RESOLUTION OF THE CABINET OF MINISTERS OF UKRAINE

of December 10, 2003 No. 1891

About approval of the Technique of assessment of property

Cabinet of Ministers of Ukraine decides:

1. Approve property assessment Technique which is applied.

Authorize Fund of state-owned property to make explanations concerning application of the specified Technique.

2. Determine that the appraisal reports of property value and the conclusion about property value constituted and approved according to the Technique of property value assessment during privatization which was effective before entry into force of this resolution are valid throughout the effective period established for them.

3. Recognize invalid:

Item 1 of the resolution of the Cabinet of Ministers of Ukraine of October 12, 2000 No. 1554 "About approval of the Technique of value assessment of property during privatization" (The Official Bulletin of Ukraine, 2000, No. 42, the Art. 1791);

the resolution of the Cabinet of Ministers of Ukraine of October 18, 2001 No. 1366 "About modification of property value assessment Technique during privatization" (The Official Bulletin of Ukraine, 2001, No. 43, the Art. 1926);

the resolution of the Cabinet of Ministers of Ukraine of April 27, 2002 No. 585 "About modification of property value assessment Technique during privatization" (The Official Bulletin of Ukraine, 2002, No. 18, the Art. 936).

Approved by the Resolution of the Cabinet of Ministers of Ukraine of December 10, 2003 No. 1891

Property assessment technique

General part

1. This Technique is applied to evaluating:

property of the state and municipal companies which is brought in the authorized capital of economic society in case of privatization by transformation of the specified companies to joint-stock companies;

objects of the state-owned and municipal property which according to the Law of Ukraine "About privatization of the state-owned and municipal property" belong to subjects to big privatization (on condition of absence of the adviser);

objects of the state-owned and municipal property which according to the Law of Ukraine "About privatization of the state-owned and municipal property" belong to subjects to small privatization (on condition of lack of book value of objects of the state-owned (municipal) property);

subjects to privatization which return to the state-owned or municipal property;

property of the state companies which are subject to reorganization by their transformation to joint-stock companies;

alienations of the state-owned (municipal) property;

objects of the state-owned and municipal property which according to the Law of Ukraine "About privatization of the state-owned and municipal property" belong to subjects to small privatization and are subject to sale by the redemption (except the cases provided by parts eight and the tenth article 15 of the Law of Ukraine "About privatization of the state-owned and municipal property").

According to requirements of this Technique determination of the size of the authorized capital of the economic society created in the course of privatization (corporatisation, transformation), and the size of losses which led to drawing property damage to the state, territorial community or the subject of managing with the state share (share of municipal property) in the authorized (share) capital, in case of establishment of the facts of plunder, shortage, destruction, spoil of property is carried out.

This Technique is not applied to evaluating objects of the state-owned and municipal property in cases of their lease and concession of objects of the state-owned and municipal property which are subject to sale at auction for method of studying of price offers, and also in cases of determination of the starting price of subject to big privatization by advisers. Besides, this Technique is not applied in the cases of indemnification provided by the Land code of Ukraine which are compensated according to Procedure for determination and indemnification to the owners of land and land users approved by the resolution of the Cabinet of Ministers of Ukraine of April 19, 1993 No. 284 (ZP of Ukraine, 1993, No. 10, the Art. 193).

In the cases determined by part of the sixteenth article 19 of the Law of Ukraine "About privatization of the state-owned and municipal property" during the redemption of subject to big privatization or exposure of such object by privatization authority to sale to auction with decrease in the starting price assessment of subject to big privatization repeatedly is not carried out.

