Annual Report and Financial Statements 2007 - Tesco PLC
Annual Report and Financial Statements 2007 - Tesco PLC
Annual Report and Financial Statements 2007 - Tesco PLC
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70 <strong>Tesco</strong> <strong>PLC</strong> <strong>Annual</strong> report <strong>and</strong> financial statements <strong>2007</strong> Find out more at www.tesco.com/corporate<br />
Notes to the financial statements continued<br />
Note 12 Investment property<br />
Cost<br />
<strong>2007</strong> 2006<br />
£m £m<br />
At beginning of year 785 595<br />
Foreign currency translation (32) 36<br />
Additions 26 21<br />
Acquisitions through business combinations 32 –<br />
Transfers 101 194<br />
Classified as held for sale (4) (58)<br />
Disposals (2) (3)<br />
At end of year 906 785<br />
Accumulated depreciation <strong>and</strong> impairment losses<br />
At beginning of year 40 30<br />
Foreign currency translation (2) 2<br />
Charge for the period 11 9<br />
Classified as held for sale – (1)<br />
Transfers 1 –<br />
At end of year 50 40<br />
Net carrying value 856 745<br />
The net carrying value at 26 February 2005 was £565m.<br />
The estimated fair value of the Group’s investment property is £1,522m (2006 – £1,373m). This value has been determined by<br />
applying an appropriate rental yield to the rentals earned by the investment property. A valuation has not been performed by<br />
an independent valuer.
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