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 evaluation. 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
Experts of the appraisal company CJSC "ХХХХ" assessed market value property belonging to 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 the current moment: July 2003;
b) the residual (including depreciation) market value of the object is determined at its location in industrial premises JSC "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
Valuation - a procedure for determining the cost, part of the 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 appraisal object at current use- the value of the object of assessment, determined on the basis of existing conditions and the 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 cost.
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 agrees to indemnify and hold harmless the Appraiser from any and all costs and liability arising from a claim by third parties against him, as a result of the legal use of this Report by third parties, except in cases where it is determined in a final court order that losses, losses and debts were the result of fraud, general 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 Russian Federation» dated July 29, 1998 No. 135-FZ, with Valuation Standards, mandatory for use by subjects of appraisal activity, approved by Decree of the Government of the Russian Federation No. 519 dated July 6, 2001, with Standards for 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 teaching materials according to: 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.: Higher School of 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 among older people is obviously associated with insufficient high level life.
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.
Currently, the production capacity of the domestic ice cream industry, consisting of almost 300 enterprises (of which 73 are cold storage plants of the Rosmyasomoltorg system, 145 dairy industry enterprises, over 80 commercial enterprises), 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. 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 was able to try the world-famous varieties of 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 Zhukovskoe 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 fall 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 producers ice cream 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 - correction parametric coefficients, taking into account differences in the values technical parameters for the assessed 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 K(|)1P - coefficient physical wear and tear;
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 the 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. Term beneficial use for the sixth depreciation group, it is 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
Income approach methods make it possible to determine "value in use" based on the totality of future projected 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're on wooden beam |
| 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 results of the calculation.
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
Professionals who have completed real job, have relevant professional education and practical experience 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.
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3.1.1. Basic principles of the cost approach
The Cost Approach is based on the principle that a knowledgeable buyer will not pay more for an item than the price of recreating the item that has the same utility as the item being valued. The essence of the approach lies in the fact that costs (costs) for the creation of the object being valued are taken as a measure of market value.
The cost approach is applied mainly to the original objects of machines, equipment and vehicles, which often do not have close analogues, and has two main modifications - assessment based on resource-technological models and based on time series of price indices ("trend approach"). The cost approach requires the determination of several types of depreciation of the property being valued: physical, functional and depreciation resulting from external influences or economic depreciation.
Although the value estimated on the basis of the cost approach can differ significantly from the market value, there are many cases where this approach is justified. When using the cost approach, the cost of reproduction or replacement of an object is determined by subtracting the total depreciation from the replacement cost of the object (the cost of the object as new).
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 cost of reproduction most accurately characterizes the current value of a particular object, but its determination is often impossible. Firstly, due to constantly introduced design and technological changes, machines of the same model produced in different time are no longer exact copies of each other. Secondly, it may turn out that the model of the machine being evaluated has been discontinued.
The cost of replacing the appraised object is the sum of the costs of creating an object similar to the appraised object, in market prices that exist on the date of the appraisal, taking into account the depreciation of the appraised object.
In other words, the replacement cost of the object being evaluated is understood as the minimum cost of manufacturing (in current prices) or acquiring on a free, open and competitive market a similar object that is as close as possible to the considered object in terms of all functional, design and operational characteristics that are significant from the point of view of its present use.
There are three types of wear:
Physical wear - a decrease in cost as a result of a decrease in its performance under the influence of natural physical factors: friction, precipitation, vibration, radiation, etc.
Functional (moral) depreciation - cost reduction as a result of non-compliance of the object of assessment with modern analogues in design, environmental friendliness, applied technical solutions, operating costs, etc.
External (economic) depreciation - a decrease in value as a result of a change in the external economic situation (factors external to the property, such as state regulation, competitive environment, market of material, labor and financial resources, demand for products and services produced by the object of assessment, etc.).
3.1.2. Cost calculation
Determination of the market value C of the equipment was carried out according to the formula
C \u003d Sv * (1-IF) * (1-IM) * (1-IE), (1)
Where
Sv - replacement cost of equipment;
IF - physical wear and tear of equipment on the date of the assessment;
IM - moral (functional) depreciation of equipment as of the date of the assessment;
IE - external (economic) depreciation of equipment as of the date of the assessment.
