FOK company (Financial and organizational consulting) - Fundraising. External sources of financing Consulting services attraction of financing pledge of the purchased object

Each organization seeks to develop, gaining new opportunities, expanding sales markets, increasing the scale of production, etc. For this, the company's management based on a long and in-depth analysis of the market conditions and features own enterprise decides on the need to implement certain projects. These development paths must be profitable. After their introduction into production, financial programs the company must at least recoup its costs for such events.

In order to be able to increase net profit and develop harmoniously in a market environment, an organization must look for ways to finance its activities. Such resources should not exceed the total income from their use. therefore fundraising is one of critical tasks, which are decided by the management of any company.

General concept

Can be produced different ways... However, what they all have in common is the ultimate goal. All sources that finance are attracted for specific projects. In this case, an accurate complex calculation is carried out. Risks are taken into account, the likelihood of profit by both the investor and the enterprise.

Project finance can be viewed broadly or narrowly. In the first case, this concept means the entire set of methods and forms of providing the developed project with the necessary finances. In a narrow sense, project financing is understood as methods and forms of ensuring a certain direction of the company's activities, which will bring profit.

In this article, project financing will be considered in a narrow sense. It will allow you to understand how risks and income are optimally distributed between all parties. Each project generates a certain level of profit or loss.

Financing options

There are certain ways to attract funding. Each enterprise can introduce new projects into its production activities with the help of its own and borrowed money... Moreover, in the first case, the resources for the implementation of the project are cheaper, but they are not enough for harmonious development.

The borrowed capital is different enough high cost... Each investor expects a reward for the use of his temporarily free funds by the enterprise. Therefore, at the end of the established period, the organization returns the borrowed capital to the owner with interest. This is more expensive capital.

However, without attracting borrowed funds, an enterprise cannot develop harmoniously, conquer new niches in the market, and expand its sales markets. It is for this reason that almost every organization resorts to the help of investors. They provide an opportunity for development, increasing the amount of the company's profit. But you will have to pay interest for this. The optimal ratio of borrowed and equity capital guarantees maximum amount arrived.

Methods

For financing can be produced by various methods. The company carefully calculates which of the following options is more appropriate in the given conditions.

An organization can fund its projects by one of the following methods:

1. Equity financing. One of the most common methods in this category is attracting share capital.
2. Self-financing. Are applied own funds the owner of the company.
3. Lending. Bonds are issued or loans are taken from banking institutions.
4. Leasing.
5. Receipts from budgetary funds.

Large enterprises can use several methods to implement their projects at once, which were listed above. Funds to ensure the work of each direction of the company are presented in the form of cash and non-cash Money.

Domestic financing

The cheapest way to raise finance called self-financing. This is to ensure the implementation of enterprise projects at the expense of its internal sources. In this case, it can be applied authorized capital formed from shareholders' funds. This fund is formed when the society is created.

Also, own sources of financing include flows of funds that are formed as a result of the company's activities. This amount includes retained earnings, as well as depreciation funds.

If an enterprise chooses this financing path, it creates a special fund. It is intended strictly for the implementation of a specific project. This method of financing has a limited scope. It is suitable for small projects... For large-scale transformations, the introduction of new production lines, our own funds will not be enough. In this case, third-party funding is required.

External sources

Attraction of external financing in some cases it becomes extremely necessary. At the same time, the list of subjects who are ready to provide their temporarily available funds for the use of the organization, quite extensive. It can be both physical and legal entities... Funds for the implementation of the project can be provided by both state and foreign investors... Additional contributions from the founders of the organization can also be used.

Each source that can be attracted by the company has its own advantages and disadvantages. Therefore, it is extremely important to develop the correct financing strategy when choosing it. All available methods should be compared with each other. At the same time, the company chooses the most profitable type of financing. In this case, the profitability of investments, the risk when using them, must be taken into account.

