Carphone Warehouse 2001 Annual Report Download - page 39

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11 Tangible fixed assets
Freehold Short leasehold Computer Fixtures and Motor Total
land and costs and office fittings vehicles
buildings equipment
Group £’000 £’000 £’000 £’000 £’000 £’000
Cost
At 25 March 2000 6,545 33,354 18,207 28,307 957 87,370
Additions 9,753 11,007 25,742 27,027 446 73,975
Disposals (861) (2,091) (1,329) (661) (405) (5,347)
Acquisition of subsidiary undertakings – 3,804 440 67 227 4,538
Foreign exchange 6 94 58 (19) 2 141
At 31 March 2001 15,443 46,168 43,118 54,721 1,227 160,677
Depreciation
At 25 March 2000 (628) (6,634) (9,534) (6,969) (415) (24,180)
Charge for period (196) (3,263) (7,562) (7,440) (327) (18,788)
Disposals 426 748 806 180 312 2,472
Foreign exchange (1) (27) 43 84 (2) 97
At 31 March 2001 (399) (9,176) (16,247) (14,145) (432) (40,399)
Net book value
At 31 March 2001 15,044 36,992 26,871 40,576 795 120,278
At 25 March 2000 5,917 26,720 8,673 21,338 542 63,190
The net book value of tangible fixed assets includes an amount of £442,000 (2000 – £471,000) in respect of assets held under finance
leases and hire purchase contracts and the depreciation charge on these assets was £184,000 (2000 – £256,000). The Directors consider
that the market value of freehold land and buildings exceeds net book value by approximately £4.6m. The Company does not hold any
tangible fixed assets.
12 Fixed asset investments
Group
Movements in the period were as follows:
Other
Own shares investments Total
Cost £’000 £’000 £’000
At 25 March 2000 – 11,584 11,584
Acquisitions during the period 3,949 31,377 35,326
Write down (see below) – (2,484) (2,484)
At 31 March 2001 3,949 40,477 44,426
Own shares
The Group has an Employee Share Ownership Trust (ESOT) which holds shares in the Company for the benefit of the Group's employees.
The movement in the period represents the acquisition of 1,974,000 shares on flotation at £2per share (for a total cost of £3.9m). At 31
March 2001 the shares had a market value of £2.5m.
Other investments
In March 2001, the Group disposed of the individual investments in its Wireless Internet Portfolio into an independently managed fund.
Although the consideration for the transfer was equal to the aggregate cost of the individual investments, in accordance with the Group’s
accounting policy, losses of £2.5m have been recognised in respect of the disposal of certain investments.
The Carphone Warehouse Group PLC Annual Report 2001 37