Asa wisconsin chapter april 2015 meeting presentation: residual values for machinery and equipment

ASA Wisconsin Chapter

Meeting

Friday, April 24, 2015

Residual Values for

Machinery and Equipment

ASA presents:

Presenter:

Sharon Desfor, ASA

Upon webinar completion, the participant will be better able to:

Define a residual value and assess when, why, and how is it used

Recognize common errors in residual values (how NOT to calculate

them)

Calculate equipment residual values

Determine other considerations (different depreciation rates, lease

return provisions, and using your own judgment)

Why Should You Perform

Residual Value Projections?

(Source: U.S. Equipment Finance Market Study 2012-2013 from the Equipment Leasing & Foundation)

http://www.leasefoundation.org/IndRsrcs/MO/USMkts

Comments on methodology

6

The majority of banks do not account for any

further inflation in their calculations. This

conservatism can be used to mitigate their risk

factor. Some will then calculate their own present

values at various inflation rates just to see what

kind of margins they might enjoy at lease

termination, but then book the residual at the

uninflated number.

Comments on methodology

7

Sharon’s very opinionated opinion

8

What does “residual” mean?

What is a Residual Value?

“Essentially, the term residual value

means the value remaining after some

of the asset’s normal useful life has

been consumed. It can also refer to the

value of the asset at a defined future

point in time. Though the future value is

often defined as the future fair market

value, that’s not always the case.

Again, it is important that the pertinent

sections of the lease document be

reviewed prior to performing any

valuation in connection with a lease.”

(Valuing Machinery and Equipment: The Fundamentals

of Appraising Machinery and Technical Assets, Third

Edition, American Society of Appraisers)10

http://www.appraisers.org/ProductCatalog/Product.aspx?ID=6771



Is it even valid to give a future FMV?

11

Who Uses Them?

Owners of an asset,

12

Who Uses Them?

Operators of those assets,

13

Who Uses Them?

Lenders to those owners,

14

Who Uses Them?

Taxing authorities (IRS, Inland Revenue)

15

Who Uses Them?

Lessees of the assets,

16

Who Uses Them?

but mostly Lessors of assets.

17

When are they used?

Lease inception

Annual FASB compliance

audit

Asset substitution in a

lease

18

Question

How often are you asked to perform a residual

value projection?

A. At least weekly

B. Every month or two

C.2 or 3 times a year

D.Once a year or less

E. I’ve never been asked for a residual value

projection before

19

What are Residual Value

Projections Used For,

Anyway?

Why & How Are They Used?

What are residual value projections used for,

anyway?

• Determining an assets’ end-of-lease value

21



anyway?


• The ultimate purpose is developing the lease rate

22



anyway?



• Fair rental calculations (remember ME204?)

23



anyway?



• Fair rental (remember ME204?)

• Lease rate buildup

24

CONTROLLABLE NON-CONTROLLABLE

Lease Rate Buildup – An Oversimplification

25

Lease Rate Buildup An Over-Simplification

First - A Loan Example @ 7 year Fixed Rate

2.50%

0.75%

1.50%

1.50%

-.25%6.00%

COST OF

FUNDS

RISK [LOSS

PROVISION]OPERATING

EXPENSESPROFIT LESS: FEES

CLIENT

RATE

26

Lease Rate Buildup An Over-Simplification

Now – Price A Lease for 7 years

CLIENT

LOAN

RATE

LESS:

RESIDUAL

UPSIDE

BENEFITS

LESS:

PARTIAL

TAX

BENEFITS

LESS: LIKE KIND

EXCHANGE

BENEFITS

LOWER

LEASE

RATE

27

Question

Have you ever been asked to participate or

consult in lease rate negotiations?

A. Yes

B. No

C. It’s been so long I’m a virgin again.

28

How NOT to Calculate

Residual Values

This is a blue book excerpt for the subject asset

2003 average Mid Time value is $1.52MM

2003 Factory List Price is $1.375MM

$1.52MM divided by $1.375MM is 110.5%

Therefore, in ten years the subject asset will be worth

110.5% of its new acquisition price

What is the error?

Common Errors (How NOT to calculate)

30

The example uses only current market data


31


• There is no way of establishing from the given data

whether the current value of the asset is historically

relevant


32




relevant

The example uses an old historical price


33




relevant

The example uses an old historical price

• The correct price to use is the Replacement Cost New


34

• This is a compilation of past blue book data for the

subject asset

• What is the most common thing the asset manager

or appraiser will forget to do?


