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BAKKAVOR ANNUAL REPORT AND ACCOUNTS 2012 notes to the consolidated financial statements continued 17 PROPERTY, PLANT AND EQUIPMENT Land Plant Fixtures and and and £m buildings machinery equipment Total Cost At 1 January 2011 196.7 261.1 67.4 525.2 Additions 2.9 31.9 1.7 36.5 Acquisition of subsidiary (note 32) – – 0.2 0.2 Disposal of subsidiary (note 31) (2.0) – (2.2) (4.2) Disposals – (7.9) (0.4) (8.3) Reclassification from assets held for sale 6.1 – – 6.1 Exchange differences (0.5) (1.2) (0.4) (2.1) At 31 December 2011 203.2 283.9 66.3 553.4 Additions 5.0 24.2 2.6 31.8 Disposal of subsidiary (note 31) (1.7) (0.8) (0.2) (2.7) Disposals (7.2) (4.3) (1.8) (13.3) Transfer to assets held for sale (13.1) (20.5) (17.4) (51.0) Exchange differences (1.2) (2.0) 0.2 (3.0) At 29 December 2012 185.0 280.5 49.7 515.2 Accumulated depreciation and impairment At 1 January 2011 (78.9) (104.7) (27.0) (210.6) Charge for the period (8.1) (28.3) (7.5) (43.9) Disposals of subsidiary (note 31) 0.3 – 0.9 1.2 Disposals – 7.6 0.3 7.9 Impairment of assets (0.7) (0.8) (0.2) (1.7) Exchange differences 0.3 0.8 0.3 1.4 At 31 December 2011 (87.1) (125.4) (33.2) (245.7) Charge for the period (7.9) (28.0) (6.7) (42.6) Disposals of subsidiary (note 31) 0.7 0.4 0.1 1.2 Disposals 2.7 4.2 1.8 8.7 Impairment of assets – (0.9) (0.1) (1.0) Transfer to assets held for sale 5.8 14.3 10.4 30.5 Exchange differences 0.6 1.1 (0.1) 1.6 At 29 December 2012 (85.2) (134.3) (27.8) (247.3) Carrying amount At 29 December 2012 99.8 146.2 21.9 267.9 At 31 December 2011 116.1 158.5 33.1 307.7 During the period, the Group has expanded its disclosure of property, plant and equipment to include plant and machinery as a separate category. The Group believes this better represents the categories of assets held by the Group and as a result the prior period disclosure has been revised to reflect this change. The carrying value of the Group’s fixtures and equipment includes an amount of £0.5 million (2011: £4.2 million) in respect of assets held under finance leases. At 29 December 2012, the Group had entered into contractual commitments for the acquisition of property, plant and equipment amounting to £3.2 million (2011: £3.4 million). During the period, the Group impaired property, plant and equipment by £1.0 million (2011: £1.7 million, UK Produce), within continuing operations in its UK businesses. PAGE 79 VIEW THE FULL REPORT AT ANNUALREPORT12.BAKKAVOR.COM
BAKKAVOR ANNUAL REPORT AND ACCOUNTS 2012 notes to the consolidated financial statements continued 18Aggregated amounts relating to associates Total assets 16.3 15.9 Total liabilities (10.6) (10.4) Net assets 5.7 5.5 INTERESTS IN ASSOCIATES 29 December 31 December £m 2012 2011 Group’s share of net assets of associates 2.0 2.0 Premium on acquisition 8.0 8.0 Interests in associates 10.0 10.0 Revenue 64.5 75.5 Profit for the period 2.2 3.0 Group’s share of associates’ profit for the period 0.9 1.1 Details of the principal associated undertakings of the Group at 29 December 2012 were as follows: Proportion of voting interest Place of registration Method of Name 2012 2011 and operation accounting Manor Fresh Limited 27.5% 27.5% United Kingdom Equity La Rose Noire Limited 45.0% 45.0% Hong Kong Equity Manor La Rose Gastro Fresh Noire Primo £m Limited Limited Limited Total Share of net assets/costs At 1 January 2011 0.5 9.3 2.4 12.2 Share of profit after tax 0.3 0.8 – 1.1 Currency movement – 0.1 – 0.1 Dividend payment (0.2) (0.8) – (1.0) Disposal of associate – – (2.4) (2.4) At 31 December 2011 0.6 9.4 – 10.0 Share of profit after tax 0.1 0.8 – 0.9 Currency movement – (0.3) – (0.3) Dividend payment (0.1) (0.5) – (0.6) At 29 December 2012 0.6 9.4 – 10.0 19 OTHER INVESTMENTS Non listed investments £m held at cost At 31 December 2011 and 29 December 2012 0.1 20 INVENTORIES 29 December 31 December £m 2012 2011 Raw materials and packaging 49.3 48.2 Work-in-progress 2.2 2.4 Finished goods 10.3 11.9 61.8 62.5 PAGE 80 VIEW THE FULL REPORT AT ANNUALREPORT12.BAKKAVOR.COM
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Annual report AND accounts 2012
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BAKKAVOR ANNUAL REPORT AND ACCOUNTS
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welcome to our Bakkavor 'Fast Read'
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usiness segments united kingdom mar
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key performance indicators WE USE A
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3 4 5 assets Our commitment to cont
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leading customer service leading ma
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growing our product pipeline Within
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2 6centres of excellence investing
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corporate governance how we manage
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