Annual Report 2013 - Mainfreight

14 Non-current Assets – Property, Plant and Equipment (continued)
(a) Reconciliation of Carrying Amounts at the Beginning and End of the Year (continued)
At 31 March 2013 independent registered valuers performed an annual valuation of the Group’s New Zealand and overseas land,
buildings and leasehold improvements.
Registered Valuer Country Valuation 2013 Valuation 2012
Extensor Advisory Ltd New Zealand NZ$187,180,000 NZ$155,250,000
Charter Keck Cramer Australia AU$5,550,000 AU$5,600,000
Jones Lang LaSalle Australia AU$14,100,000 AU$10,000,000
Centaline Surveyors Ltd Hong Kong HK$41,500,000 HK$38,890,000
DTZ Zadelhoff V.O.F. Netherlands EU€29,500,000 EU€29,126,000
Jan Maes Belgium EU€16,900,000 EU€14,991,000
Foncier Expertise France EU€5,000,000 EU€3,538,000
Nica Violeta Cornelia Romania EU€5,700,000 EU€3,871,000
Group Total NZ$305,423,000 NZ$265,077,000
The element of this valuation related to land has been recorded in the financial statements resulting in the revaluation of land by
$39,144,000 (2012 $34,227,000) above cost.
In determining the fair value of land, the valuer has considered relevant general and economic factors and in particular has investigated
recent sales and leasing transactions of comparable properties that have occurred in the relevant locations within which the assets sit.
The valuer has used two principal approaches which are a capitalisation analysis and a direct comparison approach.
Included in the Group book values above but not in the valuations are Leasehold Improvements of $7,150,000 (2012 $6,244,000).
Properties held for sale are included in these valuations at $8,188,000 (2012 $8,351,000).
Leased plant, vehicles and equipment is pledged as security for the related finance lease liabilities.
Parent
Year Ended
31 March 2013
Land
$000 Buildings
$000
Leasehold
Improvements
$000
Plant,
Vehicles
& Equipment
$000
Leased Plant,
Vehicles
& Equipment
$000
Work in
Progress
$000
Total
$000
At 1 April 2012, Net of
Accumulated Depreciation
and Impairment 50,007 93,596 2,330 13,035 – 6,604 165,572
Additions – 30 1,498 8,814 – 23,837 34,179
Disposals (437) (15) (18) (1,873) – – (2,343)
Transfer Between
Asset Classifications – 22,548 – – – (22,385) ***163
Revaluations 2,360 – – – – – 2,360
Depreciation Charge
for the Year (3,136) (264) (2,639) – – (6,039)
At 31 March 2013,
Net of Accumulated
Depreciation and
Impairment 51,930 113,023 3,546 17,337 – 8,056 193,892
Cost or Fair Value 51,930 132,519 5,917 35,658 – 8,056 234,080
Accumulated Depreciation
and Impairment – (19,496) (2,371) (18,321) – – (40,188)
Net Carrying Amount 51,930 113,023 3,546 17,337 – 8,056 193,892
*** The transfer between asset classification of $163,000 (2012 $8,346,000)comprises transfers out of fixed assets to properties
held for sale of $163,000 (2012 $8,346,000).
98 Mainfreight | Annual Report 2013