21.01.2016
Financial Director of NPF welfare'and speaker sh, told CFO Russia.ru about expanding the sphere of influence of the financial director in the company and establishing effective interaction with the general director and his team. What are the basic rules for effective interaction between CEO and CFO? The effectiveness of the interaction between the CEO and the CFO lies in the achievement of the company's strategic and tactical plans without damaging the psychophysical state of the financial director. Such interaction is possible when several basic conditions are met: What is the CFO's role in building a high-performing team? Forming the “right” team for the CFO is half the success in his professional activity. It is the quality of the work of such a team that will determine the possibility of further growth of the financial director and the expansion of his sphere of influence. High level trust and a sufficient level of professionalism of the team members allow the CFO to focus less on well-established processes and more on development and new areas of activity. When selecting members of the CFO team, at least deputies and managers of direct reporting, it is necessary to be guided by the rules for effective interaction between the CEO and CFO, indicated above. Another, in my opinion, very important aspect that must be taken into account when forming a team is simple human sympathy. The CFO should like his employees and vice versa. What working tools does an effective CFO use? How exactly do they help him in his work? Each CFO has developed a whole list of personal tools for organizing his work over the years of his professional activity: from using paper diaries to tablets and various gadgets. In any case, an effective CFO needs to be able to isolate and be sure to capture valuable information in writing. This fully applies to both the instructions of the higher management and the tasks for subordinates. In order to always have this information at hand, you can use organizer programs designed for tablets with information storage in the cloud and the ability to edit it on a desktop computer. With considering modern possibilities storage and access to your information, you will be able to find and provide the necessary information anywhere and in a timely manner, satisfying the requests of management. You can learn more about the experience of NPF Blagosostoyanie and ask Alexander your own questions atwhich will be held on September 13-15, 2017. Exarcho Irina
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Business breakfast organized by BAKER TILLY RUSAUDIT and NBJ
Representatives of the banking sector:
Deputy Chairman of the Board of Investtorgbank Sergey Lyagin; Maxim Kondratenko, Director of the Loan Restructuring Department at UniCredit Bank; Andrey Omelchuk, Vice President of the Moscow Bank for Reconstruction and Development; Vice President, Director of the Corporate Lending Department of Binbank Dmitry Zaitsev; Deputy Chairman of the Board of the Bank "BNP Paribas Vostok" Andrey Galaev; head of the legal department of Raiffeisenbank (Austria) Vladislav Kotelnikov; Natalya Zhurkina, Vice President for Corporate Lending at Probusinessbank; Albert Fakhrutdinov, Director of the Corporate Business Department at Rus-Bank; Deputy Chairman of the Board of CB "Agropromcredit" Irina Dovdienko; Managing Director of the Corporate Business Directorate of Sudostroitelny Bank Igor Komyagin.
Representatives of real sector companies:
Andrey Morev, Deputy General Director, Financial Director of Grain Company Razgulay CJSC; Nikolay Zhmurenko, CFO of Synterra CJSC; Arnold Pasternak, General Director of CARLO PAZOLINI GROUP; Irina Fomicheva, Economics Director of FELIX TPK CJSC; President of Gallery-Alex LLC "(chain of coffee shops "Shokoladnitsa") Alexander Kolobov; financial director of the chain of stores "Magnolia" Ekaterina Usoltseva; president of LLC " Trading house"ZIMALETTO" Irina Nikiforova; Alexander Lednev, Deputy General Director for Economics and Finance of OAO TransWoodService; Alexey Novichkov, financial director of OAO "Modus"; Yury Tufanov, financial director of Stroyrezerv.
Representatives of the organizers of the business breakfast:
Deputy General Director of Baker Tilly Rusaudit Leonid Nikitin; editor-in-chief of the NBJ Anastasia Skogoreva.
business breakfasts, organized by the company"Baker Tilly Russaudit" and NBJ have become not only a good tradition, but also an opportunity to "measure the average temperature" in the corporate lending market. The last time such an event was held by an audit company and a leading banking magazine was in May 2009. In a calm market situation, three months is a short and insignificant period. But now, over the same time period, the relationship between banks and borrowers can change dramatically. AT better side if things in the economy are on the mend; for the worse if the crisis continues to deepen.
The atmosphere that prevailed at the October round table "Restructuring loans legal entities", suggests that the "bottom" of the crisis has indeed been passed. From mutual accusations and reproaches, typical of the first months of the crisis, the parties moved on to a constructive dialogue, to discussing what restructuring gives to the creditor and debtor, on what conditions should re-crediting be carried out etc. We invite readers to get acquainted with the opinions of the participants of the event by publishing an abbreviated version of the transcript of the "round table" in the NBJ.
"BANK SLAVES" OR PARTNERS?
