Balance of Non-financial Assets

Gross fixed capital formation (P.51)

1.13 Expenditure on destructive military equipment: based on additional information from the Ministry of Defence of the CR, government expenditure on equipment designed exclusively for military purposes (i.e. unusable in the civilian sector) was excluded form gross fixed capital formation.
1.14 Profit margin: gross fixed capital formation also comprises own-account production of fixed assets (capitalization). National accounting principles want such production to be valued at basic prices of similar fixed assets - i.e. including a surcharge of expected profits. For this reason a profit margin was estimated for own-produced fixed assets and the margin was added to gross fixed capital formation (P.52) and output for own final use (P.12).
1.15 Other intangible fixed assets: owing to some definition discrepancy between intangible fixed assets in enterprise accounting and intangible fixed assets in national accounting, expenditure on mineral exploration and the value of entertainment, literary or artistic originals were estimated.
1.16 Individual housing construction: the calculated value of individual housing construction is primarily based on statistical reports provided by building and planning control authorities on completed constructions in which at least one dwelling is found as well as on household budgets statistics.
1.17 Dwelling stock privatisation: the estimate of the value of the privatised dwelling stock was updated thanks to (i) information on the privatisation of cooperative dwellings provided by the Association of Bohemian and Moravian Housing Cooperatives and (ii) information on the privatisation of municipal dwellings provided by the Ministry for Regional Development of the CR.

Changes in inventories (P.52)

1.18 Elimination of price change influence: monthly “weighted price indices” were calculated (which also accounted for influences of the development of export or import pieces in addition to the development of domestic producers’ prices) so that “actual” values of inventories at the beginning and end of a current year could be determined, i.e. changes in current prices of inventories between the moment of their acquisition and the moment of their use could be eliminated.
1.19 Natural growth of forest timber: the natural growth of forest timber was estimated from data contained in the project of the valuation of forest stands and their natural growth implemented by the Forest Management Institute commissioned to do that by the Ministry of Agriculture of the CR and by the Czech Statistical Office.

Acquisitions less disposals of valuables (P.53)

1.20 New statistical information on the acquisition and state values of works of art and collections especially in the general government sector made it possible to refine the indicator on acquisitions less disposals of valuables.

Estimate of fixed assets stocks and fixed capital consumption at replacement costs

1.21 Due to the different approach to the calculation of fixed assets stocks and fixed capital consumption used to revise annual national accounts, values of these indicators (and of associated indicators, too) changed considerably. The stocks of fixed assets, fixed capital consumption and changes in the valuation of fixed assets are now estimated according to the EU uniform methodology - ESA 95 - and expressed at replacement costs, i.e. at current prices of the reference period after deduction of cumulated fixed capital consumption.
1.22 The CZSO uses two approaches to estimate stocks of fixed assets and fixed capital consumption in all sectors and for all industries. One approach - a quantitative method - is based on data on amounts and unit prices and applied to calculations of stocks and consumption of fixed capital in dwellings and chosen types of other constructions. The other approach is the perpetual inventory method applied to estimate the stocks and consumption of fixed capital in other types of fixed assets (e.g. non-residential building, transport equipment and other machinery, software).
The values of indicators on stocks of fixed assets and fixed capital consumption in individual periods are strongly dependent on the values these indicators had in previous periods. This publication, which is a follow-up of the publication “Revised National Accounts 1995-2002”, corrects the industrial structure of the stocks of fixed assets and refines the fixed capital consumption data for the year 2002.