Pharmaceutical production SyrupWorld Co.

Introduction
The purpose of the valuation is a market value appraisal as of current date of the production machinery and
equipment owned by a pharmaceutical company SyrupWorld Co. The market value of the line has to be
analyzed under the in continued use premise, purpose of valuation is financial reporting.
The subject plant produces 2 sorts of syrups and mistures, and its annual net production capacity is about 6
thousand tonnes of syrup regardless of the sort, which amounts to 119.8 mln 50ml vials.
The plant is operated two 8-hour shifts a day, 5 days a week. The third shift is for the mandatory regular
maintenance and repair. Once a year the plant is fully stopped for 10-day annual maintenance and repair.
High-level scheme of the production process (core equipment only) is shown below.

IST
#1

VFL #1

IST
#2

VFL #2

IST
#3

VFL #3

M #1
Packing
and
palletizing

M #2

The plant has some history and is a mix of new and older equipment. You have been provided with certain
basic information on the subject assets which is outlined in the following table (core assets). Book values are
provided as of valuation date.
Type of equipment

Gross book
value, rubles

Net book
value, rubles

Commencement
year

Mixer #1

7,342,045

4,405,227

2007

Mixer #2

5,283,452

1988

Intermediary Storage Tank #1

Intermediary Storage Tank #2
Intermediary Storage Tank #3
Vial Filling Line #1
Vial Filling Line #2
Vial Filling Line #3

3,516,360
6,408,811
3,117,450
8,600,000
12,500,000
11,000,000

2,461,452
5,539,713
1,714,598
1,720,000
8,750,000
7,700,000

2005
2010
2002
2003
2008
2008

Capacity data
3 tonnes working volume,
1.1 tonnes/h
3 tonnes working volume,
0.8 tonnes/h
4 tonnes
3 tonnes
3 tonnes
200 pieces/min
160 pieces/min
160 pieces/min

Type of equipment

Gross book
value, rubles

Net book
value, rubles

Commencement
year

Capacity data

Packaging robot with

palletizer

7,500,000

6,750,000

2010

CIP washer

5,000,000

2,500,000

2006

Technological pumps
Technological piping
Water preparation
Electrical networks
Monitoring and testing
equipment
Storage racks

1,245,000
1,000,000
1,475,003
2,000,000

533,571
428,571
1,032,502
1,200,000

2007
2007
2008
2005

corresponds to the core

equipment in place
corresponds to the process
corresponds to the process
corresponds to the process
corresponds to the process

2,000,000

857,143

2007

corresponds to the process

5,000,000

2,000,000

Lift trucks

4,000,000

3,000,000

2005
2006, 2007,
2008, 2009

n/a
Four 2-tonne Jungheinrich
EFG 220 trucks

200 pallets/day

After visiting the plant, having discussions with the respective personnel and working with appropriate
documentation, you have identified the following points to consider:
Inventory
number

Asset name

Country of origin

ME0001

Syrup mixer #1

Germany

ME0002

Syrup mixer #2

Germany

ME0003

Interim storage tank #1

France

ME0004
ME0005

Interim storage tank #2

Interim storage tank #3

France
France

ME0006

Vial filling line #1

Italy

ME0007

Vial filling line #2

Italy

ME0008

Vial filling line #3

Italy

ME0009
ME0011

Packaging robot
combined with palletizer
CIP washing station

Notes and comments

Mixing device was damaged recently and needs to
be changed. New mixing device cost is estimated
to be 1,500,000 rubles, including installation.
Theres an overcapacity in regard to this mixer;
instead of 3 tonnes, a 2.1-tonnes mixer would fit
the process best. Notwithstanding the long service
of this mixer to date, it was well-maintained, and
technical specialists give 3 more years for this
mixer to serve.
All the three tanks may be replaced with two tanks
of equivalent total capacity without negative
impact on operations, product mix, changeover
time etc.
ditto
ditto
Older line; changeover issues - newer lines provide
20% improvement compared to older ones.
Associated annual loss amounts to 1,200,000
rubles and it will take 4 years to fix the issue
(redesign the workscheme)
Filling lines #2 and #3 were bought together;
according to the information from accountants, all
installation and commissioning costs for both lines
were accumulated at line #2
Also, applicable custom duties (capitalized) for
lines #2 and #3 changed from 7% to 3% since the
purchase date

