Traditionally, capital investment objects are usually associated with investment projects. According to the Law "On investment activity ..." investment project - this 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 the prescribed manner, as well as a description of practical actions for making investments (business plan).

This definition makes it difficult to use important terms and characteristics of an investment project. Indeed, as follows from the above text of the Law, an investment project is, first of all, a comprehensive plan of measures aimed at creating a new or modernizing the existing production of goods (works, services) in order to obtain economic benefits. Based on this, it is difficult, for example, to introduce such fundamental concepts as "the efficiency of an investment project", "cash flows of an individual entrepreneur", "payback of an individual entrepreneur", etc.

The term "project" is 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 the set goal;
• as a complex of actions (works, services, acquisitions, management operations and decisions) aimed at achieving the stated goal.

In investment theory and practice, the term "project" is usually used in the second sense.

An investment project (IP) in the "Methodological Recommendations ..." is defined in the same way as in the Law "On Investment Activity ...".

According to the "Methodological Recommendations ...", any investment project is always based on a certain project as a set of works and services aimed at achieving investment goals, and an investment project describes this project from the point of view of the economic feasibility of its implementation. Consequently, 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, iodine with one or another properties, characteristics, parameters of IP (duration, implementation, cash flows, etc.) means the corresponding properties, characteristics, parameters of the project that generates it. In other words, when assessing the acceptability of IP construction and operation, for example, a gas station, it should be assumed that there is a set of works (project) for the construction of a gas station, the description of which is enshrined in the investment project. Then the "efficiency of the investment project" of a gas station is understood as the efficiency of the project as a set of works.

Classification of investment projects

The most important classification criterion is the degree of mutual influence of investment projects on each other, which means the relationship between decisions and results on one project from decisions made on another project: it is considered that project A affects project B if it is necessary to take into account decisions on project B (and vice versa - if decisions on project A must be taken into account for making decisions on project B).

According to the mutual influence on each other, investment projects can be divided into the following types.

Independent investment projects - when the decision to accept one project does not affect the decision to accept another individual entrepreneur.

For investment project A to be independent of project B, at least two conditions are required:

• - there must be technical capabilities to implement project L, regardless of whether or not project B. For example, it is technically possible to start the production of window frames without implementing a project for the production of window glass. In the same way, from a technical point of view, it is possible to implement a gas station construction project without taking into account decisions on a construction project, for example, a kindergarten;
• - the income expected from project A should not be influenced by decisions made on project B.

If we consider the above pairs of investment projects, it is obvious that according to this condition, the projects for the construction of a gas station and a kindergarten are not interconnected - it is difficult to imagine that the income of the owners of a gas station is due to the results of the functioning of the kindergarten. As for the first pair of projects - the production of window frames and glass panes, the conclusion that there is no relationship between their income seems to be incorrect.

The assumption that these two projects must be implemented simultaneously is justified.

Sometimes a firm, due to lack of funds, cannot simultaneously implement two projects. In such a situation, the acceptance of one project will entail the rejection of the second. However, it would be incorrect to call projects dependent only on the grounds that the investor does not have enough funds for their joint implementation. Indeed, if the company does not have the financial ability to simultaneously build a gas station and Kindergarten, because of this, these projects will not become interdependent.

Dependent investment projects - these include those projects for which the decision to carry out one project affects another project, i.e. Cash flows for project A vary depending on whether project B is accepted or rejected.

Dependent projects can be divided into several types.

• 1... Alternative (mutually exclusive) projects - when two or more analyzed projects cannot be implemented at the same time, and the adoption of one of them automatically means that the rest of the projects cannot be implemented. For example, on the allotted 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.
• 2. Complementary projects, when the implementation of several projects can only occur together. Two types of complementary projects are of considerable interest:
  • a) complimentary projects - in this case, the adoption of one investment project leads to an increase in income from other projects. Examples of complementary projects include the above projects for the production of window frames and window glass;
  • b) projects related to substitution relationships, when the adoption of a new project leads to some decrease in income for one or more existing projects. Substitution relations are related, for example, to the project for the production of durable goods (power tools) and the project of production for the repair of this tool, which complements it. Indeed, the power tool manufacturer understands that it will face difficulties in marketing its products if repair shops are not opened. But for the manufacturer, the ideal situation would be when there was no possibility of repair and in case of any malfunction of the power tool, it would be replaced with a new copy.

The second criterion for the classification of investment projects is the period of their implementation (creation and functioning). According to this criterion, investment projects are divided into three types:

• 1) short-term investment projects - implementation period up to three years;
• 2) medium-term investment projects - the implementation period is three to five years;
• 3) long-term investment projects - implementation period over five years.

The third criterion for classifying projects is their scale. It should be borne in mind that scale of the investment 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. In terms of scale, projects are recommended to be subdivided into the following types.

• 1. Global investment projects, the implementation of which significantly affects the economic, social or environmental situation around the world or in a large group of countries. An example of such projects is the construction of continental oil and gas pipelines, the creation of a global information exchange network, the formation of a direct East-West railway transit, etc.
• 2. National economic investment projects affecting the entire country as a whole or its large regions(Ural, Volga region), and in assessing them, one can restrict oneself to taking into account only this influence. Projects of this scale include federal highways and railway lines, large power plants, etc.
• 3. Large-scale investment projects, covering individual industries or large territorial entities (constituent entities of the Federation, cities, districts), and when assessing them, it is possible to take into account the impact of these projects on the situation in other regions or industries - the construction of large enterprises, bridges, regional information systems, etc.
• 4. Local investment projects , the action of which is limited by the framework of this enterprise that implements the 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.

