Full Annual Report - Inchcape
Full Annual Report - Inchcape 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
Section Three Financial statements 12 Property, plant and equipment continued Assets held under finance leases have the following net book values: Leasehold buildings 1.4 1.5 Plant, machinery and equipment 2.9 4.4 The book value of land and buildings is analysed between: 2009 £m 2008 £m 4.3 5.9 Freehold 387.5 447.7 Leasehold with over fifty years unexpired 36.7 45.9 Short leasehold 75.0 23.7 2009 £m 2008 £m 499.2 517.3 As at 31 December 2009, £2.9m (2008 – £2.0m) of capitalised borrowing costs were included within ‘land and buildings’, £0.9m of which was capitalised in 2009 (2008 – £2.0m). 13 Investments in joint ventures and associates At 1 January 21.3 15.3 Additions – 0.4 Share of profit after tax of joint ventures and associates 0.7 2.2 Dividends paid (0.6) (1.3) Loan advances 2.3 1.7 Acquisition of remaining interests – (0.6) Other movements – (0.1) Effect of foreign exchange rate changes (1.4) 3.7 At 31 December 22.3 21.3 Group’s share of net assets of joint ventures and associates Joint ventures Associates Total 2009 £m Non-current assets 68.0 99.0 0.8 2.6 68.8 101.6 Current assets 59.0 162.4 46.6 62.5 105.6 224.9 Group’s share of gross assets 127.0 261.4 47.4 65.1 174.4 326.5 Current liabilities (9.2) (65.2) (32.5) (42.7) (41.7) (107.9) Non-current liabilities (105.2) (183.5) (5.2) (13.8) (110.4) (197.3) Group’s share of gross liabilities (114.4) (248.7) (37.7) (56.5) (152.1) (305.2) Group’s share of net assets 12.6 12.7 9.7 8.6 22.3 21.3 Group’s share of results of joint ventures and associates Revenue 2.6 3.8 3.6 4.0 6.2 7.8 Expenses (3.0) (2.4) (2.6) (2.3) (5.6) (4.7) Profit / (loss) before tax (0.4) 1.4 1.0 1.7 0.6 3.1 Tax 0.4 (0.4) (0.3) (0.5) 0.1 (0.9) Share of profit after tax of joint ventures and associates – 1.0 0.7 1.2 0.7 2.2 As at 31 December 2009, no guarantees were provided in respect of joint ventures and associates borrowings (2008 – £17.9m). 2008 £m 2009 £m 2008 £m 2009 £m 2009 £m 2008 £m 2008 £m www.inchcape.com 113
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Section<br />
Three<br />
Financial<br />
statements<br />
12 Property, plant and equipment continued<br />
Assets held under finance leases have the following net book values:<br />
Leasehold buildings 1.4 1.5<br />
Plant, machinery and equipment 2.9 4.4<br />
The book value of land and buildings is analysed between:<br />
2009<br />
£m<br />
2008<br />
£m<br />
4.3 5.9<br />
Freehold 387.5 447.7<br />
Leasehold with over fifty years unexpired 36.7 45.9<br />
Short leasehold 75.0 23.7<br />
2009<br />
£m<br />
2008<br />
£m<br />
499.2 517.3<br />
As at 31 December 2009, £2.9m (2008 – £2.0m) of capitalised borrowing costs were included within ‘land and buildings’, £0.9m of which<br />
was capitalised in 2009 (2008 – £2.0m).<br />
13 Investments in joint ventures and associates<br />
At 1 January 21.3 15.3<br />
Additions – 0.4<br />
Share of profit after tax of joint ventures and associates 0.7 2.2<br />
Dividends paid (0.6) (1.3)<br />
Loan advances 2.3 1.7<br />
Acquisition of remaining interests – (0.6)<br />
Other movements – (0.1)<br />
Effect of foreign exchange rate changes (1.4) 3.7<br />
At 31 December 22.3 21.3<br />
Group’s share of net assets of joint ventures and associates<br />
Joint ventures Associates Total<br />
2009<br />
£m<br />
Non-current assets 68.0 99.0 0.8 2.6 68.8 101.6<br />
Current assets 59.0 162.4 46.6 62.5 105.6 224.9<br />
Group’s share of gross assets 127.0 261.4 47.4 65.1 174.4 326.5<br />
Current liabilities (9.2) (65.2) (32.5) (42.7) (41.7) (107.9)<br />
Non-current liabilities (105.2) (183.5) (5.2) (13.8) (110.4) (197.3)<br />
Group’s share of gross liabilities (114.4) (248.7) (37.7) (56.5) (152.1) (305.2)<br />
Group’s share of net assets 12.6 12.7 9.7 8.6 22.3 21.3<br />
Group’s share of results of joint ventures and associates<br />
Revenue 2.6 3.8 3.6 4.0 6.2 7.8<br />
Expenses (3.0) (2.4) (2.6) (2.3) (5.6) (4.7)<br />
Profit / (loss) before tax (0.4) 1.4 1.0 1.7 0.6 3.1<br />
Tax 0.4 (0.4) (0.3) (0.5) 0.1 (0.9)<br />
Share of profit after tax of joint ventures and associates – 1.0 0.7 1.2 0.7 2.2<br />
As at 31 December 2009, no guarantees were provided in respect of joint ventures and associates borrowings (2008 – £17.9m).<br />
2008<br />
£m<br />
2009<br />
£m<br />
2008<br />
£m<br />
2009<br />
£m<br />
2009<br />
£m<br />
2008<br />
£m<br />
2008<br />
£m<br />
www.inchcape.com 113
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