USA

No special comments

Italy

No special comments

Inventory
number

Asset name

ME0013

Technological pumps

ME0014

Technological piping

ME0015

Water preparation

ME0016

Electrical networks

ME0018

Monitoring and testing

equipment
Storage racks

various

Lift trucks

ME0017

Country of origin
Italy
Various suppliers
from Europe
Russia
Various suppliers
from Europe
Germany
Russia
Germany

Notes and comments

According to overhaul/replacement history,
diminishing value depreciation profile is applicable
best (with residual value of 5%)
Correspond to the process; typically is 12% of the
core equipment cost as new
No special comments
Correspond to the process; typically is 7% of the
core equipment cost as new
Correspond to the process; typically is 10% of the
core equipment cost as new
No specific comments
Jungheinrich EFG 220 lift trucks used; there is an
active secondary market for these assets

Additional input data

By performing certain additional analysis, you have found out that the best market estimate of WACC for
the subject company would be 15%, and that end-of year convention for cash flows would be reasonable.
You have also analyzed normal useful lives and eventually come up with the following estimates:
Asset or asset class
Mixers
Process storage tanks
Filling lines
Packaging equipment
CIP washer
Technological pumps
Piping
Water preparation
Electrical networks
Monitoring and testing equipment
Storage racks
Lift trucks

Normal Useful Life (NUL)

expectations
15
25
22
12
12
12
10
12
15
7
10
10

After making research on applicable pricing trends with respect to different geographies and type of
equipment, you have identified the following indices to consider:
Country of
origin
Germany,
Italy, France
Germany,
Italy, France

Assets
European,
except piping
and electrical
networks
Piping and
electrical
networks

Source and
URL
Eurostat
http://epp.eurostat.ec.europa.eu/portal
/page/portal/short_term_business_stati
stics/data/database

Non-domestic output price index euro area / Manufacture of machinery

for food, beverage and tobacco
processing

Eurostat
-- //--

Non-domestic output price index euro area / MIG - Capital goods

Index group

United
States of
America

Produced in
USA

Bureau of Labor Statistics

http://www.bls.gov/ppi/#tables

Machinery and equipment / Packing,

packaging and bottling machinery

Russia

Produced in
Russia

Rosstat
http://www.gks.ru/dbscripts/cbsd/DBIn
et.cgi

In the course of your analysis, you are required to do the following:

1. Decide what valuation approach or approaches would serve best for each asset/asset class.
2. Research on particular statistics and indices and develop price trends; implement trending
procedure for the subject assets within the Cost approach framework.
3. Implement direct cost calculations for those assets that are not marketable and for which trending
is not the best procedure for cost new estimation.
4. Calculate all types of depreciation and obsolescence applicable to the subject assets.
5. Perform research on prices for marketable assets and do calculations within the Market approach
framework using market-derived curves.
6. Based on the initial information and results of your calculations, conclude on the value of the
subject assets and outline questions that may be subject to further discussion.

SOLUTION
You start your valuation analysis with deciding on valuation approaches and methods that seem to be most
appropriate to use in respect to the subject assets under given circumstances:
Asset name or category
Mixers
Interim storage tanks
Vial filling lines
Packaging robot combined with palletizer
CIP washing station
Technological pumps
Technological piping
Water preparation
Electrical networks
Monitoring and testing equipment
Storage racks
Lift trucks

Notes and comments

Cost approach, consider replacement cost new and curable
physical depreciation elements; linear depreciation as a general
approach
Cost approach, consider replacement cost new; linear
depreciation as a general approach
Cost approach, indirect method with additional analysis of costs
capitalized in the books; consider functional obsolescence; linear
depreciation
Cost approach with indirect method; linear depreciation
Cost approach with indirect method; linear depreciation
Cost approach, indirect method; diminishing value calculations
Cost approach; direct cost from RCN analysis for the core
equipment; linear depreciation profile
Cost approach with indirect method; linear depreciation
Cost approach; direct cost from RCN analysis for the core
equipment; linear depreciation profile
Cost approach; direct cost from RCN analysis for the core
equipment; linear depreciation profile
Cost approach with indirect method; linear depreciation
Market approach with development of a market curve

Indirect method trending procedure

There are items of machinery and equipment which were imported from abroad. In order to perform
trending procedure correctly, we need to take into account both country of origin price trends as well as
currency exchange dynamics.
Based on Central Bank of Russia data (www.cbr.ru), we have calculated average exchange rates for all
available years and subject currencies (straightforward average value without any smoothing), and came up
with the following numbers:
year
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010

Average xrate EUR

25.9922
26.1296
29.6900
34.6817
35.8173
35.1636
34.1144
35.0297
36.4466
44.1987
40.2157

Average xrate USD

28.1287
29.1753
31.3608
30.6719
28.8080
28.3136
27.1355
25.5516
24.8740
31.7669
30.3765

2011
2012

40.9038
39.8618

29.3948
31.1079

In the process of developing price trends, we have decided to use half-year numbers for all years except
2011 and end-of-year number for 2011 (exactly as of valuation date). Raw data take from various online
databases (Eurostat, BLB, Rosstat) was summarized in the following table (raw data from Rosstat was
aligned to end-of-January 2002 base level).

