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NOTE 8: Non-financial Assets

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Note 8A: Land and Buildings

2011
$’000
2010
$’000
Leasehold improvements:
Work in progress
1,314
3,927
Fair value
104,725
91,532
Accumulated depreciation
(22,686)
(12,889)
Total leasehold improvements
83,353
82,570
Total land and buildings
83,353
82,570

Note 8B: Property, Plant and Equipment

2011
$’000
2010
$’000
Other property, plant and equipment:
Fair value
13,762
11,804
Accumulated depreciation
(6,162)
(4,386)
Total other property, plant and equipment
7,600
7,418
Total property, plant and equipment
7,600
7,418

No property, plant and equipment are held under finance lease.

All revaluations are conducted in accordance with the revaluation policy stated at Note 1. Aon Risk Services Australia Ltd reviewed the fair values of each class of assets at 30 June 2011 and advised the Department’s asset values were not materially different to those recorded.

No indicators of impairment were found for property, plant and equipment.

No property, plant or equipment is expected to be sold or disposed of within the next 12 months.

Note 8C: Analysis of Property, Plant and Equipment

TABLE A – Reconciliation of the opening and closing balances of land, buildings, property, plant and equipment (2010-11)

Land
$’000
Buildings
$’000
Leasehold Improvements
$’000
Total Land and Buildings
$’000
Other Property, Plant and Equipment
$’000
Total
$’000
As at 1 July 2010
Gross book value
0
0
95,459
95,459
11,804
107,263
Accumulated depreciation/amortisation and impairment
0
0
(12,889)
(12,889)
(4,386)
(17,275)
Net book value 1 July 2010
0
0
82,570
82,570
7,418
89,988
Additions1
0
0
11,375
11,375
2,335
13,710
Impairments recognised in the operating result
0
0
(130)
(130)
(58)
(188)
Depreciation/amortisation expense
0
0
(10,361)
(10,361)
(2,041)
(12,402)
Write-downs
0
0
(101)
(101)
2
(99)
Disposals:
Other disposals
0
0
0
0
(56)
(56)
Net book value 30 June 2011
0
0
83,353
83,353
7,600
90,953
Net book value as of 30 June 2011 represented by:
Gross book value
0
0
106,039
106,039
13,762
119,801
Accumulated depreciation/amortisation
0
0
(22,686)
(22,686)
(6,162)
(28,848)
Accumulated impairment losses
0
0
0
0
0
0
Closing net book value at 30 June 2011
0
0
83,353
83,353
7,600
90,953

1 Disaggregated additions information is disclosed in the Schedule of Asset Additions.

TABLE B – Reconciliation of the opening and closing balances of land, buildings, property, plant and equipment (2009-10)

Land
$’000
Buildings
$’000
Leasehold Improvements
$’000
Total Land and Buildings
$’000
Other Property, Plant and Equipment
$’000
Total
$’000
As at 1 July 2009
Gross book value
0
0
58,019
58,019
7,874
65,893
Accumulated depreciation/amortisation and impairment
0
0
(8,441)
(8,441)
(2,636)
(11,077)
Net book value 1 July 2009
0
0
49,578
49,578
5,238
54,816
Additions1
0
0
40,498
40,498
4,283
44,781
Impairments recognised in the operating result
0
0
(29)
(29)
(153)
(182)
Depreciation/amortisation expense
0
0
(7,477)
(7,477)
(1,950)
(9,427)
Net book value 30 June 2010
0
0
82,570
82,570
7,418
89,988
Net book value as of 30 June 2010 represented by:
Gross book value
0
0
95,459
95,459
11,804
107,263
Accumulated depreciation/amortisation
0
0
(12,889)
(12,889)
(4,386)
(17,275)
Closing net book value at 30 June 2010
0
0
82,570
82,570
7,418
89,988

1 Disaggregated additions information is disclosed in the Schedule of Asset Additions.

Note 8D: Intangibles

2011
$’000
2010
$’000
Computer software:
Internally developed – in progress
28,313
9,884
Internally developed – in use
82,421
77,541
Purchased
5,355
6,011
Total computer software (gross)
116,089
93,436
Accumulated amortisation
(63,862)
(58,740)
Accumulated impairment losses
0
0
Total computer software (net)
52,227
34,696
Total intangibles
52,227
34,696
No indicators of impairment were found for intangible assets.

No intangibles are expected to be sold or disposed of within the next 12 months.

Note 8E: Analysis of Intangibles

TABLE A – Reconciliation of the opening and closing balances of intangibles (2010-11)

Computer
Software –
Internally
Developed
$’000
Computer
Software – Purchased
$’000
Total
$’000
As at 1 July 2010
Gross book value
87,425
6,011
93,436
Accumulated depreciation/amortisation and impairment
(54,765)
(3,975)
(58,740)
Net book value 1 July 2010
32,660
2,036
34,696
Additions1
26,176
3
26,179
Amortisation
(8,455)
(193)
(8,648)
Net book value 30 June 2011
50,381
1,846
52,227
Net book value as of 30 June 2011 represented by:
Gross book value
110,734
5,355
116,089
Accumulated depreciation/amortisation
(60,353)
(3,509)
(63,862)
Closing net book value at 30 June 2011
50,381
1,846
52,227

1 Disaggregated additions information is disclosed in the Schedule of Asset Additions.

TABLE B – Reconciliation of the opening and closing balances of intangibles (2009-10)

Computer
Software –
Internally
Developed
$’000
Computer
Software –
Purchased
$’000
Total
$’000
As at 1 July 2009
Gross book value
77,841
4,505
82,346
Accumulated depreciation/amortisation and impairment
(45,622)
(3,195)
(48,817)
Net book value 1 July 2009
32,219
1,310
33,529
Additions1
9,586
1,507
11,093
Amortisation
(9,145)
(781)
(9,926)
Net book value 30 June 2010
32,660
2,036
34,696
Net book value as of 30 June 2010 represented by:
Gross book value
87,425
6,011
93,436
Accumulated depreciation/amortisation
(54,765)
(3,975)
(58,740)
Closing net book value at 30 June 2010
32,660
2,036
34,696

1 Disaggregated additions information is disclosed in the Schedule of Asset Additions.

Note 8F: Inventories

2011
$’000
2010
$’000
Inventories held for sale:
Finished goods
77
159
Total inventories held for sale
77
159
Inventories held for distribution
249
480
Total inventories
326
639

During 2011 $138,063 of inventory held for sale was recognised as an expense (2010: $176,937).

During 2011 $217,466 of inventory held for distribution was recognised as an expense (2010: $553,043).

Inventory held for sale of $76,508 is recognised at fair value less cost to sell (2010: $159,104).

All inventory is expected to be sold or distributed in the next 12 months.

Note 8G: Other Non-financial Assets

2011
$’000
2010
$’000
Prepayments
6,680
7,299
Total other non-financial assets
6,680
7,299
Total other non-financial assets are expected to be recovered in:
Less than 12 months
6,656
7,299
More than 12 months
24
0
Total other non-financial assets
6,680
7,299

No indicators of impairment were found for other non-financial assets.


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