2. In this Technique terms are used in such value:

1) date of inventory count - date for which inventory count of property of the company is carried out. Date of inventory count in cases of privatization (transformation) matches date of assessment. At the same time date of assessment is the last date;

2) inseparable improvements of leased property - the actions performed by the lessee directed to improvement of technical condition of leased property and (or) its consumer qualities which department will lead to reduction of its market value;

3) independent assessment - determination by the subject of estimative activities - the subject of managing based on the agreement on evaluating, certain cost type of property, except estimative, according to national standards of assessment and other regulatory legal acts of methodical regulation of independent assessment;

4) separate property - objects in material form (personal and real estate of the state or municipal companies (including buildings, constructions, non-residential premises), the property which remained after the termination of liquidation procedure of the state or municipal companies declared bankrupt; property of the companies which are liquidated according to the decision of body, authorized to manage the state-owned or municipal property; property of the state or municipal companies which were not sold as single property complexes; the state-owned or municipal property which did not enter the authorized capital of economic societies also is on accounting of the economic societies formed as a result of privatization or corporatisation);

5) transfer balance of the company - balance of the company (the consolidated balance of holding company) constituted for date of assessment according to national provisions (standards) of financial accounting or international accounting standards by results of inventory count in which in the cases determined by this Technique the revaluated value of non-current assets is reflected;

6) revaluated value of assets - the cost at which assets are reflected in the transfer (dividing) balance of the company constituted for date of assessment, determined by results of independent assessment according to procedure and in the cases provided by this Technique;

7) the standardized assessment - assessment which is performed independently by public authority or local government body with use of standard methodology and standard set of basic data, by results of which the appraisal report in which the estimated value is determined is drawn up.

3. Other terms used in this Technique are used in the value given in the Law of Ukraine "About privatization of the state-owned and municipal property", standards of assessment, national provisions (standards) of financial accounting (International Financial Reporting Standards) and other regulatory legal acts.

4. In case of decision making about privatization of object according to the Law of Ukraine "About features of privatization of the coal-mining companies" on investment tender assessment of such object repeatedly is not carried out.

5. Independent assessment of property is carried out according to requirements of national standards of assessment taking into account provisions of this Technique, other regulatory legal acts according to property and international standards of assessment in the part which is not contradicting national regulatory legal acts according to property.

Preparatory stage to property assessment

6. The preparatory stage to assessment of property assumes carrying out inventory count of property (in case of need), audit (in case of need), selection of the subject of estimative activities - the subject of managing (in case of carrying out independent assessment), collection of the basic data necessary for carrying out the independent (standardized) property assessment.

7. Inventory count of property is carried out according to the decision of privatization authority (other subject of management of objects of state-owned property or local government body) in which date of inventory count is specified.

Inventory count of the subjects to small privatization which are subject to sale at auction is provided with the asset holder (in case of its availability). In the absence of the asset holder of subject to small privatization inventory count of such objects is performed by inventory-taking group which is formed according to the decision of privatization authority (other subject of management of objects of state-owned property or local government body).

Is not subject to inventory count and the property which is placed in the territories of active fighting or the territories of Ukraine which are temporarily occupied by the Russian Federation does not join in lists and summary inventory reports. The specified property is reflected in balance and is assigned to the companies on the right of economic maintaining before carrying out its inventory count and assessment. Inventory count and assessment of such property is carried out from 1 date following after month in which active fighting or temporary occupation in the corresponding territory are completed.

Start dates and completion of active fighting or temporary occupation are established according to data of the list of the territories on which are conducted fighting or temporarily occupied by the Russian Federation, determined in the procedure established by the Cabinet of Ministers of Ukraine (was conducted).

8. Inventory count of property is carried out by the inventory-taking group formed according to the decision of privatization authority (other subject of management of objects of state-owned property or local government body) according to the legislation taking into account the following features:

1) in case of objective impossibility to recruit in inventory count of authorized representatives of the subject of managing on which balance the property is considered, owing to their absence or unwillingness to participate in work of inventory-taking group in inventory-taking group, except representatives of privatization authority (other subject of management of objects of state-owned property or local government body), representatives of the local state administrations, local government bodies, law enforcement agencies can join (in coordination);

2) in case of identification the inventory-taking group of property which owing to the technical condition cannot perform the initial functions draws up the statement of inspection of technical condition of such object with the conclusion concerning its further use which is attached to inventory count materials. In the act it is specified technical condition of the basic making, structural elements of property. The specialists competent of questions of operation, technical condition of such property can be involved in inspection, join conclusions of examination of the producer of the specified property or the subjects exercising technical supervision on identical or similar property;

3) responsibility for correctness of carrying out inventory count, timeliness of representation and reliability of its results is assigned to the chairman of inventory-taking group and its members;

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