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Note 6: Non-financial assets

  2012 $’000 2011 $’000

Leasehold improvements were assessed for impairment as at 30 June 2012, an impairment loss of $242,000 (2011: nil) was debited to the asset revaluation surplus by asset class and included in the equity section of the balance sheet.

Leasehold improvements with a gross value of $266,000 (2011: nil) and net value of $8,000 (2011: nil) are expected to be disposed of within the next 12 months.

Leasehold improvements were last subject to revaluation on 30 June 2011. All leasehold improvements acquired since 1 July 2011 are carried at cost, which is materially reflective of fair value.

Note 6a: Land and buildings
Leasehold improvements:
Fair value 3,856 3,553
Accumulated depreciation (717) (11)
Total leasehold improvements 3,139 3,542
Total Land and buildings 3,139 3,542
  2012 $’000 2011 $’000

No indicators of impairment were found for property, plant and equipment.

No material items of property, plant or equipment are expected to be sold or disposed of within the next 12 months.

Note 6b: Property, plant and equipment
Other property, plant and equipment:
Fair value 3,060 2,588
Accumulated depreciation (1,179) (767)
Total other property, plant and equipment 1,881 1,821
Total property, plant and equipment 1,881 1,821

Revaluations of non-financial assets

All revaluations were conducted in accordance with the revaluation policy stated at Note 1. On 30 June 2011 an independent valuer conducted a revaluation of leasehold improvements. A revaluation increment of $249,000 (2012: nil) for leasehold improvements was credited to the asset revaluation surplus by asset class and included in the equity section of the balance sheet.

Property, plant and equipment was last revalued by an independent valuer on 30 June 2009 (2012: nil). All property, plant and equipment acquired since 1 July 2009 are carried at cost, which is materially reflective of their fair value.

  2012 $’000 2011 $’000

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 6c: Intangibles
Computer software:
Internally developed - in use 1,392 1,170
Internally developed - in progress - -
Purchased 405 130
Accumulated amortisation (1,167) (892)
Total computer software 630 408
Intellectual property:
Internally developed - in use 839 1,005
Accumulated amortisation (815) (962)
Total intellectual property 24 43
Total intangibles 654 451
Item Buildings leasehold improvements $’000 Other property, plant & equipment $’000 Computer software purchased $’000 Computer software internally developed $’000 Intellectual property $’000 Total intangibles $’000 Total $’000
Note 6d: Reconciliation of the opening and closing balances of property, plant and equipment and intangibles 2012
As at 1 July 2011
Gross book value 3,553 2,588 130 1,170 1,005 2,305 8,446
Accumulated depreciation / amortisation and impairment (11) (767) (41) (851) (962) (1,854) (2,632)
Net book value 1 July 2011 3,542 1,821 89 319 43 451 5,814
Additions
By purchase or internally developed 598 541 274 223 27 524 1,663
Revaluations and impairments through equity (243) - - - - - (243)
Depreciation / amortisation expense (734) (468) (56) (219) (34) (309) (1,511)
Disposals
Other disposals (24) (13) - - (12) (12) (49)
Net book value 30 June 2012 3,139 1,881 307 323 24 654 5,674
Net book value as at 30 June 2012 represented by:
Gross book value 3,856 3,060 405 1,392 839 2,636 9,552
Accumulated depreciation / amortisation and impairment (717) (1,179) (98) (1,069) (815) (1,982) (3,878)
Net book value 30 June 2012 3,139 1,881 307 323 24 654 5,674
Item Buildings leasehold improvements $’000 Other property, plant & equipment $’000 Computer software purchased $’000 Computer software internally developed $’000 Intellectual property $’000 Total intangibles $’000 Total $’000
Note 6d: (continued) Reconciliation of the opening and closing balances of property, plant and equipment and intangibles 2011
As at 1 July 2010
Gross book value 3,722 2,224 40 1,179 1,048 2,267 8,213
Accumulated depreciation / amortisation and impairment (478) (412) (19) (651) (906) (1,576) (2,466)
Net book value 1 July 2010 3,244 1,812 21 528 142 691 5,747
Additions
By purchase or internally developed 625 455 96 14 - 110 1,190
From acquisitions of entities or operations (including restructuring) 34 19 - - - - 53
Revaluations and impairments through equity 249 - - - - - 249
Depreciation / amortisation expense (602) (432) (22) (223) (99) (344) (1,378)
Disposals
Other disposals (8) (33) (6) - - (6) (47)
Net book value 30 June 2011 3,542 1,821 89 319 43 451 5,814
Net book value as at 30 June 2011 represented by:
Gross book value 3,553 2,588 130 1,170 1,005 2,305 8,446
Accumulated depreciation / amortisation and impairment (11) (767) (41) (851) (962) (1,854) (2,632)
Net book value 30 June 2011 3,542 1,821 89 319 43 451 5,814
  2012 $’000 2011 $’000

During 2011-12, $37,000 of inventory held for distribution was recognised as an expense
(2010-11 $101,000).

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 6e: Inventories
Inventories held for distribution 50 88
Total inventories 50 88
  2012 $’000 2011 $’000

No indicators of impairment were found for other non-financial assets.

Note 6f: Prepayments paid
Prepayments paid 763 506
Prepayments paid are expected to be recovered in:
No more than 12 months 757 486
More than 12 months 6 20
Total prepayments paid 763 506
Last reviewed: 
11 May 2018