Report
on the evaluation of the technological line for the production
wooden sticks for ice cream
Report content
EXECUTIVE SUMMARY INTRODUCTION: Statement of the assignment for evaluation. Terms used. Assessment certification. Assumptions and restrictions made. Applied valuation standards. List of used materials. A COMMON PART: general characteristics the state of the ice cream market and the industry for its production. Description of the object of assessment. DETERMINATION OF THE COST OF OBJECTS OF ASSESSMENT: Calculation of the cost of objects of assessment based on a comparative approach. Calculation of the cost of appraisal objects based on the cost approach. Calculation of the value of appraisal objects based on the income approach. Coordination of the results and derivation of the final value of the cost. QUALIFICATION OF PERFORMERS. APPLICATIONS.
EXECUTIVE SUMMARY
The experts of the appraisal company CJSC "ХХХХ" assessed the market value of the property owned by the enterprise JSC "YYYY".
The structure of the Report corresponds to the logic of the evaluation procedure and includes three sections.
The object of evaluation is a line for the production of ice cream sticks.
In accordance with Russian and international valuation standards, methods of cost, comparative and income approaches were used to determine the value of the property being valued, followed by the coordination of intermediate results and the derivation of the final value.
The total value of the market value of the line for the production of ice cream sticks (without VAT) is 6,491,500 rubles. and (with VAT) RUB 7,789,800 as of the assessment date July 10, 2003 INTRODUCTION Setting the task for assessment
Customer: JSC "YYYY"
Address, phones, E-mail.
Contractor (Appraiser): CJSC "ХХХХ"
"Address, phones, E-mail.
Purpose of appraisal: on behalf of the Customer, the Appraiser calculated the market value of the property for the purposes of collateral (“value in exchange”).
The estimated value type has the following features:
a) the evaluation date is determined by the Customer and corresponds to current moment: July 2003;
b) the residual (taking into account wear) is determined market value an object at its location in the production premises of OJSC YYYY in Kolomna, Moscow Region, in a state of readiness for sale (“value in exchange”);
c) the facility is currently in a state of readiness for operation, therefore, when assessing the “value in exchange”, it may be necessary to take into account the cost of dismantling and preparation for sale.
Appraised object: line for the production of ice cream sticks. The appraised object is located in the production building of JSC "YYYY" at the above address.
Date of inspection of the object: July 7, 2003
Valid Assessment Date: July 10, 2003
The dollar exchange rate on the date of assessment: 30.42 rubles. for 1 US dollar.
Report date: July 14, 2003 Terms used
Appraisal - the procedure for determining the cost, part economic analysis based on certain scientific principles and methodological base; which is a combination of mathematical methods and subjective judgments of the appraiser, based on his professional experience.
The market value of the appraised object is the most probable price at which the appraised object can be alienated for open market in a competitive environment, when the parties to the transaction act reasonably, having all the necessary information, and any extraordinary circumstances are not reflected in the value of the transaction price.
Collateral value - the value of an asset that secures a commercial loan, which the lender hopes to receive from the sale on the market of this asset in the event of the borrower's insolvency; serves upper limit a loan secured by an asset.
The cost of replacing the object of assessment is the sum of the costs of creating an object similar to the object of assessment, in market prices, existing on the date of the assessment, taking into account the depreciation of the object of assessment.
The cost of reproduction of the appraised object is the sum of the costs in market prices that exist on the date of the appraisal, for the creation of an object identical to the appraised object, using identical materials and technologies, taking into account the depreciation of the appraised object.
The value of the appraised object in the current use is the value of the appraised object, determined on the basis of the existing conditions and purposes of its use.
The investment value of the appraisal object is the value of the appraisal object, determined on the basis of its profitability for a particular person for given investment purposes.
The liquidation value of the appraisal object is the value of the appraisal object if the appraisal object must be alienated within a period less than the usual exposition period for similar objects.
Depreciation is any loss of utility that causes an asset's market value to fall below its replacement value.
Adjustments - changes made to the price of an analogue, taking into account parametric differences between it and the object being valued, as well as inconsistencies in the price of an analogue to the conditions of assessment.
Cost approach - a set of methods for estimating the value of an object of assessment, based on determining the costs necessary to restore or replace this object, taking into account its wear and tear.
Comparative approach - a set of methods for estimating the value of an appraisal object, based on a comparison of this object with similar ones, in respect of which there is information about the prices of transactions with them.
