What is an investment project. Investment project: essence, classification, life cycle, financing features Investment project by

An investment business project is a set of measures aimed at a profitable investment in order to make a profit in the near future. The number of investment properties is very wide. They can differ depending on different criteria, such as:

• the amount of financial resources;
• scale;
• area of ​​activity;
• duration and so on.

Regardless of the specifics of the project, it will necessarily be characterized by four components: the period of implementation, the volume of expenses, cash flow and market value. Interest in the direction is due to the relationship of these 4 components.

Each project has a specific list of indicators of its effectiveness and assessments, which are calculated throughout its entire life. General data must necessarily contain:

• Description of the direction of activity, the composition of the proposed product or the specification of services.
• Production or company location data.
• Information related to the specification of production technology or the specifics of the provision of services.
• List of necessary resources for the implementation of the activity.

Any project must be accompanied by papers that clearly describe the direction of movement of investments with terms inclusive. An important parameter of each object for investment is the balance of material resources. It is calculated based on the difference between the receipt of money and their expenditure during each investment period.

Development of a project for investment

Any investment project is activated even before the implementation of the actions provided for in the relevant documentation. Its completion is also carried out much later than the predetermined deadlines. There are only two stages of the investment cycle:

• Pre-investment, not having a clear time frame. At this stage, marketing research is carried out, the sources of resources for the implementation of activities are determined, active negotiations are carried out with potential partners, and the legal registration of the enterprise is carried out. The result of the entire complex of work done is a detailed and detailed investment plan-project, in other words - a business plan.
• Operational stage. It starts with the first actual actions. This is the purchase of equipment, rental or purchase of real estate, the conclusion of partnership agreements and so on. The general characteristics of the project are directly related to the duration of this stage.

Many experts insist that the investment project has another phase, which is transitional between the two described. The investment phase is a wide range of tasks related to business management. This includes the formation of the financial and legal framework, the solution of organizational problems. At this stage of the work, management and administration are appointed, personnel are hired and trained.

The external environment as one of the risk factors

Evaluation of investment projects is a generalized concept that is quite often separated from the external environment in which the project operates and develops. The interconnection of components has two important consequences:

• Project staff or managers must be able to accommodate any change with ease, regardless of when it occurs.
• Enterprise managers should, where possible, influence the change in the external environment to the benefit of the project.

The effectiveness of the investment project will also depend on how thoroughly and carefully external potentially important factors of influence were assessed and controlled. Experts recommend paying attention to such points as inflation and the possibility of implementing a project in any of the currencies of the world, prospects for changing the tax system and raising or lowering interest rates. The secondary external factors, on the basis of which the effectiveness of investment projects should be assessed, is the infrastructure of the region where the object is located, and the regional regulatory framework, the attitude of federal and municipal authorities to the implementation of a certain type of activity.

Project evaluation

The specifics, stages and features of using the values ​​of the economic efficiency of projects are constantly changing and require systematic study. This is based on two trends. According to one of them, an investment project can act either as an independent unit for evaluation, or in the format of an element of property, which in the cost option is evaluated together with technical and intellectual resources. The second direction provides for an appraisal in order to buy or sell property in the future. The potential owner of the object considers the direction for investment, comparing the estimated amount of investment with income, costs and the actual price. The discounting process in this situation will be implemented in the format of a profitable approach that requires constant adjustments.

Investment projects can be evaluated based on a large number of factors. This is the situation on the investment market, and the actual state of affairs in this area, and the professional interests and abilities of the investor, and the financial viability of the project itself, and geopolitical factors, and much more. This is something that has to do with the personal preferences and interests of the investor. In practice, universal schemes and formulas are used that, in numerical values ​​and in material terms, are able to clearly reveal the attractiveness of a particular direction. Clear calculations allow you to get an objective answer to the question of whether the project in which you plan to invest money is capable of bringing a good profit that easily covers any costs.

Simple investment calculation form

Financing investment projects from the point of view of the owner of the capital is a refusal to receive immediate profit for the sake of higher income in the future. The problem of assessing the attractiveness of a direction lies in the multilateral analysis of investments and the cash flow that they must provide. The analyst's task is to determine to what extent the expected results of a particular object's activities correspond to the expectations of the investor himself. Making a decision on investment is allowed only if there is information on full reimbursement of expenses, on the correspondence of the amount of additional profit to the level of risk, on the likelihood of achieving the set goal.

The calculation methods of investment projects are divided into simple (or statistical) and complex ones, based on the change in the value of money in a certain time interval. Simple assessment methods were widespread in Soviet practice. The economic rationality of material injections was based on a system of indicators that corresponded to the actual conditions of management. These include:

• Investment efficiency ratio. Formula: project efficiency = annual profit: investment amount.
• Payback period. Formula: payback period = investment size: annual profit.
• Comparative economic efficiency based on cost minimization. Formula: economic efficiency = operating costs + standard efficiency ratio - capital investments for each of the options.

The investment process has a unique characteristic - a time gap. A certain period of time must pass from the moment of investing funds to the moment of making a profit. The calculation of an investment project according to a simple, domestic scheme is biased, since it misses such an important aspect as time.

A complex form of calculating the profitability of the project

The adoption of market relations and new legislative acts in relation to investor activities opened up new opportunities for investors for investors:

• A wide range of investment objects.
• Additional criteria for evaluating areas for investment.
• Unique sources of funding.
• Deep criteria for objects that allow you to assess the effectiveness of an investment project.
• Ability to use the results of the work in different ways.

Hence the simple conclusion - when evaluating any project, it is important to take into account external factors. The essence of the complex assessment method is based on the fact that cash flows for income and expense are not evaluated as a single whole, but are completely independent values. An objective assessment is possible only when the costs of a specific project are compared with the profit at the time the costs are incurred. Thus, the risks of investment projects are taken into account, income is discounted. The economic assessment allows you to determine the attractiveness of the direction in comparison with other industries available for investment. Evaluation of a project using a complex methodology involves the study of indicators such as:

• Payback period.
• The net worth of income at a given point in time.
• Rate of return (or rate of return).
• Internal rate of return.
• Financial management profitability rate.

A rational assessment of the sphere of investment in a modern economy can be set only taking into account the entire spectrum of indicators. The economic essence of each direction is different. The analyst has access to information about the different facets of the project, which makes it possible to make a decision solely by comparing all the values.

Project efficiency: types and specifics

The implementation of investment projects is allowed only after their comprehensive assessment, which can be carried out on the basis of a number of criteria, ranging from scale and ending with the investor's interest. The main indicator of the profitability of the direction is efficiency. Rationalism allows in the future to receive from investments not only economic benefits, but also non-economic ones, in particular, the removal of social tension.

• Overall efficiency, which is subdivided into socio-economic and commercial.
• Participatory efficiency, which includes efficiency for enterprises, for investors who will acquire shares in the future, for large companies and even for government agencies.

What does the modern market economy dictate?

Any investment project in modern conditions of a market economy should be considered simultaneously from a large number of sides. The principles and methods that allow for direction analytics are as follows:

• Modeling the flows of funds, resources and products with services.
• Market analysis with the financial condition of the enterprise inclusive.
• The level of trust in the project management.
• The impact of the ongoing project on the environment.
• Comparison of upcoming costs with results. It is based on orientation and on the achievement of a rate of return in accordance with the size of the capital.
• Calculation of potential expenses and incomes, their commensurability and economic value at the initial stage of the project implementation and at its final stage.
• Assessment of the likelihood of impact on the situation of inflation. Including risks associated with delayed payments and other moments that can have a direct impact on the value of the material resources used.
• Consideration of uncertainty, including the risks of investment projects.

