the presence of force majeure circumstances (meteorological conditions that do not allow the aircraft to fly or force it to follow to an alternate aerodrome not provided for in the flight schedule; actions or orders of the authorities ; military action; other circumstances causing the suspension or restriction of flights in whole or in part, such as strikes; cases of mechanical breakdown, aircraft accidents that occurred through no fault of the charterer).

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

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

freighter. The parties to the charter contract are responsible for non-performance or improper performance of the contract, which occurred through their fault. The burden of proof that there is no fault lies with the party in breach.

Often, when chartering or leasing aircraft, a situation arises when an air carriage agreement is concluded by one company (airline), but actually transports another. For example, one airline, having concluded a contract for carriage, charters an aircraft from another airline. The first in this case is the charterer, and the second is the charterer who does not have a contract with the client, but who actually carries out the carriage. To avoid the situation when 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 concerning international carriage by air carried out by a person other than the contracting carrier. The Guadalajara Convention extends the Warsaw Convention of 1929 and the Hague Protocol of 1955 to the actual carrier.

The cost of airplanes and helicopters is very high. It can reach many tens or even hundreds of millions of dollars. Not all organizations can afford such purchases at their own expense. Most firms prefer to use the services of leasing companies.

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Concept

The word leasing can be translated as rent. Often it means the possibility of obtaining machinery or equipment for rent, with or without the right of further purchase into ownership.

Leasing of aviation equipment often provides for the possibility of obtaining not only an aircraft, but also the necessary infrastructure or equipment.

The lessee is offered the choice of purchasing a new or used aircraft or helicopter. At the same time, there is an opportunity to get exactly the brand and model that the client needs.

Initially, only carriers who needed to expand or modernize their aircraft fleet resorted to aircraft leasing services. Today, this option is also used by firms that purchase an aircraft or helicopter for their own needs.

Important! Private persons cannot lease an aircraft or helicopter.

Where to register

A huge number of leasing companies operate on the market, which are often associated with the largest Russian or foreign financial institutions. But not everyone is engaged in leasing of aviation equipment.

Each of the companies offers its own conditions, which the client should carefully study before signing the contract.

Let's consider what features should be considered when registering an aviation lease:

the size of the rise in price;
maximum lease term;
minimum and maximum advance payment;
responsibilities for insurance and aircraft registration.

Let's list in the table the features of popular companies offering aircraft leasing.

Company	Features:
MKB-Leasing	The amount of the advance payment is from 10%, the period is up to 10 years, the rise in price is from 5.44% per year. They specialize in aircraft for small and business aviation, as well as various flying equipment for agricultural, oil and other households. needs
Sberbank Leasing	The company has its own aircraft fleet, it is possible to lease new aircraft. They specialize in long-haul aircraft and helicopters.
VTB24 Leasing	The maximum amount is 500 million rubles, the term is 10 years, the minimum advance is 30% of the cost. Specialize in small aircraft and helicopters
VEB Leasing	The largest Russian lessor in the aviation segment. They specialize in the supply of equipment for the largest operators.

Types of aircraft leasing

Aircraft leasing is developing faster than other areas due to the high cost of aircraft and the impossibility of purchasing equipment immediately into the ownership of most companies.

At the same time, aviation leasing differs significantly from other types of this service due to the peculiarities of equipment registration and registration, as well as the need for expensive regular maintenance.

Let's consider the main types of aviation leasing:

operational;
financial;
returnable.

Video: Aviation Finance

Operational

The option when the company gets an aircraft for lease for up to 10 years is the most common in Russia. Short terms are convenient for lessees when renewing their aircraft and helicopter fleet.

The majority of Russian carriers take aircraft on a so-called dry lease. rents it without crew and ground handling. In this case, the aircraft is operated under the lessee's certificate.

Business is often more comfortable with another special type of operational leasing - “wet”. In this case, the aircraft is transferred along with the crew and maintenance. Such leasing is characterized by a period from 1 month to 2 years.

Operating leasing pays great attention to the chosen aircraft or helicopter. Investors are interested in getting liquid equipment as collateral with the possibility of re-leasing at the end of the contract.

Often, upon reaching a certain age, the planes are sold, sometimes with the possibility of receiving installments for payments.

Financial

A cheaper alternative to operating leasing is finance lease. Its peculiarity is the long term of the agreement. In this case, the lessee carries out all the current operations for the operation and maintenance of the aircraft.

Financial leasing is much more complicated technically. In this case, the plane or helicopter is purchased directly for the client and the lessor usually does not dispute his choice.

