480 rub. | 150 UAH. | $ 7.5 ", Mouseoff, Fgcolor," #FFFFCC ", BGColor," # 393939 ");" Onmouseout \u003d "Return nd ();"\u003e Dissertation period - 480 rub., Delivery 10 minutes , around the clock, seven days a week and holidays

Terentyev Anton Nikolaevich. Improving methods for estimating the value of the property of Russian airlines: the dissertation ... Candidate of Economic Sciences: 08.00.10 / Terentyev Anton Nikolaevich; [Place of protection: Financial University under the Government of the Russian Federation - FGOVPO] .- Moscow, 2014.- 162 p.

Introduction

Chapter 1. Property features of the airline as a valuation facility 13

1.1. Condition and strategy for the development of the Russian aviation market market.13

1.2. The structure of the property complex of the airline. Aircraft as an object of valuation: the target of the assessment and the study of factors affecting the cost of 35

1.3. Regulatory regulation of the activities of the Russian airline and evaluating its impact on the cost of estates 53

Chapter 2. Analysis of the existing Russian and foreign theory and practice of assessing aircraft aircraft .64

2.1. Analysis of the Russian theory and practice of aircraft assessment 64

2.2. The study of modern foreign methods for assessing aircraft 77

Chapter 3. The main directions of development of methods for assessing the value of the property of Russian airlines .90

3.1. Development methodology for predicting the cost of an aircraft. Development of methods of an income approach to the valuation of the cost of aircraft 90

3.2. Development of the methods of the cost approach to determining the cost of an aircraft. Determination of the aggregate wear of the aircraft based on the analysis of the change in the yield of the asset 122

3.3. Cost factors when evaluating an aircraft within a comparative approach. Development of methods for evaluating aircraft based on multipliers 131

Conclusion. 138.

List of references used.141

Appendices 154.

Appendixa and accuracy of Forecasts APFM Models 154

Appendix B Indicators of Sensitivity Profitable Model.158

Introduction to work

Relevance of the research topic. The development of the air transportation industry is at the present stage with one of the most important directions of modernization of the Russian economy. In 2013, the passenger turnover of air traffic by more than 108% 1 exceeded the similar rates of railway transport. The growth rates of Russian airlines transportation indicators over the past 10 years have three times higher than the world market indicators. Increasing the number of passengers and cargoes transported in 2012 compared with 2011 amounted to 15%, in the 1st half of 2013 compared to the same period of 2012 - 13% 1, while the world indicators did not exceed 5% and 4%, respectively. The largest contribution to the increase in quantitative indicators of domestic airlines was transported on international airlines, the growth rate of which was 25% for 2012 and 30% in the first half of 2013.

Despite the increase in the absolute indicators of the air transportation industry, market players have difficulty in the implementation of operating and financial activities. First, an increased growth in air transportation demand as a result of an increase in the mobility of the population and the development of the economy leads to a non-compliance of the activities of airlines and set up in front of them to the tasks of expanding current capacities. Secondly, the phase of the introduction of new technologies in Aviandustria, which increase the efficiency of aircraft operation (hereinafter - Sun) (reduction of operating costs), which, in turn, leads to an accelerated replacement of worn-out vessels and a sharper decrease in the current market value of past generation aircraft . Thirdly, due to low profitability on net profit (on average in the industry, according to the Federal State Unitary Enterprise "Gosni Ga" for 9 months 2013, 1% -2% 2) there is limited in the presence of money resources, which leads to an increase in both classical mechanisms (lending on bail and export guarantees) and the search for new sources of financing. Fourth, in connection with the implementation of the Basel III rules and the introduction of restrictions on the volume of export guarantees provided by airlines

1 State and prospects for the development of the aircraft fleet of the aircraft [Electronic resource] // Favt Bulletin. - 2014. -
Access mode: .

2 Latest trends in aviation financing market: Forum // Moscow. Air Transport Review:
Website, Moscow, 2013. URL: (date of appeal 09/30/2013).

4 There is a high need for the development of other cash replenishment tools (operating and financial leasing, return leasing - leaseback, certificates of equipment purchases by creating sovereign trust funds - EET). In accordance with the data in Figure 1, lending to the security of the aircraft is not developed in domestic practice, which is largely due to the instability of the industry, bankruptcy of a number of air carriers (Sky Express, Avianova, "Kuban Airlines", Red Wings), as well as the lack of long-term stable liquidity .

Lending on the security of the sun

Lending under the guarantee of export agencies

Leasing transactions

Source: Ilyushin Finance Co. Material of the International Forum "Aviation

financing and leasing in Russia and the CIS "- 2013 3

Figure 1 - structure of borrowed sources of financing Russian airlines. The Ministry of Transport of the Russian Federation has developed "Air Transport Development Strategy until 2020." As part of this document, state regulation authorities of the air transportation market are proposed as one of the main, measure to stimulate the accelerated replacement of outdated and worn aircraft parks.

The intensity goal of the development of the entire airline market is to reduce operating costs (cost) of the activities of Russian airlines through the process of updating aircraft parks. The most relevant in connection with this process is the question of the need to improve the methods of valuation of the property of airlines, paying special attention to the main structural component of fixed assets (long-term assets) -then courts. The results of the cost estimate of the aircraft are used when buying and selling Sun, transfer them to leasing, in mortgage operations, predicting changes

3 Evaluation of the intraarterial market of operational leasing and opportunities for aviation financing: Forum // Moscow. Air Transport Review: Site, Moscow, 2013. URL: (Date of circulation 09/30/2013)

5 costs of the aircraft in the planned period, as well as to determine the redemption market value at the end of the financial lease term. Depending on the accuracy of the definition of the current and predicted market value of the Sun, the assessment of the risk parameters of the investor (the required yield rate) depends. The issue of cost forecasting also allows the lessor to determine the risk of covering the investment costs in the event of a return of the leased transaction during the default of the lessee (borrower).

An analysis of the domestic practice of assessing the property of airlines shows that the development of the methodology is contradictory: the approaches and methods applied in practice are characterized by a number of problems that require solutions. First, within the framework of the income approach, there is no recognized mechanism for the direct construction of revenue from the operation of the aircraft, the discount rate does not take into account the specifics of the required rate of profitability for these assets categories. Secondly, there is no toolkit for predicting the market value of the Sun, which does not allow to solve a number of applied tasks. Thirdly, multidirectional assumptions are used in the calculation of the cost of the aircraft within the framework of comparative and costly approaches, which leads to the variation of the final results of the cost of most consultants and experts.

Current position of domestic air carriers, necessity

economic stimulating the modernization of aviation equipment, and,

consequently, the need to improve the methods of assessing the property of airlines led to the relevance of this problem. Improving the quality of estimated procedures is an objective necessity not only for property owners, but also for management, investment analysts, leasing companies, insurance funds and banks.

Power development problems. Despite the development and

improving the methodological apparatus of evaluation as a whole, the problems of determining the cost of specific objects to which the aircraft relates, in the economic literature is not sufficiently covered. The need to clarify the conceptual apparatus, a separate study of the methods for determining the cost of aircraft within the framework of an income, comparative and cost approaches, is due to the fact that the developed toolkit will be able to be used

6 market participants, airline management and lessors to increase the efficiency of their work.