Comprehensive analysis and risk minimization

After calculating and creating a business plan, it is necessary to answer the question of whether the company is capable of fully implementing the idea. A rational answer helps to find a comprehensive analysis of the economic industry in which this project exists. The assessment of competing organizations in this direction is important. It is typical for Western countries to assess the industry as a whole to use the following criteria:

• maturity of the direction;
• the place that the company occupies in a specific segment of activity.

Assessing the level of competitiveness of a project in the target segment, it turns out not only to determine its life cycle. The most effective areas of investment are open to investors, which will allow them to raise the organization to a higher level. The stage of preliminary assessment of the object, although it does not drag on for a long time, is very important. With a wide variety of organizations, the general scheme of the preliminary analysis is reduced to one single scenario, which provides for a number of activities aimed at assessing the commercial feasibility of the project, technical and financial, as well as economic and institutional. Risks are analyzed last. If the results of the analysis do not meet expectations, the direction will not be closed. It is allowed to make certain adjustments with further analysis, which will be carried out from the very beginning. Such a circular evaluation scheme can be repeated until a satisfactory calculation result is obtained.

Even if the indicators of the investment project turned out to be positive, they should be compared with the data of other projects of a similar type. There is a high likelihood that other areas will be more attractive, capable of delivering returns in a shorter time frame. In order to determine as accurately as possible a profitable direction for investment, a huge amount of work needs to be done. When it comes to investing in large commercial projects, such as factories or processing plants, the process of analyzing the situation at the facility can be delayed for six months or even more. The investor's profit and the amount of risks will depend on the accuracy and objectivity of the calculations.

Project risks

Absolutely all economic investment projects are directly related to risks of a very different nature. The level of their influence on the activity of the object may increase due to radical changes in the economy of the state, due to the volatility of the market conditions, due to the emergence of a large number of innovative areas for investment. The integration risk of the real investment process is based on project risks. They are related to actual actions. In the system of indicators for assessing objects, the level of risk is the third most important position.

The real risks of projects imply the likelihood of the formation of unfavorable financial circumstances in the format of the loss of the expected investor income with the uncertainty of its implementation. Evaluation of the effectiveness of investment projects is impossible without considering the risks, which, in turn, have characteristic features:

• Integrated character. The aggregate risk indicator consists of a large number of ratios calculated for all types of secondary risks.
• Objectivity of occurrence. Risks are inherent for each of the investment areas, regardless of the specification of the activity and the area.
• Diverse species structure. At each stage of the implementation of an investment project, various types of risks may arise that should be assessed with a focus on different stages of the implementation of activities.
• Strong connection with commercial issues.
• Binding to the duration of the existence of a specific object.
• Drastic changes in the indicator relative to one-sided projects.

It is also worth adding that it is extremely problematic to assess the risks for a specific investment project due to the limited amount of information. Moreover, there are not enough indicators on the market that would help to carry out the most accurate calculations that would allow evaluating an investment project. An example of an effective investment is always supported by additional costs for assessing the situation, for analytics, and for attracting audit companies. Not only should the documentation for the facility be ideal, but the actual work of the project itself should be consistent with the available data.

Investment project: example

In practice, investment projects are documents that describe in detail a specific business activity, from the planning stage to the achievement of certain results.

An example of an investment project is the construction of a residential complex. The investment will be in construction. To enter the project, it is necessary to allocate funds for the purchase of a land plot, for construction materials, wages for workers and other issues. The profitability of the project will be generated by the sale of ready-to-use square meters and the sale of parking spaces.

Another example is investing in a brewery. The purpose of the investment will be to modernize production lines and further beer sales. To achieve optimal profitability indicators, it is worth re-equipment, expansion of old and the formation of new sales markets. Important points are the expansion of the range and the implementation of a range of marketing activities.

Any company and any enterprise can act as the center of an investment project. The main thing is to rationally assess the effectiveness of investments, you need to apply all the indicators described above to the priority area.

An investment project (IP) is a 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 standards (norms and rules) approved in accordance with the established procedure, as well as a description of practical actions to implement the investment (business plan).

An investment project is a plan or program of measures related to the implementation of capital investments and their subsequent reimbursement and profit. The term "investment project" can be understood in two senses:

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

as this complex of actions (works, services, acquisitions, management operations and decisions) aimed at achieving the stated goal.

A properly designed investment project ultimately answers the question: is it worth investing money in this business at all and will it bring income that will recoup all the costs of manpower and resources? 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 are surmountable and where it is necessary to insure in advance.

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

study the capacity and prospects of the future sales market;

to estimate the costs that will be necessary for the manufacture and sale of the products necessary for this market, and commensurate them with the prices at which you can sell your goods in order to determine the potential profitability of the conceived business;

to find all possible "pitfalls" that lie in wait for a new business;

identify those signals and those indicators on the basis of 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, the purchase of 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 through long-term borrowed funds. Investments with a significant degree of risk are recommended to be financed using own funds (net profit and depreciation charges). It is necessary to choose such investments that provide the investor with the achievement of the maximum (marginal) profitability. The return on investment should always be higher than the inflation index.

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 fulfill the same function. Of the totality of alternative projects, only one can be implemented; · Complementary, the implementation of which can only occur together. II . By terms of implementation (creation and functioning):

short-term (up to 3 years);

medium-term (3-5 years);

long-term (over 5 years).

Short-term projects involve tight deadlines. The cost of a short-term project may increase in the course of its implementation. The customer is going to increase the cost of the project in order 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, in refurbishment work, when creating pilot plants, etc.

Long-term projects are usually those that implement capital-intensive investments (for example, investments in the construction and reconstruction of real estate objects). 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 usually do not require a special study of the feasibility study and related issues. At the same time, mistakes made during the formation of projects can seriously affect their effectiveness. The creation of objects of the social and cultural sphere can also be attributed to small projects.

medium projects- these are, most often, projects of reconstruction and technical re-equipment of the existing production of products. They are implemented in stages, for individual industries, in strict accordance with pre-developed schedules for the receipt of all types of resources, including financial;

major projects- projects of large enterprises, which are based on a progressively "new idea" of the production of products necessary to meet the demand in the domestic and foreign markets;

megaprojects are targeted investment programs containing many interconnected final projects. Such programs can be international, state and regional.

To classify a project as small, medium or megaprojects, the following indicators are used: · the volume of capital investments; · Labor costs; · Duration of implementation; · The complexity of the management system; · Attracting foreign participants; · Influence on the socio-economic environment of the region, etc. IV.By mainfocus:

commercial projects, the main purpose of which is to make a profit;

social projects focused, for example, at solving the problems of unemployment in the region, reducing the level of crime, etc .;

environmental projects which are based on the improvement of the living environment;

V Depending on the degree of influence of the results of the implementation of the investment project oninternal 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 when assessing them, one can be limited to taking into account only this influence;

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 conjugation with uncertainty, the degree of which can vary significantly, therefore, depending on the magnitude of the risk, investment projects are subdivided as follows:

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

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 the project participants, the most significant is the consideration of the following participants:· State enterprises; · Joint ventures; · Foreign investors.

In practice, this classification is not exhaustive and can be further detailed.

Chapter 2. 2.1. Project performance indicators.