It should be borne in mind that global, national economic and large-scale projects are socially significant projects, the results of which are important for society as a whole. Local projects are not considered socially significant.

The fourth criterion for the classification of investment projects is their main focus. The focus of the investment project depends on its goals. From the point of view of this criterion, investment projects can be divided into the following types:

• commercial investment projects , the main purpose of which is to make a profit;
• social investment projects focused on solving, for example, the problems of unemployment in the region or social adaptation of former military personnel, etc .;
• environmental investment projects, the main focus of which is to improve the living environment for people, as well as flora and fauna, for example, laying a park, building treatment facilities, land reclamation, etc.

The appropriate classification of projects allows firms to purposefully pursue investment policies, rationally use financial and other resources, and achieve an optimal balance between project costs and the results obtained from it.

• "Methodological recommendations for evaluating the effectiveness of investment projects." Official edition. M .: Economics, 2000.S. 104.

The concept of an "investment project" is a system of measures deployed in time for a significant renewal or creation of fundamentally new individual components of an enterprise's activities. Components of any investment project are direct participants (physical / entity), an organization or a group of people interested in it. The last link of this structure can refer to both the macroeconomic level and the meso level, as well as the microeconomic level.

Here you can download the most complete investment project (example with calculations in Excel). The calculation results are available for testing, the formulas are "visible" (it is easy to check which particular formula was used, which data refers to).

The project needs to create a structure diagram something like this:

• author of the idea;
• content author;
• investors;
• enterprise (group of enterprises) to which the project is directed;
• consumers to whom the project was directed.

For example investment projects, you need to rank the sequence of all structural elements. This system performs the following functions:

• decision support for design and selection;
• optimal business development plan; creation of financial plans and investment projects;
• modeling the activities of enterprises of various forms and structures.

In an investment project, a very important integral part is the precise definition of its duration, for example, 1 year or 2-3 months. The date of the "launch" of the investment project is also important.

We draw up an investment project using an example

Name:	"Creation of a livestock farm with a full production cycle."
Documentation:	business plan, marketing research of the agricultural industry market.
Project budget:	40,000 USD.
Field of activity:	Agriculture.
Sources of financing:	personal funds, credit funds.
Goal determination:	creation of a full-scale livestock farm, a production cycle on the basis of an existing agricultural enterprise.
Direction:	commercial.

If we are talking about a specific example of an investment project, then the following is a detailed description of all stages of the implementation of the project plan, the concept, novelty, efficiency, ways of achieving. It should be noted that a typical example may be a business plan by the investment project itself as a whole, or part of it. A project can include up to ten sections:

1. initial data,
2. market assessment,
3. financial assets
4. production,
5. human resources,
6. territorial distribution of investment objects,
7. project documentation,
8. organization and expenses,
9. terms of implementation of plans,
10. business performance assessment.

Example construction project: "Sanatorium and resort complex (SKK)". Even such a perfectly planned business project in all respects, without an investor, remains unrealized.

Registration of the structure of an investment project

Another example of a formalized investment project is the following structure:

• company,
• conceptual essence,
• capital investment plan (technical and permits, network deployment costs, etc.),
• production dates,
• terms of implementation,
• ways of realization and marketing, materials and components,
• general costs and personnel plan,
• financing.

The structure should depend directly on the specifics of the investment object, the scope of implementation, etc. These examples of investment projects do not take into account the financial side of business projects. It is important that the current financial condition determines the balance of the project launch date. This factor directly affects the amount and direction of cash flows. In this regard, the return on investment is determined. Compiled examples must have descriptions of the volume and form of investment. A short summary of the essence of the proposal is mandatory. A resume means detailing the main features of the development pre-defined by the project itself. Many companies, specialists provide services for the development of investment projects or their analysis, and as a result of correction for maximum efficiency.

The infusion of investment funds is necessary for the development of any business, regardless of the industry, the degree of development and the direction being pursued. An example of a successful and profitable investment project is the technical re-equipment of an enterprise, an improvement in its productivity, and, as a result, an increase in commercial liquidity.

Purpose of creation

The project of any business is a collection of documents that show the prospects for investment.

These documents include:

• technical calculations;
• general plan of the future facility;
• marketing strategy;
• analysis of the sustainability of a business project;
• analysis of the financial condition of the company.

The purpose of the calculations is to show (in most cases to an investor who plans to invest) its liquidity. By and large, the owner of the idea (developer) has an understanding of how the entire proposed business structure should work, how it should develop, and what risks exist. An ideological developer understands all the components for a successful business, but does not have the main tool - finance. On the other hand, the investor has funds, wants to invest them in the business and is looking for the most profitable option for himself.

A project is that component between an investor and a developer that allows you to realize different goals for the benefit of one result - success. In turn, two different-purpose structures get what they need: the investor gets funds in the stated amount at the right time, and the ideological copyright holder gets the opportunity to translate his ideas from fantasies and formulas on a piece of paper into life.

