Acceleration in bad weather
the Investment market slowly revives. But conditions for mass inflow of money to economy are not created yet
In the domestic and Petersburg market there were again investment projects. Partly they are paid by the state, partly — finance banks. However financiers recognise: perspective business - ideas much more, than perfect investment transactions. For growth and technological updating of economy qualitatively other volume of design financing is necessary. It, in turn, demands work with a business climate and creations of venture financial institutions.
“ the Market of investment crediting revives, — Alexey Kushnir, the head of credit management Severo - the Western regional centre of Open Society " ascertains; Bank VTB “. — We, of course, yet have not reached indicators of pre-crisis 2007, but there is an active demand for investment credits from business and there is an interest to projects of development from banks “. As it continues, “ if there will be no sharply negative events in the world and Russian markets it is possible to count on growth in this segment and following the results of 2012. Under our forecasts, the increase in volume of investment crediting in SZFO will make for a year approximately 12 % “. Maxim Kozyrev, the assistant to the general director on corporate bank business of Bank “ the WHALE of Finans “ results more conservative forecasts, but also speaks about increase in investment activity. “ the volume of design financing in SZFO, by data statisticans, for last year has increased approximately on 3 – 4 %, on the average across Russia — on 8 – 8,5 %, — he marks, — and this year we wait for the same dynamics “.
Dear our locomotive
About which investments goes speech? “ at the given stage of an order of two thirds of investments realises directly the state “ — Maxim Kozyrev underlines. It explains that in 2011 with the state help large infrastructural projects &mdash were carried out; a construction of roads, bridges, stadiums and other appreciable objects. “ I am assured that active state participation has played an important positive role as infrastructural projects are economy locomotives “ — the financier considers. The in the lead role of the state in realisation of investment projects is marked by all experts. “ now there is a certain revival in the field of the infrastructural projects connected with partial or full state participation “ — Sergey Tychina, the vice-president of branch " speaks; Petersburg “ bank “ GLOBEKS “. According to Alexey Kushnir, “ initiation of infrastructural projects — one of forms of stimulation by the state of the market of investment financing. Such projects as building ZSD or KAD push economy development, and including the industries “.
Told means that in the today`s market it is a little market investments. “ in that remained third of market which is formed by bank credits, the state banks &mdash are in the lead; VTB, Foreign trade and investment bank, the Savings Bank “ — Maxim Kozyrev speaks. “ the Volume of actually private investments into projects while remains at lower level, than before crisis “ — it summarises. The expert explains: “ from - for uneasy economic situations in the world and in Russia, both at organizers of the project, and at investors the conservative approach prevails. Many companies now finish only those projects which it is impossible to refuse — if, for example, building is begun, it should be finished. Also those projects on which almost guaranteed high profit is expected are realised. Everything that raises the doubts at initiators of the project, is postponed " more often;.
As time of superincomes has ended — as well as the period of primary saturation of the markets has come to the end, allowing business to start frankly slipshod projects, — times of recovery of outlay of projects were essentially extended. But crisis at all does not promote granting of long money — in the market short loans prevail. “ unfortunately, perspective business - ideas much more, than really financed projects, — Alexey Kushnir marks. — it is connected and with long times of recovery of outlay of many investment initiatives (10 – 15 years), and that they is frequent not sootvetkstvujut to standard requirements of banks “.
Thus while financing of projects of development is carried out tochechno: there is dynamics, but there is no stream of investment transactions of the different size, from small to the largest which is peculiar to healthy economy.
we Build and we arm
Speaking about branch preferences of banks — investors, Alexey Kushnir marks: “ If to look at a current portfolio of investment transactions of SZRTS VTB it is possible to tell that we do the basic investments in manufacture and in building “. “ I think that the structure of our portfolio reflects a situation in the market as a whole: on building it is necessary an order of 40 % of total amount of design financing and as much — on the industry “ — kdobavljaet it. The new trend generated by the state and supported by big banks, — Investments in agrarian sector. For example, in the Savings Bank the volume of loan debts of the companies of this branch has increased for last year approximately by 50 %. In VTB also ascertain that “ transactions go “. Average banks, according to the vice-president of Bank BFA Dmitry Saberzjanova, start to look narrowly at agriculture, but do not hasten to finance actively it — besides economic risks, the agrarian sector faces also the natural.
Among the industrial companies the power sector is in the lead on volume of involved investment credits. “ almost all large power companies form investment programs, and banks actively finance them. These are the big investments influencing the market “ — Alexey Kushnir speaks. “ in our branch approximately one third of corporate credit portfolio is necessary today on power “ — Sergey Tychina from " confirms; GLOBEKSa “. Also the volume of the resources directed to projects oboronno - an industrial complex increases.
