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14. property, plant and equipment
freehold land
and buildings
long
leasehold
property
short
leasehold
property
plant and
equipment total
£’000 £’000 £’000 £’000 £’000
Cost
At 29 April 2007 29,856 11,312 97,553 235,668 374,389
Exchange differences 15 - 145 2,283 2,443
Additions through business combinations 10,090 - 50 3,791 13,931
Additions 80,548 534 7,543 39,555 128,180
Eliminated on disposals (3,274) (906) (4,321) (9,723) (18,224)
At 27 April 2008 117,235 10,940 100,970 271,574 500,719
Exchange differences 157 95 1,803 3,685 5,740
Additions 6,675 27 7,687 19,483 33,872
Eliminated on disposals (470) (2) (2,239) (2,519) (5,230)
At 26 April 2009 123,597 11,060 108,221 292,223 535,101
accumulated depreciation and impairment
At 29 April 2007 (4,710) (3,680) (28,963) (112,573) (149,926)
Exchange differences 27 (1) - (589) (563)
Charge for the period (4,067) (8) (6,453) (25,055) (35,583)
Eliminated on disposals 736 48 1,799 5,562 8,145
At 27 April 2008 (8,014) (3,641) (33,617) (132,655) (177,927)
Exchange differences (56) - (374) (1,953) (2,383)
Charge for the period (2,994) (309) (8,577) (33,662) (45,542)
Eliminated on disposals 35 - 2,193 - 2,228
Impairment charge (15,682) - - - (15,682)
At 26 April 2009 (26,711) (3,950) (40,375) (168,270) (239,306)
net book amount
At 26 April 2009 96,886 7,110 67,846 123,953 295,795
At 27 April 2008 109,221 7,299 67,353 138,919 322,792
finance leased assets included in the above net book values
At 26 April 2009 - - - - -
At 27 April 2008 - - - 581 581
In the figures for the 52 week period ended 27 April 2008 an amount of £3,596,000 has been transferred from ‘Additions’ to ‘Additions through business combinations’ as it
was incorrectly classified in the prior year.
Within freehold land and buildings cost as at 26 April 2009 is £1,488,000 (2008: £1,613,000) of capital grants received from the East Midlands Development Agency. The
Group is subject to the following principal conditions of the grant being met for a period, which is at the discretion of the East Midlands Development Agency, of five years
after the first grant instalment was made on 26 April 2006 or 18 months after the last grant instalment was made on 29 April 2007 (“conditional period”):
• The Group remains solvent.
• The Group does not cease to own, or for a period of at least three months does not cease to use the relevant premises for which the grant was provided or its
related assets.
• The Group employs at least 507 permanent full-time employees or equivalent at the relevant premises.
• The Group employs in total at least 1,171 employees at the relevant premises.
If the Group fails to adhere to any of the above conditions during the conditional period the East Midlands Development Agency may demand full repayment of the grant.
An impairment of £15,682,000 was recognised in the Retail segment to reflect the fall in market value of commercial property during the year and this is shown within
Exceptional items.
Sports Direct International PLC Annual Report 2009 47