Analysis of the effectiveness of factoring operations in the structure of active operations in Tsesnabank JSC

Analysis of relations arising in the market of factoring operations

The most difficult thing in this analysis is to determine the logical course of conduct itself. Therefore, we will initially justify according to what plan we will analyze factoring relationships.

• 1. Conduct an analysis on the global market.
• 2. Analyze the development of factoring in Russia.
• 3. Justify the pace of development of factoring in Kazakhstan.

Since the period of development of relations can be conditionally divided into several stages, we will start with the last period - from 2005.

Thus, over the past 5 years, the market has grown by more than 18.7% and amounted to more than a trillion euros. The highest growth rates are observed in the countries of Eastern Europe: Hungary (59% annual growth rate for 2000-2005), Romania (58%) and Poland (54%) (see Figure 11).

Figure 11. Factoring growth rates, %

Factoring is growing most dynamically in developed countries. international trade y: Japan, Taiwan, England. The growth rate of international factoring (27%) is higher than the growth rate of domestic factoring (17.4%). At the same time, its share is less than 10% of the total result. It should be noted that several sources can be used: international factoring expertise conducted by members of the International Factoring Organization FGI; data international organizations regulating the banking sector.

In the domestic market, there is now a decrease in margins due to the growth in the number of companies.

The main trend of the global factoring market is product standardization. Until the end of the 20th century, there were very few network factoring companies; companies that would have different countries their offices. Now large companies began to buy smaller ones abroad and open their own branches. Accordingly, following the foreign expansion from the main centers of the factoring world, there is a spread of knowledge and know-how.

Factoring business today is one of the most profitable, growth rates around the world are enormous. World-famous factoring companies are now actively exploring the markets of Eastern Europe. These companies pay great attention to the country risks of the region in which they plan to create a subsidiary.

Experts believe that in the near future foreign factoring companies will begin to master the Russian factoring market. The reason for this is the lack legislative regulation factoring activities and underdevelopment of the judicial system. A number of Russian banks with foreign participation carry out factoring operations, but they are sporadic and are mainly carried out in the interests of the parent bank's clients.

Another trend in the development of factoring in the world is the emergence of some offshoots from the standard factoring product. The factoring market, in which the key service is financing against the assignment of a monetary claim, in Western Europe, in fact, is already divided. That's why further development happens in two directions.

The first is financing for other assets - this is the so-called asset based landing. This is financing, for example, for goods, equipment, buildings, and so on. This differs from lending in that it is still a buyback of assets or an option on assets.

And another direction is the development of other services related to the supply of goods: credit risk insurance, logistics.

This year, the EBRD launched a program to develop factoring in various countries of Eastern Europe. The organization finances the services of consultants. 200,000 euros have been allocated for each country. A tender is held between consultants for the right to advise a bank or someone who wants to create a factoring company. For the latter, it is free of charge, but they must provide a rationale for their desire to develop factoring in their company. However, the money is tied up, so if the money of the Dutch government is allocated to Ukraine, then, accordingly, the Dutch should be consultants, and the Italians should be consultants to Serbia, respectively, there should be Italians. While we are talking about Ukraine, Kazakhstan, Serbia. Next in line are Georgia, Moldova, Russia.

In the United States of America or Japan, which are economically powerful countries, factoring is less developed. The situation with factoring in different countries of Western Europe differs. Different products and services are locomotives, driving forces. There are countries where international factoring prevails over domestic.

There are countries where non-recourse factoring prevails over recourse factoring. In some countries, the central services are credit and risk insurance, in others, on the contrary, the central services are financing.

Factoring is a young industry and largely depends on the market leader. In each of the countries there are pronounced one, two or three companies, which, in general, lead all the others. In the UK - this is Royal Bank of Scotland, Lloyds TSB, in France - Eurofactor, GE Factofrance. In Russia - NFC, Eurokommerz.

Since the market in Russia is extremely heterogeneous, products are not separated, it is not yet possible to keep separate records, therefore, today only mixed data are available for the mixed market (see Table 4).

Table 4. Ranking of Russian Factors by the volume of monetary claims assigned to them for the 1st half of 2009

Place in the ranking		The volume of monetary claims actually assigned to the Factor, thousand rubles.	Rates of growth, %
	Eurocommerce
	Petrocommerce
	Promsvyazbank
	NOMOS-BANK
	TransCreditFactoring
	ROSPROMBANK
	T Includes transactions where services are provided without payment of financing (for example, insurance or receivables management). ranscapitalbank

If the growth rate of financing provided to clients against the assignment of cash claims remains the same as it was in the first half of 2006, i.е. slightly more than 140%, then the total volume for the year will be about 155 trillion rubles. or $5.5 billion. The growth rate of financing is still higher than the growth rate of the volume of ceded cash claims.

Table 5 presents the ranking of Client Funding Factors for Claim Assignments.

Table 5. Ranking of Clients' Financing Factors under Assignment of Claims for the 1st half of 2009

		Amount of financing subject to the assignment of monetary claims, thousand rubles	Rates of growth, %	Funding ratio, %	Funding ratio, %
	Eurocommerce
	Petrocommerce
	Promsvyazbank
	NOMOS-BANK
	TransCreditFactoring
	ROSPROMBANK
	Kurskprombank

According to the results of the first half of the year, the number of clients increased by 25%. According to the results of 2008, the number of clients increased approximately 2.5 times over the year. The number of project participants is small, while it changes slightly from year to year, so the comparisons are not entirely correct. But in general, you can see that the growth rate of the customer base has also slowed down in Table 6.

Table 6

Ranking by number of clients for the first half of 2009

We provide data on remuneration for each player separately. There is too little data for the market as a whole to analyze in dynamics (see Table 7).

