1 Valuation of Plant and Machinery

1.1 Differences between Plant and Machinery

Plant

Complete equipment or apparatus for a particular mechanical process e.g., hydroelectric power
plant, air condition system, irrigation system

Rigid Assets, fixtures, Implements, tools, apparatus that are inextricably combined with others
and that may include specialized buildings, machinery and equipment for a particular mechanical
process.

-rigid usually attached to earth

-larger

-increases in value

Machinery

assemblage (collection) of machines used for a specific purpose in connection with the operation
of the entity. A machine is a device or physical thing that helps fasten and improve the
production process.

-is movable

-smaller

-loses value

1.2 Categories of Plant and Machinery

i. Chemical Processing P & M: this is all the machines that process chemical products i.e.
plastic extruders (these create plastic items in plastic mould )
ii. Food Processing P & M for example flower mills, Milk processing plant
iii. Mechanical Workshop P & M for example metal workings, lathe machines, boring
machines, shaving machines.

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 iv. Mining Machines like pneumatic drillers, sieving plants
v. Construction and Earth moving equipment i.e. bulldozers, compacters, graders, cranes
,dumpers, back hoe loaders, road rollers, skid steer loaders.
vi. Power generation plants i.e. generators, nuclear plants
vii. Textile plants i.e. ginneries, quilting machines, lace making machines,
viii. ICT and Telecommunication Plant and Machinery -CCTV cameras, Computers
ix. Wood working and processing Plant and Machinery
x. Glass work Machinery i.e. glass cutting machines
xi. Iron, Steel and Aluminium processing plants

1.3 Characteristics of Plant and Machinery

i. -Acquired for use in operation but not for sale.

ii. -long life span
iii. -Tangible
iv. -Require maintenance
v. -Revenue generating
vi. -They depreciate over time when in use.
vii. -tailor made for a purpose
viii. -they consume energy
ix. -automated,
x. -capital intensive
xi. -high life cycle costs.
xii. -made of largely metal

1.4 Purposes of Valuation for plant and Machinery.

(must explain with examples)

i. -Sale and Purchase

ii. -Financial Reporting and Accounting
iii. -For disposal of obsolete items for the completion of the procurement.- Must for
government (salvage value – audit support tool) -to clear asset register
iv. -Liquidation- FSV

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 v. Facilitate Mergers, Take Overs and Joint Ventures
vi. -For secured lending
vii. -Insurance
viii. -Stock Exchange Declaration
ix. Taxation -stamp duty – also for income tax as company assets
x. -Rental assessment
xi. -Court and Auction

1.5 Factors that affect values of plant and machinery

i. -Location and locality (explanation)

ii. -size of sale
iii. Nature of the trade (the type of industry \ category where the machine lies):
iv. Level of affixation and Removal costs
v. Physical Condition of the Machine
vi. Separability and divisibility of the machine
vii. Type of motive power/ Propulsion power
viii. Functional obsolescence
ix. Levels and Standards of maintenance, repairs, servicing
x. Manufacturers good will reflected in the Brand name
xi. Flexibility in the usage of the machine
xii. Degree of economic obsolescence and economic profitability
xiii. Model of the equipment (recent vs past)
xiv. Availability of spare parts
xv. Work Load efficiency

1.6 Identification Techniques for Plant and Machinery

1.6.1 Micro Identification Technique

Involves listing each of the descriptive characteristics of the machine. It can be done by looking
at the small parts of the machine or its ingredients;

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1.6.1.1 Some characteristics looked at include:

i. General description- what type of machine is it, what does it do and what is it used for?
Photocopier, Miller
ii. Machinery identification number such as the clients’ specifications as well as serial
number by the manufacturer.
iii. Model of the machine
iv. Size and capacity of the machine both installed and actual operation capacity should be
taken note of. This can be gotten from the fixed asset registration, the manufacturers tag,
v. Name of the manufacturer
vi. Name of the supplier and their address
vii. Year of manufacture
viii. Details of attachments and accessories
ix. Type and detail of drive. – How is it driven ? a chain, conveyor belt, ropes, etc
x. References to the foundation- how was the machine installed/ affixed to the ground
where it is operating from. Pay attention to the piping and wiring system.
xi. Modifications and renovations on the machinery.

