The investment project assumes. Investment projects - what are they? Purpose and effectiveness of investment projects. Resources and information

An infusion of investment funds is necessary for the development of any business, regardless of the industry, degree of development and direction. An example of a successful and profitable investment project is the technical re-equipment of an enterprise, improvement of its productivity, and, as a result, an increase in commercial liquidity.

Purpose of creation

A project for any business is a set of documents that show the prospects for investing funds.

Such documents include:

• technical calculations;
• master plan of the future facility;
• marketing strategy;
• business project sustainability analysis;
• analysis of the financial condition of the company.

The purpose of the calculations is to show (in most cases to the investor who plans to invest) its liquidity. By and large, the owner of the idea (the developer) has an understanding of how the entire proposed business structure should work, how it should develop, and what risks exist. An idea developer understands all the components for successful business, but does not have the main tool - finance. On the other hand, an investor has funds, wants to invest them in a business and is looking for the most profitable option for himself.

A project is that component between an investor and a developer that allows different goals to be realized for the benefit of one result - success. In turn, two multi-purpose structures receive what they need: the investor - funds in the stated amount at the right time, and the ideological copyright holder - the opportunity to translate their ideas from fantasies and formulas on a piece of paper into reality.

The essence of the calculations

A project, an investment, an investment - this seems so far away, something that can only concern a businessman who has at least a million available funds for investment. In fact, each of us can become an investor, the main thing is to choose a successful promising option for our own investments, to understand a little about the business where financial investments are planned. For example, a metallurgist cannot assess the real risks of a mini-bakery, and a baker will not be able to understand financial reports on the profitability of enterprises in the metallurgical industry. Therefore, the main rule is to understand the industry in which the investment project is planned to be implemented.

Economists and financiers like to say that even the most unprofitable project will in practice be more successful and financially sound than the most ideal plan that never found its investor

There are a huge number of economic formulas, examples with samples of how to calculate the efficiency of a business format.

But even with such calculations that can show the profitability and prospects of the chosen investment project, one cannot do without a real understanding of the specifics of the matter. Calculations are the work of professionally trained economists who can show in numbers the benefits of an investment project. In practice, it is important to understand simple truths, to study all the features of a business that make up its success.

Example: project for a woodworking furniture factory

Name

A Perm woodworking enterprise designed for the production of furniture and fittings from natural wood of different types and lumber.

Characteristics of the project being developed

For the specified period of time, the enterprise consists of two workshops, the focus of which is the production of cabinet children's furniture. During the investment project, it is planned to expand production by launching the production of upholstered furniture for children's rooms. The production capacity region is Kansk (Krasnoyarsk Territory). The entrepreneur expects to expand the sphere of furniture production, increasing sales in the first year by 20%, and for each subsequent year by 15-18%.

The volume of planned investments is 15 million rubles.

Market research based on marketing monitoring in the period from 2010 to 2017

Children's cabinet furniture made of natural wood and lumber (chipboard, fiberboard) is a product that is popular both in the city and in the region. An increasingly popular trend - upholstered furniture for children's rooms - will be just as in demand and relevant as manufactured cabinet furniture. During the period from 2014 to 2017, production concluded more than 10 large contracts, which are focused on the regular supply of cabinet furniture for preschool institutions and for sale in stores.

The new direction will help reduce costs under a previously concluded agreement with a company that produces upholstered furniture. Based on this agreement, the company, if necessary, purchases upholstered furniture and creates a set for the children's room. If you have your own production, you can save on paying for this type of product by producing it yourself.

From 2010 to 2017, the company was able to develop a strategy and business case for its own products in such a way that the offers were more profitable for the consumer. There is a wide range of both inexpensive segment and exclusive furniture made from natural solid wood (alder, oak, ash, aspen). There were periods of decreased buyer activity (2012-2014), but today the demand for products has become just as relevant. It is planned to produce about 1000 sets of upholstered furniture for children's rooms per year.

Construction technology of technical equipment for a new direction

Since the company bought the building for furniture production, and it is possible to use empty rooms in the building, funds for the purchase or construction of an additional building will not be required. The following studies were carried out, reports on the results of which are attached to the business plan:

• calculations were made for the consumption of light, water, heating in the newly equipped premises;
• inspection and selection of the necessary equipment that will be required to equip the new workshop (production in the new workshop);
• the cost of the purchase of raw materials, as well as the payment of wages, was calculated;
• it is planned to additionally employ 4 people for the production of upholstered furniture;
• suppliers of the necessary raw materials were selected at competitive prices on wholesale terms.

Investment calculations:

• the total volume of planned investments is 15 million rubles;
• a one-time injection of funds is planned, since all the money will be used to purchase the necessary equipment and repair the old part of the building;
• the initiator’s own funds (furniture company) – 3 million rubles;
• investment injections from outside investors - 12 million rubles;
• 40% planned internal return (IRR);

• 4 years (DPBP) – planned discounted payback period;
• 3 years (PBP) – payback calculated at the beginning of investment;
• NPV in the amount of 9 million rubles.

The above figures are approximate. In fact, an investment project is documents that reflect real profits to date, and expected profitability taking into account discounting. The example of an investment project shows only possible calculations; in fact, the picture may differ, taking into account the characteristics of production, its volume and goals.

