Full Annual Report - Inchcape

Financial statements
Notes to the accounts continued
12 Property, plant and equipment
Land and
buildings
£m
Plant,
machinery
and
equipment
£m
Subtotal
£m
Interest
in leased
vehicles
£m
Cost
At 1 January 2008 391.5 152.5 544.0 113.4 657.4
Businesses acquired 17.8 5.4 23.2 – 23.2
Businesses sold (6.9) (4.8) (11.7) – (11.7)
Additions 87.5 30.3 117.8 63.5 181.3
Disposals (9.0) (20.9) (29.9) – (29.9)
Transferred to inventory – – – (48.1) (48.1)
Reclassified from disposal group 46.1 9.7 55.8 – 55.8
Effect of foreign exchange rate changes 48.7 30.6 79.3 10.6 89.9
At 1 January 2009 575.7 202.8 778.5 139.4 917.9
Businesses sold (0.4) (1.7) (2.1) – (2.1)
Additions 35.2 14.7 49.9 38.7 88.6
Disposals (6.3) (8.9) (15.2) – (15.2)
Transferred to inventory – – – (54.3) (54.3)
Reclassified to assets held for sale (7.6) – (7.6) – (7.6)
Reclassifications – (23.5) (23.5) 23.5 –
Effect of foreign exchange rate changes (19.5) (7.4) (26.9) (6.0) (32.9)
At 31 December 2009 577.1 176.0 753.1 141.3 894.4
Depreciation and impairment
At 1 January 2008 (31.0) (83.6) (114.6) (23.5) (138.1)
Businesses sold 0.3 3.1 3.4 – 3.4
Depreciation charge for the year (15.1) (21.0) (36.1) (19.6) (55.7)
Disposals 0.6 13.0 13.6 – 13.6
Transferred to inventory – – – 11.0 11.0
Reclassified from disposal group (5.5) (8.0) (13.5) – (13.5)
Effect of foreign exchange rate changes (7.7) (18.8) (26.5) (4.0) (30.5)
At 1 January 2009 (58.4) (115.3) (173.7) (36.1) (209.8)
Businesses sold 0.1 1.5 1.6 – 1.6
Depreciation charge for the year (10.1) (18.5) (28.6) (24.7) (53.3)
Impairment losses recognised during the year (14.5) – (14.5) – (14.5)
Disposals 1.1 6.3 7.4 – 7.4
Transferred to inventory – – – 20.7 20.7
Reclassified to assets held for sale 1.0 – 1.0 – 1.0
Reclassifications – 9.1 9.1 (9.1) –
Effect of foreign exchange rate changes 2.9 4.4 7.3 1.8 9.1
At 31 December 2009 (77.9) (112.5) (190.4) (47.4) (237.8)
Net book value at 31 December 2009 499.2 63.5 562.7 93.9 656.6
Net book value at 31 December 2008 517.3 87.5 604.8 103.3 708.1
Certain subsidiaries have an obligation to repurchase, at a guaranteed residual value, vehicles which have been legally sold for leasing
contracts. These assets are included in ‘interest in leased vehicles’ in the table above.
Total
£m
112
Inchcape plc ¦ Annual Report and Accounts 2009