operative leasing

According to the traditional division, noted in any economic dictionary, leasing is a financial and operational (operational). The second case is usually referred type of service for which the term of the leasing contract is substantially less useful life of the leasing object, so at the end of the term of the lease contract the object is returned to the lessor and may be re-transferred to the job.

The estimated cost of the services of operative leasing is usually higher than the financial. "Simplification, operational leasing - a long-term lease, financial leasing - a way to buy the object of lease, also a kind of long-term lease, but with a mandatory transfer of ownership to the lessee, it is similar to hire purchase, - says Alexander Mikhailov, Vice President Business Development Europlan. - Rent is always more expensive than buying, even if you find the present value. Rent is convenient for those who prefer to just enjoy. A lease - for those who want to buy, receive, after use in the property tax exemptions. "



Cars - the most predictable in terms of the value of the assets, therefore operating leasing has received the greatest development is when buying cars, especially cars. List of vehicle brands, offered in leasing with residual value, repeatedly expanded and now includes all brands, officially delivered to Russia. It is obvious that the volume of operational leasing is considerably less than the amount of financial leasing, because the majority of consumers of leasing services for road vehicles interested in purchasing cars in the property.

In other words, it is possible to note two fundamental differences in financial and operational leasing, which is constantly analysts say. In the first case, the lease term is comparable to the full term of amortization of acquired property and ownership of the leased asset at the end of the contract to the lessee. In the case of operational leasing the leasing period is significantly shorter period of use of the leased asset and ownership of the object remains with the leasing company upon completion of the contract. It is assumed that the subject of the lease is leased to different clients several times during its lifetime.

"Operational leasing - the tool of a higher order than financial leasing, - says Denis Trynin, an expert in the field of leasing services. - Requires a number of conditions for its appearance on the market. First of all - the development of a secondary market for a specific type of property to be able to properly assess the risks of the leasing company and the residual value received back from the leasing asset. Second, the cost of repairs borne by the leasing company, which implies a more complex business processes within the leasing company and requires an integrated information system, a clear interaction of all services, and additional investment. " Consequently, in small unstable operating leasing leasing structures can not occur at all. In practice, the operational leasing is useful to companies that have, or they need, fleet and have no desire or ability to invest in infrastructure for its maintenance. These companies are ready to use the machine (often with drivers) and have no "headache" about the current repairs, replacement of rubber tire storage, passing MOT ... Of course, for such a service to pay higher lease payments compared to financial leasing .

Irina Mikhailova, head of the commercial department of GC "Baltic Leasing" fully shares the unanimous opinion of experts that the predominant option of leasing in Russia at the moment is financial. Operating option means that the property will go back to the lessor: it carries a significant economic sense. The lease payments for operational lessors type of service do not include the reimbursement of all of their investment costs on the property, which reduces the amount of these payments and makes operational leasing a cheaper option. Moreover, operating leasing, as opposed to financial, often includes property maintenance and other additional services connected with its operation.

"I think the operational leasing will develop further, but affecting certain industry segments, depending on the market situation, - develops the theme Irina Mikhailova. - For example, a feature of the present moment is the operational leasing of rolling stock. This situation is due to the rapid growth of prices for rolling stock, making financial leasing services uneconomical for operators rolling stock. But operating leases can fully meet their needs. "

The revival in demand for the replacement of aging and breaking equipment and vehicles, the desire of businessmen to earn during the crisis, to come to new niches, to beat the competition - that is what animates the industry. It is clear that the crisis better funded, observing the lever, and the balance of cash flow than to divert all their own funds even small purchases of fixed assets. "The interest of Russian lessees to operational leasing is increasing, but to levels in Europe (about 25% of all purchases of transport) is still very far away, - says Alexander Mikhailov. - Most operational leasing in Russia are western companies and large Russian companies with a large park service cars, which is much more interesting use of the leasing object, than the right of ownership to it, and the associated costs. And for the "Westerners" it might just be setting their foreign "parent" organizations. "