Page 115 - Neal and Massy Holdings Annual Report 2012

113 forward focused
7 Investment Properties
2012 2011
$ $
At October 1
Cost 366,905 364,836
Accumulated depreciation and impairment (41,804) (38,987)
Net book amount 325,101 325,849
Opening net book amount 325,849 351,875
Adjustment to opening balance and other adjustments 1,773 239
Translation adjustments - 2,556
Additions from subsequent expenditure recognised as an asset 303 118
Depreciation (3,085) (6,105)
Impairment charge - (16,748)
Transfers from capital work in progress 2,371 3,106
Disposals (2,110) (9,192)
Net book amount 325,101 325,849
The fair value of the investment properties amounted to $454,383 (2011: $463,360) as valued by an independent, professionally
qualified valuer taking into consideration current replacement costs, land tax valuations and other valuation techniques.
The property rental income earned by the Group during the year from its investment properties, amounted to $31,883 (2011:
$29,613). Direct operating expenses arising on the investment properties which generated revenue during the year amounted to
$11,470 (2011: $11,660).
Direct operating expenses arising on the investment properties which did not generate revenue during the year amounted to $253
(2011: $270).
Depreciation and impairment expense have been charged in ‘selling, general and administrative expenses’ (Note 28).