Income approach - a set of methods for assessing the value of the object of assessment, based on the determination of the expected income from it. Assessment Certification
The Appraiser hereby certifies that:
a) the analyzes, opinions and conclusions contained in the Report are those of the Appraiser itself and are valid strictly within the limited conditions and assumptions that are part of this Report;
b) The Valuer has no real or expected interest in the property being valued and acts with an open mind and without prejudice towards the parties involved;
c) the Appraiser's remuneration does not depend on the final valuation, as well as those events that may occur as a result of the use by the Customer or third parties of the conclusions and conclusions contained in the Report. Assumptions and Limitations Made The Appraiser is not responsible for the legal description of ownership rights to the property being appraised, the reliability of which is taken from the words of the Customer. Property rights being assessed are considered free from any claims or restrictions other than those specified in the Report; the evaluation assumed the absence of any hidden factors affecting the value of the property being valued. The Assessor shall not be liable for the discovery (or in the event of discovery) of such facts; the initial data used by the Appraiser in preparing the Report were obtained from reliable sources and are considered reliable. However, the Appraiser cannot guarantee their absolute accuracy, therefore it makes references to the sources of information; The Appraiser undertakes to maintain confidentiality in relation to the information provided by the Customer; The Customer accepts the conditions to release and secure the Appraiser from any kind of expenses and liability arising from a claim by third parties against him due to the legal use by third parties of this Report, except in cases where it is determined in final court order that the losses, losses and debts were the result of fraud, gross negligence and willful misconduct on the part of the Appraiser in the process of compiling this Report ; The Report contains the Appraiser's professional opinion regarding the value of the equipment being appraised and is not a guarantee that it will change hands at the cost indicated in the Report. Applied Valuation Standards
The valuation was completed and the Report was drawn up in accordance with the Federal Law "On valuation activities in the Russian Federation" dated July 29, 1998 No. 135-FZ, with the Valuation Standards that are mandatory for use by subjects of valuation activities, approved by the Decree of the Government of the Russian Federation of 07/06/2001 No. 519, with Standards professional activity in the field of property valuation of the Russian Society of Appraisers and international standards valuations adopted by the International Property Valuation Standards Committee. List of materials used in the evaluation information provided by the Customer: type="disc"> description of the line for the production of ice cream sticks; excerpts from technical data sheets of equipment for the production of ice cream sticks (Formata 1010/3/30, Formata 1300/3/18.5, Exakta 3350, Proqua 2811, Poliera 7010, BA2 Banding unit, BP130 (SP150/15), RS2, RS2000/SA ); theoretical calculation of the output of finished products for the line for the production of ice cream sticks; regulatory and reference documents used: Federal Law “On Appraisal Activities in the Russian Federation” dated July 29, 1998 No. 135-F3; Appraisal standards that are mandatory for use by appraisers, approved by Decree of the Government of the Russian Federation of July 6, 2001 No. 519; International and other valuation standards specified in clause 1.5; information collected by the Appraiser from Internet sites:
www.pilovochnik.ru; www.magr.com.ua; www.w.rosholod-dv.
people.ru; www.uniwest.in.ua; www.forrest.ru; www.icecream.ru; www.forums.wood.ru; www.expert.urc.ac.ru; www.derevoobrabotka. com; www.hm-maschinenbau.de.
In addition, price lists of companies selling woodworking equipment in Moscow were used: Dukon, Kami, Woodmaster, etc.; special literature and methodological materials on assessment: Kovalev A.P. Estimation of the value of the active part of fixed assets. - M.: Finstatinform, 1997; Kovalev A.P. Enterprise property management. - M.: Finstatinform, 2002; Evaluation of the market value of machinery and equipment: Textbook.-pract. allowance. - M.: Delo, 1998; Business Valuation: Textbook / Ed. A.G. Gryaznova, M.A. Fedotova. - M.: Finance and statistics, 1998; Enterprise value: Workshop. - M.: graduate School Privatization and Entrepreneurship, 2000;
- Popesko A.I., Stupin A.V., Chesnokov S.A. Depreciation of technological machines and equipment in assessing their market value: Textbook, manual. - M.: ROO, 2002. GENERAL PART General characteristics of the state of the ice cream market and the industry for its production
Currently, only about 10% of Russians eat ice cream at home; This is evidenced by the following data: 60% of ice cream purchases consist of one package (“popsicle” and “glass”), 30% - consist of two packages, and only 5% - of three or more. Packages weighing 350 grams or more are purchased by only 5% of consumers. The structure of such consumption is partly determined by the traditional packaging of ice cream in small briquettes, cups, tubes, cones and others, which stimulates impulsive, "spontaneous" consumption of ice cream near the points of sale.
In the absence of competition in Soviet times, the assortment was very monotonous. About 95% of the produced ice cream was packaged for individual consumption. For home use, a briquette was produced for 48 kopecks. and an ice cream cake, which was a rarity. As for the assortment of ice cream at enterprises Catering, then it was reduced to three multi-colored balls - creamy, chocolate and strawberry, served in traditional aluminum bowls. For a change, crushed nuts or chocolate, syrup were added.
Considering the structure of ice cream consumption in Russia, it should be noted that in 2001 ice cream consumption in Russia as a whole amounted to 2.2-2.5 kg, in Moscow - 3.3-4.0 kg, in St. Petersburg - 4, 3 kg, in Stavropol - 5 kg per person.
The age profile of the domestic consumer is as follows: 26% - consumers under 20; 16% - from 21 to 30 years old; 22% - from 31 to 40 years; 23% - from 41 to 50 years; 8% - from 51 to 60 years; 5% - over 61 years old. The consumption of ice cream by all age categories up to 50 years is uniform. The decline in ice cream consumption by older people is obviously associated with an insufficiently high standard of living.
The majority of respondents buy ice cream 2-3 times a month, and in Russia this figure is higher than in large cities - Moscow and St. Petersburg. In fairness, it must be said that ice cream is eaten more often in these cities. The assortment is dominated by the following types ice cream: 20% - creamy; 18% - chocolate; 13% - fruit.