L. NIKITIN: If I may, I would like to start our discussion with the conclusions that Baker Tilly Rusaudit has drawn from their recent research. The first of them can be formulated as follows: despite some improvement in the overall economic situation in Russia, money is not flowing into the real sector of the economy in the required volumes. That is, we are witnessing a paradoxical picture: macroeconomic indicators have stabilized, while liquidity continues to lie like a dead weight, "accumulating" in the financial sector. I believe that this is primarily due to the radical reassessment of risks by all participants in the process and the caution that is inherent in all banks in a crisis situation.
The second conclusion - or rather not a conclusion, but information for reflection - concerns the forecast indicators of the volume of overdue debts. According to the Bank of Russia, the share of "bad" loans in banks' portfolios may reach 12%. According to Moody's Investor Service and Fitch, it is 25-30%. That is, these agencies consider a third of all debts irrecoverable, or, to use a more pleasant term, problematic. But 30% is just the indicator that is incompatible with normal Does this mean that we should prepare for a massive bankruptcy of financial and credit structures, or is the forecast of the Central Bank of Russia still closer to reality?
A. OMELCHUK: In my opinion, the figures given by international rating agencies are overly pessimistic, and they arise, perhaps because Moody's and Fitch adhere to too conservative methods in determining the level of "problem" debt. They, apparently, are credited to non-performing loans are all problem and potentially problem assets, and this is not entirely true, given that the solvency of borrowers can recover over time, and loans will then be serviced and repaid normally again.
If we talk about the forecasts of the Central Bank, they just seem to me closer to the truth. True, I would not talk about 12% at the end of the year - most likely, the real figures will be about 15-20%.
A. FAKHRUTDINOV: In principle, I agree with my colleague from IBRD, but I would like to add that the "scatter" of forecasts between 12% and 25-30% is quite understandable. 12% are really non-performing debts, loans that, most likely, cannot be repaid. And 13-15% above this are debts for which banks are negotiating restructuring with borrowers. For obvious reasons, restructuring is now a very popular mechanism for both financial and credit structures and debtor companies. It gives the first one the opportunity not to record losses, the second one - to maintain and extend the terms of debt service, to save business and, importantly, relations with the creditor bank, which may have developed over the years.
L. NIKITIN: Undoubtedly, what you have listed are very weighty factors in favor of restructuring. But the question arises: as a result of using this mechanism, loans are "lengthened", while bank liabilities are "shortened" due to the closure of access to "long" Western money. How to get out of this situation, which inevitably leads to a deterioration in the structure of banks' balance sheets?
A. FAKHRUTDINOV: It is impossible to completely avoid it in a crisis, but banks have ways to "smooth out" its consequences. For example, through additional capitalization - an increase in equity capital - or by increasing the yield on current credit operations, that is, raising interest rates on loans.
by the way...
Borrowing companies must understand that a lot depends on their willingness to seek and find solutions that are acceptable both for them and for banks. There is no need to put financial and credit structures in front of a choice between "three kopecks" of return and nothing!
L. NIKITIN: But the second option is clearly not a panacea. If the borrower cannot repay your loan at a rate of 12% per annum, then how can you be sure that he will be able to do this after restructuring, when the cost of the loan will increase to 18-20% per annum? And if we are talking about new borrowers, then where to get them from and how to check their creditworthiness?
A. FAKHRUTDINOV: You do not need to take them - they come by themselves. Compared to the pre-crisis period, the demand for credit financing - a kind of competition for money - has increased 3-4 times. But, of course, you are right: banks now have to be more careful when choosing borrowers.
A. MOREV: This caution ends up setting very high rates for both new borrowers and companies restructuring their debt. We are now just going through the transformation of "short" loans into "long" ones, and we will learn all the "charms" of restructuring from our own experience. So, I can say that the impressions are not very pleasant: even creditworthy companies, due to the current level of interest rates on loans, are turning into so-called bank slaves. 100% of the entire margin that borrowers earn goes to servicing the debt to the bank, and it's good if 100%, not 120%! And if in next year the state of affairs will not change if there is no revision of the level of rates in the whole market, then real business will get out of the crisis for a very long time and very difficult.
A. SKOGOREVA: And at what rates does your company borrow now?
A. MOREV: From 16% to 20% per annum.
I. NIKIFOROV: I agree with my colleague from Razgulyai: indeed, there is a risk that, due to high interest rates, the economy as a whole will develop more slowly than it could and than it would be desirable. But on the other hand, not all companies in the pre-crisis period built their business model on borrowed funds. And now just such market participants receive competitive advantages both in terms of expanding its market share and in terms of attracting "fresh" loans.
