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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 10 FIXED ASSETS Leasehold Store Office Motor Construction Investment Land use Total fixed Buildings improvements equipment equipment vehicles in progress Sub-total properties rights assets RMB million RMB million RMB million RMB million RMB million RMB million RMB million RMB million RMB million RMB million Cost: At 1 January 2011 4,370 1,990 5,668 1,381 104 859 14,372 1,989 2,901 19,262 Additions 380 58 1,604 177 13 2,800 5,032 262 485 5,779 Transfer from construction in progress 1,679 396 678 174 63 (3,086) (96) 96 – – Disposals (15) (87) (103) (154) (7) – (366) – – (366) At 31 December 2011 6,414 2,357 7,847 1,578 173 573 18,942 2,347 3,386 24,675 At 1 January 2012 6,414 2,357 7,847 1,578 173 573 18,942 2,347 3,386 24,675 Additions 485 – 165 207 44 3,051 3,952 236 1,174 5,362 Transfer from construction in progress 360 611 1,913 – – (3,191) (307) 307 – – Disposals – (98) (118) (103) (6) – (325) – – (325) At 31 December 2012 7,259 2,870 9,807 1,682 211 433 22,262 2,890 4,560 29,712 Accumulated depreciation: At 1 January 2011 (905) (725) (1,612) (542) (34) – (3,818) (311) (319) (4,448) Charge for the year (209) (252) (574) (277) (26) – (1,338) (115) (75) (1,528) Disposals 8 78 89 135 6 – 316 – – 316 At 31 December 2011 (1,106) (899) (2,097) (684) (54) – (4,840) (426) (394) (5,660) At 1 January 2012 (1,106) (899) (2,097) (684) (54) – (4,840) (426) (394) (5,660) Charge for the year (283) (209) (854) (307) (40) – (1,693) (129) (128) (1,950) Disposals – 96 107 91 5 – 299 – – 299 At 31 December 2012 (1,389) (1,012) (2,844) (900) (89) – (6,234) (555) (522) (7,311) Net book value: At 31 December 2012 5,870 1,858 6,963 782 122 433 16,028 2,335 4,038 22,401 At 31 December 2011 5,308 1,458 5,750 894 119 573 14,102 1,921 2,992 19,015 Sun Art Retail Group Limited Annual Report 2012 85
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 10 FIXED ASSETS (CONTINUED) (i) All the Group’s fixed assets are located in the PRC. (ii) Land use rights represent the fees and related expenses in obtaining land use rights for periods ranging from 40 to 70 years. As at 31 December 2012, the Group had not obtained land use rights certificates for certain land use rights with an aggregate carrying amount of RMB900 million (2011: RMB226 million). Notwithstanding this, the directors are of the opinion that the Group owned the beneficial title to these land use rights as at 31 December 2012 and 2011. (iii) As at 31 December 2012, the Group had not obtained property ownership certificates for certain buildings with an aggregate carrying amount of RMB2,114 million (2011: RMB2,447 million). Notwithstanding this, the directors are of the opinion that the Group owned the beneficial title to these buildings as at 31 December 2012 and 2011. (iv) As set out in note 1(h), the Group has applied the cost model for its investment properties. The directors have estimated the fair value of the investment properties as at 31 December 2012 to be RMB5,880 million, using discounted cash flow techniques based on contracted and expected cash inflows and outflows arising from the investment properties (2011: RMB4,585 million). The investment properties were not valued by an independent valuer as at 31 December 2012 and 2011. (v) The Group leases out investment properties and certain other property, plant and equipment within the hypermarket buildings under operating leases which typically run for an initial period of 1 to 3 years. The Group’s total future minimum lease receipts under non-cancellable operating leases are receivable as follows: Year ended 31 December 2012 2011 RMB million RMB million Within 1 year 1,426 1,274 After 1 year but within 5 years 811 625 After 5 years 281 175 2,518 2,074 In addition to the minimum amounts disclosed above, certain lessees have commitments to pay additional rent to the Group if their sales revenue exceeds predetermined levels. Contingent rental receivables are not included in the above. 86 Sun Art Retail Group Limited Annual Report 2012
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