Tag
1999Q2
2000Q2
2001Q2
2002Q2
2003Q2
2004Q2
2005Q2
2006Q2
2007Q2

Euro area
(17
countries)
MIG-CG
98.54
99.35
100.36
100.50
100.17
99.95
99.96
99.89

Euro area
(17
countries)
FB&T
97.48
99.66
99.48
99.91
102.86
107.15

2008Q2

100.04

2009Q2
2010Q2

GEO

Germany

France

Italy

USA

Russia

FB&T
97.11
98.35
99.38
101.62
99.94
99.70
104.50
107.64

FB&T
75.22
74.07
84.22
84.37
97.93
96.24
-

FB&T
97.40
97.90
99.47
100.10
101.53
106.43

PP&B
190.10
191.30
197.00
200.20
204.60
206.80

PPI-M
101.74
112.04
123.73
135.73
148.51
174.39

114.92

108.20

122.40

221.70

212.46

101.05

114.46

110.77

118.60

228.40

231.73

101.20

114.39

109.63

119.57

232.70

247.38

2011Q2

102.07

115.91

111.50

120.34

237.80

257.69

2011Q4
2012Q2

102.37
103.42

117.72
118.65

112.20
113.16

122.94
123.80

242.40
245.60

258.81
261.93

Based on the above, Reproduction cost new for the subject assets within the indirect method of the Cost
approach is derived as follows:

