In addition to the term "capital investments", "real investments" and "investments in non-current assets" are used.

Ways of investment

Capital investments are used to purchase or create income-producing assets with a long useful life (greater than 1 year) with gradual depreciation.

Capital investments, depending on the purpose, are implemented in two ways:

1. Reproduction: new construction, including the erection of houses, buildings, installation (installation) of equipment; reconstruction, i.e., restructuring of production; expansion - the introduction of additional production; technical re-equipment of fixed assets (automation, modernization, introduction of new equipment).
2. Technological equipment: purchase of fixed assets (tools, machines, equipment, inventory), land, intangible assets (copyrights, patents, licenses) and other non-current assets.

Reconstruction and technical re-equipment are also common, for which, with relatively short commissioning periods, less costs are needed, compared with the construction or complete replacement of means of production.

Sources of financing

Organizations independently make decisions on the types, quantity and sources of financing of capital investments. The renewal of fixed assets often requires large expenditures. If operating cash flows, as a financing option, are insufficient to cover the required costs, the enterprise uses external resources to compensate for the shortfall of internal ones.

Sources of financing of capital expenditures of the organization can be:

• Own. Foundation funds, retained earnings available for capitalization, reserve, amortization funds, income from the sale or lease of property.
• centralized . Amounts (allocations) allocated from the state and local budgets.
• Attracted and borrowed. Investments (including foreign), funds from the issuance and sale of securities, bank loans.

The existence and growth of the enterprise depends on capital investments. If a company ignores investment by choosing to make a profit, it can lead to the loss of further revenue and competitive position in the market.

Strategic planning for the development of enterprises provides for the justification of the necessary capital investments or investments for the implementation of upcoming projects. In the annual plans of the enterprise, the direct implementation of these projects is carried out. The composition of capital investments includes monetary resources or investment funds associated with the acquisition, maintenance and expansion of fixed production assets, intangible assets, working capital and other types of property of enterprises.

Capital investments or investments in the enterprise are planned for the implementation of the following innovative projects:

Implementation of research, experimental, design, technological organizational work;

Acquisition, dismantling, delivery, installation, adjustment and development of technological equipment and equipment of the production process;

Mastering the production of products and finalizing prototypes of the product, making mock-ups and models, designing objects and means of labor;

Construction and reconstruction of buildings and structures, creation or lease of production areas and jobs, as well as other elements of fixed assets directly related to the implementation of the project for the production of new goods;

Replenishment of the standard of working capital caused by the introduction of designed processes or production of products;

Prevention of negative social, economic and other consequences caused by the proposed projects.

Thus, the total amount of required capital investments in process equipment can be determined by the following formula

To about =C e TO With +T R +C smr +A pl +Z nnr +Z pkr , (6.1)

where To about- the total amount of capital investments; C e - the market price of a piece of equipment; To With- the number of required pieces of equipment; T R- fare; FROM smr- the cost of construction and installation works; BUT pl– rent (cost) of production space; Z nnr– expenses for research work; Z pkr- the cost of design work.

Similar calculated dependencies can be compiled for each division of the enterprise, type of production resources, market segment, etc. They can be used to calculate the required capital investment and assess the investment implications of various planning decisions. These effects can be assessed under a number of appropriate assumptions about future business conditions.

Capital investment plans are usually developed for annual investment projects, but can be drawn up for longer periods.

Investment projects can be used to assess the diversity of the consequences of alternative means of resources, as well as the conditions of the internal or external environment. They can be applied in the long-term planning of enterprise performance indicators such as return on investment capital, dividends per share, earnings per unit of products sold, total earnings per share, market share, etc.

Investment planning allows each enterprise to choose such options for the allocation of scarce resources that can provide the best of a number of possible socio-economic results. It serves not only as a basis for assessing the economic efficiency of investment projects, but also as an analytical tool that can help you find the right answers to the following questions:

1. What is the total amount of capital investments that the enterprise can or should make in the planning period?

2. What specific investment projects should the enterprise accept in the future?

3. From what sources will the investment portfolio of the enterprise be financed?

The choice and justification of planned decisions on all these issues are closely related. They should not be limited to finding simple answers about which direction of capital investment should be financed from a given amount of funds, since the amount of borrowing and the size of the issue of shares are variables that are constantly under the control of the top management of the company. Therefore, all decisions about choosing an investment project and receiving funds should ideally be made simultaneously. In turn, the selection of the project cannot be made by the enterprise without taking into account its cost, the value of which is greatly influenced by the possibility of obtaining the necessary investments.