The essence of the calculations

A project, investment, capital investment - it seems so distant, something that can only concern a businessman who has at least a million free funds for investment. In fact, each of us can become an investor, the main thing is to choose a successful promising option for our own investments, to understand a little about the matter where financial injections are planned. For example, a metallurgist cannot assess real risks mini-bakeries, and the baker will not be able to understand the financial statements on the profitability of metallurgical enterprises. Therefore, the main rule is understanding the industry in which the investment project is planned to be implemented.

Economists and financiers like to say that even the most unprofitable project will, in practice, be more successful and materially justified than the most ideal plan, which never found its investor.

There are a huge number of economic formulas, examples with samples of how to calculate the effectiveness of a business format.

But even with such calculations that can show the profitability, the prospects of the selected investment project, one cannot do without a real understanding of the specifics of the case. Calculations are the work of professionally trained economists who can show the benefits of an investment project in numbers. In practice, it is important to understand simple truths, to study all the features of a business that make up its success.

Example: a project of a woodworking furniture company

Name

Woodworking Perm enterprise, designed for the production of furniture and fittings from natural wood of various varieties, lumber.

Characteristics of the developed project

For the indicated period of time, the enterprise consists of two workshops, the focus of which is the production of cabinet furniture for children. In the course of the investment project, it is planned to expand production by setting up the production of upholstered furniture for children's rooms. The region of production facilities is the city of Kansk (Krasnoyarsk Territory). The entrepreneur expects to expand the sphere of furniture production, increasing sales in the first year by 20%, for each subsequent year by 15-18%.

The volume of planned investments is 15 million rubles.

Market research based on marketing monitoring from 2010 to 2017

Children's cabinet furniture made of natural wood and sawn timber (chipboard, fiberboard) is a product that is popular both in the city and in the region. An increasingly popular direction - upholstered furniture for children's rooms, will be as in demand and relevant as the cabinet furniture produced. Production in the period from 2014 to 2017 signed more than 10 large contracts, which are focused on the regular supply of cabinet furniture for kindergartens and for sale in stores.

The new direction will help reduce costs under an agreement signed earlier with a company that produces upholstered furniture. On the basis of this agreement, the company, if necessary, buys upholstered furniture and forms a set for the children's room. If you have your own production, you can save on payment for this type of product by producing it yourself.

From 2010 to 2017, the company managed to develop a strategy and business case for its own products in such a way that the proposals were more profitable for the consumer. There is a wide range of both inexpensive segment and exclusive furniture made of natural solid wood (alder, oak, ash, aspen). There were periods of decreased activity of buyers (2012-2014), but today the demand for products has become just as relevant. It is planned to produce about 1000 sets of upholstered furniture for a children's room per year.

Technology for the construction of technical equipment for a new direction

Since the company bought the building for the production of furniture, and it is possible to use the empty rooms of the building, funds for the purchase or construction of an additional building will not be required. The following studies have been carried out, the results of which are attached in the business plan:

• calculations were made for the consumption of light, water, heating in a newly equipped room;
• inspection and selection of the necessary equipment, which will be required to equip the new workshop (production in the new workshop);
• the cost of costs for the purchase of raw materials was calculated, as well as payment of wages;
• it is planned to employ 4 people additionally for the production of upholstered furniture;
• a selection of suppliers of the necessary raw materials at favorable prices on wholesale terms was carried out.

Investment calculations:

• total planned investments - 15 million rubles;
• a one-time infusion of funds is planned, since all the money will be used in order to purchase the necessary equipment, repair the old part of the building;
• the initiator's own funds (furniture company) - 3 million rubles;
• investment injections from outside investors - 12 million rubles;
• 40% planned internal rate of return (IRR);

• 4 years (DPBP) - planned discounted payback period;
• 3 years (PBP) - payback calculated at the beginning of the investment;
• NPV in the amount of 9 million rubles.

The above figures are approximate. In fact, an investment project is a document that displays real profits at the moment, and the expected profitability, taking into account discounting. An example of an investment project shows only possible calculations, in fact, the picture may differ, given the specifics of production, its volumes and goals.

Why do you need a calculation calculation of efficiency

The effectiveness of the plan is the necessity and the result of the investment. The uniqueness of the project offered to investors creates individual approaches to assessing the effectiveness of the business plan being implemented.

Such individuality is a kind of "zest" that is not used anywhere else (know-how). In many ways, this feature ensures the effectiveness of the entire project being implemented, and requires an individual solution. The effectiveness of the future business is assessed in most cases by specific characteristics - performance indicators.

In order to calculate the performance indicators of an investment project, you need to know what actions are being performed, what goals each individual participant pursues and what they are worth in material terms:

• each individual project participant individually sets goals, interests, assessment criteria, according to which the conformity of the specified project and their own interests will be assessed in the future. There is simply no specific system for evaluating a project from the point of view of all its participants. For example, one participant (investor) will consider a project to be effective if it brings real planned funds, and another participant (entrepreneur) will consider sales growth indicators as efficiency;
• the entrepreneur (developer) must understand the goals of the investor, justify the benefits of his participation by indicators that express these interests themselves.

