enl commercial limited annual report 2011 - Investing In Africa

Notes to the Financial Statements
Year ended June 30, 2011
5 PROPERTY, PLANT AND EQUIPMENT
THE GROUP
(b) 2010
Freehold Plant & Motor Furniture,
land Buildings equipment vehicles fittings Total
Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000
Cost and Valuation
At July 1, 2009 83,471 84,587 101,939 117,002 35,979 422,978
Additions 69,279 66,400 7,388 21,069 5,670 169,806
Write offs - (2,201) (409) - - (2,610)
Disposals - (16) (20) (11,854) (335) (12,225)
At June 30, 2010 152,750 148,770 108,898 126,217 41,314 577,949
Depreciation
At July 1, 2009 - 3,226 67,123 50,530 25,059 145,938
Charge for the year - 4,534 6,880 24,356 5,602 41,372
Write offs - (1,894) - - - (1,894)
Disposals adjustments - (16) (16) (10,066) (164) (10,262)
At June 30, 2010 - 5,850 73,987 64,820 30,497 175,154
Net Book Values
At June 30, 2010 152,750 142,920 34,911 61,397 10,817 402,795
(c)
(d)
Additions include Rs.20m (2010: Rs.5m) of assets leased under finance leases.
Leased assets included above comprise the following:
Plant and equipment Motor vehicles Furniture and fittings
2011 2010 2011 2010 2011 2010
Rs’000 Rs’000 Rs’000 Rs’000 Rs’000 Rs’000
Cost-capitalised finance leases 64,981 5,110 105,362 65,839 2,651 292
Accumulated depreciation (26,588) (1,595) (52,246) (30,471) (933) (92)
Net book values 38,393 3,515 53,116 35,368 1,718 200
(e)
(f)
(g)
Depreciation charge of Rs.73m (2010: Rs.41m) has been accounted for in other operating expenses.
The group’s land and buildings were revalued at June 30, 2011 by International Valuers Ltd (Mr. Noor
Dilmohamed - Certified Practising Valuer). The valuation was made on the basis of open market
value and 75% of the value has been booked in the financial statements. Plant and equipment were
revalued in 1995 by Engineering Technical & Management Services Ltd on a going concern basis at
the depreciated replacement cost. The revaluation surplus net of deferred income taxes was credited
to revaluation surplus in shareholders’ equity.
If land and buildings were stated on the historical cost basis, the amounts would be as follows:
2011 2010
Rs’000 Rs’000
Land
Cost 151,329 119,017
Buildings
Cost 185,452 140,129
Accumulated depreciation (47,297) (14,925)
Net book values 138,155 125,204
Bank borrowings are secured on some of the property, plant and equipment.
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ENL Commercial Limited
Annual Report 2011