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.
Stocks are stated at historical cost using the FIFO (first in, first out) principle or lower
market value when this value is lower.
Receivables are stated at nominal value less a provision for bad debts.
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.