With financial leasing, increased requirements are imposed on the solvency of the lessee, since it is, first of all, considered as a form of long-term lending.

Usually, only large airlines that are able to meet their debts can often take an aircraft on a financial lease. It is impossible to terminate such an agreement without paying heavy fines.

Returnable

The practice of leaseback has appeared relatively recently and has not become widespread in Russia. According to it, the company independently negotiates suitable delivery conditions with the aircraft manufacturer.

After signing the contract, the airline applies to the leasing company to transfer the rights to the ordered aircraft and receive financing. In return, the air carrier undertakes to rent the equipment on pre-agreed terms.

This practice is suitable mainly for large air carriers, which can thus receive significant discounts from the manufacturer, which are not available to most financial institutions, and receive the desired equipment with precise coordination of parameters.

Usually, leaseback is characterized by the features of a financial lease, i.e. long term and transfer of ownership at the end of the contract. Although, in principle, operational leaseback is also possible.

Large air carriers arrange a lease-back tender between leasing companies. This results in even more attractive conditions and double savings.

Benefit from the acquisition of aircraft on lease

Not all companies that need aviation technology can afford to purchase it at their own expense. Loans for such amounts are also often unavailable due to the lack of a long-term positive credit history of young firms.

Thanks to leasing, equipment can be obtained quickly enough without looking for various types of collateral and with a fairly small set of documents. In addition, operational leasing allows lessees to be less concerned about the residual value of the aircraft.

Leasing options are especially convenient for air carriers that have appeared on the market relatively recently and have not managed to achieve sufficient popularity. The service allows you to quickly expand your presence in the market and quickly respond to its needs.

With operating leasing, the company can easily change aircraft once 5-7 years, and with financial leasing, it can receive significant tax preferences and an optimal source of investment.

Requirements for the lessee

In most Russian companies, only professional air carriers can lease aircraft. Although some companies are ready to lease small planes.

Depending on the type of aircraft, the requirements for the lessee vary. If a long-haul aircraft is purchased, then it is available only to lessees with operator certificates who have at least relative financial stability.

Commercial aircraft and helicopters are available to buyers even from mid-sized businesses. But a prerequisite will be the period of the firm's activities for more than 1 year and the availability of profit.

Table. Requirements for the lessee.

Aircraft requirements

Each leasing company has certain requirements for aircraft. They are significantly toughened in operating leases and virtually absent in financial leases for large air carriers.

Table. Basic requirements for the aircraft

Features:

A client who decides to lease aircraft equipment will have to put up with some peculiarities typical for this type of transaction. First of all, this is an expensive insurance under the CASCO program.

It is often necessary to additionally transfer deductions to the lessor's reserve fund and actually carry out overhaul of the aircraft if it is returned.

The purchase of an aircraft is a rather costly process, and it is not always possible to get a loan if you need to buy. The way out of this situation can be just leasing.

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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 regular loan. It is important to deal with those 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 buyout process, the cost of leasing increases sharply in the future.

In turn, the loan necessarily implies that at the end of the contract, the ship will go to the client.

It is worth noting that it is somewhat easier to apply for a loan due to the abundance of various design options.

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

It shares many qualities with a conventional lending agreement. However, there are many distinctive features. 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 somewhat more expensive than a regular loan from a bank.

Especially if the monthly payment is actually made for the rental of the vehicle, the redemption is paid separately. The format of the deal is similar to that of a regular loan.

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

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

A company acting as a lessor purchases an aircraft at its own expense and then, on a long-term lease, provides the vehicle for the use of the service recipient.

All such programs can be divided into separate categories:

with the option of redemption;
no option to redeem.

In the second case, the most common rent is usually meant. But at the same time, the service 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, upon execution of an agreement with the option of redemption, upon expiration of the agreement, the recipient has the right to redeem at the residual value. There are many different options for leasing.

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

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 non-payment of the lease may affect the credit history. Many banks operate leasing programs.

Where can you get in Russia

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

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

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

When choosing an enterprise 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 acquired. This moment is also best disassembled beforehand.

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

For example, when opened in large city new carrier. In this case, a profitable solution would be to contact the Alfa Leasing company. This enterprise is a subsidiary of Alfa Bank.

Required documents

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

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

certificate of registration as a tax payer on the territory of the Russian Federation;
company registration certificate;
an order on the appointment of the head of the enterprise, as well as the chief accountant - if any;
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 companies 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 lease agreement, you will need to prepare the following documents:

- it is drawn up in writing (it is on the basis of that that the leasing itself is provided);
a copy of all completed IP pages;
a certificate confirming the registration of an entrepreneur in USRIP;
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 the information about all the necessary documents would be best clarified in advance in the company that provides such leasing.

