Along with the lessor and the lessee, an additional participant is included in the financial leasing agreement - the seller of the leased property, which is absent in operating leasing.
With financial leasing to operating leasing. The preferential right to choose the property and its manufacturer (seller) belongs to the user. In addition, the lessor is obliged to notify the seller of the property that it is being acquired specifically for leasing it. In operating leasing, the seller of the property does not play an independent role or is simply absent.
Unlike operating leasing, in financial leasing, the lessee is endowed with the rights and obligations inherent in the buyer. The lessor has only the obligation to pay for the property and the right to terminate the contract of sale with the seller.
Under an operating lease, the lessor is liable to the lessee for all shortcomings that prevent the use of the property.
Under a financial leasing agreement, the lessor is not liable to the user for the shortcomings of the transferred property, as well as for the harm caused to the life and health of citizens in the process of using the leasing object, as well as to the property of the user and third parties. Also, the lessor is completely free from the performance warranty obligations associated with the detection of defects in the object of the leasing transaction. This obligation is assigned to the manufacturer (supplier) of the property, and the lessee directly applies to him with a requirement to eliminate the shortcomings.
The lessee assumes the obligations associated with the ownership (risk of accidental loss, maintenance). Since the risk of accidental loss of property lies with the user here, he is obliged to fully fulfill his financial obligations to the lessor.
With operating leasing, all risks remain with the lessor, therefore, if the property turns out to be in disrepair for reasons beyond the control of the lessee, the latter may demand early termination of the contract. Accordingly, upon termination of obligations, the obligation to pay rent ceases.

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  Difference between financial and operational leasing. In the contract financial leasing
  At financial leasing an active role is assigned to the lessee, which is unusual operational leasing.


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  Difference between financial and operational leasing. In the contract financial leasing along with the lessor and the lessee include
  At financial leasing an active role is assigned to the lessee, which is unusual operational leasing.


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  Difference between financial and operational leasing. In the contract financial leasing along with the lessor and the lessee include
  At financial leasing an active role is assigned to the lessee, which is unusual operational leasing.


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  Difference between financial and operational leasing. In the contract financial leasing along with the lessor and the lessee include
  At financial leasing an active role is assigned to the lessee, which is unusual operational leasing.


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  Difference between financial and operational leasing. In the contract financial leasing along with the lessor and the lessee include
  At financial leasing an active role is assigned to the lessee, which is unusual operational leasing.


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  Difference between financial and operational leasing.
  Role finance Finance


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  Difference between financial and operational leasing.
  Role finance in activity joint-stock company. Finance joint-stock company (JSC) - these are monetary relations that arise at all stages of creation, etc.


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  Financial and operating leasing.
  Difference between financial and operational leasing. In the contract financial leasing


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  Difference between financial and operational leasing.
  Role finance in the activities of the joint-stock company. Finance joint-stock company (JSC) - these are monetary relations that arise at all stages of creation, etc.


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  Financial and operating leasing.
  Difference between financial and operational leasing. In the contract financial leasing along with the lessor and the lessee include an additional one.

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Operational leasing refers to a lease relationship in which the equipment is not completely depreciated and can be re-leased. It is applied in case of conclusion of short-term contracts. Therefore, the costs of purchasing and maintaining the property are not covered by payments received from one contract.

Features of operational leasing

This type of leasing has the following features:

• The duration of the leasing contract is much shorter normative term exploitation of the object of leasing. Therefore, one contract cannot cover the costs arising in connection with the purchase and maintenance of the property.

• must know the specifics of the equipment market well. After all, he does not specifically buy property for a particular client, but transfers the equipment available. Therefore, in order to fully satisfy the needs of potential customers, it is necessary to study well both new and used equipment.

• The property is leased more than once.

• may initiate the termination of the contract if, due to certain circumstances, the property cannot be used for its intended purpose.

• The leasing company carries out repairs and maintenance of the equipment at its own expense.

• All risks of accidental damage to property are borne by its owner.

