Annual Report 2011 - Watercare

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Watercare Services Limited 2011 ANNUAL REPORT Notes to the financial statements (continued) for the year ended 30 June 2011 12. Revaluation Reserves group and Company Company 2011 2010 $000 $000 Balances at beginning of year 1,071,655 1,043,205 Asset impairment – net of tax - (390) Tax rate adjustment (30% to 28%) - 29,761 Revaluation – net of deferred tax 361,873 - Transferred to retained earnings on disposal of property, plant and equipment – net of tax (3,909) (921) Total revaluation reserves 1,429,619 1,071,655 Comprising: Land 48,517 47,163 Buildings 31,953 33,319 Pipelines 844,715 569,176 Tanks, tunnels, roads and reservoirs 281,705 266,364 Dams 79,171 69,940 Machinery 143,558 85,693 Total revaluation reserves 1,429,619 1,071,655 Analysis: Land Balances at beginning of year 47,163 47,163 Revaluation 1,354 - Total land revaluation reserves 48,517 47,163 Buildings Balances at beginning of year 33,319 32,341 Tax rate adjustment (30% to 28%) - 967 Revaluation (1,080) - Transferred to retained earnings on disposal of property, plant and equipment – net of tax (286) 11 Total buildings revaluation reserves 31,953 33,319 Pipelines Balances at beginning of year 569,176 553,167 Asset impairment - (557) Tax rate adjustment (30% to 28%) - 16,540 Revaluation 277,625 - Deferred tax on asset impairment - 167 Transferred to retained earnings on disposal of property, plant and equipment – net of tax (2,086) (141) Total pipelines revaluation reserves 844,715 569,176 Tanks, tunnels, roads and reservoirs Balances at beginning of year 266,364 258,630 Tax rate adjustment (30% to 28%) - 7,735 Revaluation 13,556 - Transferred to retained earnings on disposal of property, plant and equipment – net of tax 1,785 (1) Total tanks, tunnels, roads and reservoirs revaluation reserves 281,705 266,364 Dams Balances at beginning of year 69,940 67,941 Tax rate adjustment (30% to 28%) - 2,032 Revaluation 9,235 - Reclassification - (33) Transferred to retained earnings on disposal of property, plant and equipment – net of tax (4) - Total dams revaluation reserves 79,171 69,940 2011 Financial Report PAGE 88 Machinery Balances at beginning of year 85,693 83,963 Tax rate adjustment (30% to 28%) - 2,487 Revaluation 61,183 - Reclassification - 33 Transferred to retained earnings on disposal of property, plant and equipment – net of tax (3,318) (790) Total machinery revaluation reserves 143,558 85,693 The revaluation reserve arises on the revaluation of property, plant and equipment. Where revalued property, plant and equipment are sold, the portion of the revaluation reserve that relates to that asset, and is effectively realised, is transferred directly to retained earnings. Return to Contents page
Watercare Services Limited 2011 ANNUAL REPORT Notes to the financial statements (continued) for the year ended 30 June 2011 13. Property, Plant and Equipment Property, plant and equipment – movement in gross carrying value company 1 November group and 2010 2010 Company 2011 opening value Integration Additions Disposals Depreciation Revaluation Reclassification Closing value $000 $000 $000 $000 $000 $000 $000 $000 Land 75,162 41,133 83 (288) - 1,880 1,369 119,339 Buildings 99,367 17,145 3,016 (71) - (6,396) 291 113,352 Pipelines 887,353 4,253,327 61,123 (2,889) - 279,026 14 5,477,954 Tanks, tunnels, roads and reservoirs 625,932 48,359 9,266 (1,189) - (3,760) 1,464 680,072 Dams 190,850 1,880 8,505 - - 9,240 - 210,475 Machinery 439,819 307,895 26,936 (1,485) - 23,853 (1,634) 795,384 Motor vehicles 4,358 272 45 (493) - - - 4,182 Office equipment 9,965 1,519 3,365 (313) - - (1,532) 13,004 2,332,806 4,671,530 112,339 (6,728) - 303,843 (28) 7,413,762 Work in progress 160,441 63,432 64,415 - - - - 288,288 Gross carrying value 2,493,247 4,734,962 176,754 (6,728) - 303,843 (28) 7,702,050 Property, plant and equipment – movement in accumulated depreciation company 1 November group and 2010 2010 Company 2011 opening value Integration Additions Disposals Depreciation Revaluation Reclassification Closing value $000 $000 $000 $000 $000 $000 $000 $000 Buildings (2,303) - - 71 (2,720) 4,896 (43) (99) Pipelines (24,955) - - 1,614 (85,941) 106,563 3 (2,716) Tanks, tunnels, roads and reservoirs (10,779) - - 1,189 (12,984) 22,585 (67) (56) Dams (1,749) - - - (1,910) 3,588 - (71) Machinery (29,762) - - 921 (31,740) 61,125 (1,079) (535) Motor vehicles (3,572) - - 492 (334) - - (3,414) Office equipment (7,014) - - 312 (1,447) - 1,186 (6,963) Accumulated depreciation (80,134) - - 4,599 (137,076) 198,757 - (13,854) Property, plant and equipment – movement in net book values including revaluation company 1 November group and 2010 2010 Company 2011 opening value Integration Additions Disposals Depreciation Revaluation Reclassification Closing value $000 $000 $000 $000 $000 $000 $000 $000 Land 75,162 41,133 83 (288) - 1,880 1,369 119,339 Buildings 97,064 17,145 3,016 - (2,720) (1,500) 248 113,253 Pipelines 862,398 4,253,327 61,123 (1,275) (85,941) 385,589 17 5,475,238 Tanks, tunnels, roads and reservoirs 615,153 48,359 9,266 - (12,984) 18,825 1,397 680,016 Dams 189,101 1,880 8,505 - (1,910) 12,828 - 210,404 Machinery 410,057 307,895 26,936 (564) (31,740) 84,978 (2,713) 794,849 Motor vehicles 786 272 45 (1) (334) - - 768 Office equipment 2,951 1,519 3,365 (1) (1,447) - (346) 6,041 2,252,672 4,671,530 112,339 (2,129) (137,076) 502,600 (28) 7,399,908 Work in progress 160,441 63,432 64,415 - - - - 288,288 Net book value 2,413,113 4,734,962 176,754 (2,129) (137,076) 502,600 (28) 7,688,196 The reclassification of assets between categories results from the ongoing project to improve asset data quality. The predominant reason for reclassification is to split broadly categorised assets into their component assets. It is not practical to reclassify the prior year comparatives, due to the size of the asset register. 2011 Financial Report PAGE 89 Return to Contents page
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Annual Report 2011 - Watercare

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