The following are recommended as the main indicators used to calculate the effectiveness of an investment project:

a) net income (NP);

b) net present value (NPV);

c) internal rate of return (IRR);

d) the need for additional financing (other names: PF, project cost, risk capital);

e) indices of return on costs and investments (IDDZ and IDDI);

f) payback period (CO).

2.3.1 Net income and net present value

NPV and NPV characterize the excess of total cash receipts over total costs for a given project, respectively, without taking into account and taking into account the inequality of effects (as well as costs, results) related to different points in time.

The difference between NPV - NPV is often called the project discount.

For the project to be recognized as effective from the investor's point of view, it is necessary that the NPV of the project is positive.

2.3.2 Internal rate of return

The internal rate of return (IRR) is the percentage rate at which the net present value (NPV) is 0.

The economic meaning of this parameter lies in the fact that it determines the upper limit of the profitability of the investment project, and, accordingly, the maximum unit costs for it: if the IRR of the project is greater than the value of the invested capital, then the project should be accepted for consideration, otherwise it should be rejected.

2.3.3 Payback period

The discounted payback period is the length of the period from the start to the “discounted payback point”. The point of recoupment, taking into account discounting, is the earliest point in time in the billing period, after which the current NPV becomes and remains non-negative in the future.

CO shows the time it takes for the income generated by the investment, subject to discounting, to cover the investment costs. This indicator is determined by sequential calculation of NPV for each period of the project, the point at which NPV becomes positive will be the payback point.

The logic of the CR criterion is as follows:

a) it shows the number of base periods (calculation steps) for which the original investment will be fully reimbursed from the cash inflows generated by the project;

b) it is possible to single out the fractional part of the calculation period, if we abstract from the initial assumption that the cash inflow is carried out only at the end of the period.

2.3.4 Need for additional funding

The value of the DFT shows the minimum discounted volume of external financing of the project required to ensure its financial feasibility.

Profitability indices (ID) characterize the (relative) "return on the project" on the funds invested in it. They can be calculated for both discounted and undiscounted cash flows.

The profitability index reflects the efficiency of an investment project. If the value of the profitability index is less than or equal to 1, then the project is rejected, since it will not bring additional income to the investor. Projects with a value of this indicator greater than one are accepted for implementation.

When evaluating effectiveness, the following are often used:

a) index of profitability of discounted costs (IDDZ) - the ratio of the amount of discounted cash inflows to the amount of discounted cash outflows.

b) the index of return on discounted investment (IDDI) - the ratio of the sum of the discounted elements of the cash flow from operating activities to the absolute value of the discounted sum of the elements of the cash flow from investment activities. IDDI is equal to the ratio of NPV increased by one to the accumulated discounted volume of investments.

The logic of the ID criterion is as follows:

a) it characterizes income per unit of costs;

b) this criterion is most preferable when it is necessary to streamline independent projects to create an optimal portfolio in the case of a limited total investment.

2.3.6 ROI

In some cases, the return on investment (ROI) indicator is determined, which shows how many monetary units of net income will bring, taking into account discounting, one monetary unit invested in a project:

The profitability of an investment project is the ratio of the current value of the net cash flow to the amount of investment.

The profitability index is used when you need to compare several projects with different investment amounts (NPV is not suitable for this purpose, since it is absolute). The higher the profitability of an investment project, the more preferable this project is.

The definition of an investment project is given in the Federal Law No. 39-FZ, as well as in the "Methodological Recommendations for Evaluating 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 borne in mind that in the "Methodological Recommendations ..." the concepts of "project" and "investment project" are separately introduced. So, the term "project" is understood in two senses:

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

The very complex of actions (works, services, acquisitions, management operations and decisions) aimed at achieving the stated goal; that is, as a documentation and as an activity. In the future, in all cases, unless otherwise specified, the term "project" will be used in the second sense.

The investment project (IP) in the "Methodological Recommendations ..." is defined in the Law "On Investment Activity ..." as a justification of economic feasibility, volume and timing of capital investments, including the necessary design and estimate documentation developed in accordance the legislation of the Russian Federation and standards (norms and rules) approved in the prescribed manner, 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 plan of measures, including design, construction, acquisition of technologies and equipment, personnel training, etc., aimed at creating a new or modernizing the existing production of goods (works, services ) in order to obtain 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 IP (duration, implementation, cash flows, etc.) in the "Methodological Recommendations ..." are understood the corresponding properties, characteristics, parameters of the project that generates it.

The classification of investment projects can be carried out according to several criteria. So, depending on their mutual influence, investment projects (IP) can be divided into:

Independent, when the decision to accept one project does not affect the decision to accept another. In order for investment project A to be independent of project B, two conditions must be met:

There should be opportunities (technical, technological) to implement project A, regardless of whether or not project B will be adopted;

The cash flows expected from Project A should not be affected by the acceptance or rejection of Project B.

Sometimes a firm cannot carry out two projects at the same time due to lack of funds. In such a situation, the acceptance of one project will entail the rejection of the second.

However, it would be wrong to call projects dependent only on the grounds that the investor does not have enough funds for their joint implementation.

If the decision to carry out one project affects another project, that is, the cash flows for project A change depending on whether project B is accepted or rejected, then the projects are considered dependent. Such projects can also be subdivided into the following types:

Alternative (mutually exclusive), when two or more analyzed projects cannot be implemented simultaneously, and the adoption of one of them automatically means that the remaining projects cannot be implemented. For example, on a designated plot of land, either a workshop, a canteen, or a parking lot can be built: the adoption of one of these projects automatically makes it impossible to implement the others;

Complementary, when the implementation of several projects can only occur jointly. At the same time, complementary projects can be subdivided into:

Complimentary, when the adoption of one investment project leads to an increase in income from other projects;

Projects related to each other by a substitution relationship, when the adoption of a new project leads to some decrease in income for one or several existing projects.

Revealing the relationship of complementarity and substitution implies prioritizing investment projects not in isolation, but in a complex, especially when the acceptance of the project according to the chosen main criterion is not obvious.

According to the terms of implementation (creation and functioning), the IP can be divided into:

Short-term (up to 3 years);

Medium-term (3-5 years);

Long-term (over 5 years).

When classifying projects by their scale, it should be borne in mind that the scale of the project characterizes its social significance, which is determined by the impact of the results of the project implementation on at least one of the internal or external markets (financial, goods and services, resources), as well as on the environmental and social situation. From this point of view, in terms of scale, projects are recommended to be subdivided into:

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

Economic, affecting the entire country as a whole or its large regions (Ural, Volga region); and when evaluating them, one can restrict oneself to taking into account only this influence;

Large-scale, covering individual industries or large territorial formations (subject of the Federation, cities, districts); and when assessing them, one can ignore the impact of these projects on the situation in other regions or industries;

Local, the action of which is limited by the framework of the given enterprise that implements IP. Their implementation does not significantly affect the economic, social and environmental situation in the region and does not change the level and structure of prices in commodity markets.

According to the main focus, projects can be divided into:

Commercial, the main purpose of which is to make a profit;

Social, focused on solving, for example, the problems of unemployment in the region or social adaptation of former military personnel, etc.;

Ecological, the main focus of which is to improve the living environment of people, as well as flora and fauna.

Investment cycle

The period of time between the start of the project and its liquidation is usually called the investment cycle. The investment cycle is usually divided into phases, each of which has its own goals and objectives:

Pre-investment - from preliminary research to the final decision on the adoption of an investment project;

Investment - including design, conclusion of an agreement or contract, contract for construction work, etc.;

Operational (production) - the stage of economic activity of an enterprise (object);

Liquidation - when the consequences of the IP implementation are eliminated.

