2003 - 04 Annual Report - Sbs

102Notes Consolidated Corporation2004 2003 2004 2003$'000 $'000 $'000 $'0006(e) Depreciation and amortisationDepreciation/amortisation of property, plant, equipmentand intangibles 7,860 8,010 7,860 8,010Amortisation of leased assets 36 62 36 62Total depreciation and amortisation 7,896 8,072 7,896 8,072Depreciation expense was reduced by $0.980m in 2004 as aresult of the adoption (on 1 July 2003) of the “fair value”method of valuation – see note 9(e) – as required under theapplication of transitional provisions in accounting standardAASB 1041 “Revaluation of Non-Current Assets”.The aggregate amounts of depreciation and amortisationallocated during the reporting period, as expense for eachclass of depreciable asset, are as follows:Buildings on Freehold Land 1,272 1,173 1,272 1,173Leasehold Improvements 409 151 409 151Plant and Equipment 5,804 6,428 5,804 6,428Intangibles 411 320 411 320Total depreciation and amortisation 7,896 8,072 7,896 8,0726(f)Write-down of assetsFinancial assetsReceivablesGoods and services – adjustment to provision fordoubtful debts - - - -Goods and services – bad debts written off 37 44 37 44Total write-down of assets 37 44 37 446(g) Value of assets soldPlant and equipmentProceeds from disposal 8 102 8 102Net book value of assets disposed (12) (78) (12) (78)Write-offs 1(p), 9(d) (35) (137) (35) (137)Net loss from disposal of plant and equipment (39) (113) (39) (113)Total proceeds from disposal 8 102 8 102Total value of assets disposed (47) (215) (47) (215)Total net loss from disposal of assets (39) (113) (39) (113)7. Borrowing costs expenseCommonwealth loan 1,320 1,438 1,320 1,438Finance charges on lease liabilities 1 5 1 5Total borrowing cost expenses 1,321 1,443 1,321 1,443