In order to determine the market value of the equipment, the Appraiser conducted a study of price information on steel-smelting shops, rolling mills and overhead cranes with similar technical specifications. The appraiser received advice from leading domestic specialists of the All-Russian Research Institute of Metallurgical Engineering named after V.I. acad. Tselikov" (http://alvis-press.narod.ru/russia/071.htm). Information on rolling mills was obtained from Pavlenko Vyacheslav Vladimirovich, tel. 730-45-26. Information on electric furnaces was obtained from Kats Yakov Lvovich, tel. 730-49-74 and Smolyakov Anatoly Solomonovich, tel. 730-45-59. Attempts were made to consult with the Moscow branch of Danieli (tel. and refused to give any information about other components of the equipment, citing the fact that the cost of the equipment is agreed upon during the contract discussion and usually includes design work, delivery, installation, etc.
Information on prices for overhead cranes was obtained from employees of Trade House "AVIS", 172-51-19 and 172-67-79 (D…in N.Yu).
Information on the cost of graphite electrodes and stands, as well as on some other price aspects of steelmaking and steel rolling, was obtained by the Appraiser from own sources- in the course of consultations with employees of foreign companies (Danieli (Italy), Store (Slovenia)) - manufacturers of the evaluated equipment or its analogues - and their Moscow representatives.
Determining the cost of steelmaking shop equipment
The steel shop consists of:
* Tagliaferri electric furnaces with a capacity of 40 tons,
* Tagliaferri electric furnaces with a capacity of 80 tons.
The Tagliaferri electric furnace with a capacity of 80 tons is not included in the technological chain of the steel shop. It has not been mounted and is partly in the warehouse of the plant, partly in the port in the package. There is no documentation for this oven.
As a result of consultations with a leading specialist of the All-Russian Research Institute of Metallurgical Engineering named after V.I. acad. Tselikova .... Ya.L. the following is established. Domestic electric furnaces with a capacity of about 40 tons are produced by the Novosibirsk plant Sibelektroterm (http://www.therm.ru/contact.php). The cost of this furnace, equipped with a flue gas recovery system and a continuous casting plant, is 120 million rubles. At the same time, European-made furnaces are somewhat more expensive - about 4,500,000 million euros (on ExW terms).
Since Italian equipment is to be assessed, the value of 4.5 million euros (or $5,516,994 at the cross rate of $1.226/euro at the date of the assessment) was assumed in further calculations.
Concerning the cost of a furnace with a larger capacity (80 tons), specific information could not be obtained. It is known only from the words of ... Ya.L. that "its cost will be 30 percent higher." That is 4,500,000 * 1.3= 5,850,000 EUR (or $7,172,093 at the cross rate of $1.226/EUR on the date of the valuation). This value is accepted by the Appraiser in further calculations.
In response to our inquiry about the cost of equipment for metallurgical mini-plants manufactured by the Italian company Danieli, its Moscow representative office reported that the cost of a new continuous casting plant for a mini-plant could be 2,900,000 euros (see Appendix 2) (or $3,555,396 at a cross rate of $ 1,226 /euro at the date of the valuation).
Determining the cost of overhead cranes
8 overhead cranes manufactured by Man Takraf (Germany), with a nominal lifting capacity of 10 tons (4 cranes), 35/15 (1 crane), 60/30 tons (1 crane), 80/40 (1 crane) and 120/50 ( 1 faucet). The Moscow representative office of Man Takraf (t. 258-39-31, 258-39-32) refused to give even approximate prices, explaining that the cost of their cranes is discussed individually and only together with delivery and installation. Therefore, as comparable objects, the Appraiser accepted overhead cranes of the Zaporizhzhya Heavy Machine Building Plant (http://www.avis.ru/rus/mostovoy.html), working at domestic metallurgical industries (Magnitogorsk Iron and Steel Works, Severstal, etc. .). Below are the prices for overhead cranes on EXW terms. Due to the fact that domestic cranes selected as comparable objects differ slightly from those evaluated in terms of lifting capacity, their values were adjusted.
| Qtyin, pcs. | Object of assessment, g/n, tons | Comparable object, g/n, tons | The price of a comparable object for 1 pc. | Source | The total cost of a comparable property, adjusted for the g/n, $ |
| 4 | 10 | 10 | RUB 1,152,203 | www.epc.nnov.ru | 158 438 |
| 1 | 35 | 20 | 125 000 $ | www.avis.rul | 147 683 |
| 1 | 60 | 32 | 145 000 $ | www.avis.rul | 180 519 |
| 1 | 80 | 50 | 170 000 $ | www.avis.rul | 206 787 |
| 1 | 120 | 125 | 265 000 $ | www.avis.rul | 259 324 |
The adjustment was carried out by the method of linear regression. Based on the data on the lifting capacity and cost of comparable objects (columns 3 and 4 in the table above), a regression line was built (cost by lifting capacity), and then on the data on the lifting capacity of the estimated cranes (column 2) taking into account their number (column 1) was the cost of comparable objects corrected for carrying capacity is calculated (column 6).