“ On my supervision, process of updating of manufacture at enterprises OPK in our region considerably became more active, — Sergey Ivanov, the vice-president of board on work with corporate clients of Bank " tells; Aleksandrovsky “. — As it is known, the part of money in frameworks oboronzakaza now directs the Russian state on replacement of the out-of-date equipment and technologies of defensive factories. It is a positive trend, and banks it support “. As he adds, “ in most cases projects of modernisation of the defensive enterprises are financed by partially state money, partially — credit resources “.
the Majority of experts of financial sector confirm: The modernisation declared for the present by the working president of Russia, — not mere words. It is impossible to tell that financing modernizatsionnyh projects makes the basic part of investment process, but the volume of investments in modernisation of the enterprises precisely increases, and it — time sign. “ certainly, the number modernizatsionnyh projects as fixed capital of the enterprises, &mdash has seriously become outdated increases; Alexey Kushnir marks. — the Developing companies hasten to update the funds — without it following steps " are impossible;. “ modernizatsionnyh projects it became appreciable more than some years ago, — Maxim Kozyrev confirms. — Investors show to them interest because such projects play a role of the driver of growth of all business of the company. At the borrower who has realised the project of technical updating, as a rule, new lines of activity open, the turn grows. All it allows bank to increase volume of services to the given client “.
But modernisation — only a part of process of updating of economy, and not the most difficult. Besides modernisation of the enterprises which consists, as a rule, in purchase of the qualitative foreign equipment, it is required to develop own new technologies and to adjust manufacture of hi-tech products. Here again bankers yet do not observe considerable progress — neither at country level, nor at region level. “ innovative projects are, but it is not enough of them “ — Alexey Kushnir speaks. “ the number proryvnyh projects remains to the extremely insignificant, — Sergey Ivanov argues. — very interesting large-scale projects realised in region, — manufacture of high-speed structures at the Tikhvin car-building factory of Group IST and factory start on release of new pharmaceutical preparations NTFF „ the Polydignity “ “. “ Unfortunately, it is exceptions, instead of mass process “ — kdobavljaet the expert.
By order of it will not turn out
As spravedilvo Maxim Kozyrev, " marks; traditional bank crediting — not the most suitable tool for financing of the initiatives connected with raised risks. The innovative projects based on introduction of essentially new technologies are faster, sphere of work of venture funds “.
“ At a choice of objects of investment the bank first of all estimates, the probability of their successful realisation is how much high. From - for existing legislative norms and procedures of regulation of bank activity we also should hedge the risks, — kdopolnjaet Michael Fried, the senior vice-president of Bank „ St.-Petersburg “. — Therefore banks all over the world are less active in the field of crediting of innovative projects, especially on stages of startups, than specialised financial institutions “. “ I Consider that the state should create special tax and other preferences for the investors investing in innovative projects “ — he concludes. “ for example, Rosnano began to play as a matter of fact a role of the state venture investment bank — it participates in innovative projects the resources, — Alexey Kushnir develops a theme. — such participation, certainly, is advantage of any project, drawing to it attention of other financial institutions “.
In the field of financing of innovative startups, that is projects from zero, the dominant role is taken away business - to angels and funds of sowing investments, including focused on rather wide range of investors — Such, as recently created closed PIF “ DOHOD — Sowing investments “. According to the general director of Open Company “ UK “ DOHOD “ Margaritas Borodatovoj, “ for the last year in fund has addressed more than thirty competitors of venture investments. One of them, in our opinion, was very perspective, but the transaction structure has appeared enough difficult and did not keep within legislative restrictions ZPIFov. Nevertheless, the project has interested us, and we have carried out its financing through other company of Financial group “ DOHOD “. Now at different stages of consideration — technical, economic, marketing — are about third from the projects presented to us “.
Difficulties of work of fund, as she said, are connected by that “ in full the so-called innovative lift " yet does not work;. Having finished projects to certain level, sowing funds should transfer them to the following stage of financing — to funds of venture investments or strategic investors. And to whom to transfer — while, in most cases, not clearly. In this sense, and Rosnano, and “ the INCOME — Sowing investments “ — drops in the sea: one — big, another — the small. The market of venture investments works, when it develops of many hundreds drops. Absence of system of the specialised financial institutions, ready to incur the raised risks, — one of the main reasons of braking of investments into innovative process.
businessman Oleg Zherebtsov specifies In other reason. The founder of a trading network “ the Tape “ now works in sphere of medical technologies — in particular, builds in territory of St.-Petersburg pharmaceutical factory. This hi-tech enterprise, the equipment for which is made under the individual order. The sum of investments of the project — an order of 35 million euro. “ the Russian business is capable to solve all technical and technological problems, — Oleg Zherebtsov confirms. — as a last resort, at the first stage it is possible to buy technological examination and experts in the West. But relations with the state — it is a zone of unpredictable risks “.