Why do you need an efficiency calculation?

The effectiveness of the plan is the necessity and result of investment. The uniqueness of the project proposed to investors creates individual approaches to assessing the effectiveness of the business plan being implemented.

Such individuality is a kind of “zest” that is not used anywhere else (know-how). In many ways, this feature ensures the effectiveness of the entire ongoing project and requires an individual solution. The effectiveness of a future business is assessed in most cases by specific characteristics - performance indicators.

In order to calculate the performance indicators of an investment project, you need to know what actions are performed, what goals each individual participant pursues and what they are worth in material terms:

• Each individual project participant individually sets goals, interests, evaluation criteria, which will subsequently be used to assess the compliance of the specified project and their own interests. There is simply no specific system for evaluating a project from the point of view of all its participants. For example, one participant (investor) will consider a project effective when it brings real planned funds, and another participant (entrepreneur) will consider indicators of sales growth to be effective;
• the entrepreneur (developer) must understand the investor’s goals and justify the benefits of his participation with indicators that express these very interests.

• economic, which reflects the correspondence of costs in monetary terms to the expected results;
• social – the significance of the project for the population living nearby is extremely important to evaluate regardless of the focus of the enterprise’s activities;
• environmental – that is, the impact of production on the environment at all stages;
• defense - compliance of costs with the interests of the country's security.

Depending on the volume of production, as well as on the goals set, it is recommended to consider this indicator in several options:

• the effectiveness of the plan as a whole;
• the effectiveness of the participation of each team member.

Evaluating performance is exactly what an investor is willing to take risks for. If the goals, objectives, calculations are correct and understandable from all sides, and the risks are justified, then the investor decides on a positive result, the investment project is implemented.

Investment project, concept and purpose

An investment project (IP) is a justification for the economic feasibility, volume and timing of capital investments, including the necessary design and estimate documentation developed in accordance with the legislation of the Russian Federation and duly approved standards (norms and rules), as well as a description of practical actions to implement investment(business plan).

An investment project is a plan or program of activities related to the implementation of capital investments and their subsequent reimbursement and receipt arrived.The term “investment project” can be understood in two senses:

as a set of documents containing the formulation of the goal of the upcoming activity and the definition of a set of actions aimed at achieving it;

as this set of actions itself (works, services, acquisitions, management operations and decisions) aimed at achieving the formulated goals.

A correctly drawn up investment project ultimately answers the question: is it worth investing at all? money into this matter and whether it will bring income, which will repay all the costs of effort and money? It is very important to draw up an investment project on paper in accordance with certain requirements and carry out special calculations - this helps to see future problems in advance and understand whether they can be overcome and where you need to insure yourself in advance.

The purpose of the investment project is to help entrepreneurs and economists to solve four main problems:

study capacity and future prospects market sales;

estimate the costs that will be necessary for the manufacture and sale of products needed by this market, and compare them with those prices, at which it will be possible to sell your goods to determine the potential profitability of the planned business;

discover all possible pitfalls that lie in wait for a new business;

identify those signals and those indicators based on which it will be possible to regularly evaluate the activities of the enterprise.

Classification of investment projects When deciding on investment, it is advisable to determine where it is more profitable to invest capital: in production, securities, purchasing goods for resale, in real estate or currency. Therefore, when investing, it is recommended to take into account the following main points, for example, capital investments with long payback periods must be financed using long-term borrowed funds. It is recommended to finance investments with a significant degree of risk using your own funds (net profit and depreciation charges). It is necessary to choose investments that ensure the investor achieves maximum (marginal) profitability. The return on investment should always be higher than the inflation index. The methodological recommendations also involve the use of a number of important principles in the development, analysis and examination of investment projects, the main of which are the use of the principle of alternativeness; development and examination of the project in a number of mandatory sections or aspects, such as technical, commercial, institutional, environmental, social, financial (micro level) and economic (macro level); using internationally accepted criteria for assessing the effectiveness of projects based on determining the effect by comparing upcoming integral results and costs with a focus on achieving the required rate of return on capital and other indicators, while bringing forthcoming costs and income to the conditions of their commensurability, taking into account the theory of the value of money in time; taking into account the uncertainty and risks associated with the implementation of the project, etc. There are various classifications of investment projects. Depending on the characteristics underlying the classification, the following types of investment projects can be distinguished: I In relation to each other: · independent, allowing simultaneous and separate implementation, and the characteristics of their implementation do not affect each other; · mutually exclusive i.e. not allowing simultaneous implementation. In practice, such projects often perform the same function. Of the set of alternative projects, only one can be implemented; · complementary, the implementation of which can only occur jointly. II By implementation time (creation and operation):

short-term (up to 3 years);

medium-term (3-5 years);

long-term (over 5 years).

