Air New Zealand 2010 Annual Report Download - page 23

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11. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
GROUP
2010
$M
GROUP
2009
$M
COMPANY
2010
$M
COMPANY
2009
$M
PLANT AND EQUIPMENT
Cost 411 379 379 360
Accumulated depreciation (287) (273) (274) (261)
Carrying value at the beginning of the year 124 106 105 99
Additions 13 38 11 30
Addition from business acquisition - 8 - -
Disposals (1) (1) (1) -
Depreciation (25) (27) (21) (24)
Carrying value at end of the year 111 124 94 105
Represented by:
Cost 378 411 346 379
Accumulated depreciation (267) (287) (252) (274)
Carrying value at end of the year 111 124 94 105
LAND AND BUILDINGS
Cost 312 301 295 287
Accumulated depreciation (76) (67) (69) (61)
Carrying value at the beginning of the year 236 234 226 226
Additions 6 14 5 13
Addition from business acquisition - 3 - -
Depreciation (15) (15) (14) (13)
Carrying value at end of the year 227 236 217 226
Represented by:
Cost 315 312 298 295
Accumulated depreciation (88) (76) (81) (69)
Carrying value at end of the year 227 236 217 226
Land and buildings comprise:
Leasehold properties 212 220 203 211
Freehold properties 15 16 14 15
227 236 217 226
The useful lives and residual values applied to property, plant and equipment are reviewed annually to ensure that they continue to be appropriate.
During the year ended 30 June 2009 the useful lives and residual values of the Boeing 767-300 fleet were reassessed and depreciation expense was
increased by $7 million.
Aircraft and aircraft related assets of $1,161 million as at 30 June 2010 (30 June 2009: $1,413 million) are pledged as security over borrowings and
finance lease obligations.
AIR NEW ZEALAND
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
AS AT 30 JUNE 2010
21