Case analysis of financial leasing and mixed leasing of large shipping companies

A large central enterprise，Listed on A shares，It's Ji Neijiang、A large shipping company integrating coastal and ocean transportation。With the rapid advancement of the "from river to sea" strategy，In recent years, the company has financed and built a large number of large-tonnage ships.，Causing the asset-liability ratio to rise rapidly。This central enterprise group was assessed by the State-owned Assets Supervision and Administration Commission，Asset-liability ratio indicators are strictly constrained。

For this reason, the parent company has delegated the assessment of asset-liability ratio to one of its shipping companies.，The shipping company must control the asset-liability ratio at a certain level。In order to continue to complete the established investment plan，without increasing the debt ratio，The company needs to use off-balance sheet financing to purchase new ships。one、Mixed lease principal transaction arrangements

1. Lease subject matter new ship，The total cost is 600 million yuan。
2. Leasing method mixed leasing。
3. 5% down payment，As down payment rent, the enterprise pays BoComm Leasing。
4. Construction period 2-3 years。during the construction period，According to the contract signed with the shipyard、According to different stages of the construction cycle、The lessor, Bank of Communications Leasing, will pay the ship price according to the payment schedule stipulated in the contract.。The lessee’s actual capital withdrawals，Pay interest to BoCom Leasing on a quarterly basis，The construction period is not included in the lease period。
5. Lease period 10 years。
6. Reference interest rate for rent calculation 10-year loan base interest rate
7. Service fee lease principal
8. 45%/Year，Charged once per year after the lease term begins，10year total
9. 5%。
10. Lease payment method: Interest will be paid quarterly during the construction period，The calculation method refers to the bank loan interest calculation method.。After delivery，Pay rent every three months，The rent calculation method is based on the equal principal and interest method.。
11. Residual Value Residual Value Discounted at IRR，The present value is 15% of the lease principal，Receive a lump sum of principal and interest at the end of the lease period。
12. Ship residual value processing 1) Exclusive sales agency arrangement。

That is, the lessor entrusts another company to be responsible for selling the ship at the end of the lease period.，The selling price cannot be lower than the agreed residual value，That is 34% of the ship cost；2) Purchase ship residual value insurance；3) An independent third-party company provides residual value guarantee

1. The shipping company's parent company provides a rental guarantee
2. Project internal rate of return IRR
3. 48%two、Mixed lease transaction structure diagram 3、The lessee’s rental tax deduction situation under mixed leasing because the rent is fully paid before tax，10During the annual lease period, the total rental income tax deduction is RMB 173.25 million. Note：
4. To make calculations easier，The rent for the current year is calculated by directly adding up the rent for each period during the year.，Compound interest calculation is not used；
5. In the last period, it is assumed that the lessee chooses to retain and purchase the leased property，Cash flow includes the final rental period and the future value of the asset's residual value。

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