Short-term projects require short deadlines for implementation. The cost of a short-term project may increase during its implementation. The customer increases the cost of the project to gain time to maintain priority in the competition in the sales market. Short-term (high-speed) projects, as a rule, are typical for enterprises with a rapidly updating range of products, during restoration work, when creating pilot plants, etc. Long-term projects are usually projects that implement capital-intensive investments (for example, investing in the construction and reconstruction of real estate). III By scale (most often the scale of the project is determined by the size of the investment): · small projects, the action of which is limited to the framework of one small company implementing the project. Basically, they represent plans to expand production and increase the range of products. They are distinguished by relatively short implementation times. Small projects, as a rule, do not require special elaboration of the feasibility study and related issues. At the same time, mistakes made during the formation of projects can seriously affect their effectiveness. Small projects also include the creation of social and cultural facilities. · medium projects- these are, most often, projects for reconstruction and technical re-equipment of existing production facilities. They are implemented in stages, for individual productions, in strict accordance with pre-developed schedules for the receipt of all types of resources, including financial ones; · major projects- projects of large enterprises, which are based on a progressive “new idea” of producing products necessary to meet demand in the domestic and foreign markets; · megaprojects- these are targeted investment programs containing many interrelated final projects. Such programs can be international, state and regional. Megaprojects have the following distinctive features - they have a high cost - from $1 billion; funds for the implementation of this kind of projects usually exceed financial reserves, additional sources of financing are needed, for example, bank loans, export loans, mixed lending. Megaprojects require a large total amount of work in man-hours: 2 million man-hours for design, 15 million . man-hours – for the construction of facilities; and the implementation period is 5-7 years or more. Megaprojects have an impact on the social and economic spheres of the region and even the country where they are implemented. To classify a project as a small, medium or mega-project, the following indicators are used: · volume of capital investments; · labor costs; · duration of implementation; · complexity of the management system; · attracting foreign participants; · influence on the socio-economic environment of the region, etc. IV According to the main directions:

commercial projects , whose main goal is to make a profit;

social projects oriented, for example, to solving problems of unemployment in the region, reducing crime levels, etc.;

environmental projects , the basis of which is the improvement of the living environment;

other

V Depending on the degree of influence of the results of the investment project on internal or external markets for financial, material products and services, labor, as well as environmental and social conditions :

global projects , the implementation of which significantly affects the economic, social or environmental situation on Earth;

national economic projects , the implementation of which significantly affects the economic, social or environmental situation in the country, and their assessment can be limited to taking into account only this impact;

large scale projects , the implementation of which significantly affects the economic, social or environmental situation in a particular country;

local projects , the implementation of which does not have a significant impact on the economic, social or environmental situation in certain regions and (or) cities, on the level and structure of prices in commodity markets.

VI A feature of the investment process is its association with uncertainty, the degree of which can vary significantly, therefore, depending on the amount of risk, investment projects are divided as follows:

reliable projects , characterized by a high probability of obtaining guaranteed results (for example, projects carried out under government orders);

risky projects , which are characterized by a high degree of uncertainty of both costs and results (for example, projects related to the creation of new industries and technologies).

VII From the point of view of project participants, the most essential is to take into account the following participants: · state enterprises; · joint ventures; · foreign investors. In practice, this classification is not exhaustive and allows for further detail. 1.3

1.2. Static methods for assessing the effectiveness of investment projects. Simple, static criteria for the effectiveness of investment projects include the payback period and the simple rate of return. The payback period of an investment refers to the expected period of recovery of the initial investment from net proceeds (cash receipts minus expenses). The economic meaning of the indicator is to determine the period within which an investor can return the invested capital. If the income flow is uneven, the calculation of the indicator involves determining the amount of cash receipts from the implementation of the project on an accrual basis, i.e. as a cumulative value (step-by-step summation of annual amounts of cash receipts until the investment amount is reached). The advantage of the method lies in the ease of its calculation, sufficient simplicity for understanding and acceptability as a subjective criterion in assessing project risk (with a long payback period, we can talk about a significant degree of uncertainty in obtaining the expected investment results). The disadvantage is that it does not take into account the time value of money, ignores cash flows beyond the payback period, and can only be used if the duration of the compared projects is equal and the initial investment is one-time. The simple rate of return (accounting return on investment, investment efficiency ratio, estimated rate of profit) is the ratio of the average amount of income of an enterprise according to accounting statements to the average amount of investment. The average investment amount is found by dividing the initial investment amount by 2, provided that upon expiration of the project, all costs will be written off. If the presence of residual or liquidation value is allowed, its value is excluded. The use of the indicator is based on comparison of its calculated level with standard levels of profitability for the organization. Only those projects that increase the level of efficiency of production and economic activities previously achieved at the enterprise are subject to approval. The main advantage of the criterion is the ease of calculation and ease of application, but the disadvantage is that it does not take into account the time value of money, and accounting profit is used to determine it, while in the process of long-term investment decisions made on the basis of monetary -stream analysis.