35

The inexperienced appraiser or the asset

manager often forgets to adjust the data for

inflation


36

Initial value at lease initiation

x

Does this look right? =


37

Failing to engage your brain to pick out

unrealistic projections


38

This particular asset ceased production in 1992

Once the resale values are adjusted for inflation, what

else needs adjustment?


39

Failure to adjust historical cost to a current

RCN is an incredibly common error for out-

of-production assets


40

We’re moving on next to calculating the

depreciation rate, or decline rate.

Any questions?

41

Calculating Residual Values

First Line Of Calculations

43

First line of calculations

• How to calculate the current value as a % of RCN

Year of Mfr CPI Trend Factor Historic Cost

Trended

Historic Current Value % of RCN

2013 230.28 100.00% 2,350,000 2,350,000 2,350,000 100.00%

2012 226.4 101.71% 2,280,000 2,319,074 2,234,000 95.06%

2011 219.1 105.10% 2,202,000 2,314,361 2,118,000 90.13%

2010 216.6 106.32% 2,125,000 2,259,211 2,002,000 85.19%

2009 215.3 106.96% 1,965,000 2,101,719 1,886,000 80.26%

2008 211.1 109.09% 1,855,000 2,023,541 1,770,000 75.32%

2007 202.4 113.77% 1,750,000 1,991,057 1,720,000 73.19%

2006 198.3 116.13% 1,390,000 1,614,166 1,670,000 71.06%

2005 190.7 120.76% 1,325,000 1,600,005 1,620,000 68.94%

2004 185.2 124.34% 1,300,000 1,616,436 1,570,000 66.81%


• Normalize known current sales to standard


Trended


2013 230.28 100.00% 2,350,000 2,350,000 2,350,000 100.00%

2012 226.4 101.71% 2,280,000 2,319,074 2,234,000 95.06%

2011 219.1 105.10% 2,202,000 2,314,361 2,118,000 90.13%

2010 216.6 106.32% 2,125,000 2,259,211 2,002,000 85.19%

2009 215.3 106.96% 1,965,000 2,101,719 1,886,000 80.26%

2008 211.1 109.09% 1,855,000 2,023,541 1,770,000 75.32%

2007 202.4 113.77% 1,750,000 1,991,057 1,720,000 73.19%

2006 198.3 116.13% 1,390,000 1,614,166 1,670,000 71.06%

2005 190.7 120.76% 1,325,000 1,600,005 1,620,000 68.94%

2004 185.2 124.34% 1,300,000 1,616,436 1,570,000 66.81%

•The circled current values

are known, as is the RCN.

•The highlighted values may

be calculated by straight-line

depreciation or other means.


• Trend historical cost to RCN as needed

Year of Mfr CPI

Trend

Factor x Historic Cost

Trended


2013 230.28 100.00% * 2,350,000 2,350,000 2,350,000 100.00%

2012 226.4 101.71% * 2,280,000 2,319,074 2,234,000 95.06%

2011 219.1 105.10% * 2,202,000 2,314,361 2,118,000 90.13%

2010 216.6 106.32% * 2,125,000 2,259,211 2,002,000 85.19%

2009 215.3 106.96% * 1,965,000 2,101,719 1,886,000 80.26%

2008 211.1 109.09% * 1,855,000 2,023,541 1,770,000 75.32%

2007 202.4 113.77% * 1,750,000 1,991,057 1,720,000 73.19%

2006 198.3 116.13% * 1,390,000 1,614,166 1,670,000 71.06%

2005 190.7 120.76% * 1,325,000 1,600,005 1,620,000 68.94%

2004 185.2 124.34% * 1,300,000 1,616,436 1,570,000 66.81%


• Simple division


Trended


2013 230.28 100.00% 2,350,000 2,350,000 2,350,000 100.00%

2012 226.4 101.71% 2,280,000 2,319,074 2,234,000 95.06%

2011 219.1 105.10% 2,202,000 2,314,361 2,118,000 90.13%

2010 216.6 106.32% 2,125,000 2,259,211 2,002,000 85.19%

2009 215.3 106.96% 1,965,000 2,101,719 1,886,000 80.26%

2008 211.1 109.09% 1,855,000 2,023,541 1,770,000 75.32%

2007 202.4 113.77% 1,750,000 1,991,057 1,720,000 73.19%

2006 198.3 116.13% 1,390,000 1,614,166 1,670,000 71.06%

2005 190.7 120.76% 1,325,000 1,600,005 1,620,000 68.94%

2004 185.2 124.34% 1,300,000 1,616,436 1,570,000 66.81%

Divide Current Value by

Trended Historic Cost.