Requirements

Leasing of cargo planes for individuals without a down payment is possible only if certain important conditions for obtaining are met.

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

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

These conditions include:

the conditions regarding the availability of a certain profit are met;
all the necessary documents have been provided;
has a positive credit history;
the type of equipment, the acquisition of which should take place, is suitable for the concept of a particular enterprise.

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

The list of documents required to complete a lease agreement may vary significantly, depending on many different factors.

To the lessee

The aircraft lease agreement has certain features. First of all, this concerns the very possibility of financing such an acquisition. There are a wide variety of conditions that must be met.

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

the presence of a permanent source of income;
registration on the territory of the Russian Federation;
absence of negative aspects in credit history.

To the aircraft vehicle

Certain requirements are also imposed on aircraft that become ownership for a certain period. 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 legislation and the agreements reached. Activity in each case is set separately.

Why aircraft leasing is more profitable

Leasing itself has many different features and distinctive features. A preliminary acquaintance with those will allow you to 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 purchase of equipment after the expiration of the agreement;
leasing conditions in different companies may differ significantly - therefore, before issuing any specific product, you should carefully compare all available options;
a delay in lease payments 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 those.

Subtleties of design

There is a specialized regulatory document that defines the leasing procedure. And also the basic requirements for the contract, the very process of using the program.

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 points. And also independently monitor the observance of their rights.

What is wet leasing in aviation? What is it for? We will answer these and other questions in the article. Aviation leasing is the version of leasing that is used to buy and operate steel birds, as well as related equipment and infrastructure. This discipline combines project royalty and maritime lease systems.

Operating lease

It is known that "wet" leasing is an integral part of the operating. airlines and manufacturers use several different systems for the supply of aircraft for rent. The basic ones are two: financial leasing and operational.

Commercial aircraft are often leased through Commercial aircraft sales and leasing (CASL) businesses, the two most powerful of which are GE Capital Aviation Services (GECAS) and International Lease Finance Corporation (ILFC).

Operating leases are generally short-term. It lasts less than ten years, which makes it attractive when the liner is needed to launch a project (company) or a pilot expansion of an official carrier.

Thanks to the short operating lease term, the aircraft are protected from wear and tear. This point in most countries is the most important due to frequently modified laws regarding ecology and noise. And what about the states where airlines are less creditworthy (for example, the countries of the former USSR)? Here operating lease is the only way to buy an aircraft for an airline.

In addition, it gives the company flexibility: it becomes able to manage the composition and size of the fleet, reduce and expand it in accordance with demand.

Depreciation

Under operating leases, aircraft equipment is not fully depreciated during the lease. After the expiration of its term, it can be rented out again or returned to the owner. On the other hand, the residual price of the airliner upon completion of the lease is important to the owner. The owner can request that the returned vehicle undergo maintenance (eg C-check) in order to hasten the transfer to the next operator. Just like in other leasing areas, a security (security) deposit is often required in an air lease.

How does wet leasing work in Russia? In operating leases, the delivery period for aircraft is no more than seven, sometimes ten years. The customer must pay leasing payments on a monthly basis, their amount depends on the term of the contract.

Special form

So what is wet leasing? This is a special type of operating theater, when the aircraft is rented out together with the crew. That is, when the aircraft, its crew, insurance (ACMI) and maintenance are entrusted by one airline (lessor) to another or another type of business that acts as an air travel intermediary (lessee), paying administration by the hour.

The renter supplies fuel, taxes, airport taxes, any other duties, and so on are also included. Its flight number is applied. "Wet" leasing, as usual, lasts from 1 to 24 months. A shorter lease is considered as a short-term charter flight on behalf of the client.

Practice

Wet leasing is usually used during the peak traffic seasons, either when new flights are opened, or during mass annual inspections of the technical situation. Airliners obtained through this type of lease can travel by air in countries where lessees are prohibited from working.

This discipline can also be a form of charter, whereby the lessor provides basic operational services, including ACMI, and the lessee balances the assistance received with flight numbers. In all other forms of charter, the lessor also issues flight numbers. Different wet leasing options can also have codeshare with seat reservation.

Political reasons

Wet leasing is a great tool. It can be applied for political reasons. For example, EgyptAir, an Egyptian state-owned company, cannot transport passengers to Israel under its own name because of the policy of its state. As a result, Air Sinai is in charge of the flights of this country from Cairo to Tel Aviv. To avoid this political issue, it is it that provides "wet" leasing to EgyptAir.