The first group of work served as the basis of the study is related to the analysis of the Russian air transportation market. Activities of airlines, market development, management and analysis of the effectiveness of airlines are devoted to the work of B.V. Artamonova, V.G. Afanasyev, V.N. Kazakova, V.D. Kasianchik, E.F. Kosichenko, E.V. Kostromina, V.M. Kurilo, E.A. Olesyuk, E.M. Pinayeva, O.V. Repina, N.V. Fileeva, A.A. Friedland. In the works of these authors, it is focused on the consideration of the features of the operation of the airline market and the activities of airlines, the operational management issues in airlines, the calculation of the performance of flights, marketing aspects of activity. Of great interest are the works of foreign authors dedicated to the assessment of aircraft: T. Brown, P. Butovski, M. Ballard, S.Goldsmit, N. Hallestorma, etc.

In general, the assessment of the aircraft as a vehicle is considered in a number of works of Russian economists. L.P. works are devoted to this issue. White, A.Z. Bobyl, A.A. Andrianova, A.A. Kushel A., V.S. Valadaytseva, M.A. Fedotov, and others. These works covered approaches and methods to assess the fixed assets (vehicles), as well as the features of their application from the point of view of domestic practice.

At the same time, in the above domestic work on the problem under consideration, the complexity of approaches to the assessment is not ensured and industry and technological features are not taken into account that have a significant impact on the quality, objectivity and accuracy of the assessment results, not covered by the assessment of airline property in economic instability.

Insufficient theoretical and practical development of the problems of assessing the property of Russian airlines, as well as the need to efficiently use the results of their value assessment led to the choice of theme, goals and objectives of the study.

The purpose and objectives of the study. The purpose of the work is to solve the scientific and practical task of improving the methods of assessing the value of the property of airlines (aircraft as the main structural component of the carrier assets).

7 To achieve this goal, the following tasks are delivered in the work:

Explore the features of the property of airlines as an object of valuation.

Specify the conceptual apparatus during evaluation procedures.

To analyze the peculiarities of the air transportation industry and determine the specific factors affecting the value of the property of airlines.

Systematize and summarize foreign experience in assessing the cost of aircraft, to adapt the use of foreign techniques to the Russian conditions.

To form a methodological apparatus for predicting the cost of Sun, which takes into account the empirically observed cyclicity, to test it on the example of specific types of property.

Modernize the existing toolkit for estimating the cost of aircraft aircraft within an income approach.

Scientifies to substantiate elements of the development of methods of costly and comparative approaches in assessing the cost of an aircraft.

Object research Are aircraft (object of real estate under the legislation of the Russian Federation) of Russian airlines.

Subject of research are methods for assessing the market value of aircraft aircraft as the most significant structural component of the property of airlines.

Methodological and theoretical basis for research. The methodological and theoretical basis of the dissertation served the works of domestic and foreign authors in the field of assessing the value of property specializing in transport, as well as legislative and regulatory documents of the Russian Federation and, above all, the Federal Law on Assessment in the Russian Federation, Russian federal evaluation standards.

Research methodology is based on the use of generally accepted
scientific methods and techniques: comparisons and generalizations, groupings, modeling,
methods of historical and logical analysis of theoretical and practical
Materials, which ensures integrity, comprehensiveness, accuracy

dissertation work. Graphic description is performed by graphs, schemes and tables.

The dissertation was performed in accordance with paragraphs 5.1 and 5.2 of the passport
specialty 08.00.10 - Finance, money circulation and credit (economic
science). The information basis of the study was monographs, articles in
Periodic publications, including foreign authors, regulatory documents. IN
The work also used federal legislation, methodical
Materials, reference materials of the statistical organs of the Russian Federation, research results and
Analytical reviews, financial and accounting reports of airlines,
information and methodical materials of the largest estimates and

consulting companies, materials of scientific conferences, publishing on the Internet.

Scientific novelty of the study is In the development of a complex of theoretical and methodological provisions to improve the methods of valuable assessment of airline property, taking into account the current state, tasks and prospects for the development of the air transportation industry. The following scientific provisions ended with the defense are new:

It is substantiated that due to the objective and subjective reasons for the development of the Russian air transportation and the domestic stock market, at the present stage there is an underestimation of domestic airlines compared with foreign analogues. Based on the construction of multipliers EV / S, EV / EBITDA, P / E for the period 2010-2013. The lag of capitalization of leading domestic airlines from world companies of the analogues, as well as the decline in the market value of Russian airline shares, taking into account their liquidity levels by an average of 34% for the period under review, was revealed.

The need to apply a new value of the cost is proved - the "basic value" as a basis for determining the current and forecast magnitude of the market value of the aircraft. The mathematical dependence (exponential) base value of the aircraft is shown at a particular period of time from its age (life cycle). This type of value is consistent with the historical trend and implies the stay of the aircraft in the middle of an interremmer resource in market parameters of income and expenditure costs in order to calculate cash flow. The concepts of cost species in the assessment of the property of airlines, taking into account the generally accepted international standards and the rules.

For the property of airlines, the combination of factors affecting the cost: external factors - macro level (business activity and level of passenger traffic, inflation expectations, currency courses) and industry factors (the level of competition in the industry, the price of fuel and personnel qualifications); Internal factors - the dependence of the level of operating expenses from developments, calendar and hourly operation of the aircraft, specifications (vessel size, Equipment, etc.), technical condition (interremmer resource D-Check, C-Check).

The directions of improving the methods of assessing the cost of aircraft aircraft as part of an income approach are proposed and substantiated, namely: the options for calculating debt and rolling cash flows, the regression dependence of the proportions of the proceeds / cost of operation of the aircraft; reduction of yields with an increase in the length of the Sun route network; forecasting the volume of aircraft using the type of aircraft depending on the macro and industry indicators of the air transportation market; Accounting for cyclical factors in determining the discount rate associated with increased volatility by introducing a correction coefficient.

A hypothesis of the presence of cyclicity is proposed in predicting the market value of an aircraft based on historical data analysis. A verification of these assumptions was carried out, on the basis of which a method for predicting the cost of an aircraft, allowing to identify qualitatively new patterns.

the use of a complex of natural and financial indicators when evaluating the cost of an aircraft. On the basis of actual sale transactions, the variation of the types of multipliers was analyzed, which showed the possibility of using a number of them as key and most reliable in practice in Russian conditions;

the need for calculating the aggregate wear of the Sun based on income-forming factors, in contrast to classical methods for determining obsolescence, is proved.

Practical significance Studies lies in the fact that the main provisions, conclusions and recommendations can be used by Russian practitioners appraisers, financial consultants and leadership of leading airlines, as well as representatives of large leasing companies, insurance funds and market analysts. The main provisions of the study are devoted to the development of the methods of assessing the property of airlines, taking into account the industry characteristics of the air transportation market and can be used in the field of theory and practice practices. The research materials are offered to introduce into the teaching of the educational discipline "Evaluation of fixed assets" and during specialized training courses disclosing industry characteristics of the valuation.

The following research results have practical importance:

The formula for calculating the base value allows us to conclude on the presence of an exponential dependence of the cost of the aircraft from its age at a particular period of time if the object is in the middle point of the interrontal cycle and in the equality of supply and demand. Investors, receiving data on the basic value of the asset, have the ability to make appropriate management decisions. In addition, the base cost is the starting point in predicting the cost of Sun, as well as when applying adjustments in a comparative approach.