EUR

Average
xrate date on
35.0297

Average
xrate val.date
39.8618

Index
Value date on
107.64

Index
Value val.date
113.16

FB&T

Eurostat

EUR

39.8618

FB&T

Eurostat

France

EUR

35.1636

39.8618

#N/A

113.16

FB&T

Eurostat

99.91

2009

France

EUR

40.2157

118.65

39.8618

FB&T

Eurostat

114.39

118.65

Interim storage tank #3

2002

France

EUR

Vial filling line #1

2003

Italy

EUR

29.6900

39.8618

FB&T

Eurostat

97.48

118.65

34.6817

39.8618

FB&T

Eurostat

97.90

Vial filling line #2

2007

Italy

123.80

EUR

36.4466

39.8618

FB&T

Eurostat

122.40

Vial filling line #3

Packaging robot combined
with palletizer
CIP washer

2007

123.80

Italy

EUR

36.4466

39.8618

FB&T

Eurostat

122.40

123.80

2010

USA

USD

30.3765

31.1079

PP&B

BLS

232.70

245.60

2006

Italy

EUR

34.1144

39.8618

FB&T

Eurostat

101.53

123.80

Technological pumps
Technological piping

2007

Italy

EUR

35.0297

39.8618

FB&T

Eurostat

106.43

123.80

2007

Europe

EUR

35.0297

39.8618

MIG-CG

Eurostat

99.89

103.42

Water preparation
Electrical networks
Monitoring and testing
equipment

2008

Russia

RUR

PPI-M

Rosstat

212.46

261.93

2005

Europe

EUR

35.1636

39.8618

MIG-CG

Eurostat

99.95

103.42

2007

Germany

EUR

35.0297

39.8618

FB&T

Eurostat

107.64

113.16

Date On

Country
of origin

Currency

Syrup mixer #1

2007

Germany

Syrup mixer #2

1988

Germany

Interim storage tank #1

2005

Interim storage tank #2

Asset Name

Trend
tag

Source

Storage racks
Lift trucks

2005

Russia

RUR

PPI-M

Rosstat

135.73

261.93

various

Germany

EUR

39.8618

Asset Name

Gross book
value, as of
reporting date

xrate
trend
factor
1.138

price
trend
factor
1.051

final
trend
factor
1.196

RCN indirect

Syrup mixer #1

7,342,045

8,783,281

Syrup mixer #2

5,283,452

n/a

n/a

n/a

n/a

Interim storage tank #1

4,922,904

1.134

1.188

1.346

6,627,408

Interim storage tank #2

5,831,277

0.991

1.037

1.028

5,995,213

Interim storage tank #3

3,117,450

1.343

1.217

1.634

5,094,463

Vial filling line #1

8,600,000

1.149

1.265

1.453

12,499,508

Vial filling line #2

12,500,000

1.094

1.011

1.106

13,827,674

Vial filling line #3

11,000,000

1.094

1.011

1.106

12,168,353

Packaging robot combined with palletizer

7,500,000

1.024

1.055

1.081

8,106,366

CIP washer

5,000,000

1.168

1.219

1.425

7,123,861

Technological pumps

1,245,000

1.138

1.163

1.324

1,647,959

Technological piping

1,000,000

1.138

1.035

1.178

1,178,157

Water preparation

1,475,003

1.000

1.233

1.233

1,818,429

Electrical networks

2,000,000

1.134

1.035

1.173

2,345,931

Monitoring and testing equipment

2,000,000

1.138

1.051

1.196

2,392,598

Storage racks

5,000,000

1.000

1.930

1.930

9,649,117

Lift trucks

4,000,000

n/a

n/a

n/a

n/a

Note that not possible to apply indirect method to all of the assets, some items do have this number.
Direct method cost-to-capacity, replacement vs.reproduction considerations and adjustments
There is a number of Replacement cost new considerations that arise from known information regarding
the subject equipment:
1. Syrup mixer #2.
This mixer is quite old and we were not able to estimate its cost as new by using indirect method. We will
take our Syrup mixer #1 as a modern equivalent and build cost new estimate for M#2 on this basis via costto-capacity method:
Applicable cost-to-capacity factor:
Replacement cost for M#2:

0.66
8,783,281 (via indirect method) * (2.1/3)^0.66 = 6,940,991 rubles

2. Interim storage tanks.

Replacing three tanks with two:
Total working volume:
Required working volume per tank:
RCN for a 3-tonne tank (IST#2):
Applicable cost-to-capacity factor:
Replacement cost for a 4-tonne tank:
Total cost to be distributed over 3
inventory items:

4+3+3 = 10 tonnes
5 tonnes
5,995,213 rubles
0.66
5,995,213 * (5/3)^0.66 = 8,398,946 rubles
8,398,946 * 2 = 16,797,891 (two tanks required)

Proportion of costs to be distributed:

Replacement cost new for tanks:

#1/#2/#3 as 1.209/1/1 or 0.377/0.312/0.312 (using cost-to-capacity)

#1 6,328,956 rubles; #2 and #3 5,234,468 rubles each

3. Vial filling lines

Vial filling lines can be valued via indirect method; however, certain reallocation of costs needs to be
conducted.
Estimated RCN VFL #2
Estimated RCN VFL #3
Installation and commissioning costs:
I&CC per line:
Removing 7% out of VFL #3 cost:
Adding 3% to VFL #3 cost:
Adding I&CC and arriving at RCN direct
for VFL #3 (and FVL #2 as they are the
same):

13,827,674 rubles
12,168,353 rubles
1,659,321 rubles
829,660 rubles
11,372,292 rubles
11,713,461 rubles
12,543,122 rubles

4. Piping, electrical networks, monitoring and testing equipment

Replacement cost new for these items would stem from RCNs for the core equipment:
RCN for the core equipment (mixers,
storage tanks, filling lines, CIP washer,
packaging):
Piping 12%:
Electrical networks 7%:
Monitoring and testing equipment
10%:

85,338,142 rubles
10,240,577 rubles
5,973,670 rubles
8,533,814 rubles

Determining depreciation
1. General Age/Life.
General equation used with the age/life analysis is the following: NUL = EA + RUL, where NUL is expectation
of total life for a given asset in the beginning of its life (Normal Useful Life); EA effective age (in contrast to
chronological age); RUL = remaining useful life.
We have already identified NULs for the subject equipment; we also know that RUL estimation for the older
mixer is 3 years. This seems to be the only asset where effective age differs from chronological age.
All age/life calculations may be summarized as follows:
Asset Name
Syrup mixer #1
Syrup mixer #2
Interim storage tank #1
Interim storage tank #2
Interim storage tank #3
Vial filling line #1
Vial filling line #2
Vial filling line #3
Packaging robot combined with palletizer
CIP washer
Technological pumps
Technological piping
Water preparation
Electrical networks
Monitoring and testing equipment
Storage racks
Lift trucks

Date
On

NUL

RUL
(linear)

2007
1988
2005
2010
2002
2003
2008
2008
2010
2006
2007
2007
2008
2005
2007
2005
various