In the UK, this discipline is called the operation of an aircraft under the operator's certificate (AOC) of the lessor.

Qualities

What else is good about “wet” aircraft leasing? It consists of mandatory equipment maintenance, repair, insurance and other operations for which the lessor is responsible. At the request of the tenant, in addition to these services, the owner can train qualified personnel, engage in marketing, supply raw materials, and so on.

The subject of this type of leasing is most often complex specific devices. In most cases, wet leasing is used either by their manufacturers or wholesalers. Banks and financial institutions rarely resort to this type of transaction, since they do not have the necessary technical base at their disposal.

In practice, there are many forms of leasing agreements, but they cannot be considered as separate types of lease transactions.

Lease forms

"Wet" leasing involves many different nuances. In international practice, the following forms of lease transactions have become the most common:

Under the Lease to the Supplier, the seller of the equipment also becomes a lessee, as in a return transaction. But the rented property is not used by him, but by another tenant, whom he must find and hand over to him the object of the contract. Sublease is a prerequisite for such contracts.
Leasing "Standard" provides for the sale of the object of the transaction to a financing organization, which through its leasing companies hands over it to consumers.
In a renewable form, the agreement provides for the periodic replacement of equipment at the request of the renter with newer samples.
General leasing is the tenant's right to increase the list of equipment received without concluding new contracts.
Joint-stock (group) leasing - leasing of large objects (towers, ships, airplanes). In such transactions, the owner of the equipment is several enterprises.
A contract lease is a special form of leasing, in which the lessee is provided with complete fleets of machines, tractors, road construction and agricultural machinery.
When a lessor obtains a long-term loan from one or more lenders for up to 80% of the leased assets, leasing occurs with attraction of funds. Here the creditors are large investment and commercial banks that own impressive resources, attracted for a long time. Leasing transactions are financed by banks through loans or purchase of liabilities.

These are just the most popular forms of leasing contracts. In practice, it is possible to combine different forms of agreements, which increases their number.

Commercial aircraft

And yet, why is aviation leasing necessary? It is used because of the high cost of airliners. For example, the Boeing 737 Next Generation in 2008 cost about $ 58.5-69.5 million. It is used by Ryanair and Southwest Airlines. In general, few airlines can afford to pay for their fleet in cash as they have low margins.

Commercial steel poultry is purchased by airlines using more sophisticated financing and leasing techniques (by raising debt capital and obtaining loans). The most popular leasing schemes for commercial aircraft are finance and operating leases and secured loans. An example of a wet lease agreement can be obtained from any relevant company. There are other options for paying for aircraft:

bank loan or finance lease;
real funds;
operator leasing and sale or finance lease;
manufacturer support;
tax leasing;
EETCs (Equipment Trust Certificate).

These schemes primarily relate to tax and accounting. These include interest, amortization tax deductions and operating costs, which can reduce tax liabilities for the financier, operator and lessor.

Private airliners

Leasing a private jet is identical to a car loan or mortgage. A basic deal for a corporate jet or small private jet can be done like this:

the borrower provides basic data about the expected aircraft and about himself to the lender;
the lender finds out the price of the aircraft;
the lender searches the property by the registration number of the board in order to find problems in the ownership;
the lender prepares materials for the transaction: a security agreement, from a third party (if the borrower turned out to be less creditworthy).

At the conclusion of such a transaction, credit documents are drawn up, ownership and funds are transferred.

Leasing on VT (Aviation leasing)

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

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

Operating leasing is used for relatively short aircraft lease terms. Under an operating lease, aircraft are not fully amortized during the lease period and after the expiration of the lease they can be rented out again or returned to the lessor. In Russia, the delivery time for aircraft under operating lease is, as a rule, no more than seven, sometimes ten years. The basic financial terms of an operating lease provide for the customer to pay monthly lease payments, the amount of which is set depending on the lease term. After the end of the lease term, the aircraft is returned to the lessor.

A finance lease is a transaction for the special purchase of an aircraft from a manufacturer into the ownership of a leasing company, with the subsequent transfer of the aircraft to the airline for temporary possession and use for a period approaching the useful life and amortization of its entire value. In Russia, airplanes are supplied to airlines on a financial lease, as a rule, for a period of 15 years. At the end of the lease term, ownership of the aircraft is transferred to the customer airline. Additionally, the airline pays for aircraft maintenance and insurance. At the same time, during the term of the financial lease, the airline has the right to purchase the aircraft at the agreed cost.