A. FAKHRUTDINOV: For my part - as a representative of the bank - I would like to note that borrowers' complaints about high interest rates, in my opinion, are not always justified. In fact, we are being told: "lengthen" the debt service, take on additional risks as creditors, but keep us at the pre-crisis cost of financing. It is not very clear how this is possible. On the other hand, we understand that it is difficult for the real sector to "endure" the prevailing levels of rates. And so we are ready to look for the truth somewhere in the middle, in each case offering our own terms of restructuring and lending. But borrowing companies should also understand that a lot depends on their readiness to seek and find solutions that are acceptable both for them and for banks. There is no need to put financial and credit structures in front of a choice between "three kopecks" of return and nothing!
INTRODUCTION IN CAPITAL - SOLUTION OF THE PROBLEM OR ADDITIONAL GUARANTEE?
L. NIKITIN: Well, usually, after all, we are not talking about "three kopecks", but about increasing the collateral "mass" or about the entry of banks into the capital of restructured enterprises. The second way has just become very popular among the four systemically important banks, on which the state pins its main hopes for supporting the process of corporate lending. And how much is it in demand by financial and credit structures included in the "TOP-10-TOP-50"? After all, on the one hand, the bank thus receives an additional guarantee that the borrower will sooner or later return the loan to him. On the other hand, from the point of view of bank liquidity, this is hardly beneficial for the lender: after all, banks have to "freeze" part of their capital, turning it from bank capital into private equity.
A. OMELCHUK: The issue of entering the borrower's business is considered by us primarily as an instrument of additional control by the bank over the financial and economic activities of the debtor. Now banks get a variety of assets from an industry point of view, to manage them they require different approaches and skills. We have chosen for ourselves the way of transferring non-core assets to the management of professional companies in the relevant market segments.
L. NIKITIN: But what else is left for banks besides this - in a situation where collateral is depreciating? Entering into capital, in my opinion, is effective, if only because the lender thus receives the opportunity to control the activities of the borrower. So, his chances of repaying the debt increase.
A. OMELCHUK: Yes, if you approach the issue from this point of view, then you are right. However, then the bank should immediately aim at the fact that it enters the debtor's capital for a short time - two or three years, until the borrower's normal solvency is restored.
L. NIKITIN: And from the point of view of bank liquidity, is it still a minus?
A. OMELCHUK: From the point of view of bank liquidity, the emergence of a problem loan is a minus by definition, and when restructuring debt, it is not about maximizing profits, but about minimizing losses.
I. KOMYAGIN: In my opinion, entering into the borrower's capital for a bank is currently primarily an option to manage the management of the debtor company. It is quite obvious that the effectiveness of the previous management usually ends at the moment of the occurrence of the problem debt itself. Accordingly, having entered the capital, the bank gets the opportunity to remove inefficient managers and put an efficient team at the head of the company. At the same time, the entry agreement is concluded according to the REPO principle, that is, the other owners of the company have the opportunity to return the business to themselves after a certain time. They should be given this option, it will stimulate them to work better.
L. NIKITIN: That is, certain financial "covenants" are recorded in the agreement - indicators upon reaching which the owners get the opportunity to buy out the business?
I. KOMYAGIN: Quite right. First of all, such "covenants" can be either a reduction in the amount of debt to a certain amount, or a full return to the bank of the debt. And such a statement of the question is quite natural: after all, the bank is interested in the return of funds, and not in the possession of this or that asset. The return of the debt will allow him to do what has already been said here: to lower interest rates on loans to new borrowers and to improve the terms of debt restructuring for "old" ones.
N. ZHURKINA: I wouldn't say so unequivocally that banks are basically not interested in investing in capital, because the functions of managing non-core assets are burdensome for them. The example of Probusinessbank, which I present here, shows just the opposite. True, it may be easier for us to carry out such management, because the bank initially adhered to a "niche strategy": we chose five or six sectors of the economy that we wanted to deal with, studied them, and created specialized loan products for them. Accordingly, now we receive assets only from certain industries, and this fact greatly facilitates the process of managing them.
The second point is that we faced the problem of the emergence of a large volume of bad debts earlier than the market as a whole, back in 2006. Among our clients there were many companies trading alcoholic products. The ban on the supply of wines from Moldova and Georgia at that time put many of them on the brink of survival, and as a result, a significant amount of bad debts formed in our portfolio.
Every cloud has a silver lining - thanks to this, we have gained experience in managing the business of a debtor company and now we can apply it in the new conditions of the global crisis. We have a specialized company that manages non-core assets, and we do not outsource this direction.
A. SK0G0REVA: But isn't there a risk that the owner of the debtor company will simply "atrophy" during the time the bank manages his asset?
N. ZHURKINA: There is such a risk, and we have faced a similar situation. But now it makes no sense to talk about whether this is good or bad, for a long time or for a short time we will have to "mess around" with problem loans. The situation on the market is such that it is clear that the borrower will not repay the debt in the next quarter or another quarter, at best, the exit point for many will be the next two or three years.