15
15
25
25
25
22
22
22
12
12
12
12
12
15
7
10
10

10
-9
18
23
15
13
18
18
10
6
7
7
8
8
2
3
-

RUL
(manual)

RUL
(final)
10
3
18
23
15
13
18
18
10
6
7
7
8
8
2
3
-

Physical
depreciation percentage
33%
80%
28%
8%
40%
41%
18%
18%
17%
50%
71%*
42%
33%
47%
71%
70%
-

2. Curable physical depreciation.

Syrup mixer #1 needs new mixing device this is curable part of physical depreciation:
New mixing device cost:
RCN of new mixer:
RCN of M #1 less physical depreciation:

1,500,000 rubles
8,783,281 rubles
7,283,281 rubles this number is subject to adjustments according to
age/life percentage as shown above

3. Excess operating costs.

Assessing excess operating costs for one of the filling lines (VFL #1) - it will take 4 years to fix the issue
(redesign the workscheme):

Annual changeover loss:

Discount rate - WACC:
Remaining useful life:
Cash flows:

1,200,000 rubles
15%
4 years (from age/life)
year
2013
loss
1,200,000
discount
15%
rate
discount
0.870
factor
discounted
1,043,478
loss

Accumulated loss functional

obsolescence:

2014
1,200,000

2015
1,200,000

2016
1,200,000

15%

15%

15%

0.756

0.658

0.572

907,372

789,019

686,104

3,425,974 rubles

4. Diminishing value.
Diminishing value depreciation is calculated according to the following equation:
DV (%) = Residual Value ^ (Age/NUL), where Residual Value represents value of a given item as a portion of
its cost new in the end of its useful life (when Age=NUL). For the subject pumps, calculations are as follows:
Residual value
Age
NUL
DV (%)
Physical depreciation (%)

5% of Replacement cost new

5 years
12 years
5% ^ (5/12) = 0.29, or 29%
1 DV = 0.71, or 71%

Conclusion on the Cost approach application

All calculations summarizing application of the Cost approach are summarized in the following table.
Physical
depreciation "direct dollar"
(1,500,000)

Physical
depreciation
- percentage
33%

Functional
obsolescence "direct dollar"

Market value Cost

approach (before
economic obsolescence)
4,856,000

Asset Name

RCN
indirect

Syrup mixer #1

8,783,281

8,783,281

Syrup mixer #2

n/a

6,940,991

6,940,991

80%

1,388,198

Interim storage tank #1

6,627,408

6,328,956

6,328,956

28%

4,556,848

Interim storage tank #2

5,995,213

5,234,468

5,234,468

8%

4,815,710

Interim storage tank #3

5,094,463

5,234,468

5,234,468

40%

3,140,681

RCN direct

RCN final

Vial filling line #1

12,499,508

12,499,508

41%

Vial filling line #2

13,827,674

12,543,122

12,543,122

18%

10,262,554

Vial filling line #3

Packaging robot combined
with palletizer
CIP washer

12,168,353

12,543,122

12,543,122

18%

10,262,554

17%

6,755,305
3,561,930

Technological pumps

3,425,974

3,960,099

8,106,366

8,106,366

7,123,861

7,123,861

50%

1,647,959

1,647,959

71%*

472,989
5,973,670

Technological piping

1,178,157

10,240,577

10,240,577

42%

Water preparation

1,818,429

5,973,670

5,973,670

33%

3,982,447

Electrical networks
Monitoring and testing
equipment
Storage racks

2,345,931

2,345,931

47%

1,251,163

71%

2,438,233

Lift trucks

2,392,598

8,533,814

8,533,814

9,649,117

9,649,117

70%

n/a

2,894,735
See Market Approach

Market approach
In order to gather information on the subject lift trucks, you decided to use Supralift web site
(http://213.198.74.170) containing a lot of secondary-market data, and searched for used EFG 220 trucks
located in Russia. As a result of this research, you have produced the following table containing raw data for
the analysis:

Asset
name

Capacity,
kg

Height

Manufacture date

Price
(excl.VAT)

Currency

EUR /
RUR

Age

EFG 220
EFG 220
EFG 220
EFG 220
EFG 220
EFG 220
EFG 220
EFG 220
EFG 220
EFG 220
EFG 220
EFG 220
EFG 220
EFG 220
EFG 220
EFG 220
EFG 220
EFG 220
EFG 220

2000
2000
2000
2000
2000
2000
2000
2000
2000
2000
2000
2000
2000
2000
2000
2000
2000
2000
2000

