Aviva 2007 Annual Report Download - page 169
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20 – Property and equipment
This note analyses our tangible fixed assets, which are primarily properties occupied by Group companies and
computer equipment.
Properties Owner-
under occupied Motor Computer Other
construction properties vehicles equipment assets Total
£m £m £m £m £m £m
Cost or valuation
At 1 January 2006 54 499 89 655 368 1,665
Additions 31 43 1 154 66 295
Acquisitions of subsidiaries – 612211
Disposals – (78) (78) (99) (72) (327)
Transfers to investment property – (6) – – – (6)
Transfers (19) 19 ––––
Reversal of impairment losses (see note 34) – (2) – – – (2)
Fair value gains (see note 34) – 26 – – – 26
Foreign exchange rate movements (1) (8) – (10) (5) (24)
At 31 December 2006 65 499 13 702 359 1,638
Additions 27 9 3 92 96 227
Acquisitions of subsidiaries – 1011214
Disposals (16) (60) (4) (37) (14) (131)
Transfers to investment property (27) (14) – – – (41)
Transfers (6) 6 ––––
Fair value gains (see note 34) – 23 – – – 23
Impairment losses – (2) – – – (2)
Foreign exchange rate movements 2 26 1 14 19 62
Other movements ––––44
At 31 December 2007 45 497 14 772 466 1,794
Depreciation
At 1 January 2006 – – (21) (437) (237) (695)
Charge for the year – – (11) (85) (26) (122)
Disposals – – 24 16 33 73
Foreign exchange rate movements – – – 7 3 10
At 31 December 2006 – – (8) (499) (227) (734)
Charge for the year – (1) (1) (97) (30) (129)
Disposals – – 2 32 8 42
Foreign exchange rate movements – – – (14) (14) (28)
Other movements ––––(3)(3)
At 31 December 2007 – (1) (7) (578) (266) (852)
Carrying amount
At 31 December 2006 65 499 5 203 132 904
At 31 December 2007 45 496 7 194 200 942
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. These values are assessed in
accordance with the relevant parts of the current RICS Appraisal and Valuation Standards in the UK, and with current local
valuation practices in other countries. This assessment, on the basis of Existing Use Value and in accordance with UK
Practice Statement 1.3, is the estimated amount for which a property should exchange on the date of valuation between
a willing buyer and a willing seller in an arm’s-length transaction, after proper marketing wherein the parties had acted
knowledgeably, prudently and without compulsion, assuming that the buyer is granted vacant possession of all parts of
the property required by the business and disregarding potential alternative uses. The valuation assessment adopts
market-based evidence and is in line with guidance from the International Valuation Standards Committee and the
requirements of IAS 16, Property, Plant and Equipment, for all but specialised-use properties which are valued on a
depreciated replacement cost (DRC) basis as permitted by paragraph 33 of IAS 16.
If owner-occupied properties were stated on a historical cost basis, the carrying amount would be £301 million
(2006: £368 million).
The Group has no material finance leases for property and equipment.
Aviva plc
Annual Report and
Accounts 2007
165
Financial
statements