Aviva 2005 Annual Report Download - page 137
Download and view the complete annual report
Please find page 137 of the 2005 Aviva annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127 -
128 -
129 -
130 -
131 -
132 -
133 -
134 -
135 -
136 -
137 -
138 -
139 -
140 -
141 -
142 -
143 -
144 -
145 -
146 -
147 -
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188
-
189
-
190
-
191
-
192
-
193
-
194
-
195
-
196
-
197
-
198
-
199
-
200
-
201
-
202
-
203
-
204
-
205
-
206
-
207
-
208
-
209
-
210
-
211
-
212
-
213
-
214
-
215
-
216
-
217
-
218
-
219
-
220
-
221
-
222
-
223
-
224
-
225
-
226
-
227
-
228
 |
 |
19 – Property and equipment continued
Owner-occupied properties are stated at their revalued amounts as assessed by qualified external valuers or by local qualified staff of the
Group in overseas operations, all with recent relevant experience. Values are calculated on the basis of existing use, being the estimated
arms-length value at which the properties could be exchanged with vacant possession and without allowing for alternatives to their
current use.
If owner-occupied properties were stated on a historical cost basis, the carrying amount would be as follows:
2005 2004
£m £m
Cost 449 359
Accumulated depreciation (43) (36)
Carrying amount 406 323
The Group has no material finance leases for property and equipment.
20 – Investment property
Freehold Leasehold Total
£m £m £m
Carrying value
At 1 January 2004 7,692 2,032 9,724
Additions 992 219 1,211
Capitalised expenditure on existing properties 93 17 110
Fair value gains 1,056 98 1,154
Disposals (747) (409) (1,156)
Transfers from property and equipment 3 – 3
Foreign exchange rate movements 11 – 11
At 31 December 2004 9,100 1,957 11,057
Additions 1,596 173 1,769
Capitalised expenditure on existing properties 126 61 187
Fair value gains 1,169 402 1,571
Disposals (1,171) (80) (1,251)
Foreign exchange rate movements (55) (3) (58)
At 31 December 2005 10,765 2,510 13,275
Investment properties are stated at their market values as assessed by qualified external valuers or by local qualified staff of the Group in
overseas operations, all with recent relevant experience. Values are calculated using a discounted cash flow approach and are based on
current rental income plus anticipated uplifts at the next rent review, assuming no future growth in rental income. This uplift and the
discount rate are derived from rates implied by recent market transactions on similar properties.
The fair value of investment properties leased to third parties under operating leases was as follows:
2005 2004
£m £m
Freeholds 9,036 9,065
Long leaseholds – over 50 years 3,018 1,939
Short leaseholds – under 50 years –6
12,054 11,010
Financial statements
Aviva plc 2005
135