Agribel Annual Financial Review | Page 20

AGRIBEL HOLDINGS LTD FINANCIAL REVIEW 2021
3 . INVESTMENT PROPERTIES
GROUP
2021 R ' m
2020 R ' m
Cost
13
1
Accumulated depreciation and impairments
-
-
Total carrying value
13
1
2021 - Reconciliation of movements on investment property
Balance at
the
Balance
beginning of
Business
at the end
the year
acquisition 1
Additions
Disposals
Depreciation
of the year
R ' m
R ' m
R ' m
R ' m
R ' m
R ' m
GROUP - 2021 Land and buildings
1
12
-
-
-
13
Total
1
12
-
-
-
13
1 Consists of investment property of R12 million which originated from the acquisition through business combination of Suidwes Holdings . Refer to note 6.2
for more details regarding the acquisition .
2020 - Reconciliation of movements on investment property
Balance at
the
Balance
beginning of
Business
at the end
the year
acquisition 1
Disposals 2
Transfers
Depreciation
of the year
R ' m
R ' m
R ' m
R ' m
R ' m
R ' m
GROUP - 2020 Land and buildings
-
3
( 2 )
-
-
1
Total
-
3
( 2 )
-
-
1
1 Consists of investment property of R3 million which originated from the acquisition through business combination of KLK Landbou . Refer to note 6.2 for
more details regarding the acquisition .
2 Land and buildings with a carrying value of R2 million were sold during the prior financial year for R2 million .
3.1 . 3.2 .
A register of investment property is available for inspection at the registered office of the relevant company . The fair value of land and buildings is estimated at R18 million ( 2020 : R6 million ). The capitalisation method was used as the valuation method . Higher rates of return , occupation levels and lower expected market-related rental value will reduce fair value .
4 . LEASE ASSETS AND LIABILITIES
The group has lease contracts for mostly buildings and plant and equipment used in its operations . The group also has certain leases of buildings with lease terms of 12 months or less and leases of low value . The group applies the ‘ short-term lease ’ and ‘ lease of low-value assets ’ recognition exemptions for these leases . Set out below are the carrying amounts of right-of-use assets recognised and the movements during the period :
2021 - Reconciliation of movements in right-of-use assets
Balance at
the
Business
Balance
beginning of
combi-
at the end
the year
nations 1
Additions
Transfer
Depreciation
of the year
R ' m
R ' m
R ' m
R ' m
R ' m
R ' m
GROUP - 2021 Buildings and improvements
31
38
5
( 32 )
( 13 )
29
Plant and equipment
6
13
1
( 5 )
( 3 )
12
Furniture and fixtures
-
*
-
-
*
*
Motor vehicles
-
11
*
-
( 1 )
10
Total
37
62
6
( 37 )
( 17 )
51
1 Relate to the business combinations of Suidwes Holdings ( Pty ) Ltd and Hinterland Holdings ( Pty ) Ltd during the current financial year . Refer to note 6.2 for
more details regarding the acquisitions .
* Amounts are less than R0,5 million .
18 AGRIBEL ANNUAL FINANCIAL REVIEW 2021 Agribel Holdings Limited Reg nr : 1996 / 017629 / 06