The method of predicting the cost of the Sun has been developed in order to identify the presence of additional risks associated with investing in this type of aircraft, estimating the volatility parameter and the associated value of the required rate of profitability.

The system of natural multiplers in assessing the cost of aircraft leads to improved quality, accuracy of assessing property and examination when verifying evaluation reports.

Calculation of wear depending on the yield of the asset makes it possible to determine the factors that determine the cumulative obsolescence of the aircraft. Variation of revenue factors and cost allows you to determine the effect of each of them by the value of wear.

Testing and implementation of research results. The main conclusions and provisions of the study reported and received approval on the 5th annual

11 International Conference "Aviation Financing and Leasing in Russia and CIS - 2013" (Moscow, Aviation Transport Review, 2013) and the 11th International Forum "Big Consulting 2013" (Moscow, Self-Regulatory Interregional Association of Appraisers (SMAO), 2013).

The thesis was made in the framework of the research work carried out in the financial university on the comprehensive topic "Innovative development of Russia: socio-economic strategy and financial policy" on the Cathedral Substitute: "Management of financial and cost factors of the growth of innovative companies in Russia".

The method of calculating the projected market value of the aircraft, modernization of the discounted cash flow method and the system of natural multipliers developed by the author, are used in the practical activities of the management of the value of the company LLC "Strong link" and allow you to correctly and fully take into account all the features of the assessment of the property of domestic air carriers.

The method of assessing the cost of aircraft aircraft within the framework of profitable and comparative approaches, as well as a methodology for predicting the cost of aircraft - Aircraft Price Forecast Model (APFM) is used in the management department of regional assets of Sberbank Capital LLC as part of the restructuring and anti-crisis management of property complexes of airlines. The mathematical apparatus of predicting the cost of the Sun allows to determine the risks of investment in this type of assets in the event of a borrower default.

Approbation and implementation of research results confirmed

relevant documents.

Structure and scope of work. The work consists of introduction, three chapters, conclusions and applications. The dissertation text is set out on 162 pages, contains 25 tables, 31 graphs, 11 drawings and a list of references used from 140 names.

The structure of the property complex of the airline. Aircraft as an object of valuation: the targets of assessment and the study of factors affecting the value in

The concept of property of the airline includes a combination of movable and immovable things used to extract income. The analysis of the reporting of the 22 largest Russian air carriers (in comparison with 42 foreign counterparts) showed that the average constellation structure of assets consists of the following elements: aircraft (58%), buildings and structures (26%). At the same time, machines and equipment make up 15% of total assets, other assets - 1%. Thus, in accordance with Figure 10 of the most important component of the fundamental funds of the Russian airline is an aircraft. Financial leasing provides for the following features: a long time (for aircraft, hereinafter - Sun, the period is equal to the period up to 15 years of operation); At the end of the term of the contract, the Sun enters the ownership of the lessee; At the conclusion of the contract, the Armed Forces immediately put on the balance of the recipient and amortized, the lessee bears financial expenses; other things being equal increases the company's debt load; Obligations are put on the balance of discounted cost. Operational leasing Sun is characterized by: the contract term is significantly less useful; Upon completion of the contract, the Armed Forces is returned to the lessor / contract renews; Leasing costs are cost; Obligations under the Agreement are off-balances and are given in notes to reporting on non-discontinued cost.

This method of accounting for assets for Russian players is justified, as in practice, many domestic air transporters enter into short-term lease agreements Sun, leaving the ownership of the landlord and reflecting these operations on off-balanced accounts. As a result of this operation, assets increase by the amount of the rights of use of the aircraft in operating leasing (34%), the obligations increase the amount of discounted payments on operating and financial leasing (49%). Reclassification of these operations of airlines leads to a drop in net assets (10%). The inclusion of the rights to use the aircraft to the assets of airlines, in turn, leads to an increase in depreciation deductions (2.8 times) and EBITDA indicator (by 62%). It should be noted that interest payments on operating leasing are classified as costs of financial activities of the airline (an increase of 57%).

The leveling of the difference in the reflection of financial and operational leases in practice will allow reporting users to identify more accurate financial position of airlines. The transparency of the activities of a number of players, which currently distort their financial indicators, understate the value of assets for the purpose of avoiding property tax, reducing EBITDA, including operating lease costs in the cost of providing services. In this situation, an important role in the analysis of the economic activities of Russian airlines acquires an indicator of EBITDAR (profit before taxation, interest, depreciation and lease). An analysis of foreign sources has shown that the European Council on International Financial Reporting Standards (IASB) and the American Evaluation Standards Committee (FASB) are currently developing a single standard for accounting for rental and leasing transactions in IFRS and GAAP (GAAP). The main tasks that were delivered to develop a single standard for accounting for leasing contracts: the inclusion of operational leases with a contract for more than 12 months in a report on the financial position of the company (balance); Leveling of the difference in the reflection of financial and operational leases; Reflection of the leasing sun in the lease assets: Right of Use Approach). In the new standard in the profit and loss statement, leasing costs can be taken into account by one of these methods (Materials of the FASB and IASB meeting in June 2012): the first method: for the contract term consumed a significant part of the asset - the costs higher at the beginning of the contract; The second method: for the contract term, a slight part of the asset is uniformly throughout the contract (for land plots and certain types of real estate).

Regulatory and legal regulation of the activities of the Russian airline and evaluating its impact on the value of the property

When moving to a market economy, domestic regulators were elected control system, based on the liberalization of the market with state participation. There are two models of air transportation market management. To analyze the advantages and disadvantages of the system, we present the main advantages and disadvantages of the selected options. The first model is directed to the liberalization of the airline market and is currently present in the United States. In 1978, the United States was adopted in the United States (Airline Deregulation Act of 1978, Wash., 1978) 39. With its development, the American authorities took into account, first of all, the fact that, in view of a sharp increase in operating costs, many US National Airlines began to bear significant losses. Meanwhile, according to the operating rules, the operators did not have the right to stop flying even at loss to them lines. As a result, the government chose a course on the weakening of the regulation of air transport, calculating that free competition will become a panacea that revitalizes the industry and relieve budget from excess allocations. The main provisions of the Law on deregulation of 1978, which are currently valid, are as follows: Formalities are simplified when issuing operators licenses, the right to change tariffs within the permitted corridors, the availability of free competition on airlines.

An alternative to the American regulatory model is the policy of protectionism and state regulation of all parties to the activities of hectares. The main parameters of this regulation are: legal support for the transportation process and ensuring safety of flights; Legislative consolidation of market share behind the National Airlines; flight frequency restriction, flight licensing, transport tanks, commercial rights for other carriers; Differentiation of airport and air navigation fees for foreign and domestic airlines; Sale and administrative distribution of "slots", etc.