Factoring is used in different countries of the world, while the degree of its prevalence varies considerably. Western Europe accounts for 70% of the factoring market. In Eastern Europe, factoring is developing at a rapid pace, but so far it is only 1.5% of Western Europe. The market is in its early stages of development. The most competitive market in Central and Eastern Europe is in Poland and the Czech Republic.

Table 7. Amount of factoring remuneration received by the Factor for the first half of 2009, thousand rubles.

In table 8, we present the calculation of the average volume of the assignment of receivables per customer.

Table 8. Average Assignment of Accounts Receivable per Client

		The average volume of the cession of remote sensing per 1 client
	Petrocommerce
	Transcapitalbank
	Promsvyazbank
	NOMOS-BANK
	TransCreditFactoring
	Eurocommerce
	ROSPROMBANK
Average by factors

In the Republic of Kazakhstan today, the official turnover on factoring operations has not been recorded. But we know that on November 16, 2009 Bank Astana Finance JSC received a license for the right to carry out factoring operations.

Consequently, factoring operations are still the lot of factoring banks, on the one hand, and using the experience of Russian and foreign banks, on the other hand, we must justify the following.

To carry out such operations in banks, departments or factoring groups should be formed, acting as separate structural divisions, since they must have working capital, formed from own funds bank (profit, funds). In addition, the financial resources attracted by factoring are also used.

All operations of the factoring department must keep records on a separate active - passive account. In analytical accounting, separate accounts for suppliers must be opened. At the same time, we must assume that the results of the factoring department will include integral part to the general balance sheet of the bank. In case of difficulties in fulfilling the obligations assumed by the Factoring Department, the responsibility for it lies with the bank under which it is organized.

Well, in the work plan of the factoring department, the planned sizes of loans, the conditions for granting and repaying loans, the amount interest rates, deductions to the income of banks and to the budget, and other conditions of credit and settlement operations.

Since factoring is characterized by high risk, the department should understand what goes into the conclusion of the contract, the service only after carefully studying financial condition potential client. Particular attention is paid to such issues as the level of provision with own working capital; Is there a demand for the supplier's products? what is its quality; whether the client's production is developing and what are its prospects; how successful it is in the market management personnel firms; is it well accounted for and internal control; how solvent are potential debtors and others. And to assess the creditworthiness of the client, the factoring department studies the past, current and planned activities of the supplier through the analysis of accounting reports and balance sheets, financial indicators activities of the enterprise: the amount of profit, the level of profitability, the volume and sources of education working capital, compliance with the need for own funds and their availability, the state and forms of settlements with suppliers, buyers, a higher organization, budget, banks. Creditworthiness cannot be stable without accuracy in the calculations on previously received loans, sustainability is very important financial position enterprises, the ability, if necessary, to mobilize cash.

The factoring department must cooperate with the bank, which is called upon to provide the department with all necessary information about financial economic activity and solvency of customers, as well as promptly inform the department about all the changes that have occurred. For the provision of such services, the factoring department transfers a fee to the bank in due time from the profit received from the implementation of factoring operations. Similar agreements may be concluded with an audit or intermediary - consulting firm.

Thus, let's sum up the situation in the placement of accents between the subjects of factoring operations. In this case, the supplier is obliged to provide the factoring department with the following information:

• · on payment requests, including the name and address of each payer and the terms of trade with him;
• · the checksum of all assignable debt claims;
• the amount of the debt of each payer, as well as data on the verification of his accounts;
• · terms of payment for each payer and other information necessary to work with payment requests.

And since the factoring department, in addition to the financial position of the payer, the nature of his economic relations and the established practice of relations with suppliers, the competitiveness of the products supplied, also takes into account the terms and volumes of paid invoices, the availability of free own funds, as well as the forthcoming obligations of the department, maintains a file of unreimbursed payments for each payer.

Such a factoring department of a bank usually provides its customers with a variety of services:

• investment operations;
• services to buyers in repayment of their debts to suppliers;
• services to suppliers for immediate payment for products shipped by them;
• services to suppliers to eliminate the receivables of buyers;
• · Assistance to enterprises-customers of factoring in working with banks serving buyers, as well as various consulting services.

Consider the features of the potential possibility of organizing factoring in a commercial bank of the Republic of Kazakhstan.

Comparing the tariffs of factoring companies, we can conclude that the commission for factoring financing is lower at Petrocommerce Bank, the commission for managing receivables is at ZAO UniCredit Bank, and the commission for processing documents is lower at the National Factoring Company.

Calculate and compare the costs of working with different factoring companies. Let's say RiEl-stroy LLC ships goods in the amount of 500,000 rubles. per month, the delay is 90 days (3 months). Consequently, the total limit for financing will be equal to 1,500 thousand rubles.

The amount of financing is 90% of the amount of the transferred monetary claim.

Let's calculate the costs when working with the National Factoring Company:

Factoring service fee (receivables management):

1500 thousand rubles * 0.5% \u003d 7500 rubles;

Commission for factoring financing (use of funds):

1500 thousand rubles * 90% * 90 days * 0.061% = 74115 rubles;

Commission for processing documents: 50 rubles.

7500+74115+50 = 81665 rubles

The costs of working with CJSC UniCredit Bank will be equal to:

1500 thousand rubles * 0.4% \u003d 6000 rubles;

1500 thousand rubles * 90% * 90 days * 0.055% = 66825 rubles;

Commission for processing documents: 65 rubles.

Thus, the cost of factoring will be:

6000+66825+65 = 72890 rubles

Calculate the costs of working with Petrocommerce Bank:

Factoring fee:

1500 thousand rubles * 0.7% \u003d 10500 rubles;

Factoring financing fee:

1500 thousand rubles * 90% * 90 days * 0.048% = 58320 rubles;

Commission for processing documents: 60 rubles.

Factoring costs will be:

10500+58320+60 = 68880 rubles

Thus, the lowest costs for factoring services will be when working with Petrocommerce Bank.

