AD ALTA
JOURNAL OF INTERDISCIPLINARY RESEARCH
(R
i
) ̅
represents the alternative cost of equity or the
proportion of reasonable profit in the rental price in %.
9.
Calculation of monthly rent for tangible property according
to the relation:
=
12
(6)
where:
MN
monthly rent in CZK,
RN
annual rent in CZK.
Given that the method chosen does not take sufficient account of
the benefits deriving from the reputation of the gynecological
clinic in place, goodwill, the intangible asset component, will be
valued at the interest rate level on the average of the corrected
profit for the past periods. For the purposes of determining the
annual and then the monthly rental rates, it is assumed that the
lessor waives the economic income resulting from the practice
and expects the asset to be redeemed. In this case, the rate of
interest derived from the CAPM method will be used.
Corrected profit is generally the basic measure of the success of
the business strategy of the gynecological clinic and is calculated
according to the following formula:
=−−−
(7)
where:
KZ
corrected profit,
OP
operating income,
OV
operating expenses,
IIN
implicit investment intensity,
ON
opportunity expenses.
All income derived directly from the performance of a
gynecological clinic that is valued should be included in
operating income, and it is highly likely that it will be achievable
for any successor (Brabec, 2015). For the purposes of this
appraisal, the following items are included in operating income
(abbreviated as "Accounting by Type of Pre-Contingency"):
602000P,
602001P,
602020,
602030P.
Operating expenses include only expenses that are directly
related to the operation of the ambulance and in some cases it is
necessary to correct them at the usual time and place. For the
purposes of this appraisal, the following items are included in
operating expenditure (abbreviated as "Posting by Type of Pre-
Contingency"):
504010V,
501000 / 501099V,
501001V,
501010V,
501030V,
502000,
511000 / 511011,
518010V,
342000V (increased by OSSZ, VZP payments),
521000V (increased by OSSZ, VZP payments),
518030V,
538000,
548000,
548010,
568000V.
Operating expenses are partly linked to tax depreciation, which,
unfortunately, does not reflect the actual wear and tear of the
property concerned and therefore their amount is not considered
in operating expenditure. Instead, imputed implicit investment
intensity will be expressed, which estimates the implicit amount
that will be required to periodically spend periodically on
maintenance of the office equipment.
Opportunity expenses will be considered at a rate corresponding
to the usual wage of a doctor, taking into account the shortened
ordination period of the gynecological clinic within 24 hours /
week, which show the average monthly wages of employees of
private health care facilities; data for 2014 and 2015 are not
available and will therefore be considered as a salary in 2013
(IHIS 2011; IHIS, 2012, IHIS, 2013).
The office in question began operations in 2011. Corrected
profits will be expressed for all available periods.
3 Results
3.1 Determination of the value of market rentals for tangible
assets
The property components forming the subject of the rental
relationship, including the cost of the property and the estimated
time of use of the components, are given in Table 3. This table
also shows the actual present value of the ambulance equipment
and the actual current value of the passenger cars.
In determining the actual present value of tangible fixed assets –
passenger cars, amortization for vehicle operating time (ZAD)
and amortization for the number of kilometers travelled (ZAP)
was determined using the I / 2005 Expert Standard as follows:
Subaru LEGACY OUTBACK 2.5 I,
ZAD – 70.00%,
ZAP – 59.96%.
Subaru OUTBACK 3.6 R,
ZAD – 50.00%.
ZAP – 40.13%.
For the purpose of calculating a reasonable profit in the value of
rent, the r
f
of 0.5% was considered, coeff
icient β was 1.26 and
r
pod
was 8.54%.
Tab. 3. Calculation of monthly rent for tangible property
Item
D
ate
o
f
a
c
qui
si
ti
o
n
P
u
r
c
h
a
se
p
r
ic
e
inc
l.
VAT
(
P
c
)
A
ge
of
p
rop
e
r
ty
in
y
e
ar
s (S
m)
En
d
of l
if
e
of
a
sse
ts i
n
y
e
a
r
s (
t)
Ac
tua
l a
sse
t usa
g
e
ti
me
i
n
tota
l
Ac
tua
l P
r
e
se
nt
Va
lue
o
f
Asse
ts
(SH
pv
/
S
H
v)
V
al
u
e
of w
e
ar
an
d
te
a
r f
o
r
o
n
e
y
e
a
r
of u
se
(O
H
M
)
Annua
l r
e
nt
(
RN)
M
o
nt
hl
y
r
e
nt
(M
N)
Philips ultrasound
2010-
11-01
215,446
CZK
5.17
2.83
8
76,214
CZK
26,931
CZK
29,963
CZK
2,497
CZK
Colposcope BTL-
KAPS model KP
3000
2011-
06-28
122,799
CZK
4.51
15.49
20
95,107
CZK
6,140
CZK
6,831
CZK
569
CZK
BTL Adjustable
Examination Bed
with Accessories
2010-
11-04
24,719
CZK
5.16
14.84
20
18,341
CZK
1,236
CZK
1,375
CZK
115
CZK
Examination
gynecological chair
GRACIE + tool
table
2015-
12-15
73,810
CZK
0.04
19.96
20
73,662
CZK
3,691
CZK
4,106
CZK
342
CZK
PC setup + printer
2011-
03-31
21,709
CZK
4.76
5.24
20
11,376
CZK
2,171
CZK
2,415
CZK
201
CZK
Passenger vehicle
Subaru LEGACY
OUTBACK 2.5 l;
SPZ 2K5 3777
2008-
08-01
799,900
CZK
7.42
2.58
10
280,109
CZK
108,569
CZK
120,792
CZK
10,066
CZK
Passenger vehicle
Subaru OUTBACK
3.6 R; SPZ 3K2
6111
2008-
08-01
1,098,011
CZK
3.45
6.55
10
603,187
CZK
92,090
CZK
102,457
CZK
8,538
CZK
Furniture in surgery
2010-
03-01
50,000
CZK
5.84
14.16
20
35,400
CZK
2,500
CZK
2,781
CZK
232
CZK
TOTAL FOR
MOVABLE
PROPERTY
270,720
CZK
22,560
CZK
Source: Authors
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