Determination of the cost of rolling mills
A rolling mill for the production of section steel and a rolling mill for the production of reinforcing steel are subject to assessment. Both rolling mills are manufactured by Danieli (Italy) and put into production in 1993 and 1992, respectively. Rolling mills are equipped with a reduction line, an intermediate line, a finishing line (flat rolling line). In addition, rolling mills are equipped with pusher type furnaces. The productivity of rolling mills is 23 tons/hour.
The appraiser held consultations with the leading specialist of the All-Russian Research Institute of Metallurgical Engineering named after V.I. acad. Tselikova Pa .... about Vyacheslav Vladimirovich, vol. 730-45-26. It turned out that professional developers and manufacturers of metallurgical equipment widely use the express valuation of the cost of rolling mills. At the same time, the cost of a rolling mill is determined based on the statistically obtained coefficient K = $10,000 per ton of rolling mill weight. A domestic rolling mill developed by VNIIMETMASH was chosen as a comparable facility. The capacity of this mill is 30 tons/hour and its weight is 2,200 tons. Therefore, its value is 2,200 * 10,000 = $22,000,000.
Since the productivity of the rolling mills under appraisal is 23 tons/hour, the Appraiser introduced an adjustment, taking into account which the cost of the appraised rolling mill as new is 22,000,000 * (23/30)0.6 = $18,266,161. Here, the adjusted cost C1 was calculated using the formula
C1 = C0 * (P1 / P0) k,
Where
C1 is the performance-adjusted cost of a comparable property;
C0 - the initial cost of a comparable object;
P1 - performance of the object of evaluation;
P0 - comparable facility performance;
k is the coefficient of deceleration of the change in the price of the object as the productivity changes. In accordance with the methodology set out in, and (in the list of reference and methodological literature), the drag coefficient is usually taken equal to 0.4-0.8 for metallurgical equipment, therefore, in this Report, the price drag coefficient was taken by the Appraiser to be k=0.6.
As a comparable object for a pusher-type furnace, a furnace designed at the Institute of Thermal Metallurgical Units and Technologies "Stalproekt" (http://www.promportal.ru/search.php?id=357) was adopted. The cost of this furnace without design work, delivery, installation and launch is 80 million rubles. (or $2750171 at the exchange rate of 29.0891 rubles/$ on the date of the valuation).
Determining the cost of electrodes
According to the Customer's information, 360 graphite electrodes are stored on the territory of the plant. Approximate dimensions of the electrodes: diameter 0.4 m, length 3 m. foreign company, which supplied such electrodes to Russia at the specified price). Thus, taking into account the density of graphite 2300kg/cu.m., we get the cost of all electrodes = 360pcs * $2500/t * 3m * 3.14 * ?*(0.4m)2 * 2300kg/cu.m = $779,976.
Determination of the cost of the stands
7 stands are stored on the territory of the plant. The cost of a full base stand, comparable in capacity to those estimated, manufactured by Danieli is $ 1,500,000 (according to a representative of Danieli). Therefore, the cost of all seven stands is $10,500,000.
The table below summarizes the results of calculating the cost of equipment.
| Name | Cost of equipment as new, $ |
Steel shop (140,000 tons) |
|
Electric furnace, capacity 40 tons |
5 516 994 |
| 3-strand continuous casting plant | 3 555 396 |
Electric furnace, capacity 80 tons |
7 172 093 |
Overhead cranes (8 pcs.) |
|
| 10 tons (4 pcs.) | 158 438 |
| 35/15 tons (1 piece) | 147 683 |
| 60/30 tons (1 piece) | 180 519 |
| 80/40 tons (1 piece) | 206 787 |
| 120/50 tons (1 piece) | 259 324 |
Rolling mill (rolled section steel), 23 tons/day. |
|
rolling mill Italsider |
18 266 161 |
| crimp line | |
| intermediate line of the successive mill | |
| flat steel line | |
pusher oven |
2 750 171 |
rolling mill "Metalsider" |
18 266 161 |
| crimp line | |
| intermediate line - rolling stands | |
| fine rolling line | |
pusher oven |
2 750 171 |
Other |
|
Electrodes, 360 pcs. |
779 976 |
Stands, 7 pieces, 23 tons/piece |
10 500 000 |
TOTAL |
70 509 874 |
Calculation of physical wear and tear of equipment
It was noted above that the equipment being evaluated is located in Algeria and has not been used for many years. The appraiser was not able to personally inspect the equipment, determine its completeness and the availability of relevant technical documentation. In this regard, when calculating depreciation, the Appraiser was guided solely by the information of the Customer and a brief report of Yugo-Vostok Montazh specialists who examined the equipment in 2003 (a copy of the report is given in Appendix 3). As a result, in order to determine the degree of physical depreciation of the property, the Appraiser had to use the method of aggregated valuation technical condition equipment. This method consists in the use of special rating scales, using which the degree of physical deterioration of an object is expertly assessed.