A typical factoring operation scheme is as follows:

1. The supplier and the buyer conclude a contract for the sale of goods (works, services).

2. The supplier applies to the financial agent with a proposal to conclude a factoring agreement.

3. The financial agent and the supplier enter into a factoring agreement.

4. The supplier informs the buyer about the conclusion of the factoring agreement. Relevant documents are signed in which the supplier and the buyer confirm their agreement that the payment under the contract for the sale of goods (works, services) previously concluded between them - the main contract - the buyer will make to the account of the financial agent.

5. The supplier delivers the goods (carrying out works, rendering services) to the buyer and draws up this delivery with a commodity-transport invoice (invoice).

6. The supplier transfers to the financial agent the originals of the commodity-transport invoice (invoice), i.e. documents confirming the receivables of the buyer.

7. The financial agent makes the first (advance) financing of the supplier in the amount of 60–90% against the buyer's receivables assigned by the supplier.

8. The buyer, within the period established earlier by the contract for the sale of goods (works, services) - the main contract - makes full payment to the financial agent for the cost of the goods delivered to him earlier (works performed, services rendered)

9. The financial agent pays the supplier the remaining amount of the commodity-transport invoice (invoice) minus his commission.

Thus, factoring, being a universal commercial product, can be used by a variety of companies to solve precisely those tasks that objectively arise in front of them in the course of their activities, depending on the scale of the business, industry affiliation, the availability of own resources, as well as the existing potential for increasing sales. The ability to combine services provides the flexibility of factoring, its ability to quickly respond to emerging requests various types clients.

3.2 Economic effect from the introduction of factoring at RiEl-stroy LLC

Additional income and benefits of the supplier associated with factoring services:

1. Obtaining additional profit due to the opportunity to increase sales volume, having received from the factor the working capital necessary for this;

2. Obtaining additional profit from an increase in turnover due to a decrease in the price of products sold and an increase in the term of commodity lending, i.e. additional competitive advantages;

3. Savings due to the opportunity to purchase goods from their suppliers for more low prices. This opportunity arises due to the fact that the client, receiving a significant part of the delivery amount on the day of delivery, and thereby losing dependence on the observance of payment discipline by its debtors, can reduce the payment grace period when purchasing goods and demand the best price from its suppliers. conditions for the purchased goods. In addition, he receives a guarantee of protection from penalties from creditors in case of late settlements with them caused by a cash gap;

Protection against losses in case of non-payment or late payment by debtors for the goods delivered to them. Especially when using two-stage factoring;

Savings on paying for additional places (including office equipment) and additional working hours of employees;

Protection against lost profits from the loss of customers due to the inability to provide buyers with competitive payment deferrals and maintain a sufficient range of goods in the warehouse in the event of a shortage of working capital.

Additional income when using factoring, as well as when receiving additional profit due to the opportunity to increase sales, will be equal to:

DD \u003d Rp * SP + DF * SP * Kvp / s - Z (10)

where Rp - profitability of sales;

SP - the amount of delivery;

DF - the amount of financing for factoring in shares;

Kvp / s - a ratio that reflects the ratio of gross profit to the cost of sales. In this formula, it is advisable to apply this particular coefficient, and not the return on sales. Because the receipt of an advance on factoring is not yet our income, but will become such after we purchase a new batch of goods and deliver it to the client;

C - factoring costs.

Since the amount of deliveries for 90 days is 1500 thousand rubles, then additional income for 3 months will be equal to:

DD \u003d 30.3% * 1500 thousand rubles. + 90% * 1500 thousand rubles * (13124 thousand rubles / 285371 thousand rubles) - 68880 rubles. = 448 thousand rubles.

Therefore, the additional income when using factoring for the year will be equal to:

DD \u003d 448 thousand rubles * 4 \u003d 1792 thousand rubles.

Factoring costs, as previously calculated, will amount to 68,880 rubles. = 69 thousand rubles. Therefore, income exceeds expenses. Thus, we can conclude about the feasibility and effectiveness of factoring.

The efficiency of capital use is characterized by its profitability (profitability).

Additional income and benefits of the supplier associated with factoring services:

1. Obtaining additional profit due to the opportunity to increase sales volume, having received from the factor the working capital necessary for this;

2. Obtaining additional profit from an increase in turnover due to a decrease in the price of products sold and an increase in the term of commodity lending, i.e. additional competitive advantages;

3. Savings due to the opportunity to purchase goods from their suppliers at lower prices. This opportunity arises due to the fact that the client, receiving a significant part of the delivery amount on the day of delivery, and thereby losing dependence on the observance of payment discipline by its debtors, can reduce the payment grace period when purchasing goods and demand the best price from its suppliers. conditions for the purchased goods. In addition, he receives a guarantee of protection from penalties from creditors in case of late settlements with them caused by a cash gap;

Protection against losses in case of non-payment or late payment by debtors for the goods delivered to them. Especially when using two-stage factoring;

Savings on paying for additional places (including office equipment) and additional working hours of employees;

Protection against lost profits from the loss of customers due to the inability to provide buyers with competitive payment deferrals and maintain a sufficient range of goods in the warehouse in the event of a shortage of working capital.

Additional income when using factoring, as well as when receiving additional profit due to the opportunity to increase sales, will be equal to:

DD \u003d Rp * SP + DF * SP * Kvp / s - Z (10)

where Rp - profitability of sales;

SP - the amount of delivery;

DF - the amount of financing for factoring in shares;

Kvp / s - a ratio that reflects the ratio of gross profit to the cost of sales. In this formula, it is advisable to apply this particular coefficient, and not the return on sales. Because the receipt of an advance on factoring is not yet our income, but will become such after we purchase a new batch of goods and deliver it to the client;

C - factoring costs.

