NOTES TO THE CONSOLIDATED ANNUAL FINANCIAL STATEMENTS l NOTE 7
    2014
Rm
    2013
Rm
 
7. Transport fleet      
  Cost 10 990     9 808  
  Accumulated depreciation and impairment 5 668     5 182  
    5 322     4 626  
  Net carrying value at beginning of year 4 626     4 336  
  Net acquisition of subsidiaries and businesses       72  
  Additions 1 550     891  
  Proceeds on disposal (291)     (300)  
  Depreciation (796)     (704)  
  Impairment charge (1)     (4)  
  Profit on disposal 39     20  
  Currency adjustments 180     268  
  Reclassifications 15     47  
  Net carrying value at end of year 5 322     4 626  
  Depreciation is calculated on a straight-line basis to write off the cost of each component of the transport asset to its residual value over its estimated useful life between 3 to 12 years.

Certain transport fleet assets have been encumbered as security for interest-bearing borrowings amounting to R399 million (2013: R274 million), refer to note 21.

The total value of transport fleet assets held under capitalised finance leases included above is R207 million (2013: R197 million).