financeleaseinchinaturningchallenge(ppt51)-經(jīng)營管理-在線瀏覽
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【正文】 Rights. Transfer (sale to Lessee) All Subject to Agreement between the Lessee and Lessor (art. 243 of new Contract Code) October 1999 XIN DE TELECOM 18 Conventional vs. SPL ? Short period, 5 years. ? Strict credit check. ? Letter of Guarantee. ? Amount, timing of financing are fixed ? Rent payment is fixed corporate obligation. ? Single Equipment. ? Not Limited ? Flexible Project based. ? Flexible. ? Master Lease with multiple drawdowns. ? Based on specific business performance. ? Total project. October 1999 XIN DE TELECOM 19 4, How does SPL work? Capital injection Payback Performance sharing time October 1999 XIN DE TELECOM 20 Funding and repayment targets ? Based on the requirements and operating results of the lessee. ? Jointly defining the calculation bases. ? Periodic inspection and supervision over results. ? Revising the performance against the original outlook. October 1999 XIN DE TELECOM 21 Capital Injection Period ? Disbursing fund according to equipment purchase contract and construction contract. ? Capital injection period and payback period: Conventional in series SPL model with overlap. October 1999 XIN DE TELECOM 22 Annual Capital Funds Requirements 0204060801001201401 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16October 1999 XIN DE TELECOM 23 Calculation Basis ? Define business result basis ? Measurable amp。 V = Rent； i = discount rate； t = days t V A == Solve how much principal remains outstanding after receipt of payment October 1999 XIN DE TELECOM 28 Performance Sharing Period ? Equity “kicker”. ? After leasing principal and accrued interest have been fully repaid. ? The SPL period is pleted at the end. ? The ownership of all leased articles is transferred from lessor to lessee. October 1999 XIN DE TELECOM 29 Summary ? SPL is tailored to needs of new operators – heavy capital investment, – slow startup in revenues, – excellent mediumterm p
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