AT recent times ice cream from the category of dessert and treats is turning into a product of mass daily demand. Thus, in the USA per capita consumption of ice cream is 12-15 kg, in Europe - 7-8 kg per year.
At present, the production capacity of the domestic ice cream industry, which consists of almost 300 enterprises (of which 73 are cold storage plants of the Rosmyasomoltorg system, 145 enterprises of the dairy industry, over 80 commercial enterprises), has reached, according to the most conservative estimates, 800 thousand tons per year.
According to the State Statistics Committee, Russian enterprises produced ice cream: in 1999 - 363.7 thousand tons; in 2000 - 337.9; in 2001 - 355.5; in 2002 - 376 thousand tons. Ice cream production volumes are distributed unevenly across regions (Table P. 4.1).
Table A.4.1
Volumes of ice cream production by regions of Russia (according to CJSC Dom Audita)
Ice cream consumption in Moscow is 40 - 50 thousand tons per year, and production capacity is designed for 120 thousand tons. Small producers are being forced out of the capital's market international companies with well-known brands and large financial resources, and in the near future their market share will increase from 10 to 30%. Street stalls account for 95% of summer sales, while in milder Europe it is 30%.
The largest producers and sellers of ice cream are (according to 2001 data):
"Russian Cold" - 25 thousand tons;
Ice-Fili - 17 thousand tons;
Nestle - 16 thousand tons;
Inmarko - 11 thousand tons;
"Petroholod" - 11 thousand tons;
"Metelitsa" - 10 thousand tons;
Khladokombinat (Naberezhnye Chelny) - 10 thousand tons;
Khladokombinat (Lipetsk) - 10 thousand tons;
"Cold" (Pyatigorsk) - 9.3 thousand tons;
Khladokombinat (Belgorod) - 9.3 thousand tons;
Khladokombinat (St. Petersburg) - 9 thousand tons;
"Service-Holod" - 8 thousand tons.
In the early 1990s The domestic ice cream industry has experienced intrusions into the market of Mars, Nestle, Snickers, Algida-Uniliver, Baskin-Robbins brands. The domestic consumer could taste worldwide famous varieties ice cream. However, due to a number of reasons, the transnational leader Algida-Uniliver left the Russian market, while the Swiss Nestlé and the American Baskin Robbins built their own factories in Russia - Nestle Zhukovsky Ice Cream LLC and Baskin Robbins CJSC in Moscow .
Deliveries of imported ice cream do not exert strong competitive pressure on domestic producers. About 93% of ice cream presented in Russia is currently produced by domestic enterprises. The volume of import receipts in the most favorable years(1997 - 1998) was 5 - 10%. The crisis of 1998 reduced the supply of ice cream from abroad to almost zero. Analyzing the distribution of importing countries according to the data for the 1st half of 2002, it can be noted that more than a quarter of deliveries falls on the share of Poland, then Finland, France and Germany have almost equal shares.
An analysis of the distribution of imported ice cream by regions of Russia indicates an extremely uneven consumption in different regions. All ice cream importing regions have seaports. As a rule, further transportation to other regions of such delicate products by rail or by car is inappropriate and leads to its rise in price. The flow of imported ice cream to the regions in 1998-1999 decreased by more than 30 times. The six permanent importing regions that have been formed remain throughout the entire observation period.
The leading place in this list is occupied by Moscow, whose share in 1998 - 2002, despite a fourfold decrease in imports, increased.
During the same period, exports of ice cream increased sharply, especially due to varieties with a fat content of more than 7%. Among the countries that buy Russian ice cream, in addition to the former Soviet republics and CIS countries, there are such as Israel, the USA, the Netherlands, and Uruguay.
It should be noted that in order to maintain production volumes, domestic ice cream producers are forced to purchase imported raw materials and materials worth more than 250 million dollars annually. Active suppliers are Danisco, Quest, Rodia, Milorado, etc. The issue of supplying ingredients for the production of soft ice cream by Unifine Dohler, a well-known confectionery company, is being studied. Unfortunately, domestic raw materials are far from being fully utilized. A difficult situation is developing with the provision of production with technological and refrigeration equipment, which is also purchased abroad.
The above data on the situation in the market and in the ice cream industry indicate that there are favorable prospects for the development of this business in Russia, and consequently, the growing demand for equipment for this industry. Description of the object of assessment
The composition of the evaluated line for the production of ice cream sticks and the characteristics of the equipment included in the line are shown in Table. P. 4-2.
The line allows the production of ice cream sticks from environmentally friendly birch with dimensions of 10x2x93mm and 10x2x113mm. The sticks are packed in cassettes of 50 pieces, which are placed in corrugated boxes of 10,000 pieces. (200 cassettes).
Line productivity - 480,000 sticks per shift (8 hours), or 11 million pieces. per month (23 working days).
A similar line is supplied by NPO MAGR (Ukraine), the price of which is USD 166,018 as of the valuation date (www.magr.com.ua).
The technical characteristics of individual machines and machines that are part of the evaluated line are given on the manufacturer's website: www.hm-maschinenbau.de.
