Marks and Spencer 2009 Annual Report Download - page 103

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99
14 Property, plant and equipment
Land and
buildings
£m
Fixtures,
fittings and
equipment
£m
Assets in the
course of
construction
£m Total
£m
At 31 March 2007
Cost 2,468.2 3,653.3 107.5 6,229.0
Accumulated depreciation (95.3) (2,089.2) – (2,184.5)
Net book value 2,372.9 1,564.1 107.5 4,044.5
Year ended 29 March 2008
Opening net book value 2,372.9 1,564.1 107.5 4,044.5
Exchange difference 18.4 10.1 5.9 34.4
Additions 82.6 692.8 195.4 970.8
Acquisition of subsidiaries 18.0 11.5 0.2 29.7
Transfers 11.8 110.8 (122.6) –
Disposals (73.8) (5.2) (0.1) (79.1)
Depreciation charge (8.5) (287.8) – (296.3)
Closing net book value 2,421.4 2,096.3 186.3 4,704.0
At 29 March 2008
Cost 2,525.2 4,473.3 186.3 7,184.8
Accumulated depreciation (103.8) (2,377.0) – (2,480.8)
Net book value 2,421.4 2,096.3 186.3 4,704.0
Year ended 28 March 2009
Opening net book value 2,421.4 2,096.3 186.3 4,704.0
Exchange difference 26.3 21.4 8.4 56.1
Additions 45.7 395.2 90.4 531.3
Transfers 32.2 142.4 (174.6) –
Disposals (58.4) (17.3) –(75.7)
Depreciation charge (9.2) (372.5) –(381.7)
Closing net book value 2,458.0 2,265.5 110.5 4,834.0
At 28 March 2009
Cost 2,566.6 4,811.9 110.5 7489.0
Accumulated depreciation (108.6) (2,546.4) –(2,655.0)
Net book value 2,458.0 2,265.5 110.5 4,834.0
The net book value above includes land and buildings of £45.4m (last year £42.2m) and equipment of £58.7m (last year £35.6m) where the
Group is a lessee under a finance lease.
Additions to property, plant and equipment during the year amounting to £32.8m (last year £23.5m) were financed by new finance leases.
15 Investment property
2009
£m
2008
£m
Cost
At start and end of year 25.3 25.3
Depreciation
At start of year (0.3) (0.2)
Depreciation charge (0.2) (0.1)
At end of year (0.5) (0.3)
Net book value 24.8 25.0
The investment properties were valued at £23.1m (last year £31.7m) as at 28 March 2009 by qualified professional valuers working for CB
Richard Ellis, Chartered Surveyors, acting in the capacity of external valuers. All such valuers are chartered surveyors, being members of the
Royal Institution of Chartered Surveyors (RICS). The properties were valued on the basis of market value (calculated based on subleases in
place at the year end). All valuations were carried out in accordance with the RICS Appraisal and Valuation Standards. As the investment
properties are held at depreciated historical cost, this valuation has not been reflected in the carrying value of the assets. No impairment has
been recognised on the one property which is carried at a higher value than its market value at 28 March 2009. However, the Group intends
to re-occupy the property during 2009/10 at which point its value in use will exceed the net book value. The Group received rental income of
£1.2m (last year £1.5m) in respect of these investment properties.