Directors' Report and Financial Statements 31 March ... - Precision Air

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PRECISION AIR SERVICES PLC NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2012 PRECISION AIR SERVICES PLC NOTES TO THE CONSOLIDATED THE FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2012 15 PROPERTY AND EQUIPMENT-GROUP Cost or valuation: Aircraft Aircraft Motor equipment Aircraft components improvements vehicles Computers Furniture, Work in progress & structures (Hanger) Total TZS ‘000 TZS ‘000 TZS ‘000 TZS ‘000 TZS ‘000 TZS ‘000 TZS ‘000 TZS ‘000 At 1 April 2010 131,556,451 18,345,152 7,519,323 689,592 634,424 496,951 504,472 159,746,364 Revaluations 5,104,184 266,066 - - - - - 5,370,250 Additions 79,364,663 2,028,493 - 110,558 250,956 2,121,885 4,518,646 88,395,201 At 31 March 2011 216,025,298 20,639,710 7,519,323 800,150 885,381 2,618,836 5,023,118 253,511,815 Additions - 4,640,465 - 240,590 193,637 156,304 3,698,384 8,929,380 Disposal - - - (145,207) - - - (145,207) At 31 March 2012 216,025,298 25,280,175 7,519,323 895,533 1,079,018 2,775,140 8,721,502 262,295,988 Depreciation and impairment: At 1 April 2010 12,437,462 12,443,475 3,903,864 542,157 495,268 383,862 - 30,206,088 Charge for the year 11,130,915 743,507 2,400,000 124,591 108,283 264,166 14,771,461 At 31 March 2011 23,568,377 13,186,981 6,303,864 666,749 603,551 648,027 - 44,977,549 Disposal - - - (144,749) - - - (144,749) Charge for the year 13,944,639 1,332,895 1,215,459 23,593 119,907 158,080 - 16,794,573 At 31 March 2012 37,513,016 14,519,876 7,519,323 545,593 723,458 806,107 - 61,627,373 44 DIRECTORS’ REPORT AND FINANCIAL STATEMENTS 31 MARCH 2012
PRECISION AIR SERVICES PLC NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Continued) FOR THE YEAR ENDED 31 MARCH 2012 Carrying amount At 31 March 2012 178,512,282 10,760,299 (7,519,323) 349,940 355,560 1,969,032 8,721,502 200,668,615 - At 31 March 2011 192,456,920 7,452,729 1,215,459 133,401 281,830 1,970,808 5,023,118 208,534,265 - Aircraft with registration no 5H-PAG and 5H-PAA are mortgaged against banking facilities secured from Kenya Commercial Bank (T) Limited and Stanbic Tanzania Limited respectively. Refer Note 23 of the these financials statements. During 2011,the Company engaged Ascend Online Values (V1) Portifolio Services, an accredited independent valuer, to determine the fair value of aircrafts. Fair value is determined by reference to market based evidence. This means that valuations performed by the valuer are based on active market prices, adjusted for any difference in the nature, location or condition of the specific property. The date of revaluation was 31 March 2011. If the aircrafts were measured using the cost model, the carrying amounts would be as follows: 2012 2011 AMOUNT AMOUNT TZS ‘000 TZS ‘000 Cost 125,995,704 125,995,704 Accumulated depreciation and impairment (36,699,318) (23,568,377) Carrying amount 89,296,386 102,427,327 DIRECTORS’ REPORT AND FINANCIAL STATEMENTS 31 MARCH 2012 45
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