Manufacturer's address in Germany: hm Maschinenbau GmbH, Rehaldenstrape 11, D-73655. Pluderhausen. DETERMINATION OF THE COST OF OBJECTS OF ASSESSMENT Calculation of the value of the object of assessment based on a comparative approach
Of the methods of the comparative approach, the method of direct comparison with an analogue was chosen. This method is based on the principle that a knowledgeable buyer will not pay more for a property than the purchase price of another property of equal utility. At the same time, the market value of an object is determined on the basis of data on market prices for similar property objects for which prices are known.
For each machine in the line, new analogues were selected with known prices, then the prices of analogues were subject to adjustments taking into account differences in parameters between the evaluated object and the analogue. The adjusted price of the analogue gave the value of the full replacement cost at the place of sale of the analogue.
Since the prices of analogues were taken according to the CIP formula (to the border with Russia), in order to obtain the full replacement cost (FCC) at the location of the objects, the cost of delivery and customs payments were added to the adjusted price of analogues.
The total replacement cost (TSC) of a machine or piece of equipment (“value in exchange”) at the location of the estimated line was determined by the formula
where Tsan is the price of a new analogue on a certain date;
Кмо is the coefficient for bringing the price of the analogue to the valuation date (due to the fact that the date of validity of the taken prices of analogues in foreign currency did not differ much from the valuation date, in this calculation
kmo = 1);
Kh K2, K3 - corrective parametric coefficients, taking into account differences in the values of technical parameters of the evaluated object and analogue;
STp - the cost of delivery of the evaluated object from the border to its location (including customs payments).
I"
Correcting parametric coefficients are calculated by the formula
where l, lan/ are the values of the i-th parameter of the evaluated object and analogue, respectively;
bj is an exponent that reflects the strength of the influence of parameter X on the cost (price) and is called the “braking coefficient”.
For the main technological machines, the following were chosen as pricing parameters for which adjustments were made: the main size of the workpiece being processed, mm (A "i); the number of installed saws (X2); power, kW (X3). The braking coefficients were determined based on the analysis data for woodworking machines and were: bx = 0.7; b2 = 0.4; b2 = 0.3.
When evaluating the line for the production of ice cream sticks, the Appraiser made inquiries to manufacturing companies, for which information was received on the prices of equipment. For items of equipment, the prices of which were provided by a foreign manufacturer, no parametric adjustment was made (as for identical objects).
The cost of equipment delivery to its location was determined on the basis of transport tariffs: with a cargo volume of 82 to 92 m3, the tariffs for delivery from Germany to Russia amount to $ 2,500. For each object, transportation costs were calculated taking into account its overall volume. Customs payments and import duties for technological woodworking equipment in accordance with the Decree of the Government of the Russian Federation of August 30, 2001 No. 638 are 5%. The VAT rate at the valuation date is 20%.
The residual market value at the valuation date was determined on the basis of the EPV calculated above and the depreciation factor:
The coefficient of cumulative depreciation of the object of assessment is calculated by the formula
where К(|)1П - coefficient of physical wear;
Kfun - coefficient of functional (moral) depreciation;
Kvn - coefficient of external (economic) depreciation.
The equipment being assessed, as new, was put into operation in April 2000. The assessment date is July 2003. Thus, the chronological age of the equipment is 3 years and 3 months (3.25 years).
The annual depreciation rate for woodworking equipment is 10% (ENAO code 44500 in accordance with the unified depreciation rates approved by Decree of the Council of Ministers of the USSR dated October 22, 1990 No. 1072). If you follow these standards, then the wear rate at the date of assessment is 10x3.25 = 32.5%.
Lines for woodworking belong to depreciation group VI (OKOF code 14 2922645), according to the Classification of fixed assets approved by Decree of the Government of the Russian Federation of 01.01.2002 No. 1. The useful life of the sixth depreciation group selected in the range from 10 to 15 years.
External inspection and examination of the physical condition of the line gives reason to believe that the coefficient of its physical wear does not exceed 27%.
The coefficient of functional (moral) wear of the line is taken equal to 0%. As of the valuation date, these lines continue to be manufactured and sold by the manufacturer at quoted prices, so obsolescence is not observed.
The coefficient of external (economic) depreciation is also taken equal to 0%. Ice cream stick production lines are in demand, as evidenced by the purchase offers that can be found on some Internet sites.
The calculation of the residual (including wear and tear) market value of the line for the production of ice cream sticks using the direct comparison method is shown in Table. P 4.3.
Calculation of the value of the object of assessment based on the cost approach
The cost approach methods determine first the full cost of reproduction (PSV), and then the residual (taking into account depreciation) market value. PSV shows how much an object can cost if it was created and sold on the valuation date, that is, at the current price level. There is an element of conditionality in such an assessment, since, firstly, such objects may not be produced today, and, secondly, even if they are produced, new materials and technologies can be used in their production. , the more assumptions have to be made when estimating it using the cost approach.
Among the methods of the cost approach, the method of indexing the initial book value of appraisal objects was chosen.
In the indexation method, the value of the full cost of reproduction (PSV) on the date of assessment is obtained by multiplying the balance sheet (original or replacement) by the corrective index:
PSV *$phAsor '
where S„ is the initial cost at the time of acquisition;
/kor - corrective index (index-deflator).