1.4. Dynamic methods for assessing the effectiveness of investment projects. Criteria based on the technique of calculating the time value of money are called discounted criteria. In world practice, the following are most often used: 1. Net present value NPV (net present value) is a discounted indicator of the value of a project, defined as the sum of discounted values ​​of revenue minus costs received in each year during the life of the project. РV is the current value of the project cash flows, I is the initial investment costs, CF (1,n) is the net cash flow in period t, n is the planned implementation period of the investment project, r is the project discount rate. To recognize a project as effective from the investor’s point of view, its NPV must be positive; when comparing alternative projects, preference is given to the project with a large NPV value (provided that it is > 0). 2. The profitability index PI characterizes the return of the project on the funds invested in it. This is the ratio of the sum of the elements of cash flow from operating activities to the absolute value of the discounted sum of the elements of cash flow from investing activities. The criterion is very convenient when choosing one project from a number of alternative ones that have approximately the same NPV values ​​(if two projects have equal NPV, but different volumes of required investments, then the one that provides greater investment efficiency is more profitable), or when assembling an investment portfolio in order to maximize the total NPV values. H. The discounted payback period is equal to the duration of the shortest period after which the net present value becomes and continues to remain non-negative. 4. Internal rate of return IRR - represents the interest rate r, which makes the current value of project cash flows equal to the initial investment costs, i.e. r = IRR if NPV = 0. This is the discount rate at which the project breaks even. There are the following four ways to find IRR: - by trial and error; - using a simplified formula; - using a financial calculator; - using standard values ​​of the current value of an annuity at a constant value of net cash flow. The practical application of this method comes down to sequential iteration, with the help of which a discount factor is found that ensures the equality NPV = 0. Based on the interest rates on loan capital existing at the time of analysis, two values ​​of the discount factor are selected< таким образом, чтобы в интервале от до функция NPV меняла свое значение с + на - или наоборот. Далее используют формулу: Точность вычислений обратна длине интервала, поэтому наилучшая апроксимация достигается в случае, когда длина интервала принимается минимальной (1%). Преимущества использования IRR, заключаются в следующем: прост в понимании менеджера, учитывает временную ценность денежных вложений, показывает рисковый край (предельные значения процентной ставки и срок окупаемости), для его расчета не требуется предварительно определять величину проектной дисконтной ставки. Недостатки связаны с неоднозначностью математического определения IRR в случае нетрадиционных денежных потоков и некорректной оценкой взаимоисключающих проектов с разными масштабами капиталовложений. Критерии IRR, NPV и PI являются фактически разными версиями одной и той же концепции, поэтому их результаты связаны друг с другом. Таким образом, можно ожидать выполнения следующих математических отношений для одного проекта: если NPV >0, then PI >1, IRR > r; if NPV< 0, то PI <1, IRR< r; если NPV = 0, то PI =1, IRR = r. Для того, чтобы проект мог быть признан эффективным, необходимо и достаточно выполнение одного из следующих условий: 1. NPV >= 0. 2. IRR >= r 3. PI >=1. 4. RVd< Т.

The structure and calculation of an investment project largely depends on its specifics, scope of implementation, the nature of the project (the presence of an innovative idea or a simple expansion of production) and other factors. In projects related to the reorganization of production, the balance of the launch date is determined by the current financial condition - a factor that directly affects the direction of the investment project and the fullness of cash flows. Investment projects must include:

• a brief description of the essence of the proposal (CV) detailing the main competitive capabilities of the project,
• characteristics of the initiating company and requirements for possible participants in the process on the part of the investor,
• the ideological essence of the project and the distinctive features of the preferred investment option,
• analysis of production and sales markets,
• list of activities necessary to implement the project,
• description of the form and volume of investment, as well as the expected financial return, indicating the timing,
• risk assessment.

Below are several investment projects in examples with calculations: an example of a typical project in the energy industry, an innovative project with a research proposal in the transport industry and a specific project for the creation of a wood processing enterprise.

Energy industry: example of an investment project

Name: Investment project for supplying consumers with heat and electricity from independent sources.

Key idea: Providing consumers with energy from independent sources. In promoting the idea, the initiator is based on the fact that modern technologies in the joint production of electrical and thermal energy will increase its quality and reduce the cost of production due to the following factors:

• Combining the production of two types of energy.
• No energy loss during transmission.

The essence of the idea: Combined production of “electricity + thermal energy” allows you to use all the heat that is released by the generator drive. This is made possible by integrating heat exchangers into the engine design. They allow you to heat water in the network in a given thermal mode. The efficiency in this case is 90-92% (where 48-50% is thermal energy, and 40-42% is electrical energy). With this combined technology, specific fuel consumption is significantly reduced and environmental pollution is reduced. Since the energy produced is consumed at the place of production, its losses are minimal. The project initiator has the opportunity to build gas piston mini-thermal power plants with a thermal power of 14.55 MW and a power of 15.98 MW.

Justification for the choice of equipment and technology: In the project it is preferable to use GE Jenbacher 612, which has:

• 0.4 kV – generator voltage,
• 2002 kW/hour – unit electric power,
• 1842 kW/hour – unit thermal power,
• 48.2% – electrical efficiency,
• 43.9% – thermal efficiency,
• 92.1% – overall efficiency.

At the moment, there are 2 methods of generating energy using natural gas, where in the first case gas turbine units are used, and in the other - gas piston units. For this project, gas piston engines are preferable because:

• The efficiency of gas turbines is noticeably lower than the mechanical efficiency of gas engines.
• The electrical efficiency of a gas engine is higher and more stable.
• High electrical efficiency is maintained even at high air temperatures.

Based on the foregoing, we can conclude that investments for a project using gas piston power plants are lower than for a project with a turbine analogue.

Market analysis: When choosing an equipment manufacturer, preference is given to GE Jenbacher, since it, part of the General Electric concern, leads the market with its gas engines.