| State equipment | General characteristics of the technical condition | remaining life time, % | Physical deterioration, % |
| New | New, installed and unused equipment in excellent condition | 100 95 | 0 5 |
| Very good | Practically new equipment that has been used for a short time and does not require repair or replacement of any parts | 90 85 | 10 15 |
| Good | Used equipment, completely refurbished or remanufactured, in excellent condition | 80 75 70 65 | 20 25 30 35 |
| Satisfactory | Used equipment requiring some repair or replacement of individual parts, such as bearings, bushings, etc. | 60 55 50 45 40 | 40 45 50 55 60 |
| Conditionally eligible | Used equipment in a condition suitable for further operation, but requiring significant repair or replacement of major parts, such as the engine or other critical components | 35 30 25 20 | 65 70 75 80 |
| unsatisfactory | Used equipment requiring major repairs, such as replacement of the working parts of the main units | 15 10 | 85 90 |
| Unusable or scrap | Equipment for which there are no reasonable prospects for sale, except for the cost of the basic materials that can be extracted from it | 5 0 | 95 100 |
When accruing physical depreciation, the Appraiser took into account the partial understaffing of the equipment, the partial violation of the factory packaging of the unpacked equipment, the partial destruction of the equipment that may occur during dismantling, as well as the high probability that the mini-plant built on the new site based on the equipment being evaluated will not reach the design capacity indicators and energy costs due to physical obsolescence. The last remark was made by the Appraiser on the basis of the statements of V….ETMASH specialists regarding the purchase of a used steel mini-smelter by the Fro…im metallurgical plant in the Volgograd region 2 years ago, which manages to carry out 4 melts per day instead of 22-24 according to the project and which consumes energy 3 times more than the project.
The values of physical wear and tear of each piece of equipment are given in the table below.
Calculation of obsolescence (OM)
The evaluated equipment was produced more than 10 years ago, when the development of metallurgical mini-mills was just beginning. Over the years, the equipment has undergone significant changes, both in terms of energy consumption and in the organization of the technological process itself. In particular, the report of the Yugo-Vostok Montazh company states that "the control panels are dismantled, and the equipment remaining on them is obsolete and needs to be replaced", "the control station equipment and the basic electrical equipment of the automation system for melting and continuous pouring of billets are obsolete and require replacements according to modern requirements technologies", etc.
The moral depreciation estimated by us lies in the range from 5% for electrodes, the design of which almost does not change, to 40-50% for electric furnaces, CWRS, rolling mills, in the modern design of which up to 60% of the cost is occupied by the control system.
In addition, there is no technological documentation for some of the equipment, which undoubtedly leads to an increase in its obsolescence. The obsolescence values of each piece of equipment are given in the table below.
| Name | Price as new, $ | Physical wear | Moral. wear | residual value, $ |
Steel shop (140,000 tons) |
||||
Electric furnace (with cooling system, hydraulic system, lubrication system, auxiliary equipment, metal structures) - 40 tons |
5 516 994 | 60 | 35 | 1 434 419 |
3-strand continuous casting plant |
3 555 396 | 60 | 40 | 853 295 |
Electric furnace - 80 tons |
7 172 093 | 35 | 40 | 2 797 116 |
Overhead crane (8 pcs.) |
||||
| 10 tons (4 pcs.) | 158 438 | 35 | 30 | 72 089 |
| 35/15 tons (1 piece) | 147 683 | 35 | 30 | 67 196 |
| 60/30 tons (1 piece) | 180 519 | 35 | 30 | 82 136 |
| 80/40 tons (1 piece) | 206 787 | 35 | 30 | 94 088 |
| 120/50 tons (1 piece) | 259 324 | 35 | 30 | 117 992 |
| Rolling mill (section steel), 23 tons/day | ||||
Rolling mill Italsider |
18 266 161 | 80 | 40 | 2 191 939 |
crimp line |
||||
intermediate line of the sequential mill (5 stands) |
||||
flat rolling line (2 rolling stands) |
||||
pusher oven |
2 750 171 | 35 | 50 | 893 806 |
Rolling mill (reinforcing steel), 23 tons/day |
||||
Rolling mill "Metalsider" |
18 266 161 | 75 | 40 | 2 739 924 |
crimp line |
||||
intermediate line - rolling stands (4 groups) |
||||
finishing rolling line (4 rolling stands) |
||||
pusher oven |
2 750 171 | 50 | 50 | 687 543 |
Other |
||||
Electrodes, 360 pcs. |
779 976 | 5 | 5 | 703 928 |
Stands, 7 pieces, 23 tons/piece |
10 500 000 | 35 | 45 | 3 753 750 |
TOTAL, $ |
70 509 874 | 16 489 221 |
Calculation of residual value taking into account total depreciation
Thus, the market value of the equipment, determined on the basis of the cost approach, is $16,489,221 or at the rate of $1 = 29.0891 rubles. as of the date of the assessment = RUB 479,656,612
3.2. CALCULATION OF THE COST OF THE OBJECT BY THE METHODS OF A COMPARATIVE APPROACH
3.2.1. Basic principles of the comparative approach
The comparative approach is based on the principle that a knowledgeable buyer will not pay more for a property than the cost of acquiring another property of equal utility.