The corrective index is determined in this case by the formula
^kor - -^(M.g)ots / ^(m.g)st gt;
where / (m y) 0ts - basic price index on the date of assessment (m - month, y - year); /(m y)st - basic price index as of the date of validity of the book value (m - month, y - year).
The long-term indexation method was implemented using price indices for engineering products. To do this, we used data on annual chain price indices for engineering products, regularly published in Rosstat publications and showing price changes for the year compared to December 31 of the previous year.
Chain price indices were recalculated into basic indices by their successive multiplication. In table. Clause 4.4 shows annual chain price indices for engineering products according to Rosstat data for the last 13 years, on their basis annual basic indices are calculated in relation to 12/31/1990.
The same table shows the average monthly increases in the underlying price index within each year by dividing the difference between the index on December 31 of that year and the index on December 31 of the previous year by 12.
Table A.4.4
Price indices for engineering products
| the date | Annual chain index | Annual basic index | Average monthly growth of the underlying index |
| 31.12.90 | 1,0000 | 1,00 | - |
| 31.12.91 | 3,1000 | 3,10 | 0,175 |
| 31.12.92 | 27,2000 | 84,32 | 6,768 |
| 31.12.93 | 10,5000 | 885,36 | 66,753 |
| - 31.12.94 | 3,3000 | 2921,69 | 169,694 |
| 31.12.95 | 2,8000 | 11 8180,73 | 438,253 |
| 31.12.96 | 1,2400 | 10144,10 | 163,615 |
| 31.12.97 | 1,0870 | 11026,64 | 73,545 |
| 31.12.98 | 1,2920 | 14246,42 | 268,315 |
| 31.12.99 | 1,4960 | 21312,64 | 588,852 |
| />31.12.00 | 1,2800 | 27280,18 | 497,295 |
| 31.12.01 | 1,1070 | 30199,16 | 243,248 |
| 31.12.02 | 1,1710 | 35363,21 | 430,338 |
| 31.12.03 | 1,1117 | 39313,28 | 329,173 |
Basic price index at the date of recording the indexed carrying amount:
where is the underlying price index as at 31 December of the previous year
yes in relation to the year in which the book value is fixed;
- average monthly growth of the basic index in the year when the book value is fixed;
- the number of the month on the date the book value was recorded.
The underlying price index at the valuation date is calculated as follows:
where /(i2.r-i)ou ~ basic price index as at 31 December of the previous year in relation to the year in which the valuation is carried out;
/(r)0„ - average monthly growth of the basic index in the year when the assessment is carried out;
i(Y)oi - the number of the month in the assessment date.
One part of the equipment of the line was delivered in April 2000, and the other part - in June 2000.
The basic price index at the date of recording the historical cost (April 2000) was obtained by the calculation: / (0400) ST = 21312.64 + + 497.295x4 = 23301.82.
The basic price index at the date of recording the historical cost (June 2000) is obtained by the calculation: /(06 - 21312.64 +
+ 497.295x6 = 24296.41.
The underlying price index as of the Valuation Date (July 2003) was obtained by the calculation: /(07.oz)st = 35363.21 + 329.173x7 = 37667.42.
The indexation of the initial book value gives the value of the EPV at the place of use of the objects on the date of valuation. The task of estimating the line involves obtaining "value in exchange", i.e. the cost of equipment prepared for sale. Therefore, it becomes necessary to determine the PSV for sale at the location of the objects. To do this, the cost of dismantling and other work necessary to prepare the facilities for sale is deducted from the PSV at the place of use.
The cost of dismantling equipment prepared for sale is 50% of the cost of installing this equipment.
The cost of installing woodworking equipment can be taken at the level of 3% of PSV according to the data of the company "Co-invest": (Price indices in construction // Information and analytical bulletin "Co-invest". - 2004. - Issue 48. - P. 135 - 145). It follows that the cost of dismantling and preparatory work for the sale of the estimated line can be taken equal to approximately 1.5% of the PSV at the place of use.
Residual (including depreciation) market value is obtained on the basis of EPS to be sold minus depreciation:
where К^, is the coefficient of cumulative depreciation of the appraisal object as of the appraisal date.
As in the case of evaluation by the comparative approach, it was assumed that the coefficient of physical wear of the line is 27%, and other types of wear were not taken into account.
The calculation of the market value of the line for the production of ice cream sticks based on the cost approach is presented in Table. Clause 4.5 (see pp. 263-264). Calculation of the value of appraisal objects based on the income approach
The methods of the income approach make it possible to determine the "value in use" based on the totality of future forecasted income from the operation of the machine complex. The line for the production of ice cream sticks being assessed is considered as a machine complex capable of producing products (ice cream sticks with dimensions of 10x2x93 and 10x2x113 mm) and thereby generating income from the sale of these products.
Of the methods of the income approach, the method of direct capitalization of income was chosen to evaluate the line.
The total cost of use (PSP) at the location and operation of the line is calculated as follows:
where Em is the average annual net operating income (CHOD) created by the machine complex (line);
Кк - coefficient of capitalization of income, which is calculated as the sixth function monetary unit F6(r,n); r - discount rate;
n is the useful life of the machine complex in years.
CHOD from the machine complex is calculated by the formula
where B - revenue from the sale of products for the year;
Vzd - gross income from the possible delivery of the premises where the
machine complex, for rent, i.e. "lost profit";
Im - the average annual operating costs associated with the operation of the machine complex (without depreciation).