• The total service life of this company’s installations is over 240 thousand hours, and before major repairs – more than 60 thousand hours.
• During the entire existence of the company, there has not been a recall of defective products.
• Availability of process automation.
• Possibility of increasing the power of the station using a modular approach while coordinating the operation of an unlimited number of units.
• A simple and cheap model for adapting to a new gas composition.
• High class of service with the presence of a subsidiary service company in the Russian Federation.

Domestic equipment suppliers operate in a market segment inferior in product quality and service level to GE Jenbacher, which, despite higher prices, occupies 52% of the Russian market.

Calculation of economic efficiency in tables:

Efficiency of the investment project by year:

Benefits of the project:

The proposed investment project of the enterprise will contribute to capital growth and stimulate sales of energy resources.

A capital-intensive and long-term innovative investment project is examined using the example of the development and implementation of string transport, designed by Academician Yunitsky through complex research and development work.

Name: String transport: development and commercial use.

Key idea: Systematic systematic creation of value through scientific and technical innovations during the introduction of string transport (rail car) on two strings.

The essence of an innovative idea: A rail car, which is known as the Unitsky String Transport (UST), is a vehicle on steel wheels for freight and passenger transportation, which moves on string rails mounted on supports. Work has been ongoing since 1977, but most actively since 1998. At the moment, the possibility of innovative implementations is beyond doubt among industry experts.

The developer of the idea, A. E. Yunitsky, Academician of the Russian Academy of Sciences, is known as the author of over 100 inventions. The results of scientific and technical innovations in UST are protected by 37 patents. In total, 5 monographs, 50 essays, 26 articles and reports, and 10 television reports have been published on the topic. Over the 27 years of development of the UST idea, a school was created, represented by specialists in different countries.

Justification of benefits:

STU as a passenger and cargo transport has the following advantages compared to other types:

• low cost of construction of routes and low specific consumption of materials,
• high consumer qualities at low operating costs,
• excellent environmental characteristics,
• the possibility of laying routes in hard-to-reach areas with less land acquisition for their construction,
• high throughput.

In terms of technical simplicity and execution, UST compares favorably with transport systems such as maglev trains, monorails, and cable cars.

Market analysis: In the 21st century, the potential share of STU is estimated at 20-40% of the total length of roads, which is about 5-10 million kilometers. The project involves the creation of a new niche in the transport sector of the world economy, which includes the design and construction of routes, rolling stock, and the creation of infrastructure for passenger and cargo transportation. The project provides for the creation of new STU technologies, which allows us to maintain a leading position in the development of projects of a similar nature.

At the end of the 90s of the 20th century, about 6 million dollars were invested in the project, which made it possible to build a pilot section of the road and by 2001 carry out a large number of practical tests. Design documentation was also created for 10 types of track structures, anchor and intermediate supports, and models of several types of transport. The volume of external investments is estimated at 30-35 million dollars.

: In a full-scale investment option, the investor becomes a co-owner of the know-how, takes an equity participation in the project and takes an active role in management. For this purpose, a joint parent company is being created, whose tasks include representative functions, strategic decisions, tactical management with solving problems of certification and commercial use, accounting and management accounting.

Main stages of development before entering commercial use:

• Low-speed UST (up to 180 km/h): 2 years of final testing and certification work. 35-40 employees. 4-5 million dollars of financing.
• High-speed UST (up to 350 km/h): 1 year of preliminary testing. 2 years of final testing and certifications. 300-400 employees. 10-12 million dollars of investment.
• Ultra-high-speed STU (up to 500 km/h): 3 years of preliminary testing. 2 years of final tests. 600-800 employees. 20-25 million dollars of financing.

Directions for using investments in percentage terms:

• Contractor work – 27%.
• Salary of employees – 26%.
• Equipment – ​​13%.
• Taxes – 10%.
• Materials – 10%.
• Rental of premises – 3%.
• Office and business expenses – 2%.
• Other expenses – 9%.

In Russian conditions, combining roads (about 1 million kilometers) both among swamps and taiga, and among tundra and permafrost, UST may become the only opportunity to create communications of world class and importance.

Name: Woodworking plant dedicated to the production of power transmission poles.

Idea and general characteristics of the project: During the implementation of the project, it is planned to create a plant for the production of impregnated wooden poles for power lines (power lines) with a length of 13, 11 and 9.5 meters per 30 thousand m3. The volume of planned investments is 237 million rubles. Region: Krasnoyarsk Territory, Kansk.

Marketing market research: Impregnated wood power transmission poles, a product that is gaining popularity among energy companies, are becoming a better alternative to concrete poles and are used for the construction of power lines up to 220 kV. There are several consumers of the product in the Far Eastern and Siberian Federal Districts, and they show direct interest in purchasing this product. So, as of the beginning of 2014, the capacity of the all-Russian market is about 40 million poles, and, according to estimates, it increases annually by 1-5 million poles.

Construction and pre-design calculations, technological solutions:

• An analysis was carried out of the possibilities for operating equipment in non-residential buildings for sale, which the project initiator intends to purchase for the purpose of re-equipment for production needs.
• Calculations of resource requirements (water, electricity) for technological needs were made.
• The selection of technological equipment has been carried out, which reduces investment costs.
• Suppliers have been selected among enterprises in China and Hong Kong, which makes it possible to replace expensive European equipment with more economical eastern analogues.