Analysis of the effectiveness of investments provides answers to all the questions posed. Ultimately, it creates the opportunity for the enterprise to freely choose such an option for distributing costs in space and time, which in the future can give the maximum profit or return on invested capital. Taking into account the developed theory of investment decisions and methodological provisions, maximization of income or capital growth can be achieved according to the rule of either net present value or intracompany rate of return.

In both cases, a correct determination of the cost of capital is required. It represents the cost of resources used to finance projects. The amount of capital can be determined in the market or calculated as an opportunity cost. When evaluating an investment project, the cost of capital should play the role of a minimum cost recovery standard, which is covered by acceptable results. The ideal project option would be when the cost of capital automatically sets the value of the total investment budget of the enterprise, since solutions must be chosen that provide the possibility of obtaining income equal to or greater than the cost of capital. Such an investment policy leads to the maximization of profits and the welfare of shareholders, since only those projects that increase the total amount of its net present value are included in the strategic plans of the enterprise.

In the process of planning capital investments for strategic or long-term projects, the cost of capital and total returns will be uncertain. In this regard, calculations usually assume that the total value of funds in the market reflects not only the current price of cash, taking into account deferred income, but also the degree of risk associated with their use in any particular enterprise. In addition, it is necessary to take into account the expected period of the investment project, the attraction of own or borrowed funds, the planned refinancing and lending rates for projects, and many other uncertainties of both the internal environment and the external environment of the enterprise.

In market relations of industrial enterprises, banking structures and financial organizations, the main sources of investment are the own income of firms and organizations, attracted capital of shareholders and founders, targeted financing from federal or regional funds, loans from commercial banks, the issue of securities or the issue of shares of corporations, sponsorship and others. types of contributions, etc. In each of the listed sources of capital investment financing, there are many general rules and features for maximizing results and minimizing costs. Expansion of sources of financing of capital investments of the enterprise will contribute to their further economic development and increase the efficiency of the use of existing fixed assets, working capital and other resources.

Capital investment planning is a system of predictive and planned calculations for the reproduction of fixed assets based on capital investments for the coming period.

The plan for capital investments in the reproduction of fixed assets covers the most important aspects of this process, ensures its unity and proportionality with the sources of financing and, at the same time, the optimality of planned buildings.

The plan of each enterprise (organization), region and sector of the economy reflects the main tasks of planning capital investments. On the basis of theoretical developments and the experience of specialists and the working masses, the main tasks of planning capital investments and improving their performance indicators are identified.

The main objectives of capital investment planning are to increase production capacity and make efficient use of capital investments. To solve these problems, planning of capital investments is carried out on the basis of a number of principles, among which the most important are the following:

The specificity and validity of the plan. This principle is manifested in the fact that the plan provides for specific activities. When developing a plan, the specific conditions in which capital investments will be made are taken into account.

The capital investment plan should give a clear idea of ​​the cost of financial resources for the coming period. This means that the plans being developed require the necessary feasibility studies and calculations of the need for capital investments for the construction of specific facilities.

Balancing the volume of capital investments with the sources of their financing. When developing a capital investment plan, the volume of capital investments (centralized and non-centralized) for all sources of financing must be linked and balanced with financial and material resources, and, if necessary, with the capacities of contracting construction organizations. At the same time, the norms for the duration of construction of facilities should be taken into account and capital investments should be distributed accordingly over the years.

The stability of planning, manifested in the immutability of the adopted plans, in their constancy in the coming period. A stable plan should be a document that is unchanged throughout the entire planning period. Any significant changes cause the inevitable restructuring of the construction industry, which leads to additional costs and losses.

Adjustments to the plan are allowed if they do not violate the rhythm of the work of construction organizations and the accepted financing of the facility. Plan adjustments are also allowed in case of overfulfillment of last year's plan targets and acceptance of additional obligations for early commissioning of construction projects. In any case, such changes must be made to the plan no later than February 15 of the planning year.

Planning continuity. This principle means that an organization, firm, association, enterprise must develop long-term, medium-term and short-term (annual) plans. Medium-term and long-term plans should be refined and concretized in the light of changing circumstances, and annual plans should flow from medium-term plans. This achieves planning continuity.

Scientific planning. Plans must be made on a scientific basis, that is, on the basis of scientific methods, scientifically developed norms and standards, the latest achievements in science and technology, as well as reliable information.

