Notes to the annual financial statements

Pick n Pay Stores Limited
 
     
 
    GROUP
    Land and  
buildings  
Rm  		 Furniture,  
fittings, computer  
equipment and  
vehicles  
Rm  		   Aircraft  
Rm  		     Total  
Rm  		  
9.   Property, equipment and vehicles                      
  2011                      
  Cost                      
  At 1 March 2010   1 075.9       4 957.1     71.1       6 104.1    
  Additions   289.2       1 006.6     —       1 295.8    
  Continuing operations   289.2       874.0     —       1 163.2    
  Discontinued operations   —       132.6     —       132.6    
  Borrowing costs capitalised^   6.8       —     —       6.8    
  Foreign currency translation   4.7       63.2     —       67.9    
  Disposals   —       (35.4)    —       (35.4)   
  Transferred to assets held for sale (note 18.1)  (99.9)      (1 067.5)    —       (1 167.4)   
  At 28 February 2011   1 276.7       4 924.0     71.1       6 271.8    
  Accumulated depreciation                      
  At 1 March 2010   98.1       2 555.2     35.3       2 688.6    
  Depreciation charge for the year   29.6       653.2     5.8       688.6    
  Continuing operations   29.6       630.4     5.8       665.8    
  Discontinued operations   —       22.8     —       22.8    
  Foreign currency translation   —       38.5     —       38.5    
  Disposals   —       (6.5)    —       (6.5)   
  Transferred to assets held for sale (note 18.1)  —       (539.2)    —       (539.2)   
  At 28 February 2011   127.7       2 701.2     41.1       2 870.0    
  Carrying value at 28 February 2011   1 149.0       2 222.8     30.0       3 401.8    
  Owned   1 149.0       2 114.0     30.0       3 293.0    
  Leased*   —       108.8     —       108.8    
  Directors’ valuation of property at 28 February 2011 (continuing operations)  1 425.7                    
  2010                      
  Cost                      
  At 1 March 2009   963.5       4 334.1     70.4       5 368.0    
  Additions   146.2       992.4     0.7       1 139.3    
  Continuing operations   123.3       845.5     0.7       969.5    
  Discontinued operations   22.9       146.9     —       169.8    
  Borrowing costs capitalised^   2.7       —     —       2.7    
  Foreign currency translation   6.1       56.8     —       62.9    
  Disposals   (42.6)      (426.2)    —       (468.8)   
  At 28 February 2010   1 075.9       4 957.1     71.1       6 104.1    
  Accumulated depreciation                      
  At 1 March 2009   99.6       2 302.2     29.2       2 431.0    
  Depreciation charge for the year   24.5       642.9     6.1       673.5    
  Continuing operations   24.5       535.9     6.1       566.5    
  Discontinued operations   —       107.0     —       107.0    
  Foreign currency translation   —       28.8     —       28.8    
  Disposals   (26.0)      (418.7)    —       (444.7)   
  At 28 February 2010   98.1       2 555.2     35.3       2 688.6    
  Carrying value at 28 February 2010   977.8       2 401.9     35.8       3 415.5    
  Owned   977.8       2 279.8     35.8       3 293.4    
  Leased*   —       122.1     —       122.1    
  Directors’ valuation of property at 28 February 2010   1 303.5                    
  Property with a carrying value of R671.3 million (directors’ valuation – R983.2 million) is provided as security for long-term borrowings (refer to note 22).    
  A register of all properties containing statutory information is available for inspection at the registered office of the Company.    
  * Leased vehicles secure lease liabilities disclosed in note 22.
  ^ Borrowing costs are capitalised on qualifying assets. The weighted average expenditure incurred on qualifying assets was R153.7 million (2010: R106.7 million) and the weighted average borrowing rate was 7.09% at 28 February 2011 (2010: 9.3%).
 
 

 

  
 
Integrated Annual Report 2011|www.picknpay.co.za