The pre-investment phase includes several stages:

a) identification of investment opportunities;

b) analysis with the help of special methods of alternative variants of projects and the choice of the project; c) conclusion on the project;

d) making a decision on investment.

Each stage of an investment project should help prevent surprises and possible risks at subsequent stages, help to find the most economical ways to achieve the desired results, and develop it.

At the pre-investment phase, it is necessary to formulate an investment plan (identify the project). Ideas for the implementation of an investment project appear in connection with an unsatisfactory demand for goods and services, the availability of temporarily free funds, a desire to realize entrepreneurial abilities, etc. As a rule, several options for a business idea are considered and options that involve high cost, excessive risk, and lack of reliable sources of funding are rejected.

The investment intent is reflected in the Declaration of Intent. The Declaration contains information about the investor, the location of the facility, the technical and technological characteristics of the investment project, the need for various resources (labor, raw materials, water, land, energy), sources of financing, the facility's impact on the environment, and the sale of finished products.

The next required document is the Investment Rationale. This document is being developed taking into account the requirements of state bodies and must necessarily undergo an examination. The Investment Rationale reflects the general characteristics of the industry and the enterprise, the goals and objectives of the project, the characteristics of facilities and structures, the provision of resources, the current state and forecast of the product market, the project management structure and the assessment of the effectiveness of the investment project.

This document serves as the basis for drawing up, if necessary, an act of choosing a land plot. As part of the investment feasibility study, the viability of the project is being considered. The viability of the project is assessed in terms of cost, implementation time and profitability. The assessment allows you to identify the reliability, payback and effectiveness of the project. Viability of a project means its ability to generate cash flows not only to compensate for investment and risk, but also to make a profit. As a rule, the assessment is carried out using methods of analyzing the effectiveness of projects.

When making a decision to invest money in a project, the project expertise plays an important role. Expertise - an assessment of a project in order to prevent the creation of objects, the use of which violates the interests of the state, the rights of individuals and legal entities, or does not meet the established requirements of the standards, as well as to determine the effectiveness of the investments being made. Investment projects that are carried out at the expense or with the participation of the budget of various levels, which require state support or guarantees, are subject to a state comprehensive examination.

Expert subdivisions of ministries and departments carry out expert examination of projects on the feasibility of implementing the project, on its compliance with urban planning, sanitary, environmental, and social requirements. The examination is carried out by a group of experts, which prepares an opinion, which contains the final conclusions on the feasibility of the project, as well as an assessment of the technical, financial, economic, environmental and social aspects of the project.

The final stage of pre-investment studies is the development of a feasibility study (FS). A feasibility study is a set of calculation and analytical documents reflecting the initial data for the project, the main technical, technological, calculation and estimate, assessment, constructive, environmental solutions, on the basis of which it is possible to determine the effectiveness and social consequences of the project.

A feasibility study is a mandatory document when financing capital investments from the state budget (in full or on a shared basis), centralized funds of ministries and departments, and own resources of state enterprises. The development of a feasibility study is carried out by legal entities and individuals who have received a license to perform the corresponding types of design work.

In practice, there is no single, universal feasibility study model. But foreign and domestic experience allows us to give an approximate structure of the sections of the feasibility study:

1. Background and main idea of ​​the project.

2. Market analysis and marketing strategy.

3. Resource security.

4. Location of the investment object and the environment.

5. Design and technology.

6. Organizational chart and enterprise management. Investment management in the field of real investments.

7. Labor resources.

8. Implementation of the project.

9. Financial analysis and investment appraisal.

10. Summary.

The investment phase consists in making strategic planning decisions that should allow investors to determine the volume and timing of investment, as well as draw up the most optimal project financing plan. Within the framework of this phase, contracts and work contracts are concluded, capital investments, construction of facilities, commissioning, etc. are carried out.

The operational (production) phase of the investment project consists in the current activities of the project: purchase of raw materials, production and sale of products, marketing activities, etc. At this stage, production operations are carried out directly related to mutual settlements with counterparties (suppliers, contractors, buyers, intermediaries), which generate cash flows, the analysis of which makes it possible to evaluate the economic efficiency of this investment project.

The liquidation phase is associated with the stage of the end of the investment project, when it has fulfilled its goals or has exhausted the possibilities inherent in it. At this stage, investors and users of capital investment objects determine the residual value of fixed assets, taking into account depreciation, assess their possible market value, sell or conserve retired equipment, and eliminate, if necessary, the consequences of IP implementation.

The liquidation phase can also occur in the event of a premature closure of the project, regardless of the degree of achievement of the set goals. Such a decision can be caused by a change in the investor's plans, lack of funds for the project, errors in calculations, the appearance of alternative projects, etc. If there is a potential for the resumption of the project, the closure process should provide for preparation for the future restoration of the organizational structure of the project and the possibility of resumption of work. When a project has come to a normal or premature end, the problem of closing it should be viewed as a special project, a one-time, unique task with specific resource constraints.

Source - Maksimova V.F. Investment management: Study guide. - M .: Ed. center of EAOI. 2007 .-- M., 2007 .-- 214 p.

The main definitions concerning the concept of "Investment project" are given in the Federal Law "On investment activities in the Russian Federation carried out in the form of capital investments" dated February 25, 1999 No. 39-FZ with subsequent additions and changes, and in cases where The law lacks the necessary definitions, based on its meaning. Let's consider the basic concepts that are given in the "Recommendations", and then analyze them in more detail from the point of view of an applied nature.

Project. This term can be understood in two senses:

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

as this complex of actions (works, services, acquisitions, management operations and decisions) aimed at achieving the stated goal,

those. as documentation and as an activity. In the "Recommendations for evaluating the effectiveness of investment projects" in all cases, unless otherwise specified, the term "project" is used in the second sense, in the sense of activity.

Public significance (scale) of the project is determined by the impact of the results of its implementation on at least one of the (internal or external) markets: financial, products and services, labor, etc., as well as on the environmental and social situation.

Depending on the significance (scale), projects are subdivided into:

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

national economic, the implementation of which significantly affects the economic, social or environmental situation in the country, and when assessing them, one can restrict oneself to taking into account only this influence;

large-scale, the implementation of which significantly affects the economic, social or environmental situation in certain regions or sectors of the country, and when assessing them, one can ignore the impact of these projects on the situation in other regions or sectors;

local, the implementation of which 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.

Investments- funds (cash, securities, other property, including property rights that have a monetary value) invested in objects of entrepreneurial and (or) other activities in order to make a profit and (or) achieve another useful effect.

funds generated during the implementation of the project. They can be used as investments (in cases where investment continues after the launch of funds) and generally include profits and depreciation of production assets. The use of these funds is called self-financing project.

funds external to the project, which include:

funds investors see below (including own funds of an operating enterprise - a project participant), generators share capital project. These funds are non-refundable: the individuals and / or legal entities that provided them are co-owners of the created production assets and consumers of the funds received through their use. net income ",

subsidies- funds provided on a gratuitous basis: allocations from budgets of various levels, funds for supporting entrepreneurship, charitable and other contributions from organizations of all forms of ownership and individuals, including international organizations and financial institutions;

borrowed funds(loans, borrowings) subject to repayment on predetermined conditions (repayment schedule, interest rate);

funds in the form of property provided for rent (leasing). The conditions for the return of these funds are determined by the lease (leasing) agreement.

