Sports Direct Is The UK's Leading Sports Retailer - Sports Direct ...

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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
notes to the finanCial statements for the 52 weeks ended 26 april 2009 Continued 15. intanGiBle assets Goodwill trademarks and licences Brands total £’000 £’000 £’000 £’000 Cost At 29 April 2007 58,590 18,343 15,600 92,533 Arising on business combinations 53,167 - - 53,167 Additions through business combinations - 3,089 56,146 59,235 Other additions - 657 - 657 Disposals (7,658) (155) (4,800) (12,613) At 27 April 2008 104,099 21,934 66,946 192,979 Arising on business combinations 11,908 - - 11,908 Additions through business combinations (Note 31) - - 440 440 Other additions - 3,404 554 3,958 Disposals (5,410) (2,892) - (8,302) Exchange cost adjustment 17,620 1,024 20,006 38,650 At 26 April 2009 128,217 23,470 87,946 239,633 amortisation and impairment At 29 April 2007 - (3,152) (1,400) (4,552) Amortisation Charge - (2,023) - (2,023) Impairment Charge (1,394) - - (1,394) At 27 April 2008 (1,394) (5,175) (1,400) (7,969) Amortisation Charge - (2,944) - (2,944) Impairment Charge (13,932) - (900) (14,832) Disposals 5,409 2,697 - 8,106 Exchange adjustment - (36) - (36) At 26 April 2009 (9,917) (5,458) (2,300) (17,675) net book amount At 26 April 2009 118,300 18,012 85,646 221,958 At 27 April 2008 102,705 16,759 65,546 185,010 Amortisation is charged to selling, distribution and administrative expenses in the Consolidated Income Statement. In the current year impairments have been recognised in exceptional items in the Consolidated Income Statement. The carrying value of those goodwill and brands that are considered to have an indefinite life are allocated to cash generating units as follows: Goodwill Brands £’000 £’000 Retail 13,809 834 Brands 104,491 84,812 118,300 85,646 The Group tests the carrying amount of goodwill and assets with an indefinite life annually for impairment or more frequently if there are indications that their carrying value might be impaired. The carrying amounts of other intangible assets are reviewed for impairment if there is an indication of impairment. Impairment is calculated by comparing the carrying amounts to the value in use derived from discounted cash flow projections for the cash generating units (CGU) to which the intangible assets are allocated. 48 Financial Statements
Page 2 and 3: sports direct is the UK’s leading
Page 4 and 5: Contents Chairman’s statement Chi
Page 6 and 7: Dave Forsey Chief Executive overvie
Page 8 and 9: Brands division Total Brands revenu
Page 10 and 11: The Group historically hedged the r
Page 12 and 13: Basis of reportinG The financial st
Page 14 and 15: strateGiC investments During the Ye
Page 16 and 17: simon Bentley Acting Non-Executive
Page 18 and 19: The Board may refuse to register a
Page 20 and 21: auditors Grant Thornton UK LLP has
Page 22 and 23: The Board provides corporate govern
Page 24 and 25: share dealinG Code The Company has
Page 26 and 27: the performanCe share plan The Perf
Page 28 and 29: v a l u e o f h y p o t h e t i C a
Page 30 and 31: direCtors’ responsiBilities The d
Page 32 and 33: During 2008/09 a customer service h
Page 34 and 35: finanCial statements report of the
Page 36 and 37: Continuing operations: Consolidated
Page 38 and 39: assets non-current assets 52 weeks
Page 40 and 41: 1. aCCountinG poliCies The consolid
Page 42 and 43: Borrowings and borrowing costs Borr
Page 44 and 45: 4. seGmental analysis primary repor
Page 46 and 47: secondary reporting format — geog
Page 48 and 49: 10. finanCe inCome 52 weeks ended 2
Page 52 and 53: Value in use calculations are based
Page 54 and 55: 17. availaBle-for-sale finanCial as
Page 56 and 57: 21. share Capital authorised 26 apr
Page 58 and 59: 25. BorrowinGs Non-current: 26 apri
Page 60 and 61: The assumptions used to determine t
Page 62 and 63: The dilapidations provision is the
Page 64 and 65: The sterling principal amounts of f
Page 66 and 67: adjustments to fair value for prior
Page 68 and 69: 34. Capital Commitments The Group h
Page 70 and 71: eport of the independent auditor to
Page 72 and 73: 1. aCCountinG poliCies notes to the
Page 74 and 75: 7. reserves share premium account t
Page 76 and 77: egistrar and transfer office Capita

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