Recently, important measures have again been taken in Russia to raise the scientific level of the development of plans for state centralized capital investments for federal needs, and the economic feasibility of these plans.

The capital investment plan is inextricably linked with the ultimate goal of construction production - the commissioning of production capacities, the commissioning of fixed assets and other facilities. This link between capital investments and the final output of construction predetermines the list of the main indicators of the capital investment plan.

The main indicators of the capital investment plan are:

) a plan for the commissioning of capacities, including the expansion of existing and construction of new enterprises;

) commissioning of fixed assets;

) the volume of capital investments;

) title lists of buildings and facilities.

The commissioning of capacities is the main indicator of the capital construction plan. The amount of commissioning of capacities and facilities for the planned period is determined by calculations, based on the need to replace decommissioned capacities. At the same time, the maximum possible use of existing capacities is envisaged.

When developing a plan for the commissioning of capacities, enterprises, it is necessary to provide, first of all, for the commissioning of capacities by completing the construction of previously begun facilities, expanding enterprises, and then starting construction again. The terms of commissioning of facilities and facilities are determined on the basis of the established norms for the duration of construction, which are linked to the terms of delivery of equipment in accordance with equipment supply contracts.

The commissioning of fixed assets is planned in terms of money. The plan for the commissioning of fixed assets includes:

a) the cost of objects and enterprises completed by construction and put into operation in the planning period;

b) the cost of machinery and equipment put into operation, including vehicles;

c) the cost of purchasing inventory and tools related to fixed assets.

The plan for commissioning capacities and fixed assets serves as the basis for determining the volume of capital investments.

The volume of capital investments is determined on the basis of the planned commissioning of capacities, enterprises, facilities and the creation of regulatory reserves, which customers must comply with. In the plans, capital investments are determined by branches of activity with the allocation of volumes for technical re-equipment and reconstruction of existing enterprises.

At the stage of developing a long-term plan for capital investments, the volumes of capital investments are determined on the basis of the standards for specific capital investments per unit of input capacity (object) and the standards for the efficiency of the use of fixed assets.

Standards for specific capital investments are established by branches of economic activity. They are developed separately for new construction and for the reconstruction and technical re-equipment of existing enterprises. The volume of capital investments calculated with the help of these standards for the long-term period in the future (in annual plans) is specified on the basis of more detailed economic and direct calculations according to design estimates.

One of the important documents of capital construction is title lists for construction, which are prepared simultaneously with the capital investment plan.

Raising the scientific level of capital investment plans necessitates further improvement of the system of indicators of the plan and planning methodology, taking into account the reform of the economy, as well as improving the norms and standards for specific capital investments.

“I consider it a significant achievement over the past two and a half years that we began to fulfill, and not exceed, the capital investment plan,” Nikolai Bukharov, director of capital investments, makes a rather paradoxical statement.

In fact, there is no paradox here. SIBUR's Capital Investments Department was established as part of the Capital Investments and Investment Projects Service on November 1, 2009, although similar structures, of course, existed in the company even before that. One of the goals of creating a new department was to improve the quality of capital investment management, including by improving the system for collecting, accounting and consolidating information on the costs of each of the investment projects being implemented, regardless of its size. To do this, they began to fully plan, control and take into account the parameters that, in fact, are included in the concept of "capital investments" and are reflected in the terms "Total capital investments disbursed", "Total capital investments financed", "Total fixed assets commissioned". After we had a complete picture of what the company is doing in the field of capital investments at the present time, we began to systematically solve the following task - to learn how to better plan future construction projects.

“Like any rapidly developing young company, some time ago SIBUR sinned with excessive optimism,” says Nikolai Bukharov. - I joined the company in August 2009 and, willy-nilly, was a participant in the ongoing adjustment of the annual plan in December. The need for this adjustment was due to the fact that at the beginning of the year they planned such a volume of work that it was simply impossible to complete. But immediately after the correction was made, we all unanimously reported on the implementation of the plan. Since then, we have not made adjustments to the plan, but have been implementing the plan that was drawn up initially, but with better quality.”

The planning system, which the block of capital investments has developed and is putting into operation, consists of three tightly interconnected parts: technology planning and construction organization design, time planning and budget planning. Scaled to the size of a company, this approach should (and already is) producing a clear understanding of how and why each ruble is spent. Some time ago, information on capital construction was formed separately for business blocks, and when it was summed up, a significant part fell out, for example, related to financing the renewal of fixed assets that do not require installation. On the other hand, management reporting did not correlate with that which was available in the accounting department. “In principle, when the volume of capital investments of the company did not exceed ten billion rubles, planning of capital investments as a separate business process might not have been very interesting. But today, when we are planning about 100 billion rubles of capital investments per year, this is already a very significant business process,” says N. Bukharov.

