Notes to the financial statements

 
 
1.   PROPERTY, PLANT AND EQUIPMENT  
  Group and Company: 2011  
    Cost  
R’000  		 Accumulated  
depreciation  
R’000  		 Net book  
value  
R’000  
  Office equipment   62   12   50  
  Computer equipment   106   43   63  
  Furniture and fittings   747   125   622  
  Improvements to leasehold premises   677   160   517  
    1 592   340   1 252  
         
  Group reconciliation of net book value        
    Net book  
value  
30 June  
2010  
R’000  		 Reclassi-  
fication  
R’000  		 Additions  
R’000  		 Disposals  
R’000  		 Depreciation  
R’000  		 Net book  
value  
30 June  
2011  
R’000  
  Land and buildings   5 897   —    —    (5 897)  —    —   
  Plant and equipment   133 431   (4 813)  20 914   (140 777)  (8 755)  —   
  Office equipment   2 905   —    951   (3 233)  (573)  50  
  Computer equipment   20 155   —    2 589   (18 435)  (4 246)  63  
  Furniture and fittings   8 533   —    1 010   (7 288)  (1 633)  622  
  Motor vehicles   204 454   —    29 837   (208 700)  (25 591)  —   
  Improvements to leasehold premises   14 117   —    4 003   (15 464)  (2 139)  517  
    389 492   (4 813)  59 304   (399 794)  (42 937)  1 252  
  Analysis of additions              
  Replacement of assets       6 413        
  Expansion of business       52 891        
        59 304        
  Property, plant and equipment with a net book value of R394 724 000 was disposed of via the unbundling of Mvelaserve as disclosed in note 32. Included in the disposal was portion 135, Farm Waterval 273, Pretoria.  
  Company reconciliation of net book value  
    Net book  
value  
30 June  
2010  
R’000  		 Reclassi-

fication  
R’000  

 Additions  
R’000  		 Depreciation  
R’000  		 Net book  
value  
30 June  
2011  
R’000  
  Office equipment   356   (295)  —    (11)  50  
  Computer equipment   73   —    19   (29)  63  
  Furniture and fittings   566   (210)  378   (112)  622  
  Improvements to leasehold premises   61   505   45   (94)  517  
    1 056   —    442   (246)  1 252  
  Group: 2010        
    Cost  
R’000  		 Accumulated  
depreciation  
and  
impairment  
R’000  		 Net book  
value  
R’000  
  Land and buildings   5 897   —    5 897  
  Plant and equipment   278 908   145 477   133 431  
  Office equipment   18 519   15 614   2 905  
  Computer equipment   104 611   84 456   20 155  
  Furniture and fittings   34 570   26 037   8 533  
  Motor vehicles   364 311   159 857   204 454  
  Improvements to leasehold premises   34 721   20 604   14 117  
    841 537   452 045   389 492  
   
  Reconciliation of net book value  
    Net book  
value  
30 June  
2009  
R’000  		 Additions  
R'000  		 Reclassi-  
fied  
to disposal  
group  
classified  
as held  
for sale  
R’000  		 Reclassi-  
fication  
R’000  		 Govern-  
ment  
grants  
R’000  		 Disposals  
R’000  		 Depre-  
ciation  
R’000  		 Net book  
value  
30 June  
2010  
R’000  
  Land and buildings   12 831   1 367   —    —    —    (8 301)  —    5 897  
  Plant and equipment   136 706   49 779   (3 381)  (5 631)  (1 180)  (4 813)  (38 049)  133 431  
  Office equipment   3 334   832   —    276   —    (81)  (1 456)  2 905  
  Computer equipment   19 338   9 602   —    193   —    585   (9 563)  20 155  
  Furniture and fittings   7 428   4 980   —    441   —    (820)  (3 496)  8 533  
  Motor vehicles   132 603   121 279   —    65   (252)  (1 570)  (47 671)  204 454  
  Improvements to leasehold premises   10 370   4 672   —    4 094   (609)  —    (4 410)  14 117  
    322 610   192 511   (3 381)  (562)  (2 041)  (15 000)  (104 645)  389 492  
  Analysis of additions                  
  Replacement of assets     47 440              
  Expansion of business     145 071              
      192 511              
  Property, plant and equipment reclassified to disposal group classified as held for sale (note 10) amounts to R3 381 000 which relates to assets belonging to a division of the Protea Coin Group (part of the consumer segment). The disposal of the divisional assets became effective on 2 August 2010.  
  Land and buildings comprised portion 135, Farm Waterval 273, Pretoria. R8 301 000 in land and buildings disposed of comprised the third floor of The Cliffs office block, Niagara Way, Tyger Falls belonging to Novare Holdings whose interest was disposed of by the Group on 26 October 2009. No depreciation was provided for on land and buildings as the estimated residual values equals to or exceeds the carrying value.   
  In the prior year, certain of the Group’s assets were encumbered by instalment sale agreements and capitalised finance leases as described in note 12.  
  Plant, equipment and motor vehicles includes the following net book values that are held as security under finance lease agreements:  
    Group  
    2011  
R’000  		 2010  
R’000  
  Cost – capitalised finance leases   —    399 758  
  Accumulated depreciation   —    (194 467) 
    —    205 291  
  In the prior year the Group leased various vehicles, plant and equipment under non-cancellable finance lease agreements. The lease terms were between one and four years, and ownership of the assets resided within the Group. As a result of the Mvelaserve unbundling, the Group is no longer exposed to finance lease obligations.  
  Company: 2010        
    Cost  
R’000  		 Accumulated  
depreciation  
R’000  

 Net book  
value  
R’000  
  Office equipment   368   12   356  
  Computer equipment   86   13   73  
  Furniture and fittings   632   66   566  
  Improvements to leasehold premises   62   1   61  
    1 148   92   1 056