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

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

The modern stage of the formation of leasing relations is associated with the spread of leasing in Western Europe and Japan, and then around the world.

Leasing arose due to the fact that there appeared business entities that felt the need for a specific element of fixed assets or intangible assets for the implementation of an investment project, while experiencing a lack of financial resources for self-financing and sufficient collateral to obtain a loan.

Various forms of attracting resources to entrepreneurial activity have arisen as a result of the need to use convenient schemes for the acquisition of expensive equipment; therefore, these schemes are more complementary to each other than act as competitors.

Table 3 presents the prerequisites for the emergence of legal structures.

According to the data of the International Finance Corporation and the State Statistics Committee of Russia, a graph has been built that reflects the change 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, the analysis of the state and prospects of its development is reflected in the works of domestic economists of the last decade, and the very concept of “leasing” is interpreted rather ambiguously by them, 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 entrepreneurial activity associated with attracting investment;
3_e opinion: leasing is a special property relationship arising from the transfer of property for temporary use;
4_e opinion: leasing is a long-term lease;
5_e opinion: leasing is an investment mechanism similar to buying in installments;
6_e opinion: Leasing is an investment transaction 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 a leasing operation lead to the substitution of the concept of leasing as such in a specific form of its application. For a supplier of equipment, leasing can be viewed 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.

In this way, leasing must be considered from the point of view of the systemic relationships of all participants in the leasing operations.

Legal constructions similar to leasing are purchase with own funds, rent, bank loan, commercial loan and order. The main similarities and fundamental differences between the above legal structures with leasing are presented in Table. five.

When analyzing the similarities and differences presented in Table 5. of financial instruments with leasing, it becomes obvious that the economic essence of a leasing transaction gives the emerging tripartite partnership relations 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 relations, 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 free financial resources, applies to the leasing company with a business proposal to conclude a leasing transaction, according to which the lessee can choose the seller who has the required property, and the lessor acquires 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 must not exceed the market value. At the end of the agreement, depending on its terms, the property is either returned to the lessor, or becomes the property of the lessee, or is used on the same terms by extending the lease agreement.

For leasing, you can highlight 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 when resources are scarce and other forms of financing are unavailable or ineffective by attracting available limited resources to points of economic growth.

Thus, having considered 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 develop 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, 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 the calculation of lease payments.

The financial and economic assessment of investment projects is central to the process of justifying and selecting possible options for investing funds. Since leasing is one of the forms of investment activity, the well-known and generally accepted economic methods for evaluating investments are applicable in the analysis and planning of the leasing process. Over the 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 in the course of economic analysis. Leasing as a way to finance investments has its own characteristics.

Comparing foreign leasing works 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 selected investment assessment method for the analysis of leasing. The most commonly used are five basic methods for evaluating investments, which can be grouped into two groups:

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

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

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

they must be objective - to assess unambiguously and not allow controversial assessments; the criteria must be adequate - to evaluate exactly what should be evaluated; the criteria should be neutral - equivalent in relation to the objects under study.

In the majority of domestic leasing methods, neither the statement of the problem nor the choice of the criterion for analysis is considered.

Third, the most significant reason for the visible differences in methods is the definition of leasing itself. That is, the answer to the question is given in different ways: "What is leasing?" Apparently, the revision of the history of the issue from opportunistic considerations and the underdevelopment of market relations in Russia have become the main reasons for justifying many domestic leasing methods solely on the calculation of rental rates and the amount of rent.

Methods of domestic approaches in calculating lease payments:

* Methodology for calculating the total amount of lease payments and scheduling their payments. Author - E.N. Chekmareva. The technique was published in 1994 in the book by E.N. Chekmareva "Leasing business".
* Guidelines for the calculation of lease payments developed by the Ministry of Economy of the Russian Federation and intended for the calculation of financial lease payments. The guidelines were published in 1996.
* Methods for determining the amount of lease payments, presented in the book by V. A. Goremykin "Fundamentals of the technology of leasing operations", 2000.
* Methodology for calculating lease payments, published by L. Prilutsky in 1996;
* Improvement of the method of payments for leasing transactions in investment activities, published in 1998 in the book "Financial leasing at the enterprise;
* Methodology for determining lease payments in conditions of hyperinflation, published in 1996 by CJSC "Moscow Leasing Company";
* The method of calculating payments for leasing, ensuring the break-even of the lessor's activities, proposed by R.G. Olkhovskaya and published in issue 1/2 of 1998 of the Leasing Review Journal "(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. Olkhovskaya);
* The method of financial rents presented by L. Prilutsky in the Leasing Courier magazine;
* Method of PDS (cash flow) presented in the magazine "Leasing Courier";