On supervision of the businessman, in Petersburg small-scale business actively develops. “ in a city there are many blank niches, and people continue to invest in opening of cafe, laundries, repair shops and so on. At local level crisis has not stopped the business initiative “ — Oleg Zherebtsov confirms and adds: because at this level it is not necessary to adjoin to authorities closely. “ As soon as business concerns projects on some tens millions euro, you are compelled to receive numerous permissions, to certificate production and so on. And so, these processes do not become simpler, but only become complicated — kosobenno in Petersburg, it became almost impossible where to receive building licences “ — the businessman speaks. “ personally I all - taki have decided to build factory, and the majority of my acquaintances yet do not want “.
It is necessary to notice that innovative development — direct derivative of level of enterprise activity in the country and region. The state investments into development projects are useful, and in many cases — are necessary. But they will not replace work on formation of a favorable business climate.
Boris Fedorov took part In material preparation
Alexey Kushnir, the head of credit management Severo - the Western regional centre of Open Society “ Bank VTB “:
“ the Interesting project on which our bank has in the end of the last year made the decision on financing, realises the Petersburg company of the BUS It in the pure state an innovation: the project consists in factory building on manufacture of a high-strength cutting thin wire which will be used, first of all, in solar power for are sharp silicon crystals. The wire with such characteristics in territory of Russia and the CIS countries was not issued till now. Besides manufacturing enterprise which will appear in OEZ cities of Lipetsk, is under construction scientifically - vnedrenchesky the centre in St.-Petersburg. Total amount of financing from party SZRTS VTB — 47 million euro. The project is realised with the state participation. As the created enterprise has no analogues in the country, company AVT plans to receive return from its uniqueness. Therefore the time of recovery of outlay of investments is rather insignificant: an order of five years.
Unfortunately, such projects not so it is a lot of in the market as it would be desirable. The state can lower level Risks which incur banks, and, accordingly, considerably to raise a share of the financed innovative ideas through such mechanisms, as subsidising of interest rates, granting of guarantees under credits and, at last, direct participation in projects “.
Sergey Ivanov, the vice-president of board on work with corporate clients of Bank “ Aleksandrovsky “:
“ the Basic problem of start of innovative startups in Russia — the lowest technological level of economy as a whole. On the one hand, we should make up for technological backlog practically in all branches. But on the other hand, catching up will not be the leader — it is necessary to start essentially new technologies, jumping, thus, through a step.
It is extremely difficult for making, because the technological base is not ready to support separate breaks. Not casually financial institutions seldom support the innovative projects which have been not integrated into structure for a long time of working corporations: the intuition prompts that the probability of success is insignificant.
Therefore the optimum decision — creation of venture funds by forces of the state and large state corporations. A key role of state corporation in this situation — to provide introduction of new technologies.
And I think that at the first stage it is necessary to finance workings out already ready to introduction, with the maximum probability of commercial success. The market should see faster effect from introduction of innovations “.
Sergey Tychina, the vice-president of branch “ Petersburg “ bank “ GLOBEKS “:
“ the projects connected with innovations, modernizatsionnym are interesting To us by process, introduction of power saving up technologies, and we finance such projects often enough.
Specificity of investments into the given projects is that that long-term resources &mdash, as a rule, are required; from 5 till 15 years. In the today`s financial market to find such resources difficultly enough that slows down realisation of projects.
In this connection participation of the state in development projects at present is important, whether it be the mechanism is state - private partnership or creation of specialised funds of support.
Dmitry Saberzjanov, the Vice-president of Bank BFA:
“ the Most demanded tool of financing of the project, certainly, reception of the bank credit, but term of granting of a loan on the average does not exceed 5 years. Not each serious project is capable to pay off for this period. Besides, within the limits of design financing leasing operations, however leasing can be carried out, as a rule, can close only the part of the project connected with acquisition of the equipment and technicians.
Also financing can be carried out by covering granting under letters of credit of the Russian importers, for example, buying the equipment for realisation of the projects. It is necessary to tell that till 2008 letters of credit were applied often enough — now the quantity of such transactions is insignificant, as as the basic partners in them the European banks act. As to bonds at present they practically are not used in design financing. Therefore for current projects all of us - taki recommend financing in the form of bank credits.