Subsidies, monetary borrowed funds, funds provided for rent (leasing) are not included in the share capital of the project and do not give the right to participate in the income of the project.

Capital investments- investments in fixed assets (fixed assets), including the costs of new construction, expansion, reconstruction and technical re-equipment of existing enterprises, the acquisition of machinery, equipment, tools, inventory, design and survey work (R&D) and other costs.

Capital investment- investments, consisting of capital investments, working capital, as well as other funds required for the project. Everywhere in the Recommendations, except for Sec. A4.6 of Appendix 4, the word "investment" means "capital investment".

Investment project (IP)- 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 standards (norms and rules) approved in the prescribed manner, as well as a description of practical actions for the implementation of investments (business plan). An investment project is always generated by some project(understood 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 and (or) parameters of an IP (duration, implementation, cash flows, etc.) in the Recommendations we mean the corresponding properties, characteristics and (or) parameters the project generated by it.

Investment project efficiency- a category that reflects the compliance of the project that generates this IP, goals and interests project participants(see below). To assess the effectiveness of an IP, it is necessary to consider the project that generates it for the entire period of the life cycle - from pre-design study to termination. Therefore, the term "investment project efficiency" ("IP efficiency") is understood in the Recommendations as "project efficiency". The same applies to performance indicators.

Financial feasibility of an investment project - ensuring such a structure of cash flows, in which at each step of the calculation there is a sufficient amount of money for the implementation of the project that generates this IP. The terms "financial feasibility of an investment project" ("financial feasibility of an IP") and "financial feasibility of a project" in the Recommendations act as synonyms. Similarly, we can talk about "cash flows (inflows, outflows, payments and receipts) of IP", meaning, respectively, cash flows (inflows, outflows, payments and receipts) of the project associated with this IP.

Design materials- a document (system of documents) containing a description and justification of the project. This term covers both documents that are mandatory in the design of capital construction projects, and additional materials developed by project participants during the examination, preparation for implementation and in the process of project implementation. Design materials must contain the information necessary to assess the effectiveness of the IP (the composition of such information is disclosed in Section 3 and Appendix 2 of the “Recommendations”). It is assumed that the design materials contain all the necessary information about the technical, technological and organizational characteristics of the project.

Organizational and economic mechanism for project implementation- the form of interaction between the project participants, recorded in the design materials (and in some cases in the statutory documents) in order to ensure the feasibility of the project and the ability to measure the costs and results of each participant associated with the implementation of the project.

The organizational and economic mechanism for the implementation of the project generally includes:

regulatory documents on the basis of which the participants interact;

obligations assumed by the participants in connection with their joint actions to implement the project, guarantees of such obligations and sanctions for their violation;

conditions for financing investments, in particular - the main conditions of loan agreements (loan terms, interest rate, frequency of interest payments, etc.);

special conditions for the turnover of products and resources between the participants (for example, the use of barter exchange, preferential prices for mutual settlements, the provision of commodity loans free transfer of fixed assets for permanent or temporary use, etc.);

a project implementation management system that ensures (in case of possible changes in the project implementation conditions) the proper synchronization of the activities of individual participants, the protection of the interests of each of them and the timely adjustment of their subsequent actions in order to successfully complete the project;

measures for mutual financial, organizational and other support (provision of temporary financial assistance, loans, deferred payments, etc.), including measures of state support;

the main features of the accounting policy of each Russian enterprise-participant, as well as foreign firms-participants, receiving income on the Russian territory from participation in the project.

The need to use information about the organizational and economic mechanism of project implementation arises primarily when assessing its commercial efficiency (for each project participant, the most important elements of this mechanism will be those that affect its costs and revenues

Certain elements of the organizational and economic mechanism at the stage of project implementation can be fixed and concretized in statutory documents and agreements between the participants.

Project participant- the subject of investment activities for this project. The participants in the project include the subjects of investment activity listed in the Federal Law on Investment Activity, as well as society as a whole.

Shareholder- an investor holding shares in an enterprise (organization) implementing the project.

Creditor(lender) - an investor providing borrowed funds for the implementation of the project. The lender can simultaneously obtain rights to a certain share of profits or manufactured products, for example, acting as a shareholder of the established enterprise or borrowing company.

It is recommended to assess the feasibility and effectiveness of the project taking into account the factors uncertainties and risk (the methods of such accounting are detailed in Section 10 and Appendix 9 of the Recommendations).

Uncertainty- incompleteness and / or inaccuracy of information about the conditions for the implementation of the project, the costs incurred and the results achieved.

Risk - uncertainty associated with the possibility of adverse situations and consequences arising during the implementation of the project. In contrast to uncertainty, the concept of "risk" is more subjective - the consequences of the project implementation, unfavorable for one of the participants, may be favorable for the other.

The Recommendations consider the impact on the implementation of IP of such elements of the economic environment as various manifestations of inflation, participation in the implementation of IP of various currencies, interest rates, and the taxation system.

Inflation (inflation) - an increase in the general (average) price level over time. It is characterized by the general inflation index - the index of changes in the general (average) price level in the country and the price levels for certain types of goods, works and services, counted from the initial moment - the moment of development of design materials.

The essence of investment contains a combination of two aspects of investment activity: the cost of resources and the results obtained.

Investments are made with the aim of obtaining a result - quantitative (income) or qualitative (for example, in the field of education - the construction of a school and an increase in the number of educated people), they are useless if they do not bring results.

For the case of making a decision at the enterprise level, costs can be attributed to investment costs if, as a result of making a decision:

the structure, composition and volume of assets of an enterprise or a certain company change;

the return on the solution is mainly expected over a long period of time;

requires, as a rule, significant costs.

Investment theory is traditionally viewed by Western economic science as a central problem, solved from both micro- and macroeconomic positions.

The microeconomic theory of investment focuses on the process of making investment decisions at the enterprise level, providing entrepreneurs with specific scientifically based methods of forming an optimal investment policy.

The macroeconomic theory of investment, the founder of which is D. Keynes, examines the problem of investment from the standpoint of the entire economy as a whole, focusing on state investment policy, income and employment policy.

To make a decision on long-term capital investment, it is necessary to have information that confirms two main assumptions:

At first , the invested funds will be fully reimbursed;

Secondly , the profit received from this operation will be large enough to compensate for the temporary abandonment of the use of funds, as well as the risk arising from the uncertainty of the final result.

Thus, the problem of making a decision on investments is reduced to analyzing the adequacy of the plan for the expected development of events and the likely consequences of its implementation to the expected result.

In the most general sense, investment project- This is an investment of capital for the subsequent receipt of income.

The methodological basis of the project analysis is the system concept "project".

Project is a holistic object, the essence of which is multifaceted:

firstly, from the moment the idea of ​​a project was born to the stage of its materialization in real objects (whether it be industrial enterprises or social infrastructure facilities engaged in the production of products or services), a certain time is required, which makes up the life cycle of the project;

secondly, before investing money in a project, it is necessary to conduct a comprehensive examination of it in order to prove its feasibility and feasibility of implementation, as well as assess its effectiveness in technical, commercial, social, institutional, environmental, financial and economic aspects.

We have already reviewed the basic concepts that are used in the "Methodological Recommendations for Evaluating the Effectiveness of Investment Projects and Their Selection for Financing" (hereinafter referred to as the Recommendations)

In the work of Shapiro V.D. ( Shapiro V.D. and other project management. - SPb .: DvATrI, 1996.) a project is understood as a system of goals formulated within its framework, created or modernized for their implementation of physical objects, technological processes; technical and organizational documentation for them, material, financial, labor and other resources, as well as management decisions and measures for their implementation.