Since the amount of deliveries for 90 days is 1500 thousand rubles, then the additional income for 3 months will be equal to:

DD \u003d 30.3% * 1500 thousand rubles. + 90% * 1500 thousand rubles * (13124 thousand rubles / 285371 thousand rubles) - 68880 rubles. = 448 thousand rubles.

Therefore, the additional income when using factoring for the year will be equal to:

DD \u003d 448 thousand rubles * 4 \u003d 1792 thousand rubles.

Factoring costs, as previously calculated, will amount to 68,880 rubles. = 69 thousand rubles. Therefore, income exceeds expenses. Thus, we can conclude about the feasibility and effectiveness of factoring.

The efficiency of capital use is characterized by its profitability (profitability).

By planning the overall profitability, the required level production efficiency for the coming period and the actual use of funds is controlled. In general, in industry, the level of overall profitability is determined based not only on the amount of profit received, but also on the entire value net income, i.e. total amount cash savings (profit, turnover tax, other cash savings).

The profitability indicator is used to assess the economic and financial activities of enterprises (associations) and is one of the elements unified system economic incentives.

Calculate new profitability indicators.

The total return on capital is equal to the ratio of book profit to the average profit reporting period the value of the total property of the enterprise:

Balance sheet profit \u003d 7617 + 1792 \u003d 9409 thousand rubles.

General profitability = 9409 / 0.5 * (211672 + 217949) = 0.0438.

This means that the company will receive 4.38 rubles. profit per ruble of invested capital.

FEDERAL AGENCY FOR EDUCATION

Artist: Student

Addressee: WRC

		Institute	eif	Chair		FKiBD
		institute abbreviation				abbreviation department
Speciality	Finance and credit
Specialization	Banking
Form of study			full-time		Group	DEF-501
full-time, part-time, part-time, external study						group abbreviation

GRADUATION

QUALIFYING WORK

Student	Podlesnova A.Yu.
	FULL NAME.				signature				date
Supervisor	Pokamestov I.E.
	FULL NAME.				signature				date
Consultant *
* upon appointment	FULL NAME.				signature				date
Reviewer	Isaeva E.A.
	FULL NAME.				signature				date

	FULL NAME.		signature		date

Chairman of the Protection Commission

MOSCOW 2008

INTRODUCTION…………………………………………………………………3

1. 
   The evolution of factoring operations…………………………………6
2. 
   The economic essence of factoring activities……...18

CHAPTER 2. INTRODUCTION AND MANAGEMENT OF FACTORING OPERATIONS IN THE BANK

2.1. Organization of factoring business…………………………...30

2.2. Risk management in factoring activity………....41

CHAPTER 3. EVALUATION OF THE EFFICIENCY OF THE BANK'S FACTORING SERVICES

1. 
   Calculation of the cost of factoring services……………………48
2. 
   Profitability of factoring operations of the bank………………57

CONCLUSION…………...…………………………………………...63

REFERENCES……………………………………………66

APPENDICES……………………………………………………….69

INTRODUCTION
Relevance of the research topic. Factoring operations are designed to help suppliers and buyers to do business, to establish mutually beneficial relationships. After all, factoring alone brings the elimination of cash gaps, an increase in asset turnover, the possibility of obtaining additional profit by increasing working capital, the ability to offer more flexible payment terms for goods, improving the balance sheet structure, and as a result - competitive advantage, which is so necessary in the market struggle for a buyer. For others, it is an opportunity to increase the volume of purchases and the term of deferred payment, to attract new customers.

Factoring emerged from the desire of buyers to receive goods immediately and pay for them after some time, as well as from the desire of suppliers to sell more goods, expand their business by gaining a competitive position.

Factoring is not new service on the Russian market, currently the factoring services market continues to develop, which is caused, on the one hand, by an increase in the number of customers who have realized the benefits of using factoring and its advantages over others financial instruments, the expansion of the regional presence of market operators and the growth of business of those companies that already use factoring, on the other hand. However, the inconsistency of legislation and the lack of special rules legal regulation cause difficulties in the interaction of market participants and government agencies.

Over the past four years, the factoring market has increased seven times, and in 2007 the volume of assigned monetary claims in the country amounted to about 20 billion dollars. At the same time, the share of factoring operations in Russia's GDP from 1.1% in 2006 reached 1.6% in 2007.

Now the factoring market is far from saturation and its potential is significant. To expand market share or build a factoring business from scratch, a company needs to overcome several significant barriers, which takes a lot of time, money and effort. First, it is necessary to develop a system for assessing the risks of companies accepted for servicing. Secondly, for successful work in the factoring market, it is necessary to introduce software that would allow processing a large number of transactions in a fairly short period of time. Thirdly, it is necessary to invest in expanding the branch network. And, finally, the most significant barrier to the factoring market is funding. In fact, the factoring business is very close to the usual one. trading business, only unlike the latter, the main commodity factoring company are money. Accordingly, in order to have a strong market position, the factor needs to build up the procedure for supplying funds well. Factoring business is quite costly at the initial stage, but its profitability is beyond doubt.

The efficiency of the factoring business largely depends on the very organization of factoring operations and the level of risk. The complexity of risk assessment, which is an integral part of the service, requires an in-depth study of the mechanisms of factoring functioning.

Relevance of the topic thesis driven by the need:

• 
  identifying the foundations of effective factoring activities;
• 
  study of the main factors affecting the efficiency of factoring operations of Russian commercial banks;
• 
  determining the cost components of factoring services, risks and ways to minimize them;

- improving the organization of factoring operations and
determining the stages of factoring customer service in order to increase the efficiency of factoring operations.

The aim of the thesis is complex analysis efficiency of factoring operations of a commercial bank.

Achieving this goal involves solving the following tasks:

• 
  reveal the essence of factoring operations, tracing the evolution of factoring from its origins to the present day;
• 
  highlight the conditions for effective factoring operations;

- to study methods for evaluating the effectiveness of factoring operations in
commercial bank;

Analyze the cost of factoring services;

Investigate the risks assumed by the factor in the provision of factoring services;

Determine the main areas of work of the department of factoring operations of commercial banks and develop practical advice on the organization of its activities in order to improve the efficiency of these operations.

