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Henry Boot PLC Annual Report and Financial Statements for the year ended 31 December 2015 www.henryboot.co.uk Stock Code: BHY Financial Statements Notes to the Financial Statements continued for the year ended 31 December 2015 12. Property, plant and equipment continued The following table provides an analysis of the fair values of land and buildings by the degree to which the fair value is observable: Level 1 £’000 Level 2 £’000 Level 3 £’000 2015 £’000 2014 £’000 Increase/ (decrease) in fair value in year Freehold land — — 60 60 60 — Buildings — — 6,825 6,825 6,715 110 Total fair value — — 6,885 6,885 6,775 110 The Group’s policy is to recognise transfers into and out of fair value hierarchy levels as of the date of the event or change in circumstances that causes the transfer. The Directors determine the applicable hierarchy that land and buildings fall into by assessing the level of comparable evidence in the market which that asset falls into and the inherent level of activity. As at the reporting date and throughout the year, all land and buildings were determined to fall into Level 3 and so there were no transfers between hierarchies. Explanation of the fair value hierarchy: • Level 1 – fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; • Level 2 – fair value measurements are those derived from the use of a model with inputs (other than quoted prices included in Level 1) that are observable from directly or indirectly observable market data; and • Level 3 – fair value measurements are those derived from use of a model with inputs that are not based on observable market data. Information about fair value measurements using significant unobservable inputs (Level 3): Class Buildings Valuation technique Yield Rental value per sq ft (£) – weighted average 5.72 – low 2.34 – high 12.51 Yield % – weighted average 8.43 – low 7.02 – high 10.31 The sensitivity analysis to significant changes in unobservable inputs relating to fair value measurements (Level 3) are set out below: Impact on valuation £’000 Buildings Yield – improvement by 0.5% 398 Rental value per sq ft – increase by £1 average 1,115 The sensitivities have been selected by management on the basis that they consider these measures to be a reasonable expectation of likely changes to the significant unobservable inputs in the next twelve months. 108
Henry Boot PLC Annual Report and Financial Statements for the year ended 31 December 2015 www.henryboot.co.uk Stock Code: BHY 12. Property, plant and equipment continued Parent Company Cost Vehicles £’000 Office equipment £’000 At 1 January 2014 24 725 749 Additions — 96 96 Disposals (24) (139) (163) At 31 December 2014 — 682 682 Additions — 107 107 Disposals — — — At 31 December 2015 — 789 789 Depreciation At 1 January 2014 24 631 655 Charge for year — 50 50 Disposals (24) (136) (160) At 31 December 2014 — 545 545 Charge for year — 76 76 Disposals — — — At 31 December 2015 — 621 621 Carrying amount At 31 December 2015 — 168 168 At 31 December 2014 — 137 137 At 1 January 2014 — 94 94 13. Investment properties Fair value measurements recognised in the Statement of Financial Position The following table provides an analysis of the fair values of investment properties recognised in the Statement of Financial Position by the degree to which the fair value is observable: Level 1 £’000 Level 2 £’000 Level 3 £’000 2015 £’000 2014 £’000 Total £’000 Increase/ (decrease) in fair value in year Completed investment property Industrial — — 12,770 12,770 14,013 (1,243) Leisure — — 7,704 7,704 7,276 428 Mixed-use — — 58,993 58,993 56,877 2,116 Residential — — 4,313 4,313 3,891 422 Retail — — 19,914 19,914 17,060 2,854 — — 103,694 103,694 99,117 4,577 Investment property under construction Industrial — — 518 518 9,344 (8,826) Land — — 2,112 2,112 6,248 (4,136) Leisure — — — — 1,833 (1,833) Office — — 4,500 4,500 4,283 217 Retail — — 14,487 14,487 20,735 (6,248) — — 21,617 21,617 42,443 (20,826) Total fair value — — 125,311 125,311 141,560 (16,249) The Group’s policy is to recognise transfers into and out of fair value hierarchy levels as of the date of the event or change in circumstances that causes the transfer. The Directors determine the applicable hierarchy that a property falls into by assessing the level of comparable evidence in the market which that asset falls into and the inherent level of activity. As at the reporting date and throughout the year, all property was determined to fall into Level 3 and so there were no transfers between hierarchies. Shareholder Information Financial Statements Governance Strategic Report Overview 109
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