• economic, which reflects the correspondence of costs in monetary form to the expected results;
• social - the significance of the project for the population who lives nearby is extremely important to assess, regardless of the direction of the enterprise;
• ecological - that is, the impact of production on the environment at all stages;
• defense - the compliance of costs with the interests of the country's security.

Depending on the volume of production, as well as on the goals set, it is recommended to consider such an indicator in several ways:

• the effectiveness of the plan as a whole;
• the effectiveness of the participation of each team member.

Efficiency assessment is exactly what the investor is willing to take risks for. If the goals, objectives, calculations are correct and understandable from all sides, and the risks are justified, then the investor decides on a positive result, the investment project is implemented.

How is the effectiveness of an investment project evaluated? Why is an investment project being created? Who provides real assistance in evaluating investment programs in Moscow?

Hello dear friends! Denis Kuderin is in touch.

We continue to explore the topic of profitable financial investments. The issue that will be discussed in detail in the new publication is investment projects. I will share with you my personal experience on this matter.

The material will be of interest to both novice businessmen who are going to start their own business, and experienced investors who want to replenish the baggage of financial knowledge.

So let's get started!

1. What is an investment project and why is it needed?

The purpose of any monetary investment is to multiply capital. You cannot get serious profit by investing in the first investment instrument that comes across.

It is necessary to carry out preliminary work to justify the economic benefits of investments, determine the term of deposits and their volume, take into account all the risks and calculate the profitability of the enterprise. For these purposes, investment projects are being developed.

Investment project- a documentary plan, which justifies the feasibility of investing in a certain direction. Includes financial calculations, as well as a description of specific steps to implement the investment. A closely related term is a business plan.

In the broad sense of the word, an investment project is understood as any project in which money is invested in order to receive dividends. It could be a small shop selling fresh buns, a huge oil refinery, or even an entire city.

However, the subject of our article is private investment projects available to novice entrepreneurs and existing business structures.

There are several types of such projects:

• production (associated with the actual production of goods);
• financial;
• commercial;
• scientific and technical.

Each project is characterized by an individual direction - it can be the creation of new products, operations with cash flows, measures to modernize existing production facilities.

By the time of their existence, investment projects are divided into:

• long-term (over 15 years);
• medium-term (5-15 years);
• short-term (up to 5 years).

Any project is based on a promising business idea. Further actions are aimed at translating this idea into reality.

Consider the main stages of creating investment projects.

Stage 1. Searching for an investment idea

Each project is based on a promising commercial idea. No idea, no project. The initiative to create a new source of income can come from an individual or a legal entity.

Today, there are special sites on the Internet - investment project exchanges, on which people with money, if they wish, can find proposals for a profitable investment of capital. Projects differ in budget, directions, implementation time and return on investment.

The investment ideas themselves are even more diverse:

• development of an agro-industrial complex in Crimea;
• opening a farm for the production of Jerusalem artichoke;
• creation of solar energy generators in the Sahara Desert;
• launch of a mobile cafe on the platform of the city tram.

I assure you that the announced projects are not the fruit of the author's imagination, but real ideas from the list of one of the official Russian stock exchanges.

The likelihood of raising funds for too exotic projects, of course, is small. Ideas, the essence of which is clear and understandable to ordinary investors, who are aimed primarily at long-term profit, have more realistic chances.

Stage 2. Risk assessment

At this stage, all information regarding the timing of the project, the amount of funds raised, the return on investment, and the level of competition is subjected to critical analysis.

It is necessary to consider all the options for changing the market situation and assess the degree of their impact on profitability.

The purpose of such activities is to determine the level of risk of the project, to calculate the income and expenses of the future enterprise, to identify the coefficient of the possible influence of subjective and objective factors on the profit.

A competent risk assessment is the main criterion for making a final decision. Carrying out such an analysis makes it clear when and in what volume a return on the invested capital can be expected.

Stage 3. Development of an investment project

At this stage, the developers are engaged in an in-depth study of the market niche and collect the maximum amount of information regarding the consumer demand for the product that they plan to create.

The prices for similar goods (services, works) of future competitors are necessarily analyzed, marketing and economic policy such companies. These activities will help assess the viability of the project and determine its prospects.

The main mechanisms for the future implementation of the business plan are also being developed. The number of personnel is calculated, lists of the necessary equipment are drawn up, and the financial plan is approved.

Stage 4. Coordination and approval of the project

At the fourth stage, investment projects turn into full-fledged facilities, ready for operation. All that remains is to agree on a business plan with investors and approve it - i.e. conclude an investment agreement and start work on its implementation.

You also need to purchase all the licenses and certificates provided for by the law in order for your activity to be legal.

Stage 5. Project implementation

It's time to turn your plans into reality. Success depends on clear coordination of actions. It is necessary to prepare the premises, purchase equipment, involve specialists and auxiliary personnel in the work.

If this is an Internet project, you will need a full-fledged website to work - setting up and launching it also requires an investment of funds and the participation of professional developers.