• These percentages are your first line of calculations


Trended


2013 230.28 100.00% 2,350,000 2,350,000 2,350,000 100.00%

2012 226.4 101.71% 2,280,000 2,319,074 2,234,000 95.06%

2011 219.1 105.10% 2,202,000 2,314,361 2,118,000 90.13%

2010 216.6 106.32% 2,125,000 2,259,211 2,002,000 85.19%

2009 215.3 106.96% 1,965,000 2,101,719 1,886,000 80.26%

2008 211.1 109.09% 1,855,000 2,023,541 1,770,000 75.32%

2007 202.4 113.77% 1,750,000 1,991,057 1,720,000 73.19%

2006 198.3 116.13% 1,390,000 1,614,166 1,670,000 71.06%

2005 190.7 120.76% 1,325,000 1,600,005 1,620,000 68.94%

2004 185.2 124.34% 1,300,000 1,616,436 1,570,000 66.81%

Second Line Of Calculations

49

Second line of calculations

• How to calculate the past value as a % of RCN

Year of Mfr CPI

Trend

Factor

Historic

Cost

Trended

HistoricPast Values

Trended

Past % of RCN

2013 230.28 100.00% 2,350,000 2,350,000 1,370,000 1,370,000 58.30%

2012 226.4 101.71% 2,280,000 2,319,074 1,375,000 1,398,564 59.51%

2011 219.1 105.10% 2,202,000 2,314,361 1,455,000 1,529,244 65.07%

2010 216.6 106.32% 2,125,000 2,259,211 1,455,000 1,546,895 65.83%

2009 215.3 106.96% 1,965,000 2,101,719 1,685,000 1,802,238 76.69%

2008 211.1 109.09% 1,855,000 2,023,541 1,237,500 1,349,936 57.44%

2007 202.4 113.77% 1,750,000 1,991,057 987,500 1,123,525 47.81%

2006 198.3 116.13% 1,390,000 1,614,166 987,500 1,146,755 48.80%

2005 190.7 120.76% 1,325,000 1,600,005 987500 1,192,457 50.74%

2004 185.2 124.34% 1,300,000 1,616,436 912500 1,134,614 48.28%

Normalize past sales to standard

Year of Mfr CPI

Trend

Factor

Historic

Cost

Trended

HistoricPast Values

Trended

Past % of RCN

2013 230.28 100.00% 2,350,000 2,350,000 1,370,000 1,370,000 58.30%

2012 226.4 101.71% 2,280,000 2,319,074 1,375,000 1,398,564 59.51%

2011 219.1 105.10% 2,202,000 2,314,361 1,455,000 1,529,244 65.07%

2010 216.6 106.32% 2,125,000 2,259,211 1,455,000 1,546,895 65.83%

2009 215.3 106.96% 1,965,000 2,101,719 1,685,000 1,802,238 76.69%

2008 211.1 109.09% 1,855,000 2,023,541 1,237,500 1,349,936 57.44%

2007 202.4 113.77% 1,750,000 1,991,057 987,500 1,123,525 47.81%

2006 198.3 116.13% 1,390,000 1,614,166 987,500 1,146,755 48.80%

2005 190.7 120.76% 1,325,000 1,600,005 987500 1,192,457 50.74%

2004 185.2 124.34% 1,300,000 1,616,436 912500 1,134,614 48.28%

•The circled past values are

known, as is the current

value.

•Highlighted values may be

calculated by straight-line

depreciation or other means.