Using borrowed sources a scheme for their attraction is being developed. This allows you to calculate the optimal amount of paid funds, which would be enough to carry out each step of the implementation of the created plan.

Shareholding

Can be done by corporatization. This concept includes funds received as a result of an additional issue of shares, as well as share or other similar contributions to the authorized capital of an organization.

Investors allocate a certain amount of their funds to the project. Moreover, each of them contributes a certain share. Such financing can take several forms.

Shareholding can be done in one of three main ways. The first of these is the additional issue of shares. The second method can be attracting new shares, deposits or other investment contributions from the founders of the organization. In some cases, a third approach is used. It involves the creation of a new enterprise that will work for the implementation of the project.

The presented methods are suitable only when it is necessary to implement a large-scale, large-scale project.

Bank loans

Can be implemented at the expense of This is currently one of the most effective forms of project financing. It is suitable for those organizations that, for certain reasons, cannot issue new shares. If this type of financing is not feasible for a specific project, a bank loan will be one of the best ways to innovate.

The presented resources have a lot of advantages. A bank loan allows you to develop a flexible financing scheme. At the same time, there are no costs for the placement and implementation of new valuable papers.

It is when using credit funds financial institutions you can get the effect of financial leverage. In this case, the profitability of using own funds increases with the use of borrowed capital. At the same time, income tax is reduced. In this case, the interest cost is charged to the cost price.

Bonds

Can be done at the expense In this case, the company issues corporate bonds for an existing project. This allows you to attract resources on more favorable terms.

In this case, you do not need to provide collateral, as in the case of a bank loan. Debt repayment occurs upon the expiration of the entire life of the borrowed funds. There is also no need to provide lenders with a detailed business plan.

If difficulties arise during the implementation of the project, the company that issued the bonds can redeem them. Moreover, the price may be lower than in the initial placement.

Leasing

Can be carried out through leasing. This is a complex of relations between the owner and the recipient for the temporary use of movable and real estate for long term rent.

Under the contract, the lessor undertakes to purchase an object of property from a certain seller, and then provide it to the lessee for temporary use. The latter has the opportunity to independently choose an object of property that he will take for temporary use.

Moreover, the term leasing agreement less than the established duration of the object's operation. When the term of the contract has passed, the lessee will be able to redeem the object at residual value or rent it on favorable terms.

Choosing the type of financing

It is made by comparing several options for attracting resources for the implementation of the project. Only with a sufficiently high profit from attracting borrowed funds, the company enters into appropriate agreements. In each case, a certain type of support for a certain direction of the company is suitable.

After considering how it happens attraction of financing, you can understand the principles by which one or another type of resource is selected.

Fundraising is one of the basic needs of any enterprise. This problem is solved in the interaction of an enterprise with an investment institution, for example, for the placement of an issue of shares or bonds. Thanks to such interaction, the company can correctly build its policy of raising capital, choose the optimal sources of financing, and reduce the cost of borrowed funds. On the other hand, within the framework of the enterprise, there may be divisions that have funding needs. For satisfaction, they can, firstly, request resources within the enterprise, and secondly, go to the capital market external to the enterprise.

The real sector of the economy has investment opportunities, the implementation of which requires capital resources in order to generate profit. On the other hand, there are sectors that do not have internal investment potential, however, owning free resources. The capital market emerged and developed as a mechanism that simplifies and cheapens the relationship between those who own resources and those who need them.

The banking system is one of the conductors of capital to the real sector. However, in the current situation in the country's economy, banks are losing their status of stronghold financial system... Confidence in banks has been shaken, which will cause, among other things, increased selectivity in issuing loans, especially long-term ones. As a result, the enterprise, even with obvious investment opportunities, may be left without financing.

The most attractive for the enterprise is the securities market, which, unfortunately, having not had time to develop to the point where not only large, but also medium and small enterprises can attract resources on it, was thrown back as a result of the crisis for several years. Currently, only the largest and most professional operators remain on the stock market, and the volume of transactions has decreased tenfold. Consequently, it is advisable to adjust the plans to issue shares for sale on the market in the direction of attracting foreign investors.