In another work (Investment design: a practical guide to the economic feasibility of investment projects / Under scientific. ed. SI. Shumilina. - M .: Finstatinform, 1995.) an investment project is understood as a comprehensive plan of measures (including capital construction, the acquisition of technologies, the purchase of equipment, training, etc.) aimed at creating a new or modernizing (expanding) the existing production of goods and services in order to obtain economic benefits.

To a greater extent, the essence of the project analysis is answered by the interpretation of the project as a set of interrelated activities designed to achieve the goals set within a limited period of time and with an established budget.

Any project is implemented in a real-life external environment: at the entrance, the project draws resources from it to create products or provide any services, and at the exit, the environment accepts the results of project activities. For the success of a project, one cannot but take into account its interaction with the external environment, which is carried out through a comprehensive examination of the project - a systematic, interrelated study of the internal and external environment of the project.

So, any project for its implementation needs resources - financial, material, labor - for the implementation of both the production process and the management process.

At the earliest stage of work with a project, it becomes necessary to collect the most complete information about the scope of the project, about the participants in this project, about the legal support of the normal course of the production process. At the stage of development of project documentation, this information is supplemented and becomes complex, which makes it possible with a greater degree of validity to predict the course of implementation and operation of the project.

In most of the specialized literature, investment projects are classified according to the degree of obligation, urgency and degree of relatedness:

By the degree of obligation :

Required. These projects are required to comply with rules or regulations. They can be designed to critically update assets to keep existing assets in working order. This type includes contract projects, i.e. designed to secure contractual obligations, for example, investment projects for the protection of the environment.

Optional. This can include any optional development projects, such as replacing broken equipment.

By urgency :

Urgent. These projects are either not available at all in the future, or they lose their attractiveness when postponed, for example, various kinds of acquisitions.

Deferred. Along with urgent investments, there is a fairly large range of investments that can be postponed, while their attractiveness, although changing, is rather insignificant. An example is the reactivation of shut-in wells.

By the degree of connectedness :

Alternative. There are projects in connection with which the adoption of one project precludes the adoption of another. These projects are, as it were, competitors for the firm's resources. These projects are evaluated simultaneously, but they cannot be carried out simultaneously. Examples are projects that completely exhaust the firm's currently available resources: the installation of satellite communications in the company and the drilling of a new field.

Independent. The rejection or acceptance of one of these projects does not affect the decision-making in relation to another project, these projects can be carried out simultaneously, their evaluation takes place independently. For example, the reconstruction of two unrelated divisions within a firm.

Interrelated. The acceptance of one project depends on the acceptance of the other. These projects are evaluated simultaneously with each other as a project, resulting in one decision.

But such a simplified classification system cannot describe all projects encountered in practice and cannot reflect the specifics of financing, their significance, the role of industry affiliation, etc.

There are many other approaches and features of classification.

In the book E.P. Karavaev Industrial investment projects: theory and practice engineering ; "MISIS". 2001.-299 p. the following type of classification of projects is given:

Table 3.1.

The following table provides a universal classification of investment projects

Table 3.2.

Classification of investment projects according to Blank I.A .:

By functional focus

Investment development projects

Investment rehabilitation projects

By investment goals

Investment projects providing an increase in the volume of output of products

Investment projects that ensure the expansion (renewal) of the range of products

Investment projects to improve product quality

Investment projects that reduce the cost of production

Investment projects that ensure the solution of social, environmental and other problems

By implementation compatibility

Investment projects independent of the implementation of other projects

Investment projects dependent on the implementation of other projects

Investment projects excluding the implementation of other projects

By terms of implementation

Short-term investment projects with a period of implementation up to one year

Medium-term investment projects with a period of implementation from one to three years

Long-term investment projects with a period of more than three years

By the volume of required investment resources

Small investment projects (up to 100 thousand USD)

Medium investment projects (from 100 up to 1000 thousand USD)

Large investment projects (over 1000 thousand USD)

According to the proposed financing scheme

Investment projects financed from internal sources

Investment projects financed through corporatization (primary or additional issue of shares)

Loan-financed investment projects

Investment projects with mixed forms of financing

There are other classification types of projects in the economic literature.

Thus, the complexity and size of projects and the impact of their results on the economic, social or environmental situation characterize significance projects.

Along with the specified features of investment projects, there are other signs by which they are distinguished. So, the two analyzed projects are called independent projects, if the decision to invest in one of them does not affect the decision to finance the other, For example, the decision to create a center for new medical technologies should not affect the possibility of a project to build a city rehabilitation center. Moreover, the effect from the simultaneous implementation of these projects will be equal to the sum of the effects of these projects.

If two or more analyzed projects cannot be implemented at the same time, then such projects are called alternative, or mutually exclusive. Typically, such projects include the construction of large enterprises, which include separate industries, united by technology and organization of production, as well as transport communications and energy supply systems.

I must say that in reality, most investment projects relate to conflicting projects, that is, to projects in which different ways of achieving the same goal are assumed. Projects with different purposes, but requiring approximately the same investments for their implementation, can also be recognized as conflicting. Therefore, an investment company always chooses from the options analyzed such a project that, with all the restrictions on the capital invested, will bring it the greatest benefit.

Investment projects can also differ in their organizational, operational and time series.

Organizational framework the project is characterized by the composition of its participants. In turn, the composition of the participants is determined by a large number of factors: the level of specialization; the complexity of individual parts of the project; organizational structure for managing participants, project financing, etc.

Operating framework the project is determined by the actions carried out by its participants in accordance with the requirements of the project documentation and the adopted technology.

Time frame projects are characterized by the period of the project. They are set on the basis of duration norms for objects financed by the state budget, or based on the payback period of capital investments for projects carried out at the expense of private investors.

Investment projects can also be grouped according to the minimum threshold rate of return. The minimum rate of return can be adjusted depending on the level of return on securities, lending rates, etc. In this case, with an increase in investment risk, the threshold value of the rate of return increases, and the choice of financing scheme becomes more complicated.

Along with investment projects for industrial purposes, they can be innovative projects, aimed at the development and creation of new effective materials, apparatus, equipment, machines, technologies or technological processes. The implementation of projects for industrial and innovative purposes are often closely related, since their effectiveness depends not only on a scientific idea, but also on its implementation.

For the implementation of the planned programs of the country's economic growth, investment projects aimed at the following sectors are promising:

military-industrial complex;

housing construction;

light industry;

mechanical engineering;

metallurgy;

oil refining and petrochemistry;

fuel and energy complex (FEC);

food complex;

transport, communications and telecommunications;

The scale of the project in terms of its complexity and implementation costs, as well as the impact on the environment, determine the level of feasibility and feasibility of its implementation in a given period of time.

Decision-making on the formation of an investment project is preceded by:

evaluation of the investment proposal, which substantiates the idea of ​​the project, by the management bodies;

preliminary agreements with federal, regional and local authorities, the choice of an enterprise (organization) capable of implementing the project by the recipient.

availability of funds.