51


Trend past values as needed

Year of Mfr CPI

Trend

Factor

Historic

Cost

Trended

HistoricPast Values

Trended

Past % of RCN

2013 230.28 100.00% 2,350,000 2,350,000 1,370,000 1,370,000 58.30%

2012 226.4 101.71% 2,280,000 2,319,074 1,375,000 1,398,564 59.51%

2011 219.1 105.10% 2,202,000 2,314,361 1,455,000 1,529,244 65.07%

2010 216.6 106.32% 2,125,000 2,259,211 1,455,000 1,546,895 65.83%

2009 215.3 106.96% 1,965,000 2,101,719 1,685,000 1,802,238 76.69%

2008 211.1 109.09% 1,855,000 2,023,541 1,237,500 1,349,936 57.44%

2007 202.4 113.77% 1,750,000 1,991,057 987,500 1,123,525 47.81%

2006 198.3 116.13% 1,390,000 1,614,166 987,500 1,146,755 48.80%

2005 190.7 120.76% 1,325,000 1,600,005 987500 1,192,457 50.74%

2004 185.2 124.34% 1,300,000 1,616,436 912500 1,134,614 48.28%

52


Trend historical cost to RCN if needed

Year of Mfr CPI

Trend

Factor

Historic

Cost

Trended

HistoricPast Values

Trended

Past % of RCN

2013 230.28 100.00% 2,350,000 2,350,000 1,370,000 1,370,000 58.30%

2012 226.4 101.71% 2,280,000 2,319,074 1,375,000 1,398,564 59.51%

2011 219.1 105.10% 2,202,000 2,314,361 1,455,000 1,529,244 65.07%

2010 216.6 106.32% 2,125,000 2,259,211 1,455,000 1,546,895 65.83%

2009 215.3 106.96% 1,965,000 2,101,719 1,685,000 1,802,238 76.69%

2008 211.1 109.09% 1,855,000 2,023,541 1,237,500 1,349,936 57.44%

2007 202.4 113.77% 1,750,000 1,991,057 987,500 1,123,525 47.81%

2006 198.3 116.13% 1,390,000 1,614,166 987,500 1,146,755 48.80%

2005 190.7 120.76% 1,325,000 1,600,005 987500 1,192,457 50.74%

2004 185.2 124.34% 1,300,000 1,616,436 912500 1,134,614 48.28%

53


Simple division

Year of Mfr CPI

Trend

Factor

Historic

Cost

Trended

HistoricPast Values

Trended

Past % of RCN

2013 230.28 100.00% 2,350,000 2,350,000 1,370,000 1,370,000 58.30%

2012 226.4 101.71% 2,280,000 2,319,074 1,375,000 1,398,564 59.51%

2011 219.1 105.10% 2,202,000 2,314,361 1,455,000 1,529,244 65.07%

2010 216.6 106.32% 2,125,000 2,259,211 1,455,000 1,546,895 65.83%

2009 215.3 106.96% 1,965,000 2,101,719 1,685,000 1,802,238 76.69%

2008 211.1 109.09% 1,855,000 2,023,541 1,237,500 1,349,936 57.44%

2007 202.4 113.77% 1,750,000 1,991,057 987,500 1,123,525 47.81%

2006 198.3 116.13% 1,390,000 1,614,166 987,500 1,146,755 48.80%

2005 190.7 120.76% 1,325,000 1,600,005 987500 1,192,457 50.74%

2004 185.2 124.34% 1,300,000 1,616,436 912500 1,134,614 48.28%

Divide Trended Past Value by

Trended Historic Cost.

54

Reconciliation

It is possible to reconcile to a most probable value

Trended Historic (TH)