1.6.2 Macro Identification Techniques

The plant and machinery are examined through their entire process. Emphasis is on identifying
the major components of plant and machinery. Is useful when looking at a plant in one
continuous process. A valuer uses this particular method to indicate the following about plant
and machinery.

i. Use of production Line

ii. Major processes attained in the production line
iii. Installed capacity of the production line
iv. Major elements of the production line

Things a valuer should look out for to successfully carry out this technique

i. Details of the products manufactured

ii. The process involved in manufacturing

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 iii. Flow chart of the production process
iv. Details of the by products
v. Installed capacity of the machinery
vi. Availability of raw materials
vii. Quality of the products produced e.g., the degree of rejection out of a number of units
produced.
viii. Work load and usage : The number of hours/ shifts a day does the machine operate for
ix. Maintenance and servicing status : What are the maintenance arrangements for the
machine? Pre-planned? Predictive? Time bound? Corrective?
x. Efficiency of the plant layout.
xi. Processing interdependence
xii. Cost details with regards to repairs and maintenance.
xiii. Electrical layout showing the distribution of power, electricity, and service networks
xiv. Chronological life cycle and effective age of the plant: In order to estimate the life
expectancy of this plant
xv. Fixed asset to turn-cover ratio: How does this machinery/plant fair in respect to the other
fixed assets this business to the turnover ratio
xvi. Appreciation of level of technology embodied by plant and machinery

1.7 Depreciation for Plant and Machinery

Depreciation generally refers to the decrease in the value of an asset due to obsolescence or use.
This is usually referred to in the context of the cost approach during valuation of assets. It
reflects the adjustments that need to be made to the estimated cost of creating an asset of equal
utility. This shall reflect the impact of any obsolescence to the value of the subject asset.
(International Valuation Standards (IVS), 2022). There are three major Types/Causes of
depreciation i.e., Functional, Economic and Physical as discussed in the subsequent sections.

It is important to ensure that separate consideration of depreciation under each heading does not
result in double counting.

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1.7.1 Functional

This type is also known as technical depreciation, It occurs due to a reduction in the usefulness
of a machine (s) or in its desirability to perform the function for which it was made. It reduces
the assets alignment with the current market standards whilst affecting overall functioning of the
machine and business itself. It is based on production capacity.

This loss in value is attributed to the inefficiencies or inadequacies of the property itself if made
in comparison to more efficient or newly developed technology. In some cases functional
obsolescence is absolute, i.e. the asset is no longer fit for purpose. In other cases the asset will
still be capable of use, but at a lower level of efficiency than the modern equivalent, or may be
capable of modification to bring it up to a current specification. There are two types of functional
obsolescence made in reference to if the value added in terms of maintenance or repair would be
more or less than acquiring a new asset altogether i.e., Curable and Incurable

Curable: This occurs when the value added is equal to or greater than the cost of cure i.e.,
purchasing a new asset is not feasible yet E.g., A deficiency requiring addition of a new item,
deficiency requiring replacement/modernization of an existing item, and a super adequacy that is
economically feasible to cure.

(cost of cure is the amount of money required to fix the functional depreciation)

Incurable: This occurs when the valued added is less than the cost of cure i.e., purchasing a new
asset is better than repairing or maintaining the old one since the cost would be way more e.g.,
for a deficiency that is not economically feasible to cure; and a super adequacy that is not
economically feasible to cure

Symptoms that can inform one of presence of functional obsolescence are: excess operating cost,
excess construction (excess capital cost), inadequacy, and lack of utility. Excess capital cost is
measured by the difference between reproduction and replacement cost. The excess is basically
the decreased initial investment required to obtain a new modern equivalent performing a similar
service.

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1.7.1.1 Causes of functional obsolescence:

i. Modifications especially new models of the same product which render the older product
inefficient.
ii. Decline in use of the machine. Whenever the operating level of a plant or an asset is
significantly less than its rated or design capability, and the condition is expected to exist
for some time, the asset is less valuable than it would otherwise be.
iii. Expansion of the business rendering the machinery inefficient to accommodate increased
production.