Investment calculations for the project:

• The total investment volume is 237.70 million rubles.
• The volume of borrowed funds is 237.70 million rubles, of which:
  • 20 million – the initiator’s own funds, which is 8.4% of the total funding,
  • 217.7 million – borrowed funds, which is 91.6% of the total volume.
• Commercial efficiency:
  • 149 million – net present value (NPV),
  • 40% – internal rate of return (IRR),
  • 4.5 years – discounted payback period (DPBP),
  • 3.6 years – payback period from the beginning of investment (PBP).
• Social efficiency: 40 new jobs.
• Budget efficiency: 369 million rubles of total tax payments.

Due to the extended period for providing key information from the customer, the project repeatedly underwent complete rework.

The definition of an investment project is given in Law No. 39-FZ, as well as in the “Methodological recommendations for assessing the effectiveness of investment projects” (No. VK 477, approved by the Ministry of Economy, the Ministry of Finance and the State Construction Committee of the Russian Federation on June 21, 1999). It should be taken into account that the “Methodological Recommendations” separately introduce the concepts of “project” and “investment project”. Thus, the term “project” is understood in two senses:

As a set of documents containing the formulation of a goal, upcoming activities and the definition of a set of actions aimed at achieving it;

As the complex of actions itself (works, services, acquisitions, management operations and decisions) aimed at achieving the formulated goal; that is, as documentation and as activity.

An investment project (IP) in the “Methodological Recommendations...” is defined in accordance with the Law “On Investment Activities...”, and it means the justification of the economic feasibility, volume and timing of capital investments, including the necessary design and estimate documentation developed in accordance with the legislation of the Russian Federation and duly approved standards (norms and rules), as well as a description of practical actions for making investments (business plan). In other words, according to this definition, an investment project is, first of all, a comprehensive action plan, including design, construction, acquisition of technologies and equipment, personnel training, etc., aimed at creating a new or modernizing existing production of goods (works, services) ) for the purpose of obtaining economic benefits. An investment project is always generated by some project (in the sense of the second definition), the rationale for the feasibility and characteristics of which it contains. In this regard, under certain properties, characteristics, parameters of an individual entrepreneur (duration, implementation, cash flows, etc.) in the “Methodological Recommendations...” are understood the corresponding properties, characteristics, parameters of the project generating it.

The goals of evaluating investment projects (hereinafter referred to as IP) may be different, and the results obtained during their implementation are not necessarily in the nature of obvious profit. There may be projects that are unprofitable in themselves in the economic sense, but bring indirect income by gaining stability in the provision of raw materials and semi-finished products, entering new markets for raw materials and sales of products, achieving some social effect, reducing costs for other projects and production, etc. In many economically developed countries, the issue of environmental protection and ensuring the safety of company products for users and nature is very acute (large companies often include relevant information on capital and operating costs in this direction in the analytical sections of their annual reports). In this case, traditional indicators of effect, as well as criteria for assessing the feasibility of adopting a project, based on formalized algorithms, may give way to some unformalized criteria.

The objects of capital investment in the Russian Federation are various types of newly created or modernized property located in private, state, municipal and other forms of ownership, with exceptions established by federal laws. Capital investments in facilities, the creation and use of which do not comply with the law RF and duly approved standards are prohibited.

The subjects of investment activity are investors, customers, contractors, users of capital investment objects and other persons. Investors, i.e. persons making capital investments, can be individuals and legal entities created on the basis of an agreement on joint activities and not having the status of a legal entity, associations of legal entities, government bodies, local governments, as well as foreign business entities ( foreign investors).

Both investors themselves and individuals and legal entities authorized by them can act as customers for an investment project. Direct work on the construction of production facilities in accordance with the requirements of the project is carried out by contractors, which are understood as individuals and legal entities performing work under a contract or government contract concluded with customers in accordance with the Civil Code of the Russian Federation. Contractors are required to have a license to carry out those types of activities that are subject to licensing in accordance with federal law.

Users of capital investment objects can be both investors and any individuals and legal entities, including foreign ones, as well as state bodies, local governments, foreign states, international associations and organizations for which these objects are created.

A subject of investment activity is permitted by law to combine the functions of two or more entities, unless otherwise established by an agreement or government contract concluded between them.

The life cycle of a project is the period of time between its development and the moment of liquidation. The life cycle consists of three distinct phases: pre-investment, investment and operational (Table 1.1).

Table 1.1 - Stages of the life cycle of an investment project

It is at the pre-investment stages of the life cycle that its viability and investment attractiveness are established. The quality of project preparation, taking into account the criteria and requirements of international expertise, serves, as noted earlier, as a kind of guarantee for a foreign investor and reduces its investment risk. Unfortunately, due to the high labor intensity of project preparation and the lack of qualifications of enterprise specialists in this field, domestic investment seekers devote insufficient time to this stage of work on the project. As a result, most projects sent for examination to international financial organizations and funds do not find an investor.

Analysis of technical aspects: examination of the expected scope of the project, types of processes used, materials, equipment, site location, work schedule, availability of production assets and labor, necessary infrastructure, proposed methods of implementation, operation and maintenance of the project, feasibility of the project schedule and phased benefits. . An important part of technical analysis is checking the estimated investment and operating costs for the project.