But life does not stop, that is, the need for funding does not diminish. Enterprises often face financing problems, moreover, the problem of one business is the lack of funds for potential growth, the other is the lack of funds in general (with stagnating production), and the third is the inability to expand on existing sites.

For an enterprise, as a rule, complex financing services are needed - attracting investors, both on a debt and equity (share) basis, but without transferring ownership of a controlling stake. Enterprises of the second type are interested in attracting a strategic investor, and the main shareholders, most likely, agree with the loss of control. As a rule, a strategic investor wishes to acquire more than 50%, and sometimes more than 75% of the shares of such an enterprise, that is, to absorb it. The owners of enterprises of the third type have funds (or present schemes for obtaining funds) for the acquisition (acquisition) or merger (merger) with another business, which should bring additional income(synergistic effect).

Services of all listed types are specific financial institutions- investment banks, which are still just emerging in Russia as a link in the financial system. Large universal banks are most often transformed into investment banks. investment companies and banks operating in the securities market.

On the one hand, an investment bank must have a powerful analytical service capable of working together with the enterprise to penetrate the essence of production and investment processes... On the other hand, an investment bank needs an infrastructure that allows it to work in all segments of the securities market, as well as to organize interaction with banking structures.

The investment bank searches for a strategic investor, acts as a merger advisor and participates in all necessary equity transactions.

A typical corporate finance product offered by an investment bank usually contains services for:

• 1. Assessment of the need to attract resources (investment diagnostics);
• 2. Development of optimal financing instruments and development of recommendations for their application (investment design);
• 3. Intermediation between the enterprise and the capital supply structures (issuing activities, credit granting transactions);
• 4. Accompanying the financing project (financial consulting).

The analysis of the enterprise's activities is carried out with the degree of detail required to identify the volume of the need for additional financing. It is possible that the need for additional funding will not be identified at all. However, financial analysis and economic assessment enterprises are quite important in the investment banking process. It is on the basis of the results of the analysis that all further actions are built to select the type of sources and attract funding.

It should be added that the basis for meeting the needs of an enterprise in financing is a transaction (a series of transactions) for the purchase and sale of its securities or for the provision of a bank loan. The most important parameters of the transaction are its size and price, which, among other things, depend on financial instrument selected to meet the investment needs of the borrower.

Debt financing of an enterprise is profitable to use not on a temporary basis, but with a constant share in the advanced capital, that is, consistently replacing debt with its own financial resources in equal amounts. On the one hand, this frees one from a one-time repayment of a fairly large main part of the debt from profit or other own sources. On the other hand, while maintaining a significant share of debt in the advanced capital of the enterprise, it is possible to constantly use tax advantages financial leverage, thereby increasing market value enterprises. Of course, this behavior will require a clear calculation based on stable profitable performance.

The financing instrument is selected depending on the amount, term and restrictions on the cost of capital imposed by the profitability of the enterprise's projects. Almost any possibilities are initially considered - from common shares to bank loans and bonds. The issue of shares, as already mentioned, can hardly be successfully placed on the Russian market at the present time. There is, however, the possibility of a private placement, which means the sale of the entire issue to one or several strategic investors. Services investment bank may include looking for such investors.

Bank loans are currently unnecessarily expensive. However, the investment bank can work to create a banking syndicate that lends to the company at a reduced rate. A syndicated loan is usually cheaper than a loan from a single bank, since the entire set of credit risks associated with this loan, is divided among the members of the syndicate.

Today's problems banking system- the basis for the emergence of the possibility of issuing corporate bonds, which are a debt financing instrument of a credit nature. Possible bond issue of various kinds: coupon bonds (with fixed and floating coupon yields), discount bonds and convertible bonds (the yield is linked to the parameters of the placement of an additional issue of shares and their market value).

