Tesco 2011 Annual Report Download - page 122

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NOTE 11 PROPERTY, PLANT AND EQUIPMENT CONTINUED
The following amounts have been credited/(charged) to cost of sales in the Group Income Statement:
2011
£m
2010
£m
Impairment losses
UK (14) (27)
Asia –(6)
Rest of Europe (1) (18)
US (8) –
(23) (51)
Reversal of impairment losses
UK 14 27
Asia 13 10
Rest of Europe 11 37
38 74
Net reversal of impairment losses 15 23
The impairment losses relate to stores whose recoverable amounts do not exceed the asset carrying values. In all cases, impairment losses arose due
to stores performing below forecasted trading levels.
The reversal of previous impairment losses arose principally due to improvements in stores’ performances over the last year, which increased the net
present value of future cash flows.
NOTE 12 INVESTMENT PROPERTY
2011
£m
2010
£m
Cost
At beginning of year 1,919 1,660
Foreign currency translation (35) 172
Additions 24 16
Reclassification 197 71
Classified as held for sale (2) –
Disposals (11) –
At end of year 2,092 1,919
Accumulated depreciation and impairment losses
At beginning of year 188 121
Foreign currency translation (3) 14
Charge for the year 31 16
Impairment losses for the year 2–
Reversal of impairment losses for the year –(3)
Reclassification 11 40
At end of year 229 188
Net carrying value 1,863 1,731
FINANCIAL STATEMENTS
118
—
TESCO PLC Annual Report and Financial Statements 2011
Notes to the Group financial statements