HOW TO BREAK THE VINCIBLE CIRCLE
L. NIKITIN: During our discussion, I came up with a provocative question, which, I hope, will be answered by representatives of banks and heads of borrowing companies. Banks, apparently, now consider themselves as orderlies of the real sector. Do you agree with this assessment?
A. FAKHRUTDINOV: Although I am representing a bank at this business breakfast, I will say that your thesis is very controversial. We are not economic orderlies, if only because the crisis hits us as hard as it does non-financial companies. For example, I have a client who literally says the following: I have money, but I will not return it to the bank, because partners and counterparties do not pay me. And what should we do? Take over his business? But by no means all banks have such experience, this is not ours. profile business. We are not businessmen, we are bankers.
L. NIKITIN: By talking about your client, you set a very interesting topic for discussion. It seems that bankers will now have to learn to evaluate not only the quality of an asset, but also the quality of the owner who manages it. And this is where a lot of questions can arise. How much do owners value their personal reputation, how interested are they in the long-term existence of their business? When you look at the numbers of capital outflows in the third quarter of this year, there is a strange feeling. Capital is leaving the country - what do our businessmen want to say by this "voting with their feet"?
I. KOMYAGIN: In my opinion, this is the result of an absolute, I would say - circular distrust of market participants to each other. Banks have enough liquidity for lending, but we do not trust borrowers, and this is natural in a situation where collateral depreciates, personal guarantees do not work, and banks are not too interested in entering the capital. But borrowers do not trust us and complain about too high interest rates, unaffordable restructuring conditions, etc. You formulated the result of this yourself - business votes with its feet. But, understanding this, one must also understand something else: such a vicious circle cannot be broken in one moment, one must painstakingly work to restore a normal business climate in the market.
L. NIKITIN: In the meantime, it seems that a situation may arise when, by the end of the year, some banks will not be able to comply with the Bank of Russia standards, which will lead to the revocation of their licenses and, possibly, to a repetition of the events of last fall - the panic of depositors and the “bleeding” of the system.
S. LYAGIN: Analyzing the results of the last year, we can say with confidence: the Central Bank will not allow a situation to arise in which there will be a need to revoke licenses from any significant banks. The regulator has clearly demonstrated that it puts the stability of the banking system above the requirement to comply with regulations at any cost. It is no secret that banks are now living and actively working on the market, including in the field of lending to legal entities, which would have to leave if the authorities had not provided them with support. And although Investtorgbank has everything in order with the regulations, we know that if, God forbid, we have problems, then we will not be allowed to "fall" either, since the amount of funds raised from private individuals is more than 20 billion rubles. And the Central Bank is interested in maintaining stability in the deposit market.
A. GALAEV: Do not forget that the Russian banking system is very different from similar systems in economically developed countries. And one of its main differences is that here, in the presence of 1,100 banks, the five largest financial and credit structures choose a 50% market share. And the share of "TOP-100" accounts for 85-90% total assets banking system of the country. The Central Bank will not allow anyone from the "TOP-100" to fall. And the revocation of licenses from smaller banks will not provoke panic among depositors.
In general, in my opinion, when discussing various issues, it should be taken into account that there are several groups of banks in Russia. Structures with state participation, private banks and subsidiaries of foreign financial and credit groups - they all have different approaches to different issues. For example, a lot has been said here today about the pros and cons of a bank entering the capital of a troubled borrower. Our bank does not have such a question in principle - the parent "group" forbids us to do this, most likely out of unwillingness to take on image risks in the event of creating an opaque asset management system.
S. LYAGIN: I agree that the approach of the "daughters" to solving the problem of "bad" debts is very different from the approach followed by Russian banks. As far as we could see, after 90 days after the first day of delay, the "Westerners" declare the debt problematic and believe that the probability of its return is extremely low. That is, it is necessary to take all possible actions to repay this debt within the required 90 days - to achieve a return of at least 1-2% of the debt amount. And then, regardless of whether it succeeded or not, go ahead without looking back and work off the "bad" debt with a new good loan. But they can afford such a strategy, because the parent group will capitalize them if necessary. In this case, Russian banks have a harder time, so they behave differently.
L. NIKITIN: It turns out that foreign banks are more banks than Russian ones. They recognize "bad" debt as bad, fix the loss and move on. Russian bank, instead of doing the same, makes the debt long-term, prolonging the difficult situation for itself and possibly for the borrower's business as a result.
M. KONDRATENKO: I do not quite agree with this assessment and with the very statement that we and Russian financial and credit structures adhere to completely different principles in dealing with problem debts. We have different shareholders, that's true, but the borrowers are the same. Accordingly, much in our approaches coincides by definition.
