Page 56 - Financial Statements 2014, 2015 & 2016

AVSERMA Aviation Services &
Consolidated Financial Statements Management Co. N.V.
6. Notes to the financial statements Consolidated financial statements 2014

Tangible fixed assets

2014 2013
Tangible fixed assets in AWG in AWG

Equipment 563,624 795,937
Furniture & office equipment 309 10,991
Vehicles 3,000 12,000

Total tangible fixed assets 566,933 818,928

The movement in tangible fixed assets can be presented as follows:

Furniture &
Tangible fixed assets Equiment fixtures Vehicles Total
AWG AWG AWG AWG
Cost price
Cost price Jan. 1, 2014 2,263,999 142,941 27,000 2,433,940
Investments 2014 - - - -
Disposals 2014 - (6,020) - (6,020)
Cost price Dec. 31, 2014 2,263,999 136,921 27,000 2,427,920

Depreciation
Accum. depr. Jan. 1, 2014 1,468,062 131,950 15,000 1,615,012
Depreciation 2014 232,313 4,662 9,000 245,975
Disposals depreciation 2014 - - - -
Accum. depr. Dec. 31, 2014 1,700,375 136,612 24,000 1,860,987

Bookvalue Dec. 31, 2014 563,624 309 3,000 566,933

Bookvalue Dec. 31, 2013 795,937 10,991 12,000 818,928

Tangible fixed assets are depreciated on a straight-line basis over the estimated useful lives of
each item of tangible assets. The following depreciation periods are applied:
Equipment 5 - 10 years
Furniture & fixtures: 3 - 10 years
Vehicles: 5 years
A residual value of 10% is taken into consideration while calculating depreciation.

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