63
Notes to the Consolidated Financial Statements (continued)
For the year ended 31 December, 2012
(Expressed in Thousands of Trinidad and Tobago Dollars, except where otherwise stated)
8. Property, plant and equipment
Plant,
machinery
and
Office
equipment
furniture
Capital
Land and
and motor
and
work in
buildings
vehicles
equipment
progress
Total
$
$
$
$
$
At 31 December, 2012
Cost
460,922
3,307,046
96,093
44,634
3,908,695
Accumulated depreciation
and impairment
(170,928)
(1,573,235)
(75,990)
–
(1,820,153)
Net book amount
289,994
1,733,811
20,103
44,634
2,088,542
Net book amount
1 January, 2012
294,542
1,914,109
25,191
43,452
2,277,294
Exchange rate adjustments
(9,637)
(18,521)
(360)
(1,399)
(29,917)
Additions and transfers
6,711
37,056
1,070
33,076
77,913
Disposals and adjustments
9,129
14,314
540
(30,495)
(6,512)
Depreciation charge
(10,751)
(132,397)
(6,338)
–
(149,486)
Impairment charge and write off
–
(80,750)
–
–
(80,750)
31 December, 2012
289,994
1,733,811
20,103
44,634
2,088,542
At 31 December, 2011
Cost
459,335
3,315,849
108,568
43,452
3,927,204
Accumulated depreciation
and impairment
(164,793)
(1,401,740)
(83,377)
–
(1,649,910)
Net book amount
294,542
1,914,109
25,191
43,452
2,277,294
Net book amount
1 January, 2011
305,283
2,117,936
34,518
35,469
2,493,206
Exchange rate adjustments
(760)
(1,695)
(45)
(203)
(2,703)
Additions and transfers
1,468
28,893
2,174
8,186
40,721
Disposals and adjustments
(43)
(3,062)
(460)
–
(3,565)
Depreciation charge
(11,406)
(148,577)
(10,996)
–
(170,979)
Impairment charge and write off
–
(79,386)
–
–
(79,386)
31 December, 2011
294,542
1,914,109
25,191
43,452
2,277,294
The net carrying value of assets held under finance leases within property, plant and equipment amounted to $4.9million
(2011: $7.1 million) as at 31 December, 2012. It is the Group’s policy to capitalise interest on borrowings specific to capital
projects during the period of construction. No borrowing costs were capitalised in 2012 (2011: Nil).
In accordance with IAS 36, management tested and as a consequence further impaired the Kiln 4 asset in Jamaica and
recorded an impairment loss of $77.9 million in 2012 (2011: $61.3 million). Additionally, part of the asset was considered
obsolete which was written off by the amount of $2.9 million (2011: $18.1 million) (refer to Note 3).
