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1. PROPERTY, PLANT AND EQUIPMENT continued
Additional disclosures
Included in the above items of property, plant and equipment are fully depreciated assets still in use with an original cost price of R337 million
(2010: R143 million).
During the year the group scrapped fully depreciated assets with an original cost price of R9.1 million (2010: R49 million).
The group generated proceeds from the disposal of items of property, plant and equipment of R1.8 million (2010: R0.7 million).
The estimated replacement value of assets for insurance purposes and assets under construction at cost amounts to R29.9 billion (2010: R26.1 billion).
A register of land and buildings is available for inspection at the registered office of the company.
None of the assets are encumbered as security for any of the group’s liabilities.
Rand million 2011 2010
Capital commitments
Capital commitments include all items of capital expenditure for which specific board approval has been
obtained up to balance sheet date. Capital expenditure still under investigation for which specific board
approvals have not yet been obtained are excluded.
Capital expenditure contracted for plant and equipment 1,988 1,727
Capital expenditure authorised for plant and equipment but not contracted 2,168 4,965
Capital expenditure will be financed principally from borrowing facilities and cash generated from operations
Capital expenditure contracted for plant and equipment 29 38
Capital expenditure authorised for plant and equipment but not contracted 7 48
2. BIOLOGICAL ASSETS
Rand million Livestock Game Total
Balance at beginning of year 2 4 6
Gains attributable to physical changes and price changes – 1 1
Disposals – (1) (1)
Balance at 31 December 2011 2 4 6
Balance at beginning of year 4 3 7
Acquisitions 2 – 2
Gains attributable to physical changes and price changes – 1 1
Disposals (4) – (4)
Balance at 31 December 2010 2 4 6
Biological assets comprise mature livestock and game and are measured at fair value.
Livestock consists of cattle, sheep and goats and game consists of giraffe, ostrich and a variety of antelope.
Audited annual financial statements
3. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES
Rand ’000 2011 2010
Associates
Unlisted 50 50
Joint ventures
Unlisted 33,251 28,952
Total 33,301 29,002
Refer to annexure 2 for details of associated companies and joint ventures and directors’ valuations.
Rand ’000 Investments Loans Total
Associates
Balance at beginning of year 50 – 50
Balance at 31 December 2011 50 – 50
Balance at beginning of year 50 – 50
Balance at 31 December 2010 50 – 50
No income was earned or expense was incurred by the associate during the year as the entity is dormant.
Annual Financial Statements 2011
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