0 Logo, brand name, portrait rights and television rights have been obtained at no cost from the Association and have been valued at nil. 10. Tangible fixed assets Tangible fixed assets are carried at cost less depreciation. Depreciation is calculated on a straight-line basis over the estimated useful life, taking into account residual value. - Buildings 10 to 20 years - Machinery and equipment 5 years - Other fixed assets 3 to 10 years 11. Financial fixed assets Participations in which AFC Ajax NV exercises a significant influence on the business and financial policy are valued at net asset value. Other participations are valued at historical cost net of a provision for permanent impairment. 12. Stock Stocks are stated at historical cost using the FIFO (first in, first out) principle or lower market value when this value is lower. 13. Receivables Receivables are stated at nominal value less a provision for bad debts. 14. Securities Trading securities are valued at their market price on the stock exchange as at the balance sheet date. Unrealised gains and losses are reflected in the profit loss account. 15. Net turnover The turnover recognised consists of the goods and services supplied to third parties less sales discounts, returns and value-added taxes. 16. Cost of sales The costs of sales consist of the cost of Ajax products which are sold and the costs of the exploitation of portrait rights. 17. Social security contributions Social security contributions also include pension costs. The pension plan of the 'Stichting Contractspelers fonds KNVB' (CFK) covers in principle all contract players. The pension plan of the 'Stichting Pensioenfonds voor Voetbaloefenmeesters' covers trainers and coaches. The pension arrangements of the other staff are with an insurance company including a defined contribution plan.


Jaarverslagen Ajax NV (vanaf 1997) | 1998 | | pagina 62