Life on schedule

The basis for the effective organization of construction is a system of calendar-network and resource planning. Starting from the most general, the first level, and ending with the most detailed, the sixth level. Neither in Russia, nor earlier in the USSR, as you know, they were never particularly fond of clear schedules, although the term "calendar-network schedule" (usually in the form of a Gantt chart) is theoretically familiar to builders. “The culture of calendar-network planning was not very developed even in the Soviet era, and was completely lost in the post-Soviet space,” Bukharov confirms. “We built this culture in the company completely anew, from scratch.”

The Tobolsk-Polymer project played a major role in shaping the corporate culture of planning. The experience and planning methodology used by EPC contractors, accepted and correctly used by the management and employees of the project team, was a kind of “inoculation” for the entire company. Of course, the merit of the work of the Tobolsk-Polymer project team, according to Nikolai Bukharov, is the fact that no one at SIBUR uses the sacramental phrase of post-Soviet builders: "Construction is a living organism, and it is impossible to plan it."

For himself personally, the director of capital investments formed the need for planning of all activities and the culture of planning a long time ago, when he worked at the western engineering company Kvaerner E&C. And after he became responsible for planning within SIBUR, he began to accustom everyone to these schedules, including contractors.

“On each project, we create a scheduling service that develops these schedules. First, separate enlarged schedules are drawn up, consisting of sections of R&D, MTO, construction and installation work, commissioning and containing only information about the start and completion of work at the main objects of the intra-construction list. Further, as information becomes available, we begin to reveal each of them in more detail.

The system of calendar-network planning was tested on the largest scale at the port terminal construction project in Ust-Luga. Initially, a billion-dollar project on the first level chart fits on one A4 page. This is enough for the presentation, but it did not suit the construction, design, etc. managers at all. Accordingly, the schedule later included more detailed work, for example, “piling”, “installation of metal structures”. At the same time, the number of machine and man-hours required to perform the work was taken into account.

On the example of the project being implemented in Ust-Luga, it became obvious how difficult the implemented system is for the contractor. “Not a single Russian contractor is accustomed to detailed planning and total control, which today have already become part of the corporate culture of project management. Not many of the contractors are able to understand what is required of them. Moreover, so far we have not been able to find a general contractor on any project who would be able to independently relay our requirements to subcontractors. As a result, we had to do without a general contractor, and we formed the requirements for compiling calendar and network schedules ourselves and included them in contracts with contractors,” says Nikolai Bukharov.

Over time, Sibur's contractors began to get used to the increased planning requirements. The fact is that the traditional Russian approach, when the contractor promises anything, and then he can retreat arbitrarily far from his promises, is largely due to connivance on the part of the customer. Even now, at the time of signing the contract, SIBUR's contractors are forced to realistically assess their own capabilities and weigh their own promises. By honoring their commitments, they benefit significantly. “Firstly, we can consider the issue of bonuses to the contractor if he is on time or ahead of certain milestones of the project. Secondly, the contractor can more accurately calculate his costs,” explains N. Bukharov.

Mutual language

According to Irina Eterskaya, Head of Capital Construction Planning at SIBUR, the requirement to “work as a team” must be accepted by all members of the project team and involved departments. It is not enough to involve excellent planners in the project. “You can still come across this approach: he is a professional, so let him work, he will provide us with a plan and forecasts, prescribing to everyone what, when and how to do. This is mistake. Such an approach is ineffective, it is necessary to open interaction between specialists responsible for design, logistics, construction, technologists, operators - and already at the stage of forming work plans and predicting the progress of the project,” I. Eterskaya is convinced.

The qualification or even the art of a planner is precisely to unite all participants, building a single model for project implementation, providing a common information space and showing how the work of some specialists affects the performance of work by others and where bottlenecks arise.

Therefore, much attention is paid to the formation of a corporate methodology: the creation of a single "conceptual apparatus", a common language in which communication will be conducted between planners, members of the project team and within the company as a whole.

High-flying estimators

Along with the introduction of the calendar-network planning system, the system for the formation and control of budgets is also being improved. In our traditional terminology, the project or construction budget consists of estimates that are developed by estimators. The traditional work of estimators used to be quite regulated and routine. However, the changing business culture of the company required the formation of a new highly qualified pool of specialists involved in the assessment and control of project and construction budgets. Including such specialists should also be "masters of budgeting".

