Note 6: Non-Financials Assets
| 2011 $’000 |
2010 $’000 |
|
|---|---|---|
| Note 6A: Land and Buildings | ||
| Land: | ||
| Land at fair value | 867,840 | 916,330 |
| Total land | 867,840 | 916,330 |
| Buildings on freehold land: | ||
| Work in progress1 | 19,192 | 7,891 |
| Fair value | 651,136 | 725,561 |
| Accumulated depreciation | (15) | (12) |
| Total buildings on freehold land | 670,313 | 733,440 |
| Leasehold improvements: | ||
| Fair value | 265,581 | 246,573 |
| Accumulated depreciation | (95,811) | (67,231) |
| Work in progress | 42,802 | 31,871 |
| Total leasehold improvements | 212,572 | 211,213 |
| Total land and buildings | 1,750,725 | 1,860,983 |
| 1 This is a qualifying asset and includes foreign exchange gains and losses that have been capitalised. | ||
| 2010-11: One property (a residence in Noumea) was classified as Asset Held for Sale. The total value is $760,056. 2009-10: Two properties (a residence in Suva, Fiji and a Weather Station in Vanimo, PNG) were classified as Assets Held for Sale. Total value $499,395. |
||
| No indicators of impairment were found for land and buildings. | ||
| Note 6B: Infrastructure, Plant and Equipment | ||
| Infrastructure, Plant and equipment: | ||
| Fair value | 182,316 | 174,574 |
| Accumulated depreciation | (55,555) | (44,218) |
| Work in progress | 14,672 | 12,410 |
| Total infrastructure, plant and equipment | 141,433 | 142,766 |
Revaluations of non-financial assets
No plant and equipment under finance leases was held by the Department.
All revaluations are conducted in accordance with the revaluation policy stated at Note 1. Land and Buildings have been independently valued by Savills as at 30 June 2011. Other infrastructure, plant and equipment have been independently valued by Preston Rowe Patterson as at 31 March 2011.
Revaluation decrements of $42,638,000 for land (2010: decrements of $118,167,000) and $48,890,578 for buildings on freehold land (2010: increments of $41,955,064), impairment losses of nil of leasehold improvements (2010: decrements of $87,993) and revaluation increments of $1,198,903 for infrastructure, plant and equipment (2010: increments of $598,341) were made to the asset revaluation reserve.
Revaluation decrements of $16,691,000 (2010: $0) for buildings and revaluation increments of $28,868 for infrastructure, plant and equipment (2010: $0) were recognised in the profit and loss.
Isolated indicators of impairment were found for infrastructure, plant and equipment worth $9,628 (2010: $10,514).
| Note 6C: Reconciliation of the Opening and Closing Balances of Property, Plant and Equipment (2010-11) | |||||
| Land $’000 |
Buildings $’000 |
Total land and buildings $’000 |
Other infrastructure, plant & equipment $’000 |
Total $’000 |
|
|---|---|---|---|---|---|
| As at 1 July 2010 | |||||
| Gross book value | 916,330 | 972,135 | 1,888,465 | 174,574 | 2,063,039 |
| Accumulated depreciation and impairment | - | (67,243) | (67,243) | (44,218) | (111,461) |
| Work in progress | - | 39,762 | 39,762 | 12,410 | 52,172 |
| Net book value 1 July 2010 | 916,330 | 944,654 | 1,860,984 | 142,766 | 2,003,750 |
| Additions* | 86 | 29,865 | 29,951 | 21,847 | 51,798 |
| Revaluations and impairments recognised in other comprehensive income | (42,638) | (48,890) | (91,528) | 1,199 | (90,329) |
| Revaluations recognised in the operating result | - | (16,691) | (16,691) | 29 | (16,662) |
| Impairments recognised in the operating result | - | - | - | (10) | (10) |
| Reversal of impairments recognised in the operating result | - | - | - | - | - |
| Assets held for sale or in a disposal group held for sale | 713 | 47 | 760 | - | 760 |
| Depreciation expense | - | (53,005) | (53,005) | (35,232) | (88,237) |
| Other movements | - | - | - | - | - |
| Asset transfers | - | 9,635 | 9,635 | 10,042 | 19,677 |
| Movements in work in progress | |||||
| Reclassification of opening balance in work in progress | - | 548 | 548 | (3,460) | (2,912) |
| Net movement in work in progress | - | 21,684 | 21,684 | 5,722 | 27,406 |
| Disposals | - | - | - | - | - |
| From disposal of entities or operations (including restructuring) |
- | - | - | - | - |
| Other | (6,651) | (4,962) | (11,613) | (1,470) | (13,083) |
| Net book value 30 June 2011 | 867,840 | 882,885 | 1,750,725 | 141,433 | 1,892,158 |
| Net book value as of 30 June 2011 represented by: | |||||
| Gross book value | 867,840 | 916,717 | 1,784,557 | 182,316 | 1,966,873 |
| Accumulated depreciation and impairment | - | (95,826) | (95,826) | (55,555) | (151,381) |
| Work in progress | - | 61,994 | 61,994 | 14,672 | 76,666 |
| 867,840 | 882,885 | 1,750,725 | 141,433 | 1,892,158 | |
| * Disaggregated additions information are disclosed in the Schedule of Asset Additions. | |||||
| Note 6C (Cont'd): Reconciliation of the Opening and Closing Balances of Property, Plant and Equipment (2009-10) | |||||
| Land $’000 |
Buildings $’000 |
Total land and buildings $’000 |
Other infrastructure, 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* | 3,060 | 36,569 | 39,629 | 28,161 | 67,790 |
| Revaluations and impairments recognised in other comprehensive income | (118,167) | 41,867 | (76,300) | 598 | (75,702) |
| Revaluations recognised in the operating result | - | - | - | - | |
| Impairments recognised in the operating result | - | - | - | (10) | (10) |
| Reversal of impairments recognised in the operating result | - | - | - | - | - |
| 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) |
| Other movements: | |||||
| 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: | - | - | |||
| From disposal of entities or operations (including restructuring) | - | - | - | - | - |
| 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 and impairment | - | (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 | |
* Disaggregated additions information are disclosed in the Schedule of Asset Additions.
