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Investor Presentaiton

ANNUAL INTEGRATED REPORT 2021 | AXTEL 11 50 150 = Of the total depreciation expense, $2,596,292, $2,667,981 and $2,879,263 were charged to cost of sales, $60,513, $71,670 and $122,709 to selling and administrative expenses, and $0, $0 and $162,780 in discontinued operations for 2021, 2020 and 2019, respectively. Projects in process mainly include telecommunications network equipment to extend the Company's infrastructure and the capitalization period is approximately twelve months. For the years ended December 31, 2021, 2020 and 2019, the Company capitalized $18,079, $12,776 and $15,434, respectively, of borrowing costs related to qualifying assets of $422,817, $583,175 and $410,323, respectively. These amounts were capitalized based on an interest rate of 7.11%, 7.59% and 7.63%, respectively. Net book value Balances as of December 31, 2019 Balances as of December 31, 2020 Balances as of December 31, 2021 Accumulated depreciation 2019 Accumulated depreciation 2020 Accumulated depreciation 2021 Land & buildings Telecommu- nications equipment and net- works Furniture and office equip- ment Computer equipment Vehicles $ 440,826 Total $187,192 $ 642 $ 28,324 $ 4,263 $ 661,246 $ 366,510 $305,030 $ (238,408) $ (218,706) $ (165,857) $154,500 $126,144 $(30,256) $(32,355) $(28,334) $ 549 $ 28,668 $ 42,644 $ 592,871 $ 470 $ 33,745 $ 33,133 $ 498,522 $ (79) $ (79) $ (79) $ (22,768) $ (2,599) $ (27,248) $ (9,586) $(294,110) $(287,974) $ (26,116) $ (14,242) $(234,628) ii. Additions to the net book value of the right of use asset as of December 31, 2021, 2020 and 2019 amounted to $240,512, $239,952 and $7,103, respectively. Expenses recognized in the consolidated statement of income for the year ended December 31, 2021, 2020 and 2019, are as follows. RIGHT OF USE ASSET Rent expenses from short-term leases 2021 2020 2019 $942,627 $ 893,842 $ 892,752 The Company leases a different set of fixed assets including, buildings, machinery and equipment, vehicles, and computer equipment. The average term of the lease contracts is from 3 to 6 years. i. The right of use recognized in the consolidated statement of financial position as of December 31, 2020 and 2019, is as follows: The Company has not signed lease contracts, which at the date of the consolidated financial statements have not started. During the year, the Company did not realize significant extensions to the term of its lease contracts.
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