Commercial effectiveness

At an assessment of efficiency of investment projects it is necessary to distinguish the following indicators:

1. The indicators of commercial (financial) effectiveness considering financial consequences of implementation of the project for its direct participants.

2. The indicators of the budgetary efficiency reflecting consequences of implementation of the investment project on federal, regional and local budgets.

3. The indicators of economic efficiency reflecting expenses and results of the project and considering both interests of its participants, and interests of the country, the region or the city.

The assessment of expenses and results of implementation of the investment project is carried out for the settlement period which duration (the calculation horizon) is accepted taking into account:

• durations of creation, operation and object elimination;

• standard service life of processing equipment;

• achievements of the set indicators of efficiency (profit, the income, rate of return on the capital).

The horizon of calculation is measured by quantity of steps of calculation. Month, quarter, year can be a step of calculation.

All expenses connected with implementation of the investment project, are subdivided on initial (single), current and liquidating which take place respectively at stages:

• construction, research and production preparations;

• functioning (operation) of the investment project;

• liquidations of the investment project.

At a cost assessment of results and expenses of implementation of the investment project the basic, world, expected and settlement prices can be used.

The basic price is understood as the price which has developed in a national economy on a certain timepoint. The basic price is considered invariable during the whole settlement period. Measurement of efficiency of the investment project in the basic prices is carried out, as a rule, at a preliminary stage of technical and economic researches. At a stage of the feasibility study on the investment project are used both basic, and the expected prices.

The expected price is defined by a way of multiplication of the basic price of an index of the possible change in price at the end of a settlement step. According to the projects developed by request of state bodies, values of indexes of the change in price for separate types of production and resources are established in a design assignment according to forecasts of the Ministry of Economics of the RK. The settlement prices are used for calculation of generalizing indicators of efficiency if results and expenses are expressed in the expected prices. It is necessary to provide comparability of the results received at various rates of inflation. The settlement prices decide on the help of the deflates multiplier corresponding to an index of the general inflation. The settlement prices are given to some time point (to the moment preceding the beginning of implementation of the investment project).

The basic, expected and settlement prices can be expressed both in rubles, and in steady currency. In the latter case will be, to be considered that calculation of efficiency of the investment project is carried out in the world prices.

At an assessment of efficiency of the investment project the comparison of indicators occurring at different times is carried out by reduction of their (discounting) by initial time of introduction of the project. For this purpose the norm of discount (Han) equal to standard accepted for the investor of the income on the capital is used. Technically reduction to an initial (basic) time point of expenses, results and the effects which are taking place on the 1st step of calculation, it is convenient to carry out by their multiplication to the coefficient of discounting (Cd) determined by a formula:

Commercial effectiveness of the investment project:

It is known that efficiency is the most important characteristic of activity of the enterprises. As it understand extent of achievement of the best results at the smallest expenses.

Efficiency of the project – that category which displays compliance of expenses and results of the innovative project to interests and the purposes of participants, also interests of the state and the population here can be considered.

At an assessment of projects such types of efficiency, as are used:

• Efficiency of participation in the project;

• Efficiency of the project as a whole.

Efficiency of the project as a whole is defined to define potential appeal of the project to its probable participants, and also for the purpose of search of investors. This type of efficiency includes: public (social and economic) and commercial effectiveness.

Efficiency of participation in the project is defined to define possibility of feasibility of the project, and also interest in the project of its participants. Here such types of efficiency as join: the budgetary efficiency, efficiency of participation in the enterprise project, efficiency of investment in shares of the company, and also efficiency of participation in the project of structures of higher level.

It is also possible to distinguish from variety of types of efficiency of projects such as:

• Economic efficiency – shows a ratio of expenses for implementation of the project and its results according to interests and the purposes of participants of the project in a money equivalent;

• Ecological efficiency of the project – reflects compliance of expenses and results with the point of view of the state and society;

• Social efficiency – compliance of expenses and public results of the considered project to the purposes and social interests of its participants here is displayed;

• Other types of efficiency.

It is necessary to refer commercial effectiveness which is directly connected with a problem of a complex assessment of efficiency of capital investments as the project in this case is considered as object of investment to the most significant types of efficiency of projects.

The assessment of commercial effectiveness is based on the following basic principles:

• Are used provided by the project (market, that is the prices at which the goods are acquired in the free market) constants or variable goods prices and services;

• Cash flows pay off in currencies in which in the project purchase of resources and production payment is provided;

• In case the project provides both production and consumption of certain production, in calculation are considered only production expenses, but expenses on its acquisition aren't considered;

• In calculations taxes, collecting, the assignments provided by the legislation, for example, compensation of the VAT for used resources are considered;

• Receiving and repayment of loans aren't considered both in a cash flow, and in calculations of requirement for working capital;

• If according to the project simultaneous performance of several different types of operating activities is provided, at calculation expenses are considered on each of them.

At determination of commercial effectiveness it is innovative - the investment project as effect the stream of real money is considered. At implementation of the innovative project such kinds of activity, as are allocated: financial, operational and investment. Within each of these kinds of activity inflows and outflows of money are carried out. The stream of real money represents a difference between inflow and outflow of money from operating and investment activities for every period of implementation of this project.

The balance of real money is a difference between inflows and outflows of money from all 3 kinds of activity. Besides, on each step of calculation count:

Stream of real money – this indicator use further for calculation of such indicators of efficiency innovatively - the investment project, as: the net discounted income, project payback period, profitability index, internal standard of profitability and others.

To approve any innovative and investment project it is necessary that the balance of real money was positive in any temporary interval where this participant of this project carries out expenses or gains income. The negative balance of real money is the testimony of need of attraction of additional resources (own or loan).

At calculation of commercial effectiveness the stream of real money acts as effect. At implementation of the investment project three kinds of activity are allocated: investment, operational and financial. Within each kind of activity there is inflow Пi (t) and outflow of Oi (t) of money. The difference between inflow and outflow of money from investment and operating activities in every period of implementation of the project is called as a stream of real money (q (t)):

(1.2.)

The balance of real money (Ь (1)) is called a difference between inflow and outflow of money from all three kinds of activity also on each step of calculation:

(1.3.)

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