In order to refresh the routine work of estimators at enterprises and raise the culture of their activities to a new height, a number of organizational innovations were undertaken. First of all, all budget departments at enterprises began to stand out in a separate functional or professional vertical.

Since 2011, Siburov's estimators began to receive professional certificates from the Federal Center for Pricing in Construction and the Building Materials Industry (FTsTSS) as specialists in pricing and estimate rationing. Estimators, or "pricing specialists" who have been trained and certified by the FTsTSS, are entered in the Unified Federal Register of Estimating Specialists. And the nominal seal issued to these specialists along with state-recognized certificates makes it possible to identify the estimate documentation developed and verified by them.

The task of the functional vertical or the professional community of budget assessment and pricing will include a large block of issues - from planning investments in monetary terms (what is called the strange word "development") to the task of creating a system for monitoring contractors and acceptance of work performed.

System Consolidation

The selection of professional communities for planning and budget evaluation is united by a single system of planning and project management. In the near future, it is planned to solve many organizational issues that will allow creating a single harmonious corporate system.

In addition to organizational issues, the creation of this system will require the solution of a number of technical problems. It is assumed that the center of the technical shell will be the core of the PMIS (project management information system), into which reporting information from the accounting department, planning information from the Oracle Primavera-based software package used for calendar and network planning, and data from the budget plan of the new budgeting system, which is yet to appear. All three of these components will be a single mechanism that will ensure that there is a complete and reliable plan for the company's projects, both in terms of time and costs.

“Three years ago, every project at SIBUR had a life of its own,” Bukharov concludes. - The calendar-network schedule was practically not used in the daily management of the construction site, much was given to the contractors, and there was practically no control system that would be based on such schedules. Today, the company operates and improves a new capital investment planning technology, and in 2012 the main characteristic of the process of introducing this system will be its mass character and the transition to the level of line subdivisions of customers for capital construction of enterprises.”

1. The concept and classification of capital investments.

2. Sources of financing of capital investments.

3. Planning and forecasting of capital investments and sources of their financing.

4. The procedure for formalizing the opening of financing and lending to capital investments in a bank.

5. Procedure for financing and lending certain types of capital investments.

6. Leasing as a form of investment for commercial enterprises.

7. Financing and lending for the repair of fixed assets.

1. Investment plays an important role in the economy. They are necessary for the stable development of the economy and sustainable financial growth. The economic activity of economic entities depends on the volume and forms of investment.

Investments contribute to:

Development and strengthening of the enterprise

Renovation of fixed assets

Growth of the technical level of enterprises

Stabilization of the financial condition of enterprises

Increasing the competitiveness of enterprises.

Investments - cash, securities, other property, including property rights, having a monetary value, invested in objects of business or other activities in order to make a profit or achieve another beneficial effect.

The legislative framework:

1. Federal Law No. 39 dated February 25, 1999. "On investment activity in the Russian Federation, carried out in the form of capital investments".

2. Federal Law No. 22 of 01.00. "On the introduction of amendments and additions to the Federal Law" on investment activity "".

3. Federal Law No. 164 dated 10/29/98. "About leasing".

Based on strategic goals, investments are divided into:

1. Direct (real) - investments directly into production or into securities in order to obtain the right to manage the enterprise - the issuer.

2. Portfolio (financial) - investments related to the acquisition of securities for profit, but without the right to manage the enterprise - the issuer.

Particular attention is paid to investments in real assets, that is, capital investments.

Capital investments - investment in fixed capital, including the cost of new construction, expansion, reconstruction and technical re-equipment of existing enterprises, the purchase of machinery, equipment, tools, inventory, design and survey work, etc.

Only investments in fixed assets can be classified as capital investments.

Objects of capital investments - objects that are in private, state, municipal and other forms of ownership, various types of newly created or modernized property.

Classification of capital investments:

1. By the nature of the reproduction of fixed assets:

New construction - the construction of buildings, structures, which are carried out on new areas, the creation of new production facilities; construction of facilities that are put into operation will have the status of a legal entity;

Expansion of the enterprise - the construction of industrial facilities on new areas in addition to the existing ones;

Reconstruction - full or partial restructuring of production on a new technical base;

Technical re-equipment - work to improve the technical level of individual production sites by replacing obsolete machines and equipment with new, more productive ones.

2. By role in the production process:

Capital investments for industrial purposes;

Capital assignments for non-production purposes (construction of housing and social facilities).