If we talk about how our work is carried out, then we should not think that foreign banks stop dealing with problem debt after 90 days. On the contrary, without wasting time, we develop various options for working with a problem borrower in each specific case. And we see our task not in "shrugging off" problem debt and fixing losses, but in fully respecting the interests of shareholders and either supporting a conscientious and completely open to the bank borrower who finds himself in an objective difficult situation, or minimize losses by carrying out a set of measures related to debt collection as clearly and promptly as possible if the borrower does not go to a constructive conversation or has become de facto insolvent. Debt cancellation is an exceptional measure. Banks fix the loss, having exhausted all possible recovery measures. I assure you, the interests of shareholders and customers make banks scrupulously deal with all bad debts.
A. OMELCHUK: I think that in this case the approach of Russian banks and foreign subsidiaries largely coincides. Everyone understands that writing off a loan after 90 days from the date of the delay is possible if we are talking about a loan issued to an individual, but not a corporate loan. If the bank, after examining the situation, sees that the borrower is set to dialogue, that he is solvent in the medium term, then why would he suddenly start fixing a loss? Another question is if the bank understands that either the borrower is inadequate, or the market in which the company operates is in a state of long-term stagnation. Then the withdrawal of bail and going to court can already be used.
THE MAIN THING IS TO AGREE WITH EVERYONE
L. NIKITIN: Withdrawal of collaterals and the appeal of banks to the court with claims against debtors is now almost the norm. No less common is the situation when the debtor has more than one creditor, but several. It is clear that banks in such a situation begin to get nervous and draw the most negative situations for themselves. Maybe someone from the representatives of the real sector will tell you how the process of debt restructuring goes under such conditions?
A. SKOGOREVA: But these letters you are talking about are only a gesture of good will. What prevents the bank that signed it from withdrawing from the agreement and starting to "pressure" the borrower?
A. OMELCHUK: There is such an opportunity, and that is precisely why, in our opinion, it is necessary not to individually negotiate with each creditor, but to gather all the banks that provided loans to the company at a round table. We just offered one of our borrowers this option of working with problem debt. And I must say that our meeting - more precisely, a whole series of meetings - was very effective. A joint protocol was signed, in which the conditions for restructuring were stipulated, and the fear of many members of the credit club passed. And accordingly, the desire to run away as soon as possible, grab the borrower and shake the debt out of him has also passed.
I. KOMYAGIN: I will support my colleague from the IBRD: indeed, it is very important to neutralize this fear as soon as possible. Because sometimes completely unnecessary and negative situations arise because of it. But at the same time, another thing is also important - that the club of creditors develops an agreement quickly enough. And with this, problems arise: state-owned banks, from which everyone usually expects delays, make decisions promptly, but foreign "daughters" sometimes "slow down". Most likely, because they need to get "good" from the parent structure.
A. SKOGOREVA: Well, it is unlikely that we are talking about long delays.
I. KOMYAGIN: It doesn't have to be long delay. The process of negotiations on restructuring is always tense, some of the banks may lose their nerves. And then problems will arise for all members of the club of creditors.
N. ZHURKINA: It really is. Let me share the experience of our bank: I and two other colleagues in the workshop were resolving the issue of restructuring the debt of one borrower. It took a long time to decide, we met for six months, we considered all possible options. Meanwhile, the company continued to generate an operating loss and "eat" itself more and more. As a result, we buried her “for three”, and, what is a shame, all three of us got a much smaller “inheritance” than if we had immediately agreed on the bankruptcy of the debtor. The only plus is that all three banks participating in the negotiations became friends. We can say - over the grave of the debtor.
Speaking seriously, of course, we always try to participate in such negotiations. And, I will not hide it, we strive to become an "uncomfortable creditor", whose debt will be bought out by other banks. Because if you "leave" in anticipation of a return, then you risk incurring more significant losses than if your debt is redeemed immediately, albeit at a discount.
A. OMELCHUK: It is very good when a bank, which owns a relatively small debt, takes such a constructive position. Unfortunately, this does not always happen.
Now quite common is the behavior of the "skunk", when the smallest creditor refuses to sign an agreement, threatens the borrower with a court, or even sues him. Thus, he tries to blackmail other creditors, seeks to impose on them the redemption of his debt on economically unfavorable terms. Our position here is unequivocal: we do not buy out such debts. And, as far as we know, many banks, including Sberbank, adhere to the same position.
A. FAKHRUTDINOV: In our experience, the behavior of the "skunk" is still uncharacteristic of most banks. And we don't know any precedents for refusing signed agreements on restructuring. And in this sense, it can be said that just the banks - no offense will be said to the enterprises of the real sector - keep their word. And this, by the way, is an indicator of a certain maturity of our banking system.