The first chapter of the thesis is devoted to the study of theoretical aspects of factoring operations. The second chapter describes the stages of building a factoring business, considers the algorithm for conducting factoring services, describes the risks and ways to minimize them. The third chapter calculates the cost of factoring services based on the labor costs and expenses required to perform factoring activities, and also analyzes the profitability of factoring operations based on data from one of the Russian banks providing factoring services.

CHAPTER 1. THEORETICAL FOUNDATIONS OF FACTORING OPERATIONS

1.1. The evolution of factoring operations
Factoring- this is one of the oldest forms of trade lending, the history of factoring activity is the history of the development and formation of business relations and competitive advantages.

With development market relations inevitably there is a struggle of sellers for the buyer. Competition and the desire of the supplier to occupy a worthy niche in the market and be successful from an economic point of view makes manufacturers invent methods, conditions and ways of business development so that it is their products that are in demand among the buyer. Initially, as practice shows, a customer can be attracted by a wide range of products, high quality products and dumping prices. The price is the amount of money that the buyer agrees to pay to the seller, and for which the seller agrees to sell his goods. Not a single manufacturer will work at a loss, therefore, there comes a time when it becomes unprofitable to reduce the cost of goods. And the only way out for the seller, in order to maintain their competitive advantage, is the ability to sell their goods with a delay and at the same time increase their volumes.

Historians have come to the conclusion that the first individual features of factoring operations can be found as early as 4,000 years ago during the reign of Hammurabi, the king of Mesopotamia. The Mesopotamians were the first to develop writing, streamlined business rules and government regulation, and proposed the concept of factoring. After the disappearance of the Hammurabi civilization, factoring was reflected and the concept of factoring was proposed. f ai from each repayment of financing. ()()(1)According to historians, factoring dates back to the ancient Roman civilization, when merchants used factoring to settle their trade debts. in the ancient Roman Empire. It was the Romans who were the first to sell the bill at a discount. The Phoenicians, Greeks and Romans established along mediterranean sea stalls owned by specialized merchants who received, stocked and sold goods and used factoring to settle their trading debts.

With development textile industry in England in the 14th-15th centuries the role of factors increased. During this period, commission (trading) agents acted as factors. And by the time Columbus discovered America in 1492, the factors had evolved from performing a single function of a marketing agent to performing a dual function: a financial and marketing agent 1 .

A new round in the development of factoring was the period of colonial conquests. Great Britain, which actively traded with its colonies, imported North America textiles in exchange for wood and furs. However, due to insufficiently developed communications and slow transportation of goods, the difficulty in finding buyers, controlling one's solvency, as well as existing political, administrative and customs barriers, intermediary agents appear. These agents were pilgrims and, according to the contract, in which they were indicated as "Agents-Factors", they were tasked with finding reliable buyers, storing and selling goods, as well as subsequent collection of trade proceeds. It is this "colonial type" of factoring that historians call the forerunner of modern factoring operations. In the 17th century in England, in the wake of the rapid development of factoring activities, the House of Factors was formed, which laid the foundation for factoring operations.

In the 19th century, with independence, the US economy begins to develop at a rapid pace. The focus on internal improvement and prosperity led to the emergence of a new layer of agents-factors, who acted not only as confidant, selling and storing goods, but also as delcredere 2 agents who guaranteed payment for all goods they sell on behalf of their supplier if the customer becomes insolvent. As compensation for the risk of non-payment, they charged an additional commission.

By the middle of the century, the United States becomes a powerful, economically developed power, actively trading with European countries. During the period of high customs duties on textiles, American manufacturers supplying goods to the European market were forced to invent their own marketing systems. They created new way financing of clients, which included discounts, fulfillment of client's monetary requirements, acceptance of financial risks. Gradually, American factors began to carry out activities typical of banking organizations. Thus, American factors have changed the form of their activity, having changed from intermediaries in the sale of goods to institutions that finance producers of goods.

At the end of the 19th century credit organizations The United States has become an active participant in factoring operations. In 1889, the United States passed the first Factors Act in history, which recognized this activity legitimate and formulating the basic principles of factoring operations. However, under the term “factor”, this law understood an agent in the broadest sense of the word - this included a consignment agent (selling goods on a deferred payment basis), a broker, an agent with exclusive rights, an auctioneer, a solicitor (a lawyer specializing in independent handling of cases in courts ), real estate agent and other intermediaries. That is, the law covered the institution of classical representation, to which modern factoring has nothing to do 3 .

With the increase in profits and the development of factoring services, the factors have the opportunity to make payments ahead of schedule, before the buyer pays off debts, in favor of their principals. The factoring company became the only reliable debtor of the supplier instead of scattered buyers with uncertain solvency. As communications improved, the manufacturer no longer needed to send the goods to the sales agent for consignment: the goods could be sold according to the sample held by the agent and shipped directly to the buyer. However, the principals still relied on their agents, who were well known and trusted by them and who paid for the goods as soon as they were shipped. As a result, the principals were interested in maintaining this type of agency service. Thus, the foundation of factoring in its modern sense was laid 4 .

Factoring services in their modern view were first provided by the American bank "First National Bank of Boston" in 1947, but they were officially recognized in the United States in 1963, when the government organization-controller of monetary circulation decided that factoring operations were a legal type of banking activity.

Factoring has been widely used in Europe since the 1950s. It was during this period that enterprises began to increasingly apply installment payments when delivering goods to their counterparties. This practice was due to two main reasons. On the one hand, a stable "buyer's market" gradually began to form for a number of product groups, where buyers began to determine the main terms of trade transactions, insisting on the use of installment payments. On the other hand, many buyers at that time lacked free cash and preferred to sell the product to the end consumer first (or turn the purchased product into final product), and then pay off their own suppliers.