Methods of foreign approaches in calculating lease payments:

* Options for comparative analysis of lease and credit financing, given in Chapter 13 "Rent" of the book "Commercial Banks"; authors: Reed E., Cotter R., Gill E., Smith R ... (Moscow: Progress, 1993).
* Determination of the lease rate for industrial equipment using economic and mathematical methods. Gutman, E .; Yagil, J. A practical derived lease rate algorithm // Management science. - Providence, 1993. - Vol. 39, No. 12.-P. 1544-1551;
* Methodology for assessing the effectiveness of financing an enterprise through leasing or bank loans. Financial decision making model. Petrolillo, P. Leasing e mutuo: un tentativo di analisi finanziaria finalizzata alla scelta della fonte di finanziamento // Riv. bancaria. - Milano, 1992. - A. 48, No. 3. - P. 71-83;
* On the reasons for the conclusion of 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 much in common and consider similar problems encountered in Russian literature. These works are united by a "market approach" to solving leasing problems, and they do not find a mention of the method of calculating lease payments, which is so widely known in Russia, which is limited to summing up the lessor's costs. The basic rules of the "market approach" are shown in Fig. 7.

Compliance with all these rules will provide an opportunity to present the calculation of lease payments in a logical and understandable form for a modern entrepreneur, and will reveal the advantages of a leasing operation when compared with other investment mechanisms.

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

Social changes in 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, a redistribution of industries took place, 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 fundamentally changed. The unified transport structure of the USSR was practically instantly divided into several hundred airlines, airports, service enterprises (refueling, catering, etc.). The repair factories became independent. The main market factors that have determined the state of civil aviation in Russia, are the reduction of almost three times in the volume of traffic (the level of air traffic in Russia in 2004 corresponds approximately to the level of traffic in the USSR in 1963-1964) and an increase in air fares for air transportation, which took place against the backdrop of a fall in effective demand of the population. Small airlines became unprofitable, and the largest did not have the funds to buy new aircraft.

Several hundred aircraft and helicopters are annually written off to develop the resource. With the introduction on April 1, 2002 of Chapter III of ICAO (ICAO - International Civil Aviation Organization), the access of Russian aircraft to international flights is limited. Of the Russian aircraft, the ban includes Tu-134, Tu-154B, Il-86, Yak-40, etc.

About 70% of civil aircraft are in the final stages of operation and operate on resources extended beyond the values \u200b\u200bstipulated in the terms of reference. Table 8. shows the schedule of the decommissioning of the main aircraft in the period 1996-2001. During 1999-2005. about 300 civil aircraft are to be written off annually. According to the forecast, by 2015 - less than 30%. Reduction in the number of major aircraft types for the period 2002-2010 shown in Fig. nine.

Today it was officially announced that "the main mechanism for the integrated development of air transport, taking into account the interests of air carriers, developers and manufacturers of aircraft, is the further development of aviation leasing on the basis of leasing companies created with the participation of the state." Leasing of aviation equipment 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, including: leasing economic long-term lease

* Financial Leasing Company (FLC), Moscow;
* "Ilyushin-finance" (IFC), Voronezh;
* "Aviakor-Leasing", Moscow;
* "Central Aviation Leasing Company", Moscow, etc.

In the current conditions, air carriers can independently make decisions about their development, choosing a 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 the current legislation. Therefore, a constant desire to order foreign aircraft, backed up by preferential terms of financing transactions and permits to deviate from the current customs legislation, will always be present in this market. The main attractive feature of Western aircraft has been and remains the high quality of technology and an impeccably working system of maintenance and repair.

The aviation industry in the West is capable of offering any type of new aircraft. In addition, there is a huge number of unclaimed aircraft on the western market (more than 2 thousand units), and today competition is no longer with new aircraft, but with aircraft of the secondary market, which 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 economic parameters in the domestic market.

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

Today it was decided to form a united aircraft building company, which 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 allow combining the interests of the state and the owners of aircraft building assets. Rational use of consolidated public-private resources, optimization of activities through the merger of structures, reduction of competition, closure of unprofitable enterprises, etc., will become a subject of special concern. careful study.

Quite similar values \u200b\u200bfor the number of aircraft needed are given by the TsAGI forecast named after Zhukovsky. Based on these conditions, the main problem becomes the problem of ensuring the normal functioning of the created 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 up to 2015". First of all, the normal serial production of Il-96-300 (15-20 VS), Tu-204, Tu-214 (60-70 VS), Tu-334 (15-20 VS) aircraft, PS-90A engines should be organized , main systems and their components for the organization of operation and uninterrupted maintenance in Russian airlines.