For clarity, let's combine the stages of project creation and their characteristics in the table:

№	Stages of project creation	Specific actions	Important nuances
1	Searching for an idea	We are looking for promising business projects	Cost-effective ideas must be driven by consumer demand
2	Risk assessment	We carry out market analysis in the selected niche	If there is a high risk, it is better to abandon development and choose another project
3	Development of	The main mechanisms for the implementation of the business plan are being developed	Be sure to pay attention to the prices of similar products (services) from competitors
4	Agreement	We draw up the documentation	Do not forget to issue licenses for doing business on time (if necessary)
5	Implementation	Making plans a reality	Success depends on a professional and competent approach to business

3. How the investment project is assessed - an overview of the TOP-5 main methods

An assessment of the prospects for an investment project allows one to judge its profitability and viability. The financial capabilities of the startup are also checked and the approximate level of future profitability is determined.

There are several methods for determining these parameters.

Conditional highlighting method

This method of assessment is used when the project is a branch of an already operating enterprise. The new object is conventionally presented as an independent legal entity with its own assets and liabilities.

The methodology evaluates the effectiveness of the project and its financial viability. The only drawback is errors in calculating tax costs, since they are paid based on the results of the entire enterprise.

Change analysis method

This method is used in cases where investments are attracted for the expansion or modernization of an existing production.

The task of the analysis is to compare the net income of the enterprise with the amount of investment required to change current state companies. In fact, only economic efficiency is assessed: real financial profits from modernization cannot be calculated in this way.

The essence of the method is in the analysis of the financial condition of an enterprise interested in an investment project. The method is convenient when the scale of the existing production and the new facility is comparable.

The size of the working capital, the movement of the company's financial flows are taken into account, a forecast of the company's profit is made. We must not forget about current loans and debts, otherwise the assessment of the project will be incorrect.

Blending method

First, the economic and financial feasibility of the new project is analyzed, after which the results are compared with the existing monetary plan of the operating enterprise.

The method allows you to look at an investment project from different points of view, but has a certain degree of convention.

Comparison method

Everything is simple here: the investor compares the current income of the operating enterprise with the possible income after the launch of the investment project. The difference will determine the profitability of launching a new facility.

4. How to evaluate the effectiveness of an investment project - step-by-step instructions for novice businessmen

In this paragraph, I will tell you how to evaluate the effectiveness of private investment startups in practice.

The knowledge gained will help you to correctly understand whether the project is worth the money invested and what profits can be expected from it in the future.

Step 1. Pay attention to the uniqueness of the project idea

Unique ideas are not always promising, but they can bring really worthy profits.

Since an investment project is, first of all, a project, therefore, it has all the features of this document. And the signs of the project can be further interpreted in relation to investment activities.

Any project is characterized by:

• temporary restrictions;
• project cost;
• unique result;
• implementation algorithm in stages and in time.

These characteristics are fully inherent in an investment project. But an innovative project is not a set of documents, as some authors try to present it quite often. an investment project consists in the implementation of an innovative idea, already embodied in the developed technologies or equipment, at a specific investment object. The project is carried out by the executors according to the plan in conditions of limited resources in a certain natural and social environment, which also impose certain restrictions on its implementation. Therefore, it is important to define the concept and types of investment projects.

An investment project is an advertisement and a description of a project idea, a commercial offer to investors and an assessment of its effectiveness, a guide to project implementation and a business plan for the functioning of an investment object. This is a set of measures taken by the project participants to achieve the goals set in the project. All this is united by the concept of an investment project.

The main goal of an investment project, for any investor, is to maximize the return on investment in the invested object. Even investing in social facilities, the investor expects to increase profits in the future by production facilities, due to the improvement of the social conditions of the workers, where he invested.

Investment projects are as diverse as the classification of investment projects. Their main classification features include:

1. goals of the project;
2. scale of projects;
3. life cycle of the project;
4. scope of the project.

1. In addition to the general goal of any investment project, to maximize the profit from investments in the invested object, there are sub-goals that give it special characteristics. Such subgoals can be:

• solving an economic, social or environmental problem;
• expanding the volume of production or increasing the number of services;
• production of new products.

2. The scale of projects is assessed both by the amount of funds invested in the project and by the impact of its results on the environment.

By the size of the invested funds, they are divided into:

• mega projects;
• large;
• medium;
• small.

Mega projects in terms of investments exceed several hundred billion rubles, these include large projects for the construction of large industrial facilities, for example, the construction of a natural gas liquefaction plant in the Primorsky Territory of Russia.

Large projects in terms of investments amount to tens of billions of rubles, for example, the reconstruction of a plastics processing plant at a chemical plant.

Medium projects have investments of about or slightly more than a billion rubles, and are usually directed to the creation of small new facilities or the modernization or reconstruction of existing production.

Small investment projects have a small investment volume from tens of millions to 1 billion rubles.

The scale of the impact of the project is divided into:

• national economic;
• regional;
• industry;
• local;
• for one object.

A national economic investment project affects and affects the activities of the country's economy, for example, the creation of a national payment system on plastic media.

Regional projects are similar to the previous ones, but mostly concern the region. For example, the construction of a bridge to the Crimea.

Sectoral projects are implemented only in a separate industry, for example, on the sea shelf.

Local projects are associated with a specific city or locality This could be the construction of a small power plant using local fuel to provide the city with cheap electricity.