At the same time, suppliers themselves experienced a lack of working capital and were often financially unable to provide installment payments. Factoring has become a timely assistant in doing business. Financing suppliers immediately after the shipment of goods allowed suppliers to provide their buyers with significant installment payments without worrying about their own liquidity. As demand for the products of delayed trading suppliers increased, sales increased, which simultaneously affected the increase in supplier financing.

Since the middle of the 20th century, international factoring began to develop. President Kennedy's export insurance program in 1961 spurred American banks to explore the European market. As a result, "First National Bank of Boston" created a holding company in Switzerland "International Factors Group" (IFG), the purpose of which was the development of national factoring companies. The activities of the association are focused on organizing international factoring operations for various companies Worldwide. Currently, IFG includes about 89 Factors and 13 companies as sponsors, which operate in more than 50 countries around the world. The association has developed electronic system transfer of information between factoring companies, which is used to very quickly assess the creditworthiness of debtors around the world, to set credit limits and monitor the status of deliveries and the payment discipline of buyers.

In 1968, in order to protect the interests of independent factoring companies around the world, Factors Chain International (FCI) was organized, which has become the world's largest factoring association, currently uniting 216 factoring companies from 62 countries. FCI is designed to promote the growth of international trade through the development of factoring. Like IFG, it has developed its own data transmission system.

Factoring operations have become widespread in the international market, however, participants in trade relations are faced with a situation where there is no legal regulation of relations in factoring services. Under these conditions, the need to develop legal regulations regulating international operations on financing against the assignment of a monetary claim.

On May 28, 1988, the UNIDROIT Convention on International Factoring Operations was signed in Ottawa, which establishes a general legal framework for operations, control over the balance of interests of various participants in factoring operations. In accordance with the provisions of this convention, an operation is considered factoring if it satisfies at least two of the four criteria:

1. 
   availability of credit in the form of prepayment of debt claims;
2. 
   accounting of the supplier, primarily accounting for sales;
3. 
   collection of his debts;
4. 
   supplier's credit risk insurance.

The convention was signed by 14 states, ratified by Italy, Nigeria and France and entered into force in 1995. The provisions enshrined in it are used by legislators in many countries as a basis for the development of special legal regulation of this type of contracts.

On January 31, 2001, the UN General Assembly adopted Resolution No. 56/81 on the regulation of the assignment of receivables in international trade. This Convention shall apply:

(a) to assignments of international receivables and international assignments of receivables as defined in this chapter, if the assignor is located in a Contracting State at the time the contract of assignment is concluded;

b) to subsequent assignments of receivables, provided that any prior assignment is governed by this Convention 5 .

In addition, activities within the framework of international factoring are also regulated by the General Rules for International Factoring (GRIF), which are adopted by members of the FCI and IFG.

The global factoring market can be conditionally divided into two development paths: the American and European models.

The European model involves the creation of large, but highly specialized factor companies, which, as a rule, are of banking origin. These companies were formed in the late 1950s by subsidiaries of banks. Later, they dissociated themselves from the maternal structures and gained complete independence.

In the American model, the opposite is true: factoring companies were created in the 1960s by private entrepreneurs without the participation of banks. Banks soon became interested in new business and acquired some factoring companies in management or ownership, thus expanding their banking portfolio. However, there are still many relatively small factoring companies in the US market.

The Russian factoring market today follows the European path: in most cases, factoring companies appear as subdivisions of banks and banking structures 6 .

The history of factoring development in Russia has 20 years.

The first attempts to introduce factoring were made by Promstroybank and Zhilsotsbank of the USSR in 1988 7 . The content of factoring operations in those years was far from international practice and from the product that is currently available on the Russian market. Only overdue receivables were assigned to factoring departments, the agreement was concluded with both the supplier and the buyer, and the supplier was guaranteed payments by crediting the buyer. Factoring services were of the nature of one-time transactions.

However, poor training of employees, lack of relevant reference and scientific literature, lack of practical experience in the implementation of factoring operations, as well as the need to fulfill the implementation plan, the sales profit plan, led to the replacement of factoring with a bank guarantee, which led to a misunderstanding of its essence. On July 1, 1992, Promstroybank stopped the practice of factoring operations.

The desire to introduce factoring into the market was the impetus for the appearance of the letter of the State Bank of the USSR No. 252 dated 12/12/1989 "On the procedure for carrying out operations for the assignment by suppliers to the bank of the right to receive payment for payment requirements for goods supplied, work performed and services rendered", which became the first normative document establishing the procedure for conducting factoring operations. This letter covered only cases of assignment of overdue claims - the assignment was made only after the supplier received from the payer's bank a notice about the placement of payment claims in file cabinet No. 2 (settlement documents not paid on time) 8 . In 1992, the Federal Law "On Banks and Banking Activities" included factoring in banking operations and transactions.

At the level of law, relations under a financing agreement against the assignment of a monetary claim were first regulated by part two Civil Code Russian Federation entered into force on March 1, 1996. specified contract devoted to the provisions of Chapter 43 of the Civil Code of the Russian Federation. In developing this chapter, the provisions of the UN Convention "On International Factoring" were widely used, although Russia is not yet a party to this Convention.

In 1994, the first Russian bank was admitted to the FCI, Tveruniversalbank became it, later Mosbusinessbank was accepted. For a number of years, JSCB "Menatep", "International Moscow Bank", and many others have also been involved in factoring in Russia. The undisputed leader of the market at that time was the "International Moscow Bank" with the volume of factoring transactions of 70 million US dollars per year.

After the 1998 crisis, there was a certain surge in factoring, as there were a lot of bad debts that were assigned to banks at a big discount.