Basic concepts when drawing up an aviation lease agreement.

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

* the subject of aviation leasing is civil aviation equipment: aircraft, their onboard equipment and assemblies, engines, simulators, ground radar air traffic control, navigation, landing and communication facilities, as well as ground handling facilities for aircraft and ground infrastructure;
* Aviation leasing is a type of activity associated with the acquisition of aircraft lease items at the expense of our own or borrowed funds and their transfer to individuals and legal entities on the basis of an aviation lease agreement for a specified fee, for a specified period and on certain conditions stipulated by an aircraft lease agreement, with redemption or non-redemption;
* an aircraft lease agreement - an agreement under which the lessor undertakes to acquire the 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 or without the option to redeem.

The aircraft lease agreement contains the following participants:

1) the lessor (LD) of aircraft leasing items (hereinafter referred to as the lessor) is a leasing company that, at the expense of attracted or its own funds, acquires the aircraft lease items in accordance with the purchase and sale agreement or other agreement and provides them to the lessee for a certain 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 aircraft leased items (hereinafter referred to as the lessee) is an individual or legal entity that has a license to carry out aviation activities and who, in accordance with the aircraft lease agreement, is obliged to accept the aircraft lease item for temporary possession and use for a specified fee, for a certain period and on certain conditions;
3) the seller of aircraft lease 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 contract, transfers the aircraft lease item to the lessor for its subsequent transfer to the lessee.

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

Leasing types.

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

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

Operative leasing offers the airline to use the aircraft for the period specified in the lease agreement for a fixed rental fee. At the end of the operating lease, the leased aircraft does not become the property of the airline, but is returned back to the lessor.

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

In financial leasing with additional attraction of funds, the issues of pledge, 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 object:

* the lessee independently chooses the seller and the leased asset, 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 the fulfillment of obligations under the contract of sale of the leased object;
* the lessor appoints the lessee as his agent for ordering goods from the supplier.

Operational (operational) leasing - implies the opportunity for the lessor to rent out his property, which he buys at his own risk and peril, repeatedly during the standard period of his service.

1. The Lessee orders the necessary equipment.
2. The lessee asks the lessor about the basic terms of the lease agreement, 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 lease agreement.
4. The lessor pays for the declared property to its manufacturer under the sale and purchase agreement or supplies the lessee with the previously used equipment. By agreement of the parties, the manufacturer can carry out maintenance and repair of the 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 by the lessee of his liability.
8. The lessee returns the object of the transaction in connection with the expiration of the term (lease agreement).

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

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

In operational leasing, the lessee seeks to avoid or reduce the risks associated with the ownership of property as an owner, as well as to exclude direct and indirect non-productive costs that most often arise with the need for repairs or in the event of equipment downtime. Therefore, the lessee prefers operational leasing to other forms of purchasing equipment and machinery in cases when:

* the expected income from the operation of the leased equipment does not pay off its original price;
* the object of the transaction is required by the lessee only for a short period (for example, for the period of seasonal work or one-time, intended use);
* leased 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 both unique new equipment that has not been tested in operation, or already used, possibly repeatedly.

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

Operational leasing is also associated with the fact that lessors, as a rule, have 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 is used 13.

Leaseback (sale-and-leaseback - sale and reverse lease - release) is a system of interrelated agreements, in the form of financing, similar to banking, in which the airline sells aircraft (its property) to a bank or leasing company with the simultaneous conclusion of an agreement on the long-term lease of its former aircraft on a lease basis (Fig. 14).

The lessor can be a bank, an insurance company, a leasing company, as well as an individual investor. Leaseback is beneficial to both parties, since the lessor pledges his profit into the amount of lease payments, and the lessee has the ability to attribute the lease payments to the cost of the manufactured product.

A leaseback lease in its external form is similar to a property mortgage, 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 funds through the sale of property, but at the same time, having concluded a lease agreement, continue to use it, that is, increase capital and preserve assets.

Leaseback can be used if the airline's solvency does not meet the requirements of the lending organization. Leaseback leasing is successfully used to equalize the balance due to the sale of aircraft equipment by the enterprise not at the book value, but at the market value. When the market value outstrips the initial value of the aircraft, this transaction allows the airline to bring its balance sheet in line with the market environment, increasing its financial strength.

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

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

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

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

The cost of the aircraft was $ 118 million including VAT, excluding VAT - $ 100 million.

