Note 8: Non-Financial Assets
2010 $'000 |
2009 $'000 |
|
|---|---|---|
| Note 8A: Land and Buildings | ||
| Land at fair value | 916,330 | 1,036,126 |
| Buildings on freehold land: | ||
| Work in progress1 | 7,891 | 3,506 |
| Fair value | 725,561 | 688,447 |
| Accumulated depreciation | (12) | (5,500) |
| Total buildings on freehold land | 1,649,770 | 1,722,579 |
| Leasehold improvements: | ||
| Fair value | 246,573 | 171,783 |
| Accumulated depreciation | (67,231) | (32,657) |
| Work in progress | 31,871 | 89,348 |
| Total leasehold improvements | 211,213 | 228,474 |
| Total land and buildings | 1,860,983 | 1,951,053 |
1This is a qualifying asset and includes foreign exchange gains and losses which have been capitalised. Two properties (a residence in Suva, Fiji and a Weather Station in Vanimo, PNG) have been classified as Assets Held for Sale. Total value is $499,395. |
||
| Note 8B: Infrastructure, Plant and Equipment | ||
| Other Infastructure, plant and equipment: | ||
| Fair value | 174,574 | 191,947 |
| Accumulated depreciation | (44,218) | (69,591) |
| Work in progress | 12,410 | 5,399 |
| Accumulated impairment losses | - | - |
| Total Infrastructure, plant and equipment | 142,766 | 127,755 |
All revaluations are conducted in accordance with the revaluation policy stated at Note 1. On 31 March 2010 and 30 June 2010, independent valuers, the Australian Valuation Office, Savills Pty Ltd and Pickles Valuations conducted the revaluations. Revaluation decrements of $118,167,000 for land (2009: increments of $74,610,038) and increments of $41,955,064 for buildings on freehold land (2009: decrements of $12,694,063), impairment losses of $87,993 for leasehold improvements (2009: decrements of $35,424) and revaluation increments of $598,341 for other plant and equipment (2009: decrements of $436,407) were made to the asset revaluation reserve. Impairment losses of $10,514 for other plant and equipment (2009: revaluation decrements of $1,755,144) were expensed. |
||
| Note 8C: Reconciliation of the Opening and closing balances of Property, Plant and Equipment (2009-2010) | |||||
Land $'000 |
Buildings $'000 |
Total land and buildings $'000 |
Infastructure, plant &
equipment $'000 |
Total $'000 |
|
|---|---|---|---|---|---|
| As at 1 July 2009 | |||||
| Gross book value | 1,036,126 | 860,230 | 1,896,356 | 191,947 | 2,088,303 |
| Accumulated depreciation and impairment | - | (38,157) | (38,157) | (69,591) | (107,748) |
| Work in progress | 92,854 | 92,854 | 5,399 | 98,253 | |
| Net book value 1 July 2009 | 1,036,126 | 914,927 | 1,951,053 | 127,755 | 2,078,808 |
| Additions: | |||||
| By purchase | 3,060 | 36,569 | 39,629 | 28,156 | 67,785 |
| By donation/gift | - | - | - | 5 | 5 |
| Revaluations and impairments recognised in other comprehensive income | (118,167) | 41,867 | (76,300) | 598 | (75,702) |
| Revaluations recognised in the operating result | - | - | - | (10) | (10) |
| Assets held for sale or in a disposal group held for sale | 204 | 296 | 500 | - | 500 |
| Depreciation expense | - | (50,889) | (50,889) | (30,327) | (81,216) |
| Asset transfers | - | 57,214 | 57,214 | 10,398 | 67,612 |
| Net movement in work in progress | - | (53,092) | (53,092) | 7,011 | (46,081) |
| Disposals: | - | - | |||
| Other | (4,893) | (2,238) | (7,131) | (820) | (7,951) |
| Net book value 30 June 2010 | 916,330 | 944,654 | 1,860,984 | 142,766 | 2,003,750 |
| Net book value as of 30 June 2010 represented by: | |||||
| Gross book value | 916,330 | 972,135 | 1,888,465 | 174,574 | 2,063,039 |
| Accumulated depreciation | - | (67,243) | (67,243) | (44,218) | (111,461) |
| Work in progress | - | 39,762 | 39,762 | 12,410 | 52,172 |
| 916,330 | 944,654 | 1,860,984 | 142,766 | 2,003,750 | |
| Note 8C: Reconciliation of the Opening and closing balances of Property, Plant and Equipment (2008-2009) | |||||
Land $'000 |
Buildings $'000 |
Total land and buildings $'000 |
Infastructure, plant &
equipment $'000 |
Total $'000 |
|
| As at 1 July 2008 | |||||
| Gross book value | 957,878 | 842,934 | 1,800,812 | 159,356 | 1,960,168 |
| Accumulated depreciation and impairment | - | (11,604) | (11,604) | (42,144) | (53,748) |
| Work in progress | 75,720 | 75,720 | 1,878 | 77,598 | |
| Net book value as at 1 July 2008 | 957,878 | 907,050 | 1,864,928 | 119,090 | 1,984,018 |
| Additions: | |||||
| By purchase | 8,809 | 45,369 | 54,178 | 36,768 | 90,946 |
| By finance lease | - | - | - | - | - |
| By donation/gift | - | - | - | 16 | 16 |
| From acquisition of entities or operations (including restructuring) | - | - | - | - | - |
| Revaluations and impairments recognised in other comprehensive income | 74,610 | (12,729) | 61,881 | (437) | 61,444 |
| Revaluations recognised in the operating result | - | - | - | (1,755) | (1,755) |
| Impairments recognised in the operating result | - | - | - | - | - |