But the real factoring market in Russia began to develop in the early 2000s. The growing interest in the service of financing against the assignment of receivables was caused by the overall positive dynamics of the development of the country's economy, as well as the strengthening competition in the markets.

In June 2001, the Eastern European Factoring Association (EEFA) was established. The association is voluntary, non-profit organization, the main goal of which is to promote the growth of the factoring market in the CIS countries and Eastern Europe and increase the attractiveness of the region on the "factoring map of the world". One of the key objectives of the Association is the introduction of a unified regulatory framework for conducting cross-factor business, which will undoubtedly provide much-needed legal basis for the activities of the participants international market factoring services, thus creating favorable conditions for their business activities and facilitating the interaction of factoring banks and companies from different countries.

Recently, VEFA has taken a new direction in its strategic development– association of national factoring associations(EEFA's Chapters) and helping them develop their local factoring market.

A landmark event for the factoring market in Russia was the registration on July 27, 2007 of the Association of Factoring Companies. The purpose of the Association is to promote the development of the factoring market as a whole, as well as protect the interests of the Association members, form the legal framework and rules of conduct in the market, promote the development of international factoring, and provide information services. The initiators of its creation were major players factoring market: CJSC FC "Evrokommerts", CJSC Bank "National Factoring Company" and CJSC "Interregional Factoring Company "TRUST". 9

The Russian factoring market is developing at a rapid pace, its potential capacity is quite high: it includes the volume of the commodity credit market and deferred payment, which suppliers will be able to offer only through the use of factoring financing.

However, the inconsistency of legislation and the lack of special rules regarding the regulation of this activity cause difficulties in the interaction between market participants and government agencies. The main problem is not so much the lack of a definition of factoring in the legislation, but the confusion about licensing this activity.

In accordance with Art. 825 of the Civil Code of the Russian Federation, as a financial agent, a financing agreement against the assignment of a monetary claim can be concluded not only by banks, other credit organizations, but also commercial organizations who have a permit (license) to carry out activities of this type.

Licensing various kinds activities are carried out on the basis federal law RF No. 128-FZ dated 08.08.2001 "On Licensing certain types activities". However, according to this document, licensing of financing activities against the assignment of a monetary claim is not required. In addition, the legislator has not established a licensing authority, and, therefore, a commercial organization that provides factoring services cannot obtain a license to carry out this activity.

At the same time, according to Federal Law No. 395-1 “On Banks and Banking Activities”, financing against the assignment of a monetary claim does not apply to banking operations and is reflected in the law among the transactions that credit institutions are entitled to carry out in addition to banking operations. In accordance with Article 1 of the aforementioned law, a license from the Central Bank of the Russian Federation entitles legal entity carry out banking operations. However, the implementation of financing transactions against the assignment of a monetary claim is not a banking operation, and, therefore, logically, there is no need for a special banking license for their implementation.

At the same time, Federal Law No. 15-FZ of January 26, 1996 “On Enactment of Part Two of the Civil Code of the Russian Federation” continues to operate on the territory of the Russian Federation. According to Article 10 of this document, the existing procedure for carrying out the activities of financial agents is preserved until the conditions for licensing their activities are established. Thus, independent specialized factoring companies can carry out this species activities without a license until the development of relevant documents. On this moment the legislator has not established any document establishing the licensing of factoring activities. Therefore, in the current conditions, specialized factoring companies operate without a license.

In January 2008, Federal Law No. 275-FZ “On Amendments to Articles 5 and 7 of Federal Law 115-FZ “On Counteracting the Legalization (Laundering) of Proceeds from Crime and the Financing of Terrorism” entered into force. According to this law, in the list of organizations falling under the definition financial institutions, carrying out transactions with funds or other property, checked in the field of combating corruption, commercial organizations involved in financing are also subject to the assignment of a monetary claim 10 .

To date Russian market factoring is represented by two types of players: specialized factoring companies, such as Eurokommerz factoring company, TRUST interregional factoring company, TransCreditFatcoring factoring company, SISTEMA Factor factoring company, and financial agents - factoring departments in the bank, the largest and most competitive of which are: Joint Stock Commercial Bank "Promsvyazbank", Otkrytoye Joint-Stock Company Commercial Bank "Petrocommerce" (JSC Bank "Petrocommerce"), Bank "National Factoring Company", Nomos-Bank. The top five: Eurokommerz, NFC, Petrokommerts, Promsvyazbank, Nomos-Bank cover 73% of the factoring market 11 .

The highest quality service is provided by specialized factoring companies, this is due to the fact that factoring is their main activity. Clients who use the services of specialized factoring companies receive high-class factoring services, fully implementing their plans to expand their business by replenishing working capital, minimizing and insuring risks, and optimizing the process of receivables management. The only drawback of factoring companies is the need to borrow resources, which forces them to set limits on clients in smaller volumes and increase the cost of factoring services for the costs of acquiring resources.

The resource base of the bank allows you to set funding limits that provide sellers (clients) with sales growth and offer more favorable rates, which gives a certain competitive advantage to banks developing factoring. However, often banks do not invest enough money in the creation of software, without which high-quality and effective factoring is not possible.

Despite the fact that factoring is known today much more than 5 years ago, this product, the nature of which allows it to be simultaneously attributed to both financial and insurance, still raises a lot of questions from potential customers. One of the questions is the cost of factoring. How to understand whether factoring will be effective and how the end justifies the means? In this article, we will talk about the benefits of factoring, how to evaluate and even calculate in rubles the direct benefit from using factoring.

How to estimate factoring commission

First of all, the factoring commission should be calculated not as a percentage per annum, but as a percentage of the delivery amount. Firstly, this is the only correct approach, because The cost of factoring includes not only the cost of money (and the interest rate, as you know, is the price of money), but also the cost of risk assessment for each debtor whose receivables are transferred to the Factor for servicing, as well as the cost of managing this debt. Debtors, by the way, can be hundreds and even thousands. Secondly, this approach to calculating the factoring commission makes it possible to more accurately (and importantly) very simply calculate the costs of factoring in each specific delivery and transfer all or part of these costs to the buyer. In addition, this type of factoring commission is much easier to compare with a margin or trade markup to evaluate the effectiveness of factoring.