| 2011 $’000 |
2010 $’000 |
|
|---|---|---|
| Note 6D: Intangibles | ||
| Computer software: | ||
| Internally developed – in progress | 6,561 | 4,178 |
| Internally developed – in use | 32,518 | 28,769 |
| Purchased | 32,855 | 19,493 |
| Accumulated amortisation | (35,706) | (31,293) |
| Accumulated impairment losses | - | - |
| Total computer software | 36,228 | 21,147 |
| Total intangibles | 36,228 | 21,147 |
No indicators of impairment were found for intangible assets.
No intangibles are expected to be sold or disposed of within the next 12 months.
| Note 6E: Reconciliation of the Opening and Closing Balances of Intangibles (2010-11) | |||
| Computer software internally developed $’000 |
Computer software purchased $’000 |
Total $’000 |
|
|---|---|---|---|
| As at 1 July 2010 | |||
| Gross book value | 28,769 | 16,048 | 44,817 |
| Accumulated amortisation and impairment | (21,620) | (9,673) | (31,293) |
| Work in progress | 4,178 | 3,445 | 7,623 |
| Net book value 1 July 2010 | 11,327 | 9,820 | 21,147 |
| Additions* | 1,716 | 3,031 | 4,747 |
| Amortisation | (2,343) | (2,411) | (4,754) |
| Other movements | - | - | - |
| Asset transfers | 2,033 | 4,099 | 6,132 |
| Movement in work in progress | |||
| Reclassification of opening balance in work in progress | 559 | 2,353 | 2,912 |
| Net movement in work in progress | 1,824 | 4,344 | 6,168 |
| Disposals: | - | - | - |
| Other | - | (124) | (124) |
| Net book value 30 June 2011 | 15,116 | 21,112 | 36,228 |
| Net book value as of 30 June 2011 represented by: | |||
| Gross book value | 32,518 | 22,713 | 55,231 |
| Accumulated amortisation and impairment | (23,963) | (11,743) | (35,706) |
| Work in progress | 6,561 | 10,142 | 16,703 |
| 15,116 | 21,112 | 36,228 | |
| * Disaggregated additions information is disclosed in the Schedule of Asset Additions. | |||
| Note 6E (Cont'd): Reconciliation of the Opening and Closing Balances of Intangibles (2009-10) | |||
| 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* | 2,808 | 2,084 | 4,892 |
| Amortisation | (2,189) | (1,546) | (3,735) |
| Other movements: | |||
| Asset Transfers | 2,311 | 642 | 2,953 |
| Reclassification - purchase 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 | |
| * Disaggregated additions information is disclosed in the Schedule of Asset Additions. | |||
| Note 6F: Inventories | |||
| Inventories held for sale: | |||
| Finished goods | 40,174 | 34,524 | |
| Total inventories held for sale | 40,174 | 34,524 | |
| Inventories held for distribution | 64 | 162 | |
| Total inventories | 40,238 | 34,686 | |
| No items of inventory were recognised at fair value less cost to sell. | |||
| All inventories are expected to be sold or distributed in the next 12 months. | |||
| Note 6G: Other Non-Financial Assets | |||
| Property Leases | 16,425 | 16,129 | |
| Other | 11,107 | 11,429 | |
| Total other non-financial assets | 27,532 | 27,558 | |
| Total other non-financial assets - are expected to be recovered in: | |||
| No more than 12 months | 21,701 | 22,097 | |
| More than 12 months | 5,831 | 5,461 | |
| Total other non-financial assets | 27,532 | 27,558 | |
No indicators of impairment were found for other non-financial assets.