Information considered for making an investment decision should include the following data:

goals of the project, its orientation and economic environment (taxes, government support, risk, etc.);

marketing information (sales opportunities, competitive environment, promising sales program and product range, pricing policy);

material costs (needs, availability of raw materials, prices and terms of supply of raw materials and components, auxiliary materials and energy carriers);

location taking into account labor, climatic, social and other factors;

design and construction information (selection of planning and design solutions for buildings and structures, utilities) and design and design (selection of industrial production technology, specifications of standard and non-standard equipment and conditions for its manufacture and delivery, design documentation, etc.);

information on the organization and management of production (structure of the enterprise, form of ownership, management system, sales and distribution, etc.);

personnel (need, security, the need for training, payment terms and work schedule);

project implementation schedule (preparatory work, construction, installation and commissioning works, operation period);

the amount of financing by the periods of the project;

project performance evaluation

The results of the preliminary analysis and assessment of the effectiveness of the investment project are used to prepare a preliminary feasibility study (PFS), and then a final feasibility study (FS).

If a firm sees the feasibility of implementing a number of investment projects, distinguished by the direction of production or by scale, then in these cases a preliminary assessment of the project's effectiveness can be presented in the form of a technical and economic report (TED) or a technical and economic calculation (FER).

In conclusion, it should be noted that the above classifications do not exclude the possibility of the existence and development of other types of investment activities. For example, there is investment in production and economic activities, that is, the use of capital as working capital or for the acquisition of fixed assets. However, in all cases, descriptions of the project idea, the method of analysis and assessment of the project's effectiveness are required.

• Who is responsible for the development of the investment project?
• What documents need to be developed to make it easier for the General Director to analyze investment projects?
• What documents should the authors of the project submit?
• In what five areas do you need to analyze the effectiveness of the project?

Also you will read

• Who in Mir is involved in the development of a project related to the opening of a new store?
• Why, according to the CEO of S&G Partners, most investment projects end in failure

The development strategy of a large and medium-sized enterprise is usually formed from the totality of its investment projects. The task of the General Director is to be able to assess their effectiveness without going into the details of financial and marketing analysis. You will be able to do this quickly and objectively if you build a system for the development of investment projects at the enterprise and appoint those responsible for this process. Then, to analyze the effectiveness of a new project, it will be enough for you to ask the subordinates responsible for its development a few questions (see. ).

Who should be entrusted with the development of an investment project

As a rule, three people are responsible for the development of an investment project:

• The head of the relevant direction or department. He is obliged to formulate the strategic goals of the project, form a project team. Sometimes this is done personally by the General Director.
• Project manager. Responsible for the development process. This person needs to be given sufficient authority so that he can independently resolve issues of interaction between departments and require other employees to take into account the needs of the project.
• Project economist. His tasks are to analyze the financial, marketing, production aspects of the project, to study the prepared documents. An employee of the company (for example, a specialist in the financial or planning and economic department) and a third-party consultant can be appointed as a project economist.

  Practitioner tells

  Dmitry Kalaev
  

  Several specialists can deal with the development of an investment project:

  • the head (manager) of the project, he will be responsible for the implementation of this investment project, if accepted;
  • representatives of the financial and economic service; they will correctly calculate all costs and the profitability threshold, within which the project is of interest to the company;
  • marketing specialists who will conduct market analysis and plan a strategy for bringing a new product and service to the market.

  The manager must decide what specialists he needs to fully prepare the project. At the same time, it is better to approve the composition of the team at the level of the General Director - this is necessary to legalize the work of employees on the preparation of an investment project.

  Naumen is a Russian developer of software solutions for business and government. Created in 2001. Provides services for the development, implementation and maintenance of software projects based on their own solutions. Today, Naumen's clients include telecom operators, banks, financial groups, heavy industry companies, trade and production holdings, and state-owned enterprises. The staff is 230 people.

  Practitioner tells

  Vitaly Konotop
  

  In our company, all interested subdivisions take part in the development of any project. So, the development department finds a suitable object for the store, after which it transfers all the data on it to the relevant departments. Further, the marketing and sales department makes a forecast of the store's turnover, and the project implementation department estimates the cost part of the project. On the basis of the collected information, a feasibility study of the project is developed. Based on the feasibility study, the General Director makes the final decision.

  The Mir company is a retail chain of household appliances and electronics stores. It was founded in 1993. It currently has 65 stores: 18 of them are located in Moscow, 47 - in large cities of Russia. The assortment includes more than 10 thousand items of goods from such world manufacturers as Ariston, Bosch, Braun, DeLonghi, Electrolux, Hewlett-Packard, Indesit, LG, Moulinex, Panasonic, Philips, Samsung, Sharp, Siemens, Sony, Tefal, Toshiba, Zanussi ... The company ranks 219th in the Top-400 largest Russian companies (RA Expert, 2006) and 116th in the Top-200 largest private companies in Russia (Forbes, 2006).

  Practitioner tells

  Dmitry Sedykh
  Deputy General Director of LLC "Engineering Center" Energoauditkontrol ", Moscow

  In the preparation of most investment projects, we have a project working group that includes a manager, a chief project engineer, an industry specialist, an investment specialist, a finance specialist, a lawyer, a tax consultant, and a marketing specialist. The areas of responsibility of the participants are described in the table.

  LLC "Engineering Center" Energoauditcontrol "is engaged in the development, implementation and maintenance of automated systems for electricity metering, dispatch control, process control in projects of any degree of complexity. Main customers: OJSC Gazprom, State Unitary Enterprise Moscow Metro, OJSC Russian Railways, OJSC AK Sibur, power sales and generating enterprises. The number of staff is 300 people.

Roles of participants in a typical investment project

What documents need to be approved

To make it easier for the General Director to analyze investment projects, the following documents need to be developed:

1. Investment project appraisal methodology. This document should contain answers to the following questions:

• What should be studied especially carefully in the process of preparing a project?
• What indicators are required by the company's management to make a decision and how should they be calculated? (In financial analysis, the meaning of terms and ratios can be understood in different ways, but employees of one company must work in a single coordinate system.)

2. Regulations for the preparation and adoption of an investment project. This document contains the following information:

• distribution of responsibility between project participants;
• sequence of sighting documents;
• the timing of the project;
• other requirements for the organizational part of the work.

Entrust the preparation of documents to the department of the CFO; the latter must take this work under his personal control. Let the employees of the planning and economic or investment department (depending on the structure of the company) act as the direct developers.

Types of investment projects

Investment projects can be broken down into three categories:

• Large-scale investment projects. The investment level ranges from $ 50,000 to $ 300,000. Such projects require drawing up a detailed business plan, regardless of whether external funding will be attracted.
• Small investment projects. They are justified by simplified documents, are not submitted for consideration by the company's management as separate projects (discussed as part of project packages). These projects include, for example, the launch of new products, entry into new markets, changes in logistics schemes.
• Investment activities. Projects that do not have a revenue side, although they indirectly affect the company's revenues. Their economic analysis cannot be carried out in isolation from the general activities of the company. For example, the implementation of an ERP system is unlikely to bring direct benefits, but will provide opportunities for growth and implementation of many other revenue-generating projects.

Practitioner tells

Dmitry Kalaev
Deputy General Director of Naumen, Moscow

You should formalize your project selection procedure. To do this, develop a regulation for the preparation of an investment project and a business plan template: investment projects should be described in the same way and evaluated according to a single methodology. For example, you can select projects according to the following criteria:

• Compliance with the strategic plans of the company. If the essence of the project coincides with the strategic development plans, it should be implemented first, even if it is less profitable than other proposed projects.
• The predicted profitability of the project, taking into account the risks. In business, high profitability is always associated with high risks, so any investment project must contain their assessment.
• Resources required for implementation. This refers not only to investment, but also the required production capacity and administrative efforts. Some projects can take so much of the CEO's efforts that he will not have time for the main business.

