Vodafone 2014 Annual Report Download - page 129
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11. Property, plant and equipment
We make signicant investments in network equipment and infrastructure – the base stations and technology
required to operate our networks – that form the majority of our tangible assets. All assets are depreciated over
their useful economic lives. For further details on the estimation of useful economic lives, see “Critical accounting
judgements” in note 1 “Basis of preparation” to the consolidated nancial statements.
Accounting policies
Land and buildings held for use are stated in the statement of nancial position at their cost, less anysubsequent accumulated depreciation and
subsequent accumulated impairment losses.
Amounts for equipment, xtures and ttings, which includes network infrastructure assets and which together comprise an all but insignicant
amount of the Group’s property, plant and equipment, are stated at cost less accumulated depreciation and any accumulated impairment losses.
Assets in the course of construction are carried at cost, less any recognised impairment loss. Depreciation of these assets commences when the
assets are ready for their intended use.
The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation is charged so as to write off the cost of assets, other than land, using the straight-line method, over their estimated useful lives,
as follows:
Land and buildings
a Freehold buildings 25–50 years
a Leasehold premises the term of the lease
Equipment, xtures and ttings
a Network infrastructure 3–25 years
a Other 3–10 years
Depreciation is not provided on freehold land.
Assets held under nance leases are depreciated over their expected useful lives on the same basis as owned assets or, where shorter, the term
of the relevant lease.
The gain or loss arising on the disposal or retirement of an item of property, plant and equipment is determined as the difference between any sale
proceeds and the carrying amount of the asset and is recognised in the income statement.
Annual Report 2014 127Overview
Strategy
review Performance Governance Financials Additional
information