• Lease payments are much higher than with financial leasing. This situation is explained by additional risks, in particular, the property may be damaged or it will no longer be possible to lease it.

Operational leasing - leasing, which is used for short periods of equipment rental. In an operating lease, equipment is not fully depreciated over the lease term, and may be re-leased or returned to the lessor.

Operational leasing today I am According to the traditional division noted in any economic dictionary, leasing is financial and operational (operational). The second case usually includes a type of service in which the term of the lease agreement is significantly less than the useful life of the leased asset, therefore, at the end of the contract, the leased object is returned to the lessor and can be re-transferred to work. The estimated cost of operational leasing services is usually higher than financial leasing. “Simplistically, operational leasing is a long-term lease, financial leasing is a way of buying a leased asset, also a kind of long-term lease, but with the obligatory transfer of ownership to the lessee, it is like buying in installments – Renting is always more expensive than buying, even if you calculate present value. Renting is convenient for those who prefer to use only. And leasing is for those who want to buy, get property with tax benefits after use.” Cars are the most predictable asset in terms of value, so operational leasing has received the greatest development precisely when buying cars, especially cars. The list of brands of vehicles offered for leasing with a residual value has expanded many times and now includes all brands officially supplied to Russia. Obviously, the volume of operational leasing is much less than the volume of financial leasing, because the majority of consumers of leasing services for vehicles are interested in acquiring cars for ownership. 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 at the end of the contract passes to the lessee. In the case of operational leasing, the leasing period is significantly shorter than the period of use of the leased asset and the ownership of the subject remains with the leasing company upon completion of the contract. It is assumed that the object of leasing is leased several times to different clients during the period of its operation. “Operational leasing is a tool of a higher order than financial leasing. A number of conditions are required for its appearance on the market. First of all, it is a developed secondary market for a specific type of property for the possibility of a correct assessment of the risks by the leasing company and the residual value of the asset received back from the lease. Secondly, the cost of current repairs falls on the shoulders of the leasing company, which implies a more complex business process within the leasing company and requires a comprehensive information system, clear interaction of all services, and additional investments.” Consequently, in small, unstable leasing structures, operational 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 infrastructure to maintain it. Such companies receive ready-made cars for use (often with drivers) and do not experience “headaches” about current repairs, tire replacement, tire storage, maintenance... Of course, higher lease payments are paid for such a service compared to financial leasing. Irina Mikhailova, head of the commercial department of the Baltic Leasing Group, 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 a significant economic sense. Lessors do not include reimbursement of all their investment costs for property in lease payments for operating services, which reduces the volume of these payments and makes operating leasing a cheaper option. In addition, operational leasing, unlike financial leasing, most often includes maintenance of property and other additional services related to its operation.

OPERATIONAL leasing is a leasing agreement in which the lessee, at his request, receives the leasing object for paid use from the lessor for a period not less than the period for which 90% of the value of the leasing object is depreciated, determined on the day the contract is concluded.

Operational leasing

Operational leasing is a lease relationship in which the lessor's expenses related to the acquisition and maintenance of leased items are not covered by rental payments during one lease contract.

Operational leasing is characterized by the following main features:

the lessor does not expect to recover all its costs through the receipt of lease payments from one lessee;

a leasing contract is concluded, as a rule, for 2-5 years, which is much less than the period of physical deterioration 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;

lease payment rates are usually higher than in financial leasing. This is due to the fact that the lessor, not having 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 amount of equipment available, the risk of breakdown of the transaction object, the risk of early termination of the contract) by increasing the price of their services;

the object of the transaction are mainly the most popular types of machinery and equipment.

At operational leasing the leasing company purchases equipment in advance, without knowing the specific tenant. Therefore, operating leasing firms must have a good knowledge of the investment goods market, both new and used.

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

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

Extend the term of the contract on more favorable terms;

Return the equipment to the lessor;

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

With the help of 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 operational leasing in cases where:

the expected income from the use of the leased equipment does not pay off 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, electronic information processing.