2,350,000

Current % of RCN * TH

Annual

depreciation

Most

Probable

Residual

Value Past % of RCN * TH

Annual

depreciation

100.00% 2,350,000 $2,350,000 100.00% 58.30% 1,370,000

95.06% 2,234,000 4.94% $2,234,000 95.06% 57.30% 1,346,458 0.86%

90.13% 2,118,000 4.94% $2,118,000 90.13% 56.29% 1,322,916 0.86%

85.19% 2,002,000 4.94% $2,002,000 85.19% 55.29% 1,299,374 0.86%

80.26% 1,886,000 4.94% $1,886,000 80.26% 54.29% 1,275,832 0.86%

75.32% 1,770,000 4.94% $1,770,000 75.32% 53.29% 1,252,290 0.86%

73.19% 1,720,000 2.13% $1,642,916 69.91% 52.29% 1,228,748 0.86%

71.06% 1,670,000 2.13% $1,515,832 64.50% 51.29% 1,205,206 0.86%

68.94% 1,620,000 2.13% $1,388,748 59.10% 50.28% 1,181,664 0.86%

66.81% 1,570,000 2.13% $1,261,664 53.69% 49.28% 1,158,122 0.86%

64.68% 1,520,000 2.13% $1,134,580 48.28% 48.28% 1,134,580 0.86%

55

Reconciliation

Take the trended historic price as RCN


2,350,000


Annual

depreciation

Most

Probable

Residual


Annual

depreciation

100.00% 2,350,000 $2,350,000 100.00% 58.30% 1,370,000

95.06% 2,234,000 4.94% $2,234,000 95.06% 57.30% 1,346,458 0.86%

90.13% 2,118,000 4.94% $2,118,000 90.13% 56.29% 1,322,916 0.86%

85.19% 2,002,000 4.94% $2,002,000 85.19% 55.29% 1,299,374 0.86%

80.26% 1,886,000 4.94% $1,886,000 80.26% 54.29% 1,275,832 0.86%

75.32% 1,770,000 4.94% $1,770,000 75.32% 53.29% 1,252,290 0.86%

73.19% 1,720,000 2.13% $1,642,916 69.91% 52.29% 1,228,748 0.86%

71.06% 1,670,000 2.13% $1,515,832 64.50% 51.29% 1,205,206 0.86%

68.94% 1,620,000 2.13% $1,388,748 59.10% 50.28% 1,181,664 0.86%

66.81% 1,570,000 2.13% $1,261,664 53.69% 49.28% 1,158,122 0.86%

64.68% 1,520,000 2.13% $1,134,580 48.28% 48.28% 1,134,580 0.86%

56

Reconciliation

Use first line of calculations as long as stable


2,350,000


Annual

depreciation

Most

Probable

Residual


Annual

depreciation

100.00% 2,350,000 $2,350,000 100.00% 58.30% 1,370,000

95.06% 2,234,000 4.94% $2,234,000 95.06% 57.30% 1,346,458 0.86%

90.13% 2,118,000 4.94% $2,118,000 90.13% 56.29% 1,322,916 0.86%

85.19% 2,002,000 4.94% $2,002,000 85.19% 55.29% 1,299,374 0.86%

80.26% 1,886,000 4.94% $1,886,000 80.26% 54.29% 1,275,832 0.86%

75.32% 1,770,000 4.94% $1,770,000 75.32% 53.29% 1,252,290 0.86%

73.19% 1,720,000 2.13% $1,642,916 69.91% 52.29% 1,228,748 0.86%

71.06% 1,670,000 2.13% $1,515,832 64.50% 51.29% 1,205,206 0.86%

68.94% 1,620,000 2.13% $1,388,748 59.10% 50.28% 1,181,664 0.86%

66.81% 1,570,000 2.13% $1,261,664 53.69% 49.28% 1,158,122 0.86%

64.68% 1,520,000 2.13% $1,134,580 48.28% 48.28% 1,134,580 0.86%

57

Reconciliation

End with second line of calculations


2,350,000


Annual

depreciation

Most

Probable

Residual


Annual

depreciation

100.00% 2,350,000 $2,350,000 100.00% 58.30% 1,370,000

95.06% 2,234,000 4.94% $2,234,000 95.06% 57.30% 1,346,458 0.86%

90.13% 2,118,000 4.94% $2,118,000 90.13% 56.29% 1,322,916 0.86%

85.19% 2,002,000 4.94% $2,002,000 85.19% 55.29% 1,299,374 0.86%

80.26% 1,886,000 4.94% $1,886,000 80.26% 54.29% 1,275,832 0.86%

75.32% 1,770,000 4.94% $1,770,000 75.32% 53.29% 1,252,290 0.86%

73.19% 1,720,000 2.13% $1,642,916 69.91% 52.29% 1,228,748 0.86%

71.06% 1,670,000 2.13% $1,515,832 64.50% 51.29% 1,205,206 0.86%

68.94% 1,620,000 2.13% $1,388,748 59.10% 50.28% 1,181,664 0.86%

66.81% 1,570,000 2.13% $1,261,664 53.69% 49.28% 1,158,122 0.86%

64.68% 1,520,000 2.13% $1,134,580 48.28% 48.28% 1,134,580 0.86%

58

Reconciliation

SLN or appropriate choice of market depreciation from last