3. By type:

Construction and installation work performed by a contract or economic method;

Purchase of machinery and equipment included in construction estimates

Design and survey works - expenses of the enterprise for the acquisition of design and estimate documentation, estimate and financial calculations;

The cost of laying and growing perennial plantations. Bookmark - sowing or planting. Cultivation until the period of closing the crown;

Costs for the formation of the main herd, productive and working livestock - the costs of raising all types of animals before transfer to the main herd, the costs of purchasing adult animals and the costs of their delivery;

Other capital costs - allocation of land for construction, cultural and technical work, etc.

4. By the nature of planning and sources of funding:

Centralized capital investments - capital investments, the source of financing of which is budget funds. The enterprise does not plan these capital investments on its own, their amount is brought to the enterprise by higher organizations. Due to the centralization of capital investments, the construction of new enterprises is carried out, which are included in the program of social and economic development of the Russian Federation. Priority investment project - a project, the total amount of capital investments of which is at least 1 billion rubles. or a project in which the minimum share of foreign investors in the authorized capital is at least 100 million rubles, included in the list approved by the government of the Russian Federation;

Non-centralized capital investments are capital investments that are financed from the company's own funds, credits and loans. Non-centralized capital investments are planned independently.

Subjects of investment activity:

1. Investors making capital investments using their own and borrowed funds.

2. Customer - entities that carry out the implementation of investment projects.

3. Contractors are entities that perform work under a work contract or government contract.

4. Users are subjects for which objects of capital investments are created.

Ways to make capital investments:

1. Contractor - design and commissioning of the facility on a turnkey basis, that is, the contractor is engaged in the selection of equipment.

2. Economic - the enterprise independently organizes construction and installation work.

In the Russian Federation, construction practice may be a combination of these methods. The contractor builds and assembles, and the customer submits design estimates, buys and delivers equipment. Capital investments are reflected in the balance sheet at actual costs for the developer. Capital investment objects that are in temporary operation before they are put into operation are not included in fixed assets. In accounting and reporting, these costs are reflected as an unfinished capital investment.

2. There are 2 groups of sources:

External

Internal

Sources of financing of capital investments can be:

1. Own financial resources (internal):

Deductions from the net profit of the entrepreneur

Amortized deductions.

Depreciation is carried out with the aim of accumulating funds for the subsequent restoration and reproduction of fixed assets. Depreciation property is divided into 10 groups depending on the useful life. Depreciation assets include fixed assets with a useful life of more than 12 months and a value of more than 10 thousand rubles.

Depreciation methods:

1) linear H = 1/n

2) nonlinear H = 2/n

Decreasing balance method

Write-off method by the sum of numbers of years

Write-off method in proportion to the volume of production

3) accelerated depreciation:

For property is the subject of a financial lease (leasing) agreement with a multiplier of no more than 3

For property used to work in an aggressive environment or increased shifts, increasing the coefficient of not more than 2

Mobilization of internal resources in construction.

Mobilization is the attraction of funds for construction, which the enterprise has at the beginning of the year. They can either be sold or used in construction.

To determine the amount of mobilization of internal resources and the calculated need for working capital for construction, it is necessary to compare the initial values ​​with the actual availability of working capital. If the actual availability of working capital is greater than the planned need, then the enterprise has the mobilization of internal resources, if less, then immobilization.

Calculation of mobilization of internal resources in construction.

Indicators	KV limit (per year)	Norm about. cf. %	Amount tr.
1. The actual balance of working capital in construction at the beginning of the year			37,7
2. The need for working capital for construction			36,3
- on the construction performed by the economic method	43,5		6,5
- on the construction performed by the contract method	196,2	0,3	0,6
- for equipment included in the construction estimate	162,3		29,2
3. Surplus, lack of working capital			1,4
4. Accounts payable in construction at the beginning of the planned year
5. Minimum accounts payable standard for the planned year
6. Growth, decrease in accounts payable
7. Insurance payments for construction projects
8. Mobilization of domestic resources			2,4

Profit and savings from reducing the cost of construction and installation work performed by an economic method. This source arises from the enterprise because completed construction projects are taken to the balance sheet not at the estimated cost, but at actual costs

Insurance claims paid out by insurance companies to compensate for damages

2. Sources involved (internal):

Funds cultivated by higher authorities on an irrevocable basis;

Charitable and other non-refundable contributions;

Funds resulting from the issue and sale of shares by enterprises:

Contributions of members of the labor collective;

Land payment means

3. Borrowed sources:

Bank loans;

Soft loans.