The calculated PSP at the place of operation is reduced by the cost of dismantling and other work, as a result, we obtain a PSP for sale.
The residual (including depreciation) market value is obtained on the basis of the ERP for sale minus depreciation:
ORS \u003d PSPx (1 - K **),
where Ksov is the coefficient of cumulative depreciation of the appraised object as of the appraisal date.
As in the case of evaluation by a comparative approach, it was assumed that the coefficient of physical wear of the line is 27%, and other types of wear were not taken into account.
The calculation of the market value of the line for the production of ice cream sticks based on the income approach is presented in Table. Item 4.6.
Table A.4.6
Calculation of market value of ice cream stick production line
based on income approach, (direct capitalization method)
| />Indicator | Meaning indicator | Calculation procedure |
| 1. Proceeds from the sale of products | 6600000 | Issue volume (about |
| tion, rub. | | sales) per year 132,000 thousand. |
| 2. Gross income from possible rent | 60000 | PCS. The price is 50 rubles / thousand. PCS. Room area |
| chi premises for rent, rub. | | 200 m2; rent |
| 3. Annual operating costs | 5111223 | 3000 rub. per 1 m2 per year According to the calculation: cost |
| (without depreciation charges), | | you on wooden beams |
| rub. | | ki, other materials, |
| 4. CHOD from the machine complex, | 1428777 " | salary, etc. (1) - (2) - (3) |
| rub. 5. Capitalization ratio | 0,2069 | Fe(r = 16%; n = 10 years) |
| 6. PSP at the place of use, | 6 905 640 | (4)/(5) |
| rub. 7. Cost of dismantling works | 103 585 | 1.5% of the PSP locally |
| line and preparation for sale, rub. | | use |
| 8. PSP for sale, rub. | 6802055 | (6)-(7) |
Reconciliation of results and derivation of the final value
cost
As a result of determining the residual (including depreciation) market value (excluding VAT) using three approaches, the following results were obtained:
comparative approach RUB 6,952,103;
cost approach RUB 7,181,727;
income approach RUB 4,965,500
To harmonize the intermediate results and derive the final value of the market value, the rank method was used.
The ranking was carried out according to five main criteria for the quality of the evaluation results, which are approximately equivalent in their significance: 1) compliance of the value assessed using this approach with the goal of the evaluation; 2) the predominance of initial data from reliable sources; 3) the predominance of strict formalized procedures over intuitive estimates and assumptions; 4) the degree of approximation of the result to the actual market value at the time of assessment; 5) the use of duplicate information from different sources to confirm the calculation results.
The ranking results are given in table. Item 4.7.
In it, expertly according to the criteria, each result was assigned a standardized rank, the calculation procedure of which is as follows: if two results are equivalent and share the corresponding places, then their rank is equal to the average value of these places.
Standard ranks are converted into weight coefficients according to the formula
Z Zfy-fl
2*ZZ^ '
where HRy is the sum of the standard ranks for all criteria and approaches (30);
R, is the total rank of the result obtained by the l-th approach.
The results of the comparative, cost and income approaches received weighting coefficients of 0.40; 0.33 and 0.27 respectively.
Weighted average total value of the market value (excluding VAT) of the line for the production of ice cream sticks: 6952103 x 0.40 + 7181727 x 0.33 + 4965500 x 0.27 = 6491496 "" 6491500 rubles.
Table A.4.7
Ranking of cost estimation results obtained by different approaches
| Quality criterion | The result obtained by the comparative approach | The result obtained by the cost approach | The result obtained by the income approach | Total |
| 1. Compliance with the estimated | 2 | 2 | 2 | 6 |
| using this approach “value assessment objective 2. The predominance of the initial | I | 2 | 3 | 6 |
| data from reliable sources 3. Predominance of strict | 1 . | 2 | 3 | 6 |
| formalized procedures over intuitive estimates and assumptions 4. The degree of approximation | 1 | 2,5 | 2,5 | 6 |
| ty results to the actual market value at the time of valuation 5. Use of duplicate | 1 | 2 | 3 | 6 |
| information from different sources to confirm the results of the calculation Total rank | 6 | 10,5 | 13,5 | 30 |
| Weight factor | 0,40 | 0,33 | 0,27 | 1,00 |
The market value of the line with VAT (at a rate of 20%) is 7,789,795 rubles. * 7789800 rub. QUALIFICATION OF PERFORMERS
The specialists who performed this work have the appropriate professional education and practical experience work in the field of property valuation. A copy of the license for the right to carry out appraisal activities is given in the Appendix.
Expert appraisers (a list is provided) took part in the implementation of the assessment procedures and the preparation of this assessment report. APPS
The appendices contain: photographs of the assessed objects; market price and other information about similar objects; initial information about the objects of assessment and indicators of their application, provided by the Customer; a copy of the license for the right to valuation activities; reference and other information.