Small bond loans ($ 3-10 million) can be privately placed. Large loans (more than $ 10 million) must be serviced jointly by several financial institutions and placed privately, among large investors and publicly, among small and medium investors.

There are also many "unconventional" Russian market capital instruments with which it is possible to attract financing. Some of the tools used in financial practice to attract financial resources are discussed below, however, it should be borne in mind that, as a rule, it is often possible to design a tool that exactly meets the specifics of a particular enterprise and is most suitable for it.

Issue financing options

One of the ways to attract financing for KoSMO LLC can be corporatization and subsequent attraction of financing through various emission options:

• 1. Issue of ordinary shares.
• 2. Issue of preferred shares.
• 3. Issue of bonds of the enterprise.
• 4. Issue of bills for a loan.

Issue of ordinary shares

The issue of shares allows attracting financing on a long-term basis, while the issuing company does not assume fixed obligations. The disadvantage of this capital raising option is extremely low market prices on the Russian shares established by now. Therefore, shares can be sold only if a large strategic investor is attracted, who wants to acquire a significant (usually at least blocking) block of shares.

The cheapest and most accessible form of development of any business is the reinvestment of the earned profit. However, in the event that the plans are ambitious enough and large investment projects are planned, domestic financing may not be enough. Then the only opportunity to implement the project is to attract external financing.

IN modern world exists a large number of various sources of external financing, borrowed and attracted. The most popular type of external financing is bank loans. To attract financing in the form of a bank loan, it is necessary to fulfill a whole range of requirements for borrowers: to secure a loan with a pledge of property, to provide a justification and an expert assessment of the project feasibility. Loan repayment must be guaranteed regardless of the success of the project.

An alternative to a bank loan is the issuance of bonds or bills. Attracting funding sources in the form of a bonded loan usually costs businesses less than a bank loan. But you have to bear the additional costs of issuing bonds and additional inconveniences due to the presence of a large number of creditors of bondholders instead of one creditor - the bank.

This method of attracting external financing, such as issuing securities, can significantly save on costs, but can lead to a significant limitation of independence in decision-making. Therefore, in case of release additional shares it is necessary to take into account the risks associated with the redistribution of share capital and the loss of control over the business.

Attraction of financing sources in the form of factoring, forfeiting or leasing allows companies that do not have sufficient own funds to modernize production and enter new level development.

A fairly new type of fundraising is targeted project financing, in which payments are made directly from the cash flows generated by the project. A feature of project financing is the distribution of contractual risks between project participants.

For selection the best option attracting external financing, it is necessary to analyze the activities of the enterprise, its financial condition, property assets and debt portfolio, to evaluate investment attractiveness projects for various groups of investors. One of fundamental principles when attracting funding sources, it is necessary to maintain the financial balance of the company. The ratio of borrowed capital to the company's own funds should ensure financial sustainability company and be within the risk tolerated by the owners of the company and potential investors.

Find out more about the services of attracting financing and investments -

Financing an enterprise is providing enterprises with the necessary financial resources. Initially, the formation of financial resources occurs at the time of the establishment of the enterprise, when the statutory fund is formed.

Its value shows the size of those fixed and circulating funds that are invested in the production process. Financing the fixed assets of the enterprise should solve the problem of ensuring expanded reproduction. Timely financing of the enterprise allows it to solve the problems of doing business and its own development. To attract the implementation of this, the enterprise must have certain sources of funds. In addition, it must determine the optimal source of funding.

Sources of financing for the enterprise are divided into internal and external. Internal sources call the company's own funds: profit and depreciation deductions... And external sources are various borrowed and attracted funds: proceeds from the issue and placement of shares, bank loans, sale of shares in the authorized capital, and so on. Each of the internal and external sources has its own characteristics. So, use for development own resources allows the company's management to maintain independence in production activities, make decisions quickly and not bear the cost of returning funds. But often the company's own funds cannot cover the entire need for financing, and then the attraction of external sources is the only opportunity to develop the company. In practice, all of the above forms of financing costs can be applied simultaneously.

