Business activity of national joint-stock company "Ukragroleasing" in increasing investment ensure of agricultural enterprises

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Business activity of national joint-stock company "Ukragroleasing" in increasing investment ensure of agricultural enterprises

Ensuring the effective operation of farms to ensure food security of country, improving the quality of agricultural products for market expansion requires solving a number of problems, such as: increase in depreciation of equipment; low rates of technical and technological renewal of production; use of outdated technologies [1]. Formation of appropriate material and technical base of agricultural producers depends on the level of investment ensure, the structure of funding sources, the availability of investment attraction and more. It's a well known fact that resources that meet the needs of current activity is carried out mainly at their own expense, while a prerequisite for funding expanded reproduction are borrowing: bank loans, finance lease, bond issues, etc... Applicability of various credit instruments in the agricultural sector, including leasing, largely depend on the priorities of state agricultural policy, specifically defined measures of state support of industry investment ensure.

Analysis of recent research and publications. The use of leasing as a tool for technical, technological and investment ensure of the agricultural enterprises is the subject of research of many scientists and economists, such as Y. Bilousko, V. Ivanchenko, M. Latynin, G. Pidlisetsky, O. Prokopenko, V. Rassokha, P. Sabluk, O. Shkuratov and other [2-6]. M. Demyanenko, O. Gudz, T. Marenych pay much attention to the study of state participation in the dissemination of financial leasing as a form of credit support of agricultural producers' investments [7, 8]. However, the strategic challenges posed to the agricultural sector, activization of integration processes and changes in financial market necessitates a rethinking of the role of the state in financial leasing of agricultural machinery, which is realized through the activities of National Joint- Stock Company “Ukragroleasing”

Ph.D. adviser - Gutorov A.I., Doctor of Economics, Professor

The goals of the article: analyze the organizational aspects of National Joint-Stock Company “Ukragroleasing”; determine the proper use of public resources and coverage of agricultural enterprises of different organizational forms of activities by leasing transactions at the regional level; outline the main ways of improving the state support of investment ensure of agricultural producers by involving financial leasing.

Results. Financial leasing as a form of capital investment under long-term lease of fixed assets under the lease agreement has been extended to Ukraine because of its legal regulation in 1997. The main feature of the use of leasing in agriculture is fact that the state is a main investor in the leasing market of Ukrainian agriculture. Thus, in 1997, was created the State Lease Fund for technical re-equipment of agriculture. It's funding sources are the part of the return flow from budget loans issued to enterprises and commodity procurement through the state treasury. Then, in 1991, the State Lease Fund was transformed into a state leasing company “Ukragroleasing”, on which in 2001 was created a National Joint-Stock Company “Ukragroleasing”. As stated in the charter, its main purpose is to facilitate the rapid replacement of fixed assets of agricultural enterprises. For years of activity, the company was purchased from plants and transferred to agricultural producers more than 21 thousand units of agricultural machinery and equipment totally worth more than 2 billion UAH.

It should be noted that due to the financial crisis in 2008-2009, there was a slowdown of leasing development in Ukraine. The average cost of leasing transactions decreased from 1.8 to 1.4 mln. UAH (Table 1). However, in the same time we observe a clear trend towards increasing the numbers and value of the lease agreements in agriculture of Ukraine. This happens due to the increase of investment attractiveness of agricultural sector. Also it shows a significant increase in demand for agricultural machinery.

Table 1. The dynamics of development of financial leasing and its use in Ukrainian agriculture in 2007-2012

The scheme, developed by us, provides a visual representation of some errors in the organizational activity of National Joint-Stock Company “Ukragroleasing” (figure 1): affiliates and regional offices that directly work with clients don't have sufficient authority; documents need adjustments from the Directorate in Kyiv which increases the terms of the paperwork; enterprises need to get vehicles, machinery and equipment directly from manufacturer not from the leasing company which increases the cost of logistics for them.

Affiliates and regional offices of National Joint-Stock Company “Ukragroleasing” can only introduce clients with the list of machinery and equipment and minimum prices for it, while the commercial leasing companies and their affiliates have equipment available in stock and offer it to potential customers for familiarize which has a psychological effect and brings some competitive advantages.

Also the price of leasing reduces its attractiveness: payments to the lessor in the structure of the lease payments increased from 19,5 to 31,3%, compensation for loans - from 1,7 to 6%, other costs - from 0,5 to 2,1 %, while the cost reimbursement of leased object has decreased from 78,3 to 60,6% [9].

The change of base of one-time fee charging for organizing the supply of machinery was one of the factors of increased prices of leasing. According to our calculations, this has led to rising costs of deal to 1,05% of the cost of equipment. This is 27,4 and 12,1 thousand UAH for combine harvesters GLC-15 “Svarog” and GLC-9-1 “Slavutich” respectively; 6,8 thousand UAH for KhTZ- 17221 and 9,35-13,5 thousand UAH for Drill “HORSSH Agro-Soyuz” ATD 9.35.

