NOTES TO THE FINANCIAL STATEMENTS CONTINUED
The Group Parent Entity
2007
$’000
2006
$’000
2007
$’000
2006
$’000
NOTE 18 — INVESTMENT PROPERTIES
Freehold land and buildings
At fair value 29,900 24,900 — —
Summary of movements in balance:
Balance at the beginning of the year
Additions during the year
Fair value increments during the year
Fair value decrements during the year
24,900
121
4,879
—
23,900
8
1,600
(608)
—
—
—
—
—
—
—
—
Balance at the end of the year 29,900 24,900 — —
The carrying amount of investment properties is the fair value of the property
as determined by a registered qualified independent
valuer. Fair values were determined having regard to recent market transactions
for similar properties in the same location as the
Group’s investment properties.
Investment properties comprise a number of commercial properties that are
leased to third parties and which are held to derive
rental income or capital appreciation or both. Each of the leases for investment
properties contains an initial non-cancellable period
of between five to 15 years. Subsequent renewals are negotiated with the lessee.
No contingent rents are charged for these
investment properties.
During the financial year ended 30 June 2007, $2,169,000 (2006: $2,026,000)
was recognised as rental income for investment
properties in the Income Statement with $584,000 (2006: $644,000) incurred
in respect of direct costs, including $43,000
(2006: $52,000) for repairs and maintenance.
The Group Parent Entity
NOTE 19 — GOODWILL AND OTHER INTANGIBLE
ASSETS
2007
$’000
2006
$’000
2007
$’000
2006
$’000
Goodwill
Construction rights
Liquor licences
4,917
1,388
185
11,220
1,388
263
—
—
—
—
—
—
6,490 12,871 — —
Management rights
Less: Accumulated amortisation
5,865
(413)
865
(209)
—
—
—
—
5,452 656 — —
Software
Less: Accumulated amortisation
3,068
(1,280)
2,851
(1,154)
242
(127)
297
(55)
1,788 1,697 115 242
13,730 15,224 115 242
NOTE 19 — GOODWILL AND OTHER INTANGIBLE ASSETS (CONTINUED)
Reconciliations
Summaries of the carrying amount movements of each class of intangible assets
between the beginning and end of the year are
set out below:
Construction Liquor Management
Goodwill rights licences rights Software
$’000 $’000 $’000 $’000 $’000
2007 — The Group
Gross balance at the beginning of the year 11,220 1,388 263 865 9,611
Accumulated amortisation and impairment losses
at the beginning of the year — — — (209) (7,914)
Net balance at the beginning of the year 11,220 1,388 263 656 1,697
Acquisitions — — — 5,000 1,176
Disposals (5,974) — (78) — (47)
Amortisation — — — (203) (1,023)
Effect of movement in foreign exchange (329) — — (1) (15)
Net balance at the end of the year 4,917 1,388 185 5,452 1,788
2006 — The Group
Gross balance at the beginning of the year 10,553 1,388 263 865 8,449
Accumulated amortisation at the beginning of the year — — — — (7,086)
Net balance at the beginning of the year 10,553 1,388 263 865 1,363
Acquisitions 336 — — — 724
Transfer from plant and equipment — — — — 415
Amortisation — — — (209) (783)
Impairment write-downs — — — — (45)
Effect of movement in foreign exchange 331 — — — 23
Net balance at the end of the year 11,220 1,388 263 656 1,697
Impairment losses recognised
No impairment losses in relation to goodwill have been recognised in the year ended 30 June 2007 (2006: $nil).
Impairment tests for cash-generating units containing goodwill
The following units have significant carrying amounts of goodwill:
The Group Parent Entity
2007
$’000
2006
$’000
2007
$’000
2006
$’000
Pier 26 Bar and Café
Cinema joint venture — international
Multiple units without significant goodwill
—
4,071
846
5,974
4,400
846
—
—
—
—
—
—
4,917 11,220 — —
The recoverable value of the Group’s share of a cinema joint venture in Germany
is based on a value in use calculation.
This calculation uses cash flow projections based on actual operating results
and the three-year plan, with cash flows beyond
the three-year period being projected using a 2% per annum growth rate which
is considered appropriate given economic
indicators and the expected long term increase in revenue and operating costs
in that market. A pre-tax discount rate of
10% per annum has been used in discounting the projected cash flows.
The Pier 26 operations were disposed of during the 2007 year.
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