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Financials NOTES TO THE CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 2016 15. Property, plant and equipment 15.2 The company Cost or deemed cost At 1st January, 2015 Additions Reclassifications (Note 15.2.1) Leasehold improvements Plant and 35,285 198 Other reclassifications (Note 15.2.2) Disposal (Note 15.2.3) Additions Reclassifications (Note 15,2.1) Other reclassifications (Note 15.2.2) Disposal (Note 15.2.3) 8,194 - - Balance at 31st December 2015 43,677 3,914 4 - - Balance at 31st December, 2016 47,595 Accumulated depreciation and impairment Balance at 1st January, 2015 Depreciation expense Disposal (Note 15.2.3) Write-off (Note 15.2.4) 5,581 2,125 - - Balance at 31st December, 2015 Depreciation expense Disposal (Note 15.2.3) Impairment (Note 15.2.4) Balance at 31st December, 2016 Carrying amounts: At 31st December, 2015 At 31st December, 2016 7,706 1,883 - - 9,589 35,971 38,006 327,574 26,371 Motor and buildings machinery vehicles 4,028 - - - 530,799 17,643 1,194 (985) (130) 548,521 68,307 27,066 - - 95,373 29,462 (130) - 124,705 435,426 423,816 (11,168) 73,439 5,381 4,195 - - 83,015 30,662 13,524 (11,168) 1,624 34,642 14,780 - (1,592) 47,830 38,797 35,185 - - - Capital Furniture & work-inAircraft equipment progress Total ₦’million ₦’million ₦’million ₦’million ₦’million ₦’million ₦’million 60,291 22,946 1,370 176,854 - 4,028 - - - - 4,028 311 403 - - 714 403 - - 1,117 3,314 2,911 1,328 203,977 632,483 174 45,826 101 (186,519) (180) 95,515 - - - (180) - (11,168) 1,603 63,104 716,650 369 108 - 35,588 (5,501) - 62,895 - - (24,689) (25,674) (130) 2,080 68,502 753,741 900 298 - - 1,198 285 - - 1,483 405 - - - - 105,761 43,416 (11,168) 1,624 - 139,633 - - - 46,813 (130) (1,592) - 184,724 63,104 577,017 597 68,502 569,017 15.2.1 Represents transfer from capital work in progress to various classes of assets 15.2.2 Includes amount transferred to prepayment, deposit for import and Itori Cement Plc. 15.2.3 Represents motor trucks disposed last year and heavy motorized equipments disposed during the year 15.2.4 Represents write off and impairment on damaged motor trucks and plant and machinery charged to profit or loss last year and write back of impairment after reassessing the damaged motor trucks and trailers during the year 15.2.5 Some borrowings are secured by a debenture on all the fixed and floating assets of the company Annual Report 2016 183

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