3000
3300
3100
4500
3600
4500
3000
4350
5000
4800
3300
6000
3000
3600
5000
4350
5750
4500
3000

2001
2002
2002
2004
2004
2004
2004
2005
2005
2005
2005
2005
2005
2005
2006
2006
2008
2008
2010

460,660
12,300
12,300
16,700
14,100
15,400
14,100
16,200
17,200
16,200
16,950
18,450
13,900
14,900
18,450
18,450
21,800
21,800
19,653

RUB
EURO
EURO
EURO
EURO
EURO
EURO
EURO
EURO
EURO
EURO
EURO
EURO
EURO
EURO
EURO
EURO
EURO
EURO

40.904
40.904
40.904
40.904
40.904
40.904
40.904
40.904
40.904
40.904
40.904
40.904
40.904
40.904
40.904
40.904
40.904
40.904
40.904

10
9
9
7
7
7
7
6
6
6
6
6
6
6
5
5
3
3
1

Price
(excl.VAT),
rubles
460,660
503,117
503,117
683,093
576,744
629,919
576,744
662,642
703,545
662,642
693,319
754,675
568,563
609,467
754,675
754,675
891,703
891,703
803,868

For the purposes our your analysis, you have made the following assumptions: the only key parameter that
drives a lift trucks value is its model and lifting capacity (EFG 220, 2 tonnes), and all other differences in
comparables may be treated as negligeable; there is no apparent outliers in the comparables, so you take all
the data from the table for the analysis. As a next step, you plot the data on a graph (price vs. age) and
select a trend line that fits best.

Price (excl.VAT), rubles

y = 1,095,320.35960e-0.07597x
R = 0.78839

1,000,000
900,000
800,000

Price (excl.VAT),
rubles

700,000
600,000

Expon. (Price
(excl.VAT), rubles)

500,000
400,000
300,000
200,000
100,000
0
0

10

12

Using derived trend parameters (general equation is y=A*exp(lambda*x), so in our case A=1,095,320.3596
and lambda=-0.07597, and x is Age), we estimate market value for the subject lift trucks. Results are shown
below.
Asset name
EFG 220 #1
EFG 220 #2
EFG 220 #3
EFG 220 #4

Capacity,
kg
2000
2000
2000
2000

Height
3000
3000
3000
3000

Manufacture
date
2006
2007
2008
2009

Age

MV, rubles

2006
2007
2008
2009

6
5
4
3

MV, rubles
(rounded)
659,519
712,451
769,631
831,400

Total market value for the subject lift trucks: 2,973,000 rubles.
External obsolescence considerations
This is one of questions that needs to be investigated further; no adjustments are required within this case
study.

Conclusion of the case study

Asset class

Asset Name

ME_Core
ME_Core
ME_Core
ME_Core
ME_Core
ME_Core
ME_Core
ME_Core

Syrup mixer #1
Syrup mixer #2
Interim storage tank #1
Interim storage tank #2
Interim storage tank #3
Vial filling line #1
Vial filling line #2
Vial filling line #3
Packaging robot
combined with
palletizer
CIP washer
Technological pumps
Technological piping
Water preparation
Electrical networks
Monitoring and testing
equipment
Storage racks
Lift trucks

ME_Core
ME_Core
ME_Support
ME_Support
ME_Support
ME_Support
ME_Support
ME_Support
ME_Support

Gross book
value, as of
reporting
date
7,342,045
5,283,452
4,922,904
5,831,277
3,117,450
8,600,000
12,500,000
11,000,000

Net book
value, as of
reporting
date
4,405,227
0
3,446,033
5,539,713
1,714,598
1,720,000
8,750,000
7,700,000

7,500,000
5,000,000
1,245,000
1,000,000
1,475,003
2,000,000
2,000,000
5,000,000
4,000,000
87,817,131

Total Market value of fixed assets is 74 million RUB (rounded)

Date On

Market
Value final
(rounded)

2007
1988
2005
2010
2002
2003
2008
2008

4,856,000
1,388,000
4,557,000
4,816,000
3,141,000
3,960,000
10,263,000
10,263,000

6,750,000
2,500,000
533,571
428,571
1,032,502
1,200,000

2010
2006
2007
2007
2008
2005

6,755,000
3,562,000
473,000
5,974,000
3,982,000
1,251,000

857,143
2,000,000
3,000,000
51,577,358

2007
2005
various

2,438,000
2,895,000
2,973,000
73,547,000