The author of thesis notes that there is an argument in favor of the liberalization of the air transportation market of the Russian Federation. High resource allocation efficiency, freedom of exchange, flexibility and high adaptability to changes in market conditions, the optimal distribution of the last scientific achievements, compliance with the interests of airlines and customers, the absence of transportation deficiency, improving the quality of transportation. In turn, the arguments against the market system: the focus of competition due to the merger and secret corticle of airlines; the impossibility of complete employment and instability of price levels and airfrading; Lack of economic mechanism for environmental protection and fundamental examinations in science. The regulators of the air transportation market in the Russian Federation chose a market liberalization model with elements of state regulation. Russian airlines are at different stages of their development. Some continue to be owned by the state by changing the property and name form. Other carriers spent privatization and transition to the Western aircraft industry system. The regulatory framework governing the process of activity of the Russian aviation operator, as well as the process of assessing the value of the property, consists of Russian sectoral legislation, as well as an international aircraft assessment of aircraft. The Russian federal regulations include the following documents40: Air Code of the Russian Federation of 19.03.1997 N 60-FZ (adopted by the State Duma of the FS RF 02/19/1997) (Ed. Dated July 18, 2009); Federal Aviation Rules (FAP); Federal Law of the Russian Federation of March 14, 2009 N 31-F3 "On state registration of rights to aircraft and transactions with them"; Customs Code of the Russian Federation of 28.05.2003 N 61-FZ (ed. From 28.11.2009); Customs Code Customs Union. By the decision of the EurAsEC Intergovernmental Council of 27.11.2009 No. 17 adopted an agreement on the Customs Code of the Customs Union. In connection with the introduction of the Customs Union of the Customs Union on the territory of the Russian Federation of the Customs Code of the Customs Union, the Customs Code of Russia before its cancellation acts in part, not By contrary to the Customs Code of the Customs Union. By virtue of the economic classification of the airline, the airline belongs to the transport primary funds. However, in accordance with Article 130 of the Civil Code of the Russian Federation, the real estate includes aircraft. In this regard, all transactions with sun must be subject to state registration as other objects real estate. According to Article 33 of the Air Code of the Russian Federation, aircraft intended for flights under State registration as follows: Civil aircraft, with the exception of ultralight civilian aircraft of general appointment, in the State Register of Civil Aircraft of the Russian Federation with the issuance of certificates of state registration or in the State Register of Civil Aircraft of the Foreign State, subject to the conclusion of the agreement on maintenance airworthiness between the Russian Federation and the registration state; Ultralight civilian aircraft of general appointment is in the manner prescribed by the authorized body in the field of citizens of an aviation. In the case of the collateral of the civil aircraft, information about the pledge is subject to inclusion in the State Register of Civil Aircraft of the Russian Federation. These regulatory restrictions lead to the fact that when conducting evaluation procedures, it is necessary to take into account the documentation on the aircraft, the presence of mortgage burdens that require registration accordingly similarly to real estate. According to the author of the thesis, the regulation of the aircraft as an object of real estate is incorrect in terms of economic entity. Further development of the regulatory framework will contribute to changing the procedures for regulation.

When conducting evaluation procedures against aircraft, it is necessary to take into account the requirements for airworthiness of the Sun, which are determined by federal aviation rules (hereinafter referred to as "FAP") and are mandatory for compliance with all market participants and operators. In accordance with the order of the Ministry of Transport No. 132 of May 16, 2003, the Federal Aviation Rules "A copy of the aircraft was approved. Requirements and certification procedures. " Civil aircraft are allowed to operate in the presence of a certificate of airworthiness (certificate of shelf life). The airworthiness certificate (certificate of fitness for flights) is issued on the basis of a type certificate (certificate of expiration to operation) or an act of evaluating a particular aircraft for compliance with a particular aircraft with the requirements for the airworthiness of civil aircraft and environmental requirements.

All of the above appraiser during procedures should take into account when analyzing the documentation on the aircraft. Knowledge of reporting forms, permits allows you to more effectively and professionally approach appraisal activities.

Study of modern foreign methods for assessing aircraft

Questions related to the assessment of the Sun, in foreign theory and practice appeared for a long time. Actual questions of updating and expanding parks Sun, transactions for their purchase and sale, the pledge of Sun objects, the solution of aspects of the efficiency of operation began in the early 1980s., Therefore, Western specialists - appraisers have accumulated great theoretical and practical experience in determining the cost of aircraft.

Russian practice is rapidly developing, methods and techniques of assessments used by Russian specialists have suffered a strong development lately. Nevertheless, methodical gaps remain in the process of assessing that it is advisable to take into account and implement in practical activity. An integrated approach to the use of foreign techniques, taking into account the Russian specifics, will improve the quality of the preparation of reports on the assessment of the Sun.

As a result of the analysis and research, foreign techniques were identified and analyzed, including specific techniques for determining the expense value of the Sun, restrictions on their use in terms of error. At the beginning, we consider the specifics of applying an income approach to the assessment of the aircraft in foreign practice. Most Western specialists within the framework of applying an income approach to the assessment of the aircraft use the following option to predict: "Specific data of revenue and cost per passengers of a fuel and fuel pump" 55. Thus, having data on the predicted volume by the type of aircraft can be predicted flows from the aircraft. Currently, appraisers from the United States are currently the most acceptable statistics on the market. Within the framework of US Society (ANNA) appraisers and air transport organizations (ATA), periodicals are published in terms of the volume of historical and predicted passenger cars (hereinafter referred to as PCM) for various types of aircraft in the air transportation market. In addition, the American scientist Roberts P.58 brought the following dependence of the revenue indicator on the PCM from the average flight range. The study showed that the yield on the PCM at an average distance of 596 km is 20% higher than the similar rate for the range of 896 km. Thus, within the framework of the calculations, it is necessary to take into account the growth factor of revenue in the event of a change in the further routes of the Sun movement.

The indicators described above allow foreign specialists in the first approximation to draw up cash flows on the aircraft as the difference in revenue and cost of operation. Despite all the simplicity of the approach, the technique has the following disadvantages: simplification of prediction when minimizing the analysis of factors affecting the amount of flow; high dependence of the magnitude of the market value from the discount rate and revenue growth factor associated with the average route range; conducting analysis based on medium-US data excluding local characteristics and loading of the route network; lack of data on the cost structure of the aircraft; the inability to analyze changes in cash flow from internal elements; The lack of a methodology for calculating the discount rate to predicted threads. Similarly, the practical formula of the US specialists described above, despite the simplicity and applicability of the discount formula, in practice the accuracy of this model is quite ambiguous depending on the factor affecting the final result. This model takes into account a set of value factors that is not exhaustive. In counterweight simplified techniques, scientist Mr. Edmund Greemslet60, whose work was published in The Airline Monitor magazine. Vol 11 in accordance with Table 7 in 2005, developed a more multifactor model for calculating the cost of Sun. There is no profit tax in the proposed model, since this category refers to the business of the operator, and not to a separate main means. Based on the proposed model, all factors affecting the cost can be divided into two groups: revenue factors: flight hours utilization, commercial loading, profitability for passenger pump; Costs: Fund of remuneration, fuel, repair and maintenance, interest on leasing similarly to past analysis, the change in each factor leads to the impact on the cost of the aircraft. Within the framework of the practical part of chapter No. 3, the author of the dissertation carried out a factor analysis on this technique and the corresponding conclusions were made to improve the tools. Foreign authors also developed methods for predicting the cost of Sun. Currently, Russian specialists do not apply these techniques due to the lack of a practical request. However, with the further development of leasing relations in domestic practice, this issue will have the greatest role in terms of the growth of the requirements for the quality of the assessment.

As part of the description of existing models, the forecasting is known two theoretical formula calculations: AVAC (Aircraft Value Analysis Company) 61, AVMARK. As part of further analysis, chapter 3 of the thesis will be held an actuarial calculation on the aforementioned models, and new modified formula calculations and a new Author's APFM model will be proposed.