And now I propose to consider in detail the sources of funding. At the place of origin financial resources enterprises are classified into:

▪ domestic funding;

▪ external financing.

Domestic financing involves the use of those financial resources, the sources of which are formed in the process of financial economic activity organizations. Examples of such sources are net profit, depreciation, accounts payable, reserves for future expenses and payments, deferred income.

When external financing funds are used that enter the organization from the outside world. Sources of external financing can be founders, citizens, the state, financial and credit organizations, non-financial organizations.

Grouping of financial resources of organizations by sources of their formation is shown in the figure below.

The financial resources of the organization, in contrast to the material and labor resources, are distinguished by their interchangeability and susceptibility to inflation and devaluation.

Currently, an urgent problem for domestic industrial enterprises is the state of fixed assets, the depreciation of which has reached 70%. In this case, we are talking not only about physical, but also about obsolescence. There is a need to re-equip enterprises with new high-tech equipment. In this case, the choice of the source of financing for the specified re-equipment is important.

The following sources of funding are identified:

▪ Internal sources of the enterprise (net profit, depreciation charges, sale or lease of unused assets).

▪ Raised funds (foreign investments).

▪ Borrowed funds (credit, leasing, bills of exchange).

▪ Mixed (complex, combined) financing.

Internal sources of enterprise financing

IN modern conditions enterprises independently distribute the profits that remain at their disposal. Rational use of profits involves taking into account such factors as the implementation of plans for the further development of the enterprise, as well as the observance of the interests of owners, investors and employees.

As a rule, the more profits are directed to expanding economic activities, the less the need for additional financing. The amount of retained earnings depends on profitability business transactions, as well as from the dividend policy adopted at the enterprise.

To the merits of internal financing enterprises should be attributed absence additional costs , related to raising capital from external sources, and maintaining control over the activities of the enterprise by the owner.

Disadvantage of this type of enterprise financing is it is not always possible to use it in practice ... The depreciation fund has lost its significance because the depreciation rates for most types of equipment used in industrial enterprises, are underestimated and can no longer serve as a full-fledged source of funding, and permitted accelerated depreciation methods cannot be used for existing equipment.

The second internal source of funding is the company's profits after taxes. As practice shows, most enterprises lack their own internal resources to renew fixed assets.

Involved funds

When choosing as a source of funding foreign investor the enterprise should take into account the fact that that the investor is interested in high profits , the company itself and its share of ownership in it ... The higher the proportion foreign investment, the less control remains with the owner of the enterprise.

Remains debt financing , in which there is a choice between leasing and credit. Most often, in practice, the effectiveness of leasing is determined by comparing it with bank loan, which is not entirely correct, because for each specific transaction you have to take into account its specific conditions.

Credit - as a source of financing for an enterprise

Credit - a loan in cash or commodity form provided by the lender to the borrower on terms of repayment, most often with the payment by the borrower of interest for the use of the loan. This form of funding is the most common.

Credit advantages:

▪ the credit form of financing is distinguished by greater independence in the use of funds received without any special conditions;

▪ most often, a loan is offered by a bank serving a particular company, so that the process of obtaining a loan becomes very efficient.

The disadvantages of a loan include the following:

▪ loan term in rare cases exceeds 5 years, which is unbearable for enterprises aimed at long-term profit;

▪ in order to obtain a loan, an enterprise requires the provision of collateral, often equivalent to the amount of the loan itself;

▪ in some cases, banks offer to open a current account as one of the conditions bank lending, which is not always beneficial for the enterprise;

▪ with this form of financing, the company can use standard scheme depreciation of the purchased equipment, which obliges to pay property tax for the entire period of use.

Leasing as a source of financing for an enterprise

Leasing is a special complex form of entrepreneurial activity that allows one party, the lessee, to effectively renew fixed assets, and the other, the lessor, to expand the boundaries of activities on mutually beneficial terms for both parties.