Organizational (institutional) aspects: competence of administrative personnel and compliance of the organizational structure with the assigned tasks.

Environmental assessment: existing environmental conditions, potential impact of the project on the environment.

Commercial analysis: is there a market for products (services) produced under the project under consideration. The results of this analysis are key for economic and financial purposes.

Investment projects can be classified according to various criteria:

1. Based on their functional focus, the following types of enterprise investment projects are distinguished:

Investment renovation projects are aimed at replacing retiring fixed assets and intangible assets and are carried out, as a rule, at the expense of the enterprise’s depreciation fund;

Investment development projects characterize the expanded reproduction of the economic activity of an enterprise, ensuring its growth in a new cycle of economic development. They provide the greatest increase in the market value of the enterprise;

Rehabilitation investment projects are developed in the process of anti-crisis development of the enterprise and are aimed, as a rule, at restructuring its property or certain types of activities.

2. According to investment goals, modern investment practice distinguishes:

Investment projects that ensure an increase in production volume; are associated with the implementation of such forms of real investment as new construction, reconstruction, expansion of the equipment fleet, ensuring an increase in inventories of tangible current assets;

Investment projects that ensure expansion (updating) of the product range; are associated with the implementation of such forms of real investment as the acquisition of integral property complexes (enterprises of a different industry profile that ensure a synergistic effect), new construction, repurposing;

Investment projects that improve product quality; usually associated with the implementation of modernization and reconstruction of an enterprise, during which new technologies and modern equipment are introduced;

Investment projects that reduce production costs; are associated with the implementation of modernization and reconstruction of the enterprise, but only with a different target effect than in the previous case;

Investment projects that provide solutions to social, environmental and other problems. These projects ensure the implementation of non-economic goals of the enterprise's investment activities.

3. Based on compatibility of implementations, the following are distinguished:

Investment projects independent from the implementation of other enterprise projects. Such projects are characterized by the greatest alternativeness in achieving investment goals for each of the forms of real investment of the enterprise. They also have the greatest variability in terms of implementation time;

Investment projects dependent on the implementation of other enterprise projects. In principle, a complex of such projects can be considered as a single integrated investment project of an enterprise, the individual constituent structural elements of which can be implemented only in a certain technological or time sequence;

Investment projects that exclude the implementation of other projects. Such projects aimed at realizing a specific investment goal exclude the possibility of using alternative types.

4. According to the implementation period, the enterprise’s investment projects are divided as follows:

Short-term investment projects. Such projects are implemented over a period of up to one year. They are associated with such forms of real investment as updating certain types of equipment, innovative investing, investing in the increase in inventories of tangible current assets;

Medium-term investment projects. The implementation period for such projects ranges from one to three years. Such a period of implementation is, as a rule, required by investment projects that ensure the modernization of the enterprise's technical equipment fleet, its reconstruction, preparation and implementation of the acquisition of entire property complexes;

Long-term investment projects. The implementation of such investment projects requires more than three years. Such a period of implementation requires projects of large-scale new construction or repurposing of an enterprise, accompanied by its complete reconstruction.

5. According to the expected sources of financing, the following are distinguished:

Investment projects financed from internal sources. This form of financing is typical only for small investment projects of an enterprise that ensure the implementation of such forms of its real investment as ensuring an increase in the reserves of its tangible current assets, updating certain types of equipment, and purchasing inexpensive types of intangible assets;

Investment projects financed through corporatization. The issue of shares can be used by an enterprise to implement both medium and large investment projects of strategic importance;

Investment projects financed by credit. Such investment projects are usually associated with financial leasing of equipment. The high cost of long-term bank loans at the present stage hinders the use of investment projects of this type;

Investment projects with mixed forms of financing. These projects are currently the most common in investment practice.

Global investment projects, the implementation of which significantly affects the economic, social or environmental situation on Earth;

National economic investment projects that have an impact on the entire country as a whole or its large regions (Ural, Volga region), and when assessing them, we can limit ourselves to taking into account only this impact;

Large-scale investment projects covering individual industries or large territorial entities (subject of the Federation, cities, districts), and when assessing them, the impact of these projects on the situation in other regions or industries may not be taken into account;

Local investment projects, the action of which is limited to the framework of a given enterprise implementing individual entrepreneurs. Their implementation does not have a significant impact on the economic, social and environmental situation in the region and does not change the level and structure of prices in commodity markets.

7. Based on their main focus, projects can be divided into:

Commercial investment projects, the main goal of which is to make a profit;

Social investment projects aimed at solving, for example, problems of unemployment in the region or social adaptation of former military personnel, etc.;

Environmental investment projects, the main focus of which is improving the living environment of people, as well as flora and fauna.

Justification of investment projects involves a certain structuring of them. From the standpoint of financial management of investment projects, the most relevant is their structuring by individual stages (phases) of the life (project) cycle, as well as by the functional focus of its sections.

Today the term “investment” itself is very popular among the broadest masses of the population. If previously only wealthy and large capitalists were engaged in this, now everything has changed dramatically. Investment projects - what are they? How to implement them to obtain a permanent and stable income?

