NOTE 2


			2015			2014			2013
		Cost Rm	Accumulated depreciation and impairments Rm	Net book value Rm	Cost Rm	Accumulated depreciation and impairments Rm	Net book value Rm	Cost Rm	Accumulated depreciation and impairments Rm	Net book value Rm
2.	Property, plant and equipment
	Freehold land and buildings	4 102	572	3 530	3 444	482	2 961	3 800	468	3 332
	Leasehold land and buildings	1 820	543	1 277	1 612	452	1 160	1 654	488	1 166
	Plant, equipment and furniture	2 930	2 003	927	2 597	1 814	782	2 493	1 737	756
	Vehicles and aircraft	2 439	886	1 553	2 223	827	1 396	1 653	696	957
	Leasing and rental assets – vehicles	8 251	1 674	6 577	7 626	1 582	6 044	7 100	1 488	5 612
	Rental assets – equipment	3 791	782	3 009	3 305	728	2 577	2 291	572	1 719
		23 333	6 460	16 873	20 806	5 885	14 921	18 992	5 450	13 542
	Less: Vehicle rental fleet reflected under current assets			2 488			2 307			2 081
	Other assets classified as held for sale			5						105
				14 380			12 614			11 356


	Freehold and leasehold land and buildings Rm	Investment property Rm	Plant, equipment and furniture Rm	Vehicles and aircraft Rm	Rental and leasing assets – vehicles Rm	**	Rental assets – equipment Rm	**	Total Rm
Property, plant and equipment
2015
Net balance at 1 October 2014	4 121		782	1 396	6 044		2 577		14 920
Subsidiaries acquired	18		25		55				98
Subsidiaries disposed			(9)	(1)					(10)
Other additions	451		364	546	5 283		2 022		8 667
Impairment of assets	(2)								(2)
Translation differences (net)	336		48	25	10		113		531
	4 924		1 211	1 966	11 391		4 712		24 204
Other disposals and reallocations			(46)	(177)	(3 467)		(1 288)		(4 978)
Depreciation	(118)		(238)	(236)	(1 348)		(414)		(2 355)
Net balance at 30 September 2015	4 806		927	1 553	6 577		3 009		16 873
Less: Vehicle rental fleet assets reflected under current assets					2 488				2 488
Assets classified as held for sale			4	1					5
Balance reflected as property, plant and equipment	4 806		923	1 552	4 089		3 009		14 380
Net book value of capitalised leases included in above balance	367		165	639					1 171
2014
Net balance at 1 October 2013	4 498		756	957	5 612		1 719		13 542
Subsidiaries acquired			4	130					134
Subsidiaries disposed	(789)		(27)						(815)
Other additions	424		314	584	4 509		2 243		8 075
Impairment of assets^			(11)						(11)
Translation differences (net)	176		32	17	18		59		303
	4 309		1 069	1 688	10 139		4 021		21 228
Other disposals and reallocations	(79)		(46)	(78)	(2 840)		(1 056)		(4 099)
Depreciation	(109)		(241)	(215)	(1 254)		(388)		(2 208)
Net balance at 30 September 2014	4 121		782	1 396	6 044		2 577		14 921
Less: Vehicle rental fleet assets reflected under current assets					2 307				2 307
Balance reflected as property, plant and equipment	4 121		782	1 396	3 737		2 577		12 614
Net book value of capitalised leases included in above balance	389		62	503					953
2013
Net balance at 1 October 2012	3 913	15	612	482	4 861		1 498		11 381
Subsidiaries acquired	128		20	416					564
Subsidiaries disposed	(1)		(3)	(2)			(42)		(48)
Other additions	233		334	251	4 437		1 373		6 628
Impairment of assets^^					(4)		(6)		(10)
Translation differences (net)	326	2	72	27	42		123		592
	4 599	17	1 035	1 174	9 336		2 946		19 106
Other disposals	7	(15)	(54)	(51)	(2 565)		(927)		(3 605)
Depreciation	(108)	(2)	(225)	(166)	(1 159)		(300)		(1 960)
Net balance at 30 September 2013	4 498		756	957	5 612		1 719		13 541
Less: Vehicle rental fleet assets reflected under current assets					2 081				2 081
Assets classified as held for sale	100		5						105
Balance reflected as property, plant and equipment	4 398		751	957	3 531		1 719		11 356
Net book value of capitalised leases included in above balance	417		13	287					717

Refer to note 2.

The impairment in Logistics in 2014 relates to the impairment of tangible assets, were directly related to Ellerines, as the company was placed into business rescue, the recoverable amount was calculated based on value in use, using the income approach valuation technique.

The impairment in 2013 relates to the following:

–	the impairment in Car Rental of the Coaches business of R4.4 million which was discontinued, the recoverable amount was calculated based on fair value minus cost to sell, the fair value was determined to be a level 3 based on estimated retail prices in the current market conditions.
–	the re-estimation in Equipment of the fair value of drills of R3.4 million that was bought as part of the acquisition of the EMPR business, the recoverable amount was calculated based on the fair value minus cost to sell, the fair value was determined to be a level 1.

The capitalised leases were reclassified for the 2013 financial years and are no longer shown as a separate category. The net book value at the end of each financial year for property, plant and equipment held under finance leases have been shown separately above.


	2015 Rm	2014 Rm	2013 Rm
**Rental asset disclosures:
Future minimum undiscounted lease receivables under non-cancellable operating leases (excluding Avis Fleet):
Within one year	173	70	88
Two to five years	188	212	194
More than five years	70	112	117
	431	394	399
Future minimum undiscounted lease receivables under non-cancellable operating leases for Avis Fleet:
Within one year	932	846	885
Two to five years	894	839	996
More than five years	1	1	14
	1 827	1 686	1 895

Equipment rental assets include handling equipment in South Africa and capital equipment in southern Africa, Iberia and Russia.

Vehicle rental assets include long-term fleet in southern Africa leased to customers for periods in excess of 12 months with an average lease term of 42 months (2014: 42 months and 2013: 41 months) and an average residual value of 48% (2014: 48% and 2013: 43%).

Refer note 1 for a segmental analysis of impairment losses and reversals.