Leasing advantages:

▪ Leasing assumes 100% lending and does not require you to start payments immediately. When using a regular loan to buy property, the company must pay about 15% of the cost from its own funds.

▪ Leasing allows an enterprise that does not have significant financial resources to start a large project.

It is much easier for an enterprise to obtain a lease contract than a loan - after all, the equipment itself serves as the security .

A lease agreement is more flexible than a loan ... Loans are always limited in size and maturity. With leasing, the company can calculate the receipt of its income and work out with the lessor an appropriate financing scheme convenient for it. Repayment can be made from funds received from the sale of products that are produced on equipment leased. Before the enterprise are opened additional features for the expansion of production capacities: payments under the lease agreement are distributed over the entire duration of the agreement and, thus, additional funds are freed up for investment in other types of assets.

Leasing does not increase the debt in the balance sheet of the enterprise and does not affect the ratio of own and borrowed funds , i.e. does not reduce the company's ability to obtain additional loans. It is very important that the equipment purchased under a lease agreement may not be on the lessee's balance sheet during the entire term of the agreement, which means that it does not increase assets, which exempts the company from paying taxes on the acquired fixed assets.

Lease payments paid by the enterprise, are entirely charged to production costs. If the property received under the lease is accounted for on the balance sheet of the lessee, then the enterprise can receive benefits associated with the possibility of accelerated depreciation of the leased asset. Depreciation charges on such property can be calculated based on its value and norms approved in the prescribed manner, increased by a coefficient not higher than 3.

Leasing companies unlike banks no deposit needed if the property or equipment is liquid on the secondary market.

Leasing allows the company to completely legal grounds minimize taxation, as well as attribute all equipment maintenance costs to the lessor.

Fundraising is the task of replenishing the company's financial resources for the implementation of certain projects. Projects can be both long - investment and short - operational. For investment projects usually long-term money is attracted - long-term financing, for operational projects - usually short money. This is the “golden rule” of raising funds.

Attracted funding can be either internal or external. Internal funding sources are free cash flow generated by the business itself (or, in accounting terms, retained earnings of the company). External sources of financing - sources in the external environment of the company.

Attraction of financing from external sources can be carried out by attracting new shareholders to the business (formation of equity capital, equity), or by attracting debt financing (debt financing, debt).

We attract both debt and equity financing. To attract any type of financing, a Business plan for a project or an Investment memorandum is usually prepared.

We can carry out fundraising for small and medium-sized businesses in the following industries:

• retail - raising finance for opening new stores, commodity loans, seasonal loans to replenish working capital;
• distribution - raising funds for the development of a distribution network, construction or purchase of new storage facilities, commodity credit, credit for replenishment of working capital;
• medicine - an investment loan for the purchase of new equipment, construction of new clinical facilities or replenishment of working capital;
• transport - raising funds for the expansion of warehouse logistics, replenishment of the vehicle fleet, replenishment of working capital;
• production - attracting investment financing for expanding production, acquiring new technological lines, expansion of storage facilities, acquisition of an additional vehicle fleet, attraction of financing to replenish working capital;
• agriculture - attraction of investment financing for the purchase of additional machinery and equipment, replenishment of assets of the material and technical base, replenishment of working capital.

The cost of our services for raising financing is estimated as a certain percentage of the amount of attracted financial resources, and to attract debt financing, the percentage is usually fixed and ranges from 0.5% to 2% of the amount of attracted financial resources.

Equity financing is usually a more labor-intensive task, therefore the cost of raising equity capital is higher and is determined by the Lehmann formula.

The logic of Lehmann's formula usually looks like this:

• 5% on the first million USD attracted,
• 4% on the second million USD attracted,
• 3% on the third million USD attracted,
• 2% on the fourth attracted million US dollars,
• 1% for all attracted financial resources over USD 4 million.

Lehmann's formula may vary depending on each specific project and is subject to discussion each time.