Implementation of the business plan

In international practice, investment projects are related to investments for subsequent profit. In a general sense, any new business idea is somehow related to attracting new capital. That is why, in the broadest sense, investment projects are activities related to the implementation of an enterprise’s business plan to achieve the desired result. The implementation process itself in a developed economy is a series of coordinated and interconnected actions: the purchase of equipment and machinery, consulting services for the preparation of estimate and design documentation, bidding, supervision of work, personnel training, purchase of licenses, construction and installation work, and the like.

Project life cycle

The implementation of an investment project always takes a long time (with rare exceptions). In economics they operate with such a concept as “project cycle”. What does it mean? This is the period of time between the initiation of a project and its liquidation. This is the initial concept for solving all financial work and making the necessary decisions. The states through which investment projects pass are the so-called phases, or stages. The life cycle stage is a period of time during which the dynamics of the main financial flows are monotonous, their structure is practically unchanged, and the measures to implement the idea are almost constant. The length of the cycle means that the future value of income and expenses from the point of view of the present moment are different.

Birth of an idea

Investment projects are, first of all, an idea. The initiative for the injection of funds may come from a legal entity or individual who wishes to take part in the investment process. This could be a customer who is looking for a particular product, or a manufacturer of a product who needs new financial investments. The initiator may be an investor who wants to invest money and does not know what the probability of success is and what kind of return can be obtained in the end.

The Importance of a Business Plan

Financing investment projects is a process that always begins with the preliminary development of business plans and carrying out the necessary calculations. What it is? A business plan for an investment project is the process of enterprise development. This is a standard document that describes the concept of a real investment project in as much detail as possible and provides its characteristics. The approach to presenting and directly developing the plan depends on the nature of the investment project. The business plan contains a clear and defined logical structure, unified in countries with developed economies. Particular attention is paid to the competitiveness of products in terms of quality and price levels. A forecast is given for the period of the entire project and products (or services) in particular.

Financial plan

This is the most important part of the project. It is actually the main criterion for the acceptance (or non-acceptance) of an investment project, since it answers the question in what form and for what period of time the return of the invested capital will be ensured. In the financial plan, justified income and expenses are calculated and the main performance indicators are reflected. All investments in a given project are also calculated.

First stage. Concepts

At the first stage, investment projects are still concepts. The viability of the project is assessed, requirements are created, sketches are selected, and the required amount of financial resources is calculated. For this purpose, similar objects are selected, for which the calculation is carried out. This stage is characterized by an increase in expenses (quite rapidly) and a complete lack of income and cash receipts. Alternative investment projects are also being developed. These are projects in which various deviations from the original goals and plans are envisaged due to a combination of reasons (disasters, problems with implementation or financing, and so on).

Second stage. Necessary purchases

The acquisition of working capital and fixed assets begins, so cash costs grow even more. New tools are installed, the necessary patents and licenses are acquired. The effectiveness of an investment project is a parameter that is based on the profitable and adequate sale of fixed assets. Expenses also go towards staff training, an advertising campaign, legal registration of activities, detailed design, organization of supplies and purchases - that is, for everything that is needed for Cash receipts, as in the first stage, are absent.

Third stage. Commissioning

At this stage, investment projects are objects that are completely ready for full-fledged work. It is at the third stage that they are gradually put into operation. A sharp reduction in expenses and an increase in revenues are associated with the receipt of revenue from the start of sales. At the end of the third stage, financial income reaches its maximum. This stage includes insurance premiums, payment of salaries to employees, purchase of materials and raw materials, receipt of sales proceeds, payment of taxes, changes in necessary assets.

Fourth stage. Stabilization

By this time, the project is already functioning stably and is characterized by the planned production of goods or services. Profits are stabilizing. In general, the fourth stage should rest on the business plan of the investment project. This is characterized by such parameters as the utilization of production capacity, the debugging of the process itself to the point of complete automation, and the achievement of a minimum level of cost of a product or service.

Fifth stage. Results and prospects

By this time, the investment projects had already worked their way. Funds are worn out, costs to support production increase, and cash receipts decrease. By and large, in nine cases out of ten, the project is expected to be liquidated. However, another scenario is also possible. Which one?

New life

The purpose of an investment project is primarily to make a profit. But what to do if the idea itself has not outlived its usefulness, but begins to bring losses? Reinvestment is the way out. But what is it? This is the movement of financial flows from some assets to more efficient ones. This action binds free investment capital by redirecting it to the production or acquisition of new funds to maintain fixed assets. There are several options for this development:

• replacement investments, whereby existing facilities are replaced with new ones;
• rationalization, modernization of technological processes;
• change in release programs;
• diversification aimed at creating new products and organizing new markets for their sales.

When reinvesting, investors receive profit from the sale of assets, tax cuts, and an influx of funds through the sale of parts of working capital. In this case, the costs are significantly reduced.

Control and monitoring

Control is the ability for the manager of an investment project to determine and revise plans and estimates, and adjust the implementation of tasks. Control provides:

• constant monitoring (monitoring the project implementation process);
• searching for deviations from the goal using a number of restrictions and criteria that are recorded in budgets, calendar plans, and so on;
• forecasting the situation.

Subjects of control - facts, events, verification of specific actions and decisions. General monitoring is carried out by the customer himself or by the management of the enterprise on his behalf. Also, in accordance with the contract, the developer or contractor has the right to conduct inspections.