Notes to the annual financial statements

FOR THE YEAR ENDED 31 MARCH 2009

« Note 3 Note 5 »
               
4. INVESTMENT PROPERTIES            
      2009     2008  
      Accumulated   Net      Accumulated   Net   
    Cost   depreciation   value   Cost   depreciation   value  
    R million   R million   R million   R million   R million   R million  
  Land 3   –   3   3   –   3  
  Buildings 31   –   31   30   –   30  
    34   –   34   33   –   33  
               
  Reconciliation of carrying value at the Land   Buildings   2009   Land   Buildings   2008  
  beginning and end of the year R million   R million   R million   R million    R million   R million  
  Balances at 1 April 3   30   33   3   29   32  
  Additions –   1   1   –   1   1  
  Balances at 31 March 3   31   34   3   30   33  
   
 

The South African investment properties were valued during the 2008 financial year by an independent, qualified valuer using market information. Foreign investment properties were valued by an independent, qualified valuer during the 2006 year. The fair value of the investment properties, VAT exclusive, is R345 million (2008: R345 million).

No depreciation was provided for on investment properties, as all the assets have significant residual values. The remaining useful life of the assets is estimated as 50 years.

The registers containing details of investment properties are available for inspection by members or their proxies at the registered offices of the companies to which the relevant properties belong.