Notes to the Financial Statements (1/32)

Group

2005

2004*

Accumu-

R000

Cost/

lated

Carrying

Valuation Depreciation

Value

1. SHIPS, PROPERTY, PLANT AND EQUIPMENT FREEHOLD AND LEASEHOLD PROPERTIES Opening balance

114 140

(9 322)

104 818

104 798

Translation loss

(17)

–

(17)

(280)

Additions and improvements

79 134

(605)

78 529

5 377

Disposals

(1 911)

(1 872)

–

Depreciation/amortisation

(7 144)

(5 077)

Closing balance

191 346

(17 032)

174 314

104 818

SHIPS Opening balance

1 104 977

(50 160)

1 054 817

386 027

IAS 39 adjustment

(15 664)

339

(15 325)

–

Translation gain/(loss)

76 526

(2 298)

74 228

(71 424)

Transfer from ships under construction

57 560

–

57 560

469 475

Additions

183 132

–

183 132

318 405

Transfer from provisions

–

(16 800)

Transfer to non-current assets held for sale

(50 057)

(1 256)

(51 313)

–

Depreciation

(58 844)

(30 866)

Closing balance

1 356 474

(112 219)

1 244 255

1 054 817

SHIPS UNDER CONSTRUCTION Opening balance

60 127

–

60 127

157 475

Translation gain/(loss)

5 321

–

5 321

(21 032)

Additions

204 364

–

204 364

417 314

Onerous contract provision

–

(26 300)

Finance costs capitalised

8 843

–

8 843

2 145

Transfer to ships

(57 560)

–

(57 560)

(469 475)

Closing balance

221 095

–

221 095

60 127

LEASED SHIPS Opening balance

190 337

(72 981)

117 356

148 652

Translation gain/(loss)

22 237

(8 440)

13 797

(20 834)

Transfer to non-current asset held for sale

(107 408)

44 971

(62 437)

–

Depreciation

(7 779)

(10 462)

Closing balance

105 166

(44 229)

60 937

117 356

EQUIPMENT, PLANT AND VEHICLES Opening balance

212 086

(42 982)

169 104

144 655

Translation loss

(592)

(1 536)

(2 128)

(473)

Additions

208 901

(31 347)

177 554

54 073

Reclassification from leased assets

–

1 485

Finance costs capitalised

433

–

433

–

Impairment

–

(707)

–

Disposals

(8 945)

4 809

(4 136)

(3 426)

Transfer to non-current asset held for sale

(307)

–

(307)

–

Depreciation

(42 030)

(27 210)

Closing balance

411 576

(113 793)

297 783

169 104

* 2004 figures have been restated for IFRS. Notes to the Financial Statements 31 December 2005