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

Any legal entity periodically needs to be updated or replenished with fixed assets, which leads to significant costs. Naturally, for large-scale companies this is not a problem. But if the company is small, then its financial capabilities are not so wide, which means that you cannot do without a loan. That is why today legal entities often resort to such a service as leasing.

Essence and main types of leasing

Leasing is a type of investment activity that competently combines the components of lending and rent in its structure. In the process of concluding a leasing agreement, as in the case of lending, an analysis of the financial capabilities of the client is carried out, while the assessment methods are completely the same. This fact can be explained by the fact that the leasing company, like the lending bank, invests money in the purchase of certain property at the request of the lessee. To return the funds invested in the transaction is one of the key tasks of the lessor. What does, for example, operational leasing have in common with rent? Of course, this is the transfer of specific property for use, for which the client pays lease payments.

There are four main types of leasing in the literature: financial, international, returnable and operational (operational) leasing. It is important to note that in the Russian Federation the first type is the most common. To assess the overall picture and draw appropriate conclusions, it would be appropriate to analyze each type of leasing and identify their main distinguishing features.

Operational leasing

Let's figure it out. An operating lease is a lease that is not a financial lease. That is, the risks of owning or operating the leased asset are not transferred to the lessee (otherwise known as the lessee). In turn, the lessor (lessor) displays this property in the balance sheet.

It is important to note that an operating lease agreement is concluded for a period of time not exceeding the depreciation period of the leased assets, and also provides for the return of property to the owner when the contract is no longer relevant (ceases to operate). In the case of an operating lease, insurance, maintenance and other arrangements are taken over by the lessor. Thus, the total payments of the lessee often do not cover the costs of the lessor in relation to the acquisition of assets, so the contract is concluded repeatedly.

Features of operating leasing

Among the key features endowed with operational leasing, it should be noted that the cost exceeds the costs of financial leasing. This can be explained by the fact that registration costs, maintenance and, as a rule, the landlord (who is also the owner of the leased property) undertakes the insurance. In addition, the term of an operating lease agreement is significantly less than the guarantee period for the operation of assets. Thus, a company providing leasing services has the opportunity to give property to the so-called lease more than once, while receiving approximately the same profit. Naturally, with each new delivery of assets, the profit decreases, which can be explained by the depreciation of property. Of course, and the price becomes a little less. And this is good news for lessees. That is why operating leasing of cars or other mechanized equipment is very common today. What is the difference between the operational variety and the financial one?

Financial and operational leasing: distinctive features

Operational differs from financial, first of all, in that after the expiration of the leasing agreement, there is not a transfer of assets to the ownership of the lessee, but their return to the lessor. In addition, the conclusion of a financial leasing agreement indicates a long-term transaction (for example, in the case of the purchase of expensive equipment and cars, this period of time can be up to ten years). It should be noted that the period should in no case exceed the guaranteed life of the assets. As noted above, operating leases are somewhat more expensive for the tenant. But such expenditure items as registration, maintenance and insurance are covered by the landlord.

Benefits of operating leasing

As a result of the analysis of operational leasing and its comparison with financial leasing, some conclusions can be drawn. Thus, operating leasing has a number of advantages:

• Exclusion of the need to attract borrowed capital, since the company's balance sheet always maintains the optimal ratio of borrowed and equity funds.
• The costs associated with the acquisition and further maintenance of assets are distributed evenly over the period of the operating lease agreement. Thus, it is appropriate to release Money, for example, to invest in other equally interesting projects of the company.
• As noted above, this type of leasing already includes insurance, maintenance and registration costs in its structure, which allows you to distribute financial flows in accordance with the focus on the company's core business.
• The process of planning and budgeting is simplified, because the amount of payments provided for by the leasing agreement is determined in advance.
• The tax base is being optimized: leasing payments are included in the prime cost and reduce the income tax base. In addition, value added tax on lease payments is fully refundable.