Legislative base:

1) Government Decree No. 403 “On approval of the rules for reimbursement from the federal budget, part of the cost of paying interest on investment loans for up to 3 years”;

2) Decree No. 98 dated May 22, 2003 “On approval of the rules for reimbursement from the federal budget of part of the costs of paying interest on investment loans for a period of up to 5 years”;

Target state investment loan;

Loans to other enterprises;

Bonded loans, bills;

Means of financial leasing;

Mortgage credit lending.

4. Budget sources:

Appropriations from the federal budget; federal budget funds can be provided on a returnable and non-refundable basis. Funds on a repayable basis are provided to finance state centralized capital investments. Funds from the federal budget are allocated by the Ministry of Finance of the Russian Federation, which sends them to the treasury or a commercial bank. Funds from the federal budget on a non-refundable basis are provided for targeted state investment projects;

Funds from regional or local budgets are allocated on the basis of regional financing programs for the implementation of targeted regional programs.

5. Foreign sources of investment:

Funds of international financial institutions;

Funds of organizations of various forms of ownership;

Funds of foreign individuals.

3 . The main planning document, which is drawn up when planning capital investments, is the title list of construction. Compiled for the entire period of construction.

This document contains information about:

List of construction projects and prospective construction projects;

Limit of capital investments;

Name of objects;

Estimated cost of construction, including construction and installation works and equipment;

Commissioning of fixed assets in cash proceeds;

Design and estimate documentation;

List of work in progress.

The in-building title list is compiled for each year. All objects under construction in this document should be presented in 3 sections:

1. Objects that are built at their own expense;

2. Objects that are built at the expense of long-term loans;

3. Objects that are built at the expense of own and borrowed sources.

Specify:

Year, month, start and end of construction;

Estimated cost for the year, including construction and installation works, equipment;

The rest of the estimated cost;

Annual list of capital investments;

Commissioning of fixed assets in monetary terms;

List of construction in progress at the end of the planned year;

Name of the contractor;

Remaining estimated funding limit.

Business plan. Investment activities.

In this form, capital investments are planned for all sources of financing. In the first section, production facilities are planned, in the second - non-production ones.

For planning sources of financing, the business plan provides for a special form - sources of financing for capital investments. It shows the capital investments of everything, including state centralized capital investments, and includes a preferential investment loan.

This one shows capital investments financed from budgetary territories. Separately, capital investments financed from own sources, bank loans and other sources are indicated. Both forms of the business plan must be coordinated with each other, as well as the timing of the planned capital investments.

4 . Commercial enterprises making capital investments must provide their bank with a package of documents for financing and lending.

The package of documents for financing and lending capital investments includes:

1. Title list of construction

2. Inline title list of construction

3. A feasibility study of a feasibility study is a set of calculation and analytical documents that reflect the initial data on the project, the main technical, technological, appraisal, calculation and estimate, constructive and environmental protection, on the basis of which it is possible to determine the effectiveness and social consequences of the project.

A feasibility study is a mandatory document when financing capital investments from the state budget. The development of a feasibility study is carried out by legal entities or individuals licensed to perform these types.

4. Contract or work contract and an additional agreement to it. Conclusion between the customer and the contractor, if the construction is carried out by contract. This is the main document on the basis of which settlements are made between the customer and the contractor.

This document states:

Name of the customer and contractor and their legal address;

Name of the construction object;

Estimated cost of the facility, including construction and installation work;

Schedule of construction and installation works;

Rights and obligations of the parties;

Liability for violation.

5. Examination - assessment of the project in order to prevent the creation of objects, the execution of which violates the interests of the state, the rights of individuals, legal entities that do not meet the established requirements of standards, as well as the effectiveness of capital investments made.

Investment projects that are carried out at the expense and with the participation of budgets of various levels require state support and guarantees and are subject to state comprehensive examination.

Urban planning expertise

Sanitary

Ecological

Socially demanding

6. Loan agreement - provided with financing from borrowed sources.

7. Pledge agreement

8. Term obligations are issued if commercial enterprises have debts on long-term loans.

Consolidated term obligations, where all debt on loans is scheduled by year of repayment;

Annual term liabilities are issued for the amount to be repaid in the current year.

Medium-term and long-term loans are provided for those capital investments that are financed by own funds. For those activities, the source of financing of which is the loan budget, is not allocated.

5 . Features of financing of capital investments.