The AVAC62The model was developed in the UK and is the property of the company of the same name. This unit allows you to predict the future and determine the current market value of the aircraft. Various introductory parameters, such as world GDP, Aviation Industry Market, Demand and offer on the sale and sale of Sun, introduced to determine future cost.

Development of the methods of the cost approach to determining the cost of an aircraft. Determination of the aggregate wear of the aircraft on the basis of an analysis of the change in the yield of the asset

An analysis of the practice of assessing the cost of the Sun has made it possible to identify that, as part of the use of the costly approach, features are manifested in the calculation of aggregate wear (physical, functional and external). According to paragraph 1 of chapter 2 of the dissertation study, there is no single standard in Russia, which unified the process of assessing the aircraft, in particular for the cost approach. In 2000, the "Methodology for assessing the market value of aircraft" was developed, which was published as a hundred Roo 21-04-9881. In the method of one hundred Roo 21-04-98, the main attention was paid to the cost approach, which determines the residual cost of the aircraft by subtracting from the full cost of reproduction of all types of wear, namely: disposable functional obsolescence and physical wear, unrelated physical wear and functional deposit . Despite all the utility of this technique, it is not sufficiently substantiated and there is no step-by-step conclusion of the above formula or the rationale for its structure. The formulas also use the parameters of the VP - revenue from one passenger per 1 km distance, minus taxes from revenue, and the REDCh - expenses on analogue per flight hour. Parameters K, LF, RLC, VP directly related to the external economic conditions of operation of the aircraft. If the economic situation is favorable, then the parameters that cause income and expenses are increasing if the situation is unfavorable, the specified parameters decrease. In the second case, there will be an external wear, leading to a decrease in the market value of the aircraft.

When calculating the unreasonable functional obsolescence using the formulas in them, the values \u200b\u200bof the parameters of the VP, RLCH, LF, K without taking into account their deterioration due to external wear. If in the formula to substitute instead of the PDD parameter, the total reducing cost (PVA), then we obtain the equation: PVS \u003d [(D - P) (1 - NPR)] / I + DPRT / (1 + I) T (20) Solution of this equation relative Discount rates I will give the value of the rate characterizing the risk of cash investment in the purchase operation of a new counterpart. This rate can be further used when calculating the value of the CDD for the estimated sun, as if it were new, since the potential buyer is available as an estimated Sun and a new analog. The calculation of the magnitude of the CDDB according to a new analogue is performed according to the formulas listed earlier. Loss of profits (PP) due to the worst technical and economic characteristics of the estimated aircraft compared with the new analog (that is, the non-resistant functional system of the new Sun) is calculated by the formula: PP \u003d ChDD - CDDB (21) The resulting formula for evaluation of the faint functional obsolescence is derived By calculating the capitalized loss of pure cash flow due to the worst characteristics of the estimated aircraft compared with the analog, based on the generally accepted positions of the estimation of profitable objects, taking into account the theory of changes in the cost of money in time. The formula given in the calculations of PP is the most reasonable, as it takes into account all factors changing the cost and affecting the loss of a part of the flow of the flow due to a decrease in income and growth of the expenditure part. Fireless physical wear of the aircraft in the process of normal operation is mainly determined by the development on Earth and in flight, as well as the calendar service life. The service life is determined from the maximum value: technical and designated resource. Despite all the simplicity of this approach, it is worth recognizing significant errors in determining the wear of the sun linear. Fine physical wear characterizes the unreasonable loss of its initial properties. This is expressed in reducing the upcoming service life before it is written off compared with the service life before writing off the new object. By purchasing an income, its buyer usually pays money for the cash flow, which he will receive in the future during the operation of this object. The smaller the remaining service life of the object, the less continued to be the specified stream. Consequently, a measure of the continuous loss of its initial properties (measure of unreasonable physical wear) may be considered a decrease in the current cost of cash flow (excluding maintenance and repair costs) from the upcoming operation of the object, compared with the current value of such a flow for a new object. .

For a start, consider examples of the impossibility of using the effective age method to assess the unreasonable physical wear. In the first example, the cost of the aircraft consists of short-lived (hereinafter referred to as QG) and long-lived elements (hereinafter - J). Replacing KZ occurs every interremmer cycles and the lifetime is significantly less than J. A linear cost reduction, according to the author of the thesis, is incorrect in this case. In the proposed model, the degree of wear is directly proportional to the effective age of J and KZ, which are often equated with their actual age. The resulting linear wear model is inconsistent with the ideas about the actual degree of reducing the utility of an income object as the balance of the economic life of the object decreases.

Based on the above, it can be concluded that in order to ensure a more correct calculation of the market value, it is advisable to use the theory of changes in the cost of money in time in relation to the accounting of aggregate wear, and not just functional obsolescence and external wear. To do this, the algorithm described earlier may be used in the calculation of unrealized functional obsolescence (18).

Cost - from 5,000 rubles
Terms - from 3 days

Article 130 of the Civil Code of the Russian Federation determines that cosmic aircraft and air transport facilities must undergo a mandatory state registration procedure, and according to real estate. Assessment of listed objects is made by analogy with the assessment of vehicles - their technical specifications, functional purpose and features of operation are evaluated.

When evaluating aircraft, a wide variety and classification of aircraft species is taken into account. According to the functional purpose, such categories of aircraft are distinguished:

• national economic destination (passenger, cargo and agricultural aircraft);
• research and experimental apparatus;
• military aircraft and helicopters;
• sport light airplanes and devices.

On the principle of activity allocate:

• flying aerodynamic devices;
• aerostatic;
• flying spacecraft;
• rocket devices;
• different hybrid devices.

The assessment of aircraft is carried out in the following situations:

• when making sale transactions;
• during the receipt of credit and registration of the collateral;
• when making an aircraft to the authorized capital of the company;
• in the process of reorganization of the company (enterprise);
• in order to reduce the taxation of the company;
• to optimize rental charges;
• in the resolution of property disputes;
• in the process of confirming the customs value;
• when insuring property;
• to determine the damage obtained;
• according to the procedure for writing off the aircraft from the balance;
• in the process of revaluation of the cost;
• to attract financial investments.

If there is a need for an assessment of air aircraft, it is necessary to call the company's specialists. After that, during the day, in coordination with the Customer and, if necessary, experts will arrive at the location of the aircraft to preliminary familiarization with the object and drawing up a contract for the implementation of the facility assessment.

In essence, an aircraft assessment implies an assessment of passenger and cargo aircraft, helicopters and other aircraft. Quite often, the rating is not an aircraft, and its component parts for subsequent replacement, for example, the navigation or engine system.

When conducting work on the assessment of air aircraft, one of the approaches below or their totality are used:

Cost approach. The cost of the cost of the aircraft is carried out at the calculation of the specific costs that would carry the buyer of the assessment object if he brought it to the perfect state. When using this method it is assumed that the buyer will not pay for an aircraft a significant amount equal to the cost of a new aircraft. In the evaluation process, the expert analyzes the selling price of the manufacturer, takes into account the costs, carries out the calculation indexing and produces a full calculation.

Comparative approach. During the assessment, similar analogs are selected the cost of the primary object based on the comparison of important characteristics, which includes: a variety of physical characteristics, terms of sale and the general state of the market. The methodology of statistical modeling is also deserved, often used during the assessment procedure if there is no possibility of using the comparison method or significant material and time costs are needed. In some cases, the use of such a technique gives fair and accurate results.