1.7.2 Economic

This depreciation is specific to by factors external to the asset that cause it to wear and tear. This
loss is beyond the control of the asset owner. It does not relate to the condition of the asset but
rather to actions taken by consumers, competition, reduced demand or other regulatory agencies
that affect the need for that plant or machinery. This depreciation can be permanent or
temporary.

1.7.2.1 Causes of economic depreciation include but are not limited to:

i. change in the inflation rate

ii. Economics of the industry
iii. Availability of financing
iv. Newly passed legislation
v. Increased cost of raw materials for the product being manufactured by the machinery
without increase in product price.
vi. Change in ordinances
vii. Reduced demand for the product. In the industrial sector, falling commodity prices have
seen periods when excess market capacity has made the production of commodities such
as oil or steel uneconomic. During such periods, this would have had a significant impact
on the demand, and therefore on the value, of specialized facilities especially the plant
and machinery used to produce these products.
viii. Increased competition

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Methods of determining economic obsolescence.

Since this depreciation is not attributed to the particular characteristics of the asset, such are not
considered. Instead, capitalization of income loss is done. A valuer must acquire all necessary
income information that reflects the raw materials used and final product produced by the
machine. The external obsolescence is quantified by capitalizing any loss in income A simple
formula is:

Purchase price−Salvage value

¿
Economic life

“Where Economic Life refers to how long a succession of owners including the current entity
could derive economic benefit from using the asset for its designed purpose, having regard to its
constituent parts and ignoring the impact of any potential replacement of parts, refurbishment or
reconstruction” (Richard Ayres (Gerald Eve) et al., 2018).

This obsolescence can give birth to functional depreciation since, these conditions can cause the
machine to be used less or more in relation to the prevailing market conditions or regulations.

1.7.3 Physical

This type of loss in value is due to expiration of the useful life of the plant and machinery. This
can be seen by wear and tear, deterioration involving rusting of the metal, metal fatigue, termite
infestation, physical stress, etc (Types of Depreciation for Machinery and Equipment, n.d.).

This type can be exacerbated by the use of the asset and the environment within which it is used.
Those plant and machinery used in dusty, dirty, abrasive, or corrosive atmospheres will
deteriorate faster than the same property in a clean environment.

1.7.3.1 Methods used to measure physical deterioration

i. Majorly through inspection/observation of the machine. One can tell the deterioration by
looking at the external features of the machinery. The valuer makes comparison based on
personal experience and research done preliminarily to understand its state and accord
appropriate value to it in terms of a percentage.

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 ii. Estimating the effective age for which it has been used. The closer it is to the expiry of
the useful life, the higher the physical depreciation.
iii. Conversations with knowledgeable personnel who are well versed with the machine.
They shall be able to determine the condition of those aspects that the value could not
have noticed.

Note: The percentage accorded shall be deducted from the replacement or reproduction cost of a
new plant machinery. This percentage is estimated by dividing the estimated effective age of the
asset by the total economic life of that asset. The actual age is easily obtained by the effective
age is an estimate by the valuer. Effective age can be more or less than the actual age. It can be
higher if poor maintenance was done according to average and lower if better maintenance was
done in comparison to average.

There are two formulas that can be used to calculate this depreciation i.e.,

i. Percent of deterioration=Effective age /Total life

Effective age is the apparent age of a property when compared with a new property of a similar
kind i.e., the age indicated by the actual condition of a property. In estimating effective age, the
appraiser considers the effect that overhauls, rebuilds, and above-average or below-average
maintenance may have had on the property’s current condition.

Total Life refers to the approximate useful life of the plant and machinery. It is the estimated
period of time that a new asset shall endure before it completely deteriorates to an unusable
condition due to physical causes only.

Effective age
ii. Percent of deterioration=
Effective age+ Remaining Economic life

Where Remaining physical life = Total Physical life –effective age.