1. Financing and lending of capital construction. Capital construction can be carried out in 2 ways: contract and economic.

The enterprise concludes a contract with a contractor on the basis of an application for a specific list of construction and installation works. The construction organization includes applications in its contract work plan.

Settlements between the customer and the contractor can be made in 2 ways:

1) Monthly for the performance of construction and installation works. In this case, a certificate of work performed for the month is drawn up. It must be signed by the contractor and the customer. Monthly installments - 95% of the estimated cost. Upon completion of construction, an act of acceptance of the finished object is drawn up, an invoice is issued and, on their basis, a calculation is made.

2) Calculations are made after the acceptance of the completed object as for finished building products. Calculations are made upon completion of construction without intermediate payments. Prior to the commissioning of the object, the construction organization incurs costs either at the expense of its own funds or bank loans. The credit resources of the bank are the funds that are released from the customer in connection with the transition to settlements for GP. In this case, a contracting organization is served in a commercial bank, a special account is opened. To this account, the customer lists the sources of finance for capital investments in the amount of 1/3 of the volume of work for each quarter. Until the 22nd of the previous year.

At the end of the quarter, the bank regulates the funds on the special account until the 5th day of the next month. When reconciling, the amount of funds transferred to a special account for the quarter is compared with the actual completion of the list of works for the quarter. If it turns out that the amount of transferred funds is greater than the amount of work performed, then the difference is credited to the account of the next transfer of funds. Otherwise, the customer must cover the difference.

At the end of the year, overpaid funds are returned to the current account (customer's current account). Upon completion of construction, an act of completed work and an act of acceptance of the completed construction object are drawn up.

2. Financing and crediting the costs of purchasing machinery and equipment that were not included in the construction estimate.

The enterprise, in accordance with the plans for social housing (social housing) development, annually determines the need for material resources. An enterprise can purchase machinery and equipment either directly from the manufacturer or through an agro-industrial complex logistics enterprise.

The company enters into an agreement with the supplier, which specifies:

Availability of machinery and equipment;

Negotiated price;

Delivery time;

Payment procedure;

The cost of purchased machinery and equipment is included in the general capital investment plan.

The purchase of machinery and equipment includes the cost of acquiring machinery, the cost of delivery and assembly. If the equipment arrives at the enterprise, and the settlement documents for the shipped plant continue to arrive at the bank, then the equipment is paid from the buyer's current account. If the equipment is sold through a trade base, then the trade base makes the payment and at the same time exposes the company, which pays both the cost of the equipment and the trade allowance.

3. Financing and crediting the costs of laying and growing perennial plantations. The laying and cultivation of perennial plantings refers to capital investments for industrial purposes.

These costs include:

Design and survey work;

Soil preparation;

The cost of purchasing planting material;

Sowing and planting;

crop care;

Protection from pests and diseases.

These costs are financed before the entry of perennial plantings into the operational period. After the expiration of the commissioning period for perennial plantations, an act of acceptance of perennial plantations is drawn up and they are transferred to fixed assets (no more than 20 pieces).

4. Financing and crediting of expenses for the formation of the main herd.

Costs relate to capital investments for production purposes:

The costs associated with the reproduction of adult working and productive livestock.

The cost of young animals grown on the farm and transferred to the main herd;

Expenses for the acquisition of adult livestock, including the cost of delivering livestock donated free of charge.

Poultry, fur-bearing animals, rabbits are not transferred to the main herd. If animals are culled from the main herd, then they must be put on fattening and will be taken into account in the composition of working capital. The costs of forming the main herd are planned in an auxiliary calculation to the economic and social development plan.

Calculations consist of 2 sections:

Costs for the formation of the main herd;

Sources of their funding.

The cost of growing young animals is determined by the book value at the beginning of the year + the cost of growing in the planned year (according to the planned cost of 1 cent of growth). For working cattle, the costs are determined by the planned cost of 1 feed-day and the number of days the animals are kept before they are transferred to the main herd. The cost of purchasing adult cattle is determined taking into account the class of breed and contractual prices.

Sources of financing costs for the formation of the main herd are:

Revenue from culled adult animals;

Depreciation on working livestock;

Profit;

Bank loans.

6. Leasing is a form of long-term lease associated with the transfer of machines, equipment, vehicles and other property for use.

There are 2 types of leasing:

1. Financial - leasing with a full payback of property. A leasing transaction is concluded for a period equal to the property depreciation period, i.e. the tenant pays during the current lease agreement the full cost of depreciation of the property and the profit of the lessor.