The income approach includes several simple assessment techniques and is based on the economic benefits that an investor from acquiring an aircraft is entitled to expect.

For a specific case, the most effective assessment method is selected for the implementation of the assessment of the air vehicle, which is a reliable guarantee of the exceptional accuracy of calculating the real cost of the air transport vessel.

To carry out air transport evaluation, you must have originals and photocopies of documents that confirm the ownership or use and certify the owner.

List of additional documents required for evaluation:

• the actual data of the object, its onboard and factory number;
• brand of the manufacturer;
• date of issue and commissioning;
• operating documents (copies);
• description of repairs and modernization, dates;
• act of the technical condition;
• location of the air apparatus;
• guarantees of the manufacturer;
• objectives of the aircraft.

After reading the appraiser with the object and the wording of clear objectives of the apparatus, a complete list of the required information and documents will be drawn up.

The final cost of the assessment works of aircraft is determined individually for each aircraft, since there are no similar objects, and the use of different assessment techniques and a different amount of work is required.

The cost of assessing the aircraft includes:

• negotiation with the customer;
• photography of the air apparatus;
• collecting the necessary information and aircraft documentation;
• analysis of the information received;
• selection of effective assessment methods;
• full calculation of the cost of the air transport vessel.

Terms of evaluation work.

Air transportation air transport are considered expensive and complex means in technical terms compared to other types of equipment.

The aircraft impose specific requirements governed by special regulatory acts, which must be taken into account when evaluating air transport. This includes the requirements for compliance with the limiting level of security, compliance with flight suitability, as well as compliance with the necessary flight and technical parameters. That is why the evaluation requires enough time to comply with all the necessary requirements. The usual assessment of the aircraft takes two days to a month.

How to evaluate air transport yourself?

Air transport is a rather complicated object whose assessment requires a thorough analysis of all submitted documents. Nevertheless, one can identify the approximate cost of air transport using Internet services or ad sites. Nevertheless, it is worth remembering that the obtained data on the value of the object will have an approximate nature and cannot be used when contacting the authorities or to notarize for the reason that such information is not a professional conclusion and have no legal force.

How is the air transport evaluation report?

The evaluation report is a formal document of 20 to 80 sheets. In accordance with sections 1 and 2 of the Federal Standard of Evaluation No. 3, the evaluation report should be numbered postproof, stitched, signed by an assessment specialist, and also fastened to the personal seal of the appraiser exercising an assessment activity independently, engaged in private practice, or printing and signature of the Legal Head Persons with whom an assessment specialist concluded an employment contract. Often to banks or other customers (for example, the other party in court proceedings) require multiple reports or copies of it. We are ready to make several reports of the report for free, if it is really necessary. All subsequent reports of reports will be provided already on a reimbursable basis.

Therefore, before you arrive at the report to our office, or call the courier to deliver it, some instances you need.

What documents will be attached to the air transport evaluation report?

All documents received from the Customer and which contain the quantitative and qualitative characteristics of the assessment object are attached to the air transport evaluation report. In accordance with sections 1 and 2 of the Federal Evaluation Standard No. 3, the Annex to the assessment report should contain copies of documents that were used for evaluation purposes. These documents also include advocating documents and various conclusions of special examinations, as well as any other documents on the assessment object (if available). The report attached documents certifying the identity of the customer or the details of a legal entity, and the photos of the object, as well as documents of the appraisal company - diplomas of specialists, insurance policies and certificates.

What time period of air transportation is legal?

In accordance with paragraph 26 of FSO No. 3 (Federal Standard of Evaluation), the validity period of the indicated total value of the object is considered valid for the purposes of making a transaction with the specified object, provided that no more than 6 months passed from the date of evaluation report. An exception is made only for objects issued when entering into inheritance.

What if I do not agree with the conclusions of the appraiser at the total cost of air transport?

In accordance with paragraph 19 of FSO No. 3, as for the information that is being worked out in the evaluation process, it must be sufficient and reliable. In particular, information is considered sufficient if when accessing additional character information, there is no significant change in the parameters that were used for the purpose of evaluation. In addition, if additional information does not change the ultimate value of the value of the estimate object, the initial information is sufficient. As for the reliability of information, they are such if they fully correspond to reality and make it possible to customize correctly interpret the signs of an assessment object and make decisions that are based on the report data.

In the event that the Customer does not agree with the value of the cost of air transport reflected in the report, this may have a number of reasons, in particular, we are talking that exhaustive information about the object has not been presented. For example, the customer was silent about the presence of encumbrances. One way or another, the cost reflected in the evaluation report is a recommendatory. The parties can make a deal with the participation of the object of air transport and at a different price, which they will come to a mutual agreement.

How can I pay for the evaluation procedure?

Evaluation services can be paid by all the available ways to make payments, namely cash in the office of the company, by bank transfer, through QIWI terminals. Financial documents are proposed properly in accordance with the legislation of the Russian Federation.

If a legal entity acts as a customer, then we will prepare an account, the act of work performed. If necessary, we can make an invoice or provide a notification of the use of a simplified tax system.

How can I get an assessment report or where can I pick up a report yourself?

The evaluation report can be obtained in several ways. The easiest and most common is to pick up on your own in the company's office. The report can be transferred to the customer with a courier in the place appointed by the Customer. The whole complexity of this method is that we will not be able to deliver you a report for free. It will be necessary to pay the cost of courier delivery.

Sometimes, by agreement with banks, the report can be transferred to the relevant separation of the bank.

What if errors or typos are detected in the report?

The probability of the presence of typos or errors in our documents is practically excluded or extremely small, but, nevertheless, if the customer found any inaccuracies, grammatical errors or typos, our company guarantees the introduction of corrections. We independently take the report, make corrections within a reasonable time, stitching and fasten the company's seal, after which the report is transferred to the customer forces by the Company.

Scientific potential 72 organizations, including 5 academic institutions, 15 research, 20 design bureaus are engaged in fundamental studies, applied scientific developments and developmental work. Most of them are in federal state ownership.

Summary. In Samara and region, there are many most important factors that ensure the attractiveness of the region:

Favorable natural geographical position;

Rich natural resources;

Powerful industrial base;

Availability of highly qualified specialists;

World recognition of research potential;

Developed transport infrastructure and others.

Against this background, the Aviation Industry of Samara is one of the fundamental in the formation of the regional economy. Volga Regional Office of the Federal Aviation Service of Russia is one of the largest in the country. International Airport "Kurumoch", as well as WFP Mc "Aviakor" can take any Sun. This undoubtedly attracts investors and creates favorable conditions for aviation business.

Assessment objects - glidaries of the Tu-154m are the most common in civil aviation of Russia - they account for 30% of the total passenger aircraft fleet and more than 50% of all passenger transport of Russia, and the share of Sun Yak% of Russia's aircraft fleet. The Suns under consideration are the most economical on medium-sized highways and are in sustainable demand.

Regional conditions for possible implementation or lease of assessment objects satisfactory.

3.2. Legal and government aspects

The positions of the Russian government regarding aviation policies are formulated in the Federal Law "On State Regulation of Aviation Development" (January 1998). The development of civil aviation is focused on commissioning new, more economical aircraft and attracting foreign capital with equity participation ≤25% for the development, testing and repair of aviation equipment. Reasonable customs barriers are being worked out for the purchase of foreign aircraft, new rules for lease and leasing of foreign-made aircraft.

