4.78 MB - Perth Airport

Consolidated
Parent
Notes 2005 2004 2005 2004
$’000 $’000 $’000 $’000
Other infrastructure – at valuation 50,060 50,114 50,060 50,114
Other infrastructure – at cost 4,679 - 4,679 -
Less: accumulated depreciation (1,551) - (1,551) -
(a) 53,188 50,114 53,188 50,114
Assets under construction – at cost 39,795 19,853 39,795 19,853
Total Infrastructure Assets under Lease 409,253 380,137 409,253 380,137
Total Infrastructure, Plant and Equipment 413,347 383,719 413,347 383,719
(a) Valuation of Land, Buildings and Civil Works
In the 2003/2004 financial year, the company engaged Knight Frank and Opus NZ (licensed valuers) to provide an independent valuation for
leased land, buildings, runways, taxiways, aprons, other infrastructure, plant & equipment as at 30 June 2004. An Optimised Depreciated
Replacement Cost (ODRC) method was adopted to value the various assets given the specialised nature of assets held and therefore the limited
market for re-sale. WAC adopted the valuation for all classes of assets as at 30 June 2004.
This approach has also been adopted in the 2004/2005 financial year, whereby the company has again engaged Knight Frank and Opus to
provide an independent valuation for leased land, buildings, runways, taxiways, aprons and other infrastructure as at 30 June 2005. This
valuation has only been adopted for Investment Land and Buildings. WAC assessed the valuation increment for all other classes of assets to
be immaterial on a class by class basis as compared to the current carrying value.
The value of these increments not booked is as follows:
Operational Land 2,745
Operational Buildings 8,634
Runways, Taxiways & Aprons 3,087
Other Infrastructure 4,115
18,581
(b) Reconciliations
Reconciliations of the carrying amounts of each class of infrastructure, plant and equipment at the beginning and end of the current financial
year are set out below.
Plant and Equipment
Carrying amount at beginning 3,582 3,582
Transfers – Capitalised WIP 1,672 1,672
Transfers – Asset Class (3) (3)
Disposals (27) (27)
Depreciation expense (1,130) (1,130)
4,094 4,094
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