The state leasing company operates in a competitive market - there are 4 and 10 leasing companies in Sumy and Kharkiv regions respectively. In this, the process of creating competitive advantages, among which we highlighted price and quality, is getting particular importance. We believe that the management of company has to continuously monitor the market price of the agricultural lease and make their pricing more flexible. Some steps are being made by management of company in 2014 - it was extended prices for machinery and equipment, established in 2013. However, even under these conditions prices in large parts of headings are still higher than a similar technique and equipment in commercial leasing companies. Also, it needs to be a control over the activities of agricultural machinery producers which receive funds for transferred leasing equipment. Another direction in this area should be the strict selection of specific types of equipment in accordance with the level of quality, energy efficiency, environmental performance and needs of the market demands on the priority of development of individual industries and organizational forms of management.

For a more thorough analysis of the company we have selected affiliates in Kharkiv and Sumy regions. It should be noted, that the transfer of technique and equipment to lease is fairly uneven, with some tendency to decrease. Average amount of lease payment per lands area unit for studied period is 3,6 UAH in Kharkiv region and 2,89 UAH in Sumy region which is well below the current needs (Table 2). The modern types of machinery and equipment produced by domestic machine builders (including with foreign investments) are in demand of lessees. This improves productivity, product quality and creates the right conditions in the workplace.

Table 2. Involvement of agricultural machinery on financial leasing through affiliates of National Joint-Stock Company “Ukragroleasing” in Kharkiv and Sumy region in 2008-2013

Thus, the leasing of equipment for the livestock industry in the Kharkiv region reaches 28% and in Sumy - 22,1 % of the transactions. The modern machines for fattening pigs were put on lease for 11,8 million UAH in Kharkiv region; sets of equipment for fertilization, maintenance, rearing and fattening pigs with smart air-conditioning system, milking machines for a total value of 5.4 million UAH in Sumy region.

As shown in the table 3, agricultural enterprises of different organizational forms (especially limited liability companies) use services of state leasing company.

Table 3.Use of financial leasing by agricultural enterprises of different forms of business organization through affiliates of National Joint-Stock Company “Ukragroleasing” in Kharkiv and Sumy region in 2008-2013

Thus, the share of limited liability companies in the total costs of concluded lease agreements was 30,7 % in Kharkiv region and 62,9 % in Sumy region (Figure 1).

Figure 1. Share of agricultural enterprises of different forms of business organization in the formation of lease portfolio of National Joint-Stock Company “Ukragroleasing” affiliates in Kharkiv and Sumy region in 2008-2013

Also, farms using this form of investment ensure pretty effectively - their share amounted to 19,1 % and 16 % respectively. However, National Joint- Stock Company “Ukragroleasing” established cooperation with cooperatives only in Kharkiv region - they are missing among the customers in Sumy region.

Conclusions

1. Financial leasing is becoming more attractive instrument for financing fixed assets of agricultural enterprises in terms of high need of improvement of their material and technical base on the one hand; and the gradual reduction in profitability, minimize of bank lending programs, increasing in prices for imported equipment due to the devaluation of the national currency from the other hand.

2. State participation in the revitalization of investment ensure of agricultural enterprises via financial leasing is implemented through National Joint-Stock Company “Ukragroleasing”. The analysis showed the need for substantial changes in the organization of their business activity: optimization of its structure and employee staff, decentralization of activities empowering affiliates which will shorten the paperwork to lead to cheaper leasing services.

3. From our point of view, the main areas of improvement of “Ukragroleasing” work are: enhancement of terms of the leasing services towards the reduction of commission; improving the quality parameters and expanding the list of technique and equipment that are leased, given the priority development of agricultural industries and different forms of business organization; individual work with clients and active involvement of small businesses, cooperatives, farms.

References

organizational investment leasing

1. Stratehiya rozvitku ahrarnoho sektoru ekonomiky na peryod do 2020 roku / http://zakon1.rada.gov.ua/laws/show/806-2013-r#N7.

2. Ivanchenko V.O. ahrolizynh yak spetsifichniy vyd investuvannya / V.O.Ivanchenko, V.H.Kryachko. [Elektronnyy resurs]. - Rezhym dostupu: http://www.kntu.kr.ua/doc/zb_22(2)_ekon/stat_20_1/18.pdf.

3. Latinin M.A. Investytsiyno-innovatsiyne zabezpechennya rozvitku ahrarnoho sektora ekonomiky / M.A. Latinin, Y.O. Ulyanchenko / Teoriya ta praktyka derzhavnoho upravlinnya. - 2013. - Vyp.

4.Pidlisetskiy H.M. Finansovyy lizynh yak mekhanizm derzhavnoyi pidtrymky tekhniko-tekhnolohichnoho zabezpechennya silDsDkoho hospodarstva / H.M. Pidlisetskiy, P.A. Denisenko // Ekonomika APK. - 2011. - № 4. - S. 75¬79.

5. Prokopenko O.V. Lizynh yak instrument innovatsiynoho rozvitku silskohospodarskikh pidpruemstv / O.V. Prokopenko, V.A. Omelyanenko // Marketynh i menedzhment innovatsiy. - 2013. - № 2. - S. 150-158.

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