SHORT LOANS AND "HARD" PLEDGES
A. KOLOBOV: Perhaps the banks have something to be proud of, but, in my opinion, there is something to think about. For example, on the question of why we do not have long-term loans. In the West large companies, projects with a yield of 19% are provided with 70-year loans! In our country, before the crisis, people were forced to take a maximum of three-year loans for development and reassure themselves with the thought that shortly before the end of this period, either they would be refinanced by the same bank, or they would go and take a loan from another representative of the banking sector. By the way, it's probably not a secret for anyone that before the crisis, financial and credit structures themselves were actively offering their lending services to companies. But these were also "short" loans. Because, unfortunately, we don’t have “long” ones in principle.
A. GALAEV: I think this is not a question for banks, but for the economic authorities of the country. If we talk about Russia, then it is necessary to lend "long" in Russian rubles, and there is nowhere to get "long" ruble liquidity on the market. Banks cannot create it "out of nothing". Therefore, it is hardly surprising that our loan terms are many times shorter than in the West.
L. NIKITIN: You shouldn't be surprised, but you should be upset. Alexander Kolobov represents a very interesting segment of the real sector here: he manages the Shokoladnitsa chain of coffee houses. This is very promising business, very fast growing and profitable. But he, like others Russian enterprises, faces problems with attracting loans, so that it can only rely on "short" borrowed funds. And Starbucks, which recently came to us, by definition will develop its business on "long" loans. It turns out that we are giving away this segment of the market - and not only this one - to foreigners.
A. PASTERNAK: Unfortunately, this is exactly what is happening, and moreover, it is many times easier for our companies to agree on lending with a foreign bank than with a "compatriot" from the financial sector. My typical conversation with a Russian banker goes like this: you have excellent financial indicators, we will lend you, and what do you have as collateral? Gooods at the work? No, we will not lend to you, we need "hard" collateral. Gentlemen, but where can I get them? We are a chain of shoe stores, and we do not have real estate on our balance sheet. As recently as today, I met with an American banker - he agreed on a loan for me. And the presence of boots and boots as a pledge somehow did not bother him.
What is the problem? I think that Russian banks during the "fat" pre-crisis years got used to the model when they attracted cheap funds in the West and sold them at a high price here to the final borrowers. This was spectacular. But when this blessed period ended, many financial and credit structures came to a standstill: what should they do in the new conditions? And one gets the impression that their leaders have never read economics textbooks, which say that business, by definition, cannot always be profitable. He periodically incurs losses. But Russian banks, for some reason, do not want to admit this - perhaps because bankers, as one of the participants in our event said, do not consider themselves businessmen.
I. KONYAGIN: I would like to stand up for colleagues in the shop. Experience and research show that over a long period of time - 20-25 years - the profitability of the banking business tends to zero. So we just know that high profitability is possible only for a short period of time.
A. OMELCHUK: In turn, I want to note that when analyzing credit risks, the borrower's business is primary, not collateral. A pledge of goods in circulation, of course, cannot be considered as a full-fledged security. At the same time, if the borrower's business is stable and the repayment of loans is calculated, then for the bank this is a sufficient basis for granting a loan, despite the possible absence of solid collateral.
A. MOREV: Nevertheless, the fact remains that foreign banks lend against goods in circulation, and the cost of these loans is half that of similar loans provided by Russian banks.
E. USOLTSEVA: We, although we have "entered" the business well, also have problems with attracting loans. And these problems stem from banks' collateral requirements. They demand real estate as collateral - well, we just have it, we bought it quite actively before the crisis, and when the crisis began, it benefited us. But we have to mortgage it at large discounts, although real estate prices on the market have not changed much.
A. FAKHRUTDINOV: Discounts, in my opinion, are quite understandable, given the market situation. Calculate the costs that banks may incur in the event of the withdrawal of this property - and in the current conditions, this is more than a realistic scenario. Here's your discount!
And the fact that banks, in principle, are now more meticulous in their approach to borrowers from the real sector, is also. I will give a very, in my opinion, a significant example: the CEO of one of our borrowers greatly improved his well-being before the crisis - he bought new apartment, changed cars, etc. When his company started having problems, we asked if he would like to help them in some way own funds, changing, for example, his "Bentley" to "Zhiguli". The answer was amazing and at the same time very typical for Russia: I earned this money! That is, in the West, when a company raises a loan for, say, 20 rubles, top managers invest this money in business development and, if things go well, they take part of the profit as a bonus. Everything is exactly the opposite with us: the heads of companies first take off the "cream" from the loan, and then invest the rest in business development.
So what do we want? I would like borrowers to give a personal guarantee. At least in order to be able to look into the eyes of such a leader in difficult moments of life and ask him if he still wants to help his company “swim up”.