- YEY REPRESENTATION -
INSTITUTE FOR ASSESSMENT AND PROPERTY MANAGEMENT
KUBAN STATE TECHNOLOGICAL UNIVERSITY
tel 4- 40 e-maile: [email protected]
*Accreditation Federal Service Russia for financial recovery and bankruptcy
*Accreditation of the Central Bank of Russia
REPORT N-02/39
2 pcs;
2 pcs;
Vacuum-humidifying chamber -2 pcs;
Installation for storage of cut tobacco - 2 pieces; - Installation - a drum for drying cut tobacco - 1 piece;
Tobacco cutting machine -2pcs;
Cigarette machine DKJ -8pcs;
Packing and stacking machine - 8 pieces;
Equipment for sticking excise stamps - 9 pieces;
Filter Cigarette Production Line
"Guarantor" -1 pc.
2. Bunker installation
Location of the object
STO ROO "Code professional ethics ROO";
STO ROO "Market value as a basis for valuation";
International IVSC Assessment Standards.
2. PURPOSE OF THE ASSESSMENT
The purpose of this report is to determine the market value of full ownership rights to the subject property.
The purpose of this report is to determine the market value of appraisal objects as of October 1, 2001 in order to calculate the collateral value.
For the purposes of this report, the market value of an object of civil rights is understood as the most probable price at which the object of valuation can be alienated on the open market in a competitive environment, when the parties to the transaction act reasonably, having all the necessary information, and the value of the transaction price does not affect any extraordinary circumstances, that is, when:
The seller is not obliged to sell the object of civil rights, and the buyer is not obliged to purchase it;
The parties participate in the transaction, are well aware of the subject of this transaction and act in their own interests;
The object of civil rights is presented on the open market;
The price of the transaction is a reasonable remuneration for the object of civil rights and there was no coercion to make a transaction in relation to the parties to the transaction from either side;
The payment for the object of civil rights is expressed in monetary terms.
3. ASSUMPTIONS MADE AND LIMITING CONDITIONS
The Valuation Report has been prepared under the following assumptions:
3.1. The evaluators proceeded from the fact that the information contained in the report was obtained from reliable sources.
3.2. Appraisers are not responsible for the legal description of the rights of the property being valued and for issues related to the consideration of property rights.
3.3. The equipment is rated - as installed.
The Valuation Report has been prepared in accordance with the following limiting conditions:
3.3. Appraisers do not provide additional advice on this report and do not answer in court on issues related to the object of appraisal, except in cases stipulated by law and separate agreements.
3.4. The report on the value contained in the report refers to the objects of assessment as a whole. Any correlation of a part of the cost with any part of the objects is illegal, if it is not specified in the report.
3.5. Appraisers' opinion regarding the market value of appraisal objects is valid only on the date of appraisal.
3.6. The appraisal report contains the professional opinion of appraisers regarding the market value of appraisal objects and is not a guarantee that appraisal objects can be sold on the free market at a price equal to the value of appraisal objects indicated in this report.
3.7. In relations with the Customer, determined by the scope of this opinion, Appraisers act as experts - consultants.
3.8. The market value determined in this opinion cannot be used for tax purposes, in property disputes, but only for the tasks specified in this report.
4.CERTIFICATE OF QUALITY EVALUATION
The appraiser who performed this work certifies to the best of his knowledge and belief that:
The statements and facts contained in this report are true and correct;
The analysis, opinions and conclusions are consistent with the assumptions made and the limiting conditions are personal, independent and professional analysis, opinions and conclusions;
The appraiser did not have a current property interest and there is no future property interest in the property being valued, and there are no additional obligations in relation to any of the parties associated with the property being valued;
Payment for the services of an appraiser is not associated with a certain final value of the value of the object and is also not associated with a predetermined value;
The appraiser made a personal inspection of the appraised object.
Professionals involved in the work:
_____________________
5. QUALIFICATION OF ASSESSORS
The qualifications of the specialists who took part in the preparation of this report correspond to qualification characteristic, approved by the Decree of the Ministry of Labor and Social Development of the Russian Federation of August 21, 1998 No. 37 “On Approval qualification handbook positions of managers, specialists and other employees” - the position of “appraiser”.
Insurance policy No. 000 dated January 1, 2001, valid for 3 years, total limit of insurance liability - 2 rubles.
License for the right to carry out valuation activities - No. 000 dated 01.01.2001. issued by the Ministry of Property Relations of the Russian Federation, valid for 3 years.
6. EVALUATION PROCESS
This report is a complete narrative valuation report that meets the requirements of the standards using the cost and income approaches. A comparative approach was not applied, which is due to the fact that, firstly, this equipment is specialized and only a few offers for the sale of similar equipment were found on the secondary market for used tobacco equipment, and secondly, there is almost no real information about technical condition equipment offered for sale, necessary for the calculation and adjustments.
In the process of work, all the necessary data on the evaluated equipment and new equipment of a similar functional purpose were collected. An analysis of the necessary information was carried out in order to come to a conclusion about the cost of the equipment being evaluated.