What about operating leasing in Russia

Unfortunately, operating leasing of a company has practically disappeared in Russia today. Programs of this type are relevant only for some companies providing leasing services. As a rule, they are engaged in car leasing. Such a deplorable state is mainly due to the presence of significant contradictions that arise in modern times between the legislation and the direct nature of operating leasing. More specifically, when re-leasing assets that were returned to the leasing company by the lessee in accordance with the terms of the contract, one of the conditions stipulated by the legislation for leasing is excluded: the acquisition of assets for leasing to a specific lessee.

The key characteristics of the transaction depend on what type of Leasing you choose (starting from the cost of the service and ending with the nuances of taxation of the operation).

In this article, we will consider the features of operational leasing, its advantages and disadvantages, and to make it easier for you to navigate the specific difference in 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 the Operative is very close to the classical lease. It provides for the transfer of the right to use the Subject of Leasing by the owner of the property (the Lessor) to the lessee (the Lessee).

The term of such transfer is less than the term of full depreciation of the property, with the obligatory return to its owner after the term of the Leasing Agreement expires.

Characteristics:

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

Correlation of Operational leasing by division by other criteria:

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

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

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

Participants of operational (operational) leasing:

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

The subject of operational leasing can be very different property:

• equipment: trade, industrial;
• equipment: agricultural, loading;
• vehicles: cars, trucks;
• real estate: workshop, office, retail space.

But General characteristics they still have, and these signs are due to the essence of the operation and the interests of the Lessor:

1. Typical areas of application of Leased property.
   The equipment/machinery/transport should be of interest to the widest possible range of potential Lessees, because during the period of operation it is assumed that the property will be repeatedly transferred for use by different enterprises.
   Thus, you need to understand that highly specialized equipment for the production of unique products, the analogue 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 Object to it will cost more than the price of a new one) cannot be taken into Operational leasing. In such a situation, only Financial will be available to you.
2. The longest possible life of the Lease Subject and its insignificant exposure to accelerated wear and tear.
   When choosing between machines with similar characteristics, but from different manufacturers (a world-famous German manufacturer and a young Chinese company), the Lessor will prefer to deal with a reputable "machinery bison" - its products are guaranteed to last the entire period according to the technical passport with a minimum risk of irretrievable damage. And it will be much easier to find a new tenant for it ...

Operational leasing is not a 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 out the property, but only temporarily use it.

But there are a number of conditions that can make a deal unprofitable.:

1. The cost of services and services included in the Leasing payments. The Lessor has objective reasons for insisting on a number of them: for example, the annual technical inspection and repair of equipment will help keep it in good working order and lease it to the next company.
   Others may be redundant: for example, Information support on foreign trips (especially if the transport is planned to be used only on the territory of the Russian Federation).
2. Relationship termination order. Feature Operational Leasing— return of the Lease Subject to the disposal of the owner. Therefore, pay special attention to the clear designation of the return deadlines and the specifics in the description of the sequence of actions performed for this.
3. The Lessee has the right to terminate the agreement if the property is found to be unusable.

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

Differences between Financial and Operating leases

Characteristic	financial leasing	Operational leasing
Operation analogues	Long-term loan for the purchase of fixed assets Purchase of machinery/equipment in installments	Long term rental
Operation duration	Medium to long term operation, approaching the life of the property	Not more than 75% of the life of the leased asset
Taxation and accounting	The subject of Leasing is listed on the balance sheet of the Lessee Depreciation is taken into account in the reporting of the Lessee Lease payments are accounted for financial expenses(like paying off a loan with interest)	The subject of the Leasing is listed on the balance sheet of the Lessor Lease payments are accounted for as other expenses (as payment for services of third parties)
Economic ownership of the Leased Subject	Lessee	lessor
Possibility of the Lessee to redeem the property ahead of schedule	There is	Usually absent
The total amount of lease payments pledged at the beginning of the lease period	Approximately equal to the market value of the property	Not more than 90% of the market value of the property at the time of conclusion