In order to use Depreciation to account for the value of the machinery, one must account for all
the above depreciation types. i.e., Replacement Cost new – Functional – Economic – Physical
obsolescence. Although there are other methods such as PRIMUS that can be used. PRIMUS
represents Production Capacity, Replacement Availability, Integral Age Factor, Maintenance,
Usage, Spares Availability.

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1.8 Collection and verification of data.

1.8.1 Tips to have before valuation of machines

1. Collect all necessary information about the machinery, before embarking on the valuation
fieldwork to save you time related costs. E.g., information about that machine, its model,
manufacturers and the place it will be valued at. Creating a micro identification checklist
and macro identification checklist.
2. At the site, take pictures of that machine, make sketches when inspecting the machine.
Sketches are important when valuing plant because it is an assemblage of machines, and
it will show the process from raw material conversion to finished product. Pictures
remind us what the subject object looks like. Include the plants layout. Take from all
angles.
3. Identification number of the machinery from the client, supplier or manufacturer.
Supports in getting cost records from the company records. This ID helps in identifying
that particular machine being referred to.
4. Take all the details on the machinery that would help you locate the telephone or physical
contacts, supplier or manufacturer. Take special note of the supplying agent of the
machinery. Look at the manufacturer’s tag on the machine and it will give you details
about its capacity, serial number, year of manufacture, address, and any other info. It can
be related to what is known as the car log book.
5. Note the special features of the machine i.e, size, capacity, machine type, volume, width
and thickness, height, diameter, length, holding capacity.
6. While in the field or going to, collect relevant catalogues on the machinery for the
internet, client, supplier, manufacturer. Will help you understand the machine and how it
works.

1.8.2 Verification of Data

7. After information about the machine has been gotten, prepare an inventory. Fill in as
much as possible and in terms of a schedule with different needed requirements a lot like
a checklist

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Serial Name Basic Major Servicing Compulsion/ Remarks Operational
Number Use Parts and Supplementar Capacity
Maintenance y power
option
SS1 Generator Solar Obsolescence
Water Electricity Under a
pump shade
Milling Only operates Flexible, not
machine using diesel only mills
maize

major
parts/ obsolescenc manufactur
asset special propulsion e/ er/ brand
number name usage features energy depreciation name remarks capacity
Physical-
good,
Functional-
extra good, Operational.
power Diesel/ Economical- Installed,
1 generator supply engine petrol average Actual

Note: Do not completely rely on the client provided fixed asset register for the sake of valuation
because what is found in the field may be different from the register or books. Always verify
with your eyes. Crosschecking. Strictly information you collect from allied professionals with
objectivity. This information should supplement not dictate the situation.

Treat info collected from all elite professionals with subjective consideration. This info should
supplement not dictate the valuation.

Physical verification is crucial from both the accounts and technical department. Touch, look, is
it operating?

1.8.2.1 Verify technical information in the following ways:

i. With Reference to purchase orders & invoices from accounting section.

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 ii. Consult the technical team about the information (Service costs, operational costs) You
can get it from the skilled labour.
iii. Collect info with regards to accessories, spare parts ordered after machine was installed
and commissioned.

1.9 Stages of the valuation process for plant and machinery

1.9.1.1 Receiving instructions:

they could be either written or oral. They need to come with a brief description of plant and
machinery, mention the purpose of valuation and a brief description of where the machinery is.

1.9.1.2 The planning stage:

i. Reading and improving your knowledge about plant and machinery,

ii. make an appointment for inspection,
iii. Plan and budget procurement logistics.
iv. Planning for vehicular transportation, access to the machine and back.

1.9.1.3 Physical Inspection:

i. Data collection,
ii. drawing sketches,
iii. conversations with the machine operators,
iv. Timing of the inspection: Done when the machine is physically operating,
v. Photographs of the machine,

1.9.1.4 Data collection and market research:

i. Done at an extensive level.

ii. Can be done on the internet,
iii. by engaging the skilled labour that operates the machinery

1.9.1.5 Analysis based on chosen valuation approach:

i. Begin by cleaning or sorting the data;

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 ii. Consideration of the Depreciation levels and sorting them, i.e, functional, economic;
physical
iii. Acquiring and analysis of comparables,

1.9.1.6 Return an opinion of value.

1.10 Methods of valuing plant and machinery

Mostly the replacement cost method of valuation:

1.11 Terminologies to look into:

1.11.1 Ex-Factory price

1.11.2 Free on board

1.11.3 CIF- Cost Insurance and Freight

The customs value.