The assessment includes the following steps:
1. Signing an appraisal agreement with the customer;
2. Establishment of quantitative and qualitative characteristics of the object of assessment;
3. Analysis of the market to which the object of assessment belongs;
4. Selection of the method (methods) of assessment within each of the approaches to assessment and the implementation of the necessary calculations;
5. Calculation of the value of the object of assessment within the framework of the applied approaches;
6. Generalization of the results obtained within the framework of each of the approaches to the assessment, and determination of the final value of the value of the object of assessment;
7. Drawing up and transfer to the customer of the assessment report.
7. BRIEF DESCRIPTION OF THE INDUSTRY AND ENTERPRISE
The first tobacco factory appeared in Russia in 1716 in the city of Akhtyrka, Kharkov region. Until 1917, the production of smoking tobacco (91.7 thousand tons) and shag (87.9 thousand tons) mainly prevailed, the number of factories slightly exceeded 200 units, which were dominated by manual labor. The removal of products from 1 m2 of production space at the best factories did not exceed 0.128 million cigarettes, the output per year per worker was about 900 thousand pieces.
By the mid-60s of the twentieth century, due to the complete mechanization and automation of production, the introduction of the achievements of science and technology, almost everything was updated. technological equipment with the replacement of guillotine cutting machines with rotary, sleeve and stuffing machines with cigarette and cigarette machines, the transfer of all production processes on line with the elimination of manual labor-intensive processes, especially preparatory ones. This made it possible to increase the labor productivity of one worker by 11 times, the removal of products from 1 sq. m of production area - 6 times, the production of tobacco products - 8 times. The current number of tobacco factories was 49 with an excess of production in the western and southern regions and a shortage in the northern and eastern regions, especially in the Urals and Western Siberia.
With the division of the USSR into a number of independent states, there was a shortage of both production capacities and the raw material base of the tobacco industry, which led to a significant increase in the share of imports in the volume of smoking products, as well as to a change in the structure of tobacco products in favor of cigarettes. Currently, this market is characterized by a state of increased competitive pressure and saturation of products of various price categories.
The tobacco factory in NNN was built by the merchant LLLLLL and the merchant KKKKKKK in 1xxx year on the site of the current building, during the period of rapid development of industrial and civil construction, which was facilitated by cheap labor, inexpensive raw materials, and a favorable geographical position.
In 1891, the production of cigarettes was 12 million pieces, in addition, tobacco was supplied in packs. The main consumers of products were resorts Mineralnye Vody, Transcaucasia and partly Russian market. The tobacco factory was dominated by manual labor.
By 1928, the production of cigarettes amounted to 55 million pieces, crumbling machines, sleeve and stacking machines were purchased and put into operation.
In 1932, the production of cigarettes amounted to 120, and in 1937 - 1,100 million pieces.
In 1999 and 2000, the production of Prima and Esaulskie cigarettes amounted to ------- and ------ thousand pieces, respectively, and the volume of sales --- and ---- million rubles without excises , VAT and sales tax.
8. DESCRIPTION OF THE ENVIRONMENT AND OBJECTS OF ASSESSMENT
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
The bunker plant is designed for the accumulation of primary raw materials, located at the industrial. site at:
Technological complex for the production of oval cigarettes and cigarettes highest quality is located in the buildings of workshops located on production area factories at the address: NNNH, st. NNNN.
The following equipment, listed on the balance sheet of the enterprise, is presented for evaluation:
Bunker installation - for acceptance from transport and accumulation of primary raw materials - inventory No. 000;
Technological complex for the production of oval cigarettes and cigarettes of the highest quality, consisting of:
Technological complex
№ |
Inv.№ |
Name |
Commissioning date |
balance sheet price |
Book residual value |
|
|
Power supply installation for 2 mixers | ||||||
|
Plant for mixing leaf tobacco | ||||||
|
Plant for mixing leaf tobacco | ||||||
|
Tobacco leaf splitter | ||||||
|
Tobacco leaf splitter | ||||||
|
Cut tobacco storage plant | ||||||
|
Vacuum humidification chamber VKM-1000 | ||||||
|
Vacuum humidifier VKM-1000 | ||||||
|
Installation-drum for pre-drying cut tobacco | ||||||
|
Cigarette machine Decayet No. 7 PUCH | ||||||
|
Automatic stacker No. 1 | ||||||
|
Cigarette machine Decayet No. 3 POUCH | ||||||
|
Automatic stacker No. 2 | ||||||
|
Cigarette machine Decayet No. 1 | ||||||
|
Cigarette machine Decayet GDR No. 2 | ||||||
|
Cigarette machine Decayet No. 8 PUCH | ||||||
|
Tobacco cutting machine KTH-8 | ||||||
|
Line for the production of cigarettes of the highest quality "Garant" | ||||||
|
Cigarette machine Decayet No. 4 | ||||||
|
Cigarette machine Decayet No. 5 | ||||||
|
Cigarette machine Decayet No. 6 | ||||||
|
Tobacco cutter KTX-8 by Hauni | ||||||
|
Machine PUC №4 | ||||||
|
Machine PUC №5 | ||||||
|
Machine PUC №6 | ||||||
|
Equipment for labeling excise stamps | ||||||
|
Equipment for labeling excise stamps | ||||||
|
Equipment for labeling excise stamps | ||||||
|
Equipment for labeling excise stamps | ||||||
|
Equipment for labeling excise stamps | ||||||
|
Equipment for labeling excise stamps | ||||||
|
Equipment for labeling excise stamps | ||||||
|
Equipment for labeling excise stamps |
Currently, the evaluated equipment is fully completed and is in working order. Information about technical specifications and the condition of the property being valued was provided by the customer, and also determined based on the results of the inspection of the equipment at the location.
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