3.3. Competition and world leaders

The volume of transportation on the internal lines of Russia continues to decline, on international - grow .. In Russia, more than 300 organizations have evidence of aircraft operator, of which 57% of air transportation falls eight airlines. Only the 15 largest airlines (Aeroflot, Transaero, Vnukovo Airlines, Domodedovo and others) are in their composition of the Fallen - IL-96, Tu-204, Tu-154, Boeing 757, "Erbas Industry A310" and have the necessary infrastructure for maintaining the airworthiness of his air park. Access to international flights have over 50 airlines.

According to analysts (Robin Ulson, She Co et al.) In the next 5 years, the annual growth rates of air carriage in the CIS can be 8.8% for internal lines and 7, 5% for international. In this regard, an acute problem of updating an airplane fleet arises, since a significant part of the aircraft has developed or is close to the development of a resource. Now the Russian aircraft industry is not able to provide the required renewal of the park and this requires the purchase of aircraft in the West.

The most active policy of introducing on Russian airlines is carried out by Boeing, offering airplanes 727, 737, 757, 747, 767, MD-80 and MD-11, and Erbas Industry with A300 and A310 aircraft. This line of Sun allows you to solve almost all the tasks of air transport. However, as noted above, only 8-15 airlines of Russia can update its fleet of aircraft and, therefore, the need for aircraft Tu-154 and Yak-42 will be maintained in the next 10 years.

4. Regulatory base

4.1. Standards and regulatory documents

The assessment of the objects specified in this report is in full compliance with the requirements:

electrical Equipment (SU3)

instrument equipment (SU4)

air Navigation Equipment (SU5)

Interremary resource of the glider (MRJI), J \u003d 1 (glider)

i \u003d 3, Calen.

The balance of the planner resource before repair (OMRJI)

i \u003d 3, Calen.

Discount rate (I) **)

Estimated time to the planned RB of the unit "J" on the resource "I" (TJI)

Whole disposable physical deterioration (ADU)

Physical wear, unreasonable

Duration of Economic Service (NLI)

i \u003d 3, Calen.

Residual life of useful life (RLI)

i \u003d 3, Calen.

Fat physical deterioration (Fn)

Functional wear, eliminable, is measured by the cost of eliminating the structural improvements of aircraft permitted by the current documentation, refund bulletins, etc.

Disposable Functional Wear (Advu)

thousand $

Focusing functional wear

ADVN \u003d (1 - (N / NA) * (K / KA) * (V / VA) B * (H / HA) C + VN)) * CN / CNA +

+ (1 - (1 / τ) / (1 / τa)) * (1-Vn) * (1 - NP) * (CH * H) / (CHA * HA) * i

The cost of analogue (CNA) - in / 700

Passengerism

object (N)

analog (NA)

COOF-T Employment Chairs

object (K)

analog (KA)

0,6 ¸ 0,7

Cruising speed

object (V)

analog (VA)

Raid hours a year

object (H)

analog (HA)

Economic life Sun.

object (NL)

analog (NLA)

As of:

The cost of the flight hour

object (CH)

analog (CHA)

Specific fuel consumption rate

object (τ)

analog (τ a)

Indicator, taking into account the type of aircraft ***)

Vn \u003d 1 / (1 + i) NL / H

Profit tax rate (NP)

Fine functional wear (ADVN)

Functional obsolescence (3.1. + 4.12)

External wear (MAX (5.1, 5.2))

Sales comparison

Loss of income ***) (appreciation of fuel and lubricants)

Cumulative wear S \u003d F) * (1 - V) * (1 - E) \u003d

1 - [ + 2.3) ] * *

Cost cost approach

*) - at the maximum permissible resources, the rest - by regulations

**) - Here the object is considered as a long-lived property complex, equivalent to the real estate object, the loss of demand for which is unlikely: I \u003d IB + IP \u003d 10% + 2%, IB is a safe bet (on $ deposits), IP - Risk Prize, corresponds to the risk insurance rate of the Sun.

***) in relation to the indicators of fuel consumption / pass. * Km

The cost of gliders obtained by the cost approach is.

