9. Factoring and forfeiting operations.

Factoring is the process of buying accounts receivable in exchange for immediate payment at a discount. There are usually 3 parties: 1) Seller of the product or service, 2) Debtor (customer of a seller), 3) Factor (factor firm or bank). Factor firm or bank buys accounts receivable and pays for them by parts.

Forfaiting (type of factoring) – is the purchasing of an exporter's receivables (the amount importers owe the exporter) at a discount by paying cash. The forfaiter, the purchaser of the receivables, becomes the entity to whom the importer is obliged to pay its debt. By purchasing these receivables - which are usually guaranteed by the importer's bank - the forfaiter frees the exporter from credit and from the risk of not receiving payment from the importer who purchased the goods on credit. While giving the exporter a cash payment, forfaiting allows the importer to buy goods for which it cannot immediately pay in full. The receivables, becoming a form of debt instrument that can be sold on the secondary market, are represented by bills of exchange or promissory notes, which are unconditional and easily transferred debt instruments.

Экспортер и импортер заключают договор, экс.отправляет товар, импортер – пакет векселей. Экспортер продает пакет векселей со скидкой форфейтеру, а импортер выплачивает долг частями (форфейтеру). Вексель - вид ценной бумаги. По своим свойствам вексель можно квалифицировать, как частный случай бескупонной облигации. Вексель можно в любой момент продать 3му лицу (форфейтеру) надписав его. Передаточная надпись на векселе называется индоссаментом. Продавая вексель, его владелец переуступает форфейтеру право требования долга. Таким образом, продав вексель, поставщик может получить деньги до наступления срока платежа. При продаже векселя его владелец не платит комиссии. Интерес форфейтера заключается в скидке, предоставляемой владельцем векселя, от номинала. Эта скидка называется дисконт, её размер оговаривается сторонами при заключении сделки и зависит от текущих % ставок и рисков.

Exporter and importer enter into a contract, ex send goods, the importer - a package of bills. Exporter sells a package of bills discounted Forfaiter and importer pays duty parts (Forfaiter). Bill - the form of the security. In its properties, the bill could be described as a special case of zero-coupon bonds. Bill, you can always sell 3MU person (Forfaiter) writing some of it. Endorsement on an instrument called an endorsement. By selling the bill, the owner assigns Forfaiter the right to claim the debt. Thus, by selling promissory note, the supplier can get the money before maturity. When selling a bill the owner does not pay commission. Forfaiter interest rebate is provided by the owner of a bill, the nominal value. This discount is called the discount, its size is agreed between the parties in the transaction, depending on the current% of rates and risks.

9. The essence of financial and operational leasing

A finance lease is a lease that is primarily a method of raising finance to pay for assets, rather than a genuine rental. The latter is an operating lease. The key difference between a finance lease and an operating lease is whether the lessor (the legal owner who rents out the assets) or lessee (who uses the asset) takes on the risks of ownership of the leased assets. The classification of a lease (as an operating or finance lease) also affects how it is reported in the accounts. Also known as a capital lease, a financial lease is a situation in which a finance company or other lessor purchases an asset, then leases that asset to a client or lessee for a specified amount of time.

Comparison with operating lease. A finance lease differs from an operating lease in that: * in a finance lease the lessee has use of the asset over most of its economic life and beyond In an operating lease the lessee only uses the asset for some of the asset's life. * in a finance lease the lessor will recover all or most of the cost of the equipment from the rentals paid by the lessee. In an operating lease the lessor will have a substantial investment or residual value on completion of the lease. in a finance lease the lessee has the benefits and risks of economic ownership of the asset (e.g. risk of obsolescence, paying for maintenance, claiming capital allowances/depreciation).

In an operating lease the lessor has the benefits and risks of owning the asset.

Лизинг -это комплекс имущественных и эконом отношений, возникающих в связи с приобретением в собственность имущества и последующей сдачей его во временное пользование за определенную плату. Лизинг — это инвестиционный инструмент, позволяющий предприятию, не привлекая собственные ресурсы, произвести модернизацию основных фондов и получить новое необходимое оборудование или другие непотребляемые предметы. Лизинг — это способ получения средств на развитие, совмещенный с оптимизацией налогообложения предприятия. Фин лизинг (фин аренда). Срок договора лизинга сравним со сроком полезного использования объекта лизинга. По окончании договора лизинга остаточная стоимость объекта лизинга близка к нулю и объект лизинга может перейти к лизингополучателю. По сути является одним из способов привлечения лизингополучателем целевого финан-ния (в целях приобретения объекта лизинга). Операционный (оперативный) лизинг. Срок договора лизинга существенно меньше срока полезного использования объекта лизинга. По окончании договора объект лизинга либо возвращается лизингодателю и может быть передан в лизинг повторно, либо выкупается лизингополучателем по (материальной) остаточной стоимости. По экономической сущности близок к аренде. В связи с этим договоры оперативного лизинга обычно более краткосрочные, чем договоры фин лизинга. Оперативный лизинг имеет свою довольно обширную рыночную нишу. 1)это поставки высокотехнологичного оборудования, которое быстро устаревает, и поэтому для клиента выгоднее обновлять его каждые 2-3 года, чем получать в собственность. 2)это поставки оборудования для выполнения разовых или сезонных работ, например в строительстве или сельском хозяйстве. Особенно высок спрос на краткосрочную аренду транспортных средств, что весьма актуально в контексте острой конкуренции в автолизинге.

Leasing is a complex of property and economy of relations arising in connection with the acquisition of the ownership of the property and its subsequent delivery to the temporary use for a fee. Leasing - is an investment tool that allows enterprise without involving its own resources, carry out the modernization of fixed assets and get new equipment or other non-consumable items. Leasing - a means of obtaining funds for the development, combined with the optimization of corporate tax. Lease Fin (Fin rent). The term of the lease agreement is comparable to the useful life of an asset. At the end of the leasing contract residual value of the leased object is close to zero, and the object of leasing can pass to the lessee. In fact one of the ways to engage the lessee of the financial target (in order of acquisition or leasing). Operating (operational) leasing. The term of the lease agreement substantially less than the useful life of the leased object. At the end of the contract to lease or returned to the lessor and can be sent to re-lease or redeemed by the lessee (the material) the residual value. On the economic substance similar to the lease. In this regard, the operational leasing contracts are usually more short-term than leasing contracts Fin. Operational leasing is a fairly large gap in the market. 1) is the supply of high-tech equipment that is rapidly becoming obsolete, and therefore more profitable for the client to update it every 2-3 years, than to receive the property. 2) is the supply of equipment for the one-time or seasonal work, such as construction or agriculture. Particularly high demand for rental vehicles, which is very important in the context of intense competition in the auto leasing.