L. NIKITIN: As a result of our conversation, I found another reason to love the crisis - just such a topic I raised in my September issue of the NBJ. Thanks to him, you and I - representatives of both the real sector and the banking system - realized that the main condition for granting a loan is the quality of the borrower, and not the quality of the assets that belong to him. Because the task of banks is not to take assets from the enterprise, but the task is to issue a loan to those who return it. And this is perhaps one of the most important lessons of the crisis, which the Russian banking system, I hope, will take into account for its further development.
by the way...
The bank is interested in the return of funds, and not in the possession of one or another share
SOLUTION AUTHOR
Alexander Lednev,
Deputy General Director for Economics and Finance, JSC TransWoodService
An enterprise will not have problems with a shortage of working capital if it strictly follows a few rules:
- long-term assets are financed by long-term liabilities;
- funding sources current assets should be enough to ensure the uninterrupted operation of the company in conditions of maximum capacity utilization;
- the current liquidity ratio is always at least 1.
You need to carefully plan for possible changes in turnover, primarily accounts payable, accounts receivable and inventory. If this rule is not respected, then even in the case of a positive operating profitability, the company will have overdue obligations to suppliers, which may lead to deterioration in the conditions of commodity lending.
Despite the apparent simplicity of these requirements, determining the company's working capital needs, as well as the funds needed to finance working capital, is not easy. JSC Trans-WoodService has developed a model for such purposes that allows solving these problems, as well as managing the financial stability of the business. It is based on the calculation of such important indicators for the financial director of any enterprise as the duration of the financial and operating cycles. Let's dwell on them in more detail.
OPERATING AND FINANCIAL CYCLES OF THE COMPANY
From the point of view of any financier, the operating cycle is the time for the full turnover of the entire amount of current assets. Simply put, this is the number of days that elapses from the moment raw materials and materials arrive at the company's warehouse until they are sold. finished products. Another, no less important indicator is the duration of the financial cycle (the time from the moment of payment for raw materials and materials to the receipt of funds for shipped products).
You can calculate the duration of the operating cycle (POC) using the following formula (decoding of symbols, sources of initial data and intermediate indicators used in calculating the operating cycle are presented in Table 6.5 on page 127):
pots = under + pomz + ponz + pogp + subz.
The formula for calculating the duration of the financial cycle is as follows: PFC \u003d poc - pokz - popkz.
Knowing the duration of the financial cycle, it is easy to determine the real need of the enterprise for the money it needs to finance the process of manufacturing and selling products. Calculates the total need for working capital as the product of the operating cycle by the average daily expenses (ratio production cost(PS) to the number of calendar days in the period (T)). The source of financing of working capital can be both own and borrowed capital. Next, you can move on to the model of managing the financial stability of the company.
FINANCIAL SUSTAINABILITY MANAGEMENT MODEL
All that is required to create the model is information from the income and expenditure budget (BFR) and some predicted values of the balance sheet items. Mandatory requirement- monthly breakdown in budgets. The more often control over the execution of budgets and, as a result, control over the financial stability of the enterprise, the better. And also it is necessary to calculate the turnover ratio and determine the duration of the financial and operating cycles.
When all the necessary initial data have been obtained, you can begin to calculate the indicators of the business financial stability management model.
For the financial director, it will be important indicators such as:
- the need for short-term loans attracted to replenish working capital;
- planned value of the current liquidity ratio.
the total need for working capital for the period (the calculation of which was described in detail above) and own working capital.
And the calculation of the planned value of the current liquidity ratio (Ktl) can be performed using the following formula:
Planned Ktl \u003d Duration of the operating cycle x Average daily expenditure of funds: Short-term liabilities.