The largest number of investment projects falls on individual objects: enterprises, organizations, factories, workshops, social enterprises and others.

3. Each investment project is characterized by the time of its existence, from the conception of the idea, the development of its documentation, the implementation of the project, the cycle of efficient production to the closure of the project. For the classification of projects, it is customary to measure the period of its implementation from the moment the investment begins until the investment object reaches the operating level. According to this criterion, projects are divided into:

• long-term - more than 15 years;
• medium-term - from 5 to 15 years;
• short-term - up to 5 years.

4. In terms of the implementation of investment projects, they are divided into:

• production;
• social;
• ecological;
• scientific and technical;
• financial:
• organizational.

Industrial investment projects include all types of investment projects aimed at creating real products for the country's economy, be it a new gas turbine, or a new crop variety of potatoes.

Social investments are made in social facilities: healthcare, education, etc. Environmental investments are directed to the development of methods and methods for protecting the environment, modern systems for protecting nature from harmful emissions and other measures. Scientific and technical investments serve to support applied and basic science, and are directed to more promising research areas. Investments in financial system(not to be confused with financial investments) are used to develop methods of managing the banking sector, to develop the stock market, stock exchanges, insurance systems, etc. Organizational investments are aimed at improving the production management system, product quality management, organization of work and rest of employees.

The above classification practically covers all types of investment projects.

Investment project content

An investment project, the definition of which we gave above, during its life cycle changes many times, only the structure of the investment project does not change. The life cycle is divided into stages of an investment project. Each stage is characterized by the depth of elaboration of project ideas and the use of a set of different research tools and calculation methods. Investment design begins with drawing up a project scenario, in which the goals of the project are indicated, what results will be obtained, what material and financial resources will be required.

The approximate composition of the investment project scenario corresponds to its content and includes:

1. Project summary.
2. Characteristics of the initiator of the project.
3. The main idea and essence of the project.
4. Analysis of the market for the production of products or services on a selected topic.
5. Analysis of the sales market for products or services, the market for raw materials and materials, the labor market.
6. Project implementation plan.
7. Financial plan of the project.
8. Assessment of project risks.

1. The summary gives a summary of the investment project. 2. The characteristics of the project investor describes the financial condition of the project initiator, his position in the industry and the market, the characteristics of the management system, and also describes the participants in the investment project from the side of the project initiator. 3. The main idea and essence of the project gives a description of the investment project, the principles and mechanisms for the implementation of the project idea, its advantages and preferences over other ideas. 4. Market analysis shows its state of production of the analyzed products, the share that the manufacturer can take in the event of an investment project. 5. Analysis of the sales market and the necessary resources for the implementation of the project provides answers to the question of the possibility of selling products on the market and the possibility of constant access to the resources necessary for production. 6. The project implementation plan contains the stages of the investment project, organizational measures necessary for the implementation of all stages of the project. 7. The financial plan of the project determines how much financial resources must be invested in the investment project, in what time frame, and what the financial return on investment will be. 8. Risk assessment of the project gives an enlarged pessimistic and optimistic assessment of the project and the degree of various risks from its implementation.

Investment project stages

The stages of implementation of an investment project can be roughly designated as:

• pre-investment;
• investment;
• operational;
• liquidation.

The pre-investment stage includes a complete list of works reflected in the investment project scenario. Project investments at this stage amount to 0.7 - 1.5% of the total investment in the project.

The investment stage includes a list of work with investors. Determination of the required amount of financing, the order and priority of investments. Determination of suppliers of equipment and technology, terms of delivery and installation at the investment object, determination of the staffing of the enterprise, the level of their qualifications, conclusion of contracts with suppliers of raw materials and components, contracts for electricity, water and heat resources. At this stage, the main and most part of the investment is realized. Project investment at this stage is 70-90% of the total investment.

At the operational stage, investments in working capital and wages are determined. In the first years, an investment project may not be profitable, so investors should also take into account additional investments in the non-profit functioning of the investment object for a certain period of time. The operational stage lasts several years and can be measured in decades, it all depends on the choice of the investment project and the period of physical or obsolescence of the main equipment in the project. During the operational period, all the goals set by the investors for the authors of the project must be achieved. If we take the investment in the project as 100%, then this stage is 7-10%.

The liquidation stage begins after the exhaustion of all the possibilities of the investment project and is characterized by a fall in profits, and sometimes by an excess of costs over income. The object is subject to liquidation or reconstruction, which requires new investments. At the liquidation stage, all phases of the investment project and its results are analyzed, methodological errors in and implementation of the project are revealed. This stage is necessary for the further work of all participants on new projects, be it a new investment project or any other.

Evaluation of the effectiveness of investment projects

Investing projects at each stage of its implementation requires an economic assessment. Such estimates at the pre-investment and investment stages are predictive in nature, at subsequent stages they are calculated on the basis of factual material. Naturally, forecast estimates are carried out under certain assumptions that affect the accuracy of economic forecast estimates and the degree of risk.

Investors at these stages pay attention to the relevance of cash flows in projections. Relevant cash flows are characterized by a single transition of cash flows from the cost area to the profitable one. In this case, the accuracy of the forecast estimates increases significantly and the investor's confidence in such estimates increases.

