Dave Forsey Chief Executive 19 July 2012 - Sports Direct International

98 / FINANCIAL STATEMENTS AND NOTES
notes to the Financial Statements
For the 53 weeks ended 29 April 2012
26. provisions
Dilapidations
(£’000)
Onerous contracts
and other
property costs
(£’000)
At 24 April 2011 28,021 30,256 58,277
Amounts provided 4,284 5,296 9,580
On acquisitions 1,369 4,102 5,471
Amounts utilised - (638) (638)
Amounts reversed (1,044) (8,757) (9,801)
At 29 April 2012 32,630 30,259 62,889
The dilapidations provision is the best estimate of the present value of expenditure expected to be incurred by the Group in order satisfy its
obligations to restore its leasehold premises to the condition required under the lease agreements at the end of the lease discounted at 5% per
annum. The provision is expected to be utilised over the period to the end of each specific lease.
The provision in respect of onerous lease contracts represents the net cost of fulfilling the Group’s obligations over the terms of these contracts
discounted at 5% per annum. The provision is expected to be utilised over the period to the end of each specific lease. Provision is also made
for the strategic rationalisation of certain properties.
The unwinding of the discount on provision over time passes through the income statement.
27. Financial Instruments
(a) Financial assets and liabilities by category
The carrying values of financial assets and liabilities, which are principally denominated in Sterling or US dollars, were as follows:
Assets – 2012
Loans and
receivables
(£’000)
Assets at fair value
through profit
and loss
(£’000)
Available for sale
financial assets
(£’000)
Non-financial
assets
(£’000)
Property, plant and equipment - - - 313,023 313,023
Intangible assets - - - 225,150 225,150
Investments in associated undertakings and joint ventures - - - 29,470 29,470
Available-for-sale financial assets - - 46,634 - 46,634
Deferred tax assets - - - 32,625 32,625
Inventories - - - 316,800 316,800
Derivative financial assets - 5,926 - - 5,926
Trade and other receivables 53,972 - - 29,905 83,877
Cash and cash equivalents 78,674 - - - 78,674
Total
(£’000)
Total
(£’000)
132,646 5,926 46,634 946,973 1,132,179
Assets – 2011
Property, plant and equipment - - - 236,097 236,097
Intangible assets - - - 205,050 205,050
Investments in associated undertakings and joint ventures - - - 38,347 38,347
Available-for-sale financial assets - - 53,097 - 53,097
Deferred tax assets - - - 13,443 13,443
Inventories - - - 217,938 217,938
Trade and other receivables 53,862 - - 37,843 91,705
Cash and cash equivalents 60,513 - - - 60,513
114,375 - 53,097 745,924 916,190