Customs department uses cif to come up with the customs value to which customs duty is
brought about.

1.11.4 Commissioning of plant and machinery

1.11.5 Historic cost

1.11.6 current replacement cost

The historical cost of an asset refers to the actual cost incurred at the time the asset was acquired.
In contrast, the replacement cost stands for the cost which must be incurred if the asset is to be
purchased today.

A replacement cost is the estimated cost to construct, at current prices as of the effective
appraisal date, a substitute for the building being appraised, using modern materials and current
standards, design, and layout.1

Generally, replacement cost is the cost that is relevant to determining the price that a participant
would pay as it is based on replicating the utility of the asset, not the exact physical properties of

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the asset. 70.3. Usually replacement cost is adjusted for physical deterioration and all relevant
forms of obsolescence. After such adjustments, this can be referred to as depreciated replacement
cost

One can change historic cost to replacement cost by accounting for inflation

A reproduction cost is the estimated cost to construct, at current prices as of the effective date of
the appraisal, an exact duplicate or replica of the building being appraised, using the same
materials, construction standards, design, layout, and quality of workmanship and embodying all
the deficiencies, super adequacies, and obsolescence of the subject building

-Definitions

-How it is used

-When is it used

-How is it gotten .Where it is gotten. Sources of historical cost

-How it is used in valuation

The process of calaculating replacement cost is known as Replacement Valuation

When determining whether to replace usually, the net present value and depreciation costs would
be considered.

-Limitations of this costs

-Advantages and disadvantages

1.11.7 The PRIMUS method of calculating depreciation

1.12 Challenges in valuation of plant and machinery

i. Lack of market information. Some brands are not even on the market, makes it difficult
to find comparable sales evidence.
ii. Legal documentation may be hard to get.

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 iii. Information attained from machinery owners is lacking. They either don’t have them or
do not want to give them. Aka Reluctance by farmers to give information about machines
especially if it relates to income. Need to know the profit margins, operating expenses,
income generated but most are not
iv. Moral hazard. Unrealistic facts about the machine. Wrong facts shared which puts the
valuer between a rock and a hard place. This is why there is need for double checking the
information with other sources, local suppliers, machine owners i.e., analysing the
information gotten.
v. Asset register are normally unavailable or never maintained
vi. Subjectivity in analysis. Experienced valuer will view this information in a different
manner than a new valuer. People who have specified in a particular type of valuation are
prone to be more competent.
vii. Poor cooperation from technical people
viii. Ownership details about the machine might be difficult to get
ix. Subjectivity in determining depreciation of plant and machinery. Functional, mechanical,
physical economic, how does a valuer cope with all that.
x. Computation and analysis of information is difficult. There is a wide amount of
information collected, it requires sorting, analyzing, etc.
xi. Hidden liabilities and history may never be disclosed. Details of loan for purchase of
machinery may not be available.
xii. Various pressures on a valuer to either enhance or reduce the value
xiii. Cases where electric supply is not available to test equipment.
xiv. Change of technology affects valuation

1.13 Types of taxes levied on plant and machinery especially for motorvehicles

1.13.1.1 For Agricultural Machinery

Import of plant and machinery; Import duty is NIL by tariff; VAT is deferred and WHT is 6% as
long as the cost of plant and machinery is above US $ 22,500. You are required to apply to the
Commissioner Trade Customs for the facility in writing and must be register for VAT.

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 i. Plant machinery of HS code 8432 like planters, harvesters, seeders, weeders, hoes,
irrigators, cultivators, ploughs, fertilizers, etc used in agriculture.
ii. Dairy industry (refrigerated trucks, insulated tankers and heat insulated milk tanks)

1.13.1.2 Others

All machinery is subject to 30% Tax on cost of the machinery which is deductible.