Example #1

Let's look at a simple example. Please note that the figures are abstract, not related to the real values ​​of the commission factors. The trading margin at the enterprise is 5%, and the factoring company says that the commission will be 20%. How do you know if factoring is worth it or not? Will the commission “eat” the entire markup? Wouldn't the situation turn out like in that old joke: "money is in circulation, and I'm in business"? But if the commission were designated as 2.5% of the delivery amount, then it would immediately become clear that the margin at least covers the cost of factoring.

How factoring affects profit

It is clear that each business is unique, and it is unlikely that there is an ideal and suitable calculation formula for everyone. economic efficiency factoring. However, the aim of the majority market enterprises- increase in profits, including due to sales growth, which, by and large, can be limited only by two factors: the lack of solvent demand and insufficient monetary resources needed to finance purchases, production and lending to buyers.

Example #2

Consider an example that clearly shows that, other things being equal, the use of factoring helps to increase the company's turnover, as well as the amount of profit.

So, we have 100 units of goods, the cost of each item in purchases is 0.9 kopecks. We plan to sell goods for 1 rub./piece. Thus, the gross margin is 10%. Let's assume that demand is limited to 500 units of goods per month, while buyers make a requirement: a delay in payment of at least 45 days. If we do not use factoring, then having shipped 100 units of goods for 100 rubles, we are forced to wait 45 days to receive funds for the goods. Thus, in a year our product will turn around 8 times (365/45=8), and we will earn 100*10%*8=80 rubles.

Now consider the option of using factoring, when on the day of shipment of the goods, the factoring company transfers us 90% of the delivery amount. Thus, having shipped goods for 100 rubles, on the same day we receive 90 rubles to our bank account. With this money, we buy 90 / 0.9 = 100 units of goods, which we sell again at 1 ruble. And again we use factoring, receiving 90 rubles in the form of financing on the day of shipment. This can go on indefinitely, but in our case, the demand is limited to 500 units per month, so we can make no more than 5 shipments per month. However, now our 100 units of goods turned around not 8 times a year, but 40, which has already brought us 100 * 10% * 40 = 400 rubles of sales profit. True, now we need to calculate how much the services of a factoring company cost us. Let's take approximate rates: 0.75% of the amount of delivery for factoring services and 0.04% per day of the amount of financing for the provision of financial resources. Thus, the commission for one delivery will be 100 * 0.75% + 100 * 90% * 0.04% * 45 = 2.37 rubles. Those. for the year it is 94.8 rubles. It turns out that the net benefit from using factoring will be 400-94.8 = 305.2 rubles, which is 3.8 times more than without factoring.

Unfortunately, this example, although easy to understand, has too many assumptions and assumptions. IN real business everything is a little more complicated. Therefore, we want to take a closer look at what other benefits you can get from factoring.

Other Benefits of Factoring

One of the advantages of factoring is the ability to increase sales and therefore profits without incurring additional costs, if your buyer is willing to pay for a delay (yes, it happens). For example, commission invoices can be directly billed by a factor to your customer. If your factor cannot offer such a service, then you can always “re-set” the commission yourself. Also, in a number of industries, examples of a differentiated price list are quite common, where the price of a product depends on the term of a commercial loan, which gives the supplier a lot of advantages: increasing the number of buyers (and market share) by supplying favorable conditions in terms of terms of payment for goods, sales growth both at the expense of new customers and employees, tk. now their purchases are limited only by the final demand, and not by the availability of free working (cash) funds.

Example #3

Assume that a supplier offers his customers the following price list:

• 1 rub. - in case of prepayment or payment upon shipment;
• 1.02 RUB - when paying with a delay of 30 days;
• 1.03 RUB - when paying with a delay of 45 days;
• 1.05 RUB - when paying with a delay of 60 days;

Then, when using a differentiated approach to pricing, the revenue for the year will already be 100 * 1.05 * 8 * 5 * 10% = 420 rubles. Subtracting from this amount the commission that must be paid to the factoring company (94.8 rubles), we get a net benefit of 325.2 rubles, which is already 4 times more than revenue without factoring.

Often, suppliers are willing to provide a discount for early payment for goods (prepayment or payment upon shipment of goods). If it is possible to reduce purchase prices, then factoring in this case can be good tool to unfreeze your receivables. Then the additional benefit of factoring would be to increase the gross margin.

Example #4

Suppose that early payment made it possible to reduce the cost of purchased products to 0.88 rubles. for 1 unit. Then, the income for the year minus the factoring commission will be 100 * 8 * 5 * 12% - 94.8 = 385.2 rubles, which is already 4.8 times more than the income without factoring.

There are still very important point in the use of factoring, which, however, is quite problematic to convert into rubles. It's about about the so-called "balance effect". This moment is especially important if the company plans to attract external investments (IPO, SPO, private placements of shares, placement of bonds). During a preliminary assessment of a company or forecasting interest rates on bonds, an analysis of the financial condition is carried out, various coefficients are calculated that characterize the stability of the business, the ability to fulfill obligations in a timely manner, etc. The final assessment, among other things, is influenced by the comparison of the company with other market players. Therefore, better ratios will have a positive effect on the forecast share prices/coupon rate on bonds and the rate of investment loans in commercial banks. Naturally, the volume and turnover of receivables directly affect a number of indicators, including liquidity, therefore, the less receivables are on the balance sheet of the enterprise, the more “beautiful” the reporting and the more pleasant the terms of the transaction will be. The use of factoring without recourse allows you to write off up to 100% of receivables from the company's balance sheet on the day of shipment and thus improve the quality of financial reporting.