Methods of determining the market value of aircraft 01.01.2000 Author Luzhhansky B. Flying apparatus (LA) refer to one of the most complex and expensive types of modern technology. In terms of their value examination, it is necessary to be guided not only by general approaches viewing LA as a specific class of property, but also by methods that take into account the specifics of the assessment of very different in functional purposes, the principles of action and the design of objects. This material presents a method for determining the market value of civil aircraft (Sun) on the cost of their reproduction, taking into account the physical and functional wear. First of all, it should be noted that in accordance with the Air Code of the Russian Federation (adopted by the State Duma of the Russian Federation on February 19, 1997), aircraft supported in the atmosphere due to the interaction with air, which is not reflected from the surface of the Earth or water. In addition, the Civil Code of the Russian Federation refers aircraft to be state registration, to real estate objects, and the rest - to machines and equipment. Nevertheless, taking into account the functional purpose and the design properties of La, when evaluating them, it is advisable to consider them as a single class of machines and equipment. Over the past few years, the park of domestic aircraft is essentially outdated both physically and morally. In the very near future, many types of aircraft are subject to write-off. At the same time, the airline will often do not have means for the acquisition of new sun, as a result of which the mass production of most types of aircraft workers is practically discontinued. Thus, the expert is very difficult to obtain reliable information about the rehabilitation value of the object under consideration, since the prices of manufacturers offer prices differ significantly with the amounts of specific transactions that are traditionally not disclosed. Therefore, when conducting economic and legal research, a specialist must take into account the peculiarities of the primary and secondary, world and regional aircraft markets, as well as structural inflation on the main types of aircraft. The market value of aircraft depends on a plurality of factors, to the main of which include the principle of operation (aerostatic, aerodynamic, space, air-space and rockets), functional purpose (research, national economic, military and sports), Flight Specifications (LTH ), Parameters that determine the main operating expenses, a system of maintenance and repair (TIR), restrictions on operation time and so on. The most important distinguishing feature of LA from other types of technology is the availability of requirements for ensuring a given level of safety, airworthiness, LTH throughout the entire service life. The fulfillment of these requirements is regulated by special regulatory acts and organizational-based systems (certification, certification, licensing). In accordance with the technical documentation developed, the main power structures of aircraft are designed based on the condition of ensuring a given time and the number of flights (technical resources). The modern concept of operation of the aircraft "as of the state" does not have directly established resource restrictions. Airplanes are used until the end of the economic life time, when the cost of their repair becomes unprofitable. Therefore, at the initial stage of operation, the aircraft is significantly less than the resource value (assigned resource), which is further extended to the specified in the technical specificity or more. Terms of carrying out maintenance and repair activities, as well as limit indicators of operation of the aircraft, are measured by the duration of the cycles of work (development) or calendar time. The procedure for increasing the designated resources requires significant financial and temporary costs, which should be considered when performing an examination. Due to the fact that the design of aircraft is constantly upgraded, their complete reducing cost is often calculated as the cost of substitution. There are several approaches, most of which are based on the construction of calculation or resource-technological models. However, to evaluate the modern aircraft, they are practically not applicable due to the considerable difficulty of collecting the necessary data. Therefore, to determine the full cost of reproduction of the object, currently uses information on the pricing prices of airlords, corrected by introducing the relevant coefficients of "Usators" (derived from market data, averaged for similar products of the manufacturer's plant under consideration). The calculation of the aggregate wear (impairment) of the aircraft is made by the formula: where: S is the value of the total wear, in shares; F, V, E is the magnitude of the physical, functional and economic wear, respectively, in fractions. In the process of normal operation, the physical wear of LA is mainly determined by the battery on flight and on Earth, as well as time depending on the processes of aging and corrosion of materials. The value of F allowed to support the specified level of safety and airworthiness is provided by the maintenance and repair system, the regulation of which provides for the definition of a real level of wear and its elimination. At the same time, the operational replacement of refusing removable units is made in the process of pre-flight and post-flight service. Determination of the degree of obsolescence of the most loaded non-removable units of the glider and engines, as well as their adjustment or replacement is made during the process of overhaul (CR). Currently, the main form of the TIR of domestic sun is a plane-credit system, providing for the appropriate aircraft maintenance, depending on the operation of the flight, cycles (take-off, inclusions) and on calendar time. The frequency of the Kyrgyz Republic is set by the assigned resource to first repairs and interremary resources - for subsequent. In the process of overhaul, it is not fully ensured, and partial elimination of the physical wear of the aircraft and engines. Therefore, under the calculations, unreasonable wear is distinguished, the value of which is calculated by the formula: where: Fn is a non-resistant physical wear; NL - Duration of Economic Life (service life)? Maximum value from the values \u200b\u200bof technical and designated resources; RL is the period of remaining useful life, defined as the value of the resource remaining before the write-off; EA is an effective age, calculated as a difference between service life and remaining useful life. The impairment of LA as a vehicle as a result of unreasonable physical wear is the deterioration of its consumer properties due to the reduction of possible developments for the period of remaining useful life. For the aircraft as a whole, as well as for its main long-lived element, which determines the functioning and service life of LA (for example, an airplane glider, the price of which includes the cost of all nodes and aggregates, with the exception of the selected short-lived elements), the proposed assessment methodology is based on the following Provisions: 1. The effective service life strictly coincides with the actual operation reflected in the documentation since the release of the aircraft, and the value of the remaining useful life and the degree of unreasonable physical wear are determined by the formulas: where: A is the actual operation from the moment of release of LA; i - Extensor index index (for clocks I \u003d 1, for the number of landings I \u003d 2, and so on). 2. When evaluating the degree of unreasonable physical wear on the calendar time, the value of the remaining useful life is estimated taking into account the possible operation of each of the resource life limiting for the remaining calendar time. At the same time, calculations are made according to the following dependencies: where: RLKI is the period of remaining useful life for calendar time, determined with the possible development of a resource with an index I for the remaining calendar time; FNKI is the degree of non-resistant physical wear on calendar time, as defined with the possible development of a resource with an index I; NLK - the duration of economic life (service life) by calendar time; AK - calendar time since the release of LA; Ri - development of a resource with an index I per unit of calendar time (annual raid hours, the number of landings, inclusions of engines for the year and so on), technically possible and actually feasible under operation (taking into account the principle of the best and most efficient use of LA). Then, for the calculated value of the degree of unreasonable physical wear (FNR), the components and aggregates in general should be met by general safety conditions of the aircraft, but they do not apply to the requirement of operational elimination of physical wear in the process of pre-flying preparation. In the event of a refusal or generation of interremary resources, the TIR system provides for replacement with subsequent repairs. Practice shows that with an increase in the work, as well as as a result of multiple repair effects, the frequency of failures of the aggregates, the cost and time of their adjustment may increase. Thus, there is an additional deterioration in consumer properties and impairment of the elements of the aircraft, characterized by the nonlinear dependence of the market value of the product from the duration of the work cycles. In addition, for short-lived units, the physical wear of calendar time is determined by the process of aging of materials of individual parts, which are replaced during the next repair process. Therefore, as a rule, the calendar deadlines of the products are taken into account when calculating disposable wear and do not affect the magnitude of the unreasonable obsolescence. The calculation of the unreasonable physical wear of individual units and components of LA can be carried out in each type of operation and calendar time using formula (2) with an additional assessment of the differences between their effective age from the actual. As the calculated value of obsolescence, the maximum value is taken. Impairment As a result of disposable physical wear includes the costs required for replacing or repairing faults to a state, in which the loss of the value of nodes and aggregates would be determined exclusively by unrelated obsolescence, as well as the present value of the deferred planned overhaul of workable at the time of evaluation of elements. At the same time, calculations are made according to formulas: where: ADU is impairment as a result of disposable wear; SUJ - the cost of eliminating the faults of the J-th aggregate; CRJ - the cost of the planned major repairs of the j-th aggregate; MRJI is the estimated value of the interrontal resource with the index I of the Jth unit; OMRJI - the estimated value of the interrontundric resource with the index I of the JT unit; I - discount rate; TJI is the estimated value of the time interval to the planned overhaul of the j-th aggregate, determined by the residue of the interrontundric resource with the index I; RJI is the operation of the JT Aggregate of the resource with an index I per unit of calendar time. The ratio of the amount of impairment as a result of unreasonable and disposable wear to the complete reducing value of LA determines the magnitude of the cumulative physical obsolescence. Functional wear is due to the loss of value caused by either the emergence of cheaper aircraft or vehicles on the market, or by the inconsistency of the characteristics of the aircraft under consideration, modern standards, safety requirements, environmental restrictions, complexity, passenger quality, and so on. Disposable functional wear is measured by the amount of costs for its compensation due to constructive refinements of LA, officially authorized by the current documentation. Fine functional wear is a consequence of flaws whose correction is currently almost impossible or economically inexpedient, and for the passenger aircraft can be determined by formulas: where: ADVN is a functional impairment of the aircraft due to the differences in the main characteristics compared with the analogue; CB is the market value of the analogue; NB, NC - passengerize analogue and an estimated aircraft with a passenger cabin layout; KB, KC - Employment coefficients Analog and aircraft seats; VB, VC - cruising analog speed and an estimated aircraft; HB, HC - an analogue and an aircraft rated, hours a year; a, b - indicators that take into account the influence of differences in cruising speeds and annual clock raids (depend on the type of aircraft); NLC, NLB is the economic life of the aircraft and analogue, in the clock of the plaque; CHB, CHC - the cost of the flight hour of the analogue and the estimated aircraft; V is the current value of the monetary unit at the end of the economic life of the estimated aircraft; I - discount rate; Do - profit loss for the year; NP - income tax rate. The calculation of economic (external) wear is mainly reduced to the definition of the current cost of the loss of profit as a result of the use of LA for the predicted period of time from the moment of evaluation to termination of operation. An additional form of external obsolescence can be attributed to the loss of value as a result of the transition of the aircraft from the primary to the secondary market. The presented mathematical model of the civil society assessment was based on the methodologies used by practitioners in their work approved by the Federal Aviation Service (FAS) of Russia, as well as educational and methodological centers in the preparation of independent experts. This approach can be used when calculating the value of a wider class of machines and equipment for which the requirements for ensuring the preservation of the specified level of security and the main performance and technical characteristics from the moment of manufacture before writing on the development of resources. Boris Luzhna