The proposed model allows you to track how changes in the operating and financial cycles affect the value of the current liquidity ratio. For example, in the first quarter, the company has a rather high current liquidity ratio of -1.9. After the first quarter, the situation is radically
TABLE 6.5. DATA FOR CALCULATING FINANCIAL AND OPERATING CYCLES
| INDICATOR | DECRYPTION | DATA SOURCE / CALCULATION FORMULA |
| Initial data |
||
| T | Period in calendar days, for which the data is analyzed (month, quarter, year) / days. | Calendar |
| AT | Revenue for the period excluding VAT, rub. | Income and expense budget[§§] |
| PS | Full cost shipped products, rub. | Income and expense budget |
| m | Material costs for shipped products, rub. | Income and expense budget |
| d | Cash balance, rub. | Forecast balance |
| M3 | Remains of stocks of raw materials and materials, rub. | Forecast balance |
| nz | Remains of work in progress, rub. | Forecast balance |
| gp | Remains of finished products, rub. | Forecast balance |
| dz | Accounts receivable, rub. | Forecast balance |
| KZ | Accounts payable for the supply of raw materials and materials, rub. | Forecast balance |
| pkz | Other accounts payable, rub. | Forecast balance |
Intermediate calculated indicators
TABLE 6.6. BUSINESS FINANCIAL SUSTAINABILITY MANAGEMENT MODEL
| № | INDICATORS | |
||
| 31.01.11 | 28.02.11 | 31.03.11 | ||
| Turnover data, days |
||||
| 1 | Accounts receivable | 31 | 28 | 31 |
| 2 | Cash | 1 | 1 | 1 |
| 3 | Advances issued | 0 | 0 | 0 |
| 4 | Stocks of raw materials | 31 | 28 | 31 |
| 5 | Unfinished production | 2 | 2 | 2 |
| 6 | Stocks of finished goods | 3 | 3 | 3 |
| 7 | Advances received | 0 | 0 | 0 |
| 8 | Creditor for the supply of raw materials and supplies | 31 | 28 | 31 |
| 9 | Other creditor | 4 | 4 | 4 |
| 10 | Operating cycle | 68 | 61 | 68 |
| 11 | financial cycle | 32 | 29 | 32 |
| Calculation of the need for short-term loans |
||||
| 12 | Average daily expenditure of funds, thousand rubles | 7 | 8 | 7 |
| 13 | The total need for working capital, thousand rubles. | 468 | 468 | 468 |
| 14 | Short-term liabilities, thousand rubles | 248 | 248 | 248 |
| 15 | The need for financing working capital, thousand rubles. | 223 | 223 | 223 |
| 16 | Own working capital, total, thousand rubles | 228 | 228 | 228 |
| 17 | Need for short-term loans, thousand rubles | O | 0 | 0 |
| 18 | Planned current liquidity, units | 1,9 | 1,9 | 1,9 |
nyatsya. The company revised the terms of work with suppliers - they received a deferred payment for two months instead of one. As a result, the current liquidity has decreased to 1. This means that the company can do almost without its own working capital (see Table 6.6).
But in August and September, when the company increased its stocks of raw materials, there was no liquidity growth. On the contrary, the value of the coefficient decreases from 1.9 to 1.5. This is explained by the fact that the acquisition of additional stocks of raw materials is planned to be financed by short-term debt.
In conclusion, it should be noted that understanding the essence of the operating and financial cycles provides all the necessary information to calculate the need for own working capital. But for this, the financial director must understand the essence of the business, understand how business processes are built
DATE ON WHICH THE CALCULATIONS WERE CARRIED OUT
| 30.04.11 31.0b.11 | 30.06.11 | 31.07.11 | 31.08.11 | 30.09.11 | 31.10.11 | 30.11.11 | 31.12.11 | |
| |
||||||||
| 30 31 | 30 | 31 | 31 | 30 | 31 | 30 | 31 | |
| 1 1 | 1 | 1 | 6 | 1 | 1 | 1 | 1 | |
| 0 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 30 31 | 30 | 31 | 62 | 60 | 31 | 30 | 31 | |
| 2 2 | 2 | 2 | 2 | 2 | 2 | 2 | 2 | |
| 3 3 | 3 | 3 | 3 | 3 | 3 | 3 | 3 | |
| 0 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
| 60 62 | 30 | 31 | 62 | 30 | 0 | 30 | 31 | |
| 4 4 | 4 | 4 | 4 | 4 | 4 | 4 | 4 | |
| 65 68 | 65 | 68 | 103 | 95 | 67 | 65 | 68 | |
| 1 1 | 31 | 32 | 37 | 61 | 63 | 31 | 32 | |
| 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | 7 | |
| 468 | 468 | 468 | 468 | 715 | 691 | 473 | 468 | 468 | |
| 460 | 460 | 248 | 248 | 461 | 248 | 36 | 248 | 248 | |
| 8 | 8 | 223 | 223 | 255 | 444 | 442 | 223 | 223 | |
| 16 | 16 | 228 | 228 | 228 | 228 | 228 | 228 | 228 | |
| 0 | 0 | 0 | 0 | 27 | 216 | 214 | 0 | 0 | |
| 1,0 | 1,0 | 1,9 | 1,9 | 1,5 | 1,5 | 1,9 | 1,9 | 1,9 |
enterprises, how optimal they are and whether there are reserves for their further optimization.
And further. When making calculations, it is necessary to take into account the fact that the value of own current assets during the year may change, therefore it is important to constantly monitor changes in the model parameters, comparing planned and actual indicators on a monthly basis. The system proposed in the article is the best suited for these purposes. In order not only for the CFO to understand the full significance and importance of the timing of the financial and operating cycles, their impact on financial stability business, it will be useful to assign responsibility for each element of the operating cycle. This can be done by linking the existing system of bonuses and bonuses with the relevant indicators.
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