The main economic assessments of investment projects are divided into static and dynamic. Static estimates, which include the rate of return on investments and their payback period, are widely used for preliminary estimates, are simple to calculate, but have a significant drawback - they do not take into account the change in the price of money over time.

Dynamic assessments eliminate this drawback and provide an adequate assessment of the effectiveness of an investment project. These indicators include:

• Return on Investment (PI) Index;
• Internal Rate of Return (IRR);
• Modified Internal Rate of Return (MIRR);
• Discounted Payback Period (DPP).

Below is an investment project using the example of an enterprise in the energy industry.

INVESTMENT PROJECT OF SUPPLYING THE CONSUMER WITH THERMAL AND ELECTRIC ENERGY FROM INDEPENDENT SOURCES.

The main idea of ​​the project for the provision of energy from independent sources

The initiator of the project proceeds from the fact that the use of modern technologies for the combined production of heat and electric energy significantly increases the quality of the energy produced and reduces its cost.

This is possible due to two main factors:

• Combining the production of thermal and electrical energy;
• No losses in power transmission.

Combining the production of electricity with the production of thermal energy is a process of generating electricity in which all the heat generated by the generator drive is used. The use of heat is possible due to the integration of heat exchangers into the design of the engine, which allow heating the network water in a given thermal regime. The overall efficiency, in this case, is more than 90%, of which 42% are for electric energy, 48-50% for heat.

The use of a combined technology for the production of electrical and thermal energy can significantly reduce the relative specific fuel consumption compared to their separate production, as well as reduce environmental pollution.

The absence of transmission losses is due to the fact that all the energy produced is consumed at the place of production. The zero waste further enhances the efficiency of equipment utilization and creates an additional competitive advantage.

The initiator of the project can build for the Consumer gas-piston mini-TPPs with a capacity of 15.984 MW and a thermal capacity of 14.552 MW.

Justification of the choice of technology and equipment

Description of equipment and technology

In this project, it is supposed to use:

GE Jenbacher 612, with the following main technical parameters:

Unit electric power 2002 kWh

Unit thermal power 1842 kWh

Generator voltage 0.4 kV

Electrical efficiency 48.2%

Thermal efficiency 43.9%

Overall efficiency 92.1%

Factors that determined the choice of purchased equipment

The conditions for the implementation of the project for the supply of electricity and heat to the facilities of the consumer's economy imply the generation of energy using natural gas. There are currently two ways to generate:

1. The use of gas turbine plants;
2. The use of gas piston installations.

For the implementation of this power supply project, power plants based on gas piston plants were selected. This choice is due to the following reasons:

• The mechanical efficiency of gas turbines is significantly lower than that of gas engines;
• The gas engine maintains high electrical efficiency even at high ambient temperatures.
• The gas engine has a higher and more stable electrical efficiency.

Summarizing the above, we conclude that the total for a gas-piston power plant producing electricity in the range of 0.5-30 MW is lower than for its analogue using turbine technology, and the investments for the project of this enterprise will be significantly lower.

MARKET ANALYSIS

Factors determining the choice of manufacturer and supplier of equipment

GE Jenbacher is part of the General Electric concern and is the market leader in gas engines. The advantages of GE Jenbacher equipment include:

1. The total resource of their installations exceeds 240 thousand hours, and the resource before overhaul is at least 60 thousand hours;
2. High reliability. During the entire operation of the supplier's company, there was no recall of equipment due to failures of its work;
3. High degree of automation;
4. Possibility of a modular approach to increasing plant capacity. The general control system ensures the coordinated operation of an unlimited number of units;
5. Adaptation to a new gas composition, in most cases, does not take much time and does not require large financial costs;
6. High level of service. The supplier has a subsidiary service company in the territory of the Russian Federation, which provides high-quality installation of the supplied equipment, its adjustment and after-sales service.

Currently, the sales market for gas turbine and gas piston power plants is quite extensive. There are both domestic and foreign equipment suppliers on the market. At the same time, domestic suppliers offer equipment in a cheaper market segment and lag behind in terms of the quality of supplied equipment and the level of service development. Imported equipment occupies a more expensive segment of the market. Potential consumers of this group, first of all, are guided not by the level of prices, but by the reliability and level of service. The market shares of foreign manufacturers in the Russian market are shown in Diagram 1, in particular, GE Jenbacher's share is 52%.

As you can see from the diagrams, GE Jenbacher takes the first place in the Russian market.