1. CUSTOMS DUTY

These are taxes which are charged on all goods entering into or leaving our country. The taxes
charged depend on the Value and nature of the item imported. Below are the Steps we follow
when computing customs duties •

i. Step 1 Determine Customs Value (CV);

ii. Step 2 Convert the Customs Value to Local Currency (UGX);
iii. Step 3 Classify the item (HSC) as per the common external tariff;
iv. Step 4 Determine taxes collectable
v. Step 5 Apply the duty rates on the Customs Value

Customs duties comprise of.

a) Import duty

This is a tax collected on imports and some exports not listed in the exemption schedule by
URA. It is based on the customs value of the goods that are imported.

The customs value is Cost, Freight and Insurance up to Mombasa or cost and insurance if by
Air. The rate of import duty is either 0%, 10%, 25% or more for sensitive items like wheat and
powdered milk.

NB. For more information on import duty rates, please refer to our common external tariff book
on the portal under tax assistant, A-Z tax topics.

Formulae for calculating import duty

Import Duty (ID) = ID rate x Customs value

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VAT = VAT value x 18%= (ID+EXD+CV) x 18%

Where; ID = Import duty

EXD = Excise duty
CV = Customs value

b) Excise duty at Importation

This tax is only charged on specific goods imported at varying rates.

Formulae for calculating excise duty

Excise duty (EXD)= EXD value x EXD rate= (ID + Customs value ) x EXD rate

c) VAT at importation

This is a tax on consumption charged on taxable goods imported into the country and is charged
at a rate of 18% if the importer is registered for VAT and at 15% on the 18% of the value if the
importer is not registered for VAT but importing taxable goods of a value of UGX 4,000,000
and above.

NB. If the importer is registered for VAT, he/she can claim any VAT incurred at importation
through her/his monthly VAT returns.

Formulae for calculating VAT at importation

VAT = VAT value x 18%= (ID+EXD+CV) x 18%

Domestic VAT = 15% (VAT value x 18%) = 15% ((ID+EXD+CV) x 18%)

d) Withholding Tax (WHT) at importation

This is income tax withheld at importation of a good. It is at a rate of 6% of customs value. It

can be claimed by the importer when he/she is filing his/her final income tax return as advanced
tax already paid.

NB. If the importer is exempted from WHT, he/she should not be charged this tax at importation

Formulae for calculating WHT at importation

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WHT = Customs value x 6%

e) Infrastructural levy

This levy is only applicable to dutiable items imported from outside EAC Region.

NB: The following will not attract the 1.5% Infrastructure Levy

i. Items that are at 0% Import duty rate

ii. All items imported under conditional Exemptions as indicated in the 5th Schedule
of the EACCMA (East African Community Customs Management Act)

Formulae for calculating infrastructural levy

IL = Customs value x 1.5%

Where; IL= Infrastructural levy

f) Environmental levy

This is tax levied on imports that may be harmful to the environment for example on used
clothes and used vehicle.

Formulae for calculating infrastructural levy

EL on used vehicles of YOM between 5 and 10years = Customs value x 35%

EL on used vehicles of YOM 10years and above = Customs value x 50%

Where; EL= Environmental levy

2. Stamp duties

Stamp duty is charged on a number of transactions at varying rates. Stamp duty is charged at 1%
of the total value for a number of instruments, including hire purchase agreements, composition
deeds, leases, conveyance, transfers, share warrants, gifts, and agreements relating to deposit of
title deeds.

i. Stamp duty of 1.5% applies on all transfers, including transfer of shares and property.
ii. Stamp duty of 2% applies on exchange of property.

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iii. No stamp duty applies on debentures, equitable mortgages, or further charges on
mortgaged property and loan instruments.
iv. No stamp duty applies on Agricultural Insurance Policy.

3. Excise duties

Excise duties are imposed on goods considered luxuriant. Examples include locally
manufactured soft drinks, cigarettes, alcoholic drinks, and spirits. A schedule of some of the rates
is provided below

1.13.2 -Estate agent tax

1.13.3 -Taxes paid by cargo agents

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