Air New Zealand 2011 Annual Report Download - page 24

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10. PROPERTY, PLANT AND EQUIPMENT (CONTINUED)
GROUP
2011
$M
GROUP
2010
$M
COMPANY
2011
$M
COMPANY
2010
$M
PLANT AND EQUIPMENT
Cost 378 411 346 379
Accumulated depreciation (267) (287) (252) (274)
Carrying value at the beginning of the year 111 124 94 105
Additions 38 13 33 11
Disposals (1) (1) (1) (1)
Depreciation (26) (25) (22) (21)
Carrying value at end of the year 122 111 104 94
Represented by:
Cost 375 378 339 346
Accumulated depreciation (253) (267) (235) (252)
Carrying value at end of the year 122 111 104 94
LAND AND BUILDINGS
Cost 315 312 298 295
Accumulated depreciation (88) (76) (81) (69)
Carrying value at the beginning of the year 227 236 217 226
Additions 18 6 9 5
Disposals (2) - (1) -
Depreciation (15) (15) (13) (14)
Carrying value at end of the year 228 227 212 217
Represented by:
Cost 326 315 302 298
Accumulated depreciation (98) (88) (90) (81)
Carrying value at end of the year 228 227 212 217
Land and buildings comprise:
Leasehold properties 213 212 198 203
Freehold properties 15 15 14 14
228 227 212 217
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 2011 the useful lives and residual values of the Boeing 747-400 fleet were reassessed and
depreciation expense was reduced by $13 million.
Aircraft and aircraft related assets of $1,539 million as at 30 June 2011 (30 June 2010: $1,161 million) are pledged as security over
borrowings and finance lease obligations.
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
AS AT 30 JUNE 2011
AIR NEW ZEALAND ANNUAL FINANCIAL RESULTS 2011