Calculation of the economic efficiency of the project

Initial data Investment project
				cogeneration
Equipment brand				612						8
Unit electrical power, kW				1 998		Electric power, total, kW				15 984
				1 819						14 552
Total: electric power, kW										15 984
Total: thermal power, kW										14 552
Equipment composition and capacity:				hot water boilers (VK)
Equipment brand				REX300		Number of units				8
Unit thermal power, kW				4 000		Thermal power, total, kW				32 000
Total thermal power, kW										46 552
Generated and used electricity, kWh per year						cogeneration
				134 265 600					83,0%	111 440 448
At full - 100% - equipment load				122 236 800		With the planned load of equipment			50%	61 118 400
Generated and used heat energy, kWh per year						hot water boilers (VK)
At full - 100% - equipment load				268 800 000		With the planned load of equipment			50%	134 400 000
				391 036 800
Power plant cost, million rubles				Full construction
Equipment and materials				836,400		28 000
Fare				16,400
Design				93,200
CMP				300,000						# DIV / 0!
Reconstruction of networks				200						32 000
Commissioning and installation supervision				114						0,70
Total				1 560,000		22 400
Funds invested in the project				0
Total amount of the loan, million rubles				1 560,000
OPERATING COSTS - gas				cogeneration		hot water boilers (VK)
Specific gas consumption, m3 / kWh				0,25		0,12
Station consumption, m3 per year (8400 hours per year)				27 860 112		16 128 000	43 988 112
Cost of 1000 m3 of gas, rub (including VAT)				3 540
Annual expenses for fuel gas, million rubles				98,625		57,093
OPERATING COSTS - oil INCLUDED in SPARE PARTS and SERVICE
OPERATING COSTS - spare parts and service							hot water boilers (VK)
				per unit equip.		for the whole station.		per unit equip.		for the whole station.
1st year		0,30				33,432	10%			26,746
OPERATING COSTS - staff costs INCLUDED in SPARE PARTS and SERVICE
Tariff level
				rub.
Average cost of 1 kWh of electricity				3,63
Average cost of 1 MWh of heat				864,00
Rate for capacity, RUB mln / MW per month				1,41954
The cost of heat and electricity, per year					cogeneration		hot water boilers
					million rubles			million rubles
electricity				404,529				−
heat				52,806				116,122
Total				457,335				116,122

Investment project efficiency

Operational flow	units	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
Energy costs (total)		0,00	672,30	739,53	805,98	873,20	940,85	1 014,68	1 095,29	1 183,33	1 279,53	1 384,69
Electricity purchase costs	million rubles	0,00	444,98	489,48	538,43	592,27	651,50	716,65	788,31	867,14	953,86	1 049,24
Heat energy purchase costs		0,00	227,32	250,05	267,55	280,93	289,36	298,04	306,98	316,19	325,67	335,44
Operating expenses (variable) in own energy center
Gas costs	million rubles	0,00	(175,62)	(193,18)	(206,70)	(217,04)	(223,55)	(230,26)	(237,16)	(244,28)	(251,61)	(259,16)
Parts and service	million rubles	0,00	(37,51)	(38,26)	(39,03)	(39,81)	(40,60)	(41,42)	(42,24)	(43,09)	(43,95)	(44,83)
Fixed costs	million rubles	0,00	(24,47)	(36,51)	(40,59)	(44,99)	(48,83)	(54,12)	(60,06)	(66,73)	(73,35)	(81,74)
Total operating disposal	million rubles	0,00	(104,42)	(353,22)	(379,45)	(403,61)	(424,01)	(447,65)	(473,22)	(500,92)	(530,10)	(562,71)
EBITDA	million rubles	0,00	567,88	386,31	426,53	469,59	516,84	567,04	622,07	682,41	749,43	821,97
as a percentage of the cost of purchasing energy resources	%		84%	52%	53%	54%	55%	56%	57%	58%	59%	59%
Operating income before income tax		(78,00)	357,28	183,51	231,53	282,39	337,44	395,44	458,27	588,81	663,63	743,97
Net operating income		(62,40)	285,82	146,81	185,22	225,91	269,95	316,35	366,61	471,05	530,90	595,18
Accumulated profit / loss		(62,40)	223,42	370,23	555,46	781,37	1 051,32	1 367,67	1 734,28	2 205,33	2 736,23	3 331,41
Investment flow		(1 560,00)	0,00	0,00	0,00	0,00	0,00	0,00	(312,00)	0,00	0,00	0,00
number of installations Type "612"	PC.	8
price of one installation Type "612"	million rubles	77,86
number of PVC	PC.	8
price of one PVC	million rubles	26,69
Other capital costs	million rubles	724
Total cost of stations	million rubles	(1 560,00)
overhaul	million rubles								(312,00)
Bond loan		1 560,00	(78,00)	(78,00)	(78,00)	(78,00)	(78,00)	(78,00)	(78,00)	(78,00)	(78,00)	(78,00)
Loan terms	20
bid %	10%
Net cash flow	3 509,06	(78,00)	341,68	167,91	215,93	266,79	321,84	379,84	130,67	510,81	585,63	665,97
Debtless flow	3 938,06	(1 560,00)	567,88	386,31	426,53	469,59	516,84	567,04	310,07	682,41	749,43	821,97
		(1,90)	8,33	4,10	5,27	6,51	7,85	9,26	3,19	12,46	14,28	16,24
Discounted flow (NPV)	1 524,15	-1560,00	511,60	313,54	311,87	309,33	306,72	303,16	149,35	296,11	292,97	289,49
IRR	16,80%
Payback period	5	1	1	1	1	1	0	0	0	0	0	0

The investment project of the enterprise, proposed by the Initiator, contributes to the growth of the enterprise's capital and stimulates the sales of energy resources in this industry. The investment project which we have cited is typical for investment projects.

The Investment Projects Exchange provides investors with a wide range of similar projects. In Russia, there is a special information portal for investment projects being implemented in Russia, in which only investment projects in 2015 make up about one hundred and fifty proposals to all investors, including foreign ones.