This approach serves to assess the market value of an object based on data on transactions made on the market. This considers comparable properties that have been sold or at least offered for sale. Then adjustments are made, the so-called adjustments for differences that exist between the evaluated and comparable objects. The adjusted price allows you to determine the most likely selling price of the property being valued, as if it were offered in an open and competitive market.
In the conditions of a "passive" sales market, some conclusions can also be drawn from information on offer prices, which characterize the very fact of the existence of such objects on the offer market.
The comparative approach is the main one for evaluating individual groups or types of machines, equipment and vehicles. The main problem in this case is the difficulty in obtaining the necessary information, choosing a comparable object that is adequate to the object being evaluated, taking into account the degree of mismatch in the composition and numerical values of the characteristics of the comparable and evaluated objects. If there is sufficient information within the framework of this method, the construction and use of statistical models or parametric pricing models that express the dependence average price object from the configuration and values of its technical characteristics.
The market method (comparative sales method) is based on the determination of the market value of equipment of a given brand in the secondary market on the date of the valuation at the place of valuation by a statistical sampling method.
When using the market method, the calculation of SRYN is carried out according to the formula:
Sryn = *1/n,
Where - i-th value of the cost of used equipment at the date of the assessment in the resulting sample, that is, this is the cost at which the equipment was sold; n is the sample size.
3.2.2. Justification for not using the comparative approach
The evaluated equipment for metallurgical production is unique, technically complex and expensive equipment. The appraiser was not able to find any offers for the sale of this kind of equipment on the secondary market, as well as information about the completed sale and purchase transaction of similar equipment. Therefore, the comparative approach was not used in this Report.
3.3. CALCULATION OF THE COST OF THE OBJECT BY THE METHODS OF THE INCOME APPROACH
3.3.1. Basic principles of the income approach
The Income Approach determines the value of an income-producing property by taking into account the quantity, quality and duration of the benefits that this object will bring over the forecast period of time. As a result of the analysis, future income expected from the property, as well as income from the sale of the object at the end of the forecast period, are discounted at the valuation date to the current value. The income approach is based on the principle of expectation, according to which a potential buyer infers the value of a property depending on the expected return that can be received in the future from owning the property.
3.3.2. Justification for not applying the income approach
The evaluated equipment is located outside the territory of the Russian Federation and has not been in operation for several years. Without accurate data on the place where the evaluated equipment will be operated, on the complex of real estate necessary for its operation, as well as on the volume of product sales, it is impossible to determine the income that this equipment would bring during operation. For this reason, the income approach has not been applied in this Report.
3.4. APPROVAL OF THE RESULTS OF THE FACILITY EVALUATION
The final element of the evaluation process is the comparison of the results obtained from the various approaches and their reduction to a single cost, taking into account the strengths and weaknesses of each approach. In this Report, only the cost approach is applied to equipment valuation. The rationale for not using the comparative and income approaches is given above. Therefore, the market value of the equipment is taken equal to the calculated value obtained by the cost approach.
The total value of the market value of the Object of Assessment is
(rounded) 479,700,000 (four hundred seventy-nine million seven hundred thousand) rubles
or at the exchange rate of the Bank of Russia on the date of the assessment (2….0…1 rub. for 1 US dollar) (rounded)
16,500,000 (sixteen million five hundred thousand) US dollars