| Reversal of impairments recognised in the operating result | - | - | - | - | - |
| Assets held for sale or in a disposal group held for sale | - | - | - | - | - |
| Depreciation expense | - | (46,657) | (46,657) | (30,760) | (77,417) |
| Other movements | - | - | - | - | - |
| Asset transfers | - | 7,742 | 7,742 | 1,913 | 9,655 |
| Net movement in work in progress | - | 17,134 | 17,134 | 3,521 | 20,655 |
| Disposals: | - | - | - | ||
| From disposal of entities or operations (including restructuring) | - | - | - | - | |
| Other | (5,171) | (2,982) | (8,153) | (601) | (8,754) |
| Net book value as at 30 June 2009 | 1,036,126 | 914,927 | 1,951,053 | 127,755 | 2,078,808 |
| Net book value as of 30 June 2009 represented by: | |||||
| Gross book value | 1,036,126 | 860,230 | 1,896,356 | 191,947 | 2,088,303 |
| Accumulated depreciation and impairment | - | (38,157) | (38,157) | (69,591) | (107,748) |
| Work in progress | - | 92,854 | 92,854 | 5,399 | 98,253 |
| 1,036,126 | 914,927 | 1,951,053 | 127,755 | 2,078,808 | |
2010 $'000 |
2009 $'000 |
|
|---|---|---|
| Note 8D: Intangibles | ||
| Computer software: | ||
| Internally developed – in progress | 4,178 | 548 |
| Internally developed – in use | 28,769 | 21,267 |
| Purchased | 19,493 | 15,802 |
| Total computer software (gross) | 52,440 | 37,617 |
| Accumulated amortisation | (31,293) | (27,652) |
| Total computer software (net) | 21,147 | 9,965 |
| Total intangibles | 21,147 | 9,965 |
No indicators of impairment were found for intangible assets. No intangibles are expected to be sold or disposed of within the next 12 months. |
||
| Reconciliation of the Opening and Closing Balances of Intangibles (2009-2010) | |||
Computer software
internally developed $'000 |
Computer software purchased $'000 |
Total $'000 |
|
|---|---|---|---|
| As at 1 July 2009 | |||
| Gross book value | 21,267 | 15,802 | 37,069 |
| Accumulated amortisation and impairment | (16,894) | (10,758) | (27,652) |
| Assets under construction | 548 | - | 548 |
| Net book value 1 July 2009 | 4,921 | 5,044 | 9,965 |
| Additions: | |||
| By purchase | - | 2,084 | 2,084 |
| Internally developed | 2,808 | 2,808 | |
| Amortisation | (2,189) | (1,546) | (3,735) |
| Other movements | |||
| Asset Transfers | 2,311 | 642 | 2,953 |
| Reclassification - purchased to internally developed | (151) | 151 | - |
| Net movement in assets under construction (WIP) | 3,629 | 3,445 | 7,074 |
| Disposals: | - | ||
| Other | (2) | (2) | |
| Net book value 30 June 2010 | 11,327 | 9,820 | 21,147 |
| Net book value as of 30 June 2010 represented by: | |||
| Gross book value | 28,769 | 16,048 | 44,817 |
| Accumulated amortisation and impairment | (21,620) | (9,673) | (31,293) |
| Assets under construction | 4,178 | 3,445 | 7,623 |
| 11,327 | 9,820 | 21,147 | |
| Reconciliation of the Opening and Closing Balances of Intangibles (2008-2009) | |||
Computer software
internally developed $'000 |
Computer software purchased $'000 |
Total $'000 |
|
| As at 1 July 2008 | |||
| Gross book value | 10,297 | 18,657 | 28,954 |
| Accumulated amortisation and impairment | (7,251) | (14,701) | (21,952) |
| Assets under construction | 74 | 1,439 | 1,513 |
| Net book value 1 July 2008 | 3,120 | 5,395 | 8,515 |
| Additions: | |||
| By purchase | - | 1,614 | 1,614 |
| Internally developed | 852 | - | 852 |
| Amortisation | (1,848) | (2,202) | (4,050) |
| Other movements: | - | ||
| Asset Transfers | 2,285 | 1,718 | 4,003 |
| Reclassification - purchased to internally developed | 38 | (38) | - |
| Net movement in assets under construction (WIP) | 474 | (1,439) | (965) |
| Disposals: | |||
| Other | - | (4) | (4) |
| Net book value 30 June 2009 | 4,921 | 5,044 | 9,965 |
| Net book value as of 30 June 2009 represented by: | |||
| Gross book value | 21,267 | 15,802 | 37,069 |
| Accumulated amortisation and impairment | (16,894) | (10,758) | (27,652) |
| Assets under construction | 548 | 548 | |
| 4,921 | 5,044 | 9,965 | |
2010 $'000 |
2009 $'000 |
|
|---|---|---|
| Note 8F: Inventories | ||
| Inventories held for sale: | ||
| Finished goods | 34,524 | 31,402 |
| Total inventories held for sale | 34,524 | 31,402 |
| Inventories held for distribution | 162 | 87 |
| Total inventories | 34,686 | 31,489 |
No items of inventory were recognised at fair value less cost to sell. All inventory is expected to be sold or distributed in the next 12 months. |
||
| Note 8G: Other Non-Financial Assets | ||
| Prepayments | ||
| Property Leases | 16,129 | 16,281 |
| Other | 11,429 | 8,101 |
| Total other non-financial assets | 27,558 | 24,382 |
| No indicators of impairment were found for other non-financial assets. | ||
| Total other non-financial assets - are expected to be recovered in: | ||
| No more than 12 months | 22,097 | 18,218 |
| More than 12 months | 5,461 | 6,164 |
| Total other non-financial assets | 27,558 | 24,382 |