At a depreciation rate for the aircraft of 10%, the minimum lease term for the lessee is 10 years:

A distinctive feature of the acquisition of aircraft on a lease basis is the statutory possibility of applying accelerated depreciation to a coefficient equal to 3. For the example presented, we apply an accelerated depreciation coefficient equal to 2.5, then the depreciation rate will be 25%: H \u003d 10% H 2.5 \u003d 25%.

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

T \u003d \u003d \u003d 4 years.

The calculation of the average annual cost of the aircraft is presented in table. 17.

Based on the obtained values \u200b\u200bof the average annual cost of the aircraft, property tax and margin (income) of the leasing company were calculated in table. eighteen.

Since the cost of the aircraft is huge ($ 100 million excluding VAT) and the lessor does not have free funds in this amount, the leasing company needs to 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 amount to $ 32.5 million (Table 19).

When summarizing the general results in table. 20 will initially receive 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 excluding VAT, we get $ 26.44 million and, summing up the two considered values, we calculate the required "Costs of the leasing company with VAT", the amount of which was $ 173.34 million for 4 years of leasing ...

Thus, the lease cost of the aircraft exceeded the initial one by 1.47 times (173.34 / 118 \u003d 1.47), which is fully justified by the inclusion in the lease payments of interest for using a bank loan and income (margin) of the lessor.

When calculated using the annuity method, lease payments per year for the lessee (airline) will be $ 43.3 million (173.34 / 4) and, accordingly, per month \u003d $ 3.61 million, or 93.86 million rubles.

Tax advantages of a leasing deal.

In accordance with the 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. Possibility of using the mechanism of accelerated depreciation of property by the participants of the leasing operation with a coefficient not higher than 3 (with linear and non-linear methods of depreciation).
2. Possibility of accounting for 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 the 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 debt capital. If the organization has property tax benefits, the method of accounting for property on the lessee's balance sheet leads to a decrease in the cost of leasing.
3. Savings on company deductions when paying property tax, the taxable base for which, with accelerated depreciation, becomes a rapidly decreasing residual value.
4. Assignment of the listed lease payments to the expenses (cost of production) of the lessee, which allows the taxpayer to reduce deductions for the payment of income tax.
5. The possibility of the lessor receiving tax benefits based on decisions of the 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 the payment by installments.
7. Leasing has the following advantage over bank lending. For many companies, such a source of financing as bank lending is not available. A number of banks do not finance projects that are implemented "from scratch" or do not have sufficient collateral, that is, high-risk projects.

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

Example. Let us consider how much it is possible to reduce the taxable base of a million dollars when purchasing an aircraft on a lease basis using accelerated linear depreciation (coefficient 2.5) in comparison with the operation of purchasing an aircraft for its own funds.

The aircraft lease term is 4 years, the annual depreciation deductions are equal to $ 25 million. Accelerated depreciation is not applied when purchasing an aircraft at the expense of own funds, therefore, the depreciation deductions will be carried out for 10 years and amount to $ 10 million. 21. shows the calculation of the reduction of income tax due to the use of accelerated depreciation.

Consider a reduction in property tax by applying 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.).

Table 23 we calculate the reduction in property tax when accelerated depreciation is applied.

From table. 23 shows that by using accelerated depreciation when purchasing an aircraft on a lease basis, you can save $ 2.64 million on property tax in 4 years.

When designing a leasing transaction, it must be borne in mind that, unlike the scheme for obtaining a commercial loan, the interest on the loan that the lessor pays 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 lease payments are subject to VAT. The legislation allows for the paid VAT to be accepted for refund.

In the example, the airline will present 26.44 million rubles for compensation. when purchasing an aircraft on a lease basis. 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 \u003d $ 8.44 million.

To compare the leasing operation and the operation of purchasing an aircraft at the expense of own funds, it is necessary to use the cost of the aircraft and the lease payment excluding VAT, respectively, the cost of the aircraft excluding VAT is $ 100 million, the lease payment excluding VAT is $ 146.9 million. - 100 \u003d $ 46.9 million

The tax advantage of a leasing transaction over an acquisition using its own funds is 14.4 + 2.64 + 8.44 \u003d 25.48 million rubles.

Thus, the excess of the lease payment will decrease by 25.48 million rubles. and will amount to 46.9 - 25.48 \u003d 21.4 million rubles.

Conclusion: the effect of a reduced taxable base in a leasing operation reduces the lease fee to $ 121.42 million.Thus, the excess over the initial cost excluding VAT ($ 100 million) is 21.4%

What is aircraft leasing. What is wet leasing