of 1st to 2nd line of calculations


2,350,000


Annual

depreciation

Most

Probable

Residual


Annual

depreciation

100.00% 2,350,000 $2,350,000 100.00% 58.30% 1,370,000

95.06% 2,234,000 4.94% $2,234,000 95.06% 57.30% 1,346,458 0.86%

90.13% 2,118,000 4.94% $2,118,000 90.13% 56.29% 1,322,916 0.86%

85.19% 2,002,000 4.94% $2,002,000 85.19% 55.29% 1,299,374 0.86%

80.26% 1,886,000 4.94% $1,886,000 80.26% 54.29% 1,275,832 0.86%

75.32% 1,770,000 4.94% $1,770,000 75.32% 53.29% 1,252,290 0.86%

73.19% 1,720,000 2.13% $1,642,916 69.91% 52.29% 1,228,748 0.86%

71.06% 1,670,000 2.13% $1,515,832 64.50% 51.29% 1,205,206 0.86%

68.94% 1,620,000 2.13% $1,388,748 59.10% 50.28% 1,181,664 0.86%

66.81% 1,570,000 2.13% $1,261,664 53.69% 49.28% 1,158,122 0.86%

64.68% 1,520,000 2.13% $1,134,580 48.28% 48.28% 1,134,580 0.86%

59

Reconciliation

Now look at it. Is it sensible? Realistic?


2,350,000


Annual

depreciation

Most

Probable

Residual


Annual

depreciation

100.00% 2,350,000 $2,350,000 100.00% 58.30% 1,370,000

95.06% 2,234,000 4.94% $2,234,000 95.06% 57.30% 1,346,458 0.86%

90.13% 2,118,000 4.94% $2,118,000 90.13% 56.29% 1,322,916 0.86%

85.19% 2,002,000 4.94% $2,002,000 85.19% 55.29% 1,299,374 0.86%

80.26% 1,886,000 4.94% $1,886,000 80.26% 54.29% 1,275,832 0.86%

75.32% 1,770,000 4.94% $1,770,000 75.32% 53.29% 1,252,290 0.86%

73.19% 1,720,000 2.13% $1,642,916 69.91% 52.29% 1,228,748 0.86%

71.06% 1,670,000 2.13% $1,515,832 64.50% 51.29% 1,205,206 0.86%

68.94% 1,620,000 2.13% $1,388,748 59.10% 50.28% 1,181,664 0.86%

66.81% 1,570,000 2.13% $1,261,664 53.69% 49.28% 1,158,122 0.86%

64.68% 1,520,000 2.13% $1,134,580 48.28% 48.28% 1,134,580 0.86%

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Other considerations

Different rates of depreciation for options and extras


2,350,000

Current % of RCN

Annual

deprec. Most Likely

Residual

Value

Optional

equipment Past % of RCN

Annual

deprec.

100.00% 2,350,000 $2,350,000 100.00% $ 300,000 58.30% 1,370,000

95.06% 2,234,000 4.94% $2,234,000 95.06% $ 250,000 57.30% 1,346,458 0.86%

90.13% 2,118,000 4.94% $2,118,000 90.13% $ 200,000 56.29% 1,322,916 0.86%

85.19% 2,002,000 4.94% $2,002,000 85.19% $ 150,000 55.29% 1,299,374 0.86%

80.26% 1,886,000 4.94% $1,886,000 80.26% $ 100,000 54.29% 1,275,832 0.86%

75.32% 1,770,000 4.94% $1,770,000 75.32% $ 80,000 53.29% 1,252,290 0.86%

73.19% 1,720,000 2.13% $1,642,916 69.91% $ 70,000 52.29% 1,228,748 0.86%

71.06% 1,670,000 2.13% $1,515,832 64.50% $ 65,000 51.29% 1,205,206 0.86%

68.94% 1,620,000 2.13% $1,388,748 59.10% $ 65,000 50.28% 1,181,664 0.86%

66.81% 1,570,000 2.13% $1,261,664 53.69% $ 65,000 49.28% 1,158,122 0.86%

64.68% 1,520,000 2.13% $1,134,580 48.28% $ 65,000 48.28% 1,134,580 0.86%

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Different ages of parts of

line or asset:2008 Sikorsky S92A,

Corporate/VIP

configured, factory

demonstrator

Purchased in 2011

Corporate configuration

removed, replaced

with offshore interior

Interior is 3 years

younger than the

airframe

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63

Questions?

64

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Asa wisconsin chapter april 2015 meeting presentation: residual values for machinery and equipment

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Transcript of Asa wisconsin chapter april 2015 meeting presentation: residual values for machinery and equipment