What documents must be submitted to the project participants

The main document that is shown to a potential investor is a business plan. On average, it takes one to two months to prepare, although in difficult cases the process may take longer. You shouldn't plan for this job for less than one month. When preparing a business plan, many difficulties are always revealed, a lack of information is revealed, therefore, it is usually impossible to shorten the time frame (see. ).

Practitioner tells

Dmitry Kalaev
Deputy General Director of Naumen, Moscow

From my personal experience, I can say that it makes sense to prepare two documents: "Project summary" and "Business plan".

Project summary- a brief overview of the project on two to four pages, including the following sections: the company and the project team, the purpose of the project, a brief description of the subject area, the business idea, the state of the market, an overview of the design work, sources of funding. It is being prepared for investors.

Business plan- a more detailed document, which consists of several dozen pages and includes such sections as goals and objectives of the business, information about the enterprise, investment plan, objects of investment and sources of financial resources, characteristics of the company's products (services), market analysis, marketing strategy. Also, the business plan contains the calculated indicators of turnover, fixed and variable costs, profit and profitability of production, payback period, break-even point.

In addition, it makes sense to divide projects depending on costs and the degree of impact on the organization's business. Naturally, a $ 5K project should not be justified in the same way as a $ 1M project. In addition, in order to choose the best one, you usually have to compare projects with each other, so the documents should be prepared in the same way - create an easily repeatable process for preparing an investment project.

Business plan structure

A business plan usually consists of the following sections:

1. Project summary: short, one or two pages, statement of the main theses and key indicators of the project.

2. Information about the company: should demonstrate the company's ability to implement projects similar to those described in the business plan.

3. Project (description) of the product: information about the essence of the project and the characteristics of the products or services offered for implementation.

4. Strategic plan: competitive advantages of the product, development program, long-term goals of the company within the framework of this project.

5. Marketing plan: market analysis, competitors' activities, product promotion plan, sales forecasts.

6. Investments and operating activities: description of the stages of the project, as well as the composition of investment costs, organization of activities after the launch of the project.

7. Financial plan: forecast budget and calculation of all necessary indicators.

8. Risk analysis: assessment of possible threats and their impact on the results of the project, a description of measures aimed at reducing risks.

Practitioner tells

Vitaly Konotop
Head of Budgeting and Controlling Department, Mir company, Moscow

In our company, by order of the General Director, the document "The process of forming and analyzing the feasibility study for opening a retail store" was approved. The data collected on the object goes to the finance department, where the main indicators of the project are calculated. The decision (whether we take this object or not) is made by the governing body - the real estate committee. The meetings are attended by members of the Board of Directors, General Director and other top managers. With a positive conclusion, the feasibility study is once again coordinated with the departments and an order is issued for the company to start the project. Further, the employees of the departments form the budget of the investment project, which is consolidated and analyzed by the finance department.

Analysis of the effectiveness of the project

Let's say a project has been developed and you need to make a decision about its future fate. To do this, you need to analyze the project in five areas (reports on which you should demand from subordinates).

1. Technological analysis. A study of how the proposed project launch plan can be implemented and how feasible the conditions for its operation are. Projects most often fail, not because investors misjudged market demand, but because the company is unable to launch the project as planned. The analysis of the technological side is carried out by specialists from specialized production departments, always under the control of the investment department.

2. Legal analysis. Construction, mining, pharmaceuticals - in all these industries, the legal aspects can turn out to be even more complex than the main, proper investment part. Naturally, management's attention to these issues should also be increased. The company's lawyer is responsible for this aspect of the work.

3. Financial and cost analysis. Conducted by the financial and economic service. A financial model is built on the basis of the project budget, which allows you to study it from all points of view and calculate the prospects.

4. Analysis of the effectiveness of the project. Includes calculation of traditional project performance indicators. It is advisable to use a small list of characteristics (from two to four) that can be calculated for the vast majority of the company's projects. Most often, this list looks like this:

• discounted payback period (Pay-Back Period, PBP);
• net present value (NPV);
• Internal Rate of Return (IRR).

All of the above indicators are calculated based on the cash flow forecast for the investment project. Thus, the correct statement of cash flows for the company is extremely important. If it is difficult to do it for one reason or another, classical indicators can be replaced with others. But the replacement is made taking into account the specific features of each project; a standard solution cannot be offered here.

In principle, this small list can be supplemented as needed with a variety of analytical tools and indicators. However, the need for this usually does not arise, since investment projects, as a rule, are characterized by extreme uncertainty, which means that the possibilities to use financial mathematics are limited.

5. Risk analysis. It is assessed to what extent deviations in forecast data will affect the success of the project, various scenarios for the implementation of the project are studied, and possible losses of participants are analyzed. This part is prepared by the risk manager (in the absence of such a specialist in the company, entrust the risk analysis to the financial and economic service).

General Director Says

Mikhail Kalinin
Chairman of the Board of Cost Management Group, Moscow

Marketing analysis is prepared by the marketing department. In my opinion, it is necessary to cover the following areas: market analysis, analysis of the competitive environment, development of a product marketing plan, quality (reliability) of marketing information.

Technical analysis is usually carried out by the engineering services of the company with the participation (if necessary) of narrow specialists. Employees should assess their own technical capabilities for the implementation of the project, indicate the feasibility of attracting additional resources.

The most responsible and laborious analysis is carried out by the financial department. It is necessary to assess both the financial condition of your own enterprise (including an analysis of work over the past three to five years, an analysis of the profitability of production of main types of products, a profit forecast for future periods, including at the time of the project implementation), and the project itself (to determine the investment needs of the enterprise for the project, sources of financing, predict profit and cash flow in the process of project implementation, evaluate performance indicators).

Analysis of the influence of external (state policy in the industry, legislative and licensing base, etc.) and internal (management qualifications, experience, etc.) factors can be entrusted to the director of strategic development or done by yourself.

The final risk analysis should be carried out by the project manager (a person with a commercial flair), who needs to proceed from the most pessimistic variant of the project implementation.

Cost Management Group develops and implements highly efficient technologies to increase business, manages industrial assets with a total amount of more than USD 150 million. Operates in 12 regions of the Russian Federation. In 2003-2007, the group's managers developed and implemented 11 projects to bring industrial enterprises of the machine-building, food and petrochemical industries to a qualitatively new level of development in a short time.

General Director Says

Ella Gimelberg
General Director, Managing Partner of S&G Partners, Moscow

To assess the investment attractiveness of a project, the General Director must understand the adequacy of its marketing component (see case study: The reason for the failure of the project). When preparing calculations, the overwhelming majority of financiers rely not on marketing data, which is obtained as a result of research related to the expected implementation plans, but on the technological capabilities of future production (that is, on how many products a company can produce). Having received such a report, the General Director must clearly understand the sales strategy of the project.

Keep in mind: there are markets where 100% of product sales are not luck, but a legal requirement (for example, markets for precious metals and stones, oil and gas, other minerals, as well as scarce markets - cement, metal, timber, etc.). etc.). If the project does not fall into these categories, then the General Director first of all needs to get from his subordinates a clear understanding of where and at what prices the company will sell products, what is the promising market share, and the plans of competitors. This information is collected and analyzed by marketers as part of project preparation.

S&G Partners was founded in 2006. Provides services in financial consulting, mergers and acquisitions (M&A), investment design, construction and financial supervision. Main clients: CJSC MFC Gras, OJSC Nechernozemagropromstroy, Deloitte & Touch, Khoory Investment (UAE).