Abacus Property Group – Annual Financial Report 2018
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ABACUS PROPERTY GROUP<br />
NOTES TO THE FINANCIAL STATEMENTS<br />
30 JUNE <strong>2018</strong><br />
16. PROPERTY, PLANT AND EQUIPMENT<br />
The following table is a reconciliation of the movements of property, plant and equipment for the year ended 30<br />
June <strong>2018</strong>.<br />
<strong>2018</strong> 2017<br />
$'000<br />
$'000<br />
<strong>Property</strong>, plant and equipment held for sale<br />
Current<br />
Hotel property 88,500 -<br />
Total current property, plant and equipment held for sale 88,500 -<br />
Non-current<br />
Hotel property - 80,000<br />
Storage properties 3,848 4,226<br />
Office equipment / furniture and fittings 952 508<br />
Total non-current property, plant and equipment 4,800 84,734<br />
Total property, plant and equipment including held for sale 93,300 84,734<br />
The hotel property held for sale is measured at the lower of their carrying amount and fair value less costs to sell.<br />
<strong>2018</strong> 2017<br />
$'000<br />
$'000<br />
Land and buildings<br />
At the beginning of the year net of accumulated depreciation 71,828 121,411<br />
Additions 109 99<br />
Fair value movement through comprehensive income 10,052 12,282<br />
Disposal - (61,964)<br />
Depreciation charge for the year (921) -<br />
At the end of the year net of accumulated depreciation 81,068 71,828<br />
Gross value 91,300 81,139<br />
Accumulated depreciation (10,232) (9,311)<br />
Net carrying amount at end of the year 81,068 71,828<br />
Plant and equipment<br />
Gross value 33,155 31,546<br />
Accumulated depreciation (20,923) (18,640)<br />
Net carrying amount at end of the year 12,232 12,906<br />
Total 93,300 84,734<br />
If property, plant and equipment was